Thrivent Mid Cap Stock Fund Class S NCSR Certified annual shareholder report (management investment company)

Thrivent Mid Cap Stock Fund Class S (TMSIX) N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05075

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

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: October 31, 2010

Item 1.

Report to Stockholders

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Table of Contents


Letter from the President		2

Portfolio Perspectives

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

Shareholder Expense Example		50

Report of Independent Registered Public Accounting Firm		54

Schedules of Investments

Thrivent Aggressive Allocation Fund		55
Thrivent Moderately Aggressive Allocation Fund		61
Thrivent Moderate Allocation Fund		69
Thrivent Moderately Conservative Allocation Fund		77
Thrivent Partner Small Cap Growth Fund		85
Thrivent Partner Small Cap Value Fund		89
Thrivent Small Cap Stock Fund		93
Thrivent Mid Cap Growth Fund		97
Thrivent Partner Mid Cap Value Fund		100
Thrivent Mid Cap Stock Fund		103
Thrivent Partner Worldwide Allocation Fund		105
Thrivent Partner International Stock Fund		117
Thrivent Large Cap Growth Fund		123
Thrivent Large Cap Value Fund		127
Thrivent Large Cap Stock Fund		130
Thrivent Balanced Fund		134
Thrivent High Yield Fund		144
Thrivent Municipal Bond Fund		151
Thrivent Income Fund		170
Thrivent Core Bond Fund		183
Thrivent Government Bond Fund		191
Thrivent Limited Maturity Bond Fund		194
Thrivent Money Market Fund		205

Statement of Assets and Liabilities		208

Statement of Operations		214


Statement of Changes in Net Assets		220

Notes to Financial Statements		228

Financial Highlights		244

Additional Information		260

Board of Trustees and Officers		261


		Dear Shareholder:

The 12-month period ended October 31, 2010, was a productive one for investors as the nation’s financial markets and economy continued to recover from a deep recession and ensuing investment asset sell off in the fall of 2008 and early 2009. I will offer some comments in review of the period as well as outline what we believe to be key topics in forming an outlook for 2011.

A brief review on the economy

The U.S. economy grew slowly over the reporting period, but did post positive growth nonetheless. Year-over-year economic growth as measured by GDP (gross domestic product) through the third quarter of 2010 came in at 3.2%.¹ While this level of growth is far from the robust economic recovery required to generate the myriad of new jobs needed, it shows strong improvement since the middle of 2009.

The U.S. employment picture continues to be the major area of concern and the slowest part of the overall economy to recover. The monthly U.S. non-farm payrolls report, which gives an indication of the overall health of the nation’s employment, has been decidedly mixed in recent months. In 2009 nearly all of the monthly reports showed a net decrease in jobs, while in 2010 a slight improvement took hold. Year-to-date 2010 through October, the economy had added only 874,000 jobs—certainly an improvement over 2009, but still much less than the 200,000 or 300,000 jobs per month required to loosen a national unemployment rate stubbornly stuck at 9.6%.²

Inflation continues to be muted with the October 2010 Consumer Price Index registering a slight 1.2% year-over-year increase. With inflation largely in check, the Federal Reserve Open Markets Committee may feel more comfortable leaving the benchmark federal funds target interest rate unchanged at its current 0.25%. The general consensus appears to be that we have enough inflation to provide evidence that the overall economy is growing, albeit weakly, but not so little that we run deflationary risks.

That said, low inflation and a low overall interest rate environment can be viewed as a double-edged sword. Low interest rates make borrowing money, funding

business plans and servicing debt less costly and can lead to greater economic growth. The flip side, unfortunately, is that more conservative investors and savers get little in exchange for placing assets in bank accounts, money markets and fixed-rate products.

A brief review on the markets

Overall, it was quite a rewarding 12-month period for investors as many asset classes posted double-digit positive returns. Stock prices posted strong returns to close out 2009 and opened 2010 in much the same way before falling back in May and June. Concerns mounted over faltering U.S. economic data and debt worries in the European Union. The rally resumed toward the late summer as another round of strong corporate profit reports, teamed with improved economic news, generally propelled stocks forward through the end of the reporting period.

As is typical of a strong upward market, the most aggressive investment types generally performed best over the reporting period. Small company stocks, as measured by the Russell 2000^® Index, recorded a 26.58% total return. Their large-company cousins, as measured by the S&P 500 Index, posted a 16.52% total return. Large-company stocks typically trail the more nimble small-cap stocks in sharp market rallies and tend to outperform in more modest market conditions later in economic recoveries. The value and growth styles of investing varied somewhat over the period as investor interest in growth sectors such as information technology and consumer discretionary led to larger gains as measured by the Russell 1000^® Growth Index, which returned 19.65%. Weighed down in part by uncertainty over the prospects for banks and other financial companies, the value style underperformed as illustrated by the Russell 1000^® Value Index’s total return of 15.71% over the reporting period.

Overseas equities posted weaker returns than their domestic counterparts over concerns with the financial health and ongoing debt issues of several European Union countries and weaker economic conditions in Europe. The Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index, a common benchmark for large, higher-quality

international company stocks, posted a 8.82% total return. Holding true to higher-risk financial assets performing the best, the MSCI Emerging Markets Index recorded a robust 23.89% total return. Emerging markets stocks were the beneficiaries of strong retail and institutional cash flows that raised demand and prices for the securities. Also, many of these emerging market countries are simply growing faster than our more mature economy and may offer greater growth prospects along with greater potential risks.

The bond markets also proved rewarding for investors. Benign inflation levels and solid business conditions combined with periodic demand for the safety of U.S. Treasuries set the stage for good returns. The higher-quality Barclays Capital U.S Aggregate Bond Index, a common proxy for the U.S. fixed-income market, registered an 8.01% total return for the 12-month period ended October 31, 2010. Holding true to the more aggressive investments outperforming over the period, the Barclays Capital U.S. Corporate High Yield Bond Index returned 19.35%. Investor desire for higher yields and higher return potential along with stronger company balance sheets benefited high-yield investments.

Outlook

Though improvement in the economy has been at a slow pace, economic data has shown recent signs of strengthening. In October, the Institute for Supply Management reported that its Manufacturing Index improved at a level above expectations. Additionally, some leading indicators data showed marked improvement in new orders, while existing inventories dropped. The service industry, which accounts for close to 70% of the U.S. economy, also has shown signs of improvement. This kind of evidence supports a pickup in both the manufacturing and service sides of our economy and could spell new jobs if the improvements take a more lasting hold.

The Federal Reserve appears to be willing to actively seek to foster more economic growth. The second round of quantitative easing, or QE2, was designed to improve consumer and business confidence. While I am not entirely sure of the necessity of such a program, the Fed’s commitment to growth could prove a positive for many asset classes and investment types, at least for the near term.

I think confidence is the key to a more resurgent economy. Consumers need to feel better about their prospects for keeping or finding a job. Homeowners need to feel better about their financial security when it comes to affording their current mortgage or seeing their home value continue to drop. Businesses need

more confidence that the economic recovery isn’t a false start but a slow beginning to better days ahead in order to invest in new business lines, hire additional workers, and buy new equipment or supplies.

We see conditions continuing to improve, but at a relatively slow pace. With economic growth in the 2 or 3% range, it will be difficult to see major improvements in the employment picture. That said, the current fundamental underpinnings are stronger than they were a year ago, and that’s one thing to be thankful for.

In Conclusion

Let me offer a few final thoughts as it is nearing the end of the year, which is a great time to get your financial house in order.

It’s important to remember that stock market or equity investments should be viewed with a longer time frame. Equity investments can provide growth prospects for the long haul while adding a meaningful hedge against inflation versus bonds and other fixed-rate investments. Most investors need a meaningful allocation to stocks in their portfolio to generate the kind of growth today’s retirees require in order to not outlive their savings. But they have to be comfortable with the amount of risk in their portfolio.

If fear of the stock market or fear of not having enough growth in your retirement portfolio keeps you sleepless at night, it’s time to sit down with your Thrivent Financial representative. He or she can help you build a personal strategy that seeks to balance your appetite for risk with the goals you have for your money. Thrivent Financial has many tools and product solutions that can help. Let us know if we can help in any way, and thank you for continuing to put your trust with us.

Sincerely,

LOGO

Russell W. Swansen

President and Chief Investment Officer

Thrivent Mutual Funds

¹	U.S. Department of Commerce, Bureau of Economic Analysis

²	Bureau of Labor Statistics

Thrivent Aggressive

Allocation Fund

Russell W. Swansen (left), David C. Francis, CFA (right) and Mark L. Simenstad, CFA (far right), Portfolio Co-Managers

The Fund seeks long-term capital growth.

LOGO

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

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Aggressive Allocation Fund earned a return of 18.29%, compared with the median return of its peer group, the Lipper Multi-Cap Core category, of 17.62%. The Fund’s market benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, earned returns of 16.52% and 8.01%, respectively.

What factors affected the Fund’s performance?

Allocations to equity segments providing higher returns than the S&P 500 Index, good relative returns from many of the managers in their respective asset classes, and exposure to better-performing sectors of the fixed-income markets were all factors in achieving good results over the last fiscal year. The Fund had exposure to mid- and small-capitalization companies, and those segments of the market outperformed the S&P 500 Index. The Fund also had exposure to international mid and small caps, as well as emerging-market equity and debt—each of these segments provided higher returns than large-cap domestic equity. Exposure to large-cap international stocks offset some of those results as this group did not keep pace with the advance in domestic stocks. Additionally, our investments

in large-cap stocks did not perform as well as the S&P 500 Index. The Fund had an average exposure to the fixed-income segment in both high-yield and investment-grade securities of approximately 8% over the period, and results from that segment of the Fund were quite good relative to the Fund’s representative benchmarks.

Over the course of the year, there were a few tactical adjustments versus our long-term strategic targets that added value. In particular, in April we increased fixed-income exposure as equity prices appeared full and, following the equity market sell off over the summer, repositioned back to equities. We also implemented some unique investment positions in mortgage-backed securities in the fixed-income segment of the Fund; that strategy proved to be quite rewarding.

What is your outlook?

We believe the economic cycle is likely to be sustained. While there is some risk of a “double dip” recession, we believe that should one occur it would be a function of poor policy decisions rather than the underlying economic fundamentals. A sustained recovery, albeit less strong than historic experience after prior severe recessions, would be sufficient to support continued profit growth and moderate

LOGO

Top 10 Holdings

(% of Net Assets)


Thrivent Partner International Stock Fund	11.7	%
Thrivent Partner Small Cap Growth Fund	8.0	%
Thrivent Large Cap Growth Fund	6.7	%
Thrivent Mid Cap Growth Fund	6.2	%
Thrivent Mid Cap Stock Fund	5.7	%
Thrivent Large Cap Value Fund	5.5	%
Thrivent Large Cap Stock Fund	5.2	%
Thrivent Partner Worldwide Allocation Fund	5.0	%
Thrivent Small Cap Stock Fund	4.2	%
Thrivent Partner Mid Cap Value Fund	3.7	%

These securities represent 61.9% of the total net assets of the Fund.

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

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

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

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

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

advances in stock prices. We feel that fixed-income securities are fully priced and returns to this sector will be modest relative to the last few years. Based on current expectations, stocks appear to be the undervalued asset, and we are positioned to reflect that stance. Our outlook would be at risk in a deflationary environment, but we

believe the probability of sustained deflation is low. We acknowledge that accelerating inflation beyond the level the Federal Reserve is attempting to bring about could truncate the economic outlook. That risk will likely be a more significant factor in 2012.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		TAAAX		TAAIX
Transfer Agent ID		038		468
Net Assets		$435,515,975		$73,678,572
NAV		$10.35		$10.43
NAV - High†		4/23/2010 - $10.42		4/23/2010 - $10.48
NAV - Low†		11/2/2009 - $8.85		11/2/2009 - $8.91
Number of Holdings: 269

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			From Inception 6/30/2005
without sales charge		18.29	%		3.08	%		3.58	%
with sales charge		11.82	%		1.93	%		2.50	%

Institutional Class³	1-Year			5 Years			From Inception 6/30/2005
Net Asset Value		18.73	%		3.45	%		3.97	%

LOGO

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

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

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

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

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

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

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

****

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

LOGO

Thrivent Moderately

Aggressive Allocation Fund

Russell W. Swansen (left), David C. Francis, CFA (right) and Mark L. Simenstad, CFA (far right), Portfolio Co-Managers

The Fund seeks long-term capital growth.

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Moderately Aggressive Allocation Fund earned a return of 16.92%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Growth category, of 14.38%. The Fund’s market benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, earned returns of 16.52% and 8.01%, respectively.

What factors affected the Fund’s performance?

Allocations to equity segments providing higher returns than the S&P 500 Index, good relative returns from many of the managers in their respective asset classes, and exposure to better-performing sectors of the fixed-income markets were all factors in achieving good results over the last fiscal year. The Fund had exposure to mid- and small-capitalization companies, and those segments of the market outperformed the S&P 500 Index. The Fund also had exposure to international mid- and small-caps as well as emerging-market equity and debt—each of these segments provided higher returns than large-cap domestic equity. Exposure to large-cap international stocks offset some of those results as this group did not keep pace with the

advance in domestic stocks. Additionally, our investments in large-cap stocks did not perform as well as the S&P 500 Index. The Fund had an average exposure to the fixed-income segment in both high-yield and investment-grade securities of approximately 23% over the period, and results to that segment of the Fund were quite good relative to the Fund’s representative benchmarks.

What is your outlook?

LOGO

Top 10 Holdings

(% of Net Assets)


Thrivent Partner International Stock Fund	8.7	%
Thrivent Large Cap Value Fund	7.9	%
Thrivent Income Fund	7.6	%
Thrivent Large Cap Growth Fund	6.3	%
Thrivent Partner Worldwide Allocation Fund	6.2	%
Thrivent Large Cap Stock Fund	5.8	%
Thrivent Mid Cap Stock Fund	5.3	%
Thrivent High Yield Fund	4.4	%
Thrivent Limited Maturity Bond Fund	4.0	%
Thrivent Partner Mid Cap Value Fund	3.9	%

These securities represent 60.1% of the total net assets of the Fund.

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

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

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

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

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

sufficient to support continued profit growth and moderate advances in stock prices. We feel that fixed-income securities are fully priced and returns to this sector will be modest relative to the last few years. Based on current expectations, stocks appear to be the undervalued asset, and we are positioned to reflect that stance. Our outlook

would be at risk in a deflationary environment, but we believe the probability of sustained deflation is low. We acknowledge that accelerating inflation beyond the level the Federal Reserve is attempting to bring about could truncate the economic outlook. That risk will likely be a more significant factor in 2012.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		TMAAX		TMAFX
Transfer Agent ID		037		467
Net Assets		$1,085,277,661		$79,493,114
NAV		$10.65		$10.72
NAV - High†		10/25/2010 - $10.68		10/25/2010 - $10.75
NAV- Low†		7/2/2010 - $9.27		7/2/2010 - $9.33
Number of Holdings: 289

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			From Inception 6/30/2005
without sales charge		16.92	%		3.66	%		4.02	%
with sales charge		10.47	%		2.49	%		2.93	%

Institutional Class³	1-Year			5 Years			From Inception 6/30/2005
Net Asset Value		17.24	%		4.00	%		4.37	%

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

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

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

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

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

****

Thrivent Moderate

Allocation Fund

Russell W. Swansen (left), David C. Francis, CFA (right) and Mark L. Simenstad, CFA (far right), Portfolio Co-Managers

The Fund seeks long-term capital growth while providing reasonable stability of principal.

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Moderate Allocation Fund earned a return of 15.30%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Moderate category, of 13.15%. The Fund’s market benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, earned returns of 16.52% and 8.01%, respectively.

What factors affected the Fund’s performance?

Allocations to equity segments providing higher returns than the S&P 500 Index, good relative returns from many of the managers in their respective asset classes, and exposure to better performing sectors of the fixed-income markets were all factors in achieving good results over the last fiscal year. The Fund had exposure to mid- and small-capitalization companies, and those segments of the market outperformed the S&P 500 Index. The Fund also had exposure to international mid-and small-caps, as well as emerging-market equity and debt—each of these segments provided higher returns than large-cap domestic equity. Exposure to large-cap international

stocks offset some of those results as this group did not keep pace with the advance in domestic stocks. Additionally, our investments in large-cap stocks did not perform as well as the S&P 500 Index. The Fund had an average exposure to the fixed-income segment in both high-yield and investment-grade securities of approximately 42% over the period, and results to that segment of the Fund were quite good relative to the Fund’s representative benchmarks.

What is your outlook?

We believe the economic cycle is likely to be sustained. While there is some risk of a “double dip” recession, we believe that should one occur it would be a function of

LOGO

Top 10 Holdings

(% of Net Assets)


Thrivent Limited Maturity Bond Fund	14.9	%
Thrivent Income Fund	14.7	%
Thrivent Large Cap Value Fund	7.1	%
Thrivent Partner Worldwide Allocation Fund	5.8	%
Thrivent Partner International Stock Fund	5.7	%
Thrivent Large Cap Growth Fund	4.9	%
Thrivent High Yield Fund	4.3	%
Thrivent Mid Cap Stock Fund	3.3	%
Thrivent Real Estate Securities Fund	3.1	%
Thrivent Large Cap Stock Fund	3.1	%

These securities represent 66.9% of the total net assets of the Fund.

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

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

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

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

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

poor policy decisions rather than the underlying economic fundamentals. A sustained recovery, albeit less strong than historic experience after prior severe recessions, would be sufficient to support continued profit growth and moderate advances in stock prices. We feel that fixed-income securities are fully priced, and returns to this sector will be modest relative to the last few years. Based on current expectations, stocks appear

to be the undervalued asset, and we are positioned to reflect that stance. Our outlook would be at risk in a deflationary environment, but we believe the probability of sustained deflation is low. We acknowledge that accelerating inflation beyond the level the Federal Reserve is attempting to bring about could truncate the economic outlook. That risk will likely be a more significant factor in 2012.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		THMAX		TMAIX
Transfer Agent ID		036		466
Net Assets	$	1,118,637,055	$	50,521,372
NAV		$10.67		$10.69
NAV - High†		10/25/2010 - $10.70		10/25/2010 - $10.72
NAV - Low†		11/2/2009 - $9.48		11/2/2009 - $9.50
Number of Holdings: 293

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			From Inception 6/30/2005
without sales charge		15.30	%		4.36	%		4.54	%
with sales charge		8.97	%		3.20	%		3.44	%

Institutional Class³	1-Year			5 Years			From Inception 6/30/2005
Net Asset Value		15.64	%		4.69	%		4.87	%

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

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

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

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

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

****

Thrivent Moderately

Conservative Allocation

Fund

Russell W. Swansen (left), David C. Francis, CFA (right) and Mark L. Simenstad, CFA (far right), Portfolio Co-Managers

The Fund seeks long-term capital growth while providing reasonable stability of principal.

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Moderately Conservative Allocation Fund earned a return of 12.53%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Conservative category, of 11.64%. The Fund’s market benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, earned returns of 16.52% and 8.01%, respectively.

What factors affected the Fund’s performance?

Allocations to equity segments providing higher returns than the S&P 500 Index, good relative returns from many of the managers in their respective asset classes, and exposure to better-performing sectors of the fixed-income markets were all factors in achieving good results over the last fiscal year. The Fund had exposure to mid- and small-capitalization companies, and those segments of the market outperformed the S&P 500 Index. The Fund also had exposure to international mid-and small-caps, as well as emerging-market equity and debt—each of these segments provided higher returns than large-cap domestic equity.

Exposure to large-cap international stocks offset some of those results as this group did not keep pace with the advance in domestic stocks. Additionally, our investments in large-cap stocks did not perform as well as the S&P 500 Index. The Fund had an average exposure to the fixed-income segment in both high-yield and investment-grade securities of approximately 61% over the period, and results from that segment of the Fund were quite good relative to the Fund’s representative benchmarks.

What is your outlook?

We believe the economic cycle is likely to be sustained. While there is some risk of a “double dip” recession, we

LOGO

Top 10 Holdings

(% of Net Assets)


Thrivent Limited Maturity Bond Fund	30.5	%
Thrivent Income Fund	13.4	%
Thrivent Large Cap Value Fund	5.6	%
Thrivent Partner Worldwide Allocation Fund	4.2	%
Thrivent High Yield Fund	4.2	%
Thrivent Partner International Stock Fund	3.2	%
Thrivent Large Cap Growth Fund	2.3	%
Thrivent Partner Mid Cap Value Fund	2.3	%
Thrivent Government Bond Fund	2.1	%
Thrivent Real Estate Securities Fund	1.8	%

These securities represent 69.6% of the total net assets of the Fund.

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

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

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

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

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

believe that should one occur it would be a function of poor policy decisions rather than the underlying economic fundamentals. A sustained recovery, albeit less strong than historic experience after prior severe recessions, would be sufficient to support continued profit growth and moderate advances in stock prices. We feel that fixed-income securities are fully priced, and returns to this sector will be modest relative to the last few years. Based on current

expectations, stocks appear to be the undervalued asset and we are positioned to reflect that stance. Our outlook would be at risk in a deflationary environment, but we believe the probability of sustained deflation is low. We acknowledge that accelerating inflation beyond the level the Federal Reserve is attempting to bring about could truncate the economic outlook. That risk will likely be a more significant factor in 2012.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		TCAAX		TCAIX
Transfer Agent ID		035		465
Net Assets		$503,675,098		$21,679,824
NAV		$10.73		$10.75
NAV - High†		10/25/2010 - $10.74		10/25/2010 - $10.76
NAV - Low†		11/2/2009 - $9.79		11/2/2009 - $9.81
Number of Holdings: 288

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			From Inception 6/30/2005
without sales charge		12.53	%		4.71	%		4.71	%
with sales charge		6.33	%		3.62	%		3.61	%

Institutional Class³	1-Year			5 Years			From Inception 6/30/2005
Net Asset Value		12.78	%		4.98	%		4.98	%

LOGO

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

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

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

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

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

****

Thrivent Partner Small Cap Growth Fund

Subadvised by Turner Investment Partners, Inc.

The Fund seeks long-term growth of capital.

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

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Partner Small Cap Growth Fund earned a return of 30.08%, compared with the median return for its Lipper Small Cap Growth peer group of 27.71%. The Fund’s market benchmark, the Russell 2000^® Growth Index, earned a return of 28.67%.

What factors affected the Fund’s performance?

During the period, four of the Fund’s nine sectors beat their corresponding index sectors on a relative basis. Contributing the most to performance were holdings in the health care sector, while the technology sector detracted the most from results.

Within the health care sector, biotechnology holdings contributed the most to relative gains as the uncertainty of health care reform was removed when Congress passed the much-awaited health care reform bill. Human Genome Sciences, along with partner GlaxoSmithKline, reported that their experimental lupus treatment, Benlysta, passed another stress test, paving the way to becoming the first new drug to treat this disease in years. OSI Pharmaceuticals Inc., which sells the cancer drug Tarceva, became an acquisition target for Japan’s Astellas Pharma Inc. at a 40%

premium to its current value. OSI rebuffed Astellas’s offers, believing that the company is worth more because of two new drugs that are in development. When the stock continued to trade above the offer price, we sold the position in the portfolio as the risk/reward profile became less attractive.

The technology sector was an area of weakness for the Fund. Specifically, the Fund’s semiconductor holdings contributed to a large amount of the underperformance. PMC-Sierra Inc. fell over concerns that China was beginning to show signs of a slowdown after the initial 3G network roll-out. Volterra Semiconductor Corp., the maker of low voltage power supply chips used in servers, PCs and notebooks, reported a lackluster second quarter as the company’s new chip for notebooks was moving along slower than anticipated.

What is your outlook?

As we see it, the market’s strong move to the upside could continue for several reasons as we close out 2010. First, the S&P’s earnings yield (earnings per share divided by the stock price) is currently more than 6%, while the bond market, as represented by the Barclays Capital U.S. Aggregate Bond Index, is yielding less than 3%; generally

LOGO

Top 10 Holdings

(% of Net Assets)


United Natural Foods, Inc.	1.3	%
AMERIGROUP Corporation	1.3	%
Aruba Networks, Inc.	1.3	%
Triumph Group, Inc.	1.3	%
ArvinMeritor, Inc.	1.2	%
Netlogic Microsystems, Inc.	1.2	%
Emergency Medical Services Corporation	1.2	%
OmniVision Technologies, Inc.	1.2	%
Teradyne, Inc.	1.2	%
Syniverse Holdings, Inc.	1.1	%

These securities represent 12.3% of the total net assets of the Fund.

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

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

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

the two yields are about equal. Second, although recent economic data has been mixed, it is our belief that the economy will show gradual improvement going forward. Third, companies are beginning to deploy some of their capital by way of stock buybacks and acquisitions, which is generally positive for equities. Fourth, corporate America reported record-high profit margins for the second quarter

and we believe this trend will continue as companies report third quarter earnings. Last but not least, the clarity that the mid-term election results provided in early November could add strength to the equity market.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		TPSAX		TPGIX
Transfer Agent ID		063		463
Net Assets		$17,276,629		$95,877,195
NAV		$10.81		$11.01
NAV - High†		4/23/2010 - $11.17		4/23/2010 - $11.36
NAV - Low†		11/2/2009 - $8.34		11/2/2009 - $8.46
Number of Holdings: 199

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			From Inception 6/30/2005
without sales charge		30.08	%		1.95	%		2.35	%
with sales charge		22.98	%		0.80	%		1.28	%

Institutional Class³	1-Year			5 Years			From Inception 6/30/2005
Net Asset Value		30.76	%		2.35	%		2.73	%

LOGO

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

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

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

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

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

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

Thrivent Partner Small Cap Value Fund

Subadvised by T. Rowe Price Associates, Inc.

The Fund seeks long-term capital appreciation.

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Partner Small Cap Value Fund earned a return of 22.14%, compared with the median return for its Lipper Small Cap Value peer group of 24.30%. The Fund’s market benchmark, the Russell 2000^® Value Index, earned a return of 24.43%.

What factors affected the Fund’s performance?

Stock selection in consumer discretionary was a notable detractor, particularly our positions in Aaron’s and Corinthian Colleges. Rent-to-own retailer Aaron’s faced concerns over increased government regulation of consumer credit and disappointing same-store results; shares lagged despite strong sales growth and a double-digit positive return. Corinthian Colleges also faced regulatory headwinds as the federal government continued to scrutinize the for-profit education sector.

In health care, our stock holdings underperformed their benchmark peers. Drug delivery product specialist West Pharmaceutical Services was a key factor here, as the company’s customers are opting to draw on their inventory rather than buy new products. Another supply firm, Owens & Minor, also dragged on results due to general economic

conditions and pessimism about the health care sector.

Financials was an area of relative strength due to stock choices and a favorable underweighting. Particularly beneficial holdings included Ares Capital, CBL & Associates Properties, and East West Bancorp. Ares Capital recently completed a merger with Allied Capital to become the largest business development company by market capitalization. The company’s performance continued to be strong.

A sharp overweighting to industrials and business services boosted relative results as well. Despite unfavorable economic conditions, companies in this market segment do not seem to be slowing down, and we believe that broad trends work in their favor. Our overweighting in this sector is a result of bottom-up analysis, though we do believe that firms in this sector will likely rebound more quickly than consumer-dependent companies. On a similar note, stock selection in utilities also helped, most notably in electric utilities and multi-utilities.

What is your outlook?

Though stock prices rose in recent months, some investors still seem to be cautious, a stance that is echoed in and reinforced by the reluctance of a number of corporate

LOGO

Top 10 Holdings

(% of Net Assets)


Whiting Petroleum Corporation	2.8	%
ProAssurance Corporation	1.7	%
Aaron’s, Inc.	1.7	%
Genesee & Wyoming, Inc.	1.6	%
Clearwater Paper Corporation	1.6	%
Kirby Corporation	1.5	%
AptarGroup, Inc.	1.5	%
Ares Capital Corporation	1.3	%
Progress Software Corporation	1.3	%
Owens & Minor, Inc.	1.3	%

These securities represent 16.3% of the total net assets of the Fund.

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

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

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

managers to take on risk. Some of this caution stems from uncertainty surrounding the consequences of health care and financial reform, as well as the possibility of tax increases. We believe that gaining clarity on those fronts should help. We also continue to believe that the economy will keep expanding, and so we favor economically

sensitive stocks and resource-oriented investments, which are benefiting from demand in emerging markets. We think that equities are attractively valued both in terms of earnings and compared to bond valuations, but we remain neutral on small-cap shares relative to other equity asset classes.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		AALVX		TPSIX
Transfer Agent ID		032		099
Net Assets		$71,695,718		$160,747,071
NAV		$13.72		$14.39
NAV - High†		4/29/2010 - 14.80		4/29/2010 - $15.48
NAV - Low†		11/4/2009 - $11.21		11/4/2009 - $11.75
Number of Holdings: 165

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			From Inception 7/17/2001
without sales charge		22.14	%		5.01	%		8.35	%
with sales charge		15.38	%		3.83	%		7.69	%

Institutional Class³	1-Year			5 Years			From Inception 7/17/2001
Net Asset Value		22.78	%		5.69	%		9.12	%

LOGO

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

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

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

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

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

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


Thrivent Small Cap Stock Fund

		Darren M. Bagwell, CFA, Portfolio Manager* The Fund seeks long-term capital growth. The Fund is exposed to the risks of investing in equity securities of smaller companies, which may include, but are not limited to, lower trading volumes and less liquidity than larger, more established companies. Small company stock prices are generally more volatile than large company stock prices. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team. *Effective February 2010, Darren M. Bagwell is the Fund’s portfolio manager.

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Small Cap Stock Fund posted a total return of 22.42%, compared with the median return of 24.55% for its Lipper Small Cap Core peer group. The Fund’s market benchmark, the Russell 2000^® Index, returned 26.58%.

What factors affected the Fund’s performance?

The relative underperformance of the Fund was concentrated in the first half of the year and reflected an overt value bias in consumer and industrial segments that exhibited strong performance potential. While such mismatches are inevitable over short time periods, we remain comfortable with our strategy and exposures, and believe the better performance over the second half of the year validates our confidence in the long-term potential of the Fund’s investment strategy.

Investments in technology-related sectors were the dominant source of relative outperformance, though they proved insufficient to completely offset the notable underperformance of our exposures in retail and capital goods. Energy and health care were also positive contributors to overall performance, while commodities and materials were an additional offset.

We were well-positioned in an application software sector that benefited from low valuations and a developing consolidation trend that catalyzed dramatic revaluations of many of our holdings, including TIBCO Software, Inc. and Informatica Corporation. Specialty semiconductor company Atmel was among our most profitable holdings in the Fund as we were able to correctly identify an inflection in operating performance and demand for their proprietary chips serving the burgeoning touch-sensitive application markets. In energy, oil and gas service companies Complete Production Services and Superior Well Services generated meaningful outperformance as resilient energy prices boosted activity prospects.

Within retail, we proved to be too exposed to apparel, where rising input costs constrained margins and earnings gains. Industrials were the other primary source of Fund underperformance as we were simply too timid in our focus on valuations in a market that rewarded momentum, pushing cyclical values well beyond levels we believed sustainable. Our value-focus on broader diversified companies with exposure to more slowly recovering infrastructure and construction trends generated returns far below the sector averages.


Top 10 Holdings
(% of Net Assets)
Monster Worldwide, Inc.	2.7	%
Polycom, Inc.	2.2	%
Oshkosh Corporation	2.0	%
Complete Production Services, Inc.	2.0	%
Manitowoc Company, Inc.	2.0	%
Old Dominion Freight Line, Inc.	2.0	%
United Therapeutics Corporation	1.9	%
Herbalife, Ltd.	1.9	%
Affiliated Managers Group, Inc.	1.9	%
Foot Locker, Inc.	1.8	%
These securities represent 20.4% of the total net assets of the Fund.

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

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

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

What is your outlook?

We believe that emerging markets will continue to be the primary source of better-than-expected global growth, while persistently high unemployment, secular consumer deleveraging trends, and slowing re-stocking benefits will keep U.S. economic growth below 3%. We expect this output gap to keep pass-through inflation trends muted in the next year. We also expect interest rates to stabilize near current levels, but remain at historically low levels through

2011. Our outlook for U.S. corporate profitability generally exceeds our macro expectations, however. Significant global demand for U.S. exports, healthy continuation in corporate capital expenditures, and a generally less uncertain legislative and tax environment should allow for solid earnings gains and higher valuations, especially in the technology, industrials and materials sectors. Additionally, we still see particular value in health care as legislative uncertainty is further resolved.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		AASMX		TSCSX
Transfer Agent ID		024		094
Net Assets		$239,137,262		$68,604,117
NAV		$12.56		$13.99
NAV - High†		4/23/2010 - $12.90		4/23/2010 - $14.31
NAV - Low†		11/2/2009 - $10.27		11/2/2009 - $11.36
Number of Holdings: 93

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			10 Years
without sales charge		22.42	%		0.27	%		4.07	%
with sales charge		15.65	%		-0.86	%		3.48	%

Institutional Class³	1-Year			5 Years			10 Years
Net Asset Value		23.26	%		0.91	%		4.75	%

LOGO

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

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

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

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

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

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

Thrivent Mid Cap Growth Fund

Andrea J. Thomas, CFA, Portfolio Manager

The Fund seeks long-term growth of capital.

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

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Mid Cap Growth Fund earned a return of 28.64%, compared with the median return of its Lipper Mid Cap Growth peer group of 26.94%. The Fund’s market benchmark, the Russell Midcap^® Growth Index, earned a return of 28.03%.

What factors affected the Fund’s performance?

The majority of absolute performance for the period occurred in the last two months of the fiscal year as the continuation of the accommodative Fed policy pushed investors into risk assets, especially stocks. The biggest positive contributor to performance was our stock selection in the technology sector and the materials sector. Technology companies that benefited from the build-out of the Internet and an increase in Web traffic did particularly well over the period. Companies that contributed to performance included F5 Networks, Network Appliance and Riverbed Technologies.

In the materials sector, the Fund benefited from a takeover of Pactiv, one of the Fund’s largest positions. The Fund also benefited from precious metals holdings, such as Pan American Silver, Rangold Resources, Limited and Newmont Mining Corporation.

The biggest drag on performance was energy, as these stocks did not keep up with the rest of the market, and we

had a heavier weighting in natural gas stocks, which underperformed oil stocks over the period.

What is your outlook?

The U.S. economy has stabilized since 2008, but economic growth remains anemic, as we still have not had the necessary job growth we think necessary to sustain robust Gross Domestic Product (GDP) growth. Until we see evidence that the unemployment picture is improving, we believe it will be difficult for the economy to reaccelerate for any sustained period of time.

It remains to be seen if further purchases of securities by the Fed, i.e., quantitative easing, will boost the real economy. By keeping rates low, the Fed is trying to force investors out on the risk curve, especially into the stock market.

Improving stock market valuations creates a wealth effect. The theory is that as businesses and consumers see their investment accounts improve, they will begin to spend some of that extra money and help drive GDP growth. For consumers, a problem with this plan has been the negative drag from the housing market which has, in effect, cancelled some of the wealth that the stock market has created. We think businesses have been reluctant to spend and hire due to extreme uncertainty about government policies, future regulation and future tax obligations.

The Fed’s policy of continued quantitative easing will likely create some volatility in the currency market. We believe


Top 10 Holdings
(% of Net Assets)
F5 Networks, Inc.	2.4	%
NetApp, Inc.	2.0	%
BE Aerospace, Inc.	1.7	%
Expeditors International of Washington, Inc.	1.6	%
Precision Castparts Corporation	1.6	%
Atmel Corporation	1.5	%
Polycom, Inc.	1.5	%
H.J. Heinz Company	1.5	%
C.R. Bard, Inc.	1.4	%
Ultra Petroleum Corporation	1.4	%
These securities represent 16.6% of the total net assets of the Fund.

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

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

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

the currency markets will continue to drive all markets, as fears about declining fiat currencies may push investors into inflation-protected assets over the coming months. In this environment, we expect to remain overweighted in energy and materials companies that should benefit from

commodity inflation. We are growing more cautious about the effect of commodity inflation on input costs for many companies, which will impact margins and, hence, earnings.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		LBMGX		LBMIX
Transfer Agent ID		058		458
Net Assets		$241,679,044		$147,553,447
NAV		$16.62		$18.53
NAV - High†		10/31/2010 - $16.62		10/31/2010 - $18.53
NAV - Low†		11/2/2009 - $12.98		11/2/2009 - $14.38
Number of Holdings: 115

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			10 Years
without sales charge		28.64	%		6.90	%		1.91	%
with sales charge		21.58	%		5.69	%		1.34	%

Institutional Class³	1-Year			5 Years			10 Years
Net Asset Value		29.49	%		7.69	%		2.75	%

LOGO

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

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

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

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

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

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

LOGO

Thrivent Partner Mid Cap Value Fund

Subadvised by Goldman Sachs Asset Management, L.P.

The Fund seeks to achieve long-term capital appreciation.

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Partner Mid Cap Value Fund earned a return of 25.63%, compared with the median return of its Lipper Mid Cap Value peer group of 22.78%. The Fund’s market benchmark, the Russell Midcap^® Value Index, earned a return of 27.49%.

What factors affected the Fund’s performance?

In the Fund, our stock selection in the consumer discretionary and financials sectors detracted from returns, whereas stock selection in the materials and industrials sectors was the strongest.

Our holding in Range Resources was a top detractor from returns as the company announced that it had increased its capital expenditures in the Marcellus region. We recently trimmed this position due to increased financial risk in a continued weak natural gas price environment and higher-than-originally expected capital costs.

Fund performance was boosted by stock selection in materials, driven by stocks tied to an economic recovery and with high operating leverage, such as specialty chemical producer Huntsman Corp.

What is your outlook?

We maintain a cautiously optimistic outlook on the U.S. recovery, though we recognize that the path to an economic recovery may occur at an uneven pace. We are still operating in a market where macroeconomic and political events swing sentiment drastically, and the broader direction of the economy in the near-term is unclear. We believe that while the worst is over, we are in a slow healing process, with high unemployment levels and sluggish job growth pressuring the consumer. On the other hand, the passage of financial regulation has created some resolution, narrowing the range of possible outcomes. Additionally, credit conditions have improved, and merger and acquisition activity has increased, indicating management teams’ willingness to deploy capital. Corporate profits are generally improving and management teams seem to be more positive. We think high cash levels and strong balance sheets bode well for capital expenditure—the fuel for long-term growth.

As valuations and volatility have normalized from extremes, we believe stocks should trade more on fundamentals and profitability going forward, creating a more fertile environment for stock selection. We are excited to find

LOGO


Top 10 Holdings (% of Net Assets)

Newfield Exploration Company		2.7%
Principal Financial Group, Inc.		1.9%
Biogen Idec, Inc.		1.8%
Everest Re Group, Ltd.		1.8%
Xcel Energy, Inc.		1.7%
Huntsman Corporation		1.6%
Lear Corporation		1.6%
DISH Network Corporation		1.6%
Invesco, Ltd.		1.6%
SunTrust Banks, Inc.		1.5%
These securities represent 17.8% of the total net assets of the Fund.

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

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

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

ourselves with ample opportunities to buy quality businesses at deeply discounted valuations. Drastic cost-cutting in the downturn resulted in increased operating leverage, benefiting margins. With some corporate balance sheets strengthened and flush with cash, we believe capital allocation decisions will distinguish winners and losers. We

maintain our discipline in finding companies with strong or improving fundamentals, led by quality management teams focused on creating shareholder value, and believe that this long-term discipline will help us navigate volatile markets.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		TPMAX		TPMIX
Transfer Agent ID		086		486
Net Assets		$16,592,083		$104,185,317
NAV		$11.19		$11.23
NAV - High†		4/23/2010 - $11.42		4/23/2010 - $11.44
NAV - Low†		11/2/2009 - $9.02		11/2/2009 - $9.04
Number of Holdings: 104

† For the year ended October 31, 2010


Average Annual Total Returns¹
As of October 31, 2010
Class A²	1-Year			5 Years			From Inception 6/30/2005
without sales charge		25.63	%		4.07	%		4.06	%
with sales charge		18.75	%		2.90	%		2.97	%

Institutional Class³	1-Year			5 Years			From Inception 6/30/2005
Net Asset Value		26.07	%		4.39	%		4.38	%

LOGO

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

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

(a)

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

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

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

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

Thrivent Mid Cap Stock Fund

Brian J. Flanagan, CFA, Portfolio Manager

The Fund seeks long-term capital growth.

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Mid Cap Stock Fund earned a return of 23.88%, compared with the median return of its Lipper Mid Cap Core peer group of 23.82%. The Fund’s market benchmark, the Russell Midcap^® Index, earned a return of 27.71%.

What factors affected the Fund’s performance?

The Fund’s performance versus its benchmark index was positively impacted by holdings in the information technology sector. Software, communications equipment, semiconductors, IT services and Internet investments all contributed to the sector’s significant outperformance over the last year. TIBCO Software, Inc. and Compuware Corporation benefited from increased spending on infrastructure software and attractive valuations. Continued data center spending resulted in improved prospects for F5 Networks, and Atmel Corporation combined a flawless restructuring with a proliferation of touch screens to return more than 130% over the last 12 months. Finally, VeriFone Systems Inc. took advantage of a rebounding payment systems market and new recurring revenue streams to outperform the market.

Underweighting the consumer discretionary sector proved detrimental to performance as retail and restaurants outperformed the index in spite of the significant consumer headwinds. The Fund did not have sufficient exposure to those segments. A focus on natural gas investments early in the year also limited the Fund’s energy performance as an abundance of supply depressed natural gas prices throughout the year. Finally, the Fund’s holding in the financial sector did not keep pace with those in the benchmark index.

What is your outlook?

The market continues to ebb and flow between a positive micro picture and a negative macro outlook. Numerous companies continue to generate significant cash flow, corporate balance sheets are healthy, and many firms are generating positive operating leverage. Yet macro concerns including Europe’s fiscal austerity plans, large fiscal and state deficits domestically and China’s initial interest rate hike cloud the outlook. The Fund remains tilted toward the micro view which dictates a pro-cyclical stance.

However, opportunities do not seem to be as pervasive as 12 months ago. Investments seem focused on business


		Top 10 Holdings
		(% of Net Assets)
		Teradyne, Inc.		2.5%
		Autoliv, Inc.		2.4%
		Compuware Corporation		2.1%
		Oshkosh Corporation		2.0%
		Shaw Group, Inc.		2.0%
		HCC Insurance Holdings, Inc.		1.9%
		W.R. Berkley Corporation		1.9%
		Northern Trust Corporation		1.8%
		Atmel Corporation		1.8%
		National Oilwell Varco, Inc.		1.7%
		These securities represent 20.1% of the total net assets of the Fund.

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

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

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

spending as opposed to consumer spending, as significant cash positions on corporate balance sheets are being spent on mergers and acquisitions and capital expenditures. Juxtapose business balance sheets to those of the consumer discretionary sector. We think consumers are over-leveraged, savings rates need to increase, unemployment is

high, and income tax rates are rising—all substantial headwinds. The Fund’s largest sector overweightings are information technology and energy, and the largest underweighting is consumer discretionary. Overall, the Fund maintains a pro-cyclical bias, but is less aggressive than 12 months ago.


Portfolio Facts
As of October 31, 2010

	Class A		Institutional Class
Ticker		AASCX		TMSIX
Transfer Agent ID		021		051
Net Assets		$571,129,484		$216,581,266
NAV		$13.49		$14.53
NAV - High†		4/23/2010 - $13.67		4/23/2010 - $14.68
NAV - Low†		11/2/2009 - $10.94		11/2/2009 - $11.76
Number of Holdings: 77

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			10 Years
without sales charge		23.88	%		3.19	%		3.31	%
with sales charge		17.10	%		2.03	%		2.73	%

Institutional Class³	1-Year			5 Years			10 Years
Net Asset Value		24.50	%		3.72	%		3.87	%

LOGO

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

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

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

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

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

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

Thrivent Partner Worldwide

Allocation Fund

LOGO

Subadvised by Mercator Asset Management, LP, Principal Global Investors, LLC, Aberdeen Asset Management Investment Services Limited, Victory Capital Management Inc. and Goldman Sachs Asset Management, L.P.

The Fund seeks long-term capital growth.

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

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Partner Worldwide Allocation Fund earned a return of 15.88% as compared with the median return of its peer group, the Lipper International Multi-Cap Core category, of 13.45%. The Fund’s market benchmark, the Morgan Stanley Capital International (MSCI) All Country World Index ex-USA, earned a return of 13.08%.

What factors affected the Fund’s performance?

The Fund’s allocations to mid- and small-cap Europe, Australasia and Far East (EAFE) companies, allocations to emerging market debt and equity securities, and strong returns versus respective benchmarks on the part of the Fund’s managers were all factors contributing to good returns in the Fund for the period. Approximately 60% of Fund assets are allocated to large-cap EAFE managers and 15% is allocated to each of the emerging market equity and small- and mid-cap EAFE equity managers. The remaining

10% is managed in an emerging market debt account. The emerging market equity component provided the best returns on both an absolute and relative basis, achieving results in excess of 30% in that Fund component. Emerging market debt holdings provided returns in the high teens as did the small/mid-cap equity EAFE allocation. The large-cap positions achieved returns in the area of 11%. Each of these components performed in line with or in excess of their respective benchmarks, allowing the Fund’s aggressive performance to exceed its benchmark index.

What is your outlook?

Across markets and among individual stocks, there has been a high degree of correlation in daily price swings. More typically, such high correlations are associated with sharply declining markets. This persistence in an up market suggests that trading volumes are being influenced more by tactical and short-term trading, particularly exchange-traded funds (ETFs), in which there is little discriminating

LOGO

Top 10 Countries

(% of Net Assets)


Japan	14.8	%
United Kingdom	11.4	%
Switzerland	7.8	%
France	5.7	%
Germany	4.2	%
Brazil	3.6	%
Australia	3.6	%
Hong Kong	3.4	%
Canada	2.7	%
Italy	2.5	%

Investments in securities in these countries represent 59.7% of the total net assets of the Fund.

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

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

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

among individual stocks. While this has presented some challenges for stock selection, we believe it sets the stage for even more compelling future opportunities to successfully differentiate based on company-specific fundamentals.

With governments actively buying bonds to increase money supply, interest rates have fallen to unprecedentedly low levels in many countries. While this has yet to stimulate bank lending, a traditional sign of economic recovery, it has allowed companies with strong balance sheets to access

cheap credit to fund mergers and acquisitions, share buybacks and create higher dividends. All of these factors should help support equities. The Fund should continue to benefit from these trends in an otherwise highly uncertain macro environment.

Some sectors of the markets appear to be carrying relatively full valuations, and Fund segment allocations may be adjusted to take advantage of opportunities as they arise.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		TWAAX		TWAIX
Transfer Agent ID		034		087
Net Assets		$35,296,920		$219,248,543
NAV		$8.80		$8.83
NAV - High†		10/14/2010 - $8.92		10/14/2010 - $8.96
NAV - Low†		5/26/2010 - $7.10		5/26/2010 - $7.12
Number of Holdings: 450

† For the period ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			From Inception 2/29/2008
without sales charge		15.88	%		-3.56	%
with sales charge		9.48	%		-5.57	%

Institutional Class³	1-Year			From Inception 2/29/2008
Net Asset Value		16.26	%		-3.24	%

LOGO

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

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

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

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

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

***

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

LOGO

Thrivent Partner International

Stock Fund

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

The Fund seeks long-term capital growth.

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

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Partner International Stock Fund earned a return of 10.58%, compared with the median return of its peer group, the Lipper International Large Cap Core category, of 10.34%. The Fund’s market benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index, earned a return of 8.82%.

What factors affected the Fund’s performance?

Sector weighting versus the benchmark was a factor that contributed to the Fund outperforming the benchmark. Specifically, an underweighting to the poorly performing financial sector was a key factor aiding returns. Financial stocks, particularly banks and insurance companies, are a significant component in the EAFE Index, and that sector came under pressure as the debt crisis unfolded in Greece over the summer months.

The utility segment was also an area the Fund was underweighted in, and that segment provided subpar returns versus the benchmark. The Fund was overweighted in the consumer discretionary sector and that sector outperformed the benchmark. Additionally, stock selection in the Fund yielded better results than the stocks in the

benchmark, providing an additional lift to Fund returns. The positions in energy and financials had the greatest positive impact on results in the Fund versus the benchmark. For the period, currency had a negative impact on returns versus a U.S. dollar account as the dollar generally strengthened versus the euro and the British pound. The yen also strengthened over the year. Some of the best-performing stocks in the Fund were based in and benefited from the higher-growth Asian markets. Stocks that detracted from performance over the period were: Resona Holdings, a Japan-based financial services company; BMW, a German automobile manufacturer; and BP, an international oil and gas company.

What is your outlook?

Across markets and among individual stocks, there has been a stubbornly high degree of correlation in daily price swings. More typically, such high correlations are associated with sharply declining markets. This persistence in an up market suggests that trading volumes are being influenced more by tactical and short-term trading, particularly exchange-traded funds (ETFs), in which there is little discriminating among individual stocks. While this has presented some challenges for stock selection, we believe it

LOGO


Top 10 Countries
(% of Net Assets)

Japan	20.4	%
United Kingdom	16.8	%
Switzerland	12.1	%
France	7.7	%
Germany	5.1	%
Canada	4.9	%
Australia	4.8	%
Italy	3.4	%
Hong Kong	2.8	%
Spain	2.5	%

Investments in securities in these countries represent 80.5% of the total net assets of the Fund.

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

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

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

sets the stage for even more compelling future opportunities to successfully differentiate based on company-specific fundamentals.

allowed companies with strong balance sheets to access cheap credit to fund mergers and acquisitions, share buybacks and higher dividends. All of these factors should help support equities. We expect that the Fund will continue to benefit from these trends in an otherwise highly uncertain macro environment.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		AAITX		TISFX
Transfer Agent ID		023		093
Net Assets		$174,132,959		$280,988,708
NAV		$9.64		$9.85
NAV - High†		10/14/2010 - $9.81		10/14/2010 - $10.02
NAV - Low†		6/7/2010 - $7.82		6/7/2010 - $7.97
Number of Holdings: 211

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			10 Years
without sales charge		10.58	%		1.64	%		0.38	%
with sales charge		4.54	%		0.48	%		-0.18	%

Institutional Class³	1-Year			5 Years			10 Years
Net Asset Value		11.37	%		2.32	%		1.18	%

LOGO

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

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

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

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

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

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

Thrivent Large Cap Growth Fund

LOGO

Scott A. Vergin, CFA, Portfolio Manager

The Fund seeks long-term capital appreciation.

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

How did the Fund perform during the 12-month period ending October 31, 2010?

Thrivent Large Cap Growth Fund returned 12.94%, compared with a median return of 17.70% for the Lipper Large Cap Growth peer group. The Fund’s market benchmark, the Russell 1000^® Growth Index, earned a return of 19.65%.

What factors affected the Fund’s performance?

The Fund’s underperformance over the past year was due to poor stock selection. The vast majority of this under-performance came from stock selection within the technology sector. Fundamental disappointments in the stocks of Adobe Systems and QUALCOMM were negative contributors to performance; however, the main factor was not owning high price-to-earning (P/E) stocks, such as Baidu and Salesforce.com, and focusing on growth-at-a-reasonable-price names, such as Microsoft and Cisco Systems. The same phenomena occurred in the consumer discretionary sector, as not owning Priceline.com and not owning enough Amazon hurt performance, despite significant outperformance in our holding of Ford Motor. The sudden drop in Goldman Sachs after the Securities and Exchange Commission’s (SEC) probe detracted from stock

selection in the financial sector. Our stock selection within the industrial sector was a significant positive contributor due to owning airline holdings, such as Delta and United. Sector allocation within the Fund was overall neutral to performance, while cash allocation was a contributor to performance.

What is your outlook?

We are still constructive on the equity markets, as we believe the economy is showing enough forward momentum to generate good corporate earnings growth. We think our emphasis must be on those companies that have strong growth prospects whatever the economic conditions. Companies with dynamic product innovations should be the Fund’s focus within the technology sector, since this type of company should continue to maintain a premium valuation. The cyclical sectors of the market (such as industrials and consumer discretionary) are favored because of their leverage to improving the economy. The industrial economy seems to be benefiting from a weak dollar and strong emerging international economies. We believe these economic drivers benefit export-driven companies in heavy machinery and the railroad companies that move the goods to market. We also believe certain


		Top 10 Holdings
		(% of Net Assets)
		Apple, Inc.		7.2%
		Google, Inc.		4.0%
		Microsoft Corporation		3.5%
		Cisco Systems, Inc.		3.0%
		Visa, Inc.		2.6%
		Thermo Fisher Scientific, Inc.		2.1%
		Celgene Corporation		2.0%
		Occidental Petroleum Corporation		1.9%
		PepsiCo, Inc.		1.9%
		Walt Disney Company		1.9%
		These securities represent 30.1% of the total net assets of the Fund.

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

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

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

companies in the consumer discretionary sector will perform well, as they continue to execute on its turnaround strategy. The outlook for the health care sector is improving, as we believe the mid-term elections have

tempered some health care reform fears. We have recently moved to an overweighted position in the health care sector.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		AAAGX		THLCX
Transfer Agent ID		027		060
Net Assets		$121,315,872		$199,973,860
NAV		$4.80		$5.13
NAV - High†		4/23/2010 - $4.99		4/23/2010 - $5.32
NAV - Low†		7/2/2010 - $4.12		7/2/2010 - $4.40
Number of Holdings: 106

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010



Class A²	1-Year			5 Years			10 Years
without sales charge		12.94	%		1.14	%		-3.50	%
with sales charge		6.68	%		-0.01	%		-4.05	%

Institutional Class³	1-Year			5 Years			10 Years
Net Asset Value		13.52	%		1.60	%		-2.77	%

LOGO

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

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

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

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

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

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

Thrivent Large Cap Value Fund

Matthew D. Finn, CFA, Portfolio Manager

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

How did the Fund perform during the 12-month period ending October 31, 2010?

Thrivent Large Cap Value Fund earned a return of 10.45%, as compared with the median return of 12.79% for its Lipper Large Cap Value peer group. The Fund’s market benchmark, the Russell 1000^® Value Index, earned a return of 15.71%.

What factors affected the Fund’s performance?

An underweighting in the telecommunications services sector hurt the Fund’s performance, as this sector was one of the stronger areas of the market. Additionally, our stock selection within this group did not keep pace with those in the peer group. Stock selection in consumer discretionary, energy, health care, financials and utilities sectors negatively impacted portfolio performance. The materials sector was an area of strong stock selection but was insufficient to offset weakness in other Fund segments.

What is your outlook?

The past year has been a strong recovery year for the stock market. The economy has begun to recover from very depressed levels. Federal Reserve policy has resulted in lower short- and long-term interest rates in the United States. Normally we would expect this to stimulate a housing recovery, but it has not this cycle due to the well-documented oversupply problems in housing. This has affected many of the industries that benefit from housing-related activity including mortgage finance, construction and home improvement. Other early cycle industries have fared better, including autos, transportation, electronics and capital goods. We believe there appear to be early signs of stabilization in commercial construction and service-sector employment. Overall levels of consumption are still below levels achieved prior to the recession in many areas.


Top 10 Holdings
(% of Net Assets)
E.I. du Pont de Nemours and Company	3.8	%
Kraft Foods, Inc.	3.5	%
Chevron Corporation	3.2	%
Philip Morris International, Inc.	3.1	%
UnitedHealth Group, Inc.	3.0	%
Apache Corporation	2.6	%
Verizon Communications, Inc.	2.4	%
Xerox Corporation	2.4	%
J.P. Morgan Chase & Company	2.3	%
ENSCO International plc ADR	2.3	%
These securities represent 28.6% of the total net assets of the Fund.

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

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

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.


Portfolio Facts
As of October 31, 2010
	Class A		Institutional Class
Ticker		AAUTX		TLVIX
Transfer Agent ID		022		092
Net Assets		$175,967,098		$331,150,490
NAV		$12.61		$12.71
NAV - High†		4/23/2010 - $13.39		4/23/2010 - $13.45
NAV - Low†		7/2/2010 - $10.96		7/2/2010 - $11.02
Number of Holdings: 76

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			10 Years
without sales charge		10.45	%		0.99	%		0.51	%
with sales charge		4.40	%		-0.14	%		-0.06	%

Institutional Class³	1-Year			5 Years			10 Years
Net Asset Value		11.09	%		1.54	%		1.17	%

LOGO

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

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

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

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

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

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

Thrivent Large Cap Stock Fund

Matthew D. Finn, CFA (left), David E. Heupel (right), and Michael A. Binger (far right), Portfolio Co-Managers*

The Fund seeks long-term capital growth.

Large-cap stocks are subject to the basic market risk that a particular security,

or securities in general, may decrease in value over short or even extended time periods. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the views of this particular fund’s portfolio management team.

* Effective April 2010, David E. Heupel and Michael A. Binger are the Fund’s additional portfolio co-managers.

How did the Fund perform during the 12-month period ending October 31, 2010?

Thrivent Large Cap Stock Fund earned a return of 11.16%, as compared with the median return of 14.47% for the Lipper Large Cap Core peer group. The Fund’s market benchmark, the S&P 500 Index, earned a return of 16.52%.

What factors affected the Fund’s performance?

Stocks selection was the most significant factor in the Fund’s underperformance versus its benchmark. Secondary factors were sector weightings and a modest cash position. In the consumer discretionary group, International Game Technology was a poor performer, as were Kohl’s and JC Penney in the retail group. In health care, the Fund’s holding in Pfizer did not keep pace with the industry or the sector. Zimmer Holdings, within the health care equipment industry, also performed below its peers. In the health care providers group, the Fund’s holding in UnitedHealth Group performed well versus the market and the sector. Holdings in the information technology sector did not keep pace with the group. The Fund’s emphasis on high-quality, large-cap, stable growth technology companies was not rewarded. Money flowed into more-aggressive and speculative positions, particularly in the lower market

capitalizations of the technology industry. In the financial sector, the Fund’s holdings in companies exposed to capital markets came under pressure, particularly in the second half of the period, as financial markets were disrupted by the events in Greece related to debt rollover issues.

Mitigating the unfavorable results were the somewhat-better returns of the Fund’s holdings in regional banks such as U.S. Bancorp and Comerica. In the materials sector, a number of holdings performed well. In the chemical group, the Fund had a position in Potash Corp., which received an unsolicited takeover offer and rose sharply. A position in DuPont also performed well over the period. Holdings in the metals and mining companies of Freeport-McMoRan, Newmont Mining and Allegheny Technology performed strongly as well.

What is your outlook?

We believe the economic recovery is likely to be sustained, albeit at levels below what one would expect given the falloff in growth during the recent recession. We acknowledge that some fundamental risks are unusually high and that the recovery could abort, but we consider the more likely outcome to be subpar growth. Unemployment is likely to remain elevated, but that does not preclude a


Top 10 Holdings
(% of Net Assets)
Apple, Inc.	3.6	%
Walt Disney Company	2.3	%
Occidental Petroleum Corporation	2.1	%
Baker Hughes, Inc.	2.0	%
Google, Inc.	2.0	%
Microsoft Corporation	2.0	%
Philip Morris International, Inc.	2.0	%
Chevron Corporation	1.9	%
Cisco Systems, Inc.	1.8	%
Norfolk Southern Corporation	1.8	%
These securities represent 21.5% of the total net assets of the Fund.

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

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

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

recovery as much as alter the trajectory. Recessions that have a financial crisis as a component have historically taken longer to recover while the system adjusts to the necessary debt deleveraging. We believe the U.S. economy is unlikely to be the global engine of growth as it was in the last cycle. Other economies are growing and have large unsatisfied domestic demand that could be the catalyst for sustained recovery.

We continue to maintain a pro-cyclical tilt to the Fund. Stocks appear to be attractively valued versus other

investment alternatives assuming a sustained recovery. There are many large-cap domestic companies that have the financial and operating strength to compete in the global economy. A meaningful portion of earnings from large-cap companies is directly or indirectly impacted by growth outside the US. We believe the Fund is positioned to benefit from that characteristic.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		AALGX		IILGX
Transfer Agent ID		017		090
Net Assets		$1,549,382,459		$176,405,739
NAV		$20.87		$21.05
NAV - High†		4/23/2010 - $21.98		4/23/2010 - $22.10
NAV - Low†		7/2/2010 - $18.12		7/2/2010 - $18.24
Number of Holdings: 117

† For the year ended October 31, 2010


Average Annual Total Returns¹ As of October 31, 2010
Average Annual Total Returns¹ As of October 31, 2010
Class A²	1-Year			5 Years			10 Years
without sales charge		11.16	%		0.06	%		-1.38	%
with sales charge		5.04	%		-1.06	%		-1.94	%

Institutional Class³	1-Year			5 Years			10 Years
Net Asset Value		11.80	%		0.56	%		-0.92	%

LOGO

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

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

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

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

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

***

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Balanced Fund posted a total return of 16.04%, compared with a median return of 14.38% for its Lipper Mixed-Asset Target Allocation Growth peer group. The Fund’s market benchmarks, the S&P Supercomposite 1500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 17.75% and 8.01%, respectively.

What factors affected the Fund’s performance?

During the period, we maintained an investment allocation of approximately two-thirds of assets in the equity segment and the remainder in fixed income.

Investments in technology-related sectors and materials were the dominant source of relative outperformance for the Fund’s equity segment, offset by underperformance of exposures in retail and health care.

Three main factors contributed to the fixed-income segment’s relative outperformance. First, performance was helped by a continued recovery in the prices of our floating-rate debt holdings that back our mortgage securities. These floating-rate debt securities also continued paying down

principal; once they are fully paid off, we do not plan to reinstitute this “dollar-roll” program.

The second factor was our overweighted position in securitized holdings, consisting of asset-backed, mortgage-backed and commercial mortgage-backed securities. This group of assets turned in a strong performance over the period.

The third factor was the Fund’s overweighted position in corporate bonds. As investors sought out higher yields, demand for spread products, such as corporate bonds (along with their prices), increased substantially. Within this asset class, our overweighted position in the financial services sector also benefited our relative performance.

What is your outlook?

A global economic recovery is well under way, and we remain more optimistic than consensus regarding its pace and sustainability. Helping the Fund’s equity returns, we think emerging markets will remain a major source of better-than-expected global growth. However, within the U.S., we believe persistently high unemployment, secular consumer deleveraging trends, and slowing re-stocking

LOGO


Top 10 Holdings (% of Net Assets)
Top 10 Holdings (% of Net Assets)

Federal National Mortgage Association Conventional 30-Yr. Pass Through	2.0	%
Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through	1.9	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.9	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.4	%
Yahoo!, Inc.	1.3	%
Xerox Corporation	1.3	%
U.S. Treasury Notes	1.2	%
Schlumberger, Ltd.	1.2	%
Biogen Idec, Inc.	1.2	%
Accenture plc	1.2	%

These securities represent 14.6% of the total net assets of the Fund.

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

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

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

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

The Portfolio Composition chart excludes collateral held for securities loaned.

benefits will keep economic growth at a below-desired annual pace.

In an effort to push interest rates lower and bolster the economy, the Federal Reserve announced a second quantitative easing program in November in which it will purchase more than $600 billion in Treasury securities. We expect rates to remain low for an extended time but not decline any further. The yield curve should remain steep as

long as the Fed keeps interest rates at current levels; however, we see some risk that interest rates and inflation could begin to rise going forward.

We plan to keep the Fund at roughly two-thirds equities and one-third fixed-income securities. As always, we will continue to monitor the economy and markets closely, and we’ll work to maintain a prudent balance of income and long-term capital growth potential.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		AABFX		IBBFX
Transfer Agent ID		026		056
Net Assets		$148,859,722		$56,574,929
NAV		$11.68		$11.66
NAV - High†		4/23/2010 - $11.78		4/23/2010 - $11.76
NAV - Low†		11/2/2009 - $10.25		11/2/2009 - $10.23
Number of Holdings: 276

† For the year ended October 31, 2010


Average Annual Total Returns¹ As of October 31, 2010
Average Annual Total Returns¹ As of October 31, 2010
Class A²	1-Year			5 Years			10 Years
without sales charge		16.04	%		3.72	%		2.60	%
with sales charge		9.70	%		2.55	%		2.02	%

Institutional Class³	1-Year			5 Years			10 Years
Net Asset Value		16.55	%		4.22	%		3.09	%

LOGO

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

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

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

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

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

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

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

Thrivent High Yield Fund

Paul J. Ocenasek, CFA, Portfolio Manager

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

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

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent High Yield Fund returned 17.65%, compared with a median return of 17.57% for its Lipper U.S. High Current Yield peer group. Our market benchmark, the Barclays Capital U.S. Corporate High Yield Bond Index, returned 19.35%.

What factors affected the Fund’s performance?

The high-yield bond market rallied during much of the period as investors grew more confident about a global economic recovery. The yield premium, or “spread,” high-yield bonds offered over that of Treasury securities fell from 7.35% at the beginning of the period to 5.75% on October 29, with a simultaneous increase in their prices.

Returns on bonds of different credit quality were more similar during the year than in previous periods. As a result, the Fund’s underweighted position in CCC-rated bonds didn’t detract from its performance relative to the Lipper peer group, though it was a factor in the benchmark index comparison. Returns on BB-rated bonds averaged 19% for the year, while B-rated and CCC-rated bonds averaged 16% and 20.4%, respectively.

Helping the Fund’s performance was our fully invested stance, with a small percentage of portfolio assets in low-yielding short-term investments. Also benefiting our relative performance were our securities selections in autos (Ford),

technology (chip manufacturers Freescale and NXP), and metals and mining (iron ore producer FMG). Our exposure to such cyclical companies boosted the Fund’s performance as investors became more confident about future economic growth.

Detracting from the Fund’s relative performance were our securities selections in industries such as paper (New Page), electric utilities and media.

What is your outlook?

We remain optimistic about the high-yield bond market’s prospects based on three factors:

•

We believe the financial health of issuing companies is still improving. What’s more, we’re early in the credit cycle and these companies’ debt burdens are still declining.

•

The default rate among high-yield bond issuers appears to be declining rapidly. The rate is at about 4% now, according to Moody’s, and is projected to fall to about 2% within a year.

•

Investor demand for high-yield products remains strong in the current low-yield environment. Further, we expect prices of high-yield securities to hold up better than other fixed-income securities if interest rates increase.

Because we expect continued slow economic growth, we expect to keep the Fund fully invested with an

LOGO


Top 10 Holdings (% of Net Assets)
Top 10 Holdings (% of Net Assets)

Ford Motor Credit Company, LLC	1.5	%
Warner Chilcott Company, LLC	1.1	%
Energy Future Holdings, Term Loan	1.0	%
Cincinnati Bell, Inc.	1.0	%
MGM Resorts International	1.0	%
FMG Finance, Pty., Ltd.	1.0	%
CIT Group, Inc.	0.9	%
Abengoa Finance SAU	0.9	%
Intelsat Bermuda, Ltd.	0.9	%
PAETEC Holding Corporation	0.8	%

These securities represent 10.1% of the total net assets of the Fund.

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

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

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

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

underweighted position in CCC- and lower-rated securities and await a pullback opportunity to add to these issues. Slow growth generally isn’t bad for high-yield bonds, except for the riskier issues.

Although the recent exceptional returns won’t likely be repeated any time soon, we think the current economic recovery will provide a favorable environment for investors in high-yield bonds during the months ahead.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		LBHYX		LBHIX
Transfer Agent ID		073		473
Net Assets		$448,082,706		$254,552,475
NAV		$4.86		$4.86
NAV - High†		10/31/2010 - $4.86		10/31/2010 - $4.86
NAV - Low†		11/3/2009 - $4.45		11/3/2009 - $4.45
Number of Holdings: 238

† For the year ended October 31, 2010


Average Annual Total Returns¹ As of October 31, 2010
Average Annual Total Returns¹ As of October 31, 2010
Class A²	1-Year			5 Years			10 Years
without sales charge		17.65	%		7.58	%		5.61	%
with sales charge		12.37	%		6.59	%		5.12	%

Institutional Class³	1-Year			5 Years			10 Years
Net Asset Value		18.12	%		8.04	%		6.02	%

LOGO

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

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

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

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

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

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

Thrivent Municipal Bond Fund

LOGO

Janet I. Grangaard, CFA, Portfolio Manager

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

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Municipal Bond Fund produced a 6.79% return, compared with a median return of 7.88% for its Lipper General Municipal Debt peer group. The Fund’s market benchmark, the Barclays Capital Municipal Bond Index, returned 7.78%.

What factors affected the Fund’s performance?

The Fund underperformed its Lipper peer group and benchmark index due to our comparatively more conservative portfolio. Although we added longer-maturity, mid-rated bonds during the period—meaningfully lengthening the portfolio’s duration—we still didn’t hold as much risk as our peers. Plus, we tended to avoid the lowest-quality bonds that rebounded strongly during the period. Limiting exposure to the riskier, more volatile areas of the market is an important aspect of our ongoing philosophy of pursuing consistent, competitive performance. While we do watch for opportunities in lower-rated securities, there are many deals we won’t consider because they do not meet our standards. Even though we don’t buy many of these lower-quality bonds, we expect our Fund to continue to be competitive.

Sectors from which we’ve added bonds that performed particularly well during the period include hospitals, toll roads and airports, the latter category receiving a boost from an improving economy. Also assisting performance were our positions in BBB- and A-rated bonds, as lower-rated bonds outperformed during the period.

What is your outlook?

We expect the economic recovery to continue. While we continue to monitor economic developments that may affect the municipal bond market, we’ll also watch for changes in government policy that could have as much influence on bond supply, demand and credit quality. The following potential policy developments (as of this writing) show why municipal bond investors cannot simply buy, hold and forget their bonds:

•

The Build America Bond Program has spurred many state and local governments to issue taxable bonds by reimbursing them for a substantial portion of their interest costs. This highly popular program has siphoned billions in bond supply from the municipal bond market, most likely boosting prices of the shrinking supply. Given the new Congress’ more-conservative bent, this subsidy-oriented program may

LOGO

Top 10 States

(% of Net Assets)


California	12.4	%
Texas	11.0	%
Illinois	7.8	%
New York	6.8	%
Colorado	5.4	%
Washington	5.0	%
Florida	4.6	%
Massachusetts	3.5	%
Louisiana	3.3	%
Pennsylvania	3.0	%

Investments in securities in these States represent 62.8% of the total net assets of the Fund.

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

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

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

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

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

not be re-approved, leaving the impact on tax-exempt bond supply and prices unknown.

•

An extension of the Bush-era tax cuts—and the tax brackets that would be affected—remains uncertain.

How would any change in tax rates—or lack of change—affect demand for and prices of tax-exempt bonds?

•

We’re concerned that potential cuts to or phase-outs of stimulus aid to states could make state and local budget shortfalls even worse—with an unknown impact on issuer credit quality.

We’ll continue to monitor these developments closely and structure the Fund with these risks in mind.

Portfolio Facts.

As of October 31, 2010


	Class A		Institutional Class
Ticker		AAMBX		TMBIX
Transfer Agent ID		015		088
Net Assets		$1,384,511,555		$95,279,311
NAV		$11.42		$11.42
NAV - High†		8/31/2010 - $11.53		8/31/2010 - $11.53
NAV - Low†		11/17/2009 - $11.12		11/17/2009 - $11.12
Number of Holdings: 458

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010.


Class A²	1-Year			5 Years			10 Years
without sales charge		6.79	%		4.68	%		5.09	%
with sales charge		1.95	%		3.73	%		4.60	%

Institutional Class³	1-Year			5 Years			10 Years
Net Asset Value		7.08	%		4.98	%		5.37	%

LOGO

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

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

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

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

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

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

Thrivent Income Fund

LOGO

Stephen D. Lowe, CFA, Portfolio Manager

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

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

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Income Fund returned 13.66%, compared with a median return of 12.78% for its Lipper Corporate Debt BBB-Rated Funds peer group. The Fund’s market benchmark, the Barclays Capital U.S. Aggregate Bond Index, posted a return of 8.01%.

What factors affected the Fund’s performance?

Non-government spread-sector bonds rallied during the first half of the 12-month period. But in May, the debt crisis in Europe, concerns about a slowdown in China, and continued high unemployment in the United States renewed worries about the global economic recovery, spurring some investors to seek the relative safety of U.S. Treasury securities.

Even with these fears, spread-sector bonds provided strong returns during the period. The main reasons the Fund outperformed both its Lipper peer group and benchmark index were its overweighted positions and security selections in investment-grade and high-yield corporate bonds. Together, these types of bonds composed nearly 80% of the portfolio. Bonds from the financial sector (banks, REITs, insurance companies) were the best performers among our corporate holdings.

In addition, the Fund’s overweighted position in securitized assets such as nonagency mortgage and commercial mortgage-backed securities boosted our relative performance. Also contributing to our relative outperformance was a continued price recovery of the floating-rate debt securities that were used to support the forward purchase of mortgage securities. These assets were negatively affected by the liquidity crisis in 2008 but have rebounded strongly.

Our underweighted positions in Treasury and agency securities detracted from performance in the second half of the period. As noted, prices of government issues—especially in longer maturity lengths—surged during the latter half of the period.

What is your outlook?

We expect the economic recovery to continue, but the pace of growth to be slower than in previous recoveries. Inflation will likely remain under control over the near term due to high excess labor and manufacturing capacity.

In an effort to push interest rates lower and bolster the economy, the Federal Reserve announced a second quantitative easing program in early November 2010 through which it will purchase more than $600 billion in Treasury securities. We expect short-term rates to remain at


Top 10 Holdings
(% of Net Assets)
Thrivent High Yield Fund	1.7	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.4	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.1	%
Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through	1.0	%
Citigroup Commercial Mortgage Trust	0.9	%
J.P. Morgan Chase Commercial Mortgage Securities Corporation	0.9	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	0.8	%
CenterPoint Energy Resources Corporation	0.5	%
Goldman Sachs Alternative Mortgage Products Trust	0.5	%
Wachovia Bank Commercial Mortgage Trust	0.5	%
These securities represent 9.3% of the total net assets of the Fund.

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

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

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

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

current low levels for an extended period but not decline any further.

The yield curve should remain steep as long as the Fed keeps interest rates at current levels. However, we see some risk that interest rates and inflation could begin to rise going forward.

We think the major part of the rebound in spread-related investments is behind us but that the securities still offer

value. Considering the recent exceptional performance of these assets, we plan to gradually reduce our overweighted position in them. We also are currently taking steps to help mitigate the impact should interest rates rise sharply by increasing investments in less rate-sensitive assets, such as floating rate securities.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		LUBIX		LBIIX
Transfer Agent ID		055		455
Net Assets		$405,094,087		$370,727,683
NAV		$8.80		$8.79
NAV - High†		10/13/2010 - $8.83		10/13/2010 - $8.82
NAV - Low†		11/4/2009 - $8.06		11/4/2009 - $8.06
Number of Holdings: 476

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			10 Years
without sales charge		13.66	%		5.75	%		5.72	%
with sales charge		8.58	%		4.79	%		5.23	%

Institutional Class³	1-Year			5 Years			10 Years
Net Asset Value		13.99	%		6.19	%		6.11	%

LOGO

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

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

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

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

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

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

Thrivent Core Bond Fund

Michael G. Landreville, CFA (left) and Gregory R. Anderson, CFA, CPA (right), Portfolio Co-Managers

The Fund seeks a high level of current income consistent with capital preservation.

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Core Bond Fund returned 12.42%, compared with a median return of 9.35% for its Lipper Intermediate Investment Grade Debt peer group. The Fund’s market benchmark, the Barclays Capital U.S. Aggregate Bond Index, posted a return of 8.01%.

What factors affected the Fund’s performance?

Several factors helped the Fund outperform its Lipper peer group and benchmark index. The first one, accounting for about one-third of our relative outperformance, was a continued recovery in the prices of our floating-rate debt holdings that back our mortgage securities. These floating-rate debt securities also continued paying down principal, and once they are fully paid off we do not plan to reinstitute this “dollar-roll” program.

Another third of the Fund’s relative outperformance was due to our overweighted position in securitized investments, including mortgage-backed, commercial mortgage-backed, and asset-backed securities. As with our floating-rate debt, these assets were negatively affected by the liquidity crisis in 2008, but rebounded strongly during 2009 and through this reporting period.

The remaining one-third of our relative outperformance was driven by the Fund’s overweighted position in corporate bonds. Again, as some investors became bolder during the period and sought out opportunities for higher yields, demand for spread product, such as corporate bonds (along with their prices) increased substantially. Within this asset class, our overweighted position in the financial services sector also benefited our relative performance.

What is your outlook?

We expect the economic recovery to continue, but the pace of growth to be slower than in previous recoveries. While we think the unemployment rate has peaked, it will likely stay above 8% for the foreseeable future. Inflation is expected to remain under control over the near term due to high excess labor and manufacturing capacity.

In an effort to push interest rates lower and bolster the economy, the Federal Reserve announced a second quantitative easing program in early November 2010, through which it will purchase more than $600 billion in Treasury securities. We expect rates to remain at low levels for an extended period but not decline any further. The yield curve should remain steep as long as the Fed

LOGO

Top 10 Holdings

(% of Net Assets)


Federal National Mortgage Association Conventional 30-Yr. Pass Through	8.5	%
Thrivent High Yield Fund	4.4	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	4.2	%
Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through	3.7	%
U.S. Treasury Notes, TIPS	2.2	%
U.S. Treasury Notes, TIPS	2.1	%
U.S. Treasury Notes, TIPS	2.0	%
U.S. Treasury Notes	1.9	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.9	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.9	%

These securities represent 32.8% of the total net assets of the Fund.

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

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

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

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

keeps interest rates at current levels. However, we see some risk that interest rates and inflation could begin to rise going forward.

Within the credit markets, spreads have tightened substantially and are nearing their long-term averages.

We think the major part of the rebound in spread-related investments is behind us, but that they still offer value.

Considering the recent exceptional performance of these assets, we are currently gradually reducing our overweighted position in them. At the same time, we also are continuing to increase our holdings of government securities—reducing our underweighting—to lower the Fund’s overall level of risk.

Portfolio Facts

As of October 31, 2010


	Class A		Institutional Class
Ticker		AAINX		IIINX
Transfer Agent ID		016		089
Net Assets		$244,973,306		$50,118,287
NAV		$10.11		$10.11
NAV - High†		10/13/2010 - $10.15		10/13/2010 - $10.15
NAV - Low†		11/5/2009 - $9.30		11/5/2009 - $9.31
Number of Holdings: 224

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			10 Years
without sales charge		12.42	%		5.05	%		5.42	%
with sales charge		7.37	%		4.08	%		4.93	%

Institutional Class³	1-Year			5 Years			10 Years
Net Asset Value		12.79	%		5.42	%		5.81	%

LOGO

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

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

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

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

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

Thrivent Government Bond Fund

Michael G. Landreville, CFA, Portfolio Manager

The Fund seeks total return with current income consistent with preservation of capital.

How did the Fund perform during the eight-month period from its inception on February 26, 2010, through October 31, 2010?

Thrivent Government Bond Fund returned 6.73%, compared with a median return of 5.37% for its Lipper General U.S. Government Funds peer group. The Fund’s market benchmarks, the Barclays Capital U.S. Agency Index and the Barclays Capital U.S. Treasury Index, posted returns of 4.20% and 6.46%, respectively.

What factors affected the Fund’s performance?

Government bonds rallied from April through the end of the period as the debt crisis in Europe, concerns about a slowdown in China, and continued high unemployment in the United States renewed worries about the global economic recovery, spurring some investors to seek the relative safety of U.S. Treasury securities. In addition to that, the Federal Reserve’s quantitative easing program and its buying billions of dollars in Treasury securities to push down interest rates and spur economic growth also boosted government bond returns.

The main reason the Fund outperformed both its Lipper peer group and benchmark indexes was its overweighted positions in U.S. Treasury securities and Treasury inflation-

protected securities (TIPS), which returned an average 6.4% and 9.4%, respectively, during the period. Also benefiting the Fund’s relative performance was our underweighted position in mortgage-backed bonds, whose returns lagged other types of government bonds for much of the period.

What is your outlook?

We expect the economic recovery to continue, but the pace of growth to be slower than in previous recoveries. We think the unemployment rate has peaked, but will stay above 8% for the foreseeable future. Inflation will likely remain under control over the near term due to high excess labor and manufacturing capacity.

In an effort to push interest rates lower and further bolster the economy, the Federal Reserve announced a second quantitative easing program in early November 2010, through which it will purchase more than $600 billion in Treasury securities. We expect rates to remain at low levels for an extended period, but not decline any further.

The yield curve should remain steep as long as the Fed keeps interest rates at current levels. However, we see some risk that interest rates and inflation could begin to rise going forward.

LOGO


Top 10 Holdings
(% of Net Assets)

U.S. Treasury Notes	10.3	%
U.S. Treasury Notes	8.5	%
U.S. Treasury Notes	6.4	%
Federal Home Loan Banks	4.7	%
Federal National Mortgage Association	4.6	%
Federal Home Loan Banks	4.0	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	3.8	%
Federal National Mortgage Association	3.7	%
Federal Home Loan Mortgage Corporation	2.9	%
Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through	2.9	%

These securities represent 51.8% of the total net assets of the Fund.

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

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

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

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

We think the Fed’s upcoming quantitative easing should support prices of Treasury securities for at least the next six months. What’s more, we also see strong value in TIPS investments going forward.

Thrivent Government Bond Fund is intended to serve as a conservative and defensive investment vehicle. As such,

it will not attempt to aggressively seize different investment opportunities. Its asset mix should remain largely unchanged for the duration of the forthcoming year.


Portfolio Facts
As of October 31, 2010
	Class A		Institutional Class
Ticker		TBFAX		TBFIX
Transfer Agent ID		039		459
Net Assets		$5,919,526		$105,593,433
NAV		$10.56		$10.57
NAV - High†		10/11/2010 - $10.61		10/11/2010 - $10.62
NAV - Low†		4/5/2010 - $9.83		4/5/2010 - $9.83
Number of Holdings: 50

† For the period ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	From Inception 2/26/2010
without sales charge		6.73	%
with sales charge		4.64	%

Institutional Class³	From Inception 2/26/2010
Net Asset Value		7.04	%

LOGO

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

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

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

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

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

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

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

Thrivent Limited Maturity Bond Fund

Michael G. Landreville, CFA (left) and Gregory R. Anderson, CFA, CPA (right), Portfolio Co-Managers

The Fund seeks a high level of current income with stability of principal.

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Limited Maturity Bond Fund returned 5.97%, compared with a median return of 4.72% for its Lipper Short Investment Grade Debt peer group. The Fund’s market benchmark, the Barclays Capital Government/Credit 1–3 Year Bond Index, posted a return of 3.23%.

What factors affected the Fund’s performance?

Most sectors of the bond market delivered strong gains over the 12-month period. For the first six months, improving prospects for the U.S. economy boosted demand for riskier bonds with yield advantages over U.S. Treasuries. However, in May the debt crisis in Europe, concerns about a slowdown in China, and continued high unemployment in the United States renewed worries about the global economic recovery, spurring some investors to seek the relative safety of U.S. Treasury securities. The yield on the two-year Treasury note plummeted 0.54% to end the period at 0.34%, slightly higher than the yield offered by money market securities.

The Fund outperformed its Lipper peer group and benchmark index mostly due to its heavier weighting in high-quality corporate bonds and securitized asset bonds (mortgage-backed securities and asset-backed securities), which performed significantly better than Treasuries and other government securities, especially during the first half of the period. For example, corporate bonds and securitized asset holdings in the Fund generated average returns of 9.8% and 8.13%, respectively, over the year. In addition to the Fund’s heavier sector weightings, good security selections within these sectors were a huge contributor to the Fund’s performance.

What is your outlook?

We expect the economic recovery to continue, but at a slower pace than in previous economic cycles. As a result, job growth will lag, causing the unemployment rate to stay uncomfortably high. In an effort to push interest rates lower and bolster the economy, the Federal Reserve announced a second quantitative easing program in early November, in which it will buy more than $600 billion in Treasury securities. We expect rates to remain at current low levels at

LOGO


Top 10 Holdings
(% of Net Assets)

U.S. Treasury Notes	2.5	%
U.S. Treasury Notes	2.0	%
Federal National Mortgage Association Conventional 30-Yr. Pass Through	1.5	%
Thrivent High Yield Fund	1.4	%
U.S. Treasury Notes	1.3	%
U.S. Treasury Notes	1.1	%
U.S. Treasury Notes	1.0	%
World Financial Network Credit Card	0.9	%
U.S. Treasury Notes, TIPS	0.9	%
Toyota Auto Receivables Owner Trust	0.9	%

These securities represent 13.5% of the total net assets of the Fund.

Quoted Fund performance is for Class A shares.

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

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

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

least through the first half of next year. Longer term, we are concerned about the risk of rising interest rates and expect to increase the Fund’s concentration in floating-rate securities with coupon rates that adjust to rising interest rates.

We think the major part of the rally in corporate bonds and securitized asset bonds is behind us, but they still offer

reasonable value versus low-yielding Treasuries and cash alternatives. Considering the exceptional performance of these assets over the past year, we are currently gradually reducing our overweighted position in them. At the same time, we continue to increase our holdings of government securities for the purposes of reducing our underweighted position and lowering the Fund’s overall risk profile.


Portfolio Facts
As of October 31, 2010
	Class A		Institutional Class
Ticker		LBLAX		THLIX
Transfer Agent ID		076		476
Net Assets		$272,650,341		$530,756,715
NAV		$12.58		$12.58
NAV - High†		10/13/2010 - $12.59		10/13/2010 - $12.59
NAV - Low†		11/11/2009 - $12.21		11/11/2009 - $12.21
Number of Holdings: 335

† For the year ended October 31, 2010

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			10 Years
Net Asset Value		5.97	%		4.00	%		4.27	%

Institutional Class³	1-Year			5 Years			10 Years
Net Asset Value		6.35	%		4.37	%		4.63	%

LOGO

2	Class A shares have no sales load.

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

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

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

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

Thrivent Money Market Fund

William D. Stouten, Portfolio Manager

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

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

How did the Fund perform during the 12-month period ended October 31, 2010?

Thrivent Money Market Fund returned 0.00% during the period, while its Lipper Money Market category reported a median net return of 0.01% over the same time frame.

What factors affected the Fund’s performance?

The Federal Reserve kept the federal funds target interest rate at a range of zero to 0.25% throughout the period. With the federal funds target rate remaining at historical lows and continuing meager supply in the short-term securities market, money market funds throughout the industry struggled to provide a positive yield during the period. Adding to the challenges were declining balances in money funds throughout the industry, as investors departed to seek higher yields elsewhere. To maintain a positive return for investors, Thrivent Asset Management waived certain fees on the Fund throughout the 12-month period.

With credit markets still experiencing volatility, we structured the Fund conservatively to maintain credit quality and liquidity. By the end of September 2010, U.S.

government-supported securities composed over 37% of the Fund’s assets.

Also impacting performance were the new SEC regulatory requirements for money market funds being implemented during 2010. We expect the regulations to continue to keep yields low for investors. The Federal Reserve, Securities and Exchange Commission (SEC) and the President’s Working Group are working together to bring additional reform to the industry. Under consideration is the potential to require money market portfolios to have a floating net asset value and/or hold capital. Thrivent Asset Management has had direct dialogue with the Federal Reserve and the SEC, supporting both the floating net asset value and required capital concepts. We will continue to work with regulators to help shape positive reforms for the health of the industry.

The good news is that liquidity in the money market segment improved during the period to a point that all federal programs enacted to boost liquidity were phased out. While leverage remains a problem for many European countries, the crisis at least appears to have subsided for the time being, following the intervention and support from the European Central Bank.

LOGO

An investment in the Thrivent Money Market Fund is not insured

or guaranteed by the FDIC or any other government agency.

Although the Fund seeks to preserve the value of your investment at $1.00 per share,

it is possible to lose money by investing in the Fund.

Quoted Fund performance is for Class A shares.

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

Quoted Portfolio Composition is subject to change.

What is your outlook?

Money market credit quality and liquidity should remain sound as the industry prepares for additional regulation and defends against market instability. Even though the U.S. economy appears to have stabilized, the Federal Reserve is unlikely to raise rates any time soon. The significant debt burdens of Europe and the United States, combined with low inflation expectations, are reasons the Fed is likely to be on hold into the foreseeable future.

As long as the Fed keeps the federal funds target rate between zero and 0.25%, yields for the Fund will likely remain close to zero in the months ahead. For the benefit of investors, Thrivent Asset Management continues to waive fees to maintain a positive yield. As in any interest rate environment, we will continue to manage the Fund with safety and liquidity as our primary interests.


Portfolio Facts
As of October 31, 2010
	Class A		Institutional Class
Ticker		AMMXX		AALXX
Transfer Agent ID		018		091
Net Assets		$716,981,962		$14,506,583
NAV		$1.00		$1.00
Number of Holdings: 87

Average Annual Total Returns¹

As of October 31, 2010


Class A²	1-Year			5 Years			10 Years
Net Asset Value		0.00	%		2.58	%		2.13	%

Institutional Class³	1-Year			5 Years			10 Years
Net Asset Value		0.00	%		2.77	%		2.39	%


Money Market Portfolio Yields^* As of October 31, 2010
	Class A			Institutional Class
7-Day Yield		0.00	%		0.00	%
7-Day Yield Gross of Waivers		-0.60	%		-0.26	%

7-Day Effective Yield		0.00	%		0.00	%
7-Day Effective Yield Gross of Waivers		-0.60	%		-0.26	%

2	Class A shares have no sales load.

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

Seven-day yields of Thrivent Money Market Fund refer to the income generated by an investment in the Fund over a specified seven-day period. Effective yields reflect the reinvestment of income. A yield gross of waivers represents what the yield would have been if the Adviser were not waiving or reimbursing certain expenses associated with the Fund. Refer to the expense table in the Fund’s prospectus for details. Yields are subject to daily fluctuation and should not be considered an indication of future results.

Shareholder Expense Example

(unaudited)

As a shareholder of the Fund, you incur, depending on the fund and share class, two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from May 1, 2010 through October 31, 2010.

Actual Expenses

In the table below, the first section, labeled “Actual,” provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number from the appropriate Class line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid. A small account fee of $12 may be charged to Class A shareholder accounts if the value falls below stated account minimums ($2,500 for Thrivent Limited Maturity Bond Fund, $1,500 for Thrivent Money Market Fund and $1,000 for all other Funds). This fee is not included in the table below. If it were and you were assessed such a fee, the expenses you paid during the period would have been higher and the ending account value would have been lower.

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value 5/1/2010		Ending Account Value 10/31/2010		Expenses Paid During Period 5/1/2010- 10/31/2010^*		Annualized Expense Ratio
Thrivent Aggressive Allocation Fund

Actual
Class A	$	1,000	$	1,021	$	3.57		0.70	%
Institutional Class	$	1,000	$	1,024	$	1.79		0.35	%

Hypothetical^**
Class A	$	1,000	$	1,022	$	3.57		0.70	%
Institutional Class	$	1,000	$	1,023	$	1.79		0.35	%

Thrivent Moderately Aggressive Allocation Fund

Actual
Class A	$	1,000	$	1,029	$	3.22		0.63	%
Institutional Class	$	1,000	$	1,031	$	1.48		0.29	%

Hypothetical^**
Class A	$	1,000	$	1,022	$	3.21		0.63	%
Institutional Class	$	1,000	$	1,024	$	1.48		0.29	%


	Beginning Account Value 5/1/2010		Ending Account Value 10/31/2010		Expenses Paid During Period 5/1/2010- 10/31/2010^*		Annualized Expense Ratio
Thrivent Moderate Allocation Fund

Actual
Class A	$	1,000	$	1,034	$	3.10		0.61	%
Institutional Class	$	1,000	$	1,036	$	1.41		0.28	%

Hypothetical^**
Class A	$	1,000	$	1,022	$	3.09		0.61	%
Institutional Class	$	1,000	$	1,024	$	1.40		0.28	%

Thrivent Moderately Conservative Allocation Fund

Actual
Class A	$	1,000	$	1,036	$	3.01		0.59	%
Institutional Class	$	1,000	$	1,036	$	1.68		0.33	%

Hypothetical^**
Class A	$	1,000	$	1,022	$	2.99		0.59	%
Institutional Class	$	1,000	$	1,024	$	1.67		0.33	%

Thrivent Partner Small Cap Growth Fund

Actual
Class A	$	1,000	$	1,007	$	7.72		1.53	%
Institutional Class	$	1,000	$	1,009	$	5.37		1.06	%

Hypothetical^**
Class A	$	1,000	$	1,018	$	7.76		1.53	%
Institutional Class	$	1,000	$	1,020	$	5.40		1.06	%

Thrivent Partner Small Cap Value Fund

Actual
Class A	$	1,000	$	954	$	6.89		1.40	%
Institutional Class	$	1,000	$	957	$	4.19		0.85	%

Hypothetical^**
Class A	$	1,000	$	1,018	$	7.12		1.40	%
Institutional Class	$	1,000	$	1,021	$	4.33		0.85	%

Thrivent Small Cap Stock Fund

Actual
Class A	$	1,000	$	1,004	$	7.32		1.45	%
Institutional Class	$	1,000	$	1,008	$	3.89		0.77	%

Hypothetical^**
Class A	$	1,000	$	1,018	$	7.37		1.45	%
Institutional Class	$	1,000	$	1,021	$	3.91		0.77	%

Thrivent Mid Cap Growth Fund

Actual
Class A	$	1,000	$	1,056	$	6.05		1.17	%
Institutional Class	$	1,000	$	1,059	$	2.77		0.53	%

Hypothetical^**
Class A	$	1,000	$	1,019	$	5.94		1.17	%
Institutional Class	$	1,000	$	1,023	$	2.72		0.53	%

Thrivent Partner Mid Cap Value Fund

Actual
Class A	$	1,000	$	1,013	$	6.34		1.25	%
Institutional Class	$	1,000	$	1,014	$	4.59		0.90	%

Hypothetical^**
Class A	$	1,000	$	1,019	$	6.35		1.25	%
Institutional Class	$	1,000	$	1,021	$	4.60		0.90	%


	Beginning Account Value 5/1/2010		Ending Account Value 10/31/2010		Expenses Paid During Period 5/1/2010- 10/31/2010^*		Annualized Expense Ratio
Thrivent Mid Cap Stock Fund

Actual
Class A	$	1,000	$	1,026	$	6.37		1.25	%
Institutional Class	$	1,000	$	1,028	$	3.71		0.72	%

Hypothetical^**
Class A	$	1,000	$	1,019	$	6.35		1.25	%
Institutional Class	$	1,000	$	1,022	$	3.69		0.72	%

Thrivent Partner Worldwide Allocation Fund

Actual
Class A	$	1,000	$	1,088	$	6.83		1.30	%
Institutional Class	$	1,000	$	1,089	$	5.25		1.00	%

Hypothetical^**
Class A	$	1,000	$	1,019	$	6.60		1.30	%
Institutional Class	$	1,000	$	1,020	$	5.08		1.00	%

Thrivent Partner International Stock Fund

Actual
Class A	$	1,000	$	1,066	$	7.62		1.46	%
Institutional Class	$	1,000	$	1,069	$	3.82		0.73	%

Hypothetical^**
Class A	$	1,000	$	1,018	$	7.44		1.46	%
Institutional Class	$	1,000	$	1,022	$	3.73		0.73	%

Thrivent Large Cap Growth Fund

Actual
Class A	$	1,000	$	992	$	6.02		1.20	%
Institutional Class	$	1,000	$	994	$	4.25		0.85	%

Hypothetical^**
Class A	$	1,000	$	1,019	$	6.10		1.20	%
Institutional Class	$	1,000	$	1,021	$	4.31		0.85	%

Thrivent Large Cap Value Fund

Actual
Class A	$	1,000	$	966	$	5.42		1.09	%
Institutional Class	$	1,000	$	969	$	2.62		0.53	%

Hypothetical^**
Class A	$	1,000	$	1,020	$	5.57		1.09	%
Institutional Class	$	1,000	$	1,023	$	2.70		0.53	%

Thrivent Large Cap Stock Fund

Actual
Class A	$	1,000	$	975	$	5.64		1.13	%
Institutional Class	$	1,000	$	977	$	3.04		0.61	%

Hypothetical^**
Class A	$	1,000	$	1,019	$	5.77		1.13	%
Institutional Class	$	1,000	$	1,022	$	3.11		0.61	%

Thrivent Balanced Fund

Actual
Class A	$	1,000	$	1,019	$	5.91		1.16	%
Institutional Class	$	1,000	$	1,022	$	3.37		0.66	%

Hypothetical^**
Class A	$	1,000	$	1,019	$	5.91		1.16	%
Institutional Class	$	1,000	$	1,022	$	3.37		0.66	%


	Beginning Account Value 5/1/2010		Ending Account Value 10/31/2010		Expenses Paid During Period 5/1/2010- 10/31/2010^*		Annualized Expense Ratio
Thrivent High Yield Fund

Actual
Class A	$	1,000	$	1,073	$	4.45		0.85	%
Institutional Class	$	1,000	$	1,075	$	2.41		0.46	%

Hypothetical^**
Class A	$	1,000	$	1,021	$	4.34		0.85	%
Institutional Class	$	1,000	$	1,023	$	2.35		0.46	%

Thrivent Municipal Bond Fund

Actual
Class A	$	1,000	$	1,036	$	3.89		0.76	%
Institutional Class	$	1,000	$	1,037	$	2.55		0.50	%

Hypothetical^**
Class A	$	1,000	$	1,021	$	3.86		0.76	%
Institutional Class	$	1,000	$	1,023	$	2.54		0.50	%

Thrivent Income Fund

Actual
Class A	$	1,000	$	1,062	$	4.11		0.79	%
Institutional Class	$	1,000	$	1,064	$	2.04		0.39	%

Hypothetical^**
Class A	$	1,000	$	1,021	$	4.03		0.79	%
Institutional Class	$	1,000	$	1,023	$	2.00		0.39	%

Thrivent Core Bond Fund

Actual
Class A	$	1,000	$	1,059	$	4.41		0.85	%
Institutional Class	$	1,000	$	1,060	$	2.72		0.52	%

Hypothetical^**
Class A	$	1,000	$	1,021	$	4.33		0.85	%
Institutional Class	$	1,000	$	1,023	$	2.67		0.52	%

Thrivent Government Bond Fund

Actual
Class A	$	1,000	$	1,065	$	4.54		0.87	%
Institutional Class	$	1,000	$	1,067	$	3.05		0.59	%

Hypothetical^**
Class A	$	1,000	$	1,021	$	4.44		0.87	%
Institutional Class	$	1,000	$	1,022	$	2.99		0.59	%

Thrivent Limited Maturity Bond Fund

Actual
Class A	$	1,000	$	1,025	$	3.19		0.63	%
Institutional Class	$	1,000	$	1,027	$	1.84		0.36	%

Hypothetical^**
Class A	$	1,000	$	1,022	$	3.19		0.63	%
Institutional Class	$	1,000	$	1,023	$	1.84		0.36	%

Thrivent Money Market Fund

Actual
Class A	$	1,000	$	1,000	$	1.76		0.35	%
Institutional Class	$	1,000	$	1,000	$	1.76		0.35	%

Hypothetical^**
Class A	$	1,000	$	1,023	$	1.78		0.35	%
Institutional Class	$	1,000	$	1,023	$	1.78		0.35	%

*	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 to reflect the one-half year period.

**	Assuming 5% annualized total return before expenses.

LOGO

Report of Independent Registered Public Accounting Firm

To the Shareholders and Trustees of the Thrivent Mutual Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Thrivent Aggressive Allocation Fund, Thrivent Moderately Aggressive Allocation Fund, Thrivent Moderate Allocation Fund, Thrivent Moderately Conservative Allocation Fund, Thrivent Partner Small Cap Growth Fund, Thrivent Partner Small Cap Value Fund, Thrivent Small Cap Stock Fund, Thrivent Mid Cap Growth Fund, Thrivent Partner Mid Cap Value Fund, Thrivent Mid Cap Stock Fund, Thrivent Partner Worldwide Allocation Fund, Thrivent Partner International Stock Fund, Thrivent Large Cap Growth Fund, Thrivent Large Cap Value Fund, Thrivent Large Cap Stock Fund, Thrivent Balanced Fund, Thrivent High Yield Fund, Thrivent Municipal Bond Fund, Thrivent Income Fund, Thrivent Core Bond Fund, Thrivent Government Bond Fund, Thrivent Limited Maturity Bond Fund and Thrivent Money Market Fund (twenty-three of the Thrivent Mutual Funds, hereafter referred to as the “Funds”) at October 31, 2010, the results of each of their operations for the year then ended, the changes in each of their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2010 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

LOGO

December 16, 2010

PricewaterhouseCoopers LLP, Suite 1400, 225 South Sixth Street, Minneapolis, MN 55402

T: (612) 596 6000, F: (612) 373 7160, www.pwc.com/us

Aggressive Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Mutual Funds (70.3%)	Value
	Equity Mutual Funds (67.1%)
	964,355	Thrivent Real Estate Securities Fund	$	9,151,727
	3,699,566	Thrivent Partner Small Cap Growth Fund^a		40,732,222
	939,770	Thrivent Partner Small Cap Value Fund		13,523,290
	1,519,439	Thrivent Small Cap Stock Fund^a		21,256,955
	1,715,107	Thrivent Mid Cap Growth Fund^a		31,780,928
	1,661,986	Thrivent Partner Mid Cap Value Fund		18,664,105
	1,990,952	Thrivent Mid Cap Stock Fund		28,928,528
	2,867,441	Thrivent Partner Worldwide Allocation Fund		25,319,502
	6,054,745	Thrivent Partner International Stock Fund		59,639,238
	6,646,413	Thrivent Large Cap Growth Fund		34,096,097
	2,202,130	Thrivent Large Cap Value Fund		27,989,075
	1,270,696	Thrivent Large Cap Stock Fund		26,748,157
	448,053	Thrivent Equity Income Plus Fund		3,848,777

		Total Equity Mutual Funds		341,678,601


	Fixed Income Mutual Funds (3.2%)
	1,098,165	Thrivent High Yield Fund		5,337,083
	1,048,431	Thrivent Government Bond Fund		11,081,911

		Total Fixed Income Mutual Funds		16,418,994


		Total Mutual Funds (cost $368,669,504)		358,097,595


Shares		Common Stock (24.4%)	Value
	Consumer Discretionary (3.4%)
	6,369	Autoliv, Inc.		454,110
	8,650	Carnival Corporation		373,420
	55,656	Chico’s FAS, Inc.		540,976
	30,937	Cooper Tire & Rubber Company		606,675
	15,150	Dana Holding Corporation^a		214,373
	6,085	Dollar Tree, Inc.^a		312,221
	38,800	Domino’s Pizza, Inc.^a		575,792
	27,300	Expedia, Inc.		790,335
	43,400	Foot Locker, Inc.		691,362
	13,867	Kohl’s Corporation^a		709,990
	18,307	Macy’s, Inc.		432,777
	44,400	MGM Resorts International^a		485,292
	1,300	Netflix, Inc.^a		225,550
	23,300	NIKE, Inc.		1,897,552
	8,110	Omnicom Group, Inc.		356,516
	3,283	Panera Bread Company^a		293,861
	71,300	Pier 1 Imports, Inc.^a		618,884
	89,600	Starbucks Corporation		2,551,808
	4,940	Target Corporation		256,584
	3,710	Time Warner Cable, Inc.		214,698
	15,900	TJX Companies, Inc.		729,651
	19,700	Urban Outfitters, Inc.^a		606,169
	37,347	Walt Disney Company		1,348,600
	12,800	Warnaco Group, Inc.^a		679,808
	26,400	Williams-Sonoma, Inc.		854,568
	15,400	WMS Industries, Inc.^a		671,902

		Total Consumer Discretionary		17,493,474


	Consumer Staples (1.4%)
	16,210	Avon Products, Inc.		493,594


Shares		Common Stock (24.4%)	Value
	Consumer Staples (1.4%) - continued
	10,300	Colgate-Palmolive Company	$	794,336
	8,755	Flowers Foods, Inc.		223,077
	11,100	Herbalife, Ltd.		708,846
	15,032	Kraft Foods, Inc.		485,083
	9,692	PepsiCo, Inc.		632,888
	48,153	Philip Morris International, Inc.		2,816,951
	6,106	TreeHouse Foods, Inc.^a		285,150
	10,800	Wal-Mart Stores, Inc.		585,036

		Total Consumer Staples		7,024,961


	Energy (2.1%)
	4,257	Alpha Natural Resources, Inc.^a		192,289
	3,460	Apache Corporation		349,529
	28,900	Arch Coal, Inc.		710,651
	22,580	Baker Hughes, Inc.		1,046,131
	6,860	Chevron Corporation		566,705
	33,100	Complete Production Services, Inc.^a		775,533
	12,800	Dresser-Rand Group, Inc.^a		438,016
	11,170	ENSCO International plc ADR		517,618
	28,945	Forest Oil Corporation^a		889,480
	105,400	International Coal Group, Inc.^a		592,348
	34,000	James River Coal Company^a		588,540
	6,295	National Oilwell Varco, Inc.		338,419
	17,630	Occidental Petroleum Corporation		1,386,247
	11,220	Schlumberger, Ltd.		784,166
	18,750	Ultra Petroleum Corporation^a		771,562
	18,300	Weatherford International, Ltd.^a		307,623
	2,500	Whiting Petroleum Corporation^a		251,100

		Total Energy		10,505,957


	Financials (3.6%)
	2,330	ACE, Ltd.		138,449
	8,335	Affiliated Managers Group, Inc.^a		713,559
	35,900	AFLAC, Inc.		2,006,451
	26,200	American Express Company		1,086,252
	5,305	Ameriprise Financial, Inc.		274,215
	9,428	Bank of America Corporation		107,856
	4,650	Chubb Corporation		269,793
	68,930	Citigroup, Inc.^a		287,438
	14,800	Comerica, Inc.		529,544
	15,864	Duke Realty Corporation		197,824
	18,700	DuPont Fabros Technology, Inc.		469,370
	5,500	Endurance Specialty Holdings, Ltd.		227,700
	13,424	Equity One, Inc.		251,029
	12,668	Fifth Third Bancorp		159,110
	630	Franklin Resources, Inc.		72,261
	4,940	Goldman Sachs Group, Inc.		795,093
	4,224	Hanover Insurance Group, Inc.		191,136
	13,841	HCC Insurance Holdings, Inc.		366,510
	19,900	Healthcare Realty Trust, Inc.		480,386
	18,318	Host Hotels & Resorts, Inc.		291,073
	7,175	IntercontinentalExchange, Inc.^a		824,192
	23,100	Itau Unibanco Holding SA ADR		567,336
	8,528	J.P. Morgan Chase & Company		320,909
	29,200	KeyCorp		239,148
	5,218	Lazard, Ltd.		192,544
	5,478	Morgan Stanley		136,238
	11,130	Northern Trust Corporation		552,382
	78,975	Ocwen Financial Corporation^a		681,554
	17,300	People’s United Financial, Inc.		212,963

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

Aggressive Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (24.4%)	Value
	Financials (3.6%) - continued
	13,600	Potlatch Corporation	$	463,080
	7,346	Principal Financial Group, Inc.		197,167
	35,200	Prudential Financial, Inc.		1,850,816
	15,300	SVB Financial Group^a		663,102
	37,600	Texas Capital Bancshares, Inc.^a		682,440
	29,277	U.S. Bancorp		707,918
	1,860	Vanguard REIT ETF		101,463
	13,237	W.R. Berkley Corporation		364,282
	2,820	Wells Fargo & Company		73,546
	41,900	Zions Bancorporation		865,654

		Total Financials		18,611,783


	Health Care (3.0%)
	12,220	Abbott Laboratories		627,130
	3,000	Alexion Pharmaceuticals, Inc.^a		204,900
	33,700	Align Technology, Inc.^a		573,911
	7,900	Allergan, Inc.		572,039
	5,516	C.R. Bard, Inc.		458,490
	14,705	Celgene Corporation^a		912,739
	29,318	Community Health Systems, Inc.^a		881,886
	13,400	Covance, Inc.^a		629,666
	11,548	Coventry Health Care, Inc.^a		270,454
	5,010	Covidien, Ltd.		199,749
	51,100	Eli Lilly and Company		1,798,720
	7,700	Hospira, Inc.^a		457,996
	2,260	Johnson & Johnson		143,894
	25,400	Lincare Holdings, Inc.		665,988
	9,372	Medco Health Solutions, Inc.^a		492,311
	5,030	Novartis AG ADR		291,489
	9,900	Omnicare, Inc.		238,788
	17,500	Teva Pharmaceutical Industries, Ltd. ADR		908,250
	25,836	Thermo Fisher Scientific, Inc.^a		1,328,487
	12,600	United Therapeutics Corporation^a		756,000
	64,300	UnitedHealth Group, Inc.		2,318,015
	2,971	Varian Medical Systems, Inc.^a		187,827
	4,593	Vertex Pharmaceuticals, Inc.^a		176,050
	2,600	Waters Corporation^a		192,738
	2,610	Zimmer Holdings, Inc.^a		123,818

		Total Health Care		15,411,335


	Industrials (4.0%)
	23,290	3M Company		1,961,484
	1,050	Avery Dennison Corporation		38,167
	1,990	Boeing Company		140,574
	2,280	Caterpillar, Inc.		179,208
	3,277	CSX Corporation		201,372
	20,500	Cummins, Inc.		1,806,050
	42,200	Delta Air Lines, Inc.^a		586,158
	11,667	Dover Corporation		619,518
	2,049	Eaton Corporation		182,013
	4,340	Emerson Electric Company		238,266
	7,300	FedEx Corporation		640,356
	10,280	Fluor Corporation		495,393
	18,900	FTI Consulting, Inc.^a		670,194
	11,324	General Electric Company		181,410
	45,609	Honeywell International, Inc.		2,148,640
	6,086	Ingersoll-Rand plc		239,241
	97,001	Manitowoc Company, Inc.		1,080,591
	3,800	Manpower, Inc.		207,974
	16,620	Norfolk Southern Corporation		1,021,964
	27,500	Old Dominion Freight Line, Inc.^a		771,375
	39,812	Oshkosh Corporation^a		1,174,852
	3,432	Parker Hannifin Corporation		262,719


Shares		Common Stock (24.4%)	Value
	Industrials (4.0%) - continued
	31,500	Shaw Group, Inc.^a	$	962,640
	7,150	Siemens AG ADR		817,316
	3,713	SPX Corporation		248,994
	16,287	Teledyne Technologies, Inc.^a		677,050
	3,470	Textron, Inc.		72,245
	6,100	Tyco International, Ltd.		233,508
	28,427	United Technologies Corporation		2,125,487
	8,205	Werner Enterprises, Inc.		174,931
	1,580	WESCO International, Inc.^a		67,656

		Total Industrials		20,227,346


	Information Technology (5.7%)
	16,000	ADTRAN, Inc.		516,320
	3,900	Alliance Data Systems
		Corporation^a		236,808
	9,377	Apple, Inc.^a		2,821,258
	113,167	Atmel Corporation^a		1,002,660
	61,858	Cisco Systems, Inc.^a		1,412,218
	7,100	Cognizant Technology Solutions Corporation^a		462,849
	20,200	CommVault Systems, Inc.^a		584,386
	105,382	Compuware Corporation^a		1,054,874
	8,024	eBay, Inc.^a		239,195
	32,320	EMC Corporation^a		679,043
	2,000	Equinix, Inc.^a		168,480
	1,786	F5 Networks, Inc.^a		210,212
	2,605	Google, Inc.^a		1,596,839
	21,600	Hewlett-Packard Company		908,496
	15,000	Informatica Corporation^a		610,350
	1,986	International Business Machines Corporation		285,190
	17,511	Juniper Networks, Inc.^a		567,181
	4,400	Lam Research Corporation^a		201,476
	43,000	Marvell Technology Group, Ltd.^a		830,330
	134,800	Microsoft Corporation		3,591,072
	56,200	Monster Worldwide, Inc.^a		1,014,972
	75,875	Oracle Corporation		2,230,725
	18,100	Plantronics, Inc.		649,428
	24,532	Polycom, Inc.^a		828,691
	17,200	QUALCOMM, Inc.		776,236
	95,169	Teradyne, Inc.^a		1,069,700
	47,751	TIBCO Software, Inc.^a		917,774
	6,377	Tyco Electronics, Ltd.		202,023
	17,700	ValueClick, Inc.^a		243,552
	7,700	VeriFone Systems, Inc.^a		260,491
	14,250	Visa, Inc.		1,113,922
	5,600	VMware, Inc.^a		428,176
	28,520	Xerox Corporation		333,684
	28,702	Xilinx, Inc.		769,501

		Total Information Technology		28,818,112


	Materials (0.4%)
	5,047	Albemarle Corporation		253,006
	2,630	Allegheny Technologies, Inc.		138,575
	11,270	E.I. du Pont de Nemours and Company		532,846
	5,200	International Paper Company		131,456
	7,618	Silgan Holdings, Inc.		257,107
	16,744	Steel Dynamics, Inc.		243,123
	12,500	Temple-Inland, Inc.		259,000

		Total Materials		1,815,113

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

Aggressive Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (24.4%)	Value
	Telecommunications Services (0.3%)
	7,100	AT&T, Inc.	$	202,350
	14,500	NII Holdings, Inc.^a		606,245
	5,353	Telephone and Data Systems, Inc.		186,445
	10,700	Verizon Communications, Inc.		347,429

		Total Telecommunications Services		1,342,469


	Utilities (0.5%)
	4,750	Alliant Energy Corporation		173,517
	11,200	American Electric Power Company, Inc.		419,328
	12,600	CMS Energy Corporation		231,588
	3,690	Duke Energy Corporation		67,195
	17,213	NV Energy, Inc.		235,130
	9,000	Portland General Electric Company		188,100
	17,068	Southwest Gas Corporation		593,284
	27,994	UGI Corporation		842,339
	2,870	Xcel Energy, Inc.		68,478

		Total Utilities		2,818,959

		Total Common Stock (cost $113,928,367)		124,069,509


Principal Amount		Long-Term Fixed Income (2.4%)	Value
	Asset-Backed Securities (0.3%)
		J.P. Morgan Mortgage Acquisition Corporation
	1,000,000	5.461%, 10/25/2036		791,772
		Renaissance Home Equity Loan Trust
	650,000	6.011%, 5/25/2036		467,316

		Total Asset-Backed Securities		1,259,088


	Basic Materials (0.2%)
		Arch Coal, Inc.
	120,000	8.750%, 8/1/2016		134,700
		CONSOL Energy, Inc.
	120,000	8.000%, 4/1/2017^b		131,400
		FMG Finance, Pty., Ltd.
	120,000	7.000%, 11/1/2015^b		123,000
	100,000	10.625%, 9/1/2016^b		147,500
		Georgia-Pacific, LLC
	110,000	8.000%, 1/15/2024		134,475
		Lyondell Chemical Company
	110,000	11.000%, 5/1/2018		123,200

		Total Basic Materials		794,275


	Capital Goods (0.1%)
		Abengoa Finance SAU
	110,000	8.875%, 11/1/2017^b		108,350
		Associated Materials, LLC
	120,000	9.125%, 11/1/2017^b		126,000
		Case New Holland, Inc.
	120,000	7.875%, 12/1/2017^b		134,100
		Owens-Illinois, Inc.
	120,000	7.800%, 5/15/2018		129,600

		Total Capital Goods		498,050


	Collateralized Mortgage Obligations (0.1%)
		Sequoia Mortgage Trust
	210,561	5.488%, 9/20/2046		75,870


Principal Amount		Long-Term Fixed Income (2.4%)	Value

	Collateralized Mortgage Obligations (0.1%) - continued
		WaMu Mortgage Pass Through Certificates
$	220,620	5.867%, 9/25/2036	$	200,257
	323,142	5.987%, 10/25/2036		299,556

		Total Collateralized Mortgage Obligations		575,683


	Communications Services (0.2%)
		CCO Holdings, LLC
	80,000	7.250%, 10/30/2017^b		82,600
		Cincinnati Bell, Inc.
	120,000	8.250%, 10/15/2017		121,800
		Clear Channel Worldwide Holdings, Inc.
	80,000	9.250%, 12/15/2017		87,400
		Frontier Communications Corporation
	70,000	8.250%, 4/15/2017		79,800
		Intelsat Jackson Holdings, Ltd.
	60,000	8.500%, 11/1/2019^b		65,550
		MetroPCS Wireless, Inc.
	90,000	7.875%, 9/1/2018		96,525
		Qwest Communications International, Inc.
	130,000	7.500%, 2/15/2014		132,600
		Virgin Media Finance plc
	120,000	8.375%, 10/15/2019		133,800

		Total Communications Services		800,075


	Consumer Cyclical (0.2%)
		Goodyear Tire & Rubber Company
	80,000	8.250%, 8/15/2020		85,200
		Macy’s Retail Holdings, Inc.
	100,000	8.375%, 7/15/2015		116,750
		MGM Resorts International
	100,000	11.125%, 11/15/2017		115,000
		Rite Aid Corporation
	120,000	7.500%, 3/1/2017		115,650
		Starwood Hotels & Resorts Worldwide, Inc.
	130,000	6.750%, 5/15/2018		143,975
		Toys R Us Property Company I, LLC
	100,000	10.750%, 7/15/2017		114,250
		WMG Acquisition Corporation
	120,000	9.500%, 6/15/2016		129,300
		Wyndham Worldwide Corporation
	120,000	6.000%, 12/1/2016		128,146

		Total Consumer Cyclical		948,271


	Consumer Non-Cyclical (0.1%)
		HCA, Inc.
	110,000	9.625%, 11/15/2016		119,625
		JBS USA, LLC/JBS USA Finance, Inc.
	100,000	11.625%, 5/1/2014		118,125

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

Aggressive Allocation Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (2.4%)	Value
	Consumer Non-Cyclical (0.1%) - continued
		Mylan, Inc.
$	110,000	7.875%, 7/15/2020^b	$	122,650

		Total Consumer Non-Cyclical		360,400


	Energy (0.1%)
		Linn Energy, LLC
	120,000	7.750%, 2/1/2021^b		123,900
		Petrohawk Energy Corporation
	120,000	7.875%, 6/1/2015		127,200
		Pioneer Natural Resources Company
	60,000	7.500%, 1/15/2020		67,578
		Plains Exploration & Production Company
	130,000	7.625%, 6/1/2018		138,775
		Sandridge Energy, Inc.
	130,000	8.000%, 6/1/2018^b		130,000

		Total Energy		587,453


	Financials (<0.1%)
		Ally Financial, Inc.
	120,000	8.300%, 2/12/2015^b		130,800
		CIT Group, Inc.
	70,425	7.000%, 5/1/2017		70,073
		Icahn Enterprises, LP
	70,000	8.000%, 1/15/2018		72,012

		Total Financials		272,885


	Technology (<0.1%)
		Freescale Semiconductor, Inc.
	120,000	9.250%, 4/15/2018^b		128,400

		Total Technology		128,400


	Transportation (<0.1%)
		Avis Budget Car Rental, LLC
	110,000	8.250%, 1/15/2019^b		111,100
		Delta Air Lines, Inc.
	120,000	9.500%, 9/15/2014^b		132,000

		Total Transportation		243,100


	U.S. Government and Agencies (1.1%)
		U.S. Treasury Notes
	1,500,000	0.875%, 12/31/2010		1,501,699
	2,150,000	2.500%, 4/30/2015		2,290,591
	1,050,000	3.500%, 5/15/2020		1,132,446
	550,000	4.375%, 5/15/2040		585,838

		Total U.S. Government and Agencies		5,510,574


	Utilities (<0.1%)
		NRG Energy, Inc.
	130,000	7.375%, 2/1/2016		135,363

		Total Utilities		135,363


		Total Long-Term Fixed Income (cost $11,324,082)		12,113,617


Principal Amount		Short-Term Investments (2.9%)^c	Value
		Charta, LLC
	2,775,000	0.220%, 11/1/2010		2,775,000


Principal Amount		Short-Term Investments (2.9%)^c	Value
		CRC Funding, LLC
	7,030,000	0.220%, 11/1/2010	$	7,030,000
		Federal Home Loan Bank Discount Notes
	5,000,000	0.170%, 11/9/2010		4,999,811

		Total Short-Term Investments (at amortized cost)		14,804,811

		Total Investments (cost $508,726,764) 100.0%	$	509,085,532

		Other Assets and Liabilities, Net <0.1%		109,015

		Total Net Assets 100.0%	$	509,194,547

a	Non-income producing security.

Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of October 31, 2010, the value of these investments was $1,797,350 or 0.4% of total net assets.

c	The interest rate shown reflects the yield, coupon rate or, for securities purchased at a discount, 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	$	22,641,388
Gross unrealized depreciation		(27,580,963	)

Net unrealized appreciation (depreciation)	($	4,939,575	)
Cost for federal income tax purposes	$	514,025,107

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

Aggressive Allocation Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Aggressive Allocation Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Mutual Funds
Equity Mutual Funds		341,678,601		341,678,601		—		—
Fixed Income Mutual Funds		16,418,994		16,418,994		—		—

Common Stock
Consumer Discretionary		17,493,474		17,493,474		—		—
Consumer Staples		7,024,961		7,024,961		—		—
Energy		10,505,957		10,505,957		—		—
Financials		18,611,783		18,611,783		—		—
Health Care		15,411,335		15,411,335		—		—
Industrials		20,227,346		20,227,346		—		—
Information Technology		28,818,112		28,818,112		—		—
Materials		1,815,113		1,815,113		—		—
Telecommunications Services		1,342,469		1,342,469		—		—
Utilities		2,818,959		2,818,959		—		—

Long-Term Fixed Income
Asset-Backed Securities		1,259,088		—		1,259,088		—
Basic Materials		794,275		—		794,275		—
Capital Goods		498,050		—		498,050		—
Collateralized Mortgage Obligations		575,683		—		575,683		—
Communications Services		800,075		—		800,075		—
Consumer Cyclical		948,271		—		948,271		—
Consumer Non-Cyclical		360,400		—		360,400		—
Energy		587,453		—		587,453		—
Financials		272,885		—		272,885		—
Technology		128,400		—		128,400		—
Transportation		243,100		—		243,100		—
U.S. Government and Agencies		5,510,574		—		5,510,574		—
Utilities		135,363		—		135,363		—
Short-Term Investments		14,804,811		—		14,804,811		—

Total	$	509,085,532	$	482,167,104	$	26,918,428	$	—

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Aggressive Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


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

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		5,543,826

Total Equity Contracts			5,543,826

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(125,392	)

Total Credit Contracts			(125,392	)

Total		$	5,418,434

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

Aggressive Allocation Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Aggressive Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in Unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		722,064
Total Equity Contracts			722,064
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		53,471
Total Credit Contracts			53,471

Total		$	775,535

The following table presents Aggressive Allocation Fund’s average volume of derivative activity during the period ended October 31, 2010.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Options
(Contracts)

Equity Contracts

28,117,670

6.0

N/A

Interest Rate Contracts

N/A

Credit Contracts

N/A

709,024

0.2

N/A

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

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, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010			Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
Real Estate Securities	$	6,361,734	$	590,156	$	274,690		964,355		$	9,151,727	$	231,405
Partner Small Cap Growth		30,917,351		956,671		732,506		3,699,566			40,732,222		—
Partner Small Cap Value		10,924,455		452,549		274,690		939,770			13,523,290		93,797
Small Cap Stock		16,964,611		1,195,839		915,633		1,519,439			21,256,955		—
Mid Cap Growth		24,343,677		837,087		640,943		1,715,107			31,780,928		—
Partner Mid Cap Value		14,687,998		629,716		366,253		1,661,986			18,664,105		151,380
Mid Cap Stock		26,785,979		1,415,608		5,407,196		1,990,952			28,928,528		100,186
Partner Worldwide Allocation		11,496,135		11,662,438		656,169		2,867,441			25,319,502		204,556
Partner International Stock		54,363,248		1,185,215		825,363		6,054,745			59,639,238		1,185,215
Large Cap Growth		29,738,711		1,469,133		1,007,196		6,646,413			34,096,097		153,711
Large Cap Value		24,919,143		1,659,018		915,633		2,202,130			27,989,075		463,179
Large Cap Stock		27,840,821		1,264,381		5,232,506		1,270,696			26,748,157		307,710
Equity Income Plus		3,285,238		71,253		—		448,053			3,848,777		71,253
High Yield		7,862,636		2,197,650		5,376,342		1,098,165			5,337,083		726,163
Income		11,038,341		614,044		12,038,389		—			—		282,796
Government Bond		—		15,596,411		5,485,116		1,048,431			11,081,911		147,509
Limited Maturity Bond		6,469,600		460,644		7,017,320		—			—		109,847
Money Market		2,930,202		1,164,397		4,094,599		—	��		—		4
Total Value and Income Earned		310,929,880									358,097,595		4,228,711

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

Moderately Aggressive Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Mutual Funds (76.2%)	Value
	Equity Mutual Funds (58.1%)
	3,930,479	Thrivent Real Estate Securities Fund	$	37,300,246
	3,151,900	Thrivent Partner Small Cap
		Growth Fund^a		34,702,418
	2,132,167	Thrivent Partner Small Cap Value Fund		30,681,876
	1,344,712	Thrivent Small Cap Stock Fund^a		18,812,514
	1,758,617	Thrivent Mid Cap Growth Fund^a		32,587,165
	4,007,714	Thrivent Partner Mid Cap Value Fund		45,006,623
	4,282,054	Thrivent Mid Cap Stock Fund		62,218,251
	8,197,243	Thrivent Partner Worldwide
		Allocation Fund		72,381,652
	10,254,188	Thrivent Partner International
		Stock Fund		101,003,755
	14,261,498	Thrivent Large Cap Growth Fund		73,161,485
	7,196,788	Thrivent Large Cap Value Fund		91,471,178
	3,230,417	Thrivent Large Cap Stock Fund		68,000,268
	1,135,552	Thrivent Equity Income Plus Fund		9,754,392

		Total Equity Mutual Funds		677,081,823


	Fixed Income Mutual Funds (18.1%)
	10,355,656	Thrivent High Yield Fund		50,328,487
	10,072,849	Thrivent Income Fund		88,540,345
	2,319,270	Thrivent Government Bond Fund		24,514,680
	3,722,205	Thrivent Limited Maturity Bond Fund		46,825,338

		Total Fixed Income Mutual Funds		210,208,850


		Total Mutual Funds (cost $918,166,061)		887,290,673


Shares		Common Stock (17.9%)	Value
	Consumer Discretionary (2.5%)
	11,938	Autoliv, Inc.		851,179
	11,400	Carnival Corporation		492,138
	80,008	Chico’s FAS, Inc.		777,678
	44,183	Cooper Tire & Rubber Company		866,429
	40,650	Dana Holding Corporation^a		575,197
	11,568	Dollar Tree, Inc.^a		593,554
	55,828	Domino’s Pizza, Inc.^a		828,488
	36,100	Expedia, Inc.		1,045,095
	62,400	Foot Locker, Inc.		994,032
	18,341	Kohl’s Corporation^a		939,059
	39,722	Macy’s, Inc.		939,028
	58,800	MGM Resorts International^a		642,684
	2,400	Netflix, Inc.^a		416,400
	42,700	NIKE, Inc.		3,477,488
	16,550	Omnicom Group, Inc.		727,538
	6,365	Panera Bread Company^a		569,731
	102,500	Pier 1 Imports, Inc.^a		889,700
	155,400	Starbucks Corporation		4,425,792
	13,250	Target Corporation		688,205
	9,940	Time Warner Cable, Inc.		575,228
	21,000	TJX Companies, Inc.		963,690
	26,000	Urban Outfitters, Inc.^a		800,020
	61,380	Walt Disney Company		2,216,432
	18,400	Warnaco Group, Inc.^a		977,224
	41,800	Williams-Sonoma, Inc.		1,353,066


Shares		Common Stock (17.9%)	Value
	Consumer Discretionary (2.5%) - continued
	22,100	WMS Industries, Inc.^a	$	964,223

		Total Consumer Discretionary		28,589,298


	Consumer Staples (1.0%)
	27,810	Avon Products, Inc.		846,814
	13,600	Colgate-Palmolive Company		1,048,832
	16,311	Flowers Foods, Inc.		415,604
	15,900	Herbalife, Ltd.		1,015,374
	40,315	Kraft Foods, Inc.		1,300,965
	12,830	PepsiCo, Inc.		837,799
	91,129	Philip Morris International, Inc.		5,331,047
	11,511	TreeHouse Foods, Inc.^a		537,564
	14,300	Wal-Mart Stores, Inc.		774,631

		Total Consumer Staples		12,108,630


	Energy (1.5%)
	8,214	Alpha Natural Resources, Inc.^a		371,026
	9,290	Apache Corporation		938,476
	44,900	Arch Coal, Inc.		1,104,091
	40,050	Baker Hughes, Inc.		1,855,516
	18,390	Chevron Corporation		1,519,198
	47,600	Complete Production Services, Inc.^a		1,115,268
	18,300	Dresser-Rand Group, Inc.^a		626,226
	26,890	ENSCO International plc ADR		1,246,083
	45,190	Forest Oil Corporation^a		1,388,689
	151,618	International Coal Group, Inc.^a		852,093
	49,000	James River Coal Company^a		848,190
	11,591	National Oilwell Varco, Inc.		623,132
	26,790	Occidental Petroleum Corporation		2,106,498
	14,955	Schlumberger, Ltd.		1,045,205
	24,834	Ultra Petroleum Corporation^a		1,021,919
	34,000	Weatherford International, Ltd.^a		571,540
	4,600	Whiting Petroleum Corporation^a		462,024

		Total Energy		17,695,174


	Financials (2.8%)
	6,240	ACE, Ltd.		370,781
	12,013	Affiliated Managers Group, Inc.^a		1,028,433
	65,900	AFLAC, Inc.		3,683,151
	34,600	American Express Company		1,434,516
	14,205	Ameriprise Financial, Inc.		734,256
	25,293	Bank of America Corporation		289,352
	12,460	Chubb Corporation		722,929
	184,960	Citigroup, Inc.^a		771,283
	34,370	Comerica, Inc.		1,229,759
	29,229	Duke Realty Corporation		364,486
	26,900	DuPont Fabros Technology, Inc.		675,190
	10,800	Endurance Specialty Holdings, Ltd.		447,120
	25,147	Equity One, Inc.		470,249
	33,984	Fifth Third Bancorp		426,839
	1,700	Franklin Resources, Inc.		194,990
	8,380	Goldman Sachs Group, Inc.		1,348,761
	8,149	Hanover Insurance Group, Inc.		368,742
	26,082	HCC Insurance Holdings, Inc.		690,651
	28,600	Healthcare Realty Trust, Inc.		690,404
	34,035	Host Hotels & Resorts, Inc.		540,816
	10,439	IntercontinentalExchange, Inc.^a		1,199,128
	30,600	Itau Unibanco Holding SA ADR		751,536
	22,873	J.P. Morgan Chase & Company		860,711

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

Moderately Aggressive Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (17.9%)	Value
	Financials (2.8%) - continued
	54,300	KeyCorp	$	444,717
	10,236	Lazard, Ltd.		377,708
	14,705	Morgan Stanley		365,713
	24,120	Northern Trust Corporation		1,197,076
	113,633	Ocwen Financial Corporation^a		980,653
	32,200	People’s United Financial, Inc.		396,382
	19,600	Potlatch Corporation		667,380
	19,697	Principal Financial Group, Inc.		528,667
	64,600	Prudential Financial, Inc.		3,396,668
	22,100	SVB Financial Group^a		957,814
	54,184	Texas Capital Bancshares, Inc.^a		983,440
	38,700	U.S. Bancorp		935,766
	4,990	Vanguard REIT ETF		272,204
	24,773	W.R. Berkley Corporation		681,753
	7,570	Wells Fargo & Company		197,426
	65,000	Zions Bancorporation		1,342,900

		Total Financials		33,020,350


	Health Care (2.2%)
	19,510	Abbott Laboratories		1,001,253
	5,700	Alexion Pharmaceuticals, Inc.^a		389,310
	48,300	Align Technology, Inc.^a		822,549
	10,400	Allergan, Inc.		753,064
	12,231	C.R. Bard, Inc.		1,016,641
	19,465	Celgene Corporation^a		1,208,193
	45,336	Community Health Systems, Inc.^a		1,363,707
	19,300	Covance, Inc.^a		906,907
	21,497	Coventry Health Care, Inc.^a		503,460
	13,430	Covidien, Ltd.		535,454
	93,900	Eli Lilly and Company		3,305,280
	10,200	Hospira, Inc.^a		606,696
	6,060	Johnson & Johnson		385,840
	36,400	Lincare Holdings, Inc.		954,408
	12,467	Medco Health Solutions, Inc.^a		654,892
	13,480	Novartis AG ADR		781,166
	18,300	Omnicare, Inc.		441,396
	23,200	Teva Pharmaceutical Industries, Ltd. ADR		1,204,080
	34,213	Thermo Fisher Scientific, Inc.^a		1,759,232
	18,000	United Therapeutics Corporation^a		1,080,000
	127,941	UnitedHealth Group, Inc.		4,612,273
	5,742	Varian Medical Systems, Inc.^a		363,009
	9,086	Vertex Pharmaceuticals, Inc.^a		348,266
	4,800	Waters Corporation^a		355,824
	7,000	Zimmer Holdings, Inc.^a		332,080

		Total Health Care		25,684,980


	Industrials (3.0%)
	44,521	3M Company		3,749,559
	2,843	Avery Dennison Corporation		103,343
	5,330	Boeing Company		376,511
	6,130	Caterpillar, Inc.		481,818
	6,155	CSX Corporation		378,225
	37,600	Cummins, Inc.		3,312,560
	55,900	Delta Air Lines, Inc.^a		776,451
	15,450	Dover Corporation		820,395
	5,486	Eaton Corporation		487,321
	11,640	Emerson Electric Company		639,036
	9,676	FedEx Corporation		848,779
	15,510	Fluor Corporation		747,427
	27,200	FTI Consulting, Inc.^a		964,512
	30,371	General Electric Company		486,543
	86,566	Honeywell International, Inc.		4,078,124


Shares		Common Stock (17.9%)	Value
	Industrials (3.0%) - continued
	16,338	Ingersoll-Rand plc	$	642,247
	151,149	Manitowoc Company, Inc.		1,683,800
	7,100	Manpower, Inc.		388,583
	27,020	Norfolk Southern Corporation		1,661,460
	39,600	Old Dominion Freight Line, Inc.^a		1,110,780
	63,124	Oshkosh Corporation^a		1,862,789
	6,464	Parker Hannifin Corporation		494,819
	50,700	Shaw Group, Inc.^a		1,549,392
	9,450	Siemens AG ADR		1,080,229
	7,026	SPX Corporation		471,164
	23,483	Teledyne Technologies, Inc.^a		976,188
	9,320	Textron, Inc.		194,042
	11,600	Tyco International, Ltd.		444,048
	53,900	United Technologies Corporation		4,030,103
	15,611	Werner Enterprises, Inc.		332,827
	4,230	WESCO International, Inc.^a		181,129

		Total Industrials		35,354,204


	Information Technology (3.9%)
	23,000	ADTRAN, Inc.		742,210
	7,300	Alliance Data Systems
		Corporation^a		443,256
	12,502	Apple, Inc.^a		3,761,477
	178,910	Atmel Corporation^a		1,585,143
	81,670	Cisco Systems, Inc.^a		1,864,526
	9,500	Cognizant Technology Solutions Corporation^a		619,305
	29,100	CommVault Systems, Inc.^a		841,863
	168,321	Compuware Corporation^a		1,684,893
	15,249	eBay, Inc.^a		454,573
	49,490	EMC Corporation^a		1,039,785
	2,600	Equinix, Inc.^a		219,024
	3,272	F5 Networks, Inc.^a		385,114
	3,477	Google, Inc.^a		2,131,366
	28,686	Hewlett-Packard Company		1,206,533
	21,600	Informatica Corporation^a		878,904
	5,327	International Business Machines Corporation		764,957
	26,921	Juniper Networks, Inc.^a		871,971
	8,700	Lam Research Corporation^a		398,373
	62,600	Marvell Technology Group, Ltd.^a		1,208,806
	217,700	Microsoft Corporation		5,799,528
	80,800	Monster Worldwide, Inc.^a		1,459,248
	145,525	Oracle Corporation		4,278,435
	26,000	Plantronics, Inc.		932,880
	35,268	Polycom, Inc.^a		1,191,353
	22,800	QUALCOMM, Inc.		1,028,964
	154,837	Teradyne, Inc.^a		1,740,368
	75,342	TIBCO Software, Inc.^a		1,448,073
	17,101	Tyco Electronics, Ltd.		541,760
	33,000	ValueClick, Inc.^a		454,080
	14,500	VeriFone Systems, Inc.^a		490,535
	18,850	Visa, Inc.		1,473,505
	7,400	VMware, Inc.^a		565,804
	76,510	Xerox Corporation		895,167
	50,025	Xilinx, Inc.		1,341,170

		Total Information Technology		44,742,949


	Materials (0.3%)
	9,793	Albemarle Corporation		490,923
	7,050	Allegheny Technologies, Inc.		371,465
	30,239	E.I. du Pont de Nemours and Company		1,429,700

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

Moderately Aggressive Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (17.9%)	Value
	Materials (0.3%) - continued
	6,900	International Paper Company	$	174,432
	14,386	Silgan Holdings, Inc.		485,527
	31,088	Steel Dynamics, Inc.		451,398
	23,400	Temple-Inland, Inc.		484,848

		Total Materials		3,888,293


	Telecommunications Services (0.2%)
	19,050	AT&T, Inc.		542,925
	19,200	NII Holdings, Inc.^a		802,752
	10,506	Telephone and Data Systems, Inc.		365,924
	28,710	Verizon Communications, Inc.		932,214

		Total Telecommunications Services		2,643,815


	Utilities (0.5%)
	9,199	Alliant Energy Corporation		336,040
	30,050	American Electric Power Company, Inc.		1,125,072
	23,500	CMS Energy Corporation		431,930
	9,900	Duke Energy Corporation		180,279
	31,927	NV Energy, Inc.		436,123
	16,601	Portland General Electric Company		346,961
	24,557	Southwest Gas Corporation		853,601
	43,888	UGI Corporation		1,320,590
	7,690	Xcel Energy, Inc.		183,483

		Total Utilities		5,214,079


		Total Common Stock (cost $192,088,197)		208,941,772


Principal Amount		Long-Term Fixed Income (4.0%)	Value
	Asset-Backed Securities (0.6%)
		GSAMP Trust
	1,091,321	0.436%, 2/25/2036^b		950,659
		J.P. Morgan Mortgage Acquisition Corporation
	2,000,000	5.461%, 10/25/2036		1,583,544
		Morgan Stanley Capital, Inc.
	964,345	0.406%, 2/25/2037^b		695,909
		Renaissance Home Equity Loan Trust
	3,441,818	5.746%, 5/25/2036		2,463,241
	1,780,000	6.011%, 5/25/2036		1,279,727

		Total Asset-Backed Securities		6,973,080


	Basic Materials (0.2%)
		Arch Coal, Inc.
	260,000	8.750%, 8/1/2016		291,850
		CONSOL Energy, Inc.
	260,000	8.000%, 4/1/2017^c		284,700
		FMG Finance, Pty., Ltd.
	270,000	7.000%, 11/1/2015^c		276,750
	240,000	10.625%, 9/1/2016^c		354,000
		Georgia-Pacific, LLC
	240,000	8.000%, 1/15/2024		293,400
		Lyondell Chemical Company
	250,000	11.000%, 5/1/2018		280,000

		Total Basic Materials		1,780,700


	Capital Goods (0.1%)
		Abengoa Finance SAU
	260,000	8.875%, 11/1/2017^c		256,100


Principal Amount		Long-Term Fixed Income (4.0%)	Value
	Capital Goods (0.1%) - continued
		Associated Materials, LLC
$	270,000	9.125%, 11/1/2017^c	$	283,500
		Case New Holland, Inc.
	260,000	7.875%, 12/1/2017^c		290,550
		Owens-Illinois, Inc.
	260,000	7.800%, 5/15/2018		280,800

		Total Capital Goods		1,110,950


	Collateralized Mortgage Obligations (0.5%)
		Citigroup Mortgage Loan Trust, Inc.
	457,097	5.500%, 11/25/2035		389,884
		CitiMortgage Alternative Loan Trust
	1,456,083	5.750%, 4/25/2037		1,191,841
		Countrywide Alternative Loan Trust
	288,867	6.000%, 1/25/2037		205,880
	1,363,167	5.500%, 5/25/2037		1,057,208
		Countrywide Home Loans, Inc.
	1,048,261	5.750%, 4/25/2037		878,452
		Deutsche Alt-A Securities, Inc.
	350,182	5.500%, 10/25/2021		310,681
	561,459	6.000%, 10/25/2021		464,345
		J.P. Morgan Mortgage Trust
	206,453	5.808%, 10/25/2036		193,038
		MASTR Alternative Loans Trust
	346,981	6.500%, 7/25/2034		355,875
		Merrill Lynch Alternative Note Asset Trust
	356,128	6.000%, 3/25/2037		298,277
		Sequoia Mortgage Trust
	556,483	5.488%, 9/20/2046		200,512
		WaMu Mortgage Pass Through Certificates
	431,213	5.867%, 9/25/2036		391,411
	883,255	5.987%, 10/25/2036		818,788

		Total Collateralized Mortgage Obligations		6,756,192


	Commercial Mortgage-Backed Securities (0.8%)
		Banc of America Commercial Mortgage, Inc.
	2,550,000	5.658%, 6/10/2049		2,654,152
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,500,000	5.331%, 2/11/2044		1,561,619
		GS Mortgage Securities Corporation II
	2,300,000	4.761%, 7/10/2039		2,402,304
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	2,150,000	5.814%, 6/12/2043		2,351,726

		Total Commercial Mortgage- Backed Securities		8,969,801


	Communications Services (0.2%)
		CCO Holdings, LLC
	180,000	7.250%, 10/30/2017^c		185,850

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

Moderately Aggressive Allocation Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (4.0%)	Value
	Communications Services (0.2%) - continued
		Cincinnati Bell, Inc.
$	280,000	8.250%, 10/15/2017	$	284,200
		Clear Channel Worldwide Holdings, Inc.
	290,000	9.250%, 12/15/2017		316,825
		Frontier Communications Corporation
	305,000	8.250%, 4/15/2017		347,700
		Intelsat Jackson Holdings, Ltd.
	300,000	8.500%, 11/1/2019^c		327,750
		MetroPCS Wireless, Inc.
	220,000	7.875%, 9/1/2018		235,950
		Qwest Communications International, Inc.
	275,000	7.500%, 2/15/2014		280,500
		Virgin Media Finance plc
	260,000	8.375%, 10/15/2019		289,900

		Total Communications Services		2,268,675


	Consumer Cyclical (0.2%)
		Goodyear Tire & Rubber Company
	230,000	8.250%, 8/15/2020		244,950
		Macy’s Retail Holdings, Inc.
	240,000	8.375%, 7/15/2015		280,200
		MGM Resorts International
	240,000	11.125%, 11/15/2017		276,000
		Rite Aid Corporation
	280,000	7.500%, 3/1/2017		269,850
		Starwood Hotels & Resorts Worldwide, Inc.
	270,000	6.750%, 5/15/2018		299,025
		Toys R Us Property Company I, LLC
	240,000	10.750%, 7/15/2017		274,200
		WMG Acquisition Corporation
	260,000	9.500%, 6/15/2016		280,150
		Wyndham Worldwide Corporation
	260,000	6.000%, 12/1/2016		277,649

		Total Consumer Cyclical		2,202,024


	Consumer Non-Cyclical (0.1%)
		HCA, Inc.
	250,000	9.625%, 11/15/2016		271,875
		JBS USA, LLC/JBS USA Finance, Inc.
	240,000	11.625%, 5/1/2014		283,500
		Mylan, Inc.
	250,000	7.875%, 7/15/2020^c		278,750

		Total Consumer Non-Cyclical		834,125


	Energy (0.1%)
		Linn Energy, LLC
	280,000	7.750%, 2/1/2021^c		289,100
		Petrohawk Energy Corporation
	260,000	7.875%, 6/1/2015		275,600
		Pioneer Natural Resources Company
	295,000	7.500%, 1/15/2020		332,258


Principal Amount		Long-Term Fixed Income (4.0%)	Value
	Energy (0.1%) - continued
		Plains Exploration & Production Company
$	280,000	7.625%, 6/1/2018	$	298,900
		Sandridge Energy, Inc.
	270,000	8.000%, 6/1/2018^c		270,000

		Total Energy		1,465,858


	Financials (0.1%)
		Ally Financial, Inc.
	280,000	8.300%, 2/12/2015^c		305,200
		CIT Group, Inc.
	315,815	7.000%, 5/1/2017		314,236
		Icahn Enterprises, LP
	315,000	8.000%, 1/15/2018		324,056

		Total Financials		943,492


	Technology (<0.1%)
		Freescale Semiconductor, Inc.
	260,000	9.250%, 4/15/2018^c		278,200

		Total Technology		278,200


	Transportation (<0.1%)
		Avis Budget Car Rental, LLC
	250,000	8.250%, 1/15/2019^c		252,500
		Delta Air Lines, Inc.
	280,000	9.500%, 9/15/2014^c		308,000

		Total Transportation		560,500


	U.S. Government and Agencies (1.1%)
		U.S. Treasury Notes
	4,000,000	0.875%, 12/31/2010^d		4,004,532
	4,725,000	2.500%, 4/30/2015		5,033,973
	2,350,000	3.500%, 5/15/2020		2,534,522
	1,175,000	4.375%, 5/15/2040		1,251,563

		Total U.S. Government and Agencies		12,824,590


	Utilities (<0.1%)
		NRG Energy, Inc.
	280,000	7.375%, 2/1/2016		291,550

		Total Utilities		291,550


		Total Long-Term Fixed Income (cost $44,119,052)		47,259,737


Principal Amount		Short-Term Investments (1.9%)^e	Value
		CRC Funding, LLC
	6,635,000	0.220%, 11/1/2010		6,635,000
		Federal Home Loan Bank Discount Notes
	5,000,000	0.170%, 11/9/2010		4,999,811
	5,000,000	0.145%, 11/19/2010		4,999,638

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

Moderately Aggressive Allocation Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Short-Term Investments (1.9%)^e	Value
		GOVCO, Inc.
	5,120,000	0.220%, 11/1/2010	$	5,120,000

		Total Short-Term Investments (at amortized cost)		21,754,449

		Total Investments (cost $1,176,127,759) 100.0%	$	1,165,246,631

		Other Assets and Liabilities, Net (<0.1%)		(475,856	)

		Total Net Assets 100.0%	$	1,164,770,775

a	Non-income producing security.

b	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of October 31, 2010.

d	At October 31, 2010, $4,004,532 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

e	The interest rate shown reflects the yield, coupon rate or, for securities purchased at a discount, 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	$	57,103,289
Gross unrealized depreciation		(80,320,799	)

Net unrealized appreciation (depreciation)	($	23,217,510	)

Cost for federal income tax purposes	$	1,188,464,141

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

Moderately Aggressive Allocation Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Moderately Aggressive Allocation Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Mutual Funds
Equity Mutual Funds		677,081,823		677,081,823		—		—
Fixed Income Mutual Funds		210,208,850		210,208,850		—		—

Common Stock
Consumer Discretionary		28,589,298		28,589,298		—		—
Consumer Staples		12,108,630		12,108,630		—		—
Energy		17,695,174		17,695,174		—		—
Financials		33,020,350		33,020,350		—		—
Health Care		25,684,980		25,684,980		—		—
Industrials		35,354,204		35,354,204		—		—
Information Technology		44,742,949		44,742,949		—		—
Materials		3,888,293		3,888,293		—		—
Telecommunications Services		2,643,815		2,643,815		—		—
Utilities		5,214,079		5,214,079		—		—

Long-Term Fixed Income
Asset-Backed Securities		6,973,080		—		6,973,080		—
Basic Materials		1,780,700		—		1,780,700		—
Capital Goods		1,110,950		—		1,110,950		—
Collateralized Mortgage Obligations		6,756,192		—		6,756,192		—
Commercial Mortgage-Backed Securities		8,969,801		—		8,969,801		—
Communications Services		2,268,675		—		2,268,675		—
Consumer Cyclical		2,202,024		—		2,202,024		—
Consumer Non-Cyclical		834,125		—		834,125		—
Energy		1,465,858		—		1,465,858		—
Financials		943,492		—		943,492		—
Technology		278,200		—		278,200		—
Transportation		560,500		—		560,500		—
U.S. Government and Agencies		12,824,590		—		12,824,590		—
Utilities		291,550		—		291,550		—
Short-Term Investments		21,754,449		—		21,754,449		—

Total	$	1,165,246,631	$	1,096,232,445	$	69,014,186	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3

Asset Derivatives Futures Contracts		1,285,874		1,285,874		—		—

Total Asset Derivatives	$	1,285,874	$	1,285,874	$	—	$	—


Liability Derivatives Futures Contracts		1,858,906		1,858,906		—		—

Total Liability Derivatives	$	1,858,906	$	1,858,906	$	—	$	—


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)


Russell 2000 Index Mini-Futures		(290	)		December 2010	($	18,504,894	)	($	20,363,800	)	($	1,858,906	)
S&P 400 Index Mini-Futures		85			December 2010		6,436,009			7,033,750			597,741
S&P 500 Index Futures		70			December 2010		19,956,617			20,644,750			688,133
Total Futures Contracts												($	573,032	)

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

Moderately Aggressive Allocation Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of October 31, 2010, for Moderately Aggressive Allocation Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


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

Asset Derivatives

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	1,285,874
Total Equity Contracts			1,285,874

Total Asset Derivatives		$	1,285,874


Liability Derivatives

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		1,858,906
Total Equity Contracts			1,858,906

Total Liability Derivatives		$	1,858,906

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Moderately Aggressive Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


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

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		9,461,044

Total Equity Contracts			9,461,044

Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(547	)

Total Foreign Exchange Contracts			(547	)

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(733,085	)

Total Credit Contracts			(733,085	)

Total		$	8,727,412

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Moderately Aggressive Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


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


Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		955,100
Total Equity Contracts			955,100
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		301,560
Total Credit Contracts			301,560

Total		$	1,256,660

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

Moderately Aggressive Allocation Fund

Schedule of Investments as of October 31, 2010

The following table presents Moderately Aggressive Allocation Fund’s average volume of derivative activity during the period ended October 31, 2010.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Options
(Contracts)

Equity Contracts

70,664,184

6.6

N/A

Interest Rate
Contracts

N/A

Foreign Exchange
Contracts

N/A

158

<0.1

N/A

Credit Contracts

N/A

4,254,142

0.4

N/A

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

Investment in Affiliates

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


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010


Real Estate Securities	$	25,855,699	$	1,950,994	$	549,182		3,930,479	$	37,300,246	$	940,721
Partner Small Cap Growth		26,211,582		757,705		411,886		3,151,900		34,702,418		—
Partner Small Cap Value		24,653,053		969,956		411,886		2,132,167		30,681,876		212,252
Small Cap Stock		14,718,943		1,262,841		686,477		1,344,712		18,812,514
Mid Cap Growth		24,836,822		757,705		411,886		1,758,617		32,587,165		—
Partner Mid Cap Value		35,258,079		1,374,417		549,182		4,007,714		45,006,623		364,144
Mid Cap Stock		59,561,371		2,724,426		13,748,280		4,282,054		62,218,251		223,418
Partner Worldwide Allocation		41,513,316		23,374,220		996,280		8,197,243		72,381,652		733,129
Partner International Stock		91,908,705		2,003,773		1,200,447		10,254,188		101,003,755		2,003,773
Large Cap Growth		63,584,998		2,349,374		1,098,364		14,261,498		73,161,485		328,828
Large Cap Value		81,026,077		4,539,192		1,647,545		7,196,788		91,471,178		1,508,373
Large Cap Stock		63,026,376		2,699,353		4,378,624		3,230,417		68,000,268		698,547
Equity Income Plus		8,215,315		433,304		137,295		1,135,552		9,754,392		180,736
High Yield		55,409,958		6,899,075		16,720,122		10,355,656		50,328,487		4,775,112
Income		119,536,437		9,447,793		48,292,002		10,072,849		88,540,345		5,260,583
Government Bond		—		23,646,552		545,946		2,319,270		24,514,680		271,002
Limited Maturity Bond		42,435,720		10,744,989		7,611,505		3,722,205		46,825,338		1,478,479
Money Market		2,683,777		323,273		3,007,050		—		—		—
Total Value and Income Earned		780,436,228								887,290,673		18,979,097

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

Moderate Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Mutual Funds (78.5%)	Value
	Equity Mutual Funds (42.6%)
	3,832,076	Thrivent Real Estate Securities Fund	$	36,366,401
	1,851,274	Thrivent Partner Small Cap Growth Fund^a		20,382,531
	2,045,272	Thrivent Partner Small Cap Value Fund		29,431,466
	882,584	Thrivent Small Cap Stock Fund^a		12,347,353
	735,772	Thrivent Mid Cap Growth Fund^a		13,633,862
	2,423,898	Thrivent Partner Mid Cap Value Fund		27,220,376
	2,609,103	Thrivent Mid Cap Stock Fund		37,910,264
	7,704,183	Thrivent Partner Worldwide Allocation Fund		68,027,938
	6,749,587	Thrivent Partner International Stock Fund		66,483,433
	11,226,178	Thrivent Large Cap Growth Fund		57,590,296
	6,545,251	Thrivent Large Cap Value Fund		83,190,141
	1,684,474	Thrivent Large Cap Stock Fund		35,458,174
	1,109,064	Thrivent Equity Income Plus Fund		9,526,860

		Total Equity Mutual Funds		497,569,095


	Fixed Income Mutual Funds (35.9%)
	10,271,290	Thrivent High Yield Fund		49,918,470
	19,575,001	Thrivent Income Fund		172,064,257
	2,268,964	Thrivent Government Bond Fund		23,982,951
	13,842,991	Thrivent Limited Maturity Bond Fund		174,144,828

		Total Fixed Income Mutual Funds		420,110,506


		Total Mutual Funds (cost $925,127,574)		917,679,601


Shares		Common Stock (12.7%)	Value
	Consumer Discretionary (1.7%)
	7,926	Autoliv, Inc.		565,124
	6,850	Carnival Corporation		295,714
	52,694	Chico’s FAS, Inc.		512,186
	29,041	Cooper Tire & Rubber Company		569,494
	38,270	Dana Holding Corporation^a		541,521
	7,730	Dollar Tree, Inc.^a		396,626
	36,900	Domino’s Pizza, Inc.^a		547,596
	21,600	Expedia, Inc.		625,320
	41,100	Foot Locker, Inc.		654,723
	10,894	Kohl’s Corporation^a		557,773
	31,622	Macy’s, Inc.		747,544
	35,200	MGM Resorts International^a		384,736
	1,600	Netflix, Inc.^a		277,600
	31,700	NIKE, Inc.		2,581,648
	12,370	Omnicom Group, Inc.		543,785
	4,210	Panera Bread Company^a		376,837
	67,500	Pier 1 Imports, Inc.^a		585,900
	112,100	Starbucks Corporation		3,192,608
	12,470	Target Corporation		647,692
	9,360	Time Warner Cable, Inc.		541,663
	12,600	TJX Companies, Inc.		578,214
	15,600	Urban Outfitters, Inc.^a		480,012
	44,790	Walt Disney Company		1,617,367
	12,100	Warnaco Group, Inc.^a		642,631
	27,800	Williams-Sonoma, Inc.		899,886


Shares		Common Stock (12.7%)	Value
	Consumer Discretionary (1.7%) - continued
	14,600	WMS Industries, Inc.^a	$	636,998

		Total Consumer Discretionary		20,001,198


	Consumer Staples (0.7%)
	20,970	Avon Products, Inc.		638,536
	8,100	Colgate-Palmolive Company		624,672
	11,040	Flowers Foods, Inc.		281,299
	10,400	Herbalife, Ltd.		664,144
	37,955	Kraft Foods, Inc.		1,224,808
	7,604	PepsiCo, Inc.		496,541
	70,069	Philip Morris International, Inc.		4,099,037
	7,708	TreeHouse Foods, Inc.^a		359,964
	8,600	Wal-Mart Stores, Inc.		465,862

		Total Consumer Staples		8,854,863


	Energy (1.1%)
	5,376	Alpha Natural Resources, Inc.^a		242,834
	8,750	Apache Corporation		883,925
	29,600	Arch Coal, Inc.		727,864
	30,870	Baker Hughes, Inc.		1,430,207
	17,310	Chevron Corporation		1,429,979
	31,300	Complete Production Services, Inc.^a		733,359
	12,000	Dresser-Rand Group, Inc.^a		410,640
	22,790	ENSCO International plc ADR		1,056,089
	30,027	Forest Oil Corporation^a		922,730
	99,800	International Coal Group, Inc.^a		560,876
	32,200	James River Coal Company^a		557,382
	7,661	National Oilwell Varco, Inc.		411,855
	18,340	Occidental Petroleum Corporation		1,442,074
	8,886	Schlumberger, Ltd.		621,042
	14,800	Ultra Petroleum Corporation^a		609,020
	22,800	Weatherford International, Ltd.^a		383,268
	3,100	Whiting Petroleum Corporation^a		311,364

		Total Energy		12,734,508


	Financials (2.1%)
	5,880	ACE, Ltd.		349,390
	7,932	Affiliated Managers Group, Inc.^a		679,059
	48,900	AFLAC, Inc.		2,733,021
	20,700	American Express Company		858,222
	13,365	Ameriprise Financial, Inc.		690,837
	23,813	Bank of America Corporation		272,421
	11,730	Chubb Corporation		680,575
	174,120	Citigroup, Inc.^a		726,080
	28,700	Comerica, Inc.		1,026,886
	19,719	Duke Realty Corporation		245,896
	17,700	DuPont Fabros Technology, Inc.		444,270
	7,200	Endurance Specialty Holdings, Ltd.		298,080
	16,898	Equity One, Inc.		315,993
	31,964	Fifth Third Bancorp		401,468
	1,600	Franklin Resources, Inc.		183,520
	6,270	Goldman Sachs Group, Inc.		1,009,156
	5,366	Hanover Insurance Group, Inc.		242,812
	17,321	HCC Insurance Holdings, Inc.		458,660
	18,900	Healthcare Realty Trust, Inc.		456,246
	22,857	Host Hotels & Resorts, Inc.		363,198
	6,477	IntercontinentalExchange, Inc.^a		744,013
	18,300	Itau Unibanco Holding SA ADR		449,448
	21,523	J.P. Morgan Chase & Company		809,910

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

Moderate Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (12.7%)	Value
	Financials (2.1%) - continued
	36,500	KeyCorp	$	298,935
	6,791	Lazard, Ltd.		250,588
	13,835	Morgan Stanley		344,076
	18,980	Northern Trust Corporation		941,977
	74,688	Ocwen Financial Corporation^a		644,557
	21,500	People’s United Financial, Inc.		264,665
	12,900	Potlatch Corporation		439,245
	18,537	Principal Financial Group, Inc.		497,533
	48,000	Prudential Financial, Inc.		2,523,840
	14,600	SVB Financial Group^a		632,764
	35,713	Texas Capital Bancshares, Inc.^a		648,191
	23,200	U.S. Bancorp		560,976
	4,700	Vanguard REIT ETF		256,385
	16,582	W.R. Berkley Corporation		456,337
	7,130	Wells Fargo & Company		185,950
	43,100	Zions Bancorporation		890,446

		Total Financials		24,275,626


	Health Care (1.5%)
	13,960	Abbott Laboratories		716,427
	3,700	Alexion Pharmaceuticals, Inc.^a		252,710
	31,600	Align Technology, Inc.^a		538,148
	6,200	Allergan, Inc.		448,942
	9,777	C.R. Bard, Inc.		812,664
	11,644	Celgene Corporation^a		722,743
	29,791	Community Health Systems, Inc.^a		896,113
	12,700	Covance, Inc.^a		596,773
	14,365	Coventry Health Care, Inc.^a		336,428
	12,640	Covidien, Ltd.		503,957
	69,700	Eli Lilly and Company		2,453,440
	6,100	Hospira, Inc.^a		362,828
	5,710	Johnson & Johnson		363,556
	23,800	Lincare Holdings, Inc.		624,036
	7,428	Medco Health Solutions, Inc.^a		390,193
	12,690	Novartis AG ADR		735,385
	12,300	Omnicare, Inc.		296,676
	13,800	Teva Pharmaceutical Industries, Ltd. ADR		716,220
	20,509	Thermo Fisher Scientific, Inc.^a		1,054,573
	11,800	United Therapeutics Corporation^a		708,000
	101,211	UnitedHealth Group, Inc.		3,648,657
	3,728	Varian Medical Systems, Inc.^a		235,684
	5,890	Vertex Pharmaceuticals, Inc.^a		225,764
	3,200	Waters Corporation^a		237,216
	6,590	Zimmer Holdings, Inc.^a		312,630

		Total Health Care		18,189,763


	Industrials (2.2%)
	34,111	3M Company		2,872,828
	2,690	Avery Dennison Corporation		97,782
	5,020	Boeing Company		354,613
	5,760	Caterpillar, Inc.		452,736
	4,103	CSX Corporation		252,129
	27,900	Cummins, Inc.		2,457,990
	33,400	Delta Air Lines, Inc.^a		463,926
	9,283	Dover Corporation		492,927
	5,166	Eaton Corporation		458,896
	10,960	Emerson Electric Company		601,704
	5,720	FedEx Corporation		501,758
	10,590	Fluor Corporation		510,332
	17,900	FTI Consulting, Inc.^a		634,734
	28,571	General Electric Company		457,707
	66,046	Honeywell International, Inc.		3,111,427


Shares		Common Stock (12.7%)	Value
	Industrials (2.2%) - continued
	15,378	Ingersoll-Rand plc	$	604,509
	99,994	Manitowoc Company, Inc.		1,113,933
	4,700	Manpower, Inc.		257,231
	19,450	Norfolk Southern Corporation		1,195,981
	26,150	Old Dominion Freight Line, Inc.^a		733,508
	41,916	Oshkosh Corporation^a		1,236,941
	4,309	Parker Hannifin Corporation		329,854
	33,500	Shaw Group, Inc.^a		1,023,760
	5,650	Siemens AG ADR		645,852
	4,584	SPX Corporation		307,403
	15,478	Teledyne Technologies, Inc.^a		643,420
	8,770	Textron, Inc.		182,591
	7,700	Tyco International, Ltd.		294,756
	41,160	United Technologies Corporation		3,077,533
	10,374	Werner Enterprises, Inc.		221,174
	3,980	WESCO International, Inc.^a		170,424

		Total Industrials		25,760,359


	Information Technology (2.6%)
	15,200	ADTRAN, Inc.		490,504
	4,800	Alliance Data Systems Corporation^a		291,456
	7,402	Apple, Inc.^a		2,227,040
	118,167	Atmel Corporation^a		1,046,960
	48,996	Cisco Systems, Inc.^a		1,118,579
	5,700	Cognizant Technology Solutions Corporation^a		371,583
	19,200	CommVault Systems, Inc.^a		555,456
	111,759	Compuware Corporation^a		1,118,708
	10,199	eBay, Inc.^a		304,032
	34,110	EMC Corporation^a		716,651
	1,600	Equinix, Inc.^a		134,784
	2,181	F5 Networks, Inc.^a		256,704
	2,094	Google, Inc.^a		1,283,601
	17,100	Hewlett-Packard Company		719,226
	14,200	Informatica Corporation^a		577,798
	5,017	International Business Machines Corporation		720,441
	17,014	Juniper Networks, Inc.^a		551,083
	5,600	Lam Research Corporation^a		256,424
	38,800	Marvell Technology Group, Ltd.^a		749,228
	150,450	Microsoft Corporation		4,007,988
	53,200	Monster Worldwide, Inc.^a		960,792
	111,865	Oracle Corporation		3,288,831
	17,100	Plantronics, Inc.		613,548
	23,190	Polycom, Inc.^a		783,358
	13,600	QUALCOMM, Inc.		613,768
	102,624	Teradyne, Inc.^a		1,153,494
	49,969	TIBCO Software, Inc.^a		960,404
	16,111	Tyco Electronics, Ltd.		510,396
	22,000	ValueClick, Inc.^a		302,720
	9,700	VeriFone Systems, Inc.^a		328,151
	11,200	Visa, Inc.		875,504
	4,400	VMware, Inc.^a		336,424
	72,020	Xerox Corporation		842,634
	35,920	Xilinx, Inc.		963,015

		Total Information Technology		30,031,285


	Materials (0.3%)
	6,495	Albemarle Corporation		325,594
	6,630	Allegheny Technologies, Inc.		349,335
	28,469	E.I. du Pont de Nemours and Company		1,346,014

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

Moderate Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (12.7%)	Value
	Materials (0.3%) - continued
	4,100	International Paper Company	$	103,648
	9,592	Silgan Holdings, Inc.		323,730
	20,759	Steel Dynamics, Inc.		301,421
	15,600	Temple-Inland, Inc.		323,232

		Total Materials		3,072,974


	Telecommunications Services (0.2%)
	17,930	AT&T, Inc.		511,005
	11,450	NII Holdings, Inc.^a		478,724
	7,038	Telephone and Data Systems, Inc.		245,134
	27,020	Verizon Communications, Inc.		877,339

		Total Telecommunications Services		2,112,202


	Utilities (0.3%)
	6,000	Alliant Energy Corporation		219,180
	28,280	American Electric Power Company, Inc.		1,058,803
	15,700	CMS Energy Corporation		288,566
	9,320	Duke Energy Corporation		169,717
	21,318	NV Energy, Inc.		291,204
	11,167	Portland General Electric Company		233,390
	16,136	Southwest Gas Corporation		560,888
	29,025	UGI Corporation		873,362
	7,240	Xcel Energy, Inc.		172,747

		Total Utilities		3,867,857


		Total Common Stock (cost $137,095,713)		148,900,635


Principal Amount		Long-Term Fixed Income (4.6%)	Value
	Asset-Backed Securities (0.6%)
		GSAMP Trust
	2,321,959	0.436%, 2/25/2036^b		2,022,680
		J.P. Morgan Mortgage Acquisition Corporation
	2,000,000	5.461%, 10/25/2036		1,583,544
		Morgan Stanley Capital, Inc.
	1,798,874	0.406%, 2/25/2037^b		1,298,137
		Renaissance Home Equity Loan Trust
	2,280,000	6.011%, 5/25/2036		1,639,202

		Total Asset-Backed Securities		6,543,563


	Basic Materials (0.2%)
		Arch Coal, Inc.
	260,000	8.750%, 8/1/2016		291,850
		CONSOL Energy, Inc.
	260,000	8.000%, 4/1/2017^c		284,700
		FMG Finance, Pty., Ltd.
	270,000	7.000%, 11/1/2015^c		276,750
	240,000	10.625%, 9/1/2016^c		354,000
		Georgia-Pacific, LLC
	250,000	8.000%, 1/15/2024		305,625
		Lyondell Chemical Company
	240,000	11.000%, 5/1/2018		268,800

		Total Basic Materials		1,781,725


	Capital Goods (0.1%)
		Abengoa Finance SAU
	260,000	8.875%, 11/1/2017^c		256,100


Principal Amount		Long-Term Fixed Income (4.6%)	Value
	Capital Goods (0.1%) - continued
		Associated Materials, LLC
	$ 280,000	9.125%, 11/1/2017^c	$	294,000
		Case New Holland, Inc.
	260,000	7.875%, 12/1/2017^c		290,550
		Owens-Illinois, Inc.
	260,000	7.800%, 5/15/2018		280,800

		Total Capital Goods		1,121,450


	Collateralized Mortgage Obligations (1.5%)
		Citigroup Mortgage Loan Trust, Inc.
	857,057	5.500%, 11/25/2035		731,032
		CitiMortgage Alternative Loan Trust
	2,831,271	5.750%, 4/25/2037		2,317,469
		Countrywide Alternative Loan Trust
	1,209,159	6.000%, 4/25/2036		998,796
	541,626	6.000%, 1/25/2037		386,024
	2,780,861	5.500%, 5/25/2037		2,156,705
		Countrywide Home Loans, Inc.
	2,096,523	5.750%, 4/25/2037		1,756,903
		Deutsche Alt-A Securities, Inc.
	656,591	5.500%, 10/25/2021		582,528
	1,122,918	6.000%, 10/25/2021		928,690
		GSR Mortgage Loan Trust
	2,255,255	0.446%, 8/25/2046^b		1,868,594
		J.P. Morgan Mortgage Trust
	1,168,857	5.737%, 6/25/2036		1,058,763
	387,100	5.808%, 10/25/2036		361,947
		MASTR Alternative Loans Trust
	653,140	6.500%, 7/25/2034		669,883
		Merrill Lynch Alternative Note Asset Trust
	667,740	6.000%, 3/25/2037		559,269
		Sequoia Mortgage Trust
	992,646	5.488%, 9/20/2046		357,670
		WaMu Mortgage Pass Through Certificates
	431,213	5.867%, 9/25/2036		391,411
	1,626,482	5.987%, 10/25/2036		1,507,768

		Total Collateralized Mortgage Obligations		16,633,452


	Commercial Mortgage-Backed Securities (0.6%)
		Banc of America Commercial Mortgage, Inc.
	1,650,000	5.658%, 6/10/2049		1,717,393
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,500,000	5.331%, 2/11/2044		1,561,618
		GS Mortgage Securities Corporation II
	2,300,000	4.761%, 7/10/2039		2,402,304
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	1,450,000	5.814%, 6/12/2043		1,586,048

		Total Commercial Mortgage-Backed Securities		7,267,363

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

Moderate Allocation Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (4.6%)	Value
	Communications Services (0.2%)
		CCO Holdings, LLC
	$ 190,000	7.250%, 10/30/2017^c	$	196,175
		Cincinnati Bell, Inc.
	280,000	8.250%, 10/15/2017		284,200
		Clear Channel Worldwide
		Holdings, Inc.
	290,000	9.250%, 12/15/2017		316,825
		Frontier Communications
		Corporation
	315,000	8.250%, 4/15/2017		359,100
		Intelsat Jackson Holdings, Ltd.
	295,000	8.500%, 11/1/2019^c		322,287
		MetroPCS Wireless, Inc.
	230,000	7.875%, 9/1/2018		246,675
		Qwest Communications International, Inc.
	280,000	7.500%, 2/15/2014		285,600
		Virgin Media Finance plc
	260,000	8.375%, 10/15/2019		289,900

		Total Communications Services		2,300,762


	Consumer Cyclical (0.2%)
		Goodyear Tire & Rubber Company
	230,000	8.250%, 8/15/2020		244,950
		Macy’s Retail Holdings, Inc.
	240,000	8.375%, 7/15/2015		280,200
		MGM Resorts International
	240,000	11.125%, 11/15/2017		276,000
		Rite Aid Corporation
	270,000	7.500%, 3/1/2017		260,212
		Starwood Hotels & Resorts Worldwide, Inc.
	280,000	6.750%, 5/15/2018		310,100
		Toys R Us Property Company I, LLC
	240,000	10.750%, 7/15/2017		274,200
		WMG Acquisition Corporation
	260,000	9.500%, 6/15/2016		280,150
		Wyndham Worldwide Corporation
	260,000	6.000%, 12/1/2016		277,649

		Total Consumer Cyclical		2,203,461


	Consumer Non-Cyclical (0.1%)
		HCA, Inc.
	240,000	9.625%, 11/15/2016		261,000
		JBS USA, LLC/JBS USA Finance, Inc.
	240,000	11.625%, 5/1/2014		283,500
		Mylan, Inc.
	250,000	7.875%, 7/15/2020^c		278,750

		Total Consumer Non-Cyclical		823,250


	Energy (0.1%)
		Linn Energy, LLC
	280,000	7.750%, 2/1/2021^c		289,100
		Petrohawk Energy Corporation
	260,000	7.875%, 6/1/2015		275,600
		Pioneer Natural Resources Company
	295,000	7.500%, 1/15/2020		332,258


Principal Amount		Long-Term Fixed Income (4.6%)	Value
	Energy (0.1%) - continued
		Plains Exploration & Production Company
	$ 270,000	7.625%, 6/1/2018	$	288,225
		Sandridge Energy, Inc.
	270,000	8.000%, 6/1/2018^c		270,000

		Total Energy		1,455,183


	Financials (0.1%)
		Ally Financial, Inc.
	280,000	8.300%, 2/12/2015^c		305,200
		CIT Group, Inc.
	305,815	7.000%, 5/1/2017		304,286
		Icahn Enterprises, LP
	305,000	8.000%, 1/15/2018		313,769

		Total Financials		923,255


	Technology (<0.1%)
		Freescale Semiconductor, Inc.
	260,000	9.250%, 4/15/2018^c		278,200

		Total Technology		278,200


	Transportation (<0.1%)
		Avis Budget Car Rental, LLC
	250,000	8.250%, 1/15/2019^c		252,500
		Delta Air Lines, Inc.
	270,000	9.500%, 9/15/2014^c		297,000

		Total Transportation		549,500


	U.S. Government and Agencies (0.9%)
		U.S. Treasury Notes
	2,000,000	0.875%, 12/31/2010^d		2,002,266
	4,725,000	2.500%, 4/30/2015		5,033,973
	2,350,000	3.500%, 5/15/2020		2,534,522
	1,175,000	4.375%, 5/15/2040		1,251,563

		Total U.S. Government and Agencies		10,822,324


	Utilities (<0.1%)
		NRG Energy, Inc.
	270,000	7.375%, 2/1/2016		281,138

		Total Utilities		281,138


		Total Long-Term Fixed Income (cost $48,804,113)		52,984,626


Principal Amount		Short-Term Investments (4.3%)^e	Value
		Federal Home Loan Bank Discount Notes
	5,000,000	0.170%, 11/9/2010		4,999,811
	15,000,000	0.150%, 11/19/2010		14,998,875
	5,000,000	0.155%, 11/24/2010		4,999,505
		Federal Home Loan Mortgage Corporation Discount Notes
	14,045,000	0.100%, 11/1/2010		14,045,000
	1,500,000	0.200%, 3/14/2011^d		1,498,914

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

Moderate Allocation Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Short-Term Investments (4.3%)^e	Value
		Nieuw Amsterdam Receivables Corporation
	9,710,000	0.220%, 11/1/2010	$	9,710,000

		Total Short-Term Investments (at amortized cost)		50,252,105

		Total Investments (cost $1,161,279,505) 100.1%	$	1,169,816,967

		Other Assets and Liabilities, Net (0.1%)		(658,540	)

		Total Net Assets 100.0%	$	1,169,158,427

a	Non-income producing security.

b	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of October 31, 2010.

d	At October 31, 2010, $3,501,180 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

e	The interest rate shown reflects the yield, coupon rate or, for securities purchased at a discount, 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	$	38,899,151
Gross unrealized depreciation		(41,536,695	)

Net unrealized appreciation (depreciation)	($	2,637,544	)

Cost for federal income tax purposes	$	1,172,454,511

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

Moderate Allocation Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Moderate Allocation Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3
Mutual Funds
Equity Mutual Funds		497,569,095		497,569,095		—		—
Fixed Income Mutual Funds		420,110,506		420,110,506		—		—

Common Stock
Consumer Discretionary		20,001,198		20,001,198		—		—
Consumer Staples		8,854,863		8,854,863		—		—
Energy		12,734,508		12,734,508		—		—
Financials		24,275,626		24,275,626		—		—
Health Care		18,189,763		18,189,763		—		—
Industrials		25,760,359		25,760,359		—		—
Information Technology		30,031,285		30,031,285		—		—
Materials		3,072,974		3,072,974		—		—
Telecommunications Services		2,112,202		2,112,202		—		—
Utilities		3,867,857		3,867,857		—		—

Long-Term Fixed Income
Asset-Backed Securities		6,543,563		—		6,543,563		—
Basic Materials		1,781,725		—		1,781,725		—
Capital Goods		1,121,450		—		1,121,450		—
Collateralized Mortgage Obligations		16,633,452		—		16,633,452		—
Commercial Mortgage-Backed Securities		7,267,363		—		7,267,363		—
Communications Services		2,300,762		—		2,300,762		—
Consumer Cyclical		2,203,461		—		2,203,461		—
Consumer Non-Cyclical		823,250		—		823,250		—
Energy		1,455,183		—		1,455,183		—
Financials		923,255		—		923,255		—
Technology		278,200		—		278,200		—
Transportation		549,500		—		549,500		—
U.S. Government and Agencies		10,822,324		—		10,822,324		—
Utilities		281,138		—		281,138		—
Short-Term Investments		50,252,105		—		50,252,105		—

Total	$	1,169,816,967	$	1,066,580,236	$	103,236,731	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		2,090,842		2,090,842		—		—

Total Asset Derivatives	$	2,090,842	$	2,090,842	$	—	$	—

Liability Derivatives
Futures Contracts		571,551		571,551		—		—

Total Liability Derivatives	$	571,551	$	571,551	$	—	$	—


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
Russell 2000 Index Mini-Futures		(97	)		December 2010		($6,239,789)		($6,811,340)	($	571,551	)
S&P 400 Index Mini-Futures		85			December 2010		6,436,009		7,033,750		597,741
S&P 500 Index Futures		101			December 2010		28,294,325		29,787,426		1,493,101
Total Futures Contracts										$	1,519,291

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

Moderate Allocation Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of October 31, 2010, for Moderate Allocation Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


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

Asset Derivatives

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	2,090,842
Total Equity Contracts			2,090,842

Total Asset Derivatives		$	2,090,842


Liability Derivatives

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		571,551
Total Equity Contracts			571,551

Total Liability Derivatives		$	571,551

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Moderate Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


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

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		10,760,334

Total Equity Contracts			10,760,334

Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(301	)

Total Foreign Exchange Contracts			(301	)

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(733,085	)

Total Credit Contracts			(733,085	)

Total		$	10,026,948

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Moderate Allocation Fund’s investments in financial derivative instruments by primary risk exposure.
Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		2,790,420
Total Equity Contracts			2,790,420
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		301,560
Total Credit Contracts			301,560

Total		$	3,091,980

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

Moderate Allocation Fund

Schedule of Investments as of October 31, 2010

The following table presents Moderate Allocation Fund’s average volume of derivative activity during the period ended October 31, 2010.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Options
(Contracts)

Equity Contracts

65,452,833

6.1

N/A

Interest Rate

Contracts

N/A

Foreign Exchange

Contracts

N/A

<0.1

N/A

Credit Contracts

N/A

4,254,142

0.4

N/A

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

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, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
Real Estate Securities	$	25,079,047	$	1,810,536	$	284,638		3,832,076	$	36,366,401	$	915,268
Partner Small Cap Growth		15,307,978		447,634		142,319		1,851,274		20,382,531		—
Partner Small Cap Value		23,541,331		874,257		213,478		2,045,272		29,431,466		202,806
Small Cap Stock		9,593,845		671,451		213,478		882,584		12,347,353		—
Mid Cap Growth		10,386,865		223,817		71,159		735,772		13,633,862		—
Partner Mid Cap Value		21,022,847		1,113,783		284,638		2,423,898		27,220,376		218,515
Mid Cap Stock		36,298,485		1,476,361		8,324,258		2,609,103		37,910,264		136,159
Partner Worldwide Allocation		31,097,941		31,135,253		436,140		7,704,183		68,027,938		549,451
Partner International Stock		60,112,757		1,310,565		417,774		6,749,587		66,483,433		1,310,565
Large Cap Growth		49,876,270		1,600,759		426,957		11,226,178		57,590,296		257,858
Large Cap Value		73,298,859		3,826,966		782,754		6,545,251		83,190,141		1,364,981
Large Cap Stock		35,189,159		1,507,398		4,853,549		1,684,474		35,458,174		390,563
Equity Income Plus		7,987,166		400,038		71,159		1,109,064		9,526,860		176,221
High Yield		52,106,820		7,069,104		13,804,001		10,271,290		49,918,470		4,585,990
Income		168,146,686		16,765,581		26,183,284		19,575,001		172,064,257		8,703,147
Government Bond		—		22,877,670		252,935		2,268,964		23,982,951		262,300
Limited Maturity Bond		159,101,686		21,508,048		11,161,661		13,842,991		174,144,828		5,528,344
Money Market		804,349		2,054,510		2,858,859		—		—		13
Total Value and Income Earned		778,952,091								917,679,601		24,602,181

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

Moderately Conservative Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Mutual Funds (75.5%)	Value
	Equity Mutual Funds (25.3%)
	1,003,418	Thrivent Real Estate Securities Fund	$	9,522,437
	609,262	Thrivent Partner Small Cap Value Fund		8,767,282
	381,143	Thrivent Small Cap Stock Fund^a		5,332,194
	1,075,666	Thrivent Partner Mid Cap Value Fund		12,079,724
	424,921	Thrivent Mid Cap Stock Fund		6,174,095
	2,526,210	Thrivent Partner Worldwide Allocation Fund		22,306,437
	1,705,154	Thrivent Partner International Stock Fund		16,795,766
	2,404,543	Thrivent Large Cap Growth Fund		12,335,307
	2,308,731	Thrivent Large Cap Value Fund		29,343,969
	306,278	Thrivent Large Cap Stock Fund		6,447,145
	457,891	Thrivent Equity Income Plus Fund		3,933,283

		Total Equity Mutual Funds		133,037,639


	Fixed Income Mutual Funds (50.2%)
	4,533,052	Thrivent High Yield Fund		22,030,631
	8,027,331	Thrivent Income Fund		70,560,239
	1,029,012	Thrivent Government Bond Fund		10,876,656
	12,760,567	Thrivent Limited Maturity Bond Fund		160,527,930

		Total Fixed Income Mutual Funds		263,995,456


		Total Mutual Funds (cost $390,648,640)		397,033,095


Shares		Common Stock (10.7%)	Value
	Consumer Discretionary (1.4%)
	1,856	Autoliv, Inc.		132,333
	3,550	Carnival Corporation		153,254
	18,552	Chico’s FAS, Inc.		180,326
	10,146	Cooper Tire & Rubber Company		198,963
	16,860	Dana Holding Corporation^a		238,569
	1,845	Dollar Tree, Inc.^a		94,667
	12,300	Domino’s Pizza, Inc.^a		182,532
	11,100	Expedia, Inc.		321,345
	14,500	Foot Locker, Inc.		230,985
	5,616	Kohl’s Corporation^a		287,539
	11,297	Macy’s, Inc.		267,061
	18,100	MGM Resorts International^a		197,833
	400	Netflix, Inc.^a		69,400
	9,700	NIKE, Inc.		789,968
	3,920	Omnicom Group, Inc.		172,323
	1,028	Panera Bread Company^a		92,016
	22,500	Pier 1 Imports, Inc.^a		195,300
	37,100	Starbucks Corporation		1,056,608
	5,500	Target Corporation		285,670
	4,130	Time Warner Cable, Inc.		239,003
	6,500	TJX Companies, Inc.		298,285
	8,000	Urban Outfitters, Inc.^a		246,160
	21,447	Walt Disney Company		774,451
	4,200	Warnaco Group, Inc.^a		223,062
	8,200	Williams-Sonoma, Inc.		265,434
	4,900	WMS Industries, Inc.^a		213,787

		Total Consumer Discretionary		7,406,874


	Consumer Staples (0.7%)
	9,890	Avon Products, Inc.		301,150
	4,200	Colgate-Palmolive Company		323,904


Shares		Common Stock (10.7%)	Value
	Consumer Staples (0.7%) - continued
	2,585	Flowers Foods, Inc.	$	65,866
	3,600	Herbalife, Ltd.		229,896
	16,732	Kraft Foods, Inc.		539,942
	3,892	PepsiCo, Inc.		254,148
	25,183	Philip Morris International, Inc.		1,473,205
	1,802	TreeHouse Foods, Inc.^a		84,153
	4,400	Wal-Mart Stores, Inc.		238,348

		Total Consumer Staples		3,510,612


	Energy (1.0%)
	1,319	Alpha Natural Resources, Inc.^a		59,579
	3,860	Apache Corporation		389,937
	9,300	Arch Coal, Inc.		228,687
	14,530	Baker Hughes, Inc.		673,175
	7,630	Chevron Corporation		630,314
	10,400	Complete Production Services, Inc.^a		243,672
	4,200	Dresser-Rand Group, Inc.^a		143,724
	9,050	ENSCO International plc ADR		419,377
	9,182	Forest Oil Corporation^a		282,163
	33,243	International Coal Group, Inc.^a		186,826
	10,700	James River Coal Company^a		185,217
	1,865	National Oilwell Varco, Inc.		100,262
	8,970	Occidental Petroleum Corporation		705,311
	4,600	Schlumberger, Ltd.		321,494
	7,650	Ultra Petroleum Corporation^a		314,798
	5,900	Weatherford International, Ltd.^a		99,179
	800	Whiting Petroleum Corporation^a		80,352

		Total Energy		5,064,067


	Financials (1.7%)
	2,590	ACE, Ltd.		153,898
	2,678	Affiliated Managers Group, Inc.^a		229,264
	14,900	AFLAC, Inc.		832,761
	10,700	American Express Company		443,622
	5,905	Ameriprise Financial, Inc.		305,229
	10,498	Bank of America Corporation		120,097
	5,170	Chubb Corporation		299,963
	76,740	Citigroup, Inc.^a		320,006
	10,910	Comerica, Inc.		390,360
	5,055	Duke Realty Corporation		63,036
	6,300	DuPont Fabros Technology, Inc.		158,130
	1,700	Endurance Specialty Holdings, Ltd.		70,380
	4,175	Equity One, Inc.		78,072
	14,118	Fifth Third Bancorp		177,322
	700	Franklin Resources, Inc.		80,290
	2,990	Goldman Sachs Group, Inc.		481,240
	1,341	Hanover Insurance Group, Inc.		60,680
	4,380	HCC Insurance Holdings, Inc.		115,982
	6,300	Healthcare Realty Trust, Inc.		152,082
	5,939	Host Hotels & Resorts, Inc.		94,371
	2,674	IntercontinentalExchange, Inc.^a		307,162
	9,400	Itau Unibanco Holding SA ADR		230,864
	9,498	J.P. Morgan Chase & Company		357,410
	9,500	KeyCorp		77,805
	1,573	Lazard, Ltd.		58,044
	6,108	Morgan Stanley		151,906
	6,590	Northern Trust Corporation		327,062
	25,058	Ocwen Financial Corporation^a		216,251
	5,600	People’s United Financial, Inc.		68,936
	4,600	Potlatch Corporation		156,630
	8,176	Principal Financial Group, Inc.		219,444

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

Moderately Conservative Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (10.7%)	Value
	Financials (1.7%) - continued
	14,700	Prudential Financial, Inc.	$	772,926
	4,900	SVB Financial Group^a		212,366
	11,900	Texas Capital Bancshares, Inc.^a		215,985
	11,923	U.S. Bancorp		288,298
	2,070	Vanguard REIT ETF		112,919
	4,146	W.R. Berkley Corporation		114,098
	3,140	Wells Fargo & Company		81,891
	13,700	Zions Bancorporation		283,042

		Total Financials		8,879,824


	Health Care (1.3%)
	6,700	Abbott Laboratories		343,844
	900	Alexion Pharmaceuticals, Inc.^a		61,470
	11,100	Align Technology, Inc.^a		189,033
	3,200	Allergan, Inc.		231,712
	3,602	C.R. Bard, Inc.		299,398
	5,996	Celgene Corporation^a		372,172
	9,473	Community Health Systems, Inc.^a		284,948
	4,500	Covance, Inc.^a		211,455
	3,616	Coventry Health Care, Inc.^a		84,687
	5,570	Covidien, Ltd.		222,076
	21,300	Eli Lilly and Company		749,760
	3,150	Hospira, Inc.^a		187,362
	2,520	Johnson & Johnson		160,448
	8,300	Lincare Holdings, Inc.		217,626
	3,860	Medco Health Solutions, Inc.^a		202,766
	5,600	Novartis AG ADR		324,520
	2,900	Omnicare, Inc.		69,948
	7,100	Teva Pharmaceutical Industries, Ltd. ADR		368,490
	10,550	Thermo Fisher Scientific, Inc.^a		542,481
	4,100	United Therapeutics Corporation^a		246,000
	34,820	UnitedHealth Group, Inc.		1,255,261
	857	Varian Medical Systems, Inc.^a		54,180
	1,398	Vertex Pharmaceuticals, Inc.^a		53,585
	800	Waters Corporation^a		59,304
	2,910	Zimmer Holdings, Inc.^a		138,050

		Total Health Care		6,930,576


	Industrials (1.7%)
	11,110	3M Company		935,684
	1,170	Avery Dennison Corporation		42,529
	2,210	Boeing Company		156,114
	2,540	Caterpillar, Inc.		199,644
	1,026	CSX Corporation		63,048
	8,500	Cummins, Inc.		748,850
	17,200	Delta Air Lines, Inc.^a		238,908
	4,754	Dover Corporation		252,437
	2,279	Eaton Corporation		202,444
	4,830	Emerson Electric Company		265,167
	3,050	FedEx Corporation		267,546
	5,140	Fluor Corporation		247,697
	6,000	FTI Consulting, Inc.^a		212,760
	12,614	General Electric Company		202,076
	21,289	Honeywell International, Inc.		1,002,925
	6,786	Ingersoll-Rand plc		266,758
	30,800	Manitowoc Company, Inc.		343,112
	1,200	Manpower, Inc.		65,676
	9,340	Norfolk Southern Corporation		574,317
	8,700	Old Dominion Freight Line, Inc.^a		244,035
	12,504	Oshkosh Corporation^a		368,993
	977	Parker Hannifin Corporation		74,789
	9,900	Shaw Group, Inc.^a		302,544
	2,900	Siemens AG ADR		331,499


Shares		Common Stock (10.7%)	Value
	Industrials (1.7%) - continued
	1,171	SPX Corporation	$	78,527
	5,196	Teledyne Technologies, Inc.^a		215,998
	3,860	Textron, Inc.		80,365
	1,900	Tyco International, Ltd.		72,732
	13,267	United Technologies Corporation		991,974
	2,468	Werner Enterprises, Inc.		52,618
	1,750	WESCO International, Inc.^a		74,935

		Total Industrials		9,176,701


	Information Technology (2.2%)
	5,100	ADTRAN, Inc.		164,577
	1,200	Alliance Data Systems Corporation^a		72,864
	3,867	Apple, Inc.^a		1,163,464
	36,118	Atmel Corporation^a		320,005
	25,224	Cisco Systems, Inc.^a		575,864
	2,900	Cognizant Technology Solutions Corporation^a		189,051
	6,700	CommVault Systems, Inc.^a		193,831
	34,707	Compuware Corporation^a		347,417
	2,375	eBay, Inc.^a		70,799
	16,680	EMC Corporation^a		350,447
	800	Equinix, Inc.^a		67,392
	595	F5 Networks, Inc.^a		70,032
	1,082	Google, Inc.^a		663,255
	8,850	Hewlett-Packard Company		372,231
	5,000	Informatica Corporation^a		203,450
	2,206	International Business Machines Corporation		316,782
	6,404	Juniper Networks, Inc.^a		207,426
	1,300	Lam Research Corporation^a		59,527
	16,300	Marvell Technology Group, Ltd.^a		314,753
	55,600	Microsoft Corporation		1,481,184
	17,700	Monster Worldwide, Inc.^a		319,662
	36,715	Oracle Corporation		1,079,421
	6,000	Plantronics, Inc.		215,280
	8,148	Polycom, Inc.^a		275,239
	7,000	QUALCOMM, Inc.		315,910
	30,856	Teradyne, Inc.^a		346,821
	15,650	TIBCO Software, Inc.^a		300,793
	7,097	Tyco Electronics, Ltd.		224,833
	5,800	ValueClick, Inc.^a		79,808
	2,300	VeriFone Systems, Inc.^a		77,809
	5,800	Visa, Inc.		453,386
	2,300	VMware, Inc.^a		175,858
	31,740	Xerox Corporation		371,358
	14,157	Xilinx, Inc.		379,549

		Total Information Technology		11,820,078


	Materials (0.2%)
	1,549	Albemarle Corporation		77,651
	2,930	Allegheny Technologies, Inc.		154,382
	12,550	E.I. du Pont de Nemours and Company		593,364
	2,100	International Paper Company		53,088
	2,348	Silgan Holdings, Inc.		79,245
	5,315	Steel Dynamics, Inc.		77,174
	3,900	Temple-Inland, Inc.		80,808

		Total Materials		1,115,712


	Telecommunications Services (0.2%)
	7,910	AT&T, Inc.		225,435
	6,000	NII Holdings, Inc.^a		250,860

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

Moderately Conservative Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (10.7%)	Value
	Telecommunications Services (0.2%) - continued
	1,684	Telephone and Data Systems, Inc.	$	58,654
	11,920	Verizon Communications, Inc.		387,042

		Total Telecommunications Services		921,991


	Utilities (0.3%)
	1,450	Alliant Energy Corporation		52,968
	12,470	American Electric Power Company, Inc.		466,877
	4,000	CMS Energy Corporation		73,520
	4,110	Duke Energy Corporation		74,843
	5,604	NV Energy, Inc.		76,551
	2,667	Portland General Electric Company		55,740
	5,389	Southwest Gas Corporation		187,322
	8,731	UGI Corporation		262,716
	3,190	Xcel Energy, Inc.		76,113

		Total Utilities		1,326,650


		Total Common Stock (cost $51,816,052)		56,153,085


Principal Amount		Long-Term Fixed Income (6.1%)	Value
	Asset-Backed Securities (1.1%)
		GSAMP Trust
	1,091,321	0.436%, 2/25/2036^b		950,660
		J.P. Morgan Mortgage Acquisition Corporation
	3,100,000	5.461%, 10/25/2036		2,454,493
		Morgan Stanley Capital, Inc.
	1,242,521	0.406%, 2/25/2037^b		896,652
		Renaissance Home Equity Loan Trust
	2,300,000	6.011%, 5/25/2036		1,653,580

		Total Asset-Backed Securities		5,955,385


	Basic Materials (0.1%)
		Arch Coal, Inc.
	110,000	8.750%, 8/1/2016		123,475
		CONSOL Energy, Inc.
	110,000	8.000%, 4/1/2017^c		120,450
		FMG Finance, Pty., Ltd.
	120,000	7.000%, 11/1/2015^c		123,000
	95,000	10.625%, 9/1/2016^c		140,125
		Georgia-Pacific, LLC
	100,000	8.000%, 1/15/2024		122,250
		Lyondell Chemical Company
	100,000	11.000%, 5/1/2018		112,000

		Total Basic Materials		741,300


	Capital Goods (0.1%)
		Abengoa Finance SAU
	130,000	8.875%, 11/1/2017^c		128,050
		Associated Materials, LLC
	110,000	9.125%, 11/1/2017^c		115,500
		Case New Holland, Inc.
	130,000	7.875%, 12/1/2017^c		145,275
		Owens-Illinois, Inc.
	110,000	7.800%, 5/15/2018		118,800

		Total Capital Goods		507,625


Principal Amount		Long-Term Fixed Income (6.1%)	Value
	Collateralized Mortgage Obligations (1.3%)
		Citigroup Mortgage Loan Trust, Inc.
$	457,097	5.500%, 11/25/2035	$	389,884
		CitiMortgage Alternative Loan Trust
	1,456,082	5.750%, 4/25/2037		1,191,841
		Countrywide Alternative Loan Trust
	288,867	6.000%, 1/25/2037		205,880
	1,853,907	5.500%, 5/25/2037		1,437,803
		Countrywide Home Loans, Inc.
	1,048,262	5.750%, 4/25/2037		878,452
		Deutsche Alt-A Securities, Inc.
	350,182	5.500%, 10/25/2021		310,681
	612,500	6.000%, 10/25/2021		506,558
		J.P. Morgan Mortgage Trust
	206,454	5.808%, 10/25/2036		193,038
		MASTR Alternative Loans Trust
	346,981	6.500%, 7/25/2034		355,875
		Merrill Lynch Alternative Note Asset Trust
	356,128	6.000%, 3/25/2037		298,277
		Sequoia Mortgage Trust
	360,962	5.488%, 9/20/2046		130,062
		WaMu Mortgage Pass Through Certificates
	641,805	5.867%, 9/25/2036		582,565
	581,225	5.987%, 10/25/2036		538,803

		Total Collateralized Mortgage Obligations		7,019,719


	Commercial Mortgage-Backed Securities (1.7%)
		Banc of America Commercial Mortgage, Inc.
	2,450,000	5.658%, 6/10/2049		2,550,068
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,000,000	5.331%, 2/11/2044		1,041,079
		GS Mortgage Securities Corporation II
	2,700,000	4.761%, 7/10/2039		2,820,096
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	2,250,000	5.814%, 6/12/2043		2,461,108

		Total Commercial Mortgage-Backed Securities		8,872,351


	Communications Services (0.2%)
		CCO Holdings, LLC
	75,000	7.250%, 10/30/2017^c		77,438
		Cincinnati Bell, Inc.
	110,000	8.250%, 10/15/2017		111,650
		Clear Channel Worldwide Holdings, Inc.
	90,000	9.250%, 12/15/2017		98,325
		Frontier Communications Corporation
	105,000	8.250%, 4/15/2017		119,700
		Intelsat Jackson Holdings, Ltd.
	95,000	8.500%, 11/1/2019^c		103,787

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

Moderately Conservative Allocation Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (6.1%)	Value
	Communications Services (0.2%) - continued
		MetroPCS Wireless, Inc.
	$150,000	7.875%, 9/1/2018		$160,875
		Qwest Communications International, Inc.
	110,000	7.500%, 2/15/2014		112,200
		Virgin Media Finance plc
	120,000	8.375%, 10/15/2019		133,800

		Total Communications Services		917,775


	Consumer Cyclical (0.2%)
		Goodyear Tire & Rubber Company
	150,000	8.250%, 8/15/2020		159,750
		Macy’s Retail Holdings, Inc.
	95,000	8.375%, 7/15/2015		110,913
		MGM Resorts International
	95,000	11.125%, 11/15/2017		109,250
		Rite Aid Corporation
	110,000	7.500%, 3/1/2017		106,012
		Starwood Hotels & Resorts Worldwide, Inc.
	110,000	6.750%, 5/15/2018		121,825
		Toys R Us Property Company I, LLC
	95,000	10.750%, 7/15/2017		108,537
		WMG Acquisition Corporation
	110,000	9.500%, 6/15/2016		118,525
		Wyndham Worldwide Corporation
	110,000	6.000%, 12/1/2016		117,467

		Total Consumer Cyclical		952,279


	Consumer Non-Cyclical (0.1%)
		HCA, Inc.
	100,000	9.625%, 11/15/2016		108,750
		JBS USA, LLC/JBS USA Finance, Inc.
	95,000	11.625%, 5/1/2014		112,219
		Mylan, Inc.
	100,000	7.875%, 7/15/2020^c		111,500

		Total Consumer Non-Cyclical		332,469

	Energy (0.1%)
		Linn Energy, LLC
	120,000	7.750%, 2/1/2021^c		123,900
		Petrohawk Energy Corporation
	110,000	7.875%, 6/1/2015		116,600
		Pioneer Natural Resources Company
	95,000	7.500%, 1/15/2020		106,999
		Plains Exploration & Production Company
	120,000	7.625%, 6/1/2018		128,100
		Sandridge Energy, Inc.
	110,000	8.000%, 6/1/2018^c		110,000

		Total Energy		585,599


	Financials (0.1%)
		Ally Financial, Inc.
	120,000	8.300%, 2/12/2015^c		130,800


Principal Amount		Long-Term Fixed Income (6.1%)	Value
	Financials (0.1%) - continued
		CIT Group, Inc.
	$105,890	7.000%, 5/1/2017		$105,360
		Icahn Enterprises, LP
	105,000	8.000%, 1/15/2018		108,019

		Total Financials		344,179


	Technology (<0.1%)
		Freescale Semiconductor, Inc.
	110,000	9.250%, 4/15/2018^c		117,700

		Total Technology		117,700


	Transportation (0.1%)
		Avis Budget Car Rental, LLC
	140,000	8.250%, 1/15/2019^c		141,400
		Delta Air Lines, Inc.
	110,000	9.500%, 9/15/2014^c		121,000

		Total Transportation		262,400


	U.S. Government and Agencies (1.0%)
		U.S. Treasury Notes
	1,400,000	0.875%, 12/31/2010^d		1,401,586
	2,150,000	2.500%, 4/30/2015		2,290,591
	1,050,000	3.500%, 5/15/2020		1,132,446
	550,000	4.375%, 5/15/2040		585,838

		Total U.S. Government and Agencies		5,410,461


	Utilities (<0.1%)
		NRG Energy, Inc.
	120,000	7.375%, 2/1/2016		124,950

		Total Utilities		124,950


		Total Long-Term Fixed Income (cost $28,929,816)		32,144,192


Principal Amount		Short-Term Investments (7.8%)^e	Value
		Corporate Asset Finance Company, LLC
	11,500,000	0.220%, 11/1/2010		11,500,000
		Federal Home Loan Bank Discount Notes
	5,000,000	0.170%, 11/9/2010		4,999,811
	10,000,000	0.145%, 11/19/2010		9,999,275
		Federal Home Loan Mortgage
		Corporation Discount Notes
	5,000,000	0.160%, 11/5/2010		4,999,911
	500,000	0.200%, 3/14/2011^d		499,638
		GOVCO, Inc.
	8,795,000	0.220%, 11/1/2010		8,795,000

		Total Short-Term Investments (at amortized cost)		40,793,635

		Total Investments (cost $512,188,143) 100.1%	$	526,124,007

		Other Assets and Liabilities, Net (0.1%)		(769,085	)

		Total Net Assets 100.0%	$	525,354,922

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

Moderately Conservative Allocation Fund

Schedule of Investments as of October 31, 2010

a	Non-income producing security.

b	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of October 31, 2010.

d	At October 31, 2010, $1,901,224 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

e	The interest rate shown reflects the yield, coupon rate or, for securities purchased at a discount, 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	$	18,933,705
Gross unrealized depreciation		(8,914,126	)

Net unrealized appreciation (depreciation)	$	10,019,579

Cost for federal income tax purposes	$	516,104,428

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

Moderately Conservative Allocation Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Moderately Conservative Allocation Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Mutual Funds
Equity Mutual Funds		133,037,639		133,037,639		—		—
Fixed Income Mutual Funds		263,995,456		263,995,456		—		—

Common Stock
Consumer Discretionary		7,406,874		7,406,874		—		—
Consumer Staples		3,510,612		3,510,612		—		—
Energy		5,064,067		5,064,067		—		—
Financials		8,879,824		8,879,824		—		—
Health Care		6,930,576		6,930,576		—		—
Industrials		9,176,701		9,176,701		—		—
Information Technology		11,820,078		11,820,078		—		—
Materials		1,115,712		1,115,712		—		—
Telecommunications Services		921,991		921,991		—		—
Utilities		1,326,650		1,326,650		—		—

Long-Term Fixed Income
Asset-Backed Securities		5,955,385		—		5,955,385		—
Basic Materials		741,300		—		741,300		—
Capital Goods		507,625		—		507,625		—
Collateralized Mortgage Obligations		7,019,719		—		7,019,719		—
Commercial Mortgage-Backed Securities		8,872,351		—		8,872,351		—
Communications Services		917,775		—		917,775		—
Consumer Cyclical		952,279		—		952,279		—
Consumer Non-Cyclical		332,469		—		332,469		—
Energy		585,599		—		585,599		—
Financials		344,179		—		344,179		—
Technology		117,700		—		117,700		—
Transportation		262,400		—		262,400		—
U.S. Government and Agencies		5,410,461		—		5,410,461		—
Utilities		124,950		—		124,950		—
Short-Term Investments		40,793,635		—		40,793,635		—

Total	$	526,124,007	$	453,186,180	$	72,937,827	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3

Asset Derivatives Futures Contracts		1,043,069		1,043,069		—		—

Total Asset Derivatives	$	1,043,069	$	1,043,069	$	—	$	—


Liability Derivatives Futures Contracts		201,469		201,469		—		—

Total Liability Derivatives	$	201,469	$	201,469	$	—	$	—


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
Russell 2000 Index Mini-Futures		(37	)		December 2010		($2,396,671)		($2,598,140)	($	201,469	)
S&P 400 Index Mini-Futures		36			December 2010		2,725,839		2,979,000		253,161
S&P 500 Index Futures		50			December 2010		13,956,342		14,746,250		789,908
Total Futures Contracts										$	841,600

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

Moderately Conservative Allocation Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of October 31, 2010, for Moderately Conservative Allocation Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


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

Asset Derivatives

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	1,043,069
Total Equity Contracts			1,043,069

Total Asset Derivatives		$	1,043,069


Liability Derivatives

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		201,469
Total Equity Contracts			201,469

Total Liability Derivatives		$	201,469

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Moderately Conservative Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


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

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		3,113,904

Total Equity Contracts			3,113,904

Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(137	)

Total Foreign Exchange Contracts			(137	)

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(245,100	)

Total Credit Contracts			(245,100	)

Total		$	2,868,667

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Moderately Conservative Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		1,133,837
Total Equity Contracts			1,133,837

Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		101,258
Total Credit Contracts			101,258

Total		$	1,235,095

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

Moderately Conservative Allocation Fund

Schedule of Investments as of October 31, 2010

The following table presents Moderately Conservative Allocation Fund’s average volume of derivative activity during the period ended October 31, 2010.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Options
(Contracts)

Equity Contracts

21,310,126

4.6

N/A

Interest Rate Contracts

N/A

Foreign Exchange Contracts

N/A

<0.1

N/A

Credit Contracts

N/A

1,418,047

0.3

N/A

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

Investment in Affiliates

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


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
Real Estate Securities	$	6,104,427	$	1,063,092	$	166,855		1,003,418	$	9,522,437	$	237,364
Partner Small Cap Value		6,833,744		472,417		83,427		609,262		8,767,282		59,553
Small Cap Stock		3,869,246		619,296		125,141		381,143		5,332,194		—
Partner Mid Cap Value		9,275,400		509,331		83,427		1,075,666		12,079,724		96,467
Mid Cap Stock		9,321,846		861,346		6,066,855		424,921		6,174,095		35,618
Partner Worldwide Allocation		11,494,368		8,458,752		232,197		2,526,210		22,306,437		207,295
Partner International Stock		15,179,007		330,929		101,513		1,705,154		16,795,766		330,929
Large Cap Growth		10,248,419		879,743		166,855		2,404,543		12,335,307		54,015
Large Cap Value		25,006,393		2,330,487		375,423		2,308,731		29,343,969		472,598
Large Cap Stock		6,666,240		486,547		1,382,312		306,278		6,447,145		74,798
Equity Income Plus		3,200,770		278,942		41,714		457,891		3,933,283		72,510
High Yield		19,140,061		6,505,995		5,461,088		4,533,052		22,030,631		1,863,788
Income		51,154,503		16,147,381		1,653,906		8,027,331		70,560,239		3,124,451
Government Bond		—		10,387,413		104,900		1,029,012		10,876,656		117,600
Limited Maturity Bond		141,143,815		25,200,594		10,090,986		12,760,567		160,527,930		5,011,216
Money Market		1,811,651		3,441,220		5,252,871		—		—		9
Total Value and Income Earned		320,449,890								397,033,095		11,758,211

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

Partner Small Cap Growth Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (98.2%)	Value
	Consumer Discretionary (17.2%)
	32,250	7 Days Group Holdings, Ltd. ADR^a	$	647,258
	9,780	AnnTaylor Stores Corporation^a		227,874
	11,070	Asbury Automotive Group, Inc.^a		159,629
	3,910	Boyd Gaming Corporation^a,b		32,492
	31,780	Brunswick Corporation		502,760
	22,730	Buffalo Wild Wings, Inc.^a,b		1,068,992
	11,140	California Pizza Kitchen, Inc.^a		183,921
	13,310	Capella Education Company^a,b		729,787
	3,380	Chico’s FAS, Inc.		32,854
	4,400	Children’s Place Retail Stores, Inc.^a		193,864
	9,050	Citi Trends, Inc.^a		189,869
	7,300	Cooper Tire & Rubber Company		143,153
	3,860	Cracker Barrel Old Country Store, Inc.		208,015
	84,020	Crocs, Inc.^a		1,170,399
	13,620	Deckers Outdoor Corporation^a		791,322
	17,960	DineEquity, Inc.^a,b		798,322
	59,250	Finish Line, Inc.		906,525
	22,280	Gaylord Entertainment Company^a,b		742,815
	22,400	hhgregg, Inc.^a,b		516,096
	6,080	IMAX Corporation^a,b		131,632
	3,620	Jo-Ann Stores, Inc.^a		156,565
	6,185	Joseph A. Bank Clothiers, Inc.^a		269,666
	80,720	Orient-Express Hotels, Ltd.^a		1,021,915
	5,370	Polaris Industries, Inc.		381,753
	9,330	Ryland Group, Inc.		139,763
	112,350	Saks, Inc.^a,b		1,251,579
	20,370	Sotheby’s Holdings, Inc.		893,021
	3,690	Steven Madden, Ltd.^a		156,087
	26,270	Tempur-Pedic International, Inc.^a		906,315
	71,510	Texas Roadhouse, Inc.^a		1,098,394
	37,280	True Religion Apparel, Inc.^a		762,376
	30,040	Ulta Salon Cosmetics & Fragrance, Inc.^a		921,928
	10,160	Vera Bradley, Inc.^a		277,876
	22,800	Warnaco Group, Inc.^a		1,210,908
	15,470	WMS Industries, Inc.^a		674,956

		Total Consumer Discretionary		19,500,681


	Consumer Staples (2.9%)
	1,740	Boston Beer Company, Inc.^a		124,567
	59,790	Cott Corporation^a		490,278
	15,720	Diamond Foods, Inc.^b		694,824
	4,380	Green Mountain Coffee Roasters, Inc.^a,b		144,496
	6,960	TreeHouse Foods, Inc.^a		325,032
	42,080	United Natural Foods, Inc.^a		1,504,781

		Total Consumer Staples		3,283,978


	Energy (4.5%)
	4,430	BreitBurn Energy Partners LP		86,164
	12,530	Brigham Exploration Company^a		264,258
	8,030	Carrizo Oil & Gas, Inc.^a		189,669
	47,840	James River Coal Company^a		828,110
	105,590	Key Energy Services, Inc.^a		1,040,061
	2,010	Lufkin Industries, Inc.		98,188
	40,930	Oasis Petroleum, Inc.^a		870,581
	34,030	Patriot Coal Corporation^a,b		459,065
	29,010	Rex Energy Corporation^a		357,403
	25,940	Swift Energy Company^a		826,189


Shares		Common Stock (98.2%)	Value
	Energy (4.5%) - continued
	3,510	T-3 Energy Services, Inc.^a	$	117,480

		Total Energy		5,137,168


	Financials (5.0%)
	16,750	Bank of the Ozarks, Inc.		636,668
	16,780	DuPont Fabros Technology, Inc.		421,178
	12,590	Green Dot Corporation^a,b		639,572
	6,330	Greenhill & Company, Inc.^b		491,651
	4,030	Harleysville Group, Inc.		138,350
	2,120	IBERIABANK Corporation		110,346
	7,180	iShares Russell 2000 Growth Index Fund^b		560,614
	43,780	National Financial Partners^a		604,164
	9,210	Oriental Financial Group, Inc.		121,848
	25,080	Radian Group, Inc.		190,357
	68,540	Sunstone Hotel Investors, Inc.^a		743,659
	18,700	Tanger Factory Outlet Centers, Inc.		896,104
	6,270	Umpqua Holdings Corporation		68,970

		Total Financials		5,623,481


	Health Care (18.4%)
	10,490	Acorda Therapeutics, Inc.^a,b		283,650
	6,290	Alexion Pharmaceuticals, Inc.^a		429,607
	34,530	AMERIGROUP Corporation^a		1,440,937
	3,260	Ardea Biosciences, Inc.^a		69,503
	5,910	Bio-Reference Laboratories, Inc.^a		127,420
	25,290	Catalyst Health Solutions, Inc.^a		957,227
	15,200	Cepheid, Inc.^a		319,808
	22,910	Cooper Companies, Inc.		1,130,379
	5,320	Dexcom, Inc.^a		73,150
	24,460	Emergency Medical Services Corporation^a		1,330,135
	51,370	Healthsouth Corporation^a		929,283
	1,030	HeartWare International, Inc.^a		70,390
	19,420	Hill-Rom Holdings, Inc.		752,525
	13,140	HMS Holding Corporation^a		789,845
	33,140	ICON plc ADR^a		641,259
	57,300	Impax Laboratories, Inc.^a		1,079,532
	21,350	Incyte Corporation^a,b		355,691
	9,420	Kendle International, Inc.^a		85,816
	30,230	Medicis Pharmaceutical Corporation		899,342
	4,480	Molina Healthcare, Inc.^a		116,122
	7,270	NxStage Medical, Inc.^a		146,563
	15,420	Onyx Pharmaceuticals, Inc.^a		413,719
	12,390	Orthofix International NV^a		347,044
	2,440	Par Pharmaceutical Companies, Inc.^a		79,324
	24,360	PAREXEL International Corporation^a		523,740
	21,320	Pharmasset, Inc.^a		799,500
	29,320	PSS World Medical, Inc.^a		692,832
	17,860	Quality Systems, Inc.^b		1,147,684
	12,690	Questcor Pharmaceuticals, Inc.^a		155,706
	7,900	Regeneron Pharmaceuticals, Inc.^a		206,032
	23,170	Salix Pharmaceuticals, Ltd.^a		876,521
	24,920	Seattle Genetics, Inc.^a		408,439
	29,000	SXC Health Solutions Corporation^a		1,129,840
	12,360	Targacept, Inc.^a		306,034
	186,240	Tenet Healthcare Corporation^a		812,006
	9,300	Thoratec Corporation^a		303,552

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

Partner Small Cap Growth Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (98.2%)	Value
	Health Care (18.4%) - continued
	22,360	Volcano Corporation^a	$	546,031

		Total Health Care		20,776,188


	Industrials (18.0%)
	41,550	Actuant Corporation		933,629
	10,850	Alaska Air Group, Inc.^a		572,880
	1,210	American Science & Engineering, Inc.		99,644
	82,570	ArvinMeritor, Inc.^a		1,369,011
	19,500	Baldor Electric Company		819,390
	15,980	Belden, Inc.		445,842
	8,830	Bucyrus International, Inc.		601,853
	14,560	Clean Harbors, Inc.^a		1,026,480
	2,790	Consolidated Graphics, Inc.^a		129,874
	13,130	Copa Holdings SA		666,085
	14,820	EnerNOC, Inc.^a,b		445,637
	26,210	EnPro Industries, Inc.^a		921,019
	4,460	ESCO Technologies, Inc.		152,889
	23,800	GATX Corporation		753,508
	26,730	Genesee & Wyoming, Inc.^a		1,235,728
	53,220	GrafTech International, Ltd.^a		876,533
	46,680	Hexcel Corporation^a		829,504
	34,760	Hub Group, Inc.^a		1,128,657
	6,420	Huron Consulting Group, Inc.^a		127,822
	64,830	Kforce, Inc.^a		973,098
	24,720	Knight Transportation, Inc.		441,746
	2,870	Middleby Corporation^a		214,274
	19,010	Polypore International, Inc.^a		632,463
	16,990	Triumph Group, Inc.		1,420,194
	50,300	TrueBlue, Inc.^a		706,715
	770	United Stationers, Inc.^a		43,274
	13,040	Watsco, Inc.		729,849
	26,260	WESCO International, Inc.^a		1,124,453
	29,120	Woodward Governor Company		912,621

		Total Industrials		20,334,672


	Information Technology (24.2%)
	25,800	Acme Packet, Inc.^a		1,020,390
	8,290	Anixter International, Inc.		445,090
	5,240	ANSYS, Inc.^a		237,110
	56,970	Ariba, Inc.^a		1,069,897
	65,250	Aruba Networks, Inc.^a		1,429,627
	23,860	Atheros Communications, Inc.^a		740,614
	7,320	Blue Coat Systems, Inc.^a		197,420
	5,410	Bottomline Technologies, Inc.^a		97,488
	4,570	Broadsoft, Inc.^a		42,958
	9,800	Camelot Information Systems, Inc. ADR^a		157,094
	38,090	Cavium Networks, Inc.^a,b		1,213,928
	45,500	Cirrus Logic, Inc.^a,b		584,675
	8,750	Cogo Group, Inc.^a		66,588
	5,170	Compellent Technologies, Inc.^a		130,646
	15,080	Concur Technologies, Inc.^a		778,430
	95,590	Entropic Communications, Inc.^a,b		799,132
	49,950	Finisar Corporation^a,b		849,650
	21,650	GSI Commerce, Inc.^a		528,693
	4,440	Hittite Microwave Corporation^a		229,415
	17,290	Hypercom Corporation^a		103,048
	29,290	Isilon Systems, Inc.^a		833,886
	30,680	Jack Henry & Associates, Inc.		833,269
	6,880	Kenexa Corporation^a		125,835
	2,080	LogMeIn, Inc.^a		82,638
	7,380	Manhattan Associates, Inc.^a		227,156
	4,870	NETGEAR, Inc.^a		150,045


Shares		Common Stock (98.2%)	Value
	Information Technology (24.2%) - continued
	44,510	Netlogic Microsystems, Inc.^a,b	$	1,337,971
	5,760	NetScout Systems, Inc.^a		135,187
	48,050	OmniVision Technologies, Inc.^a		1,303,596
	4,510	Plexus Corporation^a		136,879
	3,640	Power Integrations, Inc.		124,342
	15,020	Power-One, Inc.^a,b		156,358
	34,510	Quantum Corporation^a		116,644
	32,110	Rackspace Hosting, Inc.^a,b		801,466
	30,550	Radiant Systems, Inc.^a		596,030
	2,660	RealD, Inc.^a,b		55,647
	20,780	Riverbed Technology, Inc.^a		1,195,681
	64,330	Sapient Corporation		846,583
	23,590	Semtech Corporation^a		505,062
	36,660	SuccessFactors, Inc.^a		994,219
	7,120	Synchronoss Technologies, Inc.^a		151,727
	36,240	Taleo Corporation^a		1,039,726
	115,740	Teradyne, Inc.^a		1,300,918
	10,810	Terremark Worldwide, Inc.^a		107,992
	43,530	TIBCO Software, Inc.^a		836,647
	28,780	Ultratech, Inc.^a		526,962
	21,760	Veeco Instruments, Inc.^a,b		910,656
	34,120	VeriFone Systems, Inc.^a		1,154,280
	2,850	Virnetx Holding Corporation		52,868
	2,990	Xyratex, Ltd.^a		46,285

		Total Information Technology		27,408,448


	Materials (6.2%)
	3,160	A. Schulman, Inc.		68,572
	23,460	Allied Nevada Gold Corporation^a		578,993
	3,500	Domtar Corporation		277,760
	22,610	Georgia Gulf Corporation^a,b		457,400
	11,320	Globe Specialty Metals, Inc.		175,913
	25,720	Huntsman Corporation		356,222
	19,310	Rock-Tenn Company		1,097,773
	9,710	Schweitzer-Mauduit International, Inc.		623,188
	65,790	Solutia, Inc.^a		1,191,457
	46,300	Stillwater Mining Company^a,b		824,140
	14,130	Temple-Inland, Inc.		292,774
	53,850	Thompson Creek Metals Company, Inc.^a		648,354
	5,150	Walter Energy, Inc.		452,994

		Total Materials		7,045,540


	Telecommunications Services (1.7%)
	42,550	Syniverse Holdings, Inc.^a		1,297,349
	36,390	TW Telecom, Inc.^a		669,576

		Total Telecommunications Services		1,966,925


	Utilities (0.1%)
	2,840	Artesian Resources Corporation		54,187

		Total Utilities		54,187


		Total Common Stock (cost $85,382,276)		111,131,268

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

Partner Small Cap Growth Fund

Schedule of Investments as of October 31, 2010


Shares		Collateral Held for Securities Loaned (14.9%)	Value
	16,835,133	Thrivent Financial Securities Lending Trust	$	16,835,133
		Total Collateral Held for Securities Loaned (cost $16,835,133)		16,835,133


Principal Amount		Short-Term Investments (1.7%)^c	Value
	1,915,000	Charta, LLC 0.220%, 11/1/2010		1,915,000

		Total Short-Term Investments (at amortized cost)		1,915,000

		Total Investments (cost $104,132,409) 114.8%	$	129,881,401


Principal Amount		Short-Term Investments (1.7%)^c	Value
		Other Assets and Liabilities, Net (14.8%)		(16,727,577	)

		Total Net Assets 100.0%	$	113,153,824

a	Non-income producing security.

b	All or a portion of the security is on loan as discussed in item 2(M) of the Notes to Financial Statements.

c	The interest rate shown reflects the yield, coupon rate or, for securities purchased at a discount, the discount rate at the date of purchase.

Definitions:



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


Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and depreciation of investments,based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$	26,358,528
Gross unrealized depreciation		(1,060,504	)

Net unrealized appreciation (depreciation)	$	25,298,024
Cost for federal income tax purposes	$	104,583,377

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Partner Small Cap Growth Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		19,500,681		19,500,681		—		—
Consumer Staples		3,283,978		3,283,978		—		—
Energy		5,137,168		5,137,168		—		—
Financials		5,623,481		5,623,481		—		—
Health Care		20,776,188		20,776,188		—		—
Industrials		20,334,672		20,334,672		—		—
Information Technology		27,408,448		27,408,448		—		—
Materials		7,045,540		7,045,540		—		—
Telecommunications Services		1,966,925		1,966,925		—		—
Utilities		54,187		54,187		—		—
Collateral Held for Securities Loaned		16,835,133		16,835,133		—		—
Short-Term Investments		1,915,000		—		1,915,000		—
Total	$	129,881,401	$	127,966,401	$	1,915,000	$	—

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Partner Small Cap Growth Fund’s investments in financial derivative instruments by primary risk exposure.


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

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		(38,570	)

Total Equity Contracts			(38,570	)

Total		($	38,570	)

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

Partner Small Cap Growth Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Partner Small Cap Growth Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		95,458
Total Equity Contracts			95,458

Total		$	95,458

The following table presents Partner Small Cap Growth Fund’s average volume of derivative activity during the period ended October 31, 2010.


Derivative Risk Category	Futures (Notional*)		Futures (Percentage of Average Net Assets)
Equity Contracts	$	260,239		0.3	%

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

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner Small Cap Growth Fund, is as follows:


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
Money Market	$	4,931,858	$	2,387,194	$	7,319,052		—	$	—	$	—
Thrivent Financial Securities Lending Trust		14,587,940		84,489,194		82,242,001		16,835,133		16,835,133		78,095
Total Value and Income Earned		19,519,798								16,835,133		78,095

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

Partner Small Cap Value Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (97.6%)	Value
	Consumer Discretionary (13.1%)
	205,000	Aaron’s, Inc.^a	$	3,866,300
	28,700	Ascent Media Corporation^b		781,788
	58,800	Brunswick Corporation		930,216
	39,500	Cavco Industries, Inc.^b		1,251,755
	35,000	Corinthian Colleges, Inc.^a,b		182,700
	45,600	CSS Industries, Inc.		762,888
	72,000	Dixie Group, Inc.^b		261,360
	57,000	Dorman Products, Inc.^b		2,079,930
	95,000	Drew Industries, Inc.^b		2,001,650
	82,000	Fred’s, Inc.		982,360
	90,000	Haverty Furniture Companies, Inc.		962,100
	38,700	Hooker Furniture Corporation^a		409,059
	63,000	M/I Homes, Inc.^b		666,540
	83,000	MarineMax, Inc.^b		620,840
	45,000	Matthews International Corporation		1,485,900
	71,000	Men’s Wearhouse, Inc.		1,735,240
	102,000	Meritage Homes Corporation^b		1,867,620
	181,000	Orient-Express Hotels, Ltd.^b		2,291,460
	537,000	Sealy Corporation^a,b		1,412,310
	137,000	Shiloh Industries, Inc.^b		1,380,960
	57,000	Stanley Furniture Company, Inc.^b		220,020
	142,000	Stein Mart, Inc.^b		1,333,380
	42,000	Steven Madden, Ltd.^b		1,776,600
	107,000	Winnebago Industries, Inc.^b		1,070,000

		Total Consumer Discretionary		30,332,976


	Consumer Staples (1.0%)
	230,000	Alliance One International, Inc.^b		1,016,600
	30,700	Nash Finch Company		1,286,330

		Total Consumer Staples		2,302,930


	Energy (7.0%)
	17,300	Carbo Ceramics, Inc.^a		1,449,221
	69,000	Cloud Peak Energy, Inc.^a,b		1,198,530
	58,500	Forest Oil Corporation^b		1,797,705
	66,000	Gulf Island Fabrication, Inc.		1,507,440
	248,900	Hercules Offshore, Inc.^b		587,404
	9,100	Oasis Petroleum, Inc.^b		193,557
	122,000	Penn Virginia Corporation		1,808,040
	144,000	Tetra Technologies, Inc.^b		1,405,440
	63,832	Whiting Petroleum Corporation^b		6,411,286

		Total Energy		16,358,623


	Financials (22.4%)
	82,500	Alterra Capital Holdings, Ltd.		1,666,500
	186,000	Ares Capital Corporation		3,113,640
	177,000	CBL & Associates Properties, Inc.		2,775,360
	121,000	Cedar Shopping Centers, Inc.		763,510
	93,000	Columbia Banking System, Inc.		1,693,530
	79,800	East West Bancorp, Inc.		1,406,874
	45,000	Employers Holdings, Inc.		728,550
	139,900	First Opportunity Fund, Inc.		931,734
	62,000	First Potomac Realty Trust		1,021,760
	91,000	Glacier Bancorp, Inc.		1,183,000
	64,000	Gladstone Capital Corporation^a		734,080
	73,200	Hatteras Financial Corporation^a		2,143,296
	122,400	Hercules Technology Growth Capital, Inc.		1,246,032
	75,000	Home Bancshares, Inc.		1,542,750
	18,000	iShares Russell 2000 Value Fund^a		1,158,840
	54,000	JMP Group, Inc.		359,100


Shares		Common Stock (97.6%)	Value
	Financials (22.4%) - continued
	55,000	Kilroy Realty Corporation	$	1,879,350
	190,000	Kite Realty Group Trust		908,200
	73,500	LaSalle Hotel Properties		1,741,215
	3,600	Markel Corporation^b		1,206,072
	92,000	Meadowbrook Insurance Group, Inc.		793,960
	66,300	National Interstate Corporation		1,423,461
	36,000	Parkway Properties, Inc.		560,160
	39,000	Pebblebrook Hotel Trust^b		764,010
	166,000	PennantPark Investment Corporation		1,845,920
	30,000	Piper Jaffray Companies^b		929,100
	68,000	Potlatch Corporation		2,315,400
	67,500	ProAssurance Corporation^b		3,880,575
	130,000	Redwood Trust, Inc.		1,843,400
	117,000	Safeguard Scientifics, Inc.^b		1,722,240
	138,000	Sandy Spring Bancorp, Inc.^a		2,401,200
	48,700	SeaBright Holdings, Inc.		407,619
	51,500	SVB Financial Group^b		2,232,010
	282,800	Western Alliance Bancorp^a,b		1,708,112
	35,000	Wintrust Financial Corporation		1,047,900

		Total Financials		52,078,460


	Health Care (5.0%)
	65,000	Accelrys, Inc.^b		471,250
	35,000	Angiodynamics, Inc.^b		497,700
	6,300	Atrion Corporation		1,026,144
	92,000	Infinity Pharmaceuticals, Inc.^a,b		522,560
	785,000	Lexicon Pharmaceuticals, Inc.^a,b		1,389,450
	33,700	National Healthcare Corporation		1,227,017
	105,000	Owens & Minor, Inc.		2,990,400
	86,000	Triple-S Management Corporation^b		1,450,820
	58,000	West Pharmaceutical Services, Inc.		2,070,020

		Total Health Care		11,645,361


	Industrials (24.0%)
	36,000	A.O. Smith Corporation		2,017,080
	34,000	Alaska Air Group, Inc.^b		1,795,200
	26,800	Ameron International Corporation		1,842,768
	37,000	Applied Industrial Technologies, Inc.		1,125,170
	18,900	Astec Industries, Inc.^b		556,983
	138,500	Beacon Roofing Supply, Inc.^b		2,044,260
	45,200	Belden, Inc.		1,261,080
	31,900	Cascade Corporation		1,128,941
	27,000	Circor International, Inc.		947,160
	62,000	Colfax Corporation^b		996,340
	82,000	Comfort Systems USA, Inc.		938,900
	34,000	Courier Corporation		503,200
	46,200	Dolan Company^b		494,340
	16,500	Franklin Electric Company, Inc.		595,815
	23,800	FTI Consulting, Inc.^b		843,948
	54,500	G & K Services, Inc.		1,347,240
	80,700	Genesee & Wyoming, Inc.^b		3,730,761
	92,500	Gibraltar Industries, Inc.^b		844,525
	105,800	Greenbrier Companies, Inc.^b		1,925,560
	62,000	Hub Group, Inc.^b		2,013,140
	51,500	IDEX Corporation		1,858,120
	88,000	Insituform Technologies, Inc.^b		1,900,800
	45,500	Kaman Corporation		1,226,225
	97,000	Kforce, Inc.^b		1,455,970

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

Partner Small Cap Value Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (97.6%)	Value
	Industrials (24.0%) - continued
	80,500	Kirby Corporation^b	$	3,460,695
	47,300	Kratos Defense & Security Solutions, Inc.^b		539,220
	103,700	McGrath Rentcorp		2,624,647
	39,500	Mine Safety Appliances Company		1,112,320
	113,000	Navigant Consulting, Inc.^b		1,033,950
	28,100	Nordson Corporation		2,192,362
	67,000	Robbins & Myers, Inc.		1,945,010
	90,000	SkyWest, Inc.		1,364,400
	50,000	Sterling Construction Company, Inc.^b		610,000
	28,000	Sun Hydraulics Corporation		869,960
	44,000	Universal Forest Products, Inc.		1,326,160
	136,000	Vitran Corporation, Inc.^b		1,521,840
	44,000	Waste Connections, Inc.		1,792,560
	62,300	Woodward Governor Company		1,952,482

		Total Industrials		55,739,132


	Information Technology (10.5%)
	128,000	Advanced Energy Industries, Inc.^b		1,838,080
	34,500	ATMI, Inc.^b		609,615
	130,000	Brooks Automation, Inc.^b		882,700
	15,000	Cabot Microelectronics Corporation^b		579,450
	63,000	Cognex Corporation		1,682,100
	56,000	Cohu, Inc.		803,600
	111,100	Electro Rent Corporation		1,650,946
	51,000	Electro Scientific Industries, Inc.^b		592,620
	130,000	Ixia^b		2,034,500
	13,300	Littelfuse, Inc.^b		564,319
	13,600	Mattson Technology, Inc.^a,b		34,680
	82,000	Methode Electronics, Inc.		761,780
	118,000	Monotype Imaging Holdings, Inc.^b		1,124,540
	82,000	Progress Software Corporation^b		3,064,340
	152,000	ShoreTel, Inc.^b		951,520
	295,000	Sonus Networks, Inc.^b		917,450
	46,000	Standard Microsystems Corporation^b		1,110,440
	75,600	StarTek, Inc.^b		308,448
	63,000	Synnex Corporation^b		1,829,520
	70,800	Teradyne, Inc.^b		795,792
	63,000	Xyratex, Ltd.^b		975,240
	280,000	Zarlink Semiconductor, Inc.^a,b		560,000
	76,000	Zygo Corporation^b		813,200

		Total Information Technology		24,484,880


	Materials (9.2%)
	37,100	AMCOL International Corporation		1,029,154
	75,400	AptarGroup, Inc.		3,383,952
	72,000	Arch Chemicals, Inc.		2,556,720
	54,000	Carpenter Technology Corporation		1,925,640
	45,000	Clearwater Paper Corporation^b		3,633,750
	57,000	Franco-Nevada Corporation^b		1,966,134
	45,100	Innospec, Inc.^b		763,543
	22,500	Minerals Technologies, Inc.		1,320,075
	113,000	Myers Industries, Inc.		997,790
	205,300	North American Palladium, Ltd.^b		954,645
	91,000	Sims Metal Management, Ltd. ADR		1,451,450


Shares		Common Stock (97.6%)	Value
	Materials (9.2%) - continued
	179,000	Wausau Paper Corporation^b	$	1,510,760

		Total Materials		21,493,613


	Telecommunications Services (0.3%)
	90,000	Premiere Global Services, Inc.^b		614,700

		Total Telecommunications Services		614,700


	Utilities (5.1%)
	41,300	Black Hills Corporation		1,314,992
	95,000	Cleco Corporation		2,970,650
	93,000	El Paso Electric Company^b		2,287,800
	21,700	Empire District Electric Company^a		456,568
	50,000	NorthWestern Corporation		1,488,500
	62,000	Southwest Gas Corporation		2,155,120
	42,000	Vectren Corporation		1,149,960

		Total Utilities		11,823,590


		Total Common Stock (cost $201,662,529)		226,874,265


Shares		Preferred Stock (0.9%)	Value
	Financials (0.7%)
	7,400	Assured Guaranty, Ltd., Convertible		586,746
	705	East West Bancorp, Inc.^c		892,706

		Total Financials		1,479,452


	Health Care (0.2%)
	40,200	National Healthcare Corporation, Convertible^c		542,700

		Total Health Care		542,700


		Total Preferred Stock (cost $1,589,784)		2,022,152


Shares		Collateral Held for Securities Loaned (5.5%)	Value
	12,796,600	Thrivent Financial Securities Lending Trust		12,796,600

		Total Collateral Held for Securities Loaned (cost $12,796,600)		12,796,600


Principal Amount		Short-Term Investments (1.7%)^d	Value
		Nieuw Amsterdam Receivables Corporation
	4,015,000	0.220%, 11/1/2010		4,015,000

		Total Short-Term Investments (at amortized cost)		4,015,000

		Total Investments (cost $220,063,913) 105.7%	$	245,708,017

		Other Assets and Liabilities, Net (5.7%)		(13,265,228	)

		Total Net Assets 100.0%	$	232,442,789

a	All or a portion of the security is on loan as discussed in item 2(M) of the Notes to Financial Statements.

b	Non-income producing security.

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

Partner Small Cap Value Fund

Schedule of Investments as of October 31, 2010

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

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

Definitions:

ADR

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


Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$	45,299,249
Gross unrealized depreciation		(20,727,668	)

Net unrealized appreciation (depreciation)	$	24,571,581

Cost for federal income tax purposes	$	221,136,436

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Partner Small Cap Value Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Common Stock
Consumer Discretionary		30,332,976		30,332,976		—		—
Consumer Staples		2,302,930		2,302,930		—		—
Energy		16,358,623		16,358,623		—		—
Financials		52,078,460		52,078,460		—		—
Health Care		11,645,361		11,645,361		—		—
Industrials		55,739,132		55,739,132		—		—
Information Technology		24,484,880		24,484,880		—		—
Materials		21,493,613		19,527,479		1,966,134		—
Telecommunications Services		614,700		614,700		—		—
Utilities		11,823,590		11,823,590		—		—

Preferred Stock
Financials		1,479,452		—		1,479,452		—
Health Care		542,700		542,700		—		—
Collateral Held for Securities Loaned		12,796,600		12,796,600		—		—
Short-Term Investments		4,015,000		—		4,015,000		—

Total	$	245,708,017	$	238,247,431	$	7,460,586	$	—

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Partner Small Cap Value Fund as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value October 31, 2009		Realized Gain/(Loss)		Change in Unrealized Appreciation/ (Depreciation)		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3			Value October 31, 2010



Preferred Stock Financials		531,764		—		54,982		—		—		—		(586,746	)		—

Total	$	531,764	$	—	$	54,982	$	—	$	—	$	—	($	586,746	)	$	—

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

Partner Small Cap Value Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Partner Small Cap Value Fund’s investments in financial derivative instruments by primary risk exposure.


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

Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		224

Total Foreign Exchange Contracts			224

Total		$	224

The following table presents Partner Small Cap Value Fund’s average volume of derivative activity during the period ended October 31, 2010.


Derivative Risk Category	Forwards *(Notional)**		Forwards (Percentage of Average Net Assets)



Foreign Exchange Contracts	$	749		<0.1	%

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

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner Small Cap Value Fund, is as follows:


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010


Money Market	$	989,407	$	5,964,093	$	6,953,500		—	$	—	$	—
Thrivent Financial Securities Lending Trust		19,862,056		107,191,473		114,256,929		12,796,600		12,796,600		27,710
Total Value and Income Earned		20,851,463								12,796,600		27,710

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

Small Cap Stock Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (90.9%)	Value
	Consumer Discretionary (14.3%)
	449,121	Chico’s FAS, Inc.	$	4,365,456
	255,369	Cooper Tire & Rubber Company		5,007,786
	313,800	Domino’s Pizza, Inc.^a		4,656,792
	3,000	DreamWorks Animation SKG, Inc.^a		105,900
	350,200	Foot Locker, Inc.		5,578,686
	63,500	Knology, Inc.^a		923,925
	13,100	P.F. Chang’s China Bistro, Inc.^b		601,552
	25,500	Panera Bread Company^a		2,282,505
	575,100	Pier 1 Imports, Inc.^a		4,991,868
	103,500	Warnaco Group, Inc.^a		5,496,885
	145,100	Williams-Sonoma, Inc.		4,696,887
	123,980	WMS Industries, Inc.^a		5,409,248

		Total Consumer Discretionary		44,117,490


	Consumer Staples (1.9%)
	91,500	Herbalife, Ltd.		5,843,190

		Total Consumer Staples		5,843,190


	Energy (9.3%)
	175,300	Arch Coal, Inc.		4,310,627
	11,900	Cloud Peak Energy, Inc.^a		206,703
	267,027	Complete Production Services, Inc.^a		6,256,443
	100,800	Dresser-Rand Group, Inc.^a		3,449,376
	158,900	Forest Oil Corporation^a		4,882,997
	850,400	International Coal Group, Inc.^a		4,779,248
	274,700	James River Coal Company^a,b		4,755,057

		Total Energy		28,640,451


	Financials (16.3%)
	67,584	Affiliated Managers Group, Inc.^a		5,785,866
	150,800	DuPont Fabros Technology, Inc.^b		3,785,080
	146,100	First Niagara Financial Group, Inc.^b		1,731,285
	16,000	Greenhill & Company, Inc.^b		1,242,720
	160,662	Healthcare Realty Trust, Inc.		3,878,381
	69,580	Home Bancshares, Inc.		1,431,260
	41,300	IBERIABANK Corporation		2,149,665
	52,500	MB Financial, Inc.		781,725
	635,546	Ocwen Financial Corporation^a		5,484,762
	110,100	Potlatch Corporation		3,748,905
	24,700	Prosperity Bancshares, Inc.		767,923
	35,700	SCBT Financial Corporation		1,089,921
	60,000	Solar Capital, Ltd.		1,339,200
	89,800	Sunstone Hotel Investors, Inc.^a		974,330
	123,700	SVB Financial Group^a		5,361,158
	303,700	Texas Capital Bancshares, Inc.^a		5,512,155
	244,898	Zions Bancorporation^b		5,059,593

		Total Financials		50,123,929


	Health Care (10.6%)
	258,300	Align Technology, Inc.^a,b		4,398,849
	174,100	Community Health Systems, Inc.^a		5,236,928
	108,200	Covance, Inc.^a		5,084,318
	268,796	Endologix, Inc.^a		1,486,442
	40,000	ICON plc ADR^a		774,000
	199,700	Lincare Holdings, Inc.		5,236,134
	54,500	Masimo Corporation		1,644,265
	69,900	PSS World Medical, Inc.^a,b		1,651,737
	31,900	STERIS Corporation		1,091,618


Shares		Common Stock (90.9%)	Value
	Health Care (10.6%) - continued
	98,900	United Therapeutics Corporation^a	$	5,934,000

		Total Health Care		32,538,291


	Industrials (15.6%)
	70,500	Deluxe Corporation		1,441,020
	152,680	FTI Consulting, Inc.^a		5,414,033
	39,700	Genesee & Wyoming, Inc.^a		1,835,331
	64,900	Herman Miller, Inc.		1,248,027
	55,300	ICF International, Inc.^a		1,416,786
	10,000	Kforce, Inc.^a		150,100
	53,500	Knight Transportation, Inc.		956,045
	27,900	Landstar System, Inc.		1,049,598
	559,902	Manitowoc Company, Inc.		6,237,308
	114,300	Navigant Consulting, Inc.^a		1,045,845
	222,273	Old Dominion Freight Line, Inc.^a		6,234,757
	213,398	Oshkosh Corporation^a		6,297,375
	155,918	Shaw Group, Inc.^a		4,764,854
	21,500	Steelcase, Inc.		180,815
	60,500	Sykes Enterprises, Inc.^a		1,004,905
	131,761	Teledyne Technologies, Inc.^a		5,477,305
	58,800	Waste Connections, Inc.		2,395,512
	43,000	Werner Enterprises, Inc.		916,760

		Total Industrials		48,066,376


	Information Technology (19.0%)
	129,400	ADTRAN, Inc.		4,175,738
	3,600	Arrow Electronics, Inc.^a		106,596
	599,525	Atmel Corporation^a		5,311,791
	165,400	Cogo Group, Inc.^a		1,258,694
	163,075	CommVault Systems, Inc.^a		4,717,760
	529,238	Compuware Corporation^a		5,297,672
	121,300	Informatica Corporation^a		4,935,697
	64,300	Ingram Micro, Inc.^a		1,135,538
	453,200	Monster Worldwide, Inc.^a,b		8,184,792
	146,003	Plantronics, Inc.		5,238,588
	197,874	Polycom, Inc.^a		6,684,184
	36,300	Synnex Corporation^a		1,054,152
	5,700	Tech Data Corporation^a		245,043
	405,600	Teradyne, Inc.^a,b		4,558,944
	250,693	TIBCO Software, Inc.^a		4,818,319
	17,600	Zebra Technologies Corporation^a		629,728

		Total Information Technology		58,353,236


	Materials (0.7%)
	100,000	Puda Coal, Inc.^a,b		881,000
	30,000	Reliance Steel & Aluminum Company		1,255,500

		Total Materials		2,136,500


	Telecommunications Services (0.1%)
	25,400	Cbeyond, Inc.^a,b		344,170
	4,700	NTELOS Holdings Corporation		85,399

		Total Telecommunications Services		429,569


	Utilities (3.1%)
	137,537	Southwest Gas Corporation		4,780,786
	160,500	UGI Corporation		4,829,445

		Total Utilities		9,610,231


		Total Common Stock (cost $253,498,178)		279,859,263

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

Small Cap Stock Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (0.2%)	Value
	U.S. Government and Agencies (0.2%)
		U.S. Treasury Notes
$	600,000	0.875%, 12/31/2010^c	$	600,680

		Total U.S. Government and Agencies		600,680


		Total Long-Term Fixed Income (cost $600,045)		600,680


Shares		Collateral Held for Securities Loaned (7.1%)	Value
	21,723,500	Thrivent Financial Securities Lending Trust		21,723,500

		Total Collateral Held for Securities Loaned (cost $21,723,500)		21,723,500


Principal Amount		Short-Term Investments (7.4%)^d	Value
		CRC Funding, LLC
	6,875,000	0.220%, 11/1/2010		6,875,000
		Federal Home Loan Bank Discount Notes
	5,000,000	0.150%, 11/12/2010		4,999,771
	10,000,000	0.145%, 11/19/2010		9,999,275
		U.S. Treasury Bill
	1,000,000	0.153%, 12/30/2010^c		999,750

		Total Short-Term Investments (at amortized cost)		22,873,796

		Total Investments (cost $298,695,519) 105.6%	$	325,057,239

		Other Assets and Liabilities, Net (5.6%)		(17,315,860	)

		Total Net Assets 100.0%	$	307,741,379

a	Non-income producing security.

b	All or a portion of the security is on loan as discussed in item 2(M) of the Notes to Financial Statements.

c	At October 31, 2010, $1,600,430 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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

Definitions:


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


Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$	34,011,762
Gross unrealized depreciation		(8,111,853	)

Net unrealized appreciation (depreciation)	$	25,899,909

Cost for federal income tax purposes	$	299,157,330

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

Small Cap Stock Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Small Cap Stock Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities		Total		Level 1		Level 2		Level 3

Common Stock
Consumer Discretionary			44,117,490		44,117,490		—		—
Consumer Staples			5,843,190		5,843,190		—		—
Energy			28,640,451		28,640,451		—		—
Financials			50,123,929		50,123,929		—		—
Health Care			32,538,291		32,538,291		—		—
Industrials			48,066,376		48,066,376		—		—
Information Technology			58,353,236		58,353,236		—		—
Materials			2,136,500		2,136,500		—		—
Telecommunications Services			429,569		429,569		—		—
Utilities			9,610,231		9,610,231		—		—

Long-Term Fixed Income
U.S. Government and Agencies			600,680		—		600,680		—
Collateral Held for Securities Loaned			21,723,500		21,723,500		—		—
Short-Term Investments			22,873,796		—		22,873,796		—
	��
Total		$	325,057,239	$	301,582,763	$	23,474,476	$	—


Other Financial Instruments		Total		Level 1		Level 2		Level 3

Asset Derivatives
Futures Contracts			421,508		421,508		—		—
Total Asset Derivatives		$	421,508	$	421,508	$	—	$	—


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
Russell 2000 Index Mini-Futures		217		December 2010	$	14,816,232	$	15,237,740	$	421,508
Total Futures Contracts									$	421,508

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of October 31, 2010, for Small Cap Stock Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


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

Asset Derivatives

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		421,508
Total Equity Contracts			421,508

Total Asset Derivatives		$	421,508

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

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

Small Cap Stock Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Small Cap Stock Fund’s investments in financial derivative instruments by primary risk exposure.


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

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		(478,326	)

Total Equity Contracts			(478,326	)

Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(15,742	)

Total Foreign Exchange Contracts			(15,742	)

Total		($	494,068	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Small Cap Stock Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		421,508
Total Equity Contracts			421,508

Total		$	421,508

The following table presents Small Cap Stock Fund’s average volume of derivative activity during the period ended October 31, 2010.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Equity Contracts

6,097,102

2.0

N/A

Foreign Exchange Contracts

N/A

15,111

<0.1

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

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Small Cap Stock Fund, is as follows:


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
Money Market	$	208,223	$	5,508,018	$	5,716,241		—	$	—	$	—
Thrivent Financial Securities Lending Trust		24,626,885		166,086,442		168,989,827		21,723,500		21,723,500		195,556
Total Value and Income Earned		24,835,108								21,723,500		195,556

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

Mid Cap Growth Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (92.9%)	Value
	Consumer Discretionary (14.9%)
	67,500	Abercrombie & Fitch Company	$	2,893,050
	176,700	American Eagle Outfitters, Inc.		2,828,967
	58,800	Autoliv, Inc.		4,192,440
	74,300	BorgWarner, Inc.^a		4,168,973
	89,400	Darden Restaurants, Inc.		4,086,474
	84,050	Discovery Communications, Inc.^a		3,749,470
	99,600	Dollar Tree, Inc.^a		5,110,476
	86,800	DreamWorks Animation SKG, Inc.^a		3,064,040
	36,500	Guess ?, Inc.		1,420,580
	85,300	Hasbro, Inc.		3,945,125
	107,700	International Game Technology		1,679,043
	50,200	J.C. Penney Company, Inc.		1,565,236
	59,300	Jack in the Box, Inc.^a		1,373,388
	101,100	KB Home^b		1,062,561
	65,900	Leapfrog Enterprises, Inc.^a		368,381
	229,200	MGM Resorts International^a,b		2,505,156
	50,000	O’Reilly Automotive, Inc.^a		2,925,000
	39,600	P.F. Chang’s China Bistro, Inc.^b		1,818,432
	128,400	Toll Brothers, Inc.^a		2,303,496
	37,000	VF Corporation		3,079,880
	40,000	WMS Industries, Inc.^a		1,745,200
	77,700	Zumiez, Inc.^a,b		2,037,294

		Total Consumer Discretionary		57,922,662


	Consumer Staples (5.3%)
	132,900	Avon Products, Inc.		4,046,805
	94,000	BJ’s Wholesale Club, Inc.^a		3,922,620
	54,700	Clorox Company		3,640,285
	114,700	H.J. Heinz Company		5,632,917
	91,200	Whole Foods Market, Inc.^a		3,625,200

		Total Consumer Staples		20,867,827


	Energy (10.2%)
	109,500	Alpha Natural Resources, Inc.^a		4,946,115
	44,900	ENSCO International plc ADR		2,080,666
	166,300	Forest Oil Corporation^a		5,110,399
	75,600	Frontline, Ltd.^b		2,173,500
	172,800	Nabors Industries, Ltd.^a		3,611,520
	270,000	Petrohawk Energy Corporation^a		4,592,700
	43,100	Range Resources Corporation		1,611,509
	105,700	Sunoco, Inc.		3,960,579
	136,600	Ultra Petroleum Corporation^a		5,621,090
	288,100	Weatherford International, Ltd.^a		4,842,961
	116,536	Willbros Group, Inc.^a		1,032,509

		Total Energy		39,583,548


	Financials (4.7%)
	138,100	Discover Financial Services		2,437,465
	18,600	IntercontinentalExchange, Inc.^a		2,136,582
	127,300	Lazard, Ltd.		4,697,370
	56,500	MSCI, Inc.^a		2,025,525
	56,900	PartnerRe, Ltd.		4,513,308
	197,493	TCF Financial Corporation^b		2,599,008

		Total Financials		18,409,258


	Health Care (10.3%)
	34,700	Alexion Pharmaceuticals, Inc.^a		2,370,010
	63,300	Beckman Coulter, Inc.		3,370,092
	348,800	Boston Scientific Corporation^a		2,225,344
	67,700	C.R. Bard, Inc.		5,627,224
	31,700	Cephalon, Inc.^a		2,106,148
	103,200	CIGNA Corporation		3,631,608


Shares		Common Stock (92.9%)	Value
	Health Care (10.3%) - continued
	184,800	Hologic, Inc.^a	$	2,960,496
	40,100	Hospira, Inc.^a		2,385,148
	50,200	Life Technologies Corporation^a		2,519,036
	186,900	Myriad Genetics, Inc.^a		3,724,917
	59,800	Shire Pharmaceuticals Group plc ADR		4,191,980
	55,600	Thermo Fisher Scientific, Inc.^a		2,858,952
	52,800	Vertex Pharmaceuticals, Inc.^a		2,023,824

		Total Health Care		39,994,779


	Industrials (16.9%)
	115,500	Aecom Technology Corporation^a		3,059,595
	183,200	BE Aerospace, Inc.^a		6,734,432
	34,300	C.H. Robinson Worldwide, Inc.		2,417,464
	135,900	Delta Air Lines, Inc.^a		1,887,651
	128,240	Expeditors International of Washington, Inc.		6,329,927
	24,900	Flowserve Corporation		2,490,000
	54,129	FTI Consulting, Inc.^a		1,919,414
	116,900	JB Hunt Transport Services, Inc.		4,203,724
	132,700	Knight Transportation, Inc.		2,371,349
	84,200	Manpower, Inc.		4,608,266
	94,800	Pentair, Inc.		3,102,804
	44,600	Precision Castparts Corporation		6,091,468
	101,200	Quanta Services, Inc.^a		1,989,592
	64,500	Roper Industries, Inc.		4,478,235
	85,000	Ryanair Holdings plc ADR		2,773,550
	94,400	Shaw Group, Inc.^a		2,884,864
	50,500	SPX Corporation		3,386,530
	69,900	Stericycle, Inc.^a		5,014,626

		Total Industrials		65,743,491


	Information Technology (19.3%)
	43,874	Akamai Technologies, Inc.^a		2,266,970
	45,600	Altera Corporation		1,423,176
	642,000	Atmel Corporation^a		5,688,120
	34,700	Broadcom Corporation		1,413,678
	51,300	CommVault Systems, Inc.^a		1,484,109
	176,900	Electronic Arts, Inc.^a		2,803,865
	80,200	F5 Networks, Inc.^a		9,439,540
	100,700	JDS Uniphase Corporation^a		1,058,357
	123,200	Juniper Networks, Inc.^a		3,990,448
	179,700	Marvell Technology Group, Ltd.^a		3,470,007
	104,600	Monster Worldwide, Inc.^a		1,889,076
	145,300	NetApp, Inc.^a		7,737,225
	91,996	Netlogic Microsystems, Inc.^a,b		2,765,400
	60,400	Nice Systems, Ltd. ADR^a		2,022,796
	222,319	Nuance Communications, Inc.^a		3,492,631
	268,300	NVIDIA Corporation^a		3,227,649
	168,200	Polycom, Inc.^a		5,681,796
	54,400	Red Hat, Inc.^a		2,298,944
	49,600	Riverbed Technology, Inc.^a		2,853,984
	188,500	Symantec Corporation^a		3,049,930
	61,300	Teradata Corporation^a		2,412,768
	142,200	Tyco Electronics, Ltd.		4,504,896

		Total Information Technology		74,975,365


	Materials (8.4%)
	13,000	Allegheny Technologies, Inc.		684,970
	143,400	Celanese Corporation		5,112,210
	65,300	Crown Holdings, Inc.^a		2,102,007
	90,100	Ecolab, Inc.		4,443,732
	73,300	Newmont Mining Corporation		4,461,771

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

Mid Cap Growth Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (92.9%)	Value
	Materials (8.4%) - continued
	113,500	Pan American Silver Corporation	$	3,622,920
	24,000	Randgold Resources, Ltd. ADR^b		2,254,080
	50,100	Rock-Tenn Company		2,848,185
	93,236	Rockwood Holdings, Inc.^a		3,162,565
	45,200	Walter Energy, Inc.^b		3,975,792

		Total Materials		32,668,232


	Telecommunications Services (2.9%)
	75,610	American Tower Corporation^a		3,902,232
	48,300	NII Holdings, Inc.^a		2,019,423
	140,300	SBA Communications
		Corporation^a		5,508,178

		Total Telecommunications Services		11,429,833

		Total Common Stock (cost $291,834,287)		361,594,995


Shares		Collateral Held for Securities Loaned (4.5%)	Value
	17,310,111	Thrivent Financial Securities
		Lending Trust		17,310,111

		Total Collateral Held for Securities Loaned (cost $17,310,111)		17,310,111


Principal Amount		Short-Term Investments (7.0%)^c	Value
		CRC Funding, LLC
	7,280,000	0.220%, 11/1/2010		7,280,000
		Federal Home Loan Bank Discount Notes
	10,000,000	0.150%, 11/12/2010		9,999,542
	5,000,000	0.145%, 11/19/2010		4,999,637
	5,000,000	0.155%, 11/24/2010		4,999,505

		Total Short-Term Investments (at amortized cost)		27,278,684

		Total Investments (cost $336,423,082) 104.4%	$	406,183,790

		Other Assets and Liabilities, Net (4.4%)		(16,951,299	)

		Total Net Assets 100.0%	$	389,232,491

a	Non-income producing security.

b	All or a portion of the security is on loan as discussed in item 2(M) of the Notes to Financial Statements.

c	The interest rate shown reflects the yield, coupon rate or, for securities purchased at a discount, the discount rate at the date of purchase.


Definitions:

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


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

Gross unrealized appreciation	$	81,855,338
Gross unrealized depreciation		(13,160,476	)

Net unrealized appreciation (depreciation)	$	68,694,862

Cost for federal income tax purposes	$	337,488,928

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

Mid Cap Growth Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Mid Cap Growth Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Common Stock
Consumer Discretionary		57,922,662		57,922,662		—		—
Consumer Staples		20,867,827		20,867,827		—		—
Energy		39,583,548		39,583,548		—		—
Financials		18,409,258		18,409,258		—		—
Health Care		39,994,779		39,994,779		—		—
Industrials		65,743,491		65,743,491		—		—
Information Technology		74,975,365		74,975,365		—		—
Materials		32,668,232		32,668,232		—		—
Telecommunications Services		11,429,833		11,429,833		—		—
Collateral Held for Securities Loaned		17,310,111		17,310,111		—		—
Short-Term Investments		27,278,684		—		27,278,684		—

Total	$	406,183,790	$	378,905,106	$	27,278,684	$	—

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Mid Cap Growth Fund, is as follows:


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
Money Market	$	50,548	$	1,833,068	$	1,883,616		—	$	—	$	—
Thrivent Financial Securities Lending Trust		12,021,075		185,625,032		180,335,996		17,310,111		17,310,111		76,860
Total Value and Income Earned		12,071,623								17,310,111		76,860

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

Partner Mid Cap Value Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (97.2%)	Value
	Consumer Discretionary (12.4%)
	89,560	CBS Corporation	$	1,516,251
	96,890	DISH Network Corporation		1,924,235
	32,721	Guess ?, Inc.		1,273,501
	28,935	Hanesbrands, Inc.^a		717,588
	15,870	Harley-Davidson, Inc.		486,892
	22,518	Lear Corporation^a		1,990,591
	98,023	Liberty Media Corporation - Interactive^a		1,446,820
	11,410	Mohawk Industries, Inc.^a		654,249
	85,107	Newell Rubbermaid, Inc.		1,502,139
	1,254	NVR, Inc.^a		786,772
	25,890	TRW Automotive Holdings Corporation^a		1,182,914
	20,991	Urban Outfitters, Inc.^a		645,893
	2,220	Washington Post Company^b		892,773

		Total Consumer Discretionary		15,020,618


	Consumer Staples (5.2%)
	55,300	ConAgra Foods, Inc.		1,243,697
	64,161	Del Monte Foods Company		920,069
	23,350	H.J. Heinz Company		1,146,719
	22,750	Hansen Natural Corporation^a		1,165,027
	27,916	J.M. Smucker Company		1,794,440

		Total Consumer Staples		6,269,952


	Energy (10.0%)
	25,756	Alpha Natural Resources, Inc.^a		1,163,398
	14,016	Cameron International Corporation^a		613,200
	52,406	Forest Oil Corporation^a		1,610,436
	20,260	Helmerich & Payne, Inc.		866,723
	47,479	Key Energy Services, Inc.^a		467,668
	53,840	Newfield Exploration Company^a		3,209,941
	47,290	QEP Resources, Inc.		1,561,989
	33,197	Range Resources Corporation		1,241,236
	80,344	Weatherford International, Ltd.^a		1,350,583

		Total Energy		12,085,174


	Financials (27.2%)
	14,099	Alexandria Real Estate Equities, Inc.		1,035,995
	16,021	Boston Properties, Inc.		1,380,850
	41,293	Comerica, Inc.		1,477,464
	16,060	Digital Realty Trust, Inc.^b		959,264
	43,635	Douglas Emmett, Inc.		782,812
	12,134	Equity Residential		590,076
	25,259	Everest Re Group, Ltd.		2,128,829
	85,330	Fifth Third Bancorp		1,071,745
	69,900	First Horizon National Corporation^a		705,291
	107,233	Genworth Financial, Inc.^a		1,216,022
	72,886	Hartford Financial Services Group, Inc.		1,747,806
	76,544	Host Hotels & Resorts, Inc.		1,216,284
	499	IntercontinentalExchange, Inc.^a		57,320
	81,945	Invesco, Ltd.		1,884,735
	75,099	Janus Capital Group, Inc.		793,045
	21,710	Lazard, Ltd.		801,099
	8,778	M&T Bank Corporation^b		656,155
	51,345	Marsh & McLennan Companies, Inc.		1,282,598
	145,180	MFA Mortgage Investments, Inc.		1,148,374
	86,740	Principal Financial Group, Inc.		2,328,102


Shares		Common Stock (97.2%)	Value
	Financials (27.2%) - continued
	33,833	Progressive Corporation	$	715,906
	134,712	SLM Corporation^a		1,603,073
	74,460	SunTrust Banks, Inc.		1,862,989
	18,640	Tanger Factory Outlet Centers, Inc.		893,229
	26,750	Ventas, Inc.		1,432,730
	65,860	W.R. Berkley Corporation		1,812,467
	59,711	XL Group plc		1,262,888

		Total Financials		32,847,148


	Health Care (6.1%)
	57,740	Aetna, Inc.		1,724,116
	35,395	Biogen Idec, Inc.^a		2,219,620
	15,530	C.R. Bard, Inc.		1,290,854
	61,310	Hologic, Inc.^a		982,186
	29,963	Kinetic Concepts, Inc.^a		1,139,493

		Total Health Care		7,356,269


	Industrials (9.1%)
	27,931	BE Aerospace, Inc.^a		1,026,744
	16,712	Cooper Industries plc		876,043
	16,574	Eaton Corporation		1,472,268
	95,890	JetBlue Airways Corporation^a,b		669,312
	25,588	Kansas City Southern, Inc.^a		1,121,266
	55,256	Masco Corporation		589,029
	18,918	Parker Hannifin Corporation		1,448,173
	41,790	Pentair, Inc.		1,367,787
	33,845	Republic Services, Inc.		1,008,919
	13,950	Ryder System, Inc.		610,313
	37,010	Textron, Inc.^b		770,548

		Total Industrials		10,960,402


	Information Technology (6.4%)
	42,894	Adobe Systems, Inc.^a		1,207,466
	21,955	Amphenol Corporation		1,100,604
	33,810	BMC Software, Inc.^a		1,537,003
	14,940	Check Point Software Technologies, Ltd.^a		638,684
	143,444	ON Semiconductor Corporation^a		1,100,216
	47,141	Parametric Technology Corporation^a		1,012,117
	13,611	Polycom, Inc.^a		459,780
	14,320	Quest Software, Inc.^a		374,754
	7,628	VeriFone Systems, Inc.^a		258,055

		Total Information Technology		7,688,679


	Materials (5.5%)
	22,572	Celanese Corporation		804,692
	5,391	CF Industries Holdings, Inc.		660,559
	9,365	Cliffs Natural Resources, Inc.		610,598
	144,153	Huntsman Corporation		1,996,519
	29,710	Owens-Illinois, Inc.^a		832,771
	55,930	Steel Dynamics, Inc.		812,104
	46,130	Temple-Inland, Inc.		955,814

		Total Materials		6,673,057


	Telecommunications Services (3.3%)
	43,247	CenturyLink, Inc.		1,789,561
	79,710	Clearwire Corporation^a,b		565,144
	382,379	Sprint Nextel Corporation^a		1,575,401

		Total Telecommunications Services		3,930,106

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

100

Partner Mid Cap Value Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (97.2%)	Value
	Utilities (12.0%)
	18,480	Alliant Energy Corporation	$	675,075
	94,361	CMS Energy Corporation		1,734,355
	16,860	DPL, Inc.		440,046
	40,956	Edison International, Inc.		1,511,277
	12,479	FirstEnergy Corporation		453,237
	31,440	Northeast Utilities		983,443
	71,796	NV Energy, Inc.		980,733
	18,090	Pinnacle West Capital Corporation		744,585
	54,094	PPL Corporation		1,455,129
	21,190	Progress Energy, Inc.		953,550
	42,574	SCANA Corporation		1,738,722
	14,430	Sempra Energy		771,716
	87,577	Xcel Energy, Inc.		2,089,587

		Total Utilities		14,531,455


		Total Common Stock (cost $99,512,946)		117,362,860


Shares		Collateral Held for Securities Loaned (3.7%)	Value
	4,538,968	Thrivent Financial Securities Lending Trust		4,538,968

		Total Collateral Held for Securities Loaned (cost $4,538,968)		4,538,968


Principal Amount		Short-Term Investments (2.9%)^c	Value
		Charta, LLC
	3,480,000	0.220%, 11/1/2010		3,480,000

		Total Short-Term Investments (at amortized cost)		3,480,000

		Total Investments (cost $107,531,914) 103.8%	$	125,381,828

		Other Assets and Liabilities, Net (3.8%)		(4,604,428	)

		Total Net Assets 100.0%	$	120,777,400

a	Non-income producing security.

b	All or a portion of the security is on loan as discussed in item 2(M) of the Notes to Financial Statements.

c	The interest rate shown reflects the yield, coupon rate or, for securities purchased at a discount, the discount rate at the date of purchase.


Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$	18,833,021
Gross unrealized depreciation		(1,592,021	)

Net unrealized appreciation (depreciation)	$	17,241,000

Cost for federal income tax purposes	$	108,140,828

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

101

Partner Mid Cap Value Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Partner Mid Cap Value Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Common Stock
Consumer Discretionary		15,020,618		15,020,618		—		—
Consumer Staples		6,269,952		6,269,952		—		—
Energy		12,085,174		12,085,174		—		—
Financials		32,847,148		32,847,148		—		—
Health Care		7,356,269		7,356,269		—		—
Industrials		10,960,402		10,960,402		—		—
Information Technology		7,688,679		7,688,679		—		—
Materials		6,673,057		6,673,057		—		—
Telecommunications Services		3,930,106		3,930,106		—		—
Utilities		14,531,455		14,531,455		—		—
Collateral Held for Securities Loaned		4,538,968		4,538,968		—		—
Short-Term Investments		3,480,000		—		3,480,000		—

Total	$	125,381,828	$	121,901,828	$	3,480,000	$	—

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner Mid Cap Value Fund, is as follows:


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
Money Market	$	2,711,317	$	1,221,112	$	3,932,429		—	$	—	$	—
Thrivent Financial Securities Lending Trust		3,261,573		53,238,595		51,961,200		4,538,968		4,538,968		24,299
Total Value and Income Earned		5,972,890								4,538,968		24,299

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

102

Mid Cap Stock Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (94.8%)	Value
	Consumer Discretionary (11.2%)
	262,811	Autoliv, Inc.	$	18,738,424
	255,271	Dollar Tree, Inc.^a		13,097,955
	465,100	Macy’s, Inc.		10,994,964
	54,500	Netflix, Inc.^a,b		9,455,750
	257,400	Omnicom Group, Inc.		11,315,304
	145,714	Panera Bread Company^a		13,042,860
	351,000	Williams-Sonoma, Inc.		11,361,870

		Total Consumer Discretionary		88,007,127


	Consumer Staples (2.7%)
	360,209	Flowers Foods, Inc.^b		9,178,125
	254,273	TreeHouse Foods, Inc.^a		11,874,549

		Total Consumer Staples		21,052,674


	Energy (9.2%)
	183,034	Alpha Natural Resources, Inc.^a		8,267,646
	296,300	Arch Coal, Inc.		7,286,017
	181,300	ENSCO International plc ADR		8,401,442
	376,256	Forest Oil Corporation^a		11,562,347
	255,288	National Oilwell Varco, Inc.		13,724,283
	749,600	Weatherford International, Ltd.^a		12,600,776
	106,800	Whiting Petroleum Corporation^a		10,726,992

		Total Energy		72,569,503


	Financials (18.8%)
	283,500	Comerica, Inc.		10,143,630
	645,333	Duke Realty Corporation		8,047,303
	238,526	Endurance Specialty Holdings, Ltd.		9,874,976
	554,756	Equity One, Inc.^b		10,373,937
	181,720	Hanover Insurance Group, Inc.		8,222,830
	572,026	HCC Insurance Holdings, Inc.		15,147,248
	740,209	Host Hotels & Resorts, Inc.		11,761,921
	74,571	IntercontinentalExchange, Inc.^a		8,565,971
	1,197,200	KeyCorp		9,805,068
	227,082	Lazard, Ltd.		8,379,326
	291,590	Northern Trust Corporation		14,471,612
	708,500	People’s United Financial, Inc.		8,721,635
	545,212	W.R. Berkley Corporation		15,004,234
	470,802	Zions Bancorporation^b		9,726,769

		Total Financials		148,246,460


	Health Care (9.3%)
	128,000	Alexion Pharmaceuticals, Inc.^a		8,742,400
	135,214	C.R. Bard, Inc.		11,238,988
	298,382	Community Health Systems, Inc.^a		8,975,331
	472,874	Coventry Health Care, Inc.^a		11,074,709
	397,600	Omnicare, Inc.		9,590,112
	130,102	Varian Medical Systems, Inc.^a		8,225,048
	199,033	Vertex Pharmaceuticals, Inc.^a		7,628,935
	109,800	Waters Corporation^a		8,139,474

		Total Health Care		73,614,997


	Industrials (12.8%)
	138,639	CSX Corporation		8,519,367
	1,129,961	Manitowoc Company, Inc.		12,587,766
	162,298	Manpower, Inc.		8,882,570
	546,044	Oshkosh Corporation^a		16,113,758
	147,318	Parker Hannifin Corporation		11,277,193
	503,000	Shaw Group, Inc.^a		15,371,680
	158,606	SPX Corporation		10,636,118
	256,583	Tyco International, Ltd.		9,821,997


Shares		Common Stock (94.8%)	Value
	Industrials (12.8%) - continued
	342,642	Werner Enterprises, Inc.	$	7,305,127

		Total Industrials		100,515,576


	Information Technology (18.9%)
	163,200	Alliance Data Systems Corporation^a,b		9,909,504
	1,576,533	Atmel Corporation^a		13,968,082
	1,627,350	Compuware Corporation^a		16,289,774
	335,053	eBay, Inc.^a		9,987,930
	71,266	F5 Networks, Inc.^a		8,388,008
	281,050	Juniper Networks, Inc.^a		9,103,209
	191,250	Lam Research Corporation^a		8,757,337
	436,400	Marvell Technology Group, Ltd.^a		8,426,884
	1,784,115	Teradyne, Inc.^a,b		20,053,453
	652,607	TIBCO Software, Inc.^a		12,543,107
	716,100	ValueClick, Inc.^a		9,853,536
	314,100	VeriFone Systems, Inc.^a		10,626,003
	402,596	Xilinx, Inc.^b		10,793,599

		Total Information Technology		148,700,426


	Materials (5.3%)
	215,816	Albemarle Corporation		10,818,856
	316,800	Silgan Holdings, Inc.^b		10,692,000
	683,894	Steel Dynamics, Inc.		9,930,141
	515,100	Temple-Inland, Inc.		10,672,872

		Total Materials		42,113,869


	Telecommunications Services (1.0%)
	231,619	Telephone and Data Systems, Inc.		8,067,290

		Total Telecommunications Services		8,067,290


	Utilities (5.6%)
	203,401	Alliant Energy Corporation		7,430,239
	518,600	CMS Energy Corporation^b		9,531,868
	702,138	NV Energy, Inc.		9,591,205
	365,765	Portland General Electric Company		7,644,488
	334,962	UGI Corporation		10,079,007

		Total Utilities		44,276,807


		Total Common Stock (cost $624,901,682)		747,164,729


Shares		Collateral Held for Securities Loaned (8.1%)	Value
	64,107,848	Thrivent Financial Securities Lending Trust		64,107,848

		Total Collateral Held for Securities Loaned (cost $64,107,848)		64,107,848


Principal Amount		Short-Term Investments (5.4%)^c	Value
		Barclays Bank plc Repurchase Agreement
	12,425,000	0.220%, 11/1/2010^d		12,425,000
		Charta, LLC
	4,565,000	0.220%, 11/1/2010		4,565,000

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

103

Mid Cap Stock Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Short-Term Investments (5.4%)^c	Value
		Federal Home Loan Bank Discount Notes
	5,000,000	0.170%, 11/9/2010	$	4,999,811
	5,000,000	0.150%, 11/12/2010		4,999,771
	10,000,000	0.145%, 11/19/2010		9,999,275
	5,000,000	0.155%, 11/24/2010		4,999,505

		Total Short-Term Investments (at amortized cost)		41,988,362

		Total Investments (cost $730,997,892) 108.3%	$	853,260,939

		Other Assets and Liabilities, Net (8.3%)		(65,550,189	)

		Total Net Assets 100.0%	$	787,710,750

a	Non-income producing security.

b	All or a portion of the security is on loan as discussed in item 2(M) of the Notes to Financial Statements.

c	The interest rate shown reflects the yield, coupon rate or, for securities purchased at a discount, the discount rate at the date of purchase.

d	Repurchase agreement dated October 29, 2010, $12,425,228 maturing November 1, 2010, collateralized by $12,673,574 U.S. Treasury Notes, 3.125% due January 31, 2017.


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	$	133,310,439
Gross unrealized depreciation		(14,762,289	)

Net unrealized appreciation (depreciation)	$	118,548,150

Cost for federal income tax purposes	$	734,712,789

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Mid Cap Stock Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Common Stock
Consumer Discretionary		88,007,127		88,007,127		—		—
Consumer Staples		21,052,674		21,052,674		—		—
Energy		72,569,503		72,569,503		—		—
Financials		148,246,460		148,246,460		—		—
Health Care		73,614,997		73,614,997		—		—
Industrials		100,515,576		100,515,576		—		—
Information Technology		148,700,426		148,700,426		—		—
Materials		42,113,869		42,113,869		—		—
Telecommunications Services		8,067,290		8,067,290		—		—
Utilities		44,276,807		44,276,807		—		—
Collateral Held for Securities Loaned		64,107,848		64,107,848		—		—
Short-Term Investments		41,988,362		—		41,988,362		—

Total	$	853,260,939	$	811,272,577	$	41,988,362	$	—

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Mid Cap Stock Fund, is as follows:


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
Money Market	$	50,920	$	—	$	50,920		—	$	—	$	—
Thrivent Financial Securities Lending Trust		47,693,917		373,746,993		357,333,062		64,107,848		64,107,848		70,111
Total Value and Income Earned		47,744,837								64,107,848		70,111

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

104

Partner Worldwide Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (86.4%)	Value
	Australia (3.6%)
	20,090	Australia & New Zealand Banking
		Group, Ltd.	$	490,118
	70,280	BHP Billiton, Ltd.		2,903,991
	11,922	Campbell Brothers, Ltd.		410,661
	7,316	Cochlear, Ltd.		509,630
	148,570	iiNet, Ltd.		415,295
	32,940	Iluka Resources, Ltd.^a		218,016
	45,223	Mineral Resources, Ltd.		439,880
	28,842	Monadelphous Group, Ltd.		472,564
	20,015	Newcrest Mining, Ltd.		787,649
	25,569	Ramsay Health Care, Ltd.		392,326
	7,699	Rio Tinto, Ltd.		626,549
	46,421	SAI Global, Ltd.		198,857
	75,509	Seek, Ltd.		535,426
	12,669	Westpac Banking Corporation		282,093
	17,209	Woolworths, Ltd.		477,728

		Total Australia		9,160,783


	Austria (0.4%)
	8,223	Andritz AG		630,169
	26,552	Wienerberger AG^a		447,474

		Total Austria		1,077,643


	Belgium (0.8%)
	11,310	Anheuser-Busch InBev NV		710,301
	2,433	Bekaert SA		745,829
	12,892	Umicore		607,455

		Total Belgium		2,063,585


	Bermuda (<0.1%)
	12,000	Orient Overseas International, Ltd.		105,457

		Total Bermuda		105,457


	Brazil (3.2%)
	60,181	Banco Bradesco SA ADR		1,251,765
	22,000	Lojas Renner SA		872,858
	19,000	Multiplan Empreendimentos Imobiliarios SA		441,281
	19,000	Petroleo Brasileiro SA ADR		648,280
	39,000	Petroleo Brasileiro SA PREF ADR		1,216,409
	13,300	Souza Cruz SA		695,780
	15,000	Ultrapar Participacoes SA		911,310
	21,250	Vale SA SP ADR		682,975
	51,000	Vale SA SP PREF ADR		1,465,230

		Total Brazil		8,185,888


	Canada (2.7%)
	5,987	Agnico-Eagle Mines, Ltd.		464,332
	5,980	Agrium, Inc.		528,989
	5,147	Bank of Montreal		303,955
	20,750	Brookfield Asset Management, Inc.		616,051
	17,213	Brookfield Properties Corporation		297,375
	7,008	Calfrac Well Services, Ltd.		176,179
	3,631	Canadian Imperial Bank of Commerce		278,511
	12,217	Canadian National Railway Company		791,308
	17,281	CGI Group, Inc.^a		265,849
	31,245	Eldorado Gold Corporation		529,072
	9,736	Enbridge, Inc.		538,492
	2,000	George Weston, Ltd.		160,703
	2,678	Inmet Mining Corporation		160,118


Shares		Common Stock (86.4%)	Value
	Canada (2.7%) - continued
	34,106	Kinross Gold Corporation	$	613,633
	7,200	Riocan Real Estate Investment Trust		162,722
	3,812	Saputo, Inc.		145,692
	4,687	Suncor Energy, Inc.		150,183
	4,832	Toronto-Dominion Bank		347,985
	13,024	Trican Well Service, Ltd.		225,771

		Total Canada		6,756,920


	Cayman Islands (0.7%)
	147,000	China Shineway Pharmaceutical Group, Ltd.		501,266
	420,858	Kingboard Laminates Holdings, Ltd.		406,665
	569,000	Peak Sport Products, Ltd.		454,463
	16,635	Subsea 7, Inc.^a		350,702

		Total Cayman Islands		1,713,096


	Chile (0.3%)
	7,600	Banco Santander Chile SA ADR		704,064

		Total Chile		704,064


	China (1.5%)
	3,015,750	Bank of China, Ltd.		1,811,325
	1,513,614	Huaneng Power International, Inc.		865,857
	884,000	PetroChina Company, Ltd.		1,088,130

		Total China		3,765,312


	Denmark (1.2%)
	3,919	Carlsberg AS		428,466
	22,360	Christian Hansen Holding AS^a		489,090
	1,952	Coloplast AS		241,716
	3,071	Danisco AS		264,891
	27,936	DSV AS		572,831
	9,352	Novo Nordisk AS		981,977

		Total Denmark		2,978,971


	Finland (1.6%)
	11,924	Cargotec Oyj		542,252
	38,296	Kemira Oyj		563,759
	2,894	Kesko Oyj		143,610
	6,455	Kone Oyj		345,836
	13,838	Outotec Oyj		646,143
	14,198	Sampo Oyj		397,576
	39,328	Stora Enso Oyj		390,762
	12,905	UPM-Kymmene Oyj		214,419
	3,021	Wartsila Corporation		211,853
	20,833	YIT Oyj		503,660

		Total Finland		3,959,870


	France (5.7%)
	16,239	Alten, Ltd.		543,169
	83,316	AXA SA		1,519,412
	2,173	BNP Paribas SA		158,944
	38,000	Cap Gemini SA		1,939,814
	3,252	Christian Dior SA		470,608
	20,170	Compagnie de Saint-Gobain		947,622
	5,452	Euler Hermes SA^a		513,480
	4,099	Faurecia^a		111,194
	6,142	L’Oreal SA		721,454
	10,224	Renault SA^a		570,765
	9,331	Rhodia SA		260,137
	3,633	Rubis		402,801

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

105

Partner Worldwide Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (86.4%)	Value
	France (5.7%) - continued
	5,926	Safran SA	$	188,001
	2,236	Seche Environnement SA		180,312
	2,836	Societe Generale		170,058
	38,278	Total SA		2,083,602
	3,500	Unibail-Rodamco^a		730,256
	18,298	Valeo SA^a		989,072
	2,773	Virbac SA		446,287
	52,700	Vivendi SA		1,505,886

		Total France		14,452,874


	Germany (4.1%)
	10,250	Adidas AG		667,595
	15,204	Aixtron AG		495,085
	7,737	BASF SE		562,564
	4,577	Continental AG^a		397,377
	39,024	Daimler AG^a		2,569,859
	11,154	Demag Cranes AG^a		557,234
	16,800	ElringKlinger AG		559,203
	7,780	Henkel AG & Company KGaA		458,895
	15,041	ProSiebenSat.1 Media AG		396,130
	7,833	Rheinmetall AG		563,697
	17,239	SAP AG ADR		898,125
	10,526	Siemens AG		1,201,163
	16,901	Symrise AG		513,289
	23,947	Tognum AG		583,090

		Total Germany		10,423,306


	Hong Kong (3.4%)
	220,800	AIA Group, Ltd.^a		656,592
	72,000	Cathay Pacific Airways, Ltd.		193,987
	139,000	China Mobile, Ltd.		1,419,501
	495,000	Galaxy Entertainment Group, Ltd.^a		467,629
	149,000	Hang Lung Group, Ltd.		990,810
	4,800	Henderson Land Development Company, Ltd. Warrants, 58.00 HKD, expires 6/1/2011^a		1,858
	227,750	Hutchison Whampoa, Ltd.		2,249,293
	693,522	New World Development Company, Ltd.		1,374,491
	23,000	Swire Pacific, Ltd., Class A		327,378
	230,000	Swire Pacific, Ltd., Class B		610,611
	54,000	Wharf Holdings, Ltd.		355,547

		Total Hong Kong		8,647,697


	Hungary (0.4%)
	4,200	Richter Gedeon Nyrt		1,000,883

		Total Hungary		1,000,883


	India (1.8%)
	45,000	Bharti Airtel, Ltd.		331,053
	7,600	GlaxoSmithKline Pharmaceuticals, Ltd.		380,945
	9,500	Grasim Industries, Ltd.		478,764
	14,100	Hero Honda Motors, Ltd.		592,746
	54,000	Hindustan Unilever, Ltd.		359,262
	63,500	Housing Development Finance Corporation		984,107
	16,000	ICICI Bank, Ltd.		421,265
	12,600	Infosys Technologies, Ltd.		844,958
	5,428	Ultra Tech Cement, Ltd.		134,620

		Total India		4,527,720


Shares		Common Stock (86.4%)	Value
	Indonesia (0.8%)
	178,000	PT Astra International Tbk	$	1,139,665
	621,524	PT Telekomunikasi Indonesia		630,960
	4,000	Telekomunik Indonesia SP ADR		161,560

		Total Indonesia		1,932,185


	Israel (0.6%)
	11,000	Check Point Software Technologies, Ltd.^a		470,250
	969	Delek Group, Ltd.		270,361
	11,687	Teva Pharmaceutical Industries, Ltd.		606,101
	5,300	Teva Pharmaceutical Industries, Ltd. ADR		275,070

		Total Israel		1,621,782


	Italy (2.5%)
	55,818	Azimut Holding SPA		569,274
	269,250	Enel SPA		1,537,966
	48,000	Eni SPA		1,080,818
	19,292	Indesit Company SPA		238,539
	41,033	Mediaset SPA		302,947
	133,190	Piaggio & C. SPA		485,713
	12,313	Saipem SPA		547,040
	1,341,200	Telecom Italia SPA		1,645,467

		Total Italy		6,407,764


	Japan (14.8%)
	29,500	Aeon Company, Ltd.		347,429
	17,300	Alps Electric Company, Ltd.		155,012
	8,500	Asahi Breweries, Ltd.		171,439
	24,000	Asahi Diamond Industrial Company, Ltd.		423,762
	42,000	Asics Corporation		452,238
	111,050	Bridgestone Corporation		1,987,939
	3,900	Canon, Inc.		179,530
	61	Central Japan Railway Company		461,391
	44,000	Chiyoda Corporation		364,477
	34,000	Chuo Mitsui Trust Holdings, Inc.		122,657
	41,000	Daicel Chemical Industries, Ltd.		284,808
	98,250	Daiichi Sankyo Company, Ltd.		2,082,078
	31,671	Daito Trust Construction Company, Ltd.		1,915,164
	317,944	Daiwa Securities Group, Inc.		1,296,329
	96,000	Denki Kagaku Kogyo KK		422,489
	10,300	Denso Corporation		320,310
	22,500	East Japan Railway Company		1,389,455
	13,242	Exedy Corporation		413,219
	43,000	Fujitsu, Ltd.		293,323
	10,200	Hamamatsu Photonics KK		329,918
	97,000	Hitachi, Ltd.		438,406
	5,100	Honda Motor Company, Ltd.		183,849
	5,900	Japan Drilling Company, Ltd.		179,572
	79,650	Kao Corporation		2,024,461
	20,200	Keihin Corporation		430,032
	2,300	Keyence Corporation		569,831
	2,900	Kyocera Corporation		289,020
	49,000	Marubeni Corporation		307,814
	73,000	Minebea Company, Ltd.		400,876
	60,000	Mitsubishi Electric Corporation		562,329
	17,000	Mitsubishi Estate Company, Ltd.		297,813
	25,100	Mitsubishi UFJ Financial Group, Inc.		116,489
	42,752	MS and AD Insurance Group Holdings, Inc.		1,024,205

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

106

Partner Worldwide Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (86.4%)	Value
	Japan (14.8%) - continued
	33,100	Nabtesco Corporation	$	586,488
	13,119	Nichi-iko Pharmaceutical Company, Ltd.		462,293
	17,251	Nifco, Inc.		434,029
	53,900	Nippon Suisan Kaisha, Ltd.		171,465
	235,600	Nissan Motor Company, Ltd.		2,070,643
	14,800	Omron Corporation		342,863
	4,390	ORIX Corporation		399,872
	12,751	Pigeon Corporation		379,959
	114,300	Pioneer Corporation^a		394,364
	49,200	Resona Holdings, Inc.		391,319
	30,800	Secom Company, Ltd.		1,401,328
	22,400	Sega Sammy Holdings, Inc.		365,445
	19,900	Shin-Etsu Chemical Company, Ltd.		1,006,264
	16,300	Softbank Corporation		523,475
	11,200	Sony Corporation		378,415
	66	Sony Financial Holdings, Inc.		229,523
	149,700	Sumitomo Corporation		1,895,322
	41,500	Sumitomo Electric Industries, Ltd.		528,077
	331,722	Sumitomo Trust and Banking
		Company, Ltd.		1,811,138
	40,000	Suruga Bank, Ltd.		360,164
	24,800	Suzuki Motor Corporation		605,284
	6,200	Sysmex Corporation		425,125
	9,400	Takeda Pharmaceutical Company, Ltd.		440,637
	11,800	Tokyo Electric Power Company, Inc.		281,762
	150,000	Tosoh Corporation		401,199
	8,298	Toyo Tanso Company, Ltd.		474,844
	86	West Japan Railway Company		319,274

		Total Japan		37,318,235


	Luxembourg (0.6%)
	45,872	Acergy SA		929,024
	17,000	Tenaris SA ADR		704,310

		Total Luxembourg		1,633,334


	Malaysia (0.4%)
	210,000	CIMB Group Holdings Berhad		560,801
	135,500	Public Bank Berhad		555,674

		Total Malaysia		1,116,475


	Mexico (1.1%)
	168,000	Consorcio ARA SAB de CV		106,803
	19,000	Fomento Economico Mexicano SAB de CV ADR		1,043,290
	7,100	Grupo Aeroportuario del Sureste SAB de CV ADR		357,840
	208,500	Grupo Financiero Banorte SAB de
		CV ADR		892,052
	132,000	Organizacion Soriana SAB de CV		402,050

		Total Mexico		2,802,035


	Netherlands (1.6%)
	3,203	Heineken NV		162,599
	13,679	Imtech NV		459,544
	36,152	Koninklijke (Royal) KPN NV		603,776
	15,889	Koninklijke (Royal) Philips Electronics NV		484,647
	34,086	Koninklijke DSM NV		1,824,200
	2,558	Nutreco NV		186,345


Shares		Common Stock (86.4%)	Value
	Netherlands (1.6%) - continued
	9,117	Unilever NV	$	270,745

		Total Netherlands		3,991,856


	Norway (1.7%)
	23,500	Schibsted ASA		645,466
	11,582	Seadrill, Ltd.		351,582
	91,973	Statoil ASA		2,008,859
	68,400	Storebrand ASA^a		498,670
	70,224	Tomra Systems ASA		427,922
	9,102	Yara International ASA		479,929

		Total Norway		4,412,428


	Philippines (0.4%)
	1,400,000	Ayala Land, Inc.		545,844
	339,466	Bank of the Philippine Islands		463,141

		Total Philippines		1,008,985


	Poland (0.2%)
	8,500	Bank Pekao SA		554,803

		Total Poland		554,803


	Russia (0.3%)
	15,500	LUKOIL ADR		864,356

		Total Russia		864,356


	Singapore (1.7%)
	520,000	Biosenors International Group, Ltd.^a		451,178
	28,000	Fraser and Neave, Ltd.		135,306
	25,880	Golden Agri-Resources, Ltd. Warrants, 0.54 SGD, expires 7/23/2012^a		2,599
	269,000	Goodpack, Ltd.		425,707
	84,650	Keppel Corporation, Ltd.		654,721
	554,000	Midas Holding, Ltd.		421,011
	219,000	Raffles Medical Group, Ltd.		369,236
	102,000	Singapore Airlines, Ltd.		1,250,921
	233,000	Singapore Airport Terminal Services, Ltd.		513,705
	154,000	Yangzijiang Shipbuilding Holdings, Ltd.		223,189

		Total Singapore		4,447,573


	South Africa (0.8%)
	61,000	Massmart Holdings, Ltd.		1,242,149
	80,000	Truworths International, Ltd.		789,428

		Total South Africa		2,031,577


	South Korea (2.4%)
	13,399	Busan Bank		166,946
	30,025	Eugene Technology Company, Ltd.		396,243
	7,325	Fila Korea, Ltd.^a		508,405
	48,120	Iljin Display Company, Ltd.^a		423,459
	10,830	Lock & Lock Company, Ltd.		358,384
	2,400	POSCO		990,547
	2,500	Samsung Electronics Company, Ltd.		1,228,463
	860	Shinsegae Company, Ltd.		435,978
	2,690	SK Telecom Company, Ltd.		409,433
	69,399	SK Telecom Company, Ltd. ADR		1,279,024

		Total South Korea		6,196,882

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

107

Partner Worldwide Allocation Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (86.4%)	Value
	Spain (1.7%)
	909	Construcciones y Auxiliar de Ferrocarriles SA	$	512,679
	79,200	Indra Sistemas SA		1,551,868
	6,514	Industria de Diseno Textil SA (Inditex)		544,047
	66,600	Telefonica SA		1,799,683

		Total Spain		4,408,277


	Sweden (1.3%)
	33,869	Atlas Copco AB		707,796
	5,617	Elekta AB		212,458
	32,833	Hexagon AB		668,090
	15,128	Hoganas AB		532,654
	14,815	Investor AB		304,086
	38,925	Nordea Bank AB		428,586
	13,043	Scania AB		277,324
	14,050	Svenska Cellulosa AB		217,815

		Total Sweden		3,348,809


	Switzerland (7.8%)
	18,661	ABB, Ltd.^a		386,518
	25,750	Adecco SA		1,440,684
	6,381	Aryzta AG		282,759
	1,910	Burckhardt Compression Holding AG		454,549
	11,324	Compagnie Financiere Richemont SA		564,791
	33,800	Credit Suisse Group		1,399,202
	1,532	Givaudan SA		1,578,494
	14,910	Holcim, Ltd.		928,790
	16,640	Meyer Burger Technology AG^a		529,069
	69,678	Nestle SA		3,816,381
	46,313	Novartis AG		2,683,363
	16,506	Roche Holding AG		2,423,851
	2,028	Schindler Holding AG		217,323
	252	Sika AG		499,669
	1,204	Swatch Group AG		460,185
	20,862	UBS AG^a		354,374
	7,894	Zurich Financial Services AG		1,931,701

		Total Switzerland		19,951,703


	Taiwan (0.7%)
	209,000	Taiwan Mobile Company, Ltd.		465,917
	622,362	Taiwan Semiconductor Manufacturing Company, Ltd.		1,280,392

		Total Taiwan		1,746,309


	Thailand (1.5%)
	83,325	Bangkok Bank pcl		430,350
	136,000	PTT Exploration & Production pcl		777,946
	156,150	PTT pcl		1,581,905
	87,400	Siam Cement pcl		961,585

		Total Thailand		3,751,786


	Turkey (0.7%)
	200,258	Akbank TAS		1,241,324
	18,000	BIM Birlesik Magazalar AS		617,777

		Total Turkey		1,859,101


	United Kingdom (11.4%)
	249,175	Aegis Group plc		502,183
	12,843	AMEC plc		223,383
	4,808	Anglo American plc		224,012


Shares		Common Stock (86.4%)	Value
	United Kingdom (11.4%) - continued
	91,997	ARM Holdings plc	$	537,079
	4,113	AstraZeneca plc		206,886
	52,044	Babcock International Group plc		483,648
	288,895	BAE Systems plc		1,594,639
	44,126	Barclays plc		193,897
	19,399	BG Group plc		377,610
	24,178	BHP Billiton plc		856,481
	28,816	British American Tobacco plc		1,097,751
	22,933	Burberry Group plc		374,483
	17,338	Carillion plc		95,647
	143,389	Centrica plc		762,942
	67,055	Compass Group plc		549,494
	13,730	Croda International plc		316,333
	9,505	Diageo plc		175,339
	77,972	GlaxoSmithKline plc		1,522,559
	104,901	Halma plc		549,163
	29,000	HSBC Holdings plc ADR		1,511,190
	15,997	IMI plc		202,286
	5,410	Imperial Tobacco Group plc		173,262
	99,345	Intermediate Capital Group plc		513,614
	83,384	J Sainsbury plc		520,599
	186,588	Lloyds TSB Group plc^a		205,064
	72,150	Pearson plc		1,105,013
	41,841	Pennon Group plc		417,545
	9,197	Petrofac, Ltd.		215,510
	15,377	Reckitt Benckiser Group plc		859,065
	17,270	Rio Tinto plc		1,121,659
	17,338	Rotork plc		464,898
	22,032	Shire plc		517,012
	158,155	Spirent plc		364,028
	57,538	Standard Chartered plc		1,664,232
	7,192	Standard Chartered plc Rights, 12.80 GBP, expires 11/8/2010^a		60,558
	62,625	Telecity Group plc^a		499,896
	298,756	Tesco plc		2,044,476
	16,364	Ultra Electronics Holdings plc		487,666
	14,853	Unilever plc		428,207
	773,250	Vodafone Group plc		2,113,583
	8,721	Whitbread plc		236,575
	205,400	WPP plc		2,386,866
	14,041	WS Atkins plc		169,529

		Total United Kingdom		28,925,862


		Total Common Stock (cost $188,106,683)		219,856,186


Principal Amount		Long-Term Fixed Income (8.6%)	Value
	Argentina (0.5%)
		Argentina Government International Bond
	140,000	7.000%, 10/3/2015		133,840
	270,000	7.000%, 4/17/2017		241,245
	64,828	2.000%, 2/4/2018^b		35,250
	310,000	5.830%, 12/31/2033^b		136,654
	253,436	7.820%, 12/31/2033^c		276,893
	152,062	7.820%, 12/31/2033^c		166,136
	2,280,000	2.840%, 12/15/2035^c,d		360,801
	50,000	2.260%, 12/31/2038^c,e		26,488

		Total Argentina		1,377,307

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

108

Partner Worldwide Allocation Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (8.6%)	Value
	Belarus (0.2%)
		Belarus Government International Bond
$	400,000	8.750%, 8/3/2015	$	410,040

		Total Belarus		410,040


	Brazil (0.4%)
		Banco Cruzeiro do Sul SA
	100,000	8.875%, 9/22/2020^f		104,750
		Brazil Government International Bond
	470,000	4.875%, 1/22/2021		521,230
	360,000	5.625%, 1/7/2041		399,600
		Independencia International, Ltd.
	95,246	12.000%, 12/30/2016^f		2,857
		Telemar Norte Leste SA
	129,000	5.500%, 10/23/2020^f		129,806

		Total Brazil		1,158,243


	Canada (<0.1%)
		Sino-Forest Corporation
	10,000	6.250%, 10/21/2017^f		10,038

		Total Canada		10,038


	Cayman Islands (0.1%)
		Dubai DOF Sukuk, Ltd.
	100,000	6.396%, 11/3/2014		100,000
		TGI International, Ltd.
	130,000	9.500%, 10/3/2017		150,313

		Total Cayman Islands		250,313


	Chile (0.3%)
		Banco Central de Chile
	120,000,000	6.000%, 5/1/2015^g		254,975
		Banco del Estado de Chile
	100,000	4.125%, 10/7/2020^f		100,874
		Banco del Estado de Chile International Bond
	100,000	4.125%, 10/7/2020		100,445
		Chile Government International Bond
	100,000	3.875%, 8/5/2020		104,132
		Corporacion Nacional del Cobre de Chile - Codelco
	100,000	3.750%, 11/4/2020^f,h		99,620
	110,000	6.150%, 10/24/2036		125,019

		Total Chile		785,065


	Colombia (0.5%)
		Colombia Government International Bond
	270,000	7.375%, 1/27/2017		336,555
	200,000	7.375%, 3/18/2019		255,500
	500,000	7.375%, 9/18/2037		667,500
	100,000	6.125%, 1/18/2041		114,250

		Total Colombia		1,373,805


	Costa Rica (0.1%)
		Costa Rica Government International Bond
	20,000	6.548%, 3/20/2014		22,725
	173,000	9.995%, 8/1/2020		248,255

		Total Costa Rica		270,980


Principal Amount		Long-Term Fixed Income (8.6%)	Value
	Dominican Republic (0.1%)
		Dominican Republic International Bond
$	240,000	7.500%, 5/6/2021	$	274,800
	100,000	8.625%, 4/20/2027		120,125

		Total Dominican Republic		394,925


	Egypt (<0.1%)
		Egypt Government International Bond
	100,000	6.875%, 4/30/2040^f		112,000

		Total Egypt		112,000


	El Salvador (0.1%)
		El Salvador Government International Bond
	140,000	7.650%, 6/15/2035		159,075

		Total El Salvador		159,075


	Gabon (<0.1%)
		Gabon Government International Bond
	25,000	8.200%, 12/12/2017		30,000

		Total Gabon		30,000


	Germany (0.1%)
		Deutsche Bank AG
	1,200,000	Zero Coupon, 11/4/2010ⁱ		207,592

		Total Germany		207,592


	Ghana (<0.1%)
		Ghana Government International Bond
	100,000	8.500%, 10/4/2017		114,500

		Total Ghana		114,500


	Hungary (0.1%)
		Hungary Government International Bond
	40,000	6.750%, 7/28/2014^c		59,286
	10,000	3.500%, 7/18/2016^c		12,814
	10,000	5.750%, 6/11/2018^c		14,231
	180,000	6.250%, 1/29/2020		195,974

		Total Hungary		282,305


	Indonesia (0.7%)
		Adaro Indonesia PT
	100,000	7.625%, 10/22/2019		111,125
		Indonesia Government International Bond
	100,000	6.750%, 3/10/2014		113,591
	100,000	6.875%, 1/17/2018		120,630
	330,000	5.875%, 3/13/2020		383,708
	290,000	8.500%, 10/12/2035		419,774
	400,000	7.750%, 1/17/2038		537,999

		Total Indonesia		1,686,827


	Iraq (0.1%)
		Iraq Government International Bond
	250,000	5.800%, 1/15/2028		232,500

		Total Iraq		232,500

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

109

Partner Worldwide Allocation Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (8.6%)	Value
	Ivory Coast (0.1%)
		Ivory Coast Government International Bond
$	227,000	2.500%, 12/31/2032^e	$	139,605

		Total Ivory Coast		139,605


	Kazakhstan (0.3%)
		KazMunaiGaz Finance Sub BV
	380,000	11.750%, 1/23/2015		471,200
	110,000	7.000%, 5/5/2020^f		116,930
	100,000	7.000%, 5/5/2020		106,300

		Total Kazakhstan		694,430


	Lebanon (0.2%)
		Lebanon Government International Bond
	60,000	9.000%, 3/20/2017		72,315
	172,500	4.000%, 12/31/2017		168,662
	145,000	6.375%, 3/9/2020		150,438
	10,000	8.250%, 4/12/2021		11,725

		Total Lebanon		403,140


	Luxembourg (0.2%)
		Gazprom International
	92,753	7.201%, 2/1/2020		99,709
		Gazprom Via Gaz Capital SA
	310,000	9.250%, 4/23/2019		384,400

		Total Luxembourg		484,109


	Malaysia (0.1%)
		Malaysia Government International Bond
	210,000	7.500%, 7/15/2011		216,294
		Petronas Capital, Ltd.
	120,000	5.250%, 8/12/2019		132,926

		Total Malaysia		349,220


	Mexico (0.6%)
		Cemex Finance, LLC
	110,000	9.500%, 12/14/2016^f		111,100
	150,000	9.500%, 12/14/2016		152,438
		Mexico Government International Bond
	50,000	5.750%, 10/12/2110		49,653
	2,403,200	10.000%, 12/5/2024^j		261,573
	120,000	6.050%, 1/11/2040		138,000
		Pemex Project Funding Master Trust
	243,000	5.750%, 3/1/2018		272,813
		Petroleos Mexicanos
	140,000	8.000%, 5/3/2019		179,914
	200,000	5.500%, 1/21/2021		217,440

		Total Mexico		1,382,931


	Pakistan (<0.1%)
		Pakistan Government International Bond
	100,000	6.875%, 6/1/2017		90,750

		Total Pakistan		90,750


Principal Amount		Long-Term Fixed Income (8.6%)	Value
	Panama (<0.1%)
		Panama Government International Bond
$	12,000	7.250%, 3/15/2015	$	14,520

		Total Panama		14,520


	Peru (0.3%)
		Peru Government International Bond
	200,000	7.350%, 7/21/2025		265,500
	106,000	8.750%, 11/21/2033		161,968
	164,000	6.550%, 3/14/2037		201,310

		Total Peru		628,778


	Philippines (0.5%)
		Philippines Government International Bond
	100,000	8.375%, 6/17/2019		133,375
	100,000	6.500%, 1/20/2020		120,120
	200,000	4.000%, 1/15/2021		200,470
	30,000	9.500%, 10/21/2024		44,700
	114,000	9.500%, 2/2/2030		173,993
	612,000	6.375%, 10/23/2034		708,390

		Total Philippines		1,381,048


	Poland (0.2%)
		Poland Government International Bond
	240,000	3.875%, 7/16/2015		254,636
	160,000	6.375%, 7/15/2019		193,354

		Total Poland		447,990


	Qatar (0.1%)
		Qatar Government International Bond
	100,000	6.400%, 1/20/2040		115,500
		Ras Laffan Liquefied Natural Gas Company, Ltd. II
	288,390	5.298%, 9/30/2020		312,903

		Total Qatar		428,403


	Romania (<0.1%)
		Romania Government International Bond
	10,000	5.000%, 3/18/2015^c		13,831
	36,000	6.500%, 6/18/2018^c		52,735

		Total Romania		66,566


	Russia (0.6%)
		Russia Government International Bond
	200,000	3.625%, 4/29/2015		204,500
	1,069,524	7.500%, 3/31/2030		1,283,323

		Total Russia		1,487,823


	Serbia (<0.1%)
		Serbia Government International Bond
	96,667	6.750%, 11/1/2024		95,700

		Total Serbia		95,700

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

110

Partner Worldwide Allocation Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (8.6%)	Value
	South Africa (0.3%)
		Peermont Global Proprietary, Ltd.
$	170,000	7.750%, 4/30/2014^c	$	218,267
		South Africa Government International Bond
	370,000	5.500%, 3/9/2020		419,025
	90,000	5.875%, 5/30/2022		104,400

		Total South Africa		741,692


	Sri Lanka (0.1%)
		Sri Lanka Government International Bond
	100,000	8.250%, 10/24/2012		109,032
	100,000	6.250%, 10/4/2020^k		103,875

		Total Sri Lanka		212,907


	Turkey (0.7%)
		Akbank TAS
	100,000	5.125%, 7/22/2015^f		101,500
	110,000	5.125%, 7/22/2015		111,650
		Turkey Government International Bond
	762,000	5.625%, 3/30/2021		851,534
	62,000	11.875%, 1/15/2030		112,065
	400,000	7.250%, 3/5/2038		505,000
	100,000	6.750%, 5/30/2040		118,500

		Total Turkey		1,800,249


	Ukraine (0.1%)
		Ukraine Government International Bond
	115,000	4.950%, 10/13/2015^c		145,651

		Total Ukraine		145,651


	United Arab Emirates (<0.1%)
		Dolphin Energy, Ltd.
	95,930	5.888%, 6/15/2019		104,324

		Total United Arab Emirates		104,324


	United States (0.1%)
		HSBC Bank USA
	290,000	6.000%, 8/15/2040^l,m		338,644

		Total United States		338,644


	Uruguay (0.2%)
		Uruguay Government International Bond
	40,000	7.875%, 1/15/2033		54,200
	272,000	7.625%, 3/21/2036		360,400

		Total Uruguay		414,600


	Venezuela (0.6%)
		Petroleos de Venezuela SA
	110,000	5.000%, 10/28/2015		65,725
	307,400	5.250%, 4/12/2017		181,366
	280,000	8.500%, 11/2/2017^f,h,m		196,778
		Venezuela Government International Bond
	140,000	5.750%, 2/26/2016		99,750
	80,000	13.625%, 8/15/2018		76,640
	30,000	7.000%, 12/1/2018		20,250
	50,000	7.750%, 10/13/2019		33,925
	392,000	6.000%, 12/9/2020		233,632
	400,000	8.250%, 10/13/2024		259,000


Principal Amount		Long-Term Fixed Income (8.6%)	Value
	Venezuela (0.6%) - continued
$	320,000	7.650%, 4/21/2025	$	194,560
	20,000	9.250%, 5/7/2028		13,260

		Total Venezuela		1,374,886


		Total Long-Term Fixed Income (cost $20,439,352)		22,083,481


Principal Amount		Short-Term Investments (4.6%)ⁿ	Value
		Charta, LLC
	3,455,000	0.220%, 11/1/2010		3,455,000
		Federal Home Loan Mortgage Corporation Discount Notes
	400,000	0.200%, 3/14/2011^o		399,710
		GOVCO, Inc.
	2,635,000	0.220%, 11/1/2010		2,635,000
		Nieuw Amsterdam Receivables Corporation
	3,065,000	0.220%, 11/1/2010		3,065,000
		Ranger Funding Company
	2,155,000	0.220%, 11/1/2010		2,155,000

		Total Short-Term Investments (at amortized cost)		11,709,710

		Total Investments (cost $220,255,745) 99.6%	$	253,649,377

		Other Assets and Liabilities, Net 0.4%		896,086

		Total Net Assets 100.0%	$	254,545,463

a	Non-income producing security.

b	Principal amount is displayed in Argentine Pesos.

c	Principal amount is displayed in Euros.

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 October 31, 2010.

e	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of October 31, 2010.

g	Principal amount is displayed in Chilean Pesos.

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

i	Principal amount is displayed in Egyptian Pounds. Security is linked to Egyptian Government Bonds due November 2, 2010. j Principal amount is displayed in Mexican Pesos.

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

111

Partner Worldwide Allocation Fund

Schedule of Investments as of October 31, 2010

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Partner Worldwide Allocation Fund owned as of October 31, 2010.


Security	Acquisition Date		Amortized Cost
Sri Lanka Government International Bond		9/27/2010	$	100,000

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

m	Security is fair valued as discussed in item 2(A) of the Notes to Financial Statements.

n	The interest rate shown reflects the yield, coupon rate or, for securities purchased at a discount, the discount rate at the date of purchase.

o	At October 31, 2010, $399,710 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.


Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$	35,476,611
Gross unrealized depreciation		(3,690,603	)

Net unrealized appreciation (depreciation)	$	31,786,008

Cost for federal income tax purposes	$	221,863,369

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

112

Partner Worldwide Allocation Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Partner Worldwide Allocation Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Common Stock
Consumer Discretionary		33,437,564		—		33,437,564		—
Consumer Staples		21,248,558		1,043,290		20,205,268		—
Energy		14,100,989		3,433,355		10,667,634		—
Financials		36,051,441		3,467,019		32,584,422		—
Health Care		17,886,858		275,070		17,611,788		—
Industrials		38,175,271		357,840		37,817,431		—
Information Technology		16,378,699		470,250		15,908,449		—
Materials		26,998,634		2,148,205		24,850,429		—
Telecommunications Services		10,859,957		1,440,584		9,419,373		—
Utilities		4,718,215		—		4,718,215		—

Long-Term Fixed Income
Basic Materials		335,764		—		236,144		99,620
Communications Services		129,806		—		129,806		—
Consumer Cyclical		218,267		—		218,267		—
Consumer Non-Cyclical		2,857		—		2,857		—
Energy		1,977,389		—		1,780,611		196,778
Financials		1,127,674		—		789,030		338,644
Foreign Government		18,031,664		—		18,031,664		—
Industrials		10,038		—		10,038		—
Transportation		150,313		—		150,313		—
Utilities		99,709		—		99,709		—
Short-Term Investments		11,709,710		—		11,709,710		—

Total	$	253,649,377	$	12,635,613	$	240,378,722	$	635,042


Other Financial Instruments	Total		Level 1		Level 2		Level 3

Asset Derivatives
Futures Contracts		140,230		140,230		—		—
Foreign Currency Forward Contracts		33,677		—		33,677		—

Total Asset Derivatives	$	173,907	$	140,230	$	33,677		—


Liability Derivatives
Foreign Currency Forward Contracts		115,250		—		115,250		—

Total Liability Derivatives	$	115,250	$	—	$	115,250	$	—

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Partner Worldwide Allocation Fund as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value October 31, 2009		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)*			Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Value October 31, 2010
Long-Term Fixed Income
Basic Materials		—		—		1,381			98,239		—		—		—		99,620
Energy		—		—		888			195,890		—		—		—		196,778
Financials		—		—		(885	)		339,529		—		—		—		338,644

Total	$	—	$	—	$	1,384		$	633,658	$	—	$	—	$	—	$	635,042

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on October 31, 2010 of $1,244

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

113

Partner Worldwide Allocation Fund

Schedule of Investments as of October 31, 2010


Futures Contracts			Number of Contracts Long/(Short)		Expiration Date	Notional Principal Amount		Value		Unrealized Gain/(Loss)
E-Mini MSCI EAFE Index Futures				49	December 2010	$	3,817,010	$	3,957,240	$	140,230
Total Futures Contracts										$	140,230

Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)

Purchases
Australian Dollar		SSB		6,340	11/3/2010	$	6,223	$	6,210	($	13	)
British Pound		SSB		58,580	11/1/2010 -11/3/2010		93,468		93,864		396
Chinese Yuan		BB		2,736,048	3/17/2011		406,696		413,360		6,664
Chinese Yuan		MSC		1,385,072	3/17/2011		208,000		209,256		1,256
Euro		JPM		56,910	11/1/2010		78,798		79,206		408
Euro		SSB		156,411	11/1/2010 -11/3/2010		217,175		217,692		517
Euro		BB		172,972	11/2/2010		239,636		240,741		1,105
Indian Rupee		CITI		4,782,750	1/18/2011		105,000		106,066		1,066
Israeli Shekel		HSBC		378,770	12/15/2010		100,438		104,139		3,701
Israeli Shekel		BB		446,611	12/15/2010		124,000		122,791		(1,209	)
Malaysian Ringgit		UBS		324,818	1/18/2011		105,000		103,883		(1,117	)
Mexican Peso		SSB		1,575,307	11/24/2010		124,703		127,384		2,681
Philippines Peso		CITI		4,588,733	1/18/2011		105,415		106,091		676
Polish Zloty		JPM		306,050	12/15/2010		98,396		107,101		8,705
Russian Ruble		BB		3,707,835	11/8/2010		123,000		120,137		(2,863	)
Russian Ruble		CITI		7,407,750	11/8/2010		249,000		240,018		(8,982	)
South African Rand		DB		422,667	11/10/2010		60,542		60,273		(269	)
South African Rand		JPM		2,768,610	11/10/2010		400,499		394,811		(5,688	)
Swiss Franc		SSB		260,352	11/1/2010		263,248		264,558		1,310
Turkish Lira		BB		155,820	12/15/2010		105,000		107,785		2,785

Total Purchases						$	3,214,237	$	3,225,366	$	11,129

Sales
Brazilian Real		UBS		522,000	1/18/2011	$	299,226	$	302,445	($	3,219	)
British Pound		SSB		37,457	11/1/2010 - 11/2/2010		59,398		60,017		(619	)
Chilean Peso		HSBC		124,450,912	11/8/2010		256,468		254,298		2,170
Euro		SSB		73,196	11/1/2010		100,579		101,874		(1,295	)
Euro		CITI		306,000	12/15/2010		388,366		425,576		(37,210	)
Euro		JPM		438,664	11/26/2010		607,074		610,233		(3,159	)
Euro		BB		172,972	11/26/2010		239,568		240,624		(1,056	)
Japanese Yen		SSB		3,206,521	11/1/2010 - 11/2/2010		39,279		39,847		(568	)
Mexican Peso		BB		344,241	12/15/2010		27,316		27,794		(478	)
Mexican Peso		DB		6,455,308	12/15/2010		489,373		521,192		(31,819	)
Singapore Dollar		SSB		393,732	11/1/2010 - 11/3/2010		302,981		304,205		(1,224	)
South African Rand		MSC		3,346,000	11/10/2010		463,982		477,148		(13,166	)
Swiss Franc		SSB		210,351	11/1/2010		212,690		213,749		(1,059	)

Total Sales						$	3,486,300	$	3,579,002	($	92,702	)

Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts										($	81,573	)


Counterparty

BB	-	Barclays Bank
CITI	-	Citibank
DB	-	Deutsche Bank
HSBC	-	HSBC Securities, Inc.
JPM	-	J.P. Morgan
MSC	-	Morgan Stanley & Company
SSB	-	State Street Bank
UBS	-	UBS Securities, Ltd.

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

114

Partner Worldwide Allocation Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of October 31, 2010, for Partner Worldwide Allocation Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


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

Asset Derivatives

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	140,230
Total Equity Contracts			140,230

Foreign Exchange Contracts
Forward Contracts	Receivable/Payable for forward contracts, Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		33,677
Total Foreign Exchange Contracts			33,677

Total Asset Derivatives		$	173,907


Liability Derivatives

Foreign Exchange Contracts
Forward Contracts	Receivable/Payable for forward contracts, Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		115,250
Total Foreign Exchange Contracts			115,250

Total Liability Derivatives		$	115,250

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Partner Worldwide Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


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

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		(427,863	)

Total Equity Contracts			(427,863	)

Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		102,140

Total Foreign Exchange Contracts			102,140

Total		($	325,723	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Partner Worldwide Allocation Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		222,857
Total Equity Contracts			222,857
Foreign Exchange Contracts
Forward Contracts	Change in net unrealized appreciation/(depreciation) on Foreign currency forward contracts		(88,067	)

Total Foreign Exchange Contracts			(88,067	)

Total		$	134,790

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

115

Partner Worldwide Allocation Fund

Schedule of Investments as of October 31, 2010

The following table presents Partner Worldwide Allocation Fund’s average volume of derivative activity during the period ended October 31, 2010.


Derivative Risk Category	Futures (Notional*)		Futures (Percentage of Average Net Assets)			Forwards (Notional*)		Forwards (Percentage of Average Net Assets)
Equity Contracts	$	1,971,188		1.1	%		N/A		N/A
Foreign Exchange Contracts		N/A		N/A		$	6,770,441		3.6	%

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

Investment in Affiliates

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


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
Money Market	$	7,882,106	$	10,558,224	$	18,440,330		—	$	—	$	—
Total Value and Income Earned		7,882,106								—		—

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

116

Partner International Stock Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (98.8%)	Value
	Australia (4.8%)
	66,627	Australia & New Zealand Banking Group, Ltd.	$	1,625,440
	219,136	BHP Billiton, Ltd.		9,054,767
	24,312	Cochlear, Ltd.		1,693,567
	110,390	Iluka Resources, Ltd.^a		730,624
	67,083	Newcrest Mining, Ltd.		2,639,912
	84,960	Ramsay Health Care, Ltd.		1,303,610
	25,607	Rio Tinto, Ltd.		2,083,912
	42,280	Westpac Banking Corporation		941,425
	57,014	Woolworths, Ltd.		1,582,726

		Total Australia		21,655,983


	Belgium (1.1%)
	37,488	Anheuser-Busch InBev NV		2,354,356
	2,024	Bekaert SA		620,451
	43,090	Umicore		2,030,346

		Total Belgium		5,005,153


	Bermuda (0.1%)
	41,000	Orient Overseas International, Ltd.		360,311

		Total Bermuda		360,311


	Brazil (0.8%)
	53,900	Petroleo Brasileiro SA ADR		1,839,068
	60,300	Vale SA SP ADR		1,938,042

		Total Brazil		3,777,110


	Canada (4.9%)
	20,145	Agnico-Eagle Mines, Ltd.^b		1,562,378
	20,041	Agrium, Inc.		1,772,820
	17,375	Bank of Montreal^b		1,026,077
	69,544	Brookfield Asset Management, Inc.^b		2,064,705
	57,646	Brookfield Properties Corporation^b		995,904
	23,470	Calfrac Well Services, Ltd.		590,029
	12,168	Canadian Imperial Bank of Commerce^b		933,329
	41,202	Canadian National Railway Company		2,668,697
	57,914	CGI Group, Inc.^a		890,941
	104,882	Eldorado Gold Corporation^b		1,775,970
	32,660	Enbridge, Inc.^b		1,806,404
	6,800	George Weston, Ltd.		546,387
	8,960	Inmet Mining Corporation		535,720
	114,635	Kinross Gold Corporation		2,062,509
	23,900	Riocan Real Estate Investment Trust		540,146
	12,752	Saputo, Inc.		487,374
	16,773	Suncor Energy, Inc.		537,446
	10,371	Toronto-Dominion Bank		746,887
	43,540	Trican Well Service, Ltd.		754,767

		Total Canada		22,298,490


	Cayman Islands (0.3%)
	55,580	Subsea 7, Inc.^a		1,171,748

		Total Cayman Islands		1,171,748


	China (1.6%)
	8,242,800	Bank of China, Ltd.		4,950,805


Shares		Common Stock (98.8%)	Value
	China (1.6%) - continued
	4,417,800	Huaneng Power International, Inc.	$	2,527,185

		Total China		7,477,990


	Denmark (1.4%)
	13,383	Carlsberg AS		1,463,169
	6,568	Coloplast AS		813,314
	10,326	Danisco AS		890,677
	31,538	Novo Nordisk AS		3,311,548

		Total Denmark		6,478,708


	Finland (1.3%)
	9,681	Kesko Oyj		480,405
	22,070	Kone Oyj		1,182,433
	47,309	Sampo Oyj		1,324,757
	131,799	Stora Enso Oyj		1,309,553
	42,851	UPM-Kymmene Oyj		711,977
	10,125	Wartsila Corporation		710,032

		Total Finland		5,719,157


	France (7.7%)
	231,000	AXA SA		4,212,688
	7,146	BNP Paribas SA		522,693
	106,100	Cap Gemini SA		5,416,165
	10,816	Christian Dior SA		1,565,220
	57,278	Compagnie de Saint-Gobain		2,691,022
	13,593	Faurecia^a		368,740
	20,558	L’Oreal SA		2,414,791
	34,130	Renault SA^a		1,905,342
	31,363	Rhodia SA		874,362
	19,715	Safran SA		625,455
	9,486	Societe Generale		568,818
	111,166	Total SA		6,051,144
	11,200	Unibail-Rodamco^a		2,336,820
	19,966	Valeo SA^a		1,079,234
	152,700	Vivendi SA		4,363,353

		Total France		34,995,847


	Germany (5.1%)
	33,932	Adidas AG		2,210,034
	26,118	BASF SE		1,899,060
	15,197	Continental AG^a		1,319,408
	117,821	Daimler AG^a		7,758,903
	26,077	Henkel AG & Company KGaA		1,538,126
	51,093	ProSiebenSat.1 Media AG		1,345,620
	57,138	SAP AG ADR		2,976,798
	35,077	Siemens AG		4,002,771

		Total Germany		23,050,720


	Hong Kong (2.8%)
	241,200	AIA Group, Ltd.^a		717,255
	240,000	Cathay Pacific Airways, Ltd.		646,622
	20,200	Henderson Land Development Company, Ltd. Warrants, 58.00 HKD, expires 6/1/2011^a		7,818
	637,700	Hutchison Whampoa, Ltd.		6,298,021
	1,939,900	New World Development
		Company, Ltd.		3,844,687
	181,000	Wharf Holdings, Ltd.		1,191,740

		Total Hong Kong		12,706,143


	Indonesia (0.5%)
	1,672,700	PT Telekomunikasi Indonesia		1,698,094

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

117

Partner International Stock Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (98.8%)		Value
	Indonesia (0.5%) - continued
	14,500	Telekomunik Indonesia SP ADR		$	585,655

		Total Indonesia			2,283,749


	Israel (0.6%)
	3,239	Delek Group, Ltd.			903,713
	38,967	Teva Pharmaceutical Industries, Ltd.			2,020,875

		Total Israel			2,924,588


	Italy (3.4%)
	762,700	Enel SPA			4,356,572
	133,800	Eni SPA			3,012,781
	68,062	Indesit Company SPA			841,563
	136,702	Mediaset SPA			1,009,273
	41,370	Saipem SPA			1,837,980
	3,738,325	Telecom Italia SPA			4,586,407

		Total Italy			15,644,576


	Japan (20.4%)
	100,100	Aeon Company, Ltd.			1,178,901
	60,000	Alps Electric Company, Ltd.			537,613
	28,200	Asahi Breweries, Ltd.			568,776
	307,000	Bridgestone Corporation			5,495,699
	13,200	Canon, Inc.			607,639
	206	Central Japan Railway Company			1,558,140
	116,000	Chuo Mitsui Trust Holdings, Inc.			418,476
	146,000	Daicel Chemical Industries, Ltd.			1,014,196
	272,150	Daiichi Sankyo Company, Ltd.			5,767,303
	88,800	Daito Trust Construction Company, Ltd.			5,369,788
	879,200	Daiwa Securities Group, Inc.			3,584,694
	34,600	Denso Corporation			1,075,994
	64,000	East Japan Railway Company			3,952,226
	149,000	Fujitsu, Ltd.			1,016,397
	34,300	Hamamatsu Photonics KK			1,109,429
	335,000	Hitachi, Ltd.			1,514,083
	18,600	Honda Motor Company, Ltd.			670,507
	20,000	Japan Drilling Company, Ltd.	��		608,718
	219,600	Kao Corporation			5,581,564
	7,700	Keyence Corporation			1,907,696
	10,100	Kyocera Corporation			1,006,589
	168,000	Marubeni Corporation			1,055,362
	200,000	Mitsubishi Electric Corporation			1,874,431
	56,000	Mitsubishi Estate Company, Ltd.			981,033
	84,500	Mitsubishi UFJ Financial Group, Inc.			392,165
	119,355	MS and AD Insurance Group Holdings, Inc.			2,859,376
	179,500	Nippon Suisan Kaisha, Ltd.			571,019
	673,800	Nissan Motor Company, Ltd.			5,921,902
	49,500	Omron Corporation			1,146,737
	14,680	ORIX Corporation			1,337,158
	164,500	Resona Holdings, Inc.^b			1,308,375
	86,900	Secom Company, Ltd.			3,953,746
	74,300	Sega Sammy Holdings, Inc.			1,212,169
	53,900	Shin-Etsu Chemical Company, Ltd.			2,725,508
	54,600	Softbank Corporation			1,753,481
	37,500	Sony Corporation			1,267,013
	228	Sony Financial Holdings, Inc.			792,899
	452,000	Sumitomo Corporation			5,722,685
	142,600	Sumitomo Electric Industries, Ltd.			1,814,550
	907,150	Sumitomo Trust and Banking Company, Ltd.			4,952,859


Shares		Common Stock (98.8%)	Value
	Japan (20.4%) - continued
	83,200	Suzuki Motor Corporation	$	2,030,629
	32,000	Takeda Pharmaceutical Company, Ltd.		1,500,040
	39,600	Tokyo Electric Power Company, Inc.		945,575
	510,000	Tosoh Corporation		1,364,078
	287	West Japan Railway Company		1,065,485

		Total Japan		93,092,703


	Luxembourg (0.2%)
	36,646	Acergy SA^b		742,174

		Total Luxembourg		742,174


	Netherlands (2.4%)
	10,806	Heineken NV		548,561
	120,396	Koninklijke (Royal) KPN NV		2,010,739
	53,124	Koninklijke (Royal) Philips Electronics NV		1,620,389
	98,638	Koninklijke DSM NV		5,278,869
	8,485	Nutreco NV		618,114
	30,309	Unilever NV		900,079

		Total Netherlands		10,976,751


	Norway (1.9%)
	38,744	Seadrill, Ltd.		1,176,109
	268,111	Statoil ASA		5,856,037
	30,182	Yara International ASA		1,591,431

		Total Norway		8,623,577


	Singapore (1.5%)
	94,000	Fraser and Neave, Ltd.		454,240
	152,578	Golden Agri-Resources, Ltd. Warrants, 0.54 SGD, expires 7/23/2012^a		15,325
	283,850	Keppel Corporation, Ltd.		2,195,424
	284,400	Singapore Airlines, Ltd.		3,487,860
	514,000	Yangzijiang Shipbuilding Holdings, Ltd.		744,929

		Total Singapore		6,897,778


	South Korea (1.7%)
	7,400	POSCO		3,054,187
	12,980	SK Telecom Company, Ltd.		1,975,628
	157,550	SK Telecom Company, Ltd. ADR		2,903,647

		Total South Korea		7,933,462


	Spain (2.5%)
	221,700	Indra Sistemas SA		4,344,055
	1,765	Industria de Diseno Textil SA (Inditex)^b		1,817,806
	186,000	Telefonica SA		5,026,142

		Total Spain		11,188,003


	Sweden (1.6%)
	112,346	Atlas Copco AB		2,347,814
	18,643	Elekta AB		705,154
	49,468	Investor AB		1,015,356
	130,461	Nordea Bank AB		1,436,451
	43,500	Scania AB		924,908
	45,491	Svenska Cellulosa AB		705,240

		Total Sweden		7,134,923

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

118

Partner International Stock Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (98.8%)	Value
	Switzerland (12.1%)
	61,966	ABB, Ltd.^a	$	1,283,480
	71,700	Adecco SA		4,011,536
	21,183	Aryzta AG		938,673
	38,004	Compagnie Financiere Richemont SA		1,895,474
	94,500	Credit Suisse Group		3,911,970
	4,351	Givaudan SA		4,483,046
	42,285	Holcim, Ltd.		2,634,062
	211,179	Nestle SA		11,566,626
	138,609	Novartis AG		8,030,969
	49,011	Roche Holding AG		7,197,102
	6,704	Schindler Holding AG		718,408
	4,048	Swatch Group AG		1,547,201
	70,422	UBS AG^a		1,196,229
	23,882	Zurich Financial Services AG		5,844,043

		Total Switzerland		55,258,819


	Thailand (1.3%)
	233,025	Bangkok Bank Public Company, Ltd.		1,203,507
	464,300	PTT pcl		4,703,675

		Total Thailand		5,907,182


	United Kingdom (16.8%)
	43,041	AMEC plc		748,628
	15,784	Anglo American plc		735,401
	308,179	ARM Holdings plc		1,799,151
	13,717	AstraZeneca plc		689,971
	175,617	Babcock International Group plc		1,632,020
	854,598	BAE Systems plc		4,717,199
	150,609	Barclays plc		661,801
	66,028	BG Group plc		1,285,266
	81,345	BHP Billiton plc		2,881,563
	95,462	British American Tobacco plc		3,636,642
	75,916	Burberry Group plc		1,239,665
	480,534	Centricia plc		2,556,817
	223,117	Compass Group plc		1,828,372
	45,849	Croda International plc		1,056,342
	31,582	Diageo plc		582,595
	237,857	GlaxoSmithKline plc		4,644,634
	82,400	HSBC Holdings plc ADR		4,293,865
	53,423	IMI plc		675,547
	18,967	Imperial Tobacco Group plc		607,442
	279,442	J Sainsbury plc		1,744,666
	633,315	Lloyds TSB Group plc^a		696,027
	214,200	Pearson plc		3,280,579
	140,203	Pennon Group plc		1,399,132
	30,821	Petrofac, Ltd.		722,217
	51,538	Reckitt Benckiser Group plc		2,879,266
	58,145	Rio Tinto plc		3,776,425
	73,450	Shire, Ltd.		1,723,609
	103,919	Standard Chartered plc		3,005,758
	12,989	Standard Chartered plc Rights, 12.80 GBP, expires 11/8/2010^a		109,369
	858,367	Tesco plc		5,874,057
	49,947	Unilever plc		1,439,956
	2,135,087	Vodafone Group plc		5,835,996
	29,140	Whitbread plc		790,483
	543,300	WPP plc		6,313,458


Shares		Common Stock (98.8%)	Value
	United Kingdom (16.8%) - continued
	46,884	WS Atkins plc	$	566,071

		Total United Kingdom		76,429,990

		Total Common Stock (cost $397,702,778)		449,735,635


Shares		Collateral Held for Securities Loaned (4.2%)	Value
	19,253,447	Thrivent Financial Securities Lending Trust		19,253,447

		Total Collateral Held for Securities Loaned (cost $19,253,447)		19,253,447


Principal Amount		Short-Term Investments (1.0%)^c	Value
	4,405,000	Ranger Funding Company 0.220%, 11/1/2010		4,405,000

		Total Short-Term Investments (at amortized cost)		4,405,000

		Total Investments (cost $421,361,225) 104.0%	$	473,394,082

		Other Assets and Liabilities, Net (4.0%)		(18,272,415	)

		Total Net Assets 100.0%	$	455,121,667

a	Non-income producing security.

b	All or a portion of the security is on loan as discussed in item 2(M) of the Notes to Financial Statements.

c	The interest rate shown reflects the yield, coupon rate or, for securities purchased at a discount, the discount rate at the date of purchase.


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


Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$	60,706,596
Gross unrealized depreciation		(12,214,020	)

Net unrealized appreciation (depreciation)	$	48,492,576

Cost for federal income tax purposes	$	424,901,506

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

119

Partner International Stock Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Partner International Stock Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Common Stock
Consumer Discretionary		64,777,325		—		64,777,325		—
Consumer Staples		52,279,252		—		52,279,252		—
Energy		23,829,798		1,839,068		21,990,730		—
Financials		69,347,250		4,293,865		65,053,385		—
Health Care		40,292,373		—		40,292,373		—
Industrials		70,092,640		—		70,092,640		—
Information Technology		28,165,362		—		28,165,362		—
Materials		64,544,046		1,938,042		62,606,004		—
Telecommunications Services		24,622,308		3,489,302		21,133,006		—
Utilities		11,785,281		—		11,785,281		—
Collateral Held for Securities Loaned		19,253,447		19,253,447		—		—
Short-Term Investments		4,405,000		—		4,405,000		—

Total	$	473,394,082	$	30,813,724	$	442,580,358	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3

Asset Derivatives
Foreign Currency Forward Contracts		5,501		—		5,501		—

Total Asset Derivatives	$	5,501	$	—	$	5,501	$	—


Liability Derivatives
Foreign Currency Forward Contracts		6,091		—		6,091		—

Total Liability Derivatives	$	6,091	$	—	$	6,091	$	—


Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/Receive		Settlement Date		Value on Settlement Date		Value		Unrealized Gain/(Loss)

Purchases
Euro		SSB		427,466		11/1/2010 - 11/3/2010	$	593,513	$	594,941	$	1,428
Swiss Franc		SSB		701,503		11/1/2010		709,306		712,838		3,532

Total Purchases							$	1,302,819	$	1,307,779	$	4,960

Sales
Singapore Dollar		SSB		658,401		11/1/2010 - 11/3/2010	$	506,162	$	508,693	($	2,531	)
Swiss Franc		SSB		599,783		11/1/2010		606,454		609,473		(3,019	)

Total Sales							$	1,112,616	$	1,118,166	($	5,550	)

Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts											($	590	)

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

120

Partner International Stock Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of October 31, 2010, for Partner International Stock Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


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

Asset Derivatives

Foreign Exchange Contracts
Forward Contracts	Receivable/Payable for forward contracts, Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		5,501
Total Foreign Exchange Contracts			5,501

Total Asset Derivatives		$	5,501


Liability Derivatives
Foreign Exchange Contracts
Forward Contracts	Receivable/Payable for forward contracts, Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		6,091
Total Foreign Exchange Contracts			6,091

Total Liability Derivatives		$	6,091

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Partner International Stock Fund’s investments in financial derivative instruments by primary risk exposure.
Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income

Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(388,864	)

Total Foreign Exchange Contracts			(388,864	)

Total		($	388,864	)


The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Partner International Stock Fund’s investments in financial derivative instruments by primary risk exposure.
Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Change in net unrealized appreciation/(depreciation) on Foreign currency forward contracts		23,785

Total Foreign Exchange Contracts			23,785

Total		$	23,785

The following table presents Partner International Stock Fund’s average volume of derivative activity during the period ended October 31, 2010.


Derivative Risk Category	Forwards (Notional*)		Forwards (Percentage of Average Net Assets)
Foreign Exchange Contracts	$	6,116,877		1.4	%

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

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

121

Partner International Stock Fund

Schedule of Investments as of October 31, 2010

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner International Stock Fund, is as follows:


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
Money Market	$	1,759,004	$	4,505,139	$	6,264,143		—	$	—	$	—
Thrivent Financial Securities Lending Trust		—		116,373,341		97,119,894		19,253,447		19,253,447		232,570
Total Value and Income Earned		1,759,004								19,253,447		232,570

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

122

Large Cap Growth Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (97.5%)	Value
	Consumer Discretionary (15.3%)
	21,050	Abercrombie & Fitch Company	$	902,203
	18,241	Amazon.com, Inc.^a		3,012,319
	60,600	Carnival Corporation		2,616,102
	33,250	Discovery Communications, Inc.^a		1,483,282
	128,800	Expedia, Inc.		3,728,760
	214,050	Ford Motor Company^a		3,024,526
	62,332	Kohl’s Corporation^a		3,191,398
	32,400	Las Vegas Sands Corporation^a,b		1,486,512
	62,750	Marriott International, Inc.		2,324,888
	50,350	McDonald’s Corporation		3,915,719
	186,100	MGM Resorts International^a,c		2,034,073
	37,950	NIKE, Inc.		3,090,648
	30,850	Nordstrom, Inc.		1,188,034
	69,400	OfficeMax, Inc.^a		1,228,380
	115,000	Starbucks Corporation		3,275,200
	91,500	TJX Companies, Inc.		4,198,935
	46,050	Urban Outfitters, Inc.^a		1,416,959
	167,100	Walt Disney Company		6,033,981
	9,700	Wynn Resorts, Ltd.		1,039,549

		Total Consumer Discretionary		49,191,468


	Consumer Staples (5.1%)
	55,450	Avon Products, Inc.		1,688,452
	52,850	Kraft Foods, Inc.		1,705,470
	48,950	Kroger Company		1,076,900
	93,232	PepsiCo, Inc.		6,088,050
	42,200	Philip Morris International, Inc.		2,468,700
	62,750	Wal-Mart Stores, Inc.		3,399,167

		Total Consumer Staples		16,426,739


	Energy (7.7%)
	62,850	Baker Hughes, Inc.		2,911,840
	66,450	Denbury Resources, Inc.^a		1,130,979
	20,500	EOG Resources, Inc.		1,962,260
	33,300	Halliburton Company		1,060,938
	78,350	Occidental Petroleum Corporation		6,160,661
	20,050	Pioneer Natural Resources Company		1,399,490
	85,389	Schlumberger, Ltd.		5,967,837
	19,200	Superior Energy Services, Inc.^a		530,304
	74,500	Ultra Petroleum Corporation^a		3,065,675
	5,700	Whiting Petroleum Corporation^a		572,508

		Total Energy		24,762,492


	Financials (6.2%)
	124,550	American Express Company		5,163,843
	49,100	Fifth Third Bancorp		616,696
	20,871	Goldman Sachs Group, Inc.		3,359,187
	37,664	IntercontinentalExchange, Inc.^a		4,326,464
	136,250	Itau Unibanco Holding SA ADR		3,346,300
	31,600	NASDAQ OMX Group, Inc.^a		664,232
	181,450	Regions Financial Corporation		1,143,135
	32,850	State Street Corporation		1,371,816

		Total Financials		19,991,673


	Health Care (12.2%)
	57,450	Abbott Laboratories		2,948,334
	55,869	Allergan, Inc.		4,045,474
	18,200	Amgen, Inc.^a		1,040,858
	101,090	Celgene Corporation^a		6,274,656
	26,000	Express Scripts, Inc.^a,b		1,261,520
	9,550	Genzyme Corporation^a		688,842


Shares		Common Stock (97.5%)	Value
	Health Care (12.2%) - continued
	53,978	Gilead Sciences, Inc.^a	$	2,141,307
	40,150	Hospira, Inc.^a		2,388,122
	70,551	Medco Health Solutions, Inc.^a		3,706,044
	46,150	St. Jude Medical, Inc.^a		1,767,545
	94,889	Teva Pharmaceutical Industries, Ltd. ADR		4,924,739
	131,797	Thermo Fisher Scientific, Inc.^a		6,777,002
	20,650	United Therapeutics Corporation^a		1,239,000

		Total Health Care		39,203,443


	Industrials (12.2%)
	20,350	Boeing Company		1,437,524
	24,100	Bucyrus International, Inc.		1,642,656
	41,000	Caterpillar, Inc.		3,222,600
	22,400	Cummins, Inc.^b		1,973,440
	73,484	Danaher Corporation		3,186,266
	231,200	Delta Air Lines, Inc.^a		3,211,368
	46,096	Dover Corporation		2,447,698
	49,250	FedEx Corporation		4,320,210
	41,050	Fluor Corporation		1,978,199
	19,800	Goodrich Corporation		1,624,986
	13,550	Navistar International Corporation^a		652,839
	32,400	Norfolk Southern Corporation		1,992,276
	26,800	Siemens AG ADR		3,063,508
	78,750	Southwest Airlines Company		1,083,600
	37,450	Union Pacific Corporation		3,283,616
	26,050	United Parcel Service, Inc.		1,754,207
	30,000	United Technologies Corporation		2,243,100

		Total Industrials		39,118,093


	Information Technology (34.8%)
	36,550	Accenture plc		1,634,150
	62,150	Adobe Systems, Inc.^a		1,749,523
	76,752	Apple, Inc.^a		23,092,374
	10,950	Baidu.com, Inc. ADR^a		1,204,610
	56,950	Broadcom Corporation		2,320,143
	426,152	Cisco Systems, Inc.^a		9,729,050
	51,050	Cognizant Technology Solutions Corporation^a		3,327,949
	219,106	EMC Corporation^a		4,603,417
	8,150	Equinix, Inc.^a		686,556
	7,400	F5 Networks, Inc.^a		870,980
	20,853	Google, Inc.^a		12,782,680
	129,000	Hewlett-Packard Company		5,425,740
	51,679	Intel Corporation		1,037,198
	88,850	Juniper Networks, Inc.^a		2,877,851
	135,050	Marvell Technology Group, Ltd.^a		2,607,816
	417,700	Microsoft Corporation		11,127,528
	99,250	NVIDIA Corporation^a		1,193,977
	171,514	Oracle Corporation		5,042,512
	111,650	QUALCOMM, Inc.		5,038,765
	105,200	Visa, Inc.		8,223,484
	41,250	VMware, Inc.^a		3,153,975
	110,700	Western Union Company		1,948,320
	78,950	Xilinx, Inc.		2,116,650

		Total Information Technology		111,795,248


	Materials (2.0%)
	11,550	CF Industries Holdings, Inc.		1,415,221
	15,872	Freeport-McMoRan Copper & Gold, Inc.		1,502,761
	56,650	International Paper Company		1,432,112

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

123

Large Cap Growth Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (97.5%)	Value
	Materials (2.0%) - continued
	34,950	Newmont Mining Corporation	$	2,127,407

		Total Materials		6,477,501


	Telecommunications Services (2.0%)
	19,150	American Tower Corporation^a		988,331
	73,950	NII Holdings, Inc.^a		3,091,850
	57,500	SBA Communications Corporation^a		2,257,450

		Total Telecommunications Services		6,337,631


		Total Common Stock (cost $279,634,898)		313,304,288


Shares		Collateral Held for Securities Loaned (0.6%)	Value
	2,018,813	Thrivent Financial Securities Lending Trust		2,018,813

		Total Collateral Held for Securities Loaned (cost $2,018,813)		2,018,813


Principal Amount		Short-Term Investments (3.7%)^d	Value
		Federal Home Loan Bank Discount Notes
	5,000,000	0.150%, 11/12/2010		4,999,771
		Nieuw Amsterdam Receivables Corporation
	6,645,000	0.220%, 11/1/2010		6,645,000

		Total Short-Term Investments (at amortized cost)		11,644,771

		Total Investments (cost $293,298,482) 101.8%	$	326,967,872

		Other Assets and Liabilities, Net (1.8%)		(5,678,140	)

		Total Net Assets 100.0%	$	321,289,732

a	Non-income producing security.

b	All or a portion of the security was earmarked to cover written options.

c	All or a portion of the security is on loan as discussed in item 2(M) of the Notes to Financial Statements.

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

Definitions:



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


Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$	33,619,004
Gross unrealized depreciation		(3,662,540	)

Net unrealized appreciation (depreciation)	$	29,956,464

Cost for federal income tax purposes	$	297,011,408

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

124

Large Cap Growth Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Large Cap Growth Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Common Stock
Consumer Discretionary		49,191,468		49,191,468		—		—
Consumer Staples		16,426,739		16,426,739		—		—
Energy		24,762,492		24,762,492		—		—
Financials		19,991,673		19,991,673		—		—
Health Care		39,203,443		39,203,443		—		—
Industrials		39,118,093		39,118,093		—		—
Information Technology		111,795,248		111,795,248		—		—
Materials		6,477,501		6,477,501		—		—
Telecommunications Services		6,337,631		6,337,631		—		—
Collateral Held for Securities Loaned		2,018,813		2,018,813		—		—
Short-Term Investments		11,644,771		—		11,644,771		—

Total	$	326,967,872	$	315,323,101	$	11,644,771	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Call Options Written		7,083		7,083		—		—

Total Asset Derivatives	$	7,083	$	7,083	$	—	$	—


Liability Derivatives
Call Options Written		2,250		2,250		—		—

Total Liability Derivatives	$	2,250	$	2,250	$	—	$	—


Call Options Written	Number of Contracts		Exercise Price		Expiration Date		Value			Unrealized Gain/(Loss)
Cummins, Inc.		100	$	95.00		November 2010	($	8,000	)	$	4,136
Express Scripts, Inc.		126		52.50		November 2010		(2,520	)		2,947
Las Vegas Sands Corporation		72		50.00		November 2010		(5,040	)		(2,250	)
Total Call Options Written							($	15,560	)	$	4,833

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of October 31, 2010, for Large Cap Growth Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


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

Asset Derivatives

Equity Contracts
Options Written	Net Assets - Net unrealized appreciation/(depreciation) on Written option contracts		7,083
Total Equity Contracts			7,083

Total Asset Derivatives		$	7,083


Liability Derivatives

Equity Contracts
Options Written	Net Assets - Net unrealized appreciation/(depreciation) on Written option contracts		2,250
Total Equity Contracts			2,250

Total Liability Derivatives		$	2,250

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

125

Large Cap Growth Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Large Cap Growth Fund’s investments in financial derivative instruments by primary risk exposure.


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

Equity Contracts
Options Written	Net realized gains/(losses) on Written option contracts		168,807

Total Equity Contracts			168,807

Total		$	168,807

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Large Cap Growth Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Options Written	Change in net unrealized appreciation/(depreciation) on Written option contracts		4,833
Total Equity Contracts			4,833

Total		$	4,833

The following table presents Large Cap Growth Fund’s average volume of derivative activity during the period ended October 31, 2010.


Derivative Risk Category	Options (Contracts)
Equity Contracts		82

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Large Cap Growth Fund, is as follows:


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
Money Market	$	61,038	$	4,909,163	$	4,970,201		—	$	—	$	—
Thrivent Financial Securities Lending Trust		6,482,949		70,634,918		75,099,054		2,018,813		2,018,813		12,893
Total Value and Income Earned		6,543,987								2,018,813		12,893

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

126

Large Cap Value Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (97.7%)	Value
	Consumer Discretionary (9.5%)
	72,966	Carnival Corporation	$	3,149,943
	546,340	Dana Holding Corporation^a		7,730,711
	247,742	Macy’s, Inc.		5,856,621
	64,520	Omnicom Group, Inc.		2,836,299
	181,860	Target Corporation		9,445,808
	136,450	Time Warner Cable, Inc.		7,896,362
	316,996	Walt Disney Company		11,446,726

		Total Consumer Discretionary		48,362,470


	Consumer Staples (8.0%)
	172,570	Avon Products, Inc.		5,254,757
	543,016	Kraft Foods, Inc.		17,523,126
	265,806	Philip Morris International, Inc.		15,549,651
	77,020	Unilever NV ADR		2,286,724

		Total Consumer Staples		40,614,258


	Energy (12.7%)
	127,734	Apache Corporation		12,903,689
	236,720	Baker Hughes, Inc.		10,967,237
	198,016	Chevron Corporation		16,358,102
	88,006	ConocoPhillips		5,227,556
	250,670	ENSCO International plc ADR		11,616,048
	91,700	Occidental Petroleum
		Corporation		7,210,371

		Total Energy		64,283,003


	Financials (20.3%)
	85,400	ACE, Ltd.		5,074,468
	75,782	Allstate Corporation		2,310,593
	188,690	Ameriprise Financial, Inc.		9,753,386
	348,058	Bank of America Corporation		3,981,784
	89,360	Chubb Corporation		5,184,667
	2,484,960	Citigroup, Inc.^a		10,362,283
	293,290	Comerica, Inc.		10,493,916
	18,602	Everest Re Group, Ltd.		1,567,777
	270,426	Fifth Third Bancorp		3,396,551
	23,240	Franklin Resources, Inc.		2,665,628
	48,520	Goldman Sachs Group, Inc.		7,809,294
	313,788	J.P. Morgan Chase & Company		11,807,842
	198,894	Morgan Stanley		4,946,494
	72,080	Northern Trust Corporation		3,577,330
	268,764	Principal Financial Group, Inc.		7,213,626
	52,972	SVB Financial Group^a		2,295,806
	73,518	Travelers Companies, Inc.		4,058,194
	68,440	Vanguard REIT ETF^b		3,733,402
	103,310	Wells Fargo & Company		2,694,325

		Total Financials		102,927,366


	Health Care (10.9%)
	92,660	Abbott Laboratories		4,755,311
	86,020	C.R. Bard, Inc.		7,149,982
	184,200	Covidien, Ltd.		7,344,054
	83,688	Johnson & Johnson		5,328,415
	185,030	Novartis AG ADR^b		10,722,489
	419,398	UnitedHealth Group, Inc.		15,119,298
	96,100	Zimmer Holdings, Inc.^a		4,558,984

		Total Health Care		54,978,533


	Industrials (15.0%)
	71,108	3M Company		5,988,716
	38,690	Avery Dennison Corporation		1,406,381
	71,450	Boeing Company		5,047,228
	82,270	Caterpillar, Inc.		6,466,422


Shares		Common Stock (97.7%)	Value
	Industrials (15.0%) - continued
	73,420	Eaton Corporation	$	6,521,899
	156,090	Emerson Electric Company		8,569,341
	50,540	Fluor Corporation		2,435,523
	69,510	General Dynamics Corporation		4,735,021
	402,580	General Electric Company		6,449,331
	118,600	Honeywell International, Inc.		5,587,246
	92,992	Ingersoll-Rand plc		3,655,515
	133,760	Norfolk Southern Corporation		8,224,902
	123,630	Textron, Inc.^b		2,573,977
	76,206	United Technologies Corporation		5,697,923
	57,550	WESCO International, Inc.^a		2,464,291

		Total Industrials		75,823,716


	Information Technology (8.9%)
	101,642	Avnet, Inc.^a		3,026,899
	180,800	EMC Corporation^a		3,798,608
	71,804	International Business Machines Corporation		10,311,054
	261,010	Oracle Corporation		7,673,694
	107,944	Tyco Electronics, Ltd.		3,419,666
	1,027,670	Xerox Corporation		12,023,739
	184,960	Xilinx, Inc.		4,958,778

		Total Information Technology		45,212,438


	Materials (4.8%)
	96,430	Allegheny Technologies, Inc.		5,080,896
	405,592	E.I. du Pont de Nemours and Company		19,176,390

		Total Materials		24,257,286


	Telecommunications Services (3.9%)
	261,506	AT&T, Inc.		7,452,921
	384,200	Verizon Communications, Inc.		12,474,974

		Total Telecommunications Services		19,927,895


	Utilities (3.7%)
	243,530	American Electric Power Company, Inc.		9,117,763
	199,390	Duke Energy Corporation		3,630,892
	31,748	Entergy Corporation		2,366,179
	154,676	Xcel Energy, Inc.		3,690,569

		Total Utilities		18,805,403


		Total Common Stock (cost $437,216,080)		495,192,368


Shares		Collateral Held for Securities Loaned (3.4%)	Value
	17,426,288	Thrivent Financial Securities Lending Trust		17,426,288

		Total Collateral Held for Securities Loaned (cost $17,426,288)		17,426,288


Principal Amount		Short-Term Investments (2.3%)^c	Value
		Federal Home Loan Bank Discount Notes
	5,000,000	0.145%, 11/19/2010		4,999,637

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

127

Large Cap Value Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Short-Term Investments (2.3%)^c	Value
		Nieuw Amsterdam Receivables Corporation
	6,715,000	0.220%, 11/1/2010	$	6,715,000

		Total Short-Term Investments (at amortized cost)		11,714,637

		Total Investments (cost $466,357,005) 103.4%	$	524,333,293

		Other Assets and Liabilities, Net (3.4%)		(17,215,705	)

		Total Net Assets 100.0%	$	507,117,588

a	Non-income producing security.

b	All or a portion of the security is on loan as discussed in item 2(M) of the Notes to Financial Statements.

c	The interest rate shown reflects the yield, coupon rate or, for securities purchased at a discount, 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	$	65,910,827
Gross unrealized depreciation		(8,494,697	)

Net unrealized appreciation (depreciation)	$	57,416,130

Cost for federal income tax purposes	$	466,917,163

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Large Cap Value Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Common Stock
Consumer Discretionary		48,362,470		48,362,470		—		—
Consumer Staples		40,614,258		40,614,258		—		—
Energy		64,283,003		64,283,003		—		—
Financials		102,927,366		102,927,366		—		—
Health Care		54,978,533		54,978,533		—		—
Industrials		75,823,716		75,823,716		—		—
Information Technology		45,212,438		45,212,438		—		—
Materials		24,257,286		24,257,286		—		—
Telecommunications Services		19,927,895		19,927,895		—		—
Utilities		18,805,403		18,805,403		—		—
Collateral Held for Securities Loaned		17,426,288		17,426,288		—		—
Short-Term Investments		11,714,637		—		11,714,637		—

Total	$	524,333,293	$	512,618,656	$	11,714,637	$	—

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

128

Large Cap Value Fund

Schedule of Investments as of October 31, 2010

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Large Cap Value Fund, is as follows:


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
Money Market	$	129,108	$	—	$	129,108		—	$	—	$	9
Thrivent Financial Securities Lending Trust		6,903,957		120,674,731		110,152,400		17,426,288		17,426,288		10,378
Total Value and Income Earned		7,033,065								17,426,288		10,387

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

129

Large Cap Stock Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (95.9%)	Value
	Consumer Discretionary (11.2%)
	190,354	Carnival Corporation^a	$	8,217,582
	861,580	Dana Holding Corporation^b		12,191,357
	600,800	Expedia, Inc.		17,393,160
	306,500	Kohl’s Corporation^b,c		15,692,800
	397,470	Macy’s, Inc.		9,396,191
	100,000	McDonald’s Corporation		7,777,000
	975,100	MGM Resorts International^b,c		10,657,843
	101,660	Omnicom Group, Inc.		4,468,974
	386,400	Starbucks Corporation		11,004,672
	283,560	Target Corporation		14,728,106
	212,710	Time Warner Cable, Inc.		12,309,528
	347,900	TJX Companies, Inc.		15,965,131
	431,500	Urban Outfitters, Inc.^b		13,277,255
	1,122,290	Walt Disney Company		40,525,892
		Total Consumer Discretionary		193,605,491

	Consumer Staples (9.3%)
	65,500	Altria Group, Inc.		1,665,010
	524,760	Avon Products, Inc.		15,978,942
	181,900	Coca-Cola Company		11,154,108
	224,400	Colgate-Palmolive Company		17,305,728
	82,200	Kellogg Company		4,131,372
	853,960	Kraft Foods, Inc.		27,557,289
	212,400	PepsiCo, Inc.		13,869,720
	578,689	Philip Morris International, Inc.		33,853,307
	332,100	Procter & Gamble Company		21,111,597
	236,900	Wal-Mart Stores, Inc.		12,832,873
		Total Consumer Staples		159,459,946

	Energy (10.3%)
	198,300	Apache Corporation		20,032,266
	753,460	Baker Hughes, Inc.		34,907,802
	393,440	Chevron Corporation		32,502,078
	396,150	ENSCO International plc ADR		18,357,591
	473,550	Occidental Petroleum Corporation		37,235,236
	250,239	Schlumberger, Ltd.		17,489,204
	405,450	Ultra Petroleum Corporation^b		16,684,268
		Total Energy		177,208,445

	Financials (13.9%)
	133,620	ACE, Ltd.		7,939,700
	574,900	American Express Company^a		23,835,354
	296,930	Ameriprise Financial, Inc.		15,348,312
	539,650	Bank of America Corporation		6,173,596
	266,170	Chubb Corporation		15,443,183
	3,920,470	Citigroup, Inc.^b		16,348,360
	459,580	Comerica, Inc.^c		16,443,772
	715,330	Fifth Third Bancorp		8,984,545
	36,240	Franklin Resources, Inc.		4,156,728
	156,900	Goldman Sachs Group, Inc.		25,253,055
	119,550	IntercontinentalExchange, Inc.^b		13,732,708
	508,100	Itau Unibanco Holding SA ADR		12,478,936
	488,438	J.P. Morgan Chase & Company		18,379,922
	314,000	Morgan Stanley		7,809,180
	229,380	Northern Trust Corporation		11,384,129
	421,953	Principal Financial Group, Inc.		11,325,219
	640,400	U.S. Bancorp		15,484,872
	106,540	Vanguard REIT ETF^c		5,811,757
	162,170	Wells Fargo & Company		4,229,394
		Total Financials		240,562,722


Shares		Common Stock (95.9%)	Value
	Health Care (11.5%)
	356,630	Abbott Laboratories	$	18,302,252
	173,300	Allergan, Inc.		12,548,653
	134,130	C.R. Bard, Inc.		11,148,886
	321,150	Celgene Corporation^b		19,933,780
	286,710	Covidien, Ltd.		11,431,128
	167,900	Hospira, Inc.^b		9,986,692
	128,630	Johnson & Johnson		8,189,872
	204,396	Medco Health Solutions, Inc.^b		10,736,922
	283,360	Novartis AG ADR^c		16,420,712
	383,400	Teva Pharmaceutical Industries, Ltd. ADR		19,898,460
	567,700	Thermo Fisher Scientific, Inc.^b		29,191,134
	659,490	UnitedHealth Group, Inc.		23,774,614
	149,580	Zimmer Holdings, Inc.^b		7,096,075
		Total Health Care		198,659,180

	Industrials (12.0%)
	113,980	3M Company		9,599,396
	67,170	Avery Dennison Corporation		2,441,629
	112,930	Boeing Company		7,977,375
	129,780	Caterpillar, Inc.		10,200,708
	933,000	Delta Air Lines, Inc.^b		12,959,370
	255,750	Dover Corporation		13,580,325
	126,630	Eaton Corporation		11,248,543
	246,710	Emerson Electric Company		13,544,379
	158,500	FedEx Corporation		13,903,620
	276,610	Fluor Corporation		13,329,836
	634,770	General Electric Company		10,169,015
	185,470	Honeywell International, Inc.		8,737,492
	346,840	Ingersoll-Rand plc		13,634,280
	495,910	Norfolk Southern Corporation		30,493,506
	156,200	Siemens AG ADR		17,855,222
	194,500	Textron, Inc.^c		4,049,490
	119,800	United Technologies Corporation		8,957,446
	90,570	WESCO International, Inc.^b		3,878,208
		Total Industrials		206,559,840

	Information Technology (20.9%)
	208,478	Apple, Inc.^b		62,724,776
	1,356,555	Cisco Systems, Inc.^b		30,970,151
	157,100	Cognizant Technology Solutions Corporation^b		10,241,349
	883,020	EMC Corporation^b		18,552,250
	43,200	Equinix, Inc.^b		3,639,168
	56,542	Google, Inc.^b		34,659,680
	475,600	Hewlett-Packard Company		20,003,736
	112,680	International Business Machines Corporation		16,180,848
	233,100	Juniper Networks, Inc.^b		7,550,109
	708,100	Marvell Technology Group, Ltd.^b		13,673,411
	1,275,100	Microsoft Corporation		33,968,664
	409,370	Oracle Corporation		12,035,478
	378,400	QUALCOMM, Inc.		17,077,192
	361,870	Tyco Electronics, Ltd.		11,464,042
	311,800	Visa, Inc.		24,373,406
	121,300	VMware, Inc.^b		9,274,598
	1,621,680	Xerox Corporation		18,973,656
	588,620	Xilinx, Inc.^c		15,780,902
		Total Information Technology		361,143,416

	Materials (2.4%)
	149,120	Allegheny Technologies, Inc.^c		7,857,133

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

130

Large Cap Stock Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (95.9%)	Value
	Materials (2.4%) - continued
	641,001	E.I. du Pont de Nemours and Company	$	30,306,527
	114,600	International Paper Company		2,897,088

		Total Materials		41,060,748


	Telecommunications Services (2.6%)
	407,740	AT&T, Inc.		11,620,590
	320,400	NII Holdings, Inc.^b		13,395,924
	612,770	Verizon Communications, Inc.		19,896,642

		Total Telecommunications Services		44,913,156


	Utilities (1.8%)
	636,330	American Electric Power Company, Inc.		23,824,195
	208,030	Duke Energy Corporation		3,788,227
	161,620	Xcel Energy, Inc.		3,856,253

		Total Utilities		31,468,675


		Total Common Stock (cost $1,455,708,115)		1,654,641,619


Shares		Collateral Held for Securities Loaned (3.9%)	Value
	67,901,380	Thrivent Financial Securities Lending Trust		67,901,380

		Total Collateral Held for Securities Loaned (cost $67,901,380)		67,901,380


Principal Amount		Short-Term Investments (4.3%)^d	Value
		CRC Funding, LLC
	13,580,000	0.220%, 11/1/2010		13,580,000
		Federal Home Loan Bank Discount Notes
	10,000,000	0.170%, 11/9/2010		9,999,622
	10,000,000	0.155%, 11/10/2010		9,999,612
	15,000,000	0.155%, 11/19/2010		14,998,838
	5,000,000	0.155%, 11/24/2010		4,999,505
		Federal Home Loan Mortgage Corporation Discount Notes
	3,700,000	0.200%, 3/14/2011^e		3,697,321
		GOVCO, Inc.
	7,980,000	0.220%, 11/1/2010		7,980,000
		Louis Dreyfus Corporation
	8,435,000	0.230%, 11/1/2010		8,435,000

		Total Short-Term Investments (at amortized cost)		73,689,898

		Total Investments (cost $1,597,299,393) 104.1%	$	1,796,232,897

		Other Assets and Liabilities, Net (4.1%)		(70,444,699	)

		Total Net Assets 100.0%	$	1,725,788,198

a	All or a portion of the security was earmarked to cover written options.

b	Non-income producing security.

c	All or a portion of the security is on loan as discussed in item 2(M) of the Notes to Financial Statements.

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

e	At October 31, 2010, $3,497,466 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Definitions:


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


Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$	208,465,240
Gross unrealized depreciation		(24,951,842	)

Net unrealized appreciation (depreciation)	$	183,513,398

Cost for federal income tax purposes	$	1,612,719,499

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

131

Large Cap Stock Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Large Cap Stock Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Common Stock
Consumer Discretionary		193,605,491		193,605,491		—		—
Consumer Staples		159,459,946		159,459,946		—		—
Energy		177,208,445		177,208,445		—		—
Financials		240,562,722		240,562,722		—		—
Health Care		198,659,180		198,659,180		—		—
Industrials		206,559,840		206,559,840		—		—
Information Technology		361,143,416		361,143,416		—		—
Materials		41,060,748		41,060,748		—		—
Telecommunications Services		44,913,156		44,913,156		—		—
Utilities		31,468,675		31,468,675		—		—
Collateral Held for Securities Loaned		67,901,380		67,901,380		—		—
Short-Term Investments		73,689,898		—		73,689,898		—

Total	$	1,796,232,897	$	1,722,542,999	$	73,689,898	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3

Asset Derivatives
Futures Contracts		1,321,391		1,321,391		—		—
Call Options Written		5,938		5,938		—		—

Total Asset Derivatives	$	1,327,329	$	1,327,329	$	—	$	—


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
S&P 500 Index Futures		74		December 2010	$	20,503,059	$	21,824,450	$	1,321,391
Total Futures Contracts									$	1,321,391


Call Options Written	Number of Contracts		Exercise Price		Expiration Date		Value			Unrealized Gain/(Loss)
S&P 500 Index Mini-Futures Call Option		100	$	1,215.00		November 2010	($	35,000	)	$	3,500
S&P 500 Index Mini-Futures Call Option		250		1,200.00		November 2010		(150,000	)		2,438
Total Call Options Written							($	185,000	)	$	5,938

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of October 31, 2010, for Large Cap Stock Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


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

Asset Derivatives
Equity Contracts
Options Written	Net Assets - Net unrealized appreciation/(depreciation) on Written option contracts		5,938
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		1,321,391
Total Equity Contracts			1,327,329

Total Asset Derivatives		$	1,327,329

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

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

132

Large Cap Stock Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Large Cap Stock Fund’s investments in financial derivative instruments by primary risk exposure.


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

Equity Contracts
Options Written	Net realized gains/(losses) on Written option contracts		(1,010,899	)
Futures	Net realized gains/(losses) on Futures contracts		17,948,571
Total Equity Contracts			16,937,672

Total		$	16,937,672

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Large Cap Stock Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Options Written	Change in net unrealized appreciation/(depreciation) on Written option contracts		5,938
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		1,187,976
Total Equity Contracts			1,193,914

Total		$	1,193,914

The following table presents Large Cap Stock Fund’s average volume of derivative activity during the period ended October 31, 2010.

Derivative Risk

Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Options
(Contracts)

Equity Contracts

82,409,204

4.7

808

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

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Large Cap Stock Fund, is as follows:


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
Money Market	$	177,525	$	1,246,872	$	1,424,397		—	$	—	$	—
Thrivent Financial Securities Lending Trust		51,698,493		505,204,570		489,001,683		67,901,380		67,901,380		71,774
Total Value and Income Earned		51,876,018								67,901,380		71,774

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

133

Balanced Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (66.2%)	Value
	Consumer Discretionary (9.2%)
	13,400	Autoliv, Inc.	$	955,420
	50,000	Carnival Corporation		2,158,500
	67,000	Chico’s FAS, Inc.		651,240
	102,900	Comcast Corporation		2,117,682
	37,900	Cooper Tire & Rubber Company		743,219
	19,300	Discovery Communications, Inc.^a		860,973
	15,350	Dollar Tree, Inc.^a		787,609
	67,900	Home Depot, Inc.		2,096,752
	109,800	Leapfrog Enterprises, Inc.^a		613,782
	32,100	Macy’s, Inc.		758,844
	35,800	Time Warner Cable, Inc.		2,071,746
	47,600	TJX Companies, Inc.		2,184,364
	59,700	Walt Disney Company		2,155,767
	18,300	WMS Industries, Inc.^a		798,429
		Total Consumer Discretionary		18,954,327

	Consumer Staples (6.4%)
	72,000	Avon Products, Inc.		2,192,400
	23,300	British American Tobacco plc ADR		1,776,159
	29,400	Colgate-Palmolive Company		2,267,328
	16,700	Herbalife, Ltd.		1,066,462
	20,000	Kellogg Company		1,005,200
	71,200	Kraft Foods, Inc.		2,297,624
	7,912	Procter & Gamble Company		502,966
	61,700	Walgreen Company		2,090,396
		Total Consumer Staples		13,198,535

	Energy (8.7%)
	23,900	Alpha Natural Resources, Inc.^a		1,079,563
	46,300	Baker Hughes, Inc.		2,145,079
	26,400	Chevron Corporation		2,180,904
	17,900	ENSCO International plc ADR		829,486
	20,700	EOG Resources, Inc.		1,981,404
	27,800	Forest Oil Corporation^a		854,294
	171,000	International Coal Group, Inc.^a		961,020
	25,300	Occidental Petroleum Corporation		1,989,339
	46,200	Peabody Energy Corporation		2,443,980
	36,000	Schlumberger, Ltd.		2,516,040
	8,500	Whiting Petroleum Corporation^a		853,740
		Total Energy		17,834,849

	Financials (10.0%)
	47,000	American Express Company		1,948,620
	38,100	Chubb Corporation		2,210,562
	461,000	Citigroup, Inc.^a		1,922,370
	148,200	Fifth Third Bancorp		1,861,392
	17,100	Franklin Resources, Inc.		1,961,370
	29,200	Healthcare Realty Trust, Inc.		704,888
	46,700	Host Hotels & Resorts, Inc.		742,063
	19,900	Lazard, Ltd.		734,310
	85,800	Morgan Stanley		2,133,846
	17,300	Nationwide Health Properties, Inc.		706,359
	67,900	Ocwen Financial Corporation^a		585,977
	51,700	People’s United Financial, Inc.		636,427
	17,900	Potlatch Corporation		609,495
	84,200	Principal Financial Group, Inc.		2,259,928
	41,200	Texas Capital Bancshares, Inc.^a		747,780
	32,600	Zions Bancorporation^b		673,516
		Total Financials		20,438,903


Shares		Common Stock (66.2%)	Value
	Health Care (7.8%)
	39,800	Biogen Idec, Inc.^a,b	$	2,495,858
	2,700	C.R. Bard, Inc.		224,424
	28,000	Community Health Systems, Inc.^a		842,240
	55,800	Covidien, Ltd.		2,224,746
	14,900	Hospira, Inc.^a		886,252
	128,000	Pfizer, Inc.		2,227,200
	13,000	Teva Pharmaceutical Industries, Ltd. ADR		674,700
	46,000	Thermo Fisher Scientific, Inc.^a		2,365,320
	15,500	United Therapeutics Corporation^a		930,000
	62,200	UnitedHealth Group, Inc.		2,242,310
	12,800	Varian Medical Systems, Inc.^a		809,216
		Total Health Care		15,922,266

	Industrials (7.1%)
	19,300	BE Aerospace, Inc.^a		709,468
	38,500	CSX Corporation		2,365,825
	22,600	FedEx Corporation		1,982,472
	38,700	Fluor Corporation		1,864,953
	24,750	FTI Consulting, Inc.^a		877,635
	73,800	Manitowoc Company, Inc.		822,132
	39,600	Norfolk Southern Corporation		2,435,004
	32,600	Old Dominion Freight Line, Inc.^a		914,430
	23,100	Shaw Group, Inc.^a		705,936
	26,600	United Technologies Corporation		1,988,882
		Total Industrials		14,666,737

	Information Technology (12.1%)
	54,900	Accenture plc		2,454,579
	87,778	Atmel Corporation^a		777,713
	24,500	CommVault Systems, Inc.^a		708,785
	107,100	EMC Corporation^a		2,250,171
	7,800	Equinix, Inc.^a		657,072
	114,900	Flextronics International, Ltd.^a		822,684
	57,200	Hewlett-Packard Company		2,405,832
	76,400	Microsoft Corporation		2,035,296
	54,700	Nuance Communications, Inc.^a		859,337
	20,200	Plantronics, Inc.		724,776
	24,400	Polycom, Inc.^a		824,232
	77,100	Teradyne, Inc.^a		866,604
	82,800	Texas Instruments, Inc.		2,448,396
	21,492	VMware, Inc.^a		1,643,278
	220,800	Xerox Corporation		2,583,360
	164,900	Yahoo!, Inc.^a		2,722,499
		Total Information Technology		24,784,614

	Materials (2.3%)
	21,900	Freeport-McMoRan Copper & Gold, Inc.		2,073,492
	30,300	Newmont Mining Corporation		1,844,361
	10,300	Walter Energy, Inc.^b		905,988
		Total Materials		4,823,841

	Utilities (2.6%)
	47,000	American Electric Power Company, Inc.		1,759,680
	39,700	Exelon Corporation		1,620,554
	27,900	Southwest Gas Corporation		969,804

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

134

Balanced Fund

Schedule of Investments as of October 31, 2010


Shares		Common Stock (66.2%)	Value
	Utilities (2.6%) - continued
	40,500	Xcel Energy, Inc.	$	966,330

		Total Utilities		5,316,368


		Total Common Stock (cost $121,525,747)		135,940,440


Principal Amount		Long-Term Fixed Income (33.6%)	Value
	Asset-Backed Securities (2.0%)
		Carrington Mortgage Loan Trust
	150,000	0.406%, 8/25/2036^c		75,569
		Countrywide Asset-Backed Certificates
	314,836	5.549%, 8/25/2021^d		230,081
		First Horizon ABS Trust
	581,601	0.386%, 10/25/2026^c,d		413,516
		GMAC Mortgage Corporation Loan Trust
	655,894	0.436%, 8/25/2035^c,d		331,586
	598,838	0.436%, 12/25/2036^c,d		319,262
		Goldman Sachs Alternative Mortgage Products Trust
	270,342	0.336%, 8/25/2036^c		249,139
		Green Tree Financial Corporation
	310,225	6.330%, 11/1/2029		318,446
		Popular ABS Mortgage Pass-Through Trust
	250,000	5.297%, 11/25/2035		227,077
		Renaissance Home Equity Loan Trust
	1,258,532	5.608%, 5/25/2036		1,100,342
	500,000	5.285%, 1/25/2037		410,183
		Wachovia Asset Securitization, Inc.
	752,550	0.396%, 7/25/2037^c,d,e		506,090

		Total Asset-Backed Securities		4,181,291


	Basic Materials (0.9%)
		ArcelorMittal
	250,000	6.125%, 6/1/2018		273,414
	200,000	5.250%, 8/5/2020		202,359
		Dow Chemical Company
	200,000	8.550%, 5/15/2019		256,867
		Gold Fields Orogen Holding BVI, Ltd.
	200,000	4.875%, 10/7/2020^f		196,307
		Noble Group, Ltd.
	300,000	6.750%, 1/29/2020^f		333,507
		Rio Tinto Finance USA, Ltd.
	200,000	9.000%, 5/1/2019		281,597
		Vale Overseas, Ltd.
	200,000	4.625%, 9/15/2020		207,061

		Total Basic Materials		1,751,112


	Capital Goods (0.4%)
		Hutchinson Whampoa Finance, Ltd.
	250,000	5.750%, 9/11/2019^f		276,564
		Republic Services, Inc.
	100,000	5.000%, 3/1/2020		108,821
	200,000	5.250%, 11/15/2021		221,859


Principal Amount		Long-Term Fixed Income (33.6%)	Value
	Capital Goods (0.4%) - continued
		Textron, Inc.
$	100,000	7.250%, 10/1/2019	$	119,022

		Total Capital Goods		726,266


	Collateralized Mortgage Obligations (1.2%)
		Banc of America Mortgage Securities, Inc.
	746,191	3.176%, 9/25/2035		638,297
		Bear Stearns Mortgage Funding Trust
	205,034	0.536%, 8/25/2036^c		41,298
		HomeBanc Mortgage Trust
	537,895	5.947%, 4/25/2037		352,214
		J.P. Morgan Alternative Loan Trust
	544,826	5.292%, 3/25/2036		358,768
		J.P. Morgan Mortgage Trust
	152,422	5.695%, 6/25/2036		148,121
		Merrill Lynch Mortgage Investors, Inc.
	684,959	2.752%, 6/25/2035		613,199
		Thornburg Mortgage Securities Trust
	398,101	0.366%, 11/25/2046^c		387,814

		Total Collateralized Mortgage Obligations		2,539,711


	Commercial Mortgage-Backed Securities (4.2%)
		Bear Stearns Commercial Mortgage Securities, Inc.
	250,000	5.613%, 6/11/2050		263,498
	1,500,000	0.406%, 3/15/2022^c,e		1,392,588
	782,099	4.487%, 2/11/2041		792,853
		Citigroup/Deutsche Bank Commercial Mortgage
	250,000	5.322%, 12/11/2049		260,776
		Commercial Mortgage Pass-Through Certificates
	1,000,000	0.386%, 12/15/2020^c,e		853,917
	750,000	0.436%, 6/15/2022^c,e		681,739
		Credit Suisse Mortgage Capital Certificates
	1,500,000	0.426%, 10/15/2021^c,f		1,324,172
		Government National Mortgage Association
	692,742	3.214%, 1/16/2040		728,964
		GS Mortgage Securities Corporation II
	1,000,000	0.387%, 3/6/2020^c,f		957,586
	275,000	4.761%, 7/10/2039		287,232
		Morgan Stanley Capital I, Inc.
	500,000	4.970%, 4/14/2040		523,611
		Wachovia Bank Commercial Mortgage Trust
	375,000	5.765%, 7/15/2045		410,879
		WaMu Commercial Mortgage Securities Trust
	121,542	3.830%, 1/25/2035^f		122,508

		Total Commercial Mortgage-Backed Securities		8,600,323

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

135

Balanced Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (33.6%)	Value
	Communications Services (1.3%)
		America Movil SAB de CV
$	200,000	5.000%, 3/30/2020	$	218,597
		American Tower Corporation
	200,000	5.050%, 9/1/2020		208,802
		CBS Corporation
	200,000	8.875%, 5/15/2019		259,120
		Crown Castle Towers, LLC
	200,000	6.113%, 1/15/2020^f		222,440
	200,000	4.883%, 8/15/2020^f		203,752
		Frontier Communications Corporation
	120,000	6.250%, 1/15/2013		127,200
		News America, Inc.
	75,000	7.280%, 6/30/2028		85,036
	125,000	6.400%, 12/15/2035		135,565
		Rogers Communications, Inc.
	280,000	6.750%, 3/15/2015		335,054
	40,000	8.750%, 5/1/2032		51,755
		SBA Tower Trust
	200,000	5.101%, 4/15/2017^f		215,122
		Telecom Italia Capital SA
	200,000	5.250%, 10/1/2015		219,903
		Time Warner Cable, Inc.
	200,000	8.750%, 2/14/2019		266,151
		Verizon Communications, Inc.
	100,000	8.950%, 3/1/2039		144,523

		Total Communications Services		2,693,020


	Consumer Cyclical (0.6%)
		CVS Caremark Corporation
	250,000	6.125%, 9/15/2039		269,411
		Ford Motor Credit Company, LLC
	150,000	7.000%, 4/15/2015		165,775
		Nissan Motor Acceptance Corporation
	315,000	5.625%, 3/14/2011^f		320,633
	200,000	4.500%, 1/30/2015^f		213,981
		Wal-Mart Stores, Inc.
	230,000	5.875%, 4/5/2027		260,555

		Total Consumer Cyclical		1,230,355


	Consumer Non-Cyclical (0.9%)
		Altria Group, Inc.
	200,000	9.700%, 11/10/2018		275,887
		AmerisourceBergen Corporation
	200,000	4.875%, 11/15/2019		214,567
		Amgen, Inc.
	200,000	3.450%, 10/1/2020		200,660
		Anheuser-Busch InBev Worldwide, Inc.
	200,000	5.375%, 11/15/2014^f		225,947
		CareFusion Corporation
	150,000	6.375%, 8/1/2019		177,762
		HCA, Inc
	150,000	9.250%, 11/15/2016		162,375
		Kraft Foods, Inc.
	250,000	5.375%, 2/10/2020		280,091
		Life Technologies Corporation
	200,000	4.400%, 3/1/2015		214,046

		Total Consumer Non-Cyclical		1,751,335


Principal Amount		Long-Term Fixed Income (33.6%)	Value
Principal Amount		Long-Term Fixed Income (33.6%)	Value
	Energy (0.6%)
		CenterPoint Energy Resources Corporation
$	300,000	6.125%, 11/1/2017	$	346,190
		NuStar Logistics, LP
	200,000	4.800%, 9/1/2020		203,431
		ONEOK Partners, LP
	200,000	8.625%, 3/1/2019		260,255
		Valero Energy Corporation
	200,000	6.125%, 2/1/2020		221,382
		XTO Energy, Inc.
	200,000	5.500%, 6/15/2018		237,908

		Total Energy		1,269,166


	Financials (6.0%)
		AMB Property, LP
	200,000	6.125%, 12/1/2016		224,886
		American Express Company
	200,000	7.000%, 3/19/2018		240,230
		Axis Specialty Finance, LLC
	250,000	5.875%, 6/1/2020		255,868
		Bank of America Corporation
	150,000	6.500%, 8/1/2016		167,263
	260,000	5.625%, 7/1/2020		269,604
		Barclays Bank plc
	200,000	2.500%, 1/23/2013		205,760
		Barclays Bank plc, Convertible
	500,000	1.000%, 6/25/2017^g		539,600
		Bear Stearns Companies, Inc.
	200,000	6.400%, 10/2/2017		233,239
		Blackstone Holdings Finance Company, LLC
	150,000	6.625%, 8/15/2019^f		158,195
		Capital One Bank USA NA
	100,000	8.800%, 7/15/2019		126,841
		Capital One Capital V
	150,000	10.250%, 8/15/2039		162,750
		Citigroup, Inc.
	250,000	2.384%, 8/13/2013^c		252,030
	200,000	6.500%, 8/19/2013		223,158
		CNA Financial Corporation
	200,000	6.500%, 8/15/2016		221,370
		Commonwealth Bank of Australia
	200,000	3.750%, 10/15/2014^f		213,605
		Corestates Capital Trust I
	375,000	8.000%, 12/15/2026^f		386,392
		Credit Suisse Securities USA, LLC, Convertible
	300,000	1.000%, 4/28/2017^g		292,020
		Fifth Third Bancorp
	200,000	5.450%, 1/15/2017		212,359
		General Electric Capital Corporation
	100,000	6.000%, 8/7/2019		112,971
	200,000	4.375%, 9/16/2020		201,743
		Goldman Sachs Group, Inc., Convertible
	4,750	0.250%, 11/7/2011^h,i		125,172
	500,000	1.000%, 1/31/2015^g		470,362
		Health Care REIT, Inc.
	200,000	6.125%, 4/15/2020		217,511
		HSBC Holdings plc
	165,000	6.500%, 5/2/2036		176,264

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

136

Balanced Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (33.6%)	Value
	Financials (6.0%) - continued
		International Lease Finance Corporation
$	100,000	8.625%, 9/15/2015^f	$	112,500
		J.P. Morgan Chase & Company
	200,000	4.950%, 3/25/2020		212,110
		Liberty Property, LP
	200,000	5.500%, 12/15/2016		223,502
		Lincoln National Corporation
	150,000	8.750%, 7/1/2019		193,419
		Merrill Lynch & Company, Inc.
	200,000	6.875%, 4/25/2018		224,471
		Morgan Stanley
	200,000	7.300%, 5/13/2019		230,671
	200,000	5.500%, 1/26/2020		208,177
		MUFG Capital Finance 1, Ltd.
	200,000	6.346%, 7/29/2049^j		201,645
		Nationwide Building Society
	200,000	6.250%, 2/25/2020^f		219,756
		Nordea Bank AB
	200,000	4.875%, 1/27/2020^f		215,244
		PNC Funding Corporation
	200,000	5.125%, 2/8/2020		217,057
		Principal Financial Group, Inc.
	200,000	8.875%, 5/15/2019		261,265
		ProLogis
	100,000	6.875%, 3/15/2020		108,663
		Prudential Financial, Inc.
	250,000	6.100%, 6/15/2017		281,027
	100,000	5.700%, 12/14/2036		98,656
		Rabobank Nederland NV
	300,000	4.750%, 1/15/2020^f		326,458
		Reinsurance Group of America, Inc.
	300,000	5.625%, 3/15/2017		324,725
		Royal Bank of Scotland Group plc
	200,000	6.400%, 10/21/2019		218,159
		Royal Bank of Scotland plc
	150,000	4.875%, 8/25/2014^f		160,543
		Santander US Debt SA Unipersonal
	200,000	2.991%, 10/7/2013^f		201,047
		Simon Property Group, LP
	200,000	4.375%, 3/1/2021		204,917
		SLM Corporation
	100,000	8.000%, 3/25/2020		101,077
		Swiss RE Capital I, LP
	275,000	6.854%, 5/29/2049^f,j		273,009
		TNK-BP Finance SA
	200,000	6.250%, 2/2/2015^f		212,250
		Travelers Companies, Inc.
	105,000	6.250%, 6/15/2037		119,136
		UnitedHealth Group, Inc.
	150,000	6.500%, 6/15/2037		165,445
		USB Capital XIII Trust
	200,000	6.625%, 12/15/2039		203,494
		Wachovia Bank NA
	285,000	4.875%, 2/1/2015		309,864
		Wachovia Corporation
	150,000	5.250%, 8/1/2014		162,885
		WEA Finance, LLC/WT Finance Australia, Pty Ltd.
	225,000	6.750%, 9/2/2019^f		265,059
		Westpac Banking Corporation
	200,000	2.250%, 11/19/2012		204,686


Principal Amount		Long-Term Fixed Income (33.6%)	Value
	Financials (6.0%) - continued
		Willis North America, Inc.
$	220,000	6.200%, 3/28/2017	$	235,615

		Total Financials		12,385,725


	Foreign Government (0.5%)
		Chile Government International Bond
	200,000	3.875%, 8/5/2020		208,264
		Corporacion Andina de Fomento
	500,000	5.750%, 1/12/2017		542,004
		Poland Government International Bond
	100,000	3.875%, 7/16/2015		106,099
		Qatar Government International Bond
	200,000	4.000%, 1/20/2015^f		210,750

		Total Foreign Government		1,067,117


	Mortgage-Backed Securities (7.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	3,700,000	4.000%, 11/1/2025^h		3,871,702
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	3,850,000	4.500%, 11/1/2040^h		4,041,299
	3,600,000	5.500%, 11/1/2040^h		3,864,938
	2,750,000	6.000%, 11/1/2040^h		2,985,469
	1,000,000	6.500%, 11/1/2040^h		1,103,438

		Total Mortgage-Backed Securities		15,866,846


	Technology (0.1%)
		Affiliated Computer Services, Inc.
	200,000	5.200%, 6/1/2015		218,667

		Total Technology		218,667


	Transportation (0.7%)
		American Airlines Pass Through Trust
	98,625	10.375%, 7/2/2019		117,857
		Continental Airlines, Inc.
	200,000	7.250%, 11/10/2019		222,000
		CSX Corporation
	200,000	3.700%, 10/30/2020		197,854
		Delta Air Lines, Inc.
	196,722	7.750%, 12/17/2019		220,329
		ERAC USA Finance, LLC
	200,000	5.250%, 10/1/2020^f		213,741
		FedEx Corporation
	311,647	6.720%, 1/15/2022		338,710
		United Air Lines, Inc.
	194,905	10.400%, 11/1/2016		220,243

		Total Transportation		1,530,734


	U.S. Government and Agencies (4.8%)
		U.S. Treasury Bonds
	900,000	4.625%, 2/15/2040		998,719
		U.S. Treasury Notes
	500,000	3.500%, 5/31/2013		540,196
	750,000	1.125%, 6/15/2013		763,418
	2,500,000	1.500%, 12/31/2013		2,573,437

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

137

Balanced Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (33.6%)	Value
	U.S. Government and Agencies (4.8%) - continued
$	350,000	2.375%, 9/30/2014	$	371,109
	200,000	3.625%, 2/15/2020		218,359
	200,000	3.500%, 2/15/2039		183,125
		U.S. Treasury Notes, TIPS
	1,162,032	2.500%, 7/15/2016		1,337,699
	1,278,013	1.875%, 7/15/2019		1,444,953
	1,388,076	1.375%, 1/15/2020		1,507,255

		Total U.S. Government and Agencies		9,938,270


	U.S. Municipals (0.1%)
		North Texas Tollway Authority Revenue Bonds (Build America Bonds)
	150,000	6.718%, 1/1/2049		155,998

		Total U.S. Municipals		155,998


	Utilities (1.6%)
		Abu Dhabi National Energy Company
	150,000	6.250%, 9/16/2019^f		159,925
		Cleveland Electric Illuminating Company
	245,000	5.700%, 4/1/2017		268,862
		Enterprise Products Operating, LLC
	200,000	5.200%, 9/1/2020		219,675
		Exelon Generation Company, LLC
	145,000	5.750%, 10/1/2041		142,381
		FirstEnergy Solutions Corporation
	150,000	4.800%, 2/15/2015		162,012
		ITC Holdings Corporation
	225,000	6.050%, 1/31/2018^f		256,557
		MidAmerican Energy Holdings Company
	225,000	6.500%, 9/15/2037		261,744
		NiSource Finance Corporation
	100,000	6.125%, 3/1/2022		113,719
		Pennsylvania Electric Company
	200,000	5.200%, 4/1/2020		217,614
		Petrobras International Finance Company
	250,000	5.750%, 1/20/2020		279,661
		Power Receivables Finance, LLC
	151,267	6.290%, 1/1/2012^e		151,299
		Ras Laffan Liquefied Natural Gas Company, Ltd. II
	288,390	5.298%, 9/30/2020^f		312,903
		Ras Laffan Liquefied Natural Gas Company, Ltd. III
	111,525	5.832%, 9/30/2016^f		121,327
		Union Electric Company
	350,000	6.400%, 6/15/2017		406,913
		Williams Partners, LP
	200,000	5.250%, 3/15/2020		218,478

		Total Utilities		3,293,070


		Total Long-Term Fixed Income (cost $68,681,545)		69,199,006


Shares		Mutual Funds (0.9%)	Value
	Fixed Income Mutual Funds (0.9%)
	366,132	Thrivent High Yield Fund	$	1,779,402

		Total Fixed Income Mutual Funds		1,779,402


		Total Mutual Funds (cost $1,400,000)		1,779,402


Shares		Preferred Stock (0.1%)	Value
	Financials (0.1%)
	1,150	Citigroup, Inc., Convertible, 7.500%		142,071
	12,000	Federal National Mortgage Association, 8.250%^a,j		6,600
	4,000	HSBC Holdings plc, 8.000%^j		110,600

		Total Financials		259,271


		Total Preferred Stock (cost $392,431)		259,271


Contracts		Options Purchased (<0.1%)	Value
		Put on 10-Yr. U.S. Treasury Bond Futures
	20	$122.50, expires 11/27/2010	$	1,875
	20	$124.00, expires 11/27/2010		5,625

		Total Options Purchased (cost $13,245)		7,500


Shares		Collateral Held for Securities Loaned (2.2%)	Value
	4,547,275	Thrivent Financial Securities Lending Trust		4,547,275

		Total Collateral Held for Securities Loaned (cost $4,547,275)		4,547,275


Principal Amount		Short-Term Investments (6.5%)^k	Value
		Federal Home Loan Bank Discount Notes
	12,000,000	0.156%, 11/10/2010		11,999,533
		Federal Home Loan Mortgage Corporation Discount Notes
	400,000	0.200%, 3/14/2011^l,m		399,710
		Ranger Funding Company
	775,000	0.220%, 11/1/2010		775,000

		Total Short-Term Investments (at amortized cost)		13,174,243

		Total Investments (cost $209,734,486) 109.5%	$	224,907,137

		Other Assets and Liabilities, Net (9.5%)		(19,472,486	)

		Total Net Assets 100.0%	$	205,434,651

a	Non-income producing security.

b	All or a portion of the security is on loan as discussed in item 2(M) of the Notes to Financial Statements.

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 October 31, 2010.

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

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

138

Balanced Fund

Schedule of Investments as of October 31, 2010


Security	Acquisition Date		Amortized Cost
Bear Stearns Commercial Mortgage Securities, Inc.		3/30/2007	$	1,500,000
Commercial Mortgage Pass- Through Certificates		5/2/2007	$	750,000
Commercial Mortgage Pass- Through Certificates		10/18/2006	$	1,000,000
Power Receivables Finance, LLC		9/30/2003	$	151,835
Wachovia Asset Securitization, Inc.		3/16/2007	$	752,550

g	Denotes equity-linked structured securities as discussed in item 2(Q) of the Notes to Financial Statements. These securities are linked to the S&P 500 Index.

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

i	Security is displayed in shares. This security is an Equity-Linked Structured Security as discussed in item 2(Q) of the Notes to Financial Statements. This security is linked to the common stock of Microsoft Corporation.

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

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

l	At October 31, 2010, $299,782 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

m	At October 31, 2010, $99,928 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:


Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$	18,816,526
Gross unrealized depreciation		(4,347,500	)

Net unrealized appreciation (depreciation)	$	14,469,026

Cost for federal income tax purposes	$	210,438,111

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

139

Balanced Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Balanced Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Common Stock
Consumer Discretionary		18,954,327		18,954,327		—		—
Consumer Staples		13,198,535		13,198,535		—		—
Energy		17,834,849		17,834,849		—		—
Financials		20,438,903		20,438,903		—		—
Health Care		15,922,266		15,922,266		—		—
Industrials		14,666,737		14,666,737		—		—
Information Technology		24,784,614		24,784,614		—		—
Materials		4,823,841		4,823,841		—		—
Utilities		5,316,368		5,316,368		—		—

Long-Term Fixed Income
Asset-Backed Securities		4,181,291		—		3,675,201		506,090
Basic Materials		1,751,112		—		1,751,112		—
Capital Goods		726,266		—		726,266		—
Collateralized Mortgage Obligations		2,539,711		—		2,539,711		—
Commercial Mortgage-Backed Securities		8,600,323		—		8,600,323		—
Communications Services		2,693,020		—		2,693,020		—
Consumer Cyclical		1,230,355		—		1,230,355		—
Consumer Non-Cyclical		1,751,335		—		1,751,335		—
Energy		1,269,166		—		1,269,166		—
Financials		12,385,725		—		11,428,933		956,792
Foreign Government		1,067,117		—		1,067,117		—
Mortgage-Backed Securities		15,866,846		—		15,866,846		—
Technology		218,667		—		218,667		—
Transportation		1,530,734		—		750,305		780,429
U.S. Government and Agencies		9,938,270		—		9,938,270		—
U.S. Municipals		155,998		—		155,998		—
Utilities		3,293,070		—		3,293,070		—

Mutual Funds
Fixed Income Mutual Funds		1,779,402		1,779,402		—		—
Preferred Stock
Financials		259,271		259,271		—		—
Options Purchased		7,500		7,500		—		—
Collateral Held for Securities Loaned		4,547,275		4,547,275		—		—
Short-Term Investments		13,174,243		—		13,174,243		—

Total	$	224,907,137	$	142,533,888	$	80,129,938	$	2,243,311


Other Financial Instruments	Total		Level 1		Level 2		Level 3

Asset Derivatives
Futures Contracts		135,742		135,742		—		—

Total Asset Derivatives	$	135,742	$	135,742	$	—	$	—

Liability Derivatives
Futures Contracts		141,921		141,921		—		—
Credit Default Swaps		29,679		—		29,679		—

Total Liability Derivatives	$	171,600	$	141,921	$	29,679	$	—

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

140

Balanced Fund

Schedule of Investments as of October 31, 2010

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Balanced Fund as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value October 31, 2009		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)*			Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Value October 31, 2010
Long-Term Fixed Income
Asset-Backed Securities		390,506		—		215,723			—		(100,139	)		—		—		506,090
Commercial Mortgage-Backed Securities		506,250		28,281		(6,250	)		—		(528,281	)		—		—		—
Financials		—		—		31,915			924,877		—			—		—		956,792
Transportation		204,000		—		72,426			200,000		(9,747	)		313,750		—		780,429

Total	$	1,100,756	$	28,281	$	313,814		$	1,124,877	($	638,167	)	$	313,750	$	—	$	2,243,311

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on October 31, 2010 of $266,038.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date	Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(15	)	December 2010	($	3,287,064	)	($	3,299,766	)	($	12,702	)
5-Yr. U.S. Treasury Bond Futures		15		December 2010		1,794,530			1,823,672			29,142
10-Yr. U.S. Treasury Bond Futures		(60	)	December 2010		(7,481,301	)		(7,576,875	)		(95,574	)
20-Yr. U.S. Treasury Bond Futures		20		December 2010		2,652,395			2,618,750			(33,645	)
S&P 500 Index Futures		5		December 2010		1,368,025			1,474,625			106,600
Total Futures Contracts											($	6,179	)


Credit Default Swaps and Counterparty	Buy/Sell Protection¹		Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)			Value³			Unrealized Gain/(Loss)
CDX IG, Series 14, 5 Year, at 1.00%; Bank of America		Buy		12/20/2015	$	1,500,000	($	3,903	)	($	7,872	)	($	11,775	)
CDX IG, Series 14, 5 Year, at 1.00%; J.P. Morgan Chase and Co.		Buy		12/20/2015		2,250,000		(6,097	)		(11,807	)		(17,904	)
Total Credit Default Swaps										($	19,679	)	($	29,679	)

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

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

The market 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 market value of the swap will increase when the swap spread declines representing an improvement in the reference entity’s credit worthiness. The market value of the swap will decrease when the swap spread increases representing a deterioration in the reference entity’s credit worthiness.

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

141

Balanced Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of October 31, 2010, for Balanced Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


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

Asset Derivatives

Interest Rate Contracts
Options Purchased	Investments in securities at market value, Net Assets - Net unrealized appreciation/(depreciation) on Investments	$	7,500
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		29,142
Total Interest Rate Contracts			36,642

Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		106,600
Total Equity Contracts			106,600

Total Asset Derivatives		$	143,242

Liability Derivatives

Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		141,921
Total Interest Rate Contracts			141,921

Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		29,679
Total Credit Contracts			29,679

Total Liability Derivatives		$	171,600

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Balanced Fund’s investments in financial derivative instruments by primary risk exposure.


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

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		440,627

Total Equity Contracts			440,627

Interest Rate Contracts
Options Purchased	Net realized gains/(losses) on Investments		53,055
Futures	Net realized gains/(losses) on Futures contracts		(138,366	)

Total Interest Rate Contracts			(85,311	)

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		17,250

Total Credit Contracts			17,250

Total		$	372,566

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

142

Balanced Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Balanced Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Options Purchased	Change in net unrealized appreciation/(depreciation) on Investments		(5,745	)
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(73,931	)
Total Interest Rate Contracts			(79,676	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		82,450
Total Equity Contracts			82,450
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(62,372	)
Total Credit Contracts			(62,372	)

Total			($59,598	)

The following table presents Balanced Fund’s average volume of derivative activity during the period ended October 31, 2010.


Derivative Risk Category	Futures (Notional*)		Futures (Percentage of Average Net Assets)			Swaps (Notional*)		Swaps (Percentage of Average Net Assets)			Options (Contracts)
Equity Contracts	$	1,155,750		0.6	%		N/A		N/A			N/A
Interest Rate Contracts		10,127,815		5.0	%		N/A		N/A			32
Credit Contracts		N/A		N/A		$	2,860,701		1.4	%		N/A

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

Investment in Affiliates

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


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
High Yield	$	1,636,610	$	—	$	—		366,132	$	1,779,402	$	140,845
Money Market		1,841,222		1,882,217		3,723,439		—		—		5
Thrivent Financial
Securities Lending Trust		2,435,412		52,498,038		50,386,175		4,547,275		4,547,275		54,395
Total Value and Income Earned		5,913,244								6,326,677		195,245

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

143

High Yield Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Bank Loans (1.8%)^a	Value
	Consumer Non-Cyclical (0.1%)
		Spectrum Brands, Inc., Term Loan
$	360,000	8.000%, 6/16/2016	$	366,700

		Total Consumer Non-Cyclical		366,700


	Financials (0.5%)
		Nuveen Investments, Inc., Term Loan
	3,530,000	12.500%, 7/31/2015		3,827,120

		Total Financials		3,827,120


	Transportation (0.2%)
		Delta Air Lines, Inc., Term Loan
	1,386,000	8.750%, 9/27/2013		1,400,844

		Total Transportation		1,400,844


	Utilities (1.0%)
		Energy Future Holdings, Term Loan
	9,469,469	3.923%, 10/10/2014		7,369,898

		Total Utilities		7,369,898

		Total Bank Loans (cost $13,588,454)		12,964,562


Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Asset-Backed Securities (0.7%)
		Countrywide Asset-Backed Certificates
	385,985	0.366%, 6/25/2021^b,c		333,055
		J.P. Morgan Mortgage Acquisition Corporation
	2,400,000	5.461%, 10/25/2036		1,900,253
		Renaissance Home Equity Loan Trust
	2,294,546	5.746%, 5/25/2036		1,642,160
	1,600,000	6.011%, 5/25/2036		1,150,317

		Total Asset-Backed Securities		5,025,785


	Basic Materials (8.8%)
		ABI Escrow Corporation
	2,340,000	10.250%, 10/15/2018^d		2,497,950
		Arch Coal, Inc.
	1,500,000	7.250%, 10/1/2020		1,642,500
		Arch Western Finance, LLC
	1,537,000	6.750%, 7/1/2013		1,552,370
		Cascades, Inc.
	750,000	7.750%, 12/15/2017		801,562
		Cellu Tissue Holdings, Inc.
	1,450,000	11.500%, 6/1/2014		1,689,250
		CONSOL Energy, Inc.
	2,200,000	8.000%, 4/1/2017^d		2,409,000
	2,430,000	8.250%, 4/1/2020^d		2,709,450
		Domtar Corporation
	3,140,000	7.125%, 8/15/2015		3,430,450
		Drummond Company, Inc.
	700,000	9.000%, 10/15/2014^d		749,000
	4,005,000	7.375%, 2/15/2016		4,125,150
		FMG Finance, Pty., Ltd.
	2,370,000	7.000%, 11/1/2015^d		2,429,250
	4,715,000	10.625%, 9/1/2016^d		6,954,625


Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Basic Materials (8.8%) - continued
		Graphic Packaging International, Inc.
$	700,000	9.500%, 6/15/2017	$	771,750
	1,400,000	7.875%, 10/1/2018^e		1,480,500
		Griffin Coal Mining Company, Pty., Ltd.
	1,515,000	9.500%, 12/1/2016^d,f		916,575
		Hexion Finance Escrow, LLC
	4,450,000	8.875%, 2/1/2018^e		4,778,188
		Hexion US Finance Corporation/ Hexion Nova Scotia Finance ULC
	2,850,000	9.000%, 11/15/2020^d,g		2,964,000
		LBI Escrow Corporation
	2,900,000	8.000%, 11/1/2017^d		3,175,500
		Lyondell Chemical Company
	2,376,667	11.000%, 5/1/2018		2,661,867
		NOVA Chemicals Corporation
	4,890,000	8.625%, 11/1/2019		5,427,900
		Ryerson Holding Corporation
	4,230,000	Zero Coupon, 2/1/2015^d		1,945,800
		Ryerson, Inc.
	1,700,000	12.000%, 11/1/2015		1,768,000
		Severstal Columbus, LLC
	1,400,000	10.250%, 2/15/2018^d		1,484,000
		Steel Dynamics, Inc.
	2,920,000	7.750%, 4/15/2016		3,117,100

		Total Basic Materials		61,481,737


	Capital Goods (10.0%)
		Abengoa Finance SAU
	6,640,000	8.875%, 11/1/2017^d		6,540,400
		Associated Materials, LLC
	1,860,000	9.875%, 11/15/2016		2,232,000
	4,200,000	9.125%, 11/1/2017^d		4,410,000
		BE Aerospace, Inc.
	3,280,000	6.875%, 10/1/2020		3,485,000
		Berry Plastics Escrow Corporation
	2,240,000	8.875%, 9/15/2014		2,279,200
		Berry Plastics Holding Corporation
	1,200,000	8.875%, 9/15/2014^e		1,221,000
		Case New Holland, Inc.
	2,800,000	7.875%, 12/1/2017^d		3,129,000
		Coleman Cable, Inc.
	2,580,000	9.000%, 2/15/2018^e		2,699,325
		DRS Technologies, Inc.
	2,600,000	6.625%, 2/1/2016		2,672,257
		EnergySolutions, Inc.
	2,350,000	10.750%, 8/15/2018^d		2,567,375
		General Cable Corporation, Convertible
	1,868,000	4.500%, 11/15/2029^h		1,928,710
		Goodman Global Group, Inc.
	4,200,000	Zero Coupon, 12/15/2014		2,703,750
		Graham Packaging Company, LP
	940,000	8.250%, 10/1/2018^d		972,900
		Graham Packaging Company, LP/GPC Capital Corporation I
	3,030,000	9.875%, 10/15/2014		3,143,625
	2,200,000	8.250%, 1/1/2017^d		2,282,500
		Leucadia National Corporation
	5,070,000	7.125%, 3/15/2017		5,215,763

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

144

High Yield Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Capital Goods (10.0%) - continued
		Liberty Tire Recycling
$	2,340,000	11.000%, 10/1/2016^d	$	2,436,525
		Manitowoc Company, Inc.
	4,270,000	8.500%, 11/1/2020^e		4,456,812
		Owens-Illinois, Inc.
	3,030,000	7.800%, 5/15/2018		3,272,400
		Plastipak Holdings, Inc.
	2,595,000	8.500%, 12/15/2015^d		2,672,850
	500,000	10.625%, 8/15/2019^d		555,000
		RBS Global, Inc./Rexnord Corporation
	1,170,000	11.750%, 8/1/2016^e		1,257,750
	3,980,000	8.500%, 5/1/2018^e		4,179,000
		Reynolds Group Issuer, Inc.
	1,420,000	9.000%, 4/15/2019^d		1,475,025
		RSC Equipment Rental, Inc.
	2,380,000	9.500%, 12/1/2014		2,484,125

		Total Capital Goods		70,272,292


	Communications Services (16.5%)
		CCO Holdings, LLC
	3,750,000	7.250%, 10/30/2017^d		3,871,875
		Cengage Learning Acquisitions, Inc.
	4,660,000	10.500%, 1/15/2015^d		4,823,100
		Cincinnati Bell, Inc.
	7,020,000	8.250%, 10/15/2017		7,125,300
		Clear Channel Worldwide Holdings, Inc.
	4,500,000	9.250%, 12/15/2017		4,916,250
		Cricket Communications, Inc.
	2,330,000	9.375%, 11/1/2014^e		2,440,675
		CSC Holdings, Inc.
	3,050,000	8.500%, 6/15/2015		3,358,813
	850,000	8.625%, 2/15/2019		982,812
		Equinix, Inc.
	1,910,000	8.125%, 3/1/2018		2,024,600
		Frontier Communications Corporation
	2,810,000	8.250%, 4/15/2017		3,203,400
	2,820,000	8.125%, 10/1/2018		3,214,800
	5,000,000	8.500%, 4/15/2020		5,775,000
		Intelsat Bermuda, Ltd.
	1,000,000	11.250%, 2/4/2017		1,071,250
	6,005,781	11.500%, 2/4/2017		6,493,751
		Intelsat Jackson Holdings SA
	3,980,000	7.250%, 10/15/2020^d		4,069,550
		Intelsat Jackson Holdings, Ltd.
	2,120,000	8.500%, 11/1/2019^d		2,316,100
		MetroPCS Wireless, Inc.
	3,740,000	7.875%, 9/1/2018		4,011,150
		Nielsen Finance, LLC/Nielsen Finance Company
	2,400,000	10.000%, 8/1/2014		2,523,000
	1,500,000	11.500%, 5/1/2016		1,725,000
	4,200,000	7.750%, 10/15/2018^d		4,352,250
		NII Capital Corporation
	4,670,000	8.875%, 12/15/2019		5,195,375
		PAETEC Holding Corporation
	5,600,000	9.500%, 7/15/2015^e		5,922,000
		Quebecor Media, Inc.
	3,210,000	7.750%, 3/15/2016		3,350,437


Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Communications Services (16.5%) - continued
	Communications Services (16.5%) - continued
		Qwest Communications International, Inc.
$	1,420,000	7.500%, 2/15/2014	$	1,448,400
	4,190,000	7.500%, 2/15/2014		4,273,800
		TW Telecom Holdings, Inc.
	2,100,000	8.000%, 3/1/2018		2,268,000
		Umbrella Acquisition
	3,403,375	9.750%, 3/15/2015^d		3,611,832
		UPC Holding BV
	4,000,000	9.875%, 4/15/2018^d		4,370,000
		Videotron Ltee
	1,710,000	9.125%, 4/15/2018		1,925,887
		Virgin Media Finance plc
	4,510,000	9.125%, 8/15/2016		4,820,063
	1,560,000	8.375%, 10/15/2019		1,739,400
		Wind Acquisition Finance SA
	4,750,000	11.750%, 7/15/2017^d		5,415,000
		XM Satellite Radio, Inc.
	3,320,000	7.625%, 11/1/2018^d		3,411,300

		Total Communications Services		116,050,170


	Consumer Cyclical (19.7%)
		AMC Entertainment, Inc.
	2,810,000	8.750%, 6/1/2019^e		3,010,212
		American Axle & Manufacturing, Inc.
	1,850,000	5.250%, 2/11/2014^e		1,799,125
	1,870,000	7.875%, 3/1/2017		1,891,037
		Beazer Homes USA, Inc.
	3,750,000	6.875%, 7/15/2015		3,539,063
	1,400,000	9.125%, 6/15/2018		1,361,500
		Bon-Ton Stores, Inc.
	1,880,000	10.250%, 3/15/2014^e		1,917,600
		Circus & Eldorado Joint Venture/Silver Legacy Capital Corporation
	4,480,000	10.125%, 3/1/2012		4,132,800
		DineEquity, Inc.
	2,850,000	9.500%, 10/30/2018^d		3,035,250
		FireKeepers Development Authority
	4,400,000	13.875%, 5/1/2015^d		5,159,000
		Ford Motor Credit Company, LLC
	9,120,000	8.000%, 6/1/2014		10,210,661
	4,680,000	7.000%, 4/15/2015		5,172,186
		Gaylord Entertainment Company
	5,800,000	6.750%, 11/15/2014^e		5,814,500
		Goodyear Tire & Rubber Company
	2,800,000	10.500%, 5/15/2016^e		3,206,000
	2,810,000	8.250%, 8/15/2020^e		2,992,650
		KB Home
	3,040,000	6.250%, 6/15/2015^e		2,929,800
		Lear Corporation
	1,950,000	7.875%, 3/15/2018		2,120,625
	1,950,000	8.125%, 3/15/2020^e		2,169,375
		Levi Strauss & Company
	2,570,000	7.625%, 5/15/2020^e		2,704,925
		Macy’s Retail Holdings, Inc.
	1,860,000	8.375%, 7/15/2015		2,171,550

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

145

High Yield Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Consumer Cyclical (19.7%) - continued
		Marina District Finance Company, Inc.
$	4,240,000	9.500%, 10/15/2015^d,e	$	4,181,700
	470,000	9.875%, 8/15/2018^d,e		464,125
		MGM Resorts International
	7,120,000	10.000%, 11/1/2016^d		6,977,600
		NCL Corporation, Ltd.
	3,730,000	11.750%, 11/15/2016		4,312,813
		Peninsula Gaming, LLC
	1,830,000	8.375%, 8/15/2015		1,939,800
	3,510,000	10.750%, 8/15/2017		3,738,150
		Pinnacle Entertainment, Inc.
	3,500,000	7.500%, 6/15/2015		3,482,500
		Realogy Corporation
	1,880,000	10.500%, 4/15/2014^e		1,687,300
		Rite Aid Corporation
	2,500,000	7.500%, 3/1/2017		2,409,375
	1,320,000	9.500%, 6/15/2017		1,122,000
		Sears Holdings Corporation
	5,400,000	6.625%, 10/15/2018^d		5,386,500
		Seminole Indian Tribe of Florida
	4,875,000	7.804%, 10/1/2020^d		4,581,525
		Service Corporation International
	1,600,000	6.750%, 4/1/2015		1,684,000
		Shingle Springs Tribal Gaming Authority
	5,075,000	9.375%, 6/15/2015^d		3,451,000
		Starwood Hotels & Resorts Worldwide, Inc.
	2,600,000	7.875%, 10/15/2014		2,977,000
		Toys R Us Property Company I, LLC
	2,610,000	10.750%, 7/15/2017^e		2,981,925
		Tunica-Biloxi Gaming Authority
	4,230,000	9.000%, 11/15/2015ⁱ		3,844,013
		Universal City Development Partners, Ltd.
	1,520,000	8.875%, 11/15/2015		1,611,200
	2,330,000	10.875%, 11/15/2016		2,568,825
		West Corporation
	4,350,000	8.625%, 10/1/2018^d		4,513,125
		WMG Acquisition Corporation
	2,400,000	9.500%, 6/15/2016		2,586,000
		Wyndham Worldwide Corporation
	4,200,000	6.000%, 12/1/2016		4,485,096
	825,000	5.750%, 2/1/2018		857,281
	1,400,000	7.375%, 3/1/2020^e		1,552,715

		Total Consumer Cyclical		138,733,427


	Consumer Discretionary (0.2%)
	Consumer Discretionary (0.2%)
		Libbey Glass, Inc.
	1,540,000	10.000%, 2/15/2015^d		1,674,750

		Total Consumer Discretionary		1,674,750


	Consumer Non-Cyclical (13.0%)
		Apria Healthcare Group, Inc.
	3,660,000	12.375%, 11/1/2014		4,094,625
		Biomet, Inc.
	1,700,000	10.375%, 10/15/2017		1,895,500
	1,690,000	11.625%, 10/15/2017		1,903,362


Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Consumer Non-Cyclical (13.0%) - continued
		Capella Healthcare, Inc.
$	3,540,000	9.250%, 7/1/2017^d	$	3,858,600
		DaVita, Inc.
	780,000	6.375%, 11/1/2018		797,550
	3,000,000	6.625%, 11/1/2020		3,086,250
		Diversey Holdings, Inc.
	2,488,203	10.500%, 5/15/2020		2,892,536
		Diversey, Inc.
	1,420,000	8.250%, 11/15/2019		1,553,125
		DJO Finance, LLC/DJO Finance Corporation
	4,927,000	10.875%, 11/15/2014		5,401,224
	1,350,000	9.750%, 10/15/2017^d		1,404,000
		HCA, Inc.
	3,226,000	9.625%, 11/15/2016		3,508,275
	3,040,000	8.500%, 4/15/2019		3,420,000
	3,730,000	7.250%, 9/15/2020		4,079,688
		Ingles Markets, Inc.
	1,900,000	8.875%, 5/15/2017		2,099,500
		Jarden Corporation
	3,330,000	7.500%, 5/1/2017		3,542,287
	930,000	7.500%, 1/15/2020		985,800
		JBS Finance II, Ltd.
	4,450,000	8.250%, 1/29/2018^d		4,705,875
		JBS USA, LLC/JBS USA Finance, Inc.
	2,850,000	11.625%, 5/1/2014		3,366,562
		Michael Foods, Inc.
	2,810,000	9.750%, 7/15/2018^d		3,062,900
		Mylan, Inc.
	3,790,000	7.875%, 7/15/2020^d		4,225,850
		Pinnacle Foods Finance, LLC
	3,155,000	9.250%, 4/1/2015^e		3,324,581
		Pinnacle Foods Finance, LLC/Pinnacle Foods Finance Corporation
	930,000	9.250%, 4/1/2015^d		979,988
		Revlon Consumer Products Corporation
	3,270,000	9.750%, 11/15/2015		3,408,975
		Select Medical Corporation
	4,160,000	7.625%, 2/1/2015		4,217,200
	1,300,000	6.237%, 9/15/2015^c,e		1,163,500
		Spectrum Brands, Inc.
	1,400,000	9.500%, 6/15/2018^d		1,554,875
		Tenet Healthcare Corporation
	3,740,000	8.000%, 8/1/2020^d		3,800,775
		U.S. Oncology, Inc.
	1,700,000	10.750%, 8/15/2014		1,761,625
		Visant Corporation
	3,410,000	10.000%, 10/1/2017^d		3,631,650
		Warner Chilcott Company, LLC
	7,600,000	7.750%, 9/15/2018^d		7,904,000

		Total Consumer Non-Cyclical		91,630,678


	Energy (9.8%)
		Anadarko Petroleum Corporation
	2,810,000	6.375%, 9/15/2017		3,121,663
		Chesapeake Energy Corporation
	2,810,000	6.875%, 8/15/2018		2,971,575
		Citgo Petroleum Corporation
	4,450,000	11.500%, 7/1/2017^d		5,162,000

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

146

High Yield Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Energy (9.8%) - continued
		Coffeyville Resources, LLC
$	1,990,000	9.000%, 4/1/2015^d,e	$	2,134,275
	3,900,000	10.875%, 4/1/2017^d		4,153,500
		Compagnie Generale de Geophysique-Veritas
	1,690,000	7.500%, 5/15/2015		1,744,925
	1,070,000	9.500%, 5/15/2016		1,182,350
		Connacher Oil and Gas, Ltd.
	1,030,000	11.750%, 7/15/2014^d		1,112,400
	3,060,000	10.250%, 12/15/2015^d		3,052,350
		Denbury Resources, Inc.
	2,765,000	7.500%, 12/15/2015		2,868,687
	700,000	9.750%, 3/1/2016		792,750
	369,000	8.250%, 2/15/2020		411,435
		Forest Oil Corporation
	3,390,000	7.250%, 6/15/2019		3,563,737
		Harvest Operations Corporation
	2,340,000	6.875%, 10/1/2017^d		2,457,000
		Helix Energy Solutions Group, Inc.
	2,550,000	9.500%, 1/15/2016^d		2,639,250
		Linn Energy, LLC
	2,250,000	8.625%, 4/15/2020^d		2,430,000
	1,930,000	7.750%, 2/1/2021^d		1,992,725
		McJunkin Red Man Corporation
	3,710,000	9.500%, 12/15/2016^d,e		3,413,200
		Newfield Exploration Company
	3,390,000	6.625%, 4/15/2016		3,525,600
		Offshore Group Investments, Ltd.
	940,000	11.500%, 8/1/2015^d,e		996,400
		Petrohawk Energy Corporation
	2,810,000	7.250%, 8/15/2018^d		2,915,375
		PetroHawk Energy Corporation
	650,000	10.500%, 8/1/2014		742,625
		Pioneer Natural Resources Company
	2,800,000	7.500%, 1/15/2020		3,153,637
		Plains Exploration & Production Company
	1,450,000	7.750%, 6/15/2015		1,529,750
	3,730,000	10.000%, 3/1/2016		4,256,863
		QEP Resources, Inc.
	3,230,000	6.875%, 3/1/2021		3,512,625
		Southwestern Energy Company
	2,550,000	7.500%, 2/1/2018		2,932,500

		Total Energy		68,769,197


	Financials (4.5%)
		Ally Financial, Inc.
	1,920,000	7.500%, 12/31/2013		2,054,400
	2,350,000	8.000%, 3/15/2020^d		2,596,750
	4,910,000	7.500%, 9/15/2020^d		5,302,800
		Bank of America Corporation
	3,340,000	8.125%, 12/29/2049^e,j		3,370,628
		CIT Group, Inc.
	6,600,000	7.000%, 5/1/2017		6,567,000
		Developers Diversified Realty Corporation
	2,810,000	7.875%, 9/1/2020		3,050,036
		ING Capital Funding Trust III
	1,400,000	8.439%, 12/31/2049^j		1,344,000


Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Financials (4.5%) - continued
		International Lease Finance Corporation
$	2,250,000	8.625%, 9/15/2015^d	$	2,531,250
	2,050,000	8.750%, 3/15/2017^d		2,331,875
	1,400,000	8.875%, 9/1/2017^e		1,599,500
		Pinafore, LLC
	700,000	9.000%, 10/1/2018^d		749,000

		Total Financials		31,497,239


	Technology (2.7%)
		Advanced Micro Devices, Inc.
	2,800,000	8.125%, 12/15/2017^e		3,024,000
	820,000	7.750%, 8/1/2020^d		869,200
		First Data Corporation
	3,440,000	9.875%, 9/24/2015		2,906,800
		Freescale Semiconductor, Inc.
	1,500,000	10.125%, 12/15/2016^e		1,464,375
	3,970,000	10.750%, 8/1/2020^d,e		4,118,875
		Jabil Circuit, Inc.
	1,210,000	5.625%, 12/15/2020		1,217,562
		NXP BV/NXP Funding, LLC
	2,810,000	9.500%, 10/15/2015^e		2,968,063
	2,340,000	9.750%, 8/1/2018^d		2,553,525

		Total Technology		19,122,400


	Transportation (3.4%)
		Air Medical Group Holdings, Inc.
	960,000	9.250%, 11/1/2018^d		993,600
		American Petroleum Tankers LLC
	1,170,000	10.250%, 5/1/2015^d		1,216,800
		Avis Budget Car Rental, LLC
	4,740,000	8.250%, 1/15/2019^d		4,787,400
		Continental Airlines, Inc.
	2,750,000	6.750%, 9/15/2015^d		2,863,438
		Delta Air Lines, Inc.
	1,240,000	9.500%, 9/15/2014^d		1,364,000
		Kansas City Southern de Mexico SA de CV
	2,420,000	7.625%, 12/1/2013		2,510,750
	870,000	7.375%, 6/1/2014		909,150
		Navios Maritime Acquisition Corporation
	950,000	8.625%, 11/1/2017^d		959,500
		Navios Maritime Holdings, Inc.
	2,700,000	9.500%, 12/15/2014		2,801,250
	1,170,000	8.875%, 11/1/2017^d		1,248,975
		United Air Lines, Inc.
	1,808,278	9.750%, 1/15/2017		2,124,727
		United Maritime Group, LLC/United Maritime Group Finance Corporation
	1,860,000	11.750%, 6/15/2015		1,857,675

		Total Transportation		23,637,265


	Utilities (3.8%)
		AES Corporation
	3,670,000	7.750%, 10/15/2015		4,018,650
		Crosstex Energy/Crosstex Energy Finance Corporation
	3,270,000	8.875%, 2/15/2018		3,531,600
		Holly Energy Partners LP
	1,870,000	8.250%, 3/15/2018^d		1,982,200

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

147

High Yield Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (93.1%)	Value
	Utilities (3.8%) - continued
		Inergy, LP
$	4,440,000	7.000%, 10/1/2018^d	$	4,639,800
		NRG Energy, Inc.
	5,500,000	7.375%, 2/1/2016		5,726,875
		Regency Energy Partners, LP
	3,330,000	6.875%, 12/1/2018		3,488,175
		Targa Resources Partners, LP
	3,040,000	7.875%, 10/15/2018^d		3,222,400

		Total Utilities		26,609,700


		Total Long-Term Fixed Income (cost $608,120,213)		654,504,640


Shares		Preferred Stock (1.4%)	Value
	Financials (1.4%)
	3,014	Ally Financial, Inc., 7.000%^d,j		2,678,504
	48,000	Citigroup, Inc., 7.875%^h,k		1,272,000
	23,500	Citigroup, Inc., Convertible, 7.500%		2,903,190
	3,000	Wells Fargo & Company, Convertible, 7.500%^j		3,000,000

		Total Financials		9,853,694


		Total Preferred Stock (cost $7,254,411)		9,853,694


Shares		Common Stock (0.4%)	Value
	Consumer Discretionary (<0.1%)
	36,330	TVMAX Holdings, Inc.^k,l		0

		Total Consumer Discretionary		0


	Materials (0.4%)
	108,297	Smurfit-Stone Container Corporation^k		2,490,831

		Total Materials		2,490,831


	Telecommunications Services (<0.1%)
	23	USA Mobility, Inc.		387

		Total Telecommunications Services		387


		Total Common Stock (cost $5,683,957)		2,491,218


Shares		Collateral Held for Securities Loaned (9.1%)	Value
	63,913,080	Thrivent Financial Securities Lending Trust		63,913,080

		Total Collateral Held for Securities Loaned (cost $63,913,080)		63,913,080


Principal Amount		Short-Term Investments (2.0%)^m	Value
		Federal Home Loan Bank Discount Notes
	4,000,000	0.170%, 11/9/2010	$	3,999,849
	5,000,000	0.150%, 11/12/2010		4,999,771
	5,000,000	0.145%, 11/19/2010		4,999,637

		Total Short-Term Investments (at amortized cost)		13,999,257

		Total Investments (cost $712,559,372) 107.8%	$	757,726,451

		Other Assets and Liabilities, Net (7.8%)		(55,091,270	)

		Total Net Assets 100.0%	$	702,635,181

a	The stated interest rate represents the weighted average of all contracts within the bank loan facility.

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

c	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of October 31, 2010.

e	All or a portion of the security is on loan as discussed in item 2(M) of the Notes to Financial Statements.

f	In bankruptcy. Interest is not being accrued.

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

h	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of October 31, 2010.


Security	Acquisition Date		Amortized Cost
Tunica-Biloxi Gaming Authority		11/8/2005	$	4,208,846

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

k	Non-income producing security.

l	Security is fair valued as discussed in item 2(A) of the Notes to Financial Statements.

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

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

148

High Yield Fund

Schedule of Investments as of October 31, 2010


Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$	53,138,284
Gross unrealized depreciation		(8,087,126	)

Net unrealized appreciation (depreciation)	$	45,051,158

Cost for federal income tax purposes	$	712,675,293

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing High Yield Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Bank Loans
Consumer Non-Cyclical		366,700		—		366,700		—
Financials		3,827,120		—		3,827,120		—
Transportation		1,400,844		—		1,400,844		—
Utilities		7,369,898		—		7,369,898		—

Long-Term Fixed Income
Asset-Backed Securities		5,025,785		—		5,025,785		—
Basic Materials		61,481,737		—		61,481,737		—
Capital Goods		70,272,292		—		70,272,292		—
Communications Services		116,050,170		—		116,050,170		—
Consumer Cyclical		138,733,427		—		138,733,427		—
Consumer Discretionary		1,674,750		—		1,674,750		—
Consumer Non-Cyclical		91,630,678		—		91,630,678		—
Energy		68,769,197		—		68,769,197		—
Financials		31,497,239		—		31,497,239		—
Technology		19,122,400		—		19,122,400		—
Transportation		23,637,265		—		23,637,265		—
Utilities		26,609,700		—		26,609,700		—

Preferred Stock
Financials		9,853,694		7,175,190		2,678,504		—

Common Stock
Consumer Discretionary		—		—		—		—
Materials		2,490,831		2,490,831		—		—
Telecommunications Services		387		387		—		—
Collateral Held for Securities Loaned		63,913,080		63,913,080		—		—
Short-Term Investments		13,999,257		—		13,999,257		—

Total	$	757,726,451	$	73,579,488	$	684,146,963	$	—

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for High Yield Fund as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value October 31, 2009		Realized Gain/ (Loss)			Change in Unrealized Appreciatio/ (Depreciation)*			Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Value October 31, 2010
Long-Term Fixed Income
Communications Services		6,588,150		81,506			(3,006	)		—		(6,666,650	)		—		—		—
Transportation		2,861,159		30,346			23,883			—		(2,915,388	)		—		—		—
Common Stock
Consumer Discretionary**		—		—			—			—		—			—		—		—
Materials		—		(99,578	)		99,578			—		—			—		—		—

Total	$	9,449,309	$	12,274		$	120,455		$	—	($	9,582,038	)	$	—	$	—	$	—

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on October 31, 2010 of $0.

**	Security in this section is fair valued at $0.

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

149

High Yield Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for High Yield Fund’s investments in financial derivative instruments by primary risk exposure.


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

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		1,134,583

Total Credit Contracts			1,134,583

Total		$	1,134,583

The following table presents High Yield Fund’s average volume of derivative activity during the period ended October 31, 2010.


Derivative Risk Category	Swaps (Notional*)		Swaps (Percentage of Average Net Assets)
Credit Contracts	$	3,226,469		0.5	%

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

Investment in Affiliates

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


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
Money Market	$	—	$	1,657,475	$	1,657,475		—	$	—	$	—
Thrivent Financial Securities Lending Trust		21,394,873		267,849,420		225,331,213		63,913,080		63,913,080		192,116
Total Value and Income Earned		21,394,873								63,913,080		192,116

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

150

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Alabama (0.2%)
		Alabama 21st Century Authority Tobacco Settlement Revenue Bonds
$	1,000,000	5.750%, 12/1/2020	$	1,010,140
		Alabama Public School and College Authority Capital Improvement Revenue Refunding Bonds
	1,500,000	5.000%, 5/1/2029, Series A^a		1,814,745

		Total Alabama		2,824,885


	Alaska (0.5%)
		Valdez, Alaska Marine Terminal Revenue Bonds (Exxon Pipeline Company)
	2,855,000	0.180%, 10/1/2025^b		2,855,000
		Valdez, Alaska Marine Terminal Revenue Bonds (ExxonMobil)
	4,740,000	0.180%, 12/1/2029^b		4,740,000

		Total Alaska		7,595,000


	Arizona (0.9%)
		Arizona Health Facilities Authority Revenue Bonds (Arizona Healthcare Pooled Financing Program) (NATL-RE FGIC Insured)
	975,000	5.000%, 6/1/2011, Series C^c		988,884
	1,020,000	5.000%, 6/1/2012, Series C^c		1,055,210
		Arizona Health Facilities Authority Revenue Bonds (Blood Systems, Inc.)
	1,000,000	5.000%, 4/1/2017		1,069,730
	1,200,000	5.000%, 4/1/2018		1,276,032
		Glendale, Arizona Industrial Development Authority Revenue Bonds (Midwestern University)
	500,000	5.750%, 5/15/2021, Series A^a		519,725
	2,500,000	5.000%, 5/15/2031		2,541,625
	1,000,000	5.000%, 5/15/2035		1,009,040
		Phoenix, Arizona Civic Improvement Corporation Airport Revenue Bonds
	3,000,000	5.250%, 7/1/2033, Series A		3,172,110
		Pima County Industrial Development Authority Multifamily Housing Revenue Refunding Bonds (La Hacienda) (GNMA Collateralized)
	1,285,000	7.000%, 12/20/2031^a,c		1,412,678
		Yavapai County Industrial Development Authority Hospital Revenue Bonds (Yavapai Regional Medical Center)
	500,000	6.000%, 8/1/2033, Series A		509,165

		Total Arizona		13,554,199


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Arkansas (0.2%)
		Arkansas Community Water System Public Water Authority Water Revenue Refunding and Construction Bonds (NATL-RE Insured)
$	2,400,000	5.000%, 10/1/2023, Series B^c	$	2,481,648
		Pope County, Arkansas Pollution Control Revenue Refunding Bonds (Arkansas Power and Light Company) (AGM-CR Insured)
	875,000	6.300%, 12/1/2016^c		878,360

		Total Arkansas		3,360,008


	California (12.4%)
		Anaheim Public Financing Authority Lease Revenue Bonds (Anaheim Public Improvements) (AGM Insured)
	3,950,000	6.000%, 9/1/2024, Series A^c		4,631,968
		Beverly Hills Unified School District, Los Angeles County, California General Obligation Bonds
	10,000,000	Zero Coupon, 8/1/2031		3,525,100
		California Educational Facilities Authority Revenue Bonds (Stanford University)
	10,000,000	5.250%, 4/1/2040		12,110,300
		California General Obligation Refunding Bonds
	2,765,000	5.000%, 9/1/2015		3,158,542
		California Infrastructure and Economic Development Bank Bay Area Toll Bridges Seismic Retrofit Revenue Bonds (FGIC Insured)
	5,000,000	5.000%, 7/1/2025, Series A^a,c		6,192,400
		California Infrastructure and Economic Development Bank Revenue Bonds (California Independent System Operator Corporation)
	3,000,000	6.250%, 2/1/2039, Series A		3,211,290
		California Municipal Finance Authority Refunding Revenue Bonds (Biola University)
	1,000,000	5.875%, 10/1/2034		1,067,870
		California Pollution Control Financing Authority Pollution Control Revenue Refunding Bonds (Exxon)
	6,400,000	0.130%, 12/1/2012^b		6,400,000
		California Rural Home Mortgage Finance Authority Single Family Mortgage Revenue Bonds (GNMA/FNMA Collateralized)
	35,000	7.100%, 6/1/2031, Series D, AMT^c		36,208

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

151

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	California (12.4%) - continued
		California State Department of Water Resources Supply Revenue Bonds
$	1,750,000	5.000%, 5/1/2016	$	2,032,765
		California State Public Works Board Lease Revenue Bonds (Regents of the University of California - UCLA Replacement Hospital) (AGM Insured)
	4,000,000	5.375%, 10/1/2015, Series A^c		4,330,400
		California Various Purpose General Obligation Bonds
	2,000,000	5.250%, 11/1/2021		2,154,720
	10,000	5.250%, 4/1/2029		10,385
	3,990,000	5.250%, 4/1/2029^a		4,586,265
	10,000,000	5.250%, 3/1/2038		10,225,000
	10,000,000	6.000%, 4/1/2038		11,129,100
	5,000,000	6.000%, 11/1/2039		5,592,900
		California Various Purpose General Obligation Bonds (NATL-RE Insured)
	300,000	6.000%, 8/1/2016^c		303,768
		Chula Vista Industrial Development Revenue Refunding Bonds (San Diego Gas & Electric Company)
	2,000,000	5.875%, 2/15/2034, Series C		2,310,800
		Contra Costa County, California Home Mortgage Revenue Bonds (GNMA Collateralized)
	4,030,000	7.500%, 5/1/2014^a,c		4,966,491
		East Bay Municipal Utility District, Alameda and Contra Costa Counties, California Water System Revenue/Refunding Bonds (NATL-RE FGIC Insured)
	10,000,000	5.000%, 6/1/2037, Series A^c		10,698,300
		Golden West Schools Financing Authority Revenue Bonds (NATL-RE Insured)
	420,000	5.800%, 2/1/2022, Series A^c		521,073
		Los Angeles Community College District, Los Angeles County, California General Obligation Bonds (Election 2008)
	10,000,000	6.000%, 8/1/2033, Series A		11,423,200
		Los Angeles Department of Airports Revenue Bonds (Los Angeles International Airport)
	8,000,000	5.000%, 5/15/2040, Series A		8,201,120
		Los Angeles Unified School District, Los Angeles County, California General Obligation Bonds
	5,000,000	5.000%, 1/1/2034, Series I		5,159,300
		Pittsburg, California Redevelopment Agency Tax Allocation Bonds (Los Medanos Community Development) (AMBAC Insured)
	5,000,000	Zero Coupon, 8/1/2024^c		2,245,450


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	California (12.4%) - continued
		Pomona, California Single Family Mortgage Revenue Refunding Bonds (GNMA/FNMA Collateralized)
$	3,580,000	7.600%, 5/1/2023, Series A^a,c	$	4,665,456
		San Bernardino, California Single Family Mortgage Revenue Refunding Bonds (GNMA Collateralized)
	1,275,000	7.500%, 5/1/2023, Series A^a,c		1,647,326
		San Diego Community College District, San Diego County, California General Obligation Bonds (AGM Insured)
	10,000,000	5.000%, 5/1/2030^c		10,474,700
		San Diego County, California Certificates of Participation
	5,000,000	5.250%, 7/1/2030		5,215,200
		San Diego Unified School District General Obligation Bonds
	10,000,000	6.000%, 7/1/2033, Series A		6,385,500
		San Francisco, California City & County Airport Commission Revenue Bonds (San Francisco International Airport)
	7,030,000	6.000%, 5/1/2039, Series E		7,894,198
		San Jose, California Airport Revenue Bonds (AMBAC Insured)
	8,000,000	5.000%, 3/1/2037, Series A, AMT^c		7,671,760
		San Jose, California Redevelopment Agency Tax Allocation Refunding Bonds (Merged Area Redevelopment) (NATL-RE Insured)
	2,760,000	5.000%, 8/1/2025, Series A^c		2,809,928
		Santa Monica Community College District, Los Angeles County, California General Obligation Bonds
	5,000,000	Zero Coupon, 8/1/2025, Series C		2,362,500
		Tuolumne Wind Project Authority Revenue Bonds (Tuolumne Company)
	2,000,000	5.625%, 1/1/2029, Series A		2,200,880
		University of California General Revenue Bonds
	5,000,000	5.250%, 5/15/2039, Series O		5,425,450

		Total California		182,977,613


	Colorado (5.4%)
		Colorado Educational and Cultural Facilities Authority Charter School Refunding Revenue Bonds (Cherry Creek Project)
	570,000	6.000%, 4/1/2021		571,886
	1,280,000	6.000%, 4/1/2030		1,281,229

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

152

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Colorado (5.4%) - continued
		Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Bromley East Charter School)
$	2,000,000	7.250%, 9/15/2030, Series A^a	$	2,117,300
		Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Cheyenne Mountain Charter Academy)
	475,000	5.125%, 6/15/2032, Series A		484,989
	1,000,000	5.375%, 6/15/2038, Series A		1,033,360
		Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Classical Academy)
	2,825,000	7.250%, 12/1/2030^a		3,035,462
		Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Crown Pointe Academy of Westminster)
	1,000,000	5.000%, 7/15/2039		983,460
		Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (Pinnacle Charter School, Inc.)
	3,000,000	5.125%, 12/1/2039		2,970,780
		Colorado Educational and Cultural Facilities Authority Charter School Revenue Bonds (University Lab School)
	1,000,000	5.750%, 6/1/2016^a		1,030,190
	750,000	6.125%, 6/1/2021^a		774,262
	6,250,000	6.250%, 6/1/2031^a		6,456,688
		Colorado Health Facilities Authority Health Facilities Revenue Bonds (Evangelical Lutheran Good Samaritan Society)
	275,000	6.250%, 12/1/2010^a		275,105
	1,920,000	6.800%, 12/1/2020		1,961,856
	3,080,000	6.800%, 12/1/2020^a		3,157,123
	1,000,000	6.125%, 6/1/2038, Series A		1,030,120
		Colorado Health Facilities Authority Hospital Revenue Bonds (Parkview Medical Center, Inc.)
	1,000,000	6.500%, 9/1/2020^a		1,048,120
		Colorado Health Facilities Authority Hospital Revenue Refunding Bonds (Valley View Hospital Association)
	3,000,000	5.750%, 5/15/2036		3,097,920
		Colorado Higher Education Capital Construction Lease Purchase Financing Program Certificates of Participation
	405,000	5.500%, 11/1/2027^a		509,927
	1,095,000	5.500%, 11/1/2027		1,203,296


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Colorado (5.4%) - continued
		Colorado Housing and Finance Authority Single Family Program Bonds
$	75,000	7.450%, 10/1/2016, Series A- 2, AMT	$	80,474
	245,000	6.700%, 8/1/2017, Series B-3		254,122
	500,000	6.600%, 9/1/2025^a		524,470
	420,000	6.350%, 11/1/2029, Series D- 2, AMT		446,729
	20,000	7.150%, 10/1/2030, Series C- 3		20,509
		Colorado Water Resources and Power Development Authority Clean Water Revenue Bonds (AGM Insured)
	20,000	6.250%, 9/1/2013, Series A^c		20,075
		Colorado Water Resources and Power Development Authority Small Water Resources Revenue Bonds (NATL-RE FGIC Insured)
	3,525,000	5.250%, 11/1/2021, Series A^c		3,662,863
		Denver Health and Hospital Authority Healthcare Revenue Bonds
	2,000,000	5.250%, 12/1/2031, Series A		1,921,100
		Denver Health and Hospital Authority Healthcare Revenue Bonds (ACA-CBI Insured)
	2,000,000	6.250%, 12/1/2016, Series A^a,c		2,124,120
		Denver, Colorado Airport System Revenue Bonds (XLCA Insured)
	5,000,000	5.000%, 11/15/2022, Series A^c		5,357,600
		Denver, Colorado Board of Water Commissioners General Obligation Water Refunding Bonds
	6,000,000	5.600%, 10/1/2029		6,333,720
		Denver, Colorado Health & Hospital Authority Healthcare Revenue Bonds
	5,000,000	5.500%, 12/1/2030		5,045,600
		Jefferson County School District No. R-1, Jefferson and Broomfield Counties, Colorado General Obligation Refunding Bonds (AGM Insured)
	10,000,000	5.000%, 12/15/2016, Series A^c		11,583,800
		Larimer County, Colorado, Poudre School District R-1 General Obligation Improvement Bonds (NATL- RE-IBC Insured)
	3,000,000	7.000%, 12/15/2016^c		3,455,940
		Northwest Parkway Public Highway Authority Revenue Bonds (AMBAC Insured)
	4,000,000	Zero Coupon, 6/15/2021, Series C^a,c,d		4,615,560

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

153

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Colorado (5.4%) - continued
		University of Colorado University Enterprise Revenue Bonds
$	1,250,000	5.375%, 6/1/2032, Series A	$	1,370,862

		Total Colorado		79,840,617


	District of Columbia (0.7%)
		District of Columbia Income Tax Secured Revenue Refunding Bonds
	4,600,000	5.000%, 12/1/2028, Series C		5,076,054
		District of Columbia Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds
	5,255,000	6.250%, 5/15/2024		5,321,318

		Total District of Columbia		10,397,372

	Florida (4.6%)
		Brevard County Housing Finance Authority Homeowner Mortgage Revenue Refunding Bonds (GNMA Collateralized)
	249,000	6.500%, 9/1/2022, Series B^c		267,961
		Broward County, Florida Water and Sewer Utility Revenue Bonds
	3,000,000	5.250%, 10/1/2034, Series A		3,220,500
		Florida Refunding Bonds (Jacksonville Transportation Authority)
	1,520,000	5.000%, 7/1/2019		1,524,256
		Florida State Board of Education Public Education Capital Outlay Bonds (NATL-RE-IBC Insured)
	365,000	9.125%, 6/1/2014^c		419,506
		Greater Orlando Aviation Authority Airport Facilities Revenue Bonds
	1,500,000	5.000%, 10/1/2039, Series C		1,542,300
		Gulf Breeze, Florida Revenue Refunding Bonds
	2,000,000	5.000%, 12/1/2033		2,022,020
		Hillsborough County, Florida Industrial Development Authority Pollution Control Revenue Refunding Bonds (Tampa Electric Company)
	2,500,000	5.150%, 9/1/2025, Series B^b		2,727,650
		Jacksonville Health Facilities Authority Hospital Revenue Bonds
	1,500,000	5.750%, 8/15/2015, Series C^a		1,513,350
		Leon County Educational Facilities Authority Certificates of Participation (Southgate Residence Hall Project)
	1,145,000	8.500%, 9/1/2017^a		1,606,137
		Miami-Dade County Authority Toll System Revenue Bonds (Florida Expressway)
	2,000,000	5.000%, 7/1/2040, Series A		2,042,920


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Florida (4.6%) - continued
		Miami-Dade County, Florida Aviation Revenue Bonds (Miami International Airport - Hub of the Americas)
$	7,500,000	5.500%, 10/1/2036, Series B	$	7,826,925
	8,000,000	5.500%, 10/1/2041, Series A		8,307,760
		Miami-Dade County, Florida Public Facilities Revenue Bonds (Jackson Health System) (AGM Insured)
	2,000,000	5.625%, 6/1/2034^c		2,135,100
		Orange County, Florida Health Facilities Authority Hospital Revenue Bonds (Orlando Health, Inc.)
	5,000,000	5.125%, 10/1/2026		5,087,450
		Orange County, Florida Health Facilities Authority Hospital Revenue Bonds (Orlando Regional Healthcare System) (NATL-RE Insured)
	2,700,000	6.250%, 10/1/2018, Series A^c		3,138,210
		Orange County, Orlando Expressway Authority Revenue Bonds
	4,070,000	5.000%, 7/1/2035, Series C^e		4,160,517
		Orange County, Orlando Expressway Authority Revenue Bonds (Florida Expressway)
	3,600,000	5.000%, 7/1/2030, Series A		3,782,772
		South Miami, Florida Health Facilities Authority Hospital Revenue Bonds (Baptist Health South Florida)
	6,000,000	5.000%, 8/15/2032		6,155,640
		St. Johns County Industrial Development Authority Revenue Bonds (Presbyterian Retirement Communities)
	5,500,000	5.875%, 8/1/2040, Series A		5,678,585
		Tallahassee, Florida Consolidated Utility Systems Revenue Bonds
	4,000,000	5.000%, 10/1/2032		4,212,160

		Total Florida		67,371,719

	Georgia (2.1%)
		Brunswick, Georgia Water and Sewer Revenue Refunding and Improvement Bonds (NATL-RE Insured)
	450,000	6.000%, 10/1/2011^a,c		472,428
	1,500,000	6.100%, 10/1/2019^a,c		1,875,360
		Burke County Development Authority Pollution Control Revenue Bonds (Oglethorpe Power Corporation Vogtle)
	6,000,000	5.700%, 1/1/2043, Series C		6,413,460

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

154

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Georgia (2.1%) - continued
		Chatham County Hospital Authority, Savannah, Georgia Hospital Revenue Improvement Bonds (Memorial Health University Medical Center, Inc.)
$	1,000,000	6.125%, 1/1/2024, Series A	$	1,002,940
	1,560,000	5.750%, 1/1/2029, Series A		1,480,721
		Cherokee County, Georgia Water and Sewerage Authority Water and Sewerage Revenue Bonds (Refunding and Improvements) (NATL-RE Insured)
	4,970,000	5.500%, 8/1/2018^c		5,749,644
		Gainesville Redevelopment Authority Educational Facilities Refunding Revenue Bonds (Riverside Military Academy)
	5,275,000	5.125%, 3/1/2027		4,233,240
		Georgia General Obligation Bonds
	1,965,000	5.650%, 3/1/2012, Series B		2,101,194
	35,000	5.650%, 3/1/2012, Series B^a		37,460
	3,500,000	5.000%, 8/1/2012, Series D		3,776,395
		Milledgeville and Baldwin County Development Authority Revenue Bonds (Georgia College and State University Foundation Property III, LLC Student Housing System)
	2,500,000	5.500%, 9/1/2024^a		2,960,025
		Savannah Economic Development Authority Student Housing Revenue Bonds (University Financing Foundation, Inc. - Savannah State University) (ACA Insured)
	1,500,000	6.750%, 11/15/2020, Series A^a,c		1,533,000

		Total Georgia		31,635,867


	Hawaii (1.5%)
		Hawaii Airports System Revenue Bonds
	3,040,000	5.250%, 7/1/2030, Series A		3,293,688
		Honolulu, Hawaii Board of Water Supply Water System Revenue Bonds (NATL-RE Insured)
	5,000,000	5.000%, 7/1/2036, Series A^c		5,235,300
		Honolulu, Hawaii General Obligation Bonds (NATL-RE FGIC-TCRS Insured)
	2,555,000	6.250%, 4/1/2014, Series A^c		2,996,197
		Honolulu, Hawaii General Obligation Bonds (NATL-RE Insured)
	10,000,000	5.250%, 3/1/2027, Series A^c		10,706,900

		Total Hawaii		22,232,085


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Idaho (0.1%)
		Idaho Falls, Idaho General Obligation Electric Refunding Deferred Interest Bonds (NATL- RE FGIC Insured)
$	2,000,000	Zero Coupon, 4/1/2011^c	$	1,984,580

		Total Idaho		1,984,580


	Illinois (7.8%)
		Broadview, Cook County, Illinois Tax Increment Revenue Bonds
	1,365,000	5.250%, 7/1/2012		1,365,341
	1,000,000	5.375%, 7/1/2015		1,000,230
		Chicago Collateralized Single Family Mortgage Revenue Bonds (GNMA/FNMA/FHLMC Collateralized)
	95,000	7.000%, 3/1/2032, SeriesC, AMT^c		95,000
		Chicago General Obligation Bonds (City Colleges of Chicago Capital Improvement) (NATL-RE FGIC Insured)
	10,000,000	Zero Coupon, 1/1/2024^c		5,180,600
		Chicago Parking Facilities Bonds (Lakefront Millennium) (NATL-RE Insured)
	3,000,000	5.750%, 1/1/2029^a,c		3,245,820
		Chicago Tax Increment Allocation Bonds (Near South Redevelopment Project) (ACA Insured)
	7,200,000	Zero Coupon, 11/15/2014, Series A^c		5,901,984
		Chicago, Illinois Midway Airport Revenue Bonds
	2,000,000	5.000%, 1/1/2034, Series B^b		2,198,860
		Cook County, Illinois Community Consolidated School District No. 15 Limited Tax Capital Appreciation School Bonds (NATL-RE FGIC Insured)
	1,000,000	Zero Coupon, 12/1/2014^a,c		901,470
		Cook County, Illinois General Obligation Refunding Bonds (NATL-RE Insured)
	2,500,000	6.250%, 11/15/2011, Series A^c		2,638,050
		Cook County, Illinois School District No. 99 (Cicero) General Obligation School Bonds (NATL-RE FGIC Insured)
	1,250,000	8.500%, 12/1/2011^c		1,344,862
	1,565,000	8.500%, 12/1/2014^c		1,946,109
	1,815,000	8.500%, 12/1/2016^c		2,393,005
		Illinois Development Finance Authority Revenue Bonds (Midwestern University)
	1,000,000	6.000%, 5/15/2026, Series B^a		1,040,780
		Illinois Educational Facilities Authority Revenue Bonds (Northwestern University)
	4,900,000	5.250%, 11/1/2032^a,b		5,877,648

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

155

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Illinois (7.8%) - continued
		Illinois Educational Facilities Authority Student Housing Revenue Bonds (Educational Advancement Fund, Inc. - University Center Project)
$	1,000,000	6.625%, 5/1/2017^a	$	1,101,160
		Illinois Finance Authority Revenue Bonds (Rush University Medical Center)
	3,000,000	7.250%, 11/1/2038, Series A		3,385,560
		Illinois Finance Authority Revenue Refunding Bonds (Rush University Medical Center) (NATL-RE Insured)
	2,000,000	5.250%, 11/1/2035, Series B^c		2,014,260
		Illinois Health Facilities Authority Revenue Bonds (Advocate Health Care Network) (NATL-RE-IBC Insured)
	660,000	5.250%, 8/15/2018, Series B^c		660,997
		Illinois Health Facilities Authority Revenue Bonds (Bethesda Home and Retirement Center)
	1,600,000	6.250%, 9/1/2014, Series A		1,613,392
		Illinois Health Facilities Authority Revenue Bonds (Centegra Health System)
	2,000,000	5.250%, 9/1/2018		2,001,560
		Illinois Health Facilities Authority Revenue Bonds (Rush-Presbyterian-St. Luke’s Medical Center) (NATL-RE Insured)
	2,785,000	5.250%, 11/15/2014, Series A^c		2,790,041
		Illinois Health Facilities Authority Revenue Refunding Bonds (Lutheran General Health System) (AGM-CR Insured)
	2,000,000	6.000%, 4/1/2018, Series C^c		2,352,820
		Illinois Health Facilities Authority Revenue Refunding Bonds (Thorek Hospital and Medical Center)
	3,900,000	5.250%, 8/15/2018		3,902,379
		Illinois Sales Tax Revenue Bonds (Build Illinois Bonds)
	3,065,000	7.450%, 6/15/2012, Series L		3,374,933
		Illinois Sales Tax Revenue Bonds (Build Illinois Bonds) (NATL- RE-FGIC Insured)
	7,975,000	5.750%, 6/15/2018, 2nd Series^c		9,512,022
		Joliet Regional Port District, Illinois Marine Terminal Revenue Refunding Bonds (Exxon)
	1,455,000	0.180%, 10/1/2024^b		1,455,000


Principal Amount		Long-Term Fixed Income (99.3%)	Value
Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Illinois (7.8%) - continued
		McHenry and Lake Counties, Illinois, Community High School District No. 157 General Obligation School Bonds (AGM Insured)
$	3,035,000	9.000%, 12/1/2017^c	$	4,188,330
		McLean County, Illinois, Bloomington-Normal Airport Authority Passenger Facility Charge Revenue Bonds (Central Illinois Regional Airport)
	4,000,000	6.050%, 12/15/2019, AMT		4,018,080
		Metropolitan Pier and Exposition Authority, Illinois Refunding Bonds (McCormick Place Expansion) (NATL-RE FGIC Insured)
	885,000	5.500%, 6/15/2015, Series A^c		1,004,192
	17,505,000	Zero Coupon, 6/15/2020, Series A^c		11,176,942
	1,410,000	5.250%, 12/15/2028^c		1,425,341
		Metropolitan Pier and Exposition Authority, Illinois Refunding Bonds (McCormick Place Expansion) (NATL-RE Insured)
	7,000,000	Zero Coupon, 6/15/2020, Series B^c,d		6,895,840
	3,100,000	Zero Coupon, 6/15/2024, Series A^c		1,536,856
	2,000,000	Zero Coupon, 12/15/2024, Series A^c		966,300
		Metropolitan Water Reclamation District of Greater Chicago General Obligation Refunding Bonds
	7,280,000	5.250%, 12/1/2032, Series C		8,677,469
		Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois Revenue Bonds (NATL-RE FGIC Insured)
	3,000,000	6.700%, 11/1/2021, Series A^c		3,716,070
		University of Illinois Auxiliary Facilities System Revenue Bonds
	2,500,000	5.750%, 4/1/2038, Series A		2,770,225

		Total Illinois		115,669,528


	Indiana (1.7%)
		Ball State University Student Fee Bonds (FGIC Insured)
	700,000	5.750%, 7/1/2020, Series K^a,c		743,421
		East Chicago Elementary School Building Corporation, Lake County, Indiana First Mortgage Refunding Bonds
	970,000	6.250%, 1/5/2016		1,042,837
		Indiana Bond Bank Special Program Bonds (Clark Memorial Hospital)
	7,000,000	5.500%, 8/1/2029, Series D		7,472,220

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

156

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Indiana (1.7%) - continued
		Indiana Finance Authority Environmental Improvement Revenue Refunding Bonds (United States Steel Corporation)
$	2,000,000	6.000%, 12/1/2026	$	2,139,500
		Indiana Finance Authority Hospital Revenue Bonds (Deaconess Hospital)
	1,500,000	6.750%, 3/1/2039, Series A		1,671,480
		Indiana Health and Educational Facility Financing Authority Health System Revenue Refunding Bonds (Sisters of St. Francis Health Services, Inc.) (AGM Insured)
	500,000	5.250%, 5/15/2041, Series E^c		514,340
		Indiana Transportation Finance Authority Highway Revenue Bonds
	250,000	6.800%, 12/1/2016, Series A		288,098
		Indiana Transportation Finance Authority Highway Revenue Bonds (NATL-RE-IBC Insured)
	3,150,000	7.250%, 6/1/2015, Series A^c		3,559,185
	310,000	7.250%, 6/1/2015, Series A^a,c		322,409
		Indianapolis Local Public Improvement Bond Bank Bonds (Waterworks)
	5,000,000	5.750%, 1/1/2038, Series A		5,515,950
		Purdue University Student Fee Bonds
	2,120,000	5.000%, 7/1/2020, Series L^b		2,197,804

		Total Indiana		25,467,244


	Iowa(0.3%)
		Coralville, Iowa Annual Appropriation Urban Renewal Tax Increment Revenue Bonds
	745,000	5.000%, 6/1/2011, Series H2		756,160
	3,125,000	5.000%, 6/1/2021, Series H2		3,131,031
		Iowa Finance Authority Single Family Mortgage Bonds (GNMA/FNMA Collateralized)
	475,000	5.000%, 1/1/2037, Series E, AMT^c		475,827

		Total Iowa		4,363,018


	Kansas (0.9%)
		Kansas Development Finance Authority Health Facilities Revenue Bonds (Stormont-Vail HealthCare, Inc.) (NATL-RE Insured)
	90,000	5.375%, 11/15/2024, Series K^a,c		94,748
	910,000	5.375%, 11/15/2024, Series K^c		1,008,134
		Kansas Development Finance Authority Revenue Bonds
	3,500,000	5.000%, 5/15/2030, Series S^e		3,461,220


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Kansas (0.9%) - continued
		Olathe, Kansas Health Facilities Revenue Bonds (Olathe Medical Center) (AMBAC Insured)
$	2,000,000	5.500%, 9/1/2025, Series A^c	$	2,003,500
		Salina, Kansas Hospital Refunding and Improvement Revenue Bonds (Salina Regional Health Center, Inc.)
	1,725,000	5.000%, 10/1/2036		1,749,409
		Sedgwick and Shawnee Counties, Kansas Single Family Mortgage Revenue Bonds (GNMA Collateralized)
	140,000	6.700%, 6/1/2029, Series A-2^b,c		150,266
		Wyandotte County/Kansas City, Kansas Sales Tax Special Obligation Revenue Refunding Bonds (Redevelopment Project Area B)
	4,350,000	5.000%, 12/1/2020, Series B		4,543,140

		Total Kansas		13,010,417


	Kentucky (0.7%)
		Kentucky Economic Development Finance Authority Hospital Revenue Bonds (Owensboro Medical Health System, Inc.)
	5,880,000	6.375%, 6/1/2040, Series A		6,322,235
		Kentucky Economic Development Finance Authority Revenue Bonds (Louisville Arena Authority, Inc.) (AGM Insured)
	1,000,000	6.000%, 12/1/2033, Series A-1^c		1,088,010
		Paducah, Kentucky Electric Plant Board Revenue Bonds (AGM Insured)
	2,500,000	5.250%, 10/1/2035, Series A^c		2,660,600

		Total Kentucky		10,070,845


	Louisiana (3.3%)
		Louisiana Public Facilities Authority Hospital Revenue Bonds (Lake Charles Memorial Hospital Project) (AMBAC- TCRS Insured)
	3,000,000	8.625%, 12/1/2030^a,c		3,078,270
		Louisiana Public Facilities Authority Revenue Bonds (University of New Orleans Research and Technology Foundation, Inc. - Student Housing) (NATL-RE Insured)
	4,745,000	5.250%, 3/1/2031^c		4,768,250
		Louisiana State Gas and Fuels Tax Revenue Bonds
	5,000,000	5.000%, 5/1/2033, Series B		5,350,950
	7,000,000	5.000%, 5/1/2045, Series B		7,378,630

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

157

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Louisiana (3.3%) - continued
		New Orleans, Louisiana General Obligation Refunding Bonds (AMBAC Insured)
$	6,500,000	Zero Coupon, 9/1/2012^c	$	6,157,905
		Regional Transit Authority, Louisiana Sales Tax Revenue Refunding Bonds (NATL-RE FGIC Insured)
	2,605,000	8.000%, 12/1/2012, Series A^c		2,803,084
		Regional Transportation Authority, Louisiana Sales Tax Revenue Bonds (AGM Insured)
	500,000	5.000%, 12/1/2030^c		533,845
		St. John the Baptist Parish, Louisiana Revenue Bonds (Marathon Oil Corporation)
	13,000,000	5.125%, 6/1/2037, Series A		12,841,400
		St. Tammany Parish, Louisiana Utilities Revenue Bonds
	2,000,000	5.500%, 8/1/2035, Series B		2,130,220
		Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds
	3,820,000	5.500%, 5/15/2030, Series B		3,855,068

		Total Louisiana		48,897,622


	Maryland (0.5%)
		Maryland Economic Development Corporation Student Housing Revenue Bonds (University Village at Sheppard Pratt) (ACA Insured)
	1,550,000	6.000%, 7/1/2033^c		1,335,790
		Maryland Health and Higher Educational Facilities Authority Revenue Bonds (University of Maryland Medical Systems)
	1,000,000	6.000%, 7/1/2022^a		1,090,860
		Morgan State University Academic Fees and Auxiliary Facilities Fees Revenue Refunding Bonds (NATL-RE Insured)
	4,500,000	6.050%, 7/1/2015^c		5,009,310

		Total Maryland		7,435,960


	Massachusetts (3.5%)
		Massachusetts Bay Transportation Authority Sales Tax Bonds (NATL-RE Insured)
	5,000,000	5.500%, 7/1/2025, Series B^c		6,177,950
		Massachusetts Bay Transportation Authority Sales Tax Revenue Bonds
	6,000,000	5.250%, 7/1/2031, Series A		7,103,700
		Massachusetts Development Finance Agency Revenue Bonds (Devens Electric Systems)
	725,000	5.625%, 12/1/2016		741,073


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Massachusetts (3.5%) - continued
		Massachusetts General Obligation Bonds (NATL-RE FGIC-TCRS Insured)
$	4,935,000	5.250%, 1/1/2013, Series A^c	$	5,412,363
		Massachusetts Health and Educational Facilities Authority Revenue Bonds (Massachusetts Institute of Technology)
	15,000,000	5.250%, 7/1/2033, Series L		18,387,750
		Massachusetts Health and Educational Facilities Authority Revenue Bonds (Partners Healthcare System)
	1,000,000	6.000%, 7/1/2016, Series C		1,035,440
		Massachusetts Health and Educational Facilities Authority Revenue Bonds (Tufts University)
	5,400,000	5.500%, 2/15/2028, Series M		6,656,148
		Massachusetts Water Pollution Abatement Trust Pool Program Refunding Bonds
	5,000,000	5.000%, 8/1/2024		6,031,450

		Total Massachusetts		51,545,874


	Michigan (2.0%)
		East Lansing Building Authority, Ingham and Clinton Counties, Michigan Building Authority Bonds (General Obligation Limited Tax)
	2,000,000	5.700%, 4/1/2020		2,374,400
		Grand Valley State University General Revenue Bonds
	1,000,000	5.750%, 12/1/2034		1,071,270
		Kalamazoo Hospital Finance Authority Hospital Revenue Bonds (AGM Insured)
	4,000,000	5.250%, 5/15/2036^b,c		4,108,600
		Kalamazoo Hospital Finance Authority Hospital Revenue Refunding Bonds (Bronson Methodist Hospital) (AGM Insured)
	3,250,000	5.000%, 5/15/2026, Series A^c		3,344,445
		Michigan Public Power Agency Revenue Bonds (Combustion Turbine No. 1) (AMBAC Insured)
	1,380,000	5.250%, 1/1/2016, Series A^c		1,421,193
		Michigan State Hospital Finance Authority Hospital Revenue and Refunding Bonds (Crittenton Hospital Medical Center)
	2,750,000	5.500%, 3/1/2022, Series A		2,786,878

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

158

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Michigan (2.0%) - continued
		Michigan State Hospital Finance Authority Hospital Revenue and Refunding Bonds (Sisters of Mercy Health Corporation) (NATL-RE Insured)
$	2,600,000	5.375%, 8/15/2014, Series P^a,c	$	2,829,242
	80,000	5.375%, 8/15/2014, Series P^a,c		87,054
		Michigan State Trunk Line Fund Refunding Bonds (AGM Insured)
	5,000,000	5.000%, 11/1/2022^c		5,502,050
		Rochester Community School District, Oakland and Macomb Counties, Michigan School Building and Site General Obligation Bonds (NATL-REQ- SBLF Insured)
	4,500,000	5.000%, 5/1/2019^c		5,105,475
		Sault Ste. Marie Chippewa Indians Housing Authority Health Facility Revenue Bonds (Tribal Health and Human Services Center)
	1,320,000	7.750%, 9/1/2012		1,325,900

		Total Michigan		29,956,507


	Minnesota (2.9%)
		Baytown Township, Minnesota Lease Revenue Bonds (St. Croix Preparatory Academy)
	1,000,000	7.000%, 8/1/2038, Series A		1,020,170
		Minneapolis and St. Paul, Minnesota Housing and Redevelopment Authority Health care Facility Revenue Bonds (HealthPartners)
	800,000	6.000%, 12/1/2021		828,520
		Minneapolis-St. Paul Metropolitan Airports Commission Airport Revenue Bonds (AMBAC Insured)
	5,000,000	5.000%, 1/1/2035, Series A^c		5,105,000
		Minneapolis-St. Paul Metropolitan Airports Commission Airport Revenue Bonds (NATL-RE FGIC Insured)
	4,750,000	5.000%, 1/1/2031, Series C^c		4,886,135
		Minnesota Agricultural and Economic Development Board Health Care System Revenue Bonds (Fairview Hospital and Healthcare Services) (NATL-RE Insured)
	85,000	5.750%, 11/15/2026, Series A^c		85,073
		Minnesota Higher Education Facilities Authority Revenue Bonds
	1,575,000	5.250%, 12/1/2035		1,597,648


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Minnesota (2.9%) - continued
		Minnesota Higher Education Facilities Authority Revenue Bonds (University of St. Thomas)
$	530,000	5.250%, 10/1/2019, Series 5-Y	$	578,802
		North Oaks, Minnesota Senior Housing Revenue Bonds (Presbyterian Homes of North Oaks, Inc.)
	2,000,000	6.125%, 10/1/2039		2,019,460
		Northern Municipal Power Agency, Minnesota Electric System Revenue Bonds (AMBAC Insured)
	2,000,000	5.000%, 1/1/2026, Series A^c		2,129,780
		Northfield, Minnesota Hospital Revenue Bonds
	1,000,000	6.000%, 11/1/2021, Series C^a		1,052,840
	1,300,000	6.000%, 11/1/2026, Series C^a		1,368,692
	2,040,000	6.000%, 11/1/2031, Series C^a		2,147,794
		Rochester, Minnesota Health Care Facilities Revenue Bonds (Olmsted Medical Center)
	1,000,000	5.875%, 7/1/2030		1,020,970
		St. Cloud, Minnesota Health Care Revenue Bonds (CentraCare Health System)
	2,000,000	5.125%, 5/1/2030, Series A		2,087,860
		St. Louis Park, Minnesota Health Care Facilities Revenue Refunding Bonds (Park Nicollet Health Services)
	2,000,000	5.250%, 7/1/2030, Series B^a		2,288,480
	1,000,000	5.750%, 7/1/2030, Series C		1,042,010
	5,500,000	5.750%, 7/1/2039		5,700,585
		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		4,301,800
		St. Paul, Minnesota Housing and Redevelopment Authority Health Care Facility Revenue Bonds (HealthPartners)
	230,000	5.250%, 5/15/2019		238,653
	1,500,000	5.250%, 5/15/2036		1,454,850
		White Earth Band of Chippewa Indians Revenue Bonds (ACA Insured)
	2,205,000	7.000%, 12/1/2011, Series A^c		2,241,162

		Total Minnesota		43,196,284


	Missouri (1.3%)
		Jackson County, Missouri Special Obligation Bonds (Harry S. Truman Sports Complex) (AMBAC Insured)
	7,500,000	5.000%, 12/1/2027^c		7,909,125

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

159

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Missouri (1.3%) - continued
		Missouri Housing Development Commission Single Family Mortgage Revenue Bonds (Homeownership Loan Program) (GNMA/FNMA Collateralized)
$	40,000	6.550%, 9/1/2028, Series C-1^c	$	40,399
	75,000	7.450%, 9/1/2031, Series B-1, AMT^c		77,642
	155,000	7.150%, 3/1/2032, Series C- 1, AMT^c		165,439
		Missouri State Environmental Improvement and Energy Resources Authority Pollution Control Refunding Revenue Bonds (Associated Cooperative, Inc.)
	2,000,000	4.375%, 12/1/2034^b		2,021,620
		Missouri State Environmental Improvement and Energy Resources Authority Water Pollution Revenue Bonds
	175,000	5.250%, 1/1/2018		188,200
	825,000	5.250%, 1/1/2018^a		908,746
		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		3,269,310
		Missouri State Health and Educational Facilities Authority Health Facilities Revenue Bonds (BJC Health System)
	2,500,000	5.000%, 5/15/2020, Series A		2,668,875
		Missouri State Health and Educational Facilities Authority Health Facilities Revenue Bonds (Lake Regional Health System)
	1,500,000	5.600%, 2/15/2025		1,540,980

		Total Missouri		18,790,336

	Montana (0.6%)
		Montana Board of Housing Single Family Mortgage Bonds
	20,000	6.000%, 6/1/2016, Series A-1		20,010
		6.250%, 6/1/2019, Series A-
	75,000	2, AMT		75,086
		Montana Board of Regents of Higher Education Facilities Improvement and Refunding Revenue Bonds (University of Montana) (NATL-RE Insured)
	1,165,000	5.750%, 5/15/2016, Series F^c		1,191,702
		Montana Facility Finance Authority Hospital Facilities Revenue Bonds (St. Peter’s Hospital)
	3,860,000	5.250%, 6/1/2018		4,074,539


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Montana (0.6%) - continued
		Montana Facility Finance Authority Revenue Bonds (Providence Health & Services)
$	2,830,000	5.000%, 10/1/2024	$	3,015,903

		Total Montana		8,377,240

	Nebraska (1.5%)
		Douglas County, Nebraska Hospital Authority No. 3 Health Facilities Refunding and Revenue Bonds (Nebraska Methodist Health System)
	2,000,000	5.750%, 11/1/2048		2,054,100
		Nebraska Public Power District General Revenue Bonds (AMBAC Insured)
	2,500,000	5.000%, 1/1/2013, Series B^c		2,714,925
		Omaha, Nebraska Public Power District Electric System Revenue Bonds
	1,760,000	6.150%, 2/1/2012, Series B^a		1,831,526
	5,780,000	5.000%, 2/1/2046, Series A		5,911,495
		Omaha, Nebraska Special Obligation Bonds (Riverfront Redevelopment)
	1,675,000	5.500%, 2/1/2015, Series A		1,778,448
		University of Nebraska Student Fees and Facilities Revenue Bonds
	5,000,000	5.000%, 7/1/2023, Series B		5,376,800
		University of Nebraska Student Housing Revenue Bonds
	1,680,000	5.000%, 5/15/2040, Series B		1,779,255

		Total Nebraska		21,446,549

	New Jersey (1.3%)
		Hudson County, New Jersey Refunding Certificates of Participation (NATL-RE Insured)
	2,000,000	6.250%, 12/1/2015^c		2,281,720
		New Jersey Educational Facilities Authority Revenue Refunding Bonds (Kean University)
	1,000,000	5.500%, 9/1/2036, Series A		1,081,210
		New Jersey General Obligation Bonds (AMBAC Insured)
	1,000,000	5.250%, 7/15/2018, Series L^c		1,198,460
		New Jersey Transportation Trust Fund Authority Transportation System Bonds (AGM Insured)
	5,000,000	5.500%, 12/15/2016, Series A^c		5,889,200
		New Jersey Turnpike Authority Turnpike Revenue Bonds (AMBAC-TCRS Insured)
	3,695,000	6.500%, 1/1/2016, Series C^a,c		4,301,017
	745,000	6.500%, 1/1/2016, Series C^c		852,935
	260,000	6.500%, 1/1/2016, Series C^a,c		302,643

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

160

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	New Jersey (1.3%) - continued
		Ocean County, New Jersey Utilities Authority Wastewater Revenue Bonds (NATL-RE Insured)
$	3,180,000	5.250%, 1/1/2025^c	$	3,909,333

		Total New Jersey		19,816,518


	New Mexico (0.9%)
		Jicarilla, New Mexico Apache Nation Revenue Bonds
	3,500,000	5.500%, 9/1/2023, Series A		3,680,705
		Sandoval County, New Mexico Incentive Payment Refunding Revenue Bonds
	9,000,000	5.000%, 6/1/2020		9,609,390

		Total New Mexico		13,290,095


	New York (6.8%)
		Metropolitan Transportation Authority State Service Contract Refunding Bonds
	5,000,000	5.500%, 7/1/2017, Series A		5,979,350
		Metropolitan Transportation Authority Transit Facilities Service Contract Bonds
	2,360,000	5.750%, 7/1/2013, Series O^a		2,510,356
		New York City General Obligation Bonds
	12,000,000	5.250%, 8/1/2017, Series B		13,660,560
	1,750,000	5.500%, 8/1/2022, Series A		1,907,815
		New York City Municipal Water Finance Authority Water and Sewer System Revenue Bonds
	11,000,000	5.750%, 6/15/2040, Series A		12,507,880
		New York City Municipal Water Finance Authority Water and Sewer System Revenue Bonds (AMBAC Insured)
	2,000,000	5.875%, 6/15/2012,Series A^a,c		2,176,260
		New York City Transitional Finance Authority Future Tax Secured Bonds
	735,000	5.375%, 11/15/2021, Series A		794,138
		New York City Transitional Finance Authority Future Tax Secured Refunding Bonds
	1,805,000	5.375%, 11/15/2021, Series A^a		1,988,605
	8,940,000	5.500%, 11/1/2026, Series A^d		9,348,826
	13,000,000	5.250%, 2/1/2029, Series B		13,147,940
		New York State Dormitory Authority State University Educational Facilities Revenue Bonds
	2,000,000	7.500%, 5/15/2013, Series A		2,318,360
	5,000,000	5.875%, 5/15/2017, Series A		5,972,100
	4,000,000	5.250%, 11/15/2023, Series B^b		4,261,840


Principal Amount		Long-Term Fixed Income (99.3%)	Value
Principal Amount		Long-Term Fixed Income (99.3%)	Value
	New York (6.8%) - continued
		New York State Local Government Assistance Corporation Refunding Bonds (NATL-RE-IBC Insured)
$	2,000,000	5.250%, 4/1/2016, Series E^c	$	2,343,160
		New York State Urban Development Corporation Correctional and Youth Service Contract Revenue Bonds
	20,000,000	5.000%, 1/1/2017, Series A^a		20,152,800
		New York State Urban Development Corporation State Personal Income Tax Revenue Bonds (State Facilities and Equipment)
	2,000,000	5.000%, 3/15/2036, Series B- 1		2,123,400

		Total New York		101,193,390


	North Carolina (2.4%)
		North Carolina Eastern Municipal Power Agency Power System Revenue Bonds
	5,000,000	5.500%, 1/1/2014, Series D		5,620,050
	4,000,000	5.375%, 1/1/2017, Series C		4,291,960
	7,170,000	5.250%, 1/1/2020, Series A		8,133,146
	1,535,000	5.500%, 1/1/2021, Series B		1,539,820
	2,000,000	5.000%, 1/1/2026, Series B		2,188,980
	1,475,000	6.000%, 1/1/2026, Series A^a		1,932,973
		North Carolina Municipal Power Agency #1 Catawba Electric Revenue Bonds
	3,200,000	5.000%, 1/1/2025, Series A		3,492,928
		North Carolina Municipal Power Agency No. 1 Catawba Electric Revenue Bonds
	1,250,000	5.000%, 1/1/2030, Series A		1,317,537
		North Carolina Municipal Power Agency No. 1 Catawba Electric Revenue Bonds (NATL-RE Insured)
	4,000,000	6.000%, 1/1/2011^c		4,034,160
		Raleigh-Durham, North Carolina Airport Authority Revenue Bonds
	1,935,000	5.000%, 5/1/2036, Series A		2,036,588
		Wake County Industrial Facilities and Pollution Control Financing Authority Pollution Control Revenue Refunding Bonds (Carolina Power & Light Company)
	1,000,000	5.375%, 2/1/2017		1,052,990

		Total North Carolina		35,641,132


	North Dakota (0.6%)
		South Central Regional Water District, North Dakota Utility System Revenue Bonds (Refunding and Northern Burleigh County Expansion)
	2,945,000	5.650%, 10/1/2029, Series A		3,090,925

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

161

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	North Dakota (0.6%) - continued
		Ward County, North Dakota Health Care Facilities Refunding Revenue Bonds (Trinity)
$	3,250,000	6.250%, 7/1/2021, Series B	$	3,253,412
		Ward County, North Dakota Health Care Facilities Revenue Bonds (Trinity)
	2,895,000	5.125%, 7/1/2025		2,920,968

		Total North Dakota		9,265,305


	Ohio (2.5%)
		Akron, Ohio Non-Tax Revenue Economic Development Bonds (NATL-RE Insured)
	875,000	6.000%, 12/1/2012^c		920,631
		Buckeye Tobacco Settlement Financing Authority Tobacco Settlement Asset-Backed Bonds
	6,465,000	5.125%, 6/1/2024, Series A-2		5,618,085
		Lorain County, Ohio Hospital Facilities Revenue Refunding and Improvement Bonds (Catholic Healthcare Partners)
	2,000,000	5.400%, 10/1/2021, Series A		2,066,080
		Lucas County, Ohio Health Care Facilities Revenue Refunding and Improvement Bonds
	2,000,000	6.550%, 8/15/2024, Series A		2,022,840
		Ohio Higher Educational Facility Commission Revenue Bonds (Case Western Reserve University)
	2,000,000	6.500%, 10/1/2020, Series B		2,472,720
		Ohio Higher Educational Facility Commission Revenue Bonds (Kenyon College)
	4,740,000	5.250%, 7/1/2044		4,910,450
		Ohio Turnpike Commission Turnpike Revenue Refunding Bonds (NATL-RE FGIC Insured)
	2,000,000	5.500%, 2/15/2024, Series A^c		2,349,660
	10,000,000	5.500%, 2/15/2026, Series A^c		11,739,900
		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		1,705,060
		University of Cincinnati General Receipts Bonds (AMBAC Insured)
	2,545,000	5.000%, 6/1/2016, Series D^c		2,825,943

		Total Ohio		36,631,369


	Oklahoma (0.5%)
		Oklahoma Development Finance Authority Hospital Revenue Refunding Bonds (Unity Health Center)
	1,040,000	5.000%, 10/1/2011		1,062,495


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Oklahoma (0.5%) - continued
		Oklahoma Housing Finance Agency Single Family Mortgage Revenue Bonds (Homeownership Loan Program)
$	35,000	7.550%, 9/1/2028, Series C-2, AMT	$	36,281
		Oklahoma Housing Finance Agency Single Family Mortgage Revenue Bonds (Homeownership Loan Program) (GNMA/FNMA Collateralized)
	95,000	7.100%, 9/1/2028, Series D-2, AMT^c		98,579
		Oklahoma Municipal Power Authority Power Supply System Revenue Bonds
	1,500,000	6.000%, 1/1/2038, Series A		1,643,055
		Oklahoma Municipal Power Authority Power Supply System Revenue Bonds (NATL- RE Insured)
	1,030,000	5.875%, 1/1/2012, Series B^c		1,062,054
		Payne County Economic Development Authority Student Housing Revenue Bonds (Collegiate Housing Foundation - Stillwater)
	2,900,000	6.375%, 6/1/2030, Series A^a		3,000,572

		Total Oklahoma		6,903,036


	Oregon (0.2%)
		Clackamas County, Oregon Hospital Facility Authority Revenue Bonds (Legacy Health Systems)
	300,000	5.500%, 7/15/2035, Series A		318,693
		Salem-Keizer School District No. 24J, Marion and Polk Counties, Oregon General Obligation Bonds
	5,000,000	Zero Coupon, 6/15/2028, Series B		2,259,500

		Total Oregon		2,578,193


	Pennsylvania (3.0%)
		Allegheny County Hospital Development Authority Revenue Bonds (University of Pittsburgh Medical Center)
	3,000,000	5.000%, 6/15/2018, Series B		3,412,313
	2,000,000	5.625%, 8/15/2039		2,158,600
		Allegheny County, Pennsylvania Redevelopment Authority Tax Increment Bonds (Waterfront)
	295,000	6.000%, 12/15/2010, Series B		295,000
	1,705,000	6.550%, 12/15/2017, Series C^a		1,728,989

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

162

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Pennsylvania (3.0%) - continued
		Cornwall-Lebanon School District, Lebanon County, Pennsylvania General Obligation Notes (AGM Insured)
$	2,000,000	Zero Coupon, 3/15/2016^c	$	1,738,320
	1,520,000	Zero Coupon, 3/15/2017^c		1,263,834
		Cumberland County Municipal Authority Revenue Bonds (Diakon Lutheran Social Ministries)
	2,750,000	5.000%, 1/1/2027		2,749,808
	2,000,000	5.000%, 1/1/2036		1,877,140
		Cumberland County, Pennsylvania Municipal Authority Revenue Bonds (Diakon Lutheran Social Ministries)
	2,000,000	6.125%, 1/1/2029		2,127,060
		Delaware County, Pennsylvania Industrial Development Authority Airport Facilities Revenue Bonds
	3,500,000	0.230%, 12/1/2015^b		3,500,000
		Lancaster County Hospital Authority Hospital Revenue Bonds (Lancaster General Hospital)
	2,000,000	5.500%, 3/15/2026^a		2,254,900
		Lycoming County Authority Health System Revenue Bonds (Susquehanna Health System)
	5,795,000	5.750%, 7/1/2039, Series A		6,026,800
		Pennsylvania Turnpike Commission Turnpike Revenue Bonds (AGM Insured)
	8,000,000	Zero Coupon, 6/1/2033, Series C^c,d		6,495,200
	5,000,000	6.250%, 6/1/2038, Series C^c		5,680,000
		Philadelphia Authority for Industrial Development Revenue Bonds (Please Touch Museum)
	2,000,000	5.250%, 9/1/2026		1,851,760
		York County, Pennsylvania Solid Waste and Refuse Authority Solid Waste System Refunding Revenue Bonds (NATL-RE FGIC Insured)
	1,000,000	5.500%, 12/1/2012^c		1,091,210

		Total Pennsylvania		44,250,934


	Puerto Rico (1.2%)
		Puerto Rico Electric Power Authority Power Revenue Bonds
	10,000,000	5.250%, 7/1/2040, Series XX		10,422,500


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Puerto Rico (1.2%) - continued
		Puerto Rico Industrial, Tourist, Educational, Medical, and Environmental Control Facilities Financing Authority Cogeneration Facility Revenue Bonds (AES Puerto Rico)
$	7,655,000	6.625%, 6/1/2026, AMT	$	7,709,197

		Total Puerto Rico		18,131,697


	South Carolina (1.7%)
		Greenwood County, South Carolina Hospital Facilities Revenue Bonds (Self Memorial Hospital)
	1,000,000	5.500%, 10/1/2026		1,007,670
		Greenwood County, South Carolina Hospital Facilities Revenue Bonds (Self Regional Healthcare)
	2,250,000	5.375%, 10/1/2039		2,316,488
		Piedmont, South Carolina Municipal Power Agency Electric Revenue Bonds (NATL-RE FGIC Insured)
	4,000,000	6.250%, 1/1/2021^c		4,949,000
	5,000,000	5.000%, 1/1/2022^c		5,012,150
		South Carolina Jobs-Economic Development Authority Hospital Refunding and Improvement Revenue Bonds (Palmetto Health Alliance)
	4,895,000	6.875%, 8/1/2027, Series C^a		5,674,382
	605,000	6.875%, 8/1/2027, Series C^a		701,328
		South Carolina Public Service Authority Revenue Obligations (Santee Cooper)
	2,500,000	5.500%, 1/1/2038, Series A		2,738,725
		Spartanburg, South Carolina Water System Revenue Bonds (FGIC Insured)
	2,000,000	5.250%, 6/1/2028^a,c		2,308,680

		Total South Carolina		24,708,423


	South Dakota (1.1%)
		South Dakota Educational Enhancement Funding Corporation Tobacco Settlement Asset-Backed Bonds
	5,000,000	6.500%, 6/1/2032, Series B		5,090,750
		South Dakota Health and Educational Facilities Authority Revenue Bonds (Prairie Lakes Health Care System)
	1,170,000	5.625%, 4/1/2032		1,177,909
		South Dakota Health and Educational Facilities Authority Revenue Bonds (Sanford Health)
	5,000,000	5.000%, 11/1/2040		4,996,900
	1,250,000	5.500%, 11/1/2040		1,301,262

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

163

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	South Dakota (1.1%) - continued
		South Dakota Health and Educational Facilities Authority Revenue Refunding Bonds (Prairie Lakes Health Care System) (ACA-CBI Insured)
$	1,770,000	5.650%, 4/1/2022^c	$	1,775,257
		South Dakota State Health and Educational Facilities Authority Revenue Bonds (Prairie Lakes Health Care System)
	2,215,000	5.650%, 4/1/2022		2,221,579

		Total South Dakota		16,563,657


	Tennessee (1.1%)
		Jackson, Tennessee Hospital Revenue Refunding and Improvement Bonds (Jackson- Madison County General Hospital)
	2,000,000	5.625%, 4/1/2038		2,061,540
	3,450,000	5.750%, 4/1/2041		3,573,855
		Memphis-Shelby County Airport Authority Special Facilities Revenue Refunding Bonds (Federal Express Corporation)
	4,500,000	5.050%, 9/1/2012		4,747,500
	2,000,000	5.350%, 9/1/2012		2,120,720
		Nashville and Davidson Counties Industrial Development Board Multifamily Housing Revenue Refunding Bonds (Beechwood Terrace Apartments) (GNMA Collateralized)
	4,155,000	6.625%, 3/20/2036, Series A^c		4,302,419

		Total Tennessee		16,806,034


	Texas (11.0%)
		Alliance Airport Authority, Inc. Special Facilities Revenue Refunding Bonds (Federal Express Corporation)
	10,285,000	4.850%, 4/1/2021, AMT		10,475,581
		Amarillo Health Facilities Corporation Hospital Revenue Bonds (Baptist St. Anthony’s Hospital Corporation) (AGM Insured)
	2,000,000	5.500%, 1/1/2017^c		2,114,160
		Austin, Texas Combined Utility Systems Revenue Refunding Bonds (NATL-RE FGIC-TCRS Insured)
	2,250,000	6.000%, 11/15/2013^c		2,383,740
		Bexar County Housing Finance Corporation Multifamily Housing Revenue Bonds (Dymaxion and Marbach Park Apartments) (NATL-RE Insured)
	1,930,000	6.000%, 8/1/2023, Series A^c		1,922,994


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Texas (11.0%) - continued
		Bexar County Housing Finance Corporation Multifamily Housing Revenue Bonds (Pan American Apartments) (GNMA Collateralized)
$	1,680,000	7.000%, 3/20/2031, Series A- 1^a,c	$	1,803,766
		Bluebonnet Trails Community Mental Health and Mental Retardation Center Revenue Bonds
	1,000,000	6.125%, 12/1/2016		1,015,290
		Clifton Higher Education Finance Corporation Education Revenue Bonds (Uplift Education)
	4,000,000	6.250%, 12/1/2045, Series A		4,191,680
		Corpus Christi, Texas General Improvement Refunding Bonds (FSA Insured)
	260,000	5.000%, 3/1/2012, Series A^c		269,170
		Dallas and Fort Worth, Texas Joint Revenue Improvement and Refunding Bonds (Dallas/Fort Worth International Airport) (NATL- RE Insured)
	1,000,000	5.500%, 11/1/2016, Series A, AMT^c		1,054,210
	500,000	5.500%, 11/1/2017, Series A, AMT^c		524,025
		Dallas and Fort Worth, Texas Joint Revenue Improvement and Refunding Bonds (Dallas/Fort Worth International Airport) (XLCA Insured)
	9,750,000	6.125%, 11/1/2018, Series C- 2, AMT^c		9,777,885
		Dallas Independent School District, Dallas County, Texas Unlimited Tax School Building Bonds (PSF-GTD Insured)
	10,000,000	6.375%, 2/15/2034^c		12,018,800
		Deer Park Independent School District, Harris County, Texas School Building Refunding Bonds (PSF-GTD Insured)
	1,375,000	5.000%, 2/15/2013^c		1,509,007
		Denton, Texas Utility System Revenue Bonds (AGM Insured)
	3,210,000	5.250%, 12/1/2015, Series A^a,c		3,528,978
		Harris County Health Facilities Development Corporation Hospital Revenue Refunding Bonds (Memorial Hermann Healthcare System)
	2,000,000	6.375%, 6/1/2029, Series A^a		2,089,320
	2,000,000	7.250%, 12/1/2035, Series B		2,304,560

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

164

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Texas (11.0%) - continued
		Harris County, Texas General Obligation and Revenue Refunding Bonds (NATL-RE Insured)
$	7,000,000	Zero Coupon, 8/15/2024^c	$	4,217,430
		Harris County, Texas Industrial Development Corporation Pollution Control Revenue Bonds
	1,100,000	0.180%, 3/1/2024^b		1,100,000
	500,000	0.180%, 3/1/2024^b		500,000
		Harris County, Texas Toll Road Revenue and Refunding Bonds
	6,500,000	5.250%, 8/15/2047, Series B		6,851,585
		Houston, Texas Airport System Revenue Bonds (AGM Insured)
	2,000,000	5.625%, 7/1/2030, Series A, AMT^c		2,001,140
		Houston, Texas Water and Sewer System Revenue Refunding Bonds (AGM Insured)
	10,000,000	5.750%, 12/1/2032, Series A^a,c		13,020,300
		Leander Independent School District, Williamson and Travis Counties, Texas Unlimited Tax School Building General Obligation Bonds (PSF-GTD Insured)
	5,000,000	5.000%, 8/15/2035^c		5,386,150
		Lewisville Independent School District, Denton County, Texas Unlimited Tax School Building and Refunding Bonds (PSF- GTD Insured)
	5,315,000	Zero Coupon, 8/15/2019^c		4,070,652
		Lower Colorado River Authority, Texas Unrefunded Balance Revenue Bonds (AGM Insured)
	215,000	5.875%, 5/15/2015, Series A^c		215,752
		North East Independent School District, Bexar County, Texas Unlimited Tax Refunding Bonds (PSF-GTD Insured)
	5,000,000	5.250%, 2/1/2028^c		6,103,500
	2,000,000	5.250%, 2/1/2029^c		2,435,440
		North Texas Health Facilities Development Corporation Hospital Revenue Bonds (United Regional Healthcare System, Inc.)
	2,600,000	6.000%, 9/1/2023^a		2,974,868
		North Texas Tollway Authority System Revenue Refunding Bonds
	1,000,000	5.625%, 1/1/2033, Series A		1,065,010
		North Texas Tollway Authority System Revenue Refunding Bonds (AGM Insured)
	5,000,000	Zero Coupon, 1/1/2028, Series D^c		2,117,450
	26,125,000	Zero Coupon, 1/1/2034, Series D^c		7,519,559


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Texas (11.0%) - continued
		Pharr, Texas Higher Education Finance Authority Education Revenue Bonds (Idea Public Schools)
$	2,500,000	6.250%, 8/15/2029, Series A	$	2,625,425
	2,000,000	6.500%, 8/15/2039, Series A		2,104,900
		Ridge Parc Development Corporation Multifamily Housing Revenue Bonds (GNMA Collateralized)
	1,000,000	6.100%, 6/20/2033^c		1,062,610
	2,795,000	6.150%, 11/20/2041^c		2,965,411
		San Antonio, Texas General Obligation Bonds
	425,000	5.250%, 2/1/2014		429,773
		San Antonio, Texas Water System Revenue Refunding Bonds (AGM Insured)
	1,000,000	5.500%, 5/15/2018^c		1,071,480
	1,000,000	5.500%, 5/15/2019^c		1,071,160
	1,000,000	5.500%, 5/15/2020^c		1,069,570
		San Leanna Education Facilities Corporation Higher Education Revenue Bonds (Saint Edward’s University)
	1,160,000	5.125%, 6/1/2024		1,204,857
	1,000,000	5.125%, 6/1/2027		1,023,770
		Southeast Texas Housing Finance Corporation Single Family Mortgage Revenue Bonds (NATL-RE Insured)
	11,615,000	Zero Coupon, 9/1/2017^a,c		9,915,842
		Southwest Higher Education Authority, Inc. Higher Education Revenue Bonds (Southern Methodist University)
	4,000,000	5.000%, 10/1/2041		4,207,360
		Tarrant County College District, Texas General Obligation Refunding Bonds
	1,410,000	5.375%, 2/15/2013		1,559,714
		Tarrant County Cultural Education Facilities Finance Corporation Hospital Revenue Bonds (Hendrick Medical Center) (AGM Insured)
	1,250,000	5.250%, 9/1/2026, Series B^c		1,311,100
	2,000,000	5.250%, 9/1/2027, Series B^c		2,096,280
	1,000,000	5.250%, 9/1/2028, Series B^c		1,047,400
		Tarrant County Cultural Education Facilities Finance Corporation Refunding Revenue Bonds (Texas Health Resources System)
	2,000,000	5.000%, 2/15/2023, Series A		2,084,060
		Westlake, Texas Certificates of Obligation
	315,000	6.500%, 5/1/2013		351,691
	350,000	6.500%, 5/1/2015		401,754
	335,000	6.500%, 5/1/2017^a		400,034
	1,650,000	5.750%, 5/1/2024		1,784,657
	2,000,000	5.800%, 5/1/2032^a		2,340,140

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

165

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Texas (11.0%) - continued
		Wylie, Texas Independent School District General Obligation Bonds (PSF-GTD Insured)
$	745,000	6.875%, 8/15/2014^a,c	$	783,233
	430,000	6.875%, 8/15/2014^c		450,911
	3,280,000	7.000%, 8/15/2024^c		3,406,444

		Total Texas		163,331,578


	Utah (0.7%)
		Riverton, Utah Hospital Revenue Bonds (IHC Health Services, Inc.)
	3,000,000	5.000%, 8/15/2041		3,109,830
		Utah Associated Municipal Power Systems Revenue and Refunding Bonds (Central-St. George Transmission)
	6,000,000	5.250%, 12/1/2027		6,336,660
		Utah State Charter School Finance Authority Charter School Revenue Bonds (North Davis Preparatory)
	1,000,000	6.250%, 7/15/2030		1,022,500

		Total Utah		10,468,990


	Virginia (0.5%)
		Fairfax County, Virginia Industrial Development Authority Health Care Revenue Bonds (Inova Health System)
	1,000,000	5.000%, 5/15/2025, Series C		1,073,920
		Fairfax County, Virginia Industrial Development Authority Hospital Revenue Refunding Bonds (Inova Health System Hospitals)
	2,500,000	5.250%, 8/15/2019		2,857,475
		Tobacco Settlement Financing Corporation Tobacco Settlement Asset-Backed Bonds
	1,630,000	5.250%, 6/1/2019^a		1,689,674
		Virginia Port Authority Port Facilities Revenue Refunding Bonds
	2,000,000	5.000%, 7/1/2040		2,092,860

		Total Virginia		7,713,929


	Washington (5.0%)
		Energy Northwest Columbia Generating Station Refunding Electric Revenue Bonds (NATL-RE Insured)
	1,000,000	5.750%, 7/1/2018, Series A^c		1,079,600
		Franklin County, Washington, Pasco School District No. 1 Unlimited Tax General Obligation Bonds (NATL-RE Insured)
	6,000,000	5.250%, 12/1/2022^c		6,681,960
		FYI Properties Lease Revenue Bonds (State of Washington DIS)
	2,500,000	5.500%, 6/1/2034		2,678,025


Principal Amount		Long- Term Fixed Income (99.3%)	Value
	Washington (5.0%) - continued
		King County, Washington Sewer Revenue Refunding Bonds (AGM Insured)
$	10,000,000	5.500%, 1/1/2013, Series B^c	$	10,563,600
		Tobacco Settlement Authority Tobacco Settlement Asset-Backed Bonds
	7,105,000	6.500%, 6/1/2026		7,326,534
		Washington Economic Development Finance Authority Lease Revenue Bonds (Washington Biomedical Research Properties II) (NATL-RE Insured)
	5,620,000	5.000%, 6/1/2030^c		5,789,780
		Washington General Obligation Bonds
	340,000	6.250%, 2/1/2011, Series A & AT-6		344,964
	2,000,000	6.000%, 6/1/2012, Series B & AT-7		2,171,320
	1,290,000	5.750%, 10/1/2012, Series 93A		1,375,140
	25,000	5.750%, 10/1/2012, Series 93A^a		26,688
	5,000,000	6.750%, 2/1/2015, Series A		5,553,600
		Washington General Obligation Bonds (AGM Insured)
	5,000,000	5.000%, 7/1/2021, Series A^c		5,599,800
		Washington Health Care Facilities Authority Revenue Bonds
	2,500,000	5.250%, 12/1/2030, Series A^e		2,433,350
	5,000,000	5.250%, 10/1/2032, Series A		5,195,450
		Washington Health Care Facilities Authority Revenue Bonds (Kadlec Medical Center) (AGM Insured)
	1,000,000	5.000%, 12/1/2030, Series A^c		1,014,080
		Washington Health Care Facilities Authority Revenue Bonds (Seattle Cancer Care Alliance)
	5,000,000	7.375%, 3/1/2038		5,679,950
		Washington Health Care Facilities Authority Revenue Bonds (Swedish Health Services) (AMBAC Insured)
	2,000,000	5.125%, 11/15/2018^c		2,002,380
		Washington Higher Education Facilities Authority Refunding Revenue Bonds (Gonzaga University)
	5,325,000	5.000%, 4/1/2029, Series B		5,471,970
		Washington Higher Education Facilities Authority Revenue and Refunding Revenue Bonds (Whitworth University)
	1,290,000	5.875%, 10/1/2034		1,392,439
	1,000,000	5.625%, 10/1/2040		1,052,530

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

166

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Washington (5.0%) - continued
		Washington State Housing Finance Commission Nonprofit Housing Revenue and Refunding Revenue Bonds (Crista Ministries)
$	1,000,000	5.350%, 7/1/2014, Series A	$	1,001,720

		Total Washington		74,434,880


	Wisconsin (1.7%)
		Monroe, Wisconsin Redevelopment Authority Development Revenue Bonds (Monroe Clinic, Inc.)
	3,500,000	5.875%, 2/15/2039		3,635,555
		Wisconsin Health and Educational Facilities Authority Revenue and Refunding Bonds (Wheaton Franciscan Services, Inc.)
	6,000,000	5.750%, 8/15/2025^a		6,466,860
		Wisconsin Health and Educational Facilities Authority Revenue Bonds (Aurora Health Care, Inc.)
	1,500,000	5.500%, 2/15/2015, Series B		1,504,530
		Wisconsin Health and Educational Facilities Authority Revenue Bonds (Blood Center of Southeastern Wisconsin, Inc.)
	2,000,000	5.750%, 6/1/2034		2,090,420
		Wisconsin Health and Educational Facilities Authority Revenue Bonds (Eagle River Memorial Hospital, Inc.) (Radian Insured)
	1,000,000	5.750%, 8/15/2020^c		1,011,140
		Wisconsin Health and Educational Facilities Authority Revenue Bonds (Marshfield Clinic)
	2,000,000	6.000%, 2/15/2025, Series B		2,021,400
		Wisconsin Health and Educational Facilities Authority Revenue Bonds (Thedacare, Inc.)
	5,000,000	5.500%, 12/15/2038, Series A		5,151,400
		Wisconsin Health and Educational Facilities Authority Revenue Bonds (Watertown Memorial Hospital, Inc.) (Radian Insured)
	2,000,000	5.500%, 8/15/2029^c		2,006,880
		Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds (Marquette University)
	1,000,000	5.000%, 10/1/2033, Series B-1		1,024,260

		Total Wisconsin		24,912,445


Principal Amount		Long-Term Fixed Income (99.3%)	Value
	Wyoming (1.5%)
		Kemmerer, Wyoming Pollution Control Revenue Bonds (Exxon)
$	930,000	0.180%, 11/1/2014^b	$	930,000
		Lincoln County, Wyoming Pollution Control Revenue Bonds (Exxon)
	1,230,000	0.180%, 11/1/2014, Series C^b		1,230,000
	5,215,000	0.180%, 11/1/2014, Series D^b		5,215,000
	505,000	0.180%, 11/1/2014, Series B^b		505,000
	3,245,000	0.180%, 11/1/2014, Series A^b		3,245,000
		Wyoming Municipal Power Agency Power Supply System Revenue Bonds
	3,270,000	5.375%, 1/1/2042, Series A		3,410,774
		Wyoming State Farm Loan Board Capital Facilities Refunding Revenue Bonds
	5,825,000	5.750%, 10/1/2020		6,787,115

		Total Wyoming		21,322,889

		Total Long-Term Fixed Income (cost $1,376,270,066)		1,469,965,863


		Total Investments (cost $1,376,270,066) 99.3%	$	1,469,965,863

		Other Assets and Liabilities, Net 0.7%		9,825,003

		Total Net Assets 100.0%	$	1,479,790,866

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 October 31, 2010.

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 step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of October 31, 2010.

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

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

167

Municipal Bond Fund

Schedule of Investments as of October 31, 2010


Definitions:

ACA	-	American Capital Access Holding, Ltd.
AGM	-	Assured Guaranty Municipal Corporation
AMBAC	-	American Municipal Bond Insurance Corporation
AMT	-	Subject to Alternative Minimum Tax
CR	-	Custodial Receipts
FGIC	-	Financial Guaranty Insurance Company
FHA	-	Federal Housing Administration
FHLMC	-	Federal Home Loan Mortgage Corporation
FNMA	-	Federal National Mortgage Association
FSA	-	Financial Security Assurance, Inc.
GNMA	-	Government National Mortgage Association
IBC	-	Insured Bond Certificate
NATL-RE	-	National Public Finance Guarantee Corporation
PSF-GTD	-	Public School Fund Guaranteed
Q-SBLF	-	Qualified School Bond Loan Fund
Radian	-	Radian Guaranty, Inc.
TCRS	-	Temporary Custodial Receipts
VA	-	Department of Veterans’ Affairs
XLCA	-	XL Capital Assurance


Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$	96,641,451
Gross unrealized depreciation		(2,954,101	)

Net unrealized appreciation (depreciation)	$	93,687,350

Cost for federal income tax purposes	$	1,376,278,513

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

168

Municipal Bond Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Municipal Bond Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3
Long-Term Fixed Income
Education		140,408,810		—		140,408,810		—
Electric Revenue		84,886,855		—		84,886,855		—
Escrowed/Pre-refunded		185,555,341		—		185,555,341		—
General Obligation		268,141,162		—		268,141,162		—
Health Care		201,969,440		—		201,969,440		—
Housing Finance		16,992,053		—		16,992,053		—
Industrial Development Revenue		76,248,018		—		76,248,018		—
Other Revenue		155,238,357		—		155,238,357		—
Tax Revenue		111,094,612		—		111,094,612		—
Transportation		153,605,092		—		153,605,092		—
Water & Sewer		75,826,123		—		75,826,123		—

Total	$	1,469,965,863	$	—	$	1,469,965,863	$	—

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Municipal Bond Fund’s investments in financial derivative instruments by primary risk exposure.


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

Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		(170,751	)

Total Interest Rate Contracts			(170,751	)

Total		($	170,751	)

The following table presents Municipal Bond Fund’s average volume of derivative activity during the period ended October 31, 2010.


Derivative Risk Category	Futures (Notional*)		Futures (Percentage of Average Net Assets)
Interest Rate Contracts	$	922,815		0.1	%

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

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

169

Income Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Bank Loans (0.9%)^a	Value
	Basic Materials (0.2%)
		CF Industries, Inc., Term Loan
$	341,261	4.500%, 4/5/2015	$	344,353
		Lyondell Chemical Company, Term Loan
	728,175	5.500%, 3/14/2016		734,000
		Smurfit-Stone Container Enterprises, Inc., Term Loan
	748,125	6.750%, 1/2/2016		754,140

		Total Basic Materials		1,832,493


	Communications Services (0.2%)
		Charter Communications Operating, LLC, Term Loan
	654,310	7.250%, 3/16/2014		676,884
		Lamar Media Corporation, Term Loan
	738,750	4.250%, 12/31/2016		741,675

		Total Communications Services		1,418,559


	Consumer Cyclical (0.1%)
		Universal City Development, Term Loan
	744,361	5.500%, 10/20/2014		749,944

		Total Consumer Cyclical		749,944


	Consumer Non-Cyclical (0.2%)
		Dole Food Company, Term Loan
	373,125	5.051%, 3/3/2017		374,815
		HCA, Inc., Term Loan
	627,529	2.539%, 11/17/2013		614,665
		Michael Food, Inc., Term Loan
	748,125	6.250%, 6/14/2016		760,986

		Total Consumer Non-Cyclical		1,750,466


	Financials (<0.1%)
		American General Finance Corporation, Term Loan
	200,000	7.250%, 4/21/2015		201,626

		Total Financials		201,626


	Technology (0.1%)
		Freescale Semiconductor, Term Loan
	600,586	4.504%, 12/1/2016		565,385

		Total Technology		565,385


	Utilities (0.1%)
		Calpine Corporation, Term Loan
	191,983	3.165%, 3/29/2014		190,783
	369,075	7.000%, 4/21/2017		375,689

		Total Utilities		566,472

		Total Bank Loans (cost $6,980,888)		7,084,945

Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Asset-Backed Securities (1.7%)
		Capitalsource Commercial Loan Trust
	451,920	0.386%, 3/20/2017^b,c		440,809


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Asset-Backed Securities (1.7%) - continued
		Carrington Mortgage Loan Trust
$	1,100,000	0.406%, 8/25/2036^c	$	554,175
		Countrywide Asset-Backed Certificates
	1,368,852	5.549%, 8/25/2021^d		1,000,353
		First Horizon ABS Trust
	1,499,512	0.416%, 10/25/2034^c,d		758,627
		GMAC Mortgage Corporation Loan Trust
	3,577,605	0.436%, 8/25/2035^c,d		1,808,651
	3,892,448	0.436%, 12/25/2036^c,d		2,075,200
		Goldman Sachs Alternative Mortgage Products Trust
	4,505,697	0.336%, 8/25/2036^c		4,152,325
		IndyMac Seconds Asset-Backed Trust
	1,734,748	0.426%, 10/25/2036^c,d		422,850
		Renaissance Home Equity Loan Trust
	2,007,728	5.746%, 5/25/2036		1,436,890
	1,400,000	6.011%, 5/25/2036		1,006,527

		Total Asset-Backed Securities		13,656,407


	Basic Materials (6.6%)
		ABI Escrow Corporation
	740,000	10.250%, 10/15/2018^e		789,950
		Alcoa, Inc.
	1,875,000	6.150%, 8/15/2020		1,979,089
		Anglo American Capital plc
	925,000	4.450%, 9/27/2020^e		961,485
		ArcelorMittal
	1,500,000	9.000%, 2/15/2015		1,831,267
	1,650,000	6.125%, 6/1/2018		1,804,531
	2,250,000	5.250%, 8/5/2020		2,276,537
		Arch Coal, Inc.
	150,000	7.250%, 10/1/2020		164,250
		Arch Western Finance, LLC
	521,000	6.750%, 7/1/2013		526,210
		Ashland, Inc.
	740,000	9.125%, 6/1/2017		852,850
		Celulosa Arauco y Constitucion SA
	1,480,000	5.000%, 1/21/2021^e		1,526,019
		CONSOL Energy, Inc.
	290,000	8.000%, 4/1/2017^e		317,550
	940,000	8.250%, 4/1/2020^e		1,048,100
		Corporacion Nacional del Cobre de Chile - Codelco
	1,575,000	3.750%, 11/4/2020^e,f		1,569,015
		Domtar Corporation
	1,100,000	7.125%, 8/15/2015		1,201,750
		Dow Chemical Company
	1,750,000	5.900%, 2/15/2015		1,971,981
	1,850,000	8.550%, 5/15/2019		2,376,023
		FMG Finance, Pty., Ltd.
	1,110,000	7.000%, 11/1/2015^e		1,137,750
	1,100,000	10.625%, 9/1/2016^e		1,622,500
		Georgia-Pacific, LLC
	1,100,000	7.125%, 1/15/2017^e		1,182,500
	1,300,000	5.400%, 11/1/2020^e,f		1,313,000
		Gerdau SA
	1,850,000	5.750%, 1/30/2021^e		1,917,062

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

170

Income Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Basic Materials (6.6%) - continued
		Gold Fields Orogen Holding BVI, Ltd.
$	2,225,000	4.875%, 10/7/2020^e	$	2,183,918
		International Paper Company
	2,250,000	7.500%, 8/15/2021		2,743,740
	750,000	7.300%, 11/15/2039		854,870
		Lyondell Chemical Company
	1,130,000	11.000%, 5/1/2018		1,265,600
		Mosaic Global Holdings, Inc., Convertible
	1,500,000	7.375%, 12/1/2014^e		1,553,628
		Noble Group, Ltd.
	750,000	4.875%, 8/5/2015^e		792,623
	1,850,000	6.750%, 1/29/2020^e		2,056,628
		NOVA Chemicals Corporation
	750,000	8.625%, 11/1/2019		832,500
		Peabody Energy Corporation
	750,000	7.375%, 11/1/2016		849,375
		Rio Tinto Finance USA, Ltd.
	800,000	8.950%, 5/1/2014		998,998
	1,965,000	6.500%, 7/15/2018		2,414,199
	800,000	9.000%, 5/1/2019		1,126,387
	1,100,000	3.500%, 11/2/2020		1,098,625
		Teck Resources, Ltd.
	827,000	10.250%, 5/15/2016		1,021,345
	750,000	4.500%, 1/15/2021		782,779
		Vale Overseas, Ltd.
	1,875,000	6.875%, 11/10/2039		2,151,407

		Total Basic Materials		51,096,041


	Capital Goods (2.1%)
		Abengoa Finance SAU
	830,000	8.875%, 11/1/2017^e		817,550
		BE Aerospace, Inc.
	220,000	6.875%, 10/1/2020		233,750
		Bombardier, Inc.
	550,000	7.750%, 3/15/2020^e		610,500
		Case New Holland, Inc.
	950,000	7.875%, 12/1/2017^e		1,061,625
		CRH America, Inc.
	1,100,000	8.125%, 7/15/2018		1,323,373
		Crown Americas, LLC
	700,000	7.625%, 5/15/2017		763,000
		John Deere Capital Corporation
	1,700,000	5.350%, 4/3/2018		1,963,369
		L-3 Communications Corporation
	750,000	5.875%, 1/15/2015		765,000
		Republic Services, Inc.
	370,000	5.500%, 9/15/2019		418,920
	900,000	5.000%, 3/1/2020		979,388
	1,300,000	5.250%, 11/15/2021		1,442,082
		Textron, Inc.
	1,500,000	6.200%, 3/15/2015		1,672,817
		Waste Management, Inc.
	2,700,000	7.375%, 3/11/2019		3,400,763
	550,000	4.750%, 6/30/2020		591,424

		Total Capital Goods		16,043,561


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Collateralized Mortgage Obligations (1.8%)
		Banc of America Mortgage Securities, Inc.
$	3,979,686	3.176%, 9/25/2035	$	3,404,252
		Bear Stearns Mortgage Funding Trust
	820,135	0.536%, 8/25/2036^c		165,194
		Countrywide Alternative Loan Trust
	2,708,128	6.000%, 1/25/2037		1,930,121
		HomeBanc Mortgage Trust
	1,882,631	5.947%, 4/25/2037		1,232,749
		Merrill Lynch Mortgage Investors, Inc.
	2,739,837	2.752%, 6/25/2035		2,452,795
		Wachovia Mortgage Loan Trust, LLC
	2,389,644	5.076%, 5/20/2036		1,834,269
		Washington Mutual Mortgage Pass-Through Certificates
	1,537,836	0.546%, 10/25/2045^c		1,248,450
	3,743,545	1.103%, 2/25/2047^c		1,765,613

		Total Collateralized Mortgage Obligations		14,033,443


	Commercial Mortgage-Backed Securities (5.2%)
		Bear Stearns Commercial Mortgage Securities, Inc.
	3,000,000	0.406%, 3/15/2022^b,c		2,785,176
	2,500,000	5.331%, 2/11/2044		2,602,698
		Citigroup Commercial Mortgage Trust
	7,500,000	0.396%, 4/15/2022^c,e		6,638,557
		Citigroup/Deutsche Bank Commercial Mortgage
	1,300,000	5.322%, 12/11/2049		1,356,034
		Commercial Mortgage Pass-Through Certificates
	4,000,000	0.386%, 12/15/2020^b,c		3,415,668
	3,500,000	0.436%, 6/15/2022^b,c		3,181,451
		Credit Suisse Mortgage Capital Certificates
	4,000,000	0.426%, 10/15/2021^c,e		3,531,124
	2,500,000	5.467%, 9/15/2039		2,669,127
		GS Mortgage Securities Corporation II
	2,600,000	4.761%, 7/10/2039		2,715,648
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	6,250,000	5.336%, 5/15/2047		6,576,219
		Wachovia Bank Commercial Mortgage Trust
	5,000,000	0.376%, 9/15/2021^b,c		4,134,820
		WaMu Commercial Mortgage Securities Trust
	347,261	3.830%, 1/25/2035^e		350,024

		Total Commercial Mortgage-Backed Securities		39,956,546

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

171

Income Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Communications Services (10.4%)
		Alltel Corporation
$	2,350,000	7.000%, 3/15/2016	$	2,851,333
		America Movil SAB de CV
	2,200,000	5.000%, 3/30/2020		2,404,571
		American Tower Corporation
	2,400,000	4.625%, 4/1/2015		2,585,678
	1,500,000	5.050%, 9/1/2020		1,566,018
		Cablevision Systems Corporation
	750,000	8.000%, 4/15/2020		829,687
		CBS Corporation
	1,500,000	8.875%, 5/15/2019		1,943,403
	700,000	7.875%, 9/1/2023		842,428
		CCO Holdings, LLC
	1,120,000	7.250%, 10/30/2017^e		1,156,400
		Charter Communications Operating, LLC
	1,120,000	8.000%, 4/30/2012^e		1,191,400
		Cincinnati Bell, Inc.
	1,530,000	8.250%, 10/15/2017		1,552,950
		Clear Channel Worldwide Holdings, Inc.
	1,120,000	9.250%, 12/15/2017		1,223,600
		Comcast Corporation
	1,100,000	6.300%, 11/15/2017		1,304,551
	1,100,000	5.700%, 5/15/2018		1,257,927
	1,800,000	5.150%, 3/1/2020		1,979,752
	1,300,000	6.400%, 5/15/2038		1,424,294
		Cox Communications, Inc.
	2,100,000	9.375%, 1/15/2019^e		2,847,083
	1,500,000	8.375%, 3/1/2039^e		1,972,209
		Cricket Communications, Inc.
	1,110,000	7.750%, 5/15/2016		1,196,025
		Crown Castle Towers, LLC
	3,000,000	4.883%, 8/15/2020^e		3,056,283
		DIRECTV Holdings, LLC/DIRECTV Financing Company, Inc.
	1,400,000	6.375%, 6/15/2015		1,449,000
	1,510,000	7.625%, 5/15/2016		1,691,200
		DISH DBS Corporation
	1,125,000	7.125%, 2/1/2016		1,192,500
		Equinix, Inc.
	650,000	8.125%, 3/1/2018		689,000
		Frontier Communications Corporation
	920,000	8.250%, 4/15/2017		1,048,800
		Inmarsat Finance plc
	680,000	7.375%, 12/1/2017^e		727,600
		Intelsat Jackson Holdings SA
	560,000	7.250%, 10/15/2020^e		572,600
		Intelsat Jackson Holdings, Ltd.
	190,000	8.500%, 11/1/2019^e		207,575
		Intelsat Subsidiary Holding Company, Ltd.
	1,300,000	8.875%, 1/15/2015		1,345,500
		Lamar Media Corporation
	90,000	7.875%, 4/15/2018		96,075
		MetroPCS Wireless, Inc.
	1,120,000	7.875%, 9/1/2018		1,201,200
		NBC Universal, Inc.
	2,250,000	5.150%, 4/30/2020^e		2,441,578
	2,225,000	4.375%, 4/1/2021^e		2,272,584


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Communications Services (10.4%) - continued
		News America, Inc.
$	1,100,000	6.900%, 3/1/2019	$	1,365,361
	1,100,000	7.280%, 6/30/2028		1,247,188
	1,350,000	6.400%, 12/15/2035		1,464,102
		Nextel Communications, Inc.
	730,000	7.375%, 8/1/2015		732,737
		NII Capital Corporation
	1,100,000	8.875%, 12/15/2019		1,223,750
		Qwest Communications International, Inc.
	1,100,000	7.125%, 4/1/2018^e		1,168,750
		Qwest Corporation
	400,000	8.375%, 5/1/2016		482,000
	1,800,000	6.500%, 6/1/2017		2,011,500
		Rogers Communications, Inc.
	1,420,000	8.750%, 5/1/2032		1,837,293
		SBA Tower Trust
	2,000,000	5.101%, 4/15/2017^e		2,151,216
		Sprint Capital Corporation
	750,000	8.375%, 3/15/2012		801,562
		Telecom Italia Capital SA
	1,500,000	7.175%, 6/18/2019		1,808,658
		Telemar Norte Leste SA
	2,200,000	5.500%, 10/23/2020^e		2,213,750
		Time Warner Cable, Inc.
	1,500,000	8.250%, 4/1/2019		1,952,201
	1,400,000	6.750%, 6/15/2039		1,604,613
		Time Warner Entertainment Company, LP
	1,150,000	8.375%, 3/15/2023		1,541,048
		UPC Holding BV
	680,000	9.875%, 4/15/2018^e		742,900
		Verizon Communications, Inc.
	1,500,000	8.750%, 11/1/2018		2,062,197
	1,350,000	8.950%, 3/1/2039		1,951,066
		Virgin Media Finance plc
	1,480,000	9.500%, 8/15/2016		1,681,650
	380,000	8.375%, 10/15/2019		423,700
		Wind Acquisition Finance SA
	750,000	11.750%, 7/15/2017^e		855,000
		Windstream Corporation
	925,000	8.125%, 9/1/2018^e,g		996,687

		Total Communications Services		80,439,733


	Consumer Cyclical (5.6%)
		American Honda Finance Corporation
	2,600,000	3.875%, 9/21/2020^e		2,628,093
		Ameristar Casinos, Inc.
	1,110,000	9.250%, 6/1/2014		1,201,575
		AOL Time Warner, Inc.
	1,400,000	7.700%, 5/1/2032		1,723,029
		CVS Caremark Corporation
	1,150,000	6.600%, 3/15/2019		1,398,193
	1,500,000	6.302%, 6/1/2037		1,391,250
		FireKeepers Development Authority
	760,000	13.875%, 5/1/2015^e		891,100
		Ford Motor Credit Company, LLC
	1,100,000	7.000%, 10/1/2013^g		1,199,849
	1,250,000	8.000%, 6/1/2014		1,399,487

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

172

Income Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Consumer Cyclical (5.6%) - continued
$	1,070,000	7.000%, 4/15/2015	$	1,182,530
	370,000	6.625%, 8/15/2017		413,822
		Goodyear Tire & Rubber Company
	825,000	8.250%, 8/15/2020^g		878,625
		Home Depot, Inc.
	375,000	3.950%, 9/15/2020		383,923
	2,100,000	5.875%, 12/16/2036		2,181,545
		Hyatt Hotels Corporation
	1,900,000	5.750%, 8/15/2015^e		2,056,216
		Hyundai Motor Manufacturing Czech
	1,475,000	4.500%, 4/15/2015^e		1,555,677
		J.C. Penney Company, Inc.
	1,050,000	5.650%, 6/1/2020		1,015,875
		Macy’s Retail Holdings, Inc.
	870,000	8.375%, 7/15/2015		1,015,725
		MGM Resorts International
	740,000	10.000%, 11/1/2016^e		725,200
	1,100,000	11.125%, 11/15/2017		1,265,000
		Nissan Motor Acceptance Corporation
	2,650,000	5.625%, 3/14/2011^e		2,697,390
		QVC, Inc.
	730,000	7.125%, 4/15/2017^e		777,450
	180,000	7.375%, 10/15/2020^e		192,600
		Royal Caribbean Cruises, Ltd.
	750,000	6.875%, 12/1/2013		806,250
		Sears Holdings Corporation
	480,000	6.625%, 10/15/2018^e		478,800
		Starwood Hotels & Resorts Worldwide, Inc.
	1,150,000	6.750%, 5/15/2018		1,273,625
		Time Warner, Inc.
	1,800,000	4.875%, 3/15/2020		1,975,927
		Toll Bros Finance Corporation
	1,000,000	6.750%, 11/1/2019		1,043,781
		Toys R Us Property Company I, LLC
	1,100,000	10.750%, 7/15/2017		1,256,750
		Universal City Development Partners, Ltd.
	730,000	8.875%, 11/15/2015		773,800
		Viacom, Inc.
	1,900,000	6.250%, 4/30/2016		2,249,355
		Volvo Treasury AB
	1,900,000	5.950%, 4/1/2015^e		2,090,961
		WMG Acquisition Corporation
	750,000	9.500%, 6/15/2016		808,125
		Wyndham Worldwide Corporation
	2,120,000	6.000%, 12/1/2016		2,263,906
	320,000	5.750%, 2/1/2018		332,521

		Total Consumer Cyclical		43,527,955


	Consumer Non-Cyclical (5.5%)
		Altria Group, Inc.
	700,000	4.125%, 9/11/2015		755,956
	1,750,000	9.700%, 11/10/2018		2,414,011
	1,500,000	9.950%, 11/10/2038		2,160,906
		Amgen, Inc.
	2,250,000	3.450%, 10/1/2020		2,257,423


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Consumer Non-Cyclical (5.5%) - continued
		Anheuser-Busch InBev Worldwide, Inc.
$	1,875,000	5.375%, 11/15/2014^e	$	2,118,249
	1,100,000	6.875%, 11/15/2019^e		1,374,732
	1,450,000	5.375%, 1/15/2020		1,646,320
	1,475,000	5.000%, 4/15/2020		1,635,406
		Boston Scientific Corporation
	2,200,000	4.500%, 1/15/2015		2,311,472
	750,000	5.125%, 1/12/2017		766,805
		Celgene Corporation
	1,500,000	3.950%, 10/15/2020		1,496,283
		Constellation Brands, Inc.
	800,000	7.250%, 5/15/2017		877,000
		DaVita, Inc.
	590,000	6.375%, 11/1/2018		603,275
		Del Monte Corporation
	750,000	7.500%, 10/15/2019		823,125
		Fortune Brands, Inc.
	1,500,000	6.375%, 6/15/2014		1,651,392
	700,000	5.375%, 1/15/2016		748,779
		Hasbro, Inc.
	1,750,000	6.350%, 3/15/2040		1,761,475
		HCA, Inc.
	750,000	9.625%, 11/15/2016		815,625
	1,510,000	8.500%, 4/15/2019		1,698,750
	730,000	7.250%, 9/15/2020		798,437
		JBS Finance II, Ltd.
	750,000	8.250%, 1/29/2018^e		793,125
		Kraft Foods, Inc.
	1,850,000	4.125%, 2/9/2016		2,013,936
	1,900,000	5.375%, 2/10/2020		2,128,694
		Life Technologies Corporation
	1,100,000	6.000%, 3/1/2020		1,236,074
		Medco Health Solutions, Inc.
	1,850,000	4.125%, 9/15/2020		1,865,605
		Mylan, Inc.
	1,475,000	7.875%, 7/15/2020^e		1,644,625
		Tenet Healthcare Corporation
	1,850,000	8.000%, 8/1/2020^e		1,880,063
		TreeHouse Foods, Inc.
	740,000	7.750%, 3/1/2018		811,225
		Visant Corporation
	280,000	10.000%, 10/1/2017^e		298,200
		Warner Chilcott Company, LLC
	1,390,000	7.750%, 9/15/2018^e		1,445,600

		Total Consumer Non-Cyclical		42,832,568


	Energy (9.1%)
		Anadarko Petroleum Corporation
	1,100,000	5.950%, 9/15/2016		1,203,015
	2,100,000	6.375%, 9/15/2017		2,332,915
		BP Capital Markets plc
	1,300,000	3.125%, 10/1/2015		1,334,194
	925,000	4.500%, 10/1/2020		958,139
		Cenovus Energy, Inc.
	1,500,000	6.750%, 11/15/2039		1,795,880
		CenterPoint Energy Resources Corporation
	3,650,000	6.125%, 11/1/2017		4,211,983
		Chesapeake Energy Corporation
	750,000	7.250%, 12/15/2018		819,375
	750,000	6.625%, 8/15/2020		794,063

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

173

Income Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Energy (9.1%) - continued
		Citgo Petroleum Corporation
$	560,000	11.500%, 7/1/2017^e	$	649,600
		Denbury Resources, Inc.
	880,000	8.250%, 2/15/2020		981,200
		Enbridge Energy Partners, LP
	550,000	5.200%, 3/15/2020		601,831
	2,200,000	8.050%, 10/1/2037		2,254,124
		Energy Transfer Partners, LP
	3,350,000	6.700%, 7/1/2018		3,889,598
		Enterprise Products Operating, LLC
	1,400,000	7.034%, 1/15/2068		1,445,500
	2,250,000	6.300%, 9/15/2017		2,625,786
		EQT Corporation
	800,000	8.125%, 6/1/2019		984,303
		Ferrellgas Partners, LP
	1,130,000	6.750%, 5/1/2014		1,144,125
		Kinder Morgan Energy Partners, LP
	750,000	5.950%, 2/15/2018		857,169
	1,900,000	5.800%, 3/1/2021		2,130,480
		Linn Energy, LLC
	1,120,000	7.750%, 2/1/2021^e		1,156,400
		Magellan Midstream Partners, LP
	1,800,000	6.450%, 6/1/2014		2,065,293
		Marathon Oil Canada Corporation
	1,900,000	8.375%, 5/1/2012		2,085,978
		Marathon Oil Corporation
	1,400,000	5.900%, 3/15/2018		1,630,107
		McJunkin Red Man Corporation
	750,000	9.500%, 12/15/2016^e		690,000
		Nexen, Inc.
	700,000	6.200%, 7/30/2019		828,837
	1,925,000	6.400%, 5/15/2037		2,103,382
		Noble Energy, Inc.
	1,900,000	8.250%, 3/1/2019		2,470,129
		Noble Holding International, Ltd.
	560,000	3.450%, 8/1/2015		593,384
		NuStar Logistics, LP
	2,100,000	4.800%, 9/1/2020		2,136,025
		ONEOK Partners, LP
	1,750,000	6.850%, 10/15/2037		1,958,331
		PetroHawk Energy Corporation
	1,300,000	10.500%, 8/1/2014		1,485,250
		Pioneer Natural Resources Company
	1,500,000	6.875%, 5/1/2018		1,638,360
		Plains All American Pipeline, LP
	1,500,000	3.950%, 9/15/2015		1,588,449
	1,850,000	6.500%, 5/1/2018		2,156,969
		Plains Exploration & Production Company
	1,130,000	8.625%, 10/15/2019		1,254,300
		QEP Resources, Inc.
	370,000	6.875%, 3/1/2021		402,375
		Reliance Holdings USA, Inc.
	1,100,000	4.500%, 10/19/2020^e		1,073,241
		Rowan Companies, Inc.
	1,500,000	5.000%, 9/1/2017		1,567,364
		Transocean, Inc.
	1,300,000	4.950%, 11/15/2015		1,377,541
	1,100,000	6.000%, 3/15/2018		1,192,090


Principal Amount		Long-Term Fixed Income (96.3%)		Value
	Energy (9.1%) - continued
		Valero Energy Corporation
$	1,875,000	6.125%, 2/1/2020		$	2,075,454
		Weatherford International, Inc.
	1,300,000	6.350%, 6/15/2017			1,484,926
		Weatherford International, Ltd.	��
	1,900,000	6.000%, 3/15/2018			2,130,567
		Woodside Finance, Ltd.
	1,875,000	4.500%, 11/10/2014^e			2,021,124

		Total Energy			70,179,156


	Financials (29.9%)
		Abbey National Capital Trust I
	1,910,000	8.963%, 12/29/2049^h			2,078,957
		Aegon NV
	1,400,000	2.628%, 7/29/2049^h			936,740
		Ally Financial, Inc.
	750,000	6.875%, 8/28/2012			787,500
	1,680,000	7.500%, 9/15/2020^e			1,814,400
		AMB Property, LP
	1,050,000	4.500%, 8/15/2017			1,072,385
		American Express Credit Corporation
	850,000	7.300%, 8/20/2013			972,009
	2,250,000	5.125%, 8/25/2014			2,483,757
	1,850,000	2.750%, 9/15/2015			1,865,799
		Associates Corporation of North America
	2,200,000	6.950%, 11/1/2018			2,485,804
		AXA SA
	2,600,000	6.463%, 12/31/2049^e,h			2,431,000
		Axis Specialty Finance, LLC
	1,750,000	5.875%, 6/1/2020			1,791,072
		BAC Capital Trust VI
	1,850,000	5.625%, 3/8/2035			1,676,237
		BAC Capital Trust XI
	700,000	6.625%, 5/23/2036			685,458
		Bank of America Corporation
	1,800,000	6.500%, 8/1/2016			2,007,149
	1,700,000	5.750%, 12/1/2017			1,801,760
	1,100,000	8.000%, 12/29/2049^h			1,110,087
		Bank of Nova Scotia
	1,850,000	1.650%, 10/29/2015^e			1,811,423
		Barclays Bank plc
	1,240,000	5.140%, 10/14/2020			1,226,283
	2,300,000	7.434%, 9/15/2049^e,h			2,334,500
		BBVA International Preferred SA Unipersonal
	1,850,000	5.919%, 12/29/2049^h			1,634,775
		Bear Stearns Companies, Inc.
	1,100,000	6.400%, 10/2/2017			1,282,816
		Blackstone Holdings Finance Company, LLC
	1,860,000	5.875%, 3/15/2021^e			1,874,958
		BNP Paribas Home Loan Covered Bonds SA
	2,600,000	2.200%, 11/2/2015^e,f			2,614,490
		Boston Properties, Inc.
	2,250,000	5.875%, 10/15/2019			2,538,340
		Cantor Fitzgerald, LP
	1,050,000	7.875%, 10/15/2019^e			1,096,573
		Capital One Capital V
	1,075,000	10.250%, 8/15/2039			1,166,375

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

174

Income Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Financials (29.9%) - continued
		Capital One Financial Corporation
$	930,000	6.150%, 9/1/2016	$	1,031,776
		CIGNA Corporation
	1,750,000	6.350%, 3/15/2018		2,044,783
		CIT Group, Inc.
	1,902,313	7.000%, 5/1/2017		1,892,801
		Citigroup, Inc.
	1,875,000	2.384%, 8/13/2013^c		1,890,223
	1,500,000	6.500%, 8/19/2013		1,673,687
	1,875,000	6.010%, 1/15/2015		2,077,933
	1,500,000	4.750%, 5/19/2015		1,599,011
	1,300,000	6.125%, 5/15/2018		1,449,656
	875,000	5.375%, 8/9/2020		920,910
		CME Group Index Services, LLC
	1,400,000	4.400%, 3/15/2018^e		1,489,389
		CNA Financial Corporation
	2,225,000	7.350%, 11/15/2019^g		2,507,606
	700,000	5.875%, 8/15/2020		716,086
		Commonwealth Bank of Australia
	1,750,000	5.000%, 3/19/2020^e		1,907,948
		CommonWealth REIT
	1,850,000	6.250%, 8/15/2016		1,963,540
		Corestates Capital Trust I
	1,000,000	8.000%, 12/15/2026^e		1,030,379
		Corporacion Andina de Fomento
	1,250,000	8.125%, 6/4/2019		1,552,139
		Credit Suisse New York, NY
	2,450,000	4.375%, 8/5/2020		2,520,722
		Developers Diversified Realty Corporation
	750,000	5.375%, 10/15/2012		766,452
		Discover Bank
	1,125,000	8.700%, 11/18/2019		1,361,491
	644,000	7.000%, 4/15/2020		710,776
		DnB NOR Boligkreditt
	2,600,000	2.100%, 10/14/2015^e		2,604,040
		Duke Realty, LP
	1,900,000	5.950%, 2/15/2017		2,050,165
		Endurance Specialty Holdings, Ltd.
	2,800,000	6.150%, 10/15/2015		3,048,648
		ERP Operating, LP
	1,500,000	5.125%, 3/15/2016		1,648,506
		Fifth Third Bancorp
	1,700,000	5.450%, 1/15/2017		1,805,048
		Fifth Third Bank
	1,850,000	0.479%, 5/17/2013^c		1,772,984
		GATX Corporation
	1,125,000	4.750%, 10/1/2012		1,181,743
		General Electric Capital Corporation
	2,500,000	6.375%, 11/15/2067		2,471,875
	1,100,000	6.000%, 8/7/2019		1,242,682
	1,500,000	4.375%, 9/16/2020		1,513,071
	925,000	6.875%, 1/10/2039		1,063,542
		Goldman Sachs Group, Inc.
	3,200,000	6.250%, 9/1/2017		3,616,083
	1,650,000	5.950%, 1/18/2018		1,833,630
	1,500,000	5.375%, 3/15/2020		1,587,111
	700,000	6.750%, 10/1/2037		733,980
		Health Care Property Investors, Inc.
	1,900,000	5.625%, 5/1/2017		2,006,410


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Financials (29.9%) - continued
		Health Care REIT, Inc.
$	1,800,000	6.125%, 4/15/2020	$	1,957,603
		HSBC USA, Inc.
	1,850,000	5.000%, 9/27/2020		1,853,391
		Hutchinson Whampoa Finance, Ltd.
	1,450,000	6.000%, 12/29/2049^e,h		1,417,375
		Icahn Enterprises, LP
	1,150,000	8.000%, 1/15/2018		1,183,063
		ING Capital Funding Trust III
	1,800,000	8.439%, 12/31/2049^h		1,728,000
		International Lease Finance Corporation
	1,850,000	5.300%, 5/1/2012		1,877,750
	1,875,000	6.750%, 9/1/2016^e		2,043,750
		J.P. Morgan Chase & Company
	1,875,000	4.400%, 7/22/2020		1,907,972
	1,850,000	5.500%, 10/15/2040		1,863,560
	2,800,000	7.900%, 4/29/2049^h		2,984,828
		J.P. Morgan Chase Capital XXV
	900,000	6.800%, 10/1/2037		894,757
		KeyCorp
	1,875,000	3.750%, 8/13/2015		1,930,401
		LBG Capital No. 1 plc
	1,900,000	7.875%, 11/1/2020		1,881,000
		Liberty Property, LP
	1,830,000	5.500%, 12/15/2016		2,045,043
	1,125,000	4.750%, 10/1/2020		1,159,451
		Lincoln National Corporation
	560,000	4.300%, 6/15/2015		596,153
	750,000	6.250%, 2/15/2020		836,060
		Lloyds TSB Bank plc
	1,600,000	5.800%, 1/13/2020^e		1,712,286
	1,850,000	6.500%, 9/14/2020^e		1,929,977
		Manulife Financial Corporation
	2,250,000	3.400%, 9/17/2015		2,285,350
		Merrill Lynch & Company, Inc.
	3,400,000	6.875%, 4/25/2018		3,816,004
	2,000,000	7.750%, 5/14/2038		2,183,168
		MetLife Capital Trust X
	1,000,000	9.250%, 4/8/2038^e		1,205,000
		Morgan Stanley
	1,875,000	4.200%, 11/20/2014		1,949,306
	1,875,000	4.000%, 7/24/2015		1,931,912
	1,100,000	5.450%, 1/9/2017		1,168,030
	1,550,000	6.625%, 4/1/2018		1,741,008
	1,100,000	5.625%, 9/23/2019		1,155,065
	2,300,000	5.500%, 1/26/2020		2,394,040
		MUFG Capital Finance 1, Ltd.
	3,020,000	6.346%, 7/29/2049^h		3,044,846
		National City Bank
	1,900,000	5.800%, 6/7/2017		2,103,731
		Nationwide Building Society
	2,600,000	6.250%, 2/25/2020^e		2,856,831
		New York Life Insurance Company
	1,500,000	6.750%, 11/15/2039^e		1,782,087
		Nordea Bank AB
	1,500,000	3.700%, 11/13/2014^e		1,598,082
		PNC Funding Corporation
	1,900,000	3.000%, 5/19/2014		1,978,901
		Preferred Term Securities XXIII, Ltd.
	3,140,616	0.492%, 12/22/2036^b,c		1,538,902

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

175

Income Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Financials (29.9%) - continued
		ProLogis
$	1,400,000	5.625%, 11/15/2015	$	1,484,742
	725,000	7.375%, 10/30/2019		808,967
		Prudential Financial, Inc.
	750,000	6.200%, 1/15/2015		851,846
	1,600,000	6.000%, 12/1/2017		1,805,141
	1,875,000	5.375%, 6/21/2020		2,038,877
	725,000	5.700%, 12/14/2036		715,257
		Qatari Diar Finance QSC
	1,900,000	5.000%, 7/21/2020^e		1,988,610
		Rabobank Nederland NV
	1,850,000	2.125%, 10/13/2015		1,864,891
		Regency Centers, LP
	1,500,000	5.875%, 6/15/2017		1,646,904
		Regions Financial Corporation
	1,125,000	5.750%, 6/15/2015		1,159,537
		Reinsurance Group of America, Inc.
	3,100,000	5.625%, 3/15/2017		3,355,487
		Resona Bank, Ltd.
	2,600,000	5.850%, 9/29/2049^e,h		2,582,525
		Royal Bank of Scotland Group plc
	1,850,000	5.000%, 10/1/2014		1,879,313
		Royal Bank of Scotland plc
	1,200,000	5.625%, 8/24/2020		1,262,815
		Simon Property Group, LP
	1,485,000	5.750%, 12/1/2015		1,695,956
	750,000	10.350%, 4/1/2019		1,060,193
	1,750,000	4.375%, 3/1/2021		1,793,027
		SLM Corporation
	750,000	5.125%, 8/27/2012		767,536
	1,800,000	5.000%, 10/1/2013		1,807,510
	1,700,000	5.375%, 5/15/2014		1,704,998
		Standard Chartered plc
	2,225,000	3.850%, 4/27/2015^e,g		2,351,447
		Swiss RE Capital I, LP
	2,600,000	6.854%, 5/29/2049^e,h		2,581,176
		TD Ameritrade Holding Corporation
	2,225,000	5.600%, 12/1/2019		2,432,815
		UBS AG/Stamford, Connecticut
	1,800,000	5.875%, 12/20/2017		2,063,237
		UnitedHealth Group, Inc.
	1,500,000	6.500%, 6/15/2037		1,654,444
		Unum Group
	1,500,000	7.125%, 9/30/2016		1,731,450
		Wachovia Bank NA
	1,220,000	4.875%, 2/1/2015		1,326,435
		Wachovia Corporation
	1,500,000	5.250%, 8/1/2014		1,628,845
		WEA Finance, LLC
	1,000,000	7.125%, 4/15/2018^e		1,183,743
		WEA Finance, LLC/WT Finance Australia, Pty Ltd.
	1,150,000	7.500%, 6/2/2014^e		1,339,206
		Westpac Banking Corporation
	1,900,000	4.200%, 2/27/2015		2,062,807
		Willis North America, Inc.
	2,940,000	6.200%, 3/28/2017		3,148,678
	1,100,000	7.000%, 9/29/2019		1,201,117
		XL Capital, Ltd.
	1,900,000	6.250%, 5/15/2027		1,867,328


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Financials (29.9%) - continued
		ZFS Finance USA Trust II
$	1,500,000	6.450%, 12/15/2065^e	$	1,440,000

		Total Financials		231,689,016


	Foreign Government (0.9%)
		Brazil Government International Bond
	650,000	4.875%, 1/22/2021		720,850
	1,850,000	5.625%, 1/7/2041		2,053,500
		Export-Import Bank of Korea
	1,050,000	5.125%, 6/29/2020		1,135,569
	1,850,000	4.000%, 1/29/2021		1,811,226
		Korea Development Bank/ Republic of Korea
	1,500,000	4.375%, 8/10/2015		1,615,021

		Total Foreign Government		7,336,166


	Mortgage-Backed Securities (4.3%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	7,750,000	4.000%, 11/1/2025^f		8,109,646
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	10,550,000	4.500%, 11/1/2040^f		11,074,208
	8,000,000	5.500%, 11/1/2040^f		8,588,752
	5,500,000	6.000%, 11/1/2040^f		5,970,938

		Total Mortgage-Backed Securities		33,743,544


	Technology (1.0%)
		Affiliated Computer Services, Inc.
	1,900,000	5.200%, 6/1/2015		2,077,335
		CA, Inc.
	1,925,000	5.375%, 12/1/2019		2,085,125
		Flextronics International, Ltd.
	1,110,000	6.250%, 11/15/2014		1,130,813
		Iron Mountain, Inc.
	800,000	8.000%, 6/15/2020		872,000
		Jabil Circuit, Inc.
	170,000	5.625%, 12/15/2020		171,062
		JDA Software Group, Inc.
	190,000	8.000%, 12/15/2014^e		203,300
		Xerox Corporation
	750,000	6.400%, 3/15/2016		884,788
	550,000	5.625%, 12/15/2019		616,172

		Total Technology		8,040,595


	Transportation (2.5%)
		American Airlines Pass Through Trust
	1,084,874	10.375%, 7/2/2019		1,296,425
		Avis Budget Car Rental, LLC
	1,120,000	8.250%, 1/15/2019^e		1,131,200
		Continental Airlines, Inc.
	1,300,000	6.750%, 9/15/2015^e		1,353,625
	675,000	7.250%, 11/10/2019		749,250
	1,302,239	5.983%, 4/19/2022		1,377,118
		CSX Corporation
	793,000	7.900%, 5/1/2017		1,003,254
	1,107,000	6.220%, 4/30/2040		1,219,197

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

176

Income Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Transportation (2.5%) - continued
		Delta Air Lines, Inc.
$	674,000	9.500%, 9/15/2014^e	$	741,400
	2,016,400	7.750%, 12/17/2019		2,258,368
		ERAC USA Finance, LLC
	2,050,000	5.250%, 10/1/2020^e		2,190,847
		FedEx Corporation
	2,413,610	6.720%, 1/15/2022		2,623,204
		Kansas City Southern de Mexico SA de CV
	740,000	7.375%, 6/1/2014		773,300
		Navios Maritime Holdings, Inc.
	990,000	8.875%, 11/1/2017^e		1,056,825
		United Air Lines, Inc.
	1,656,691	10.400%, 11/1/2016		1,872,060

		Total Transportation		19,646,073


	U.S. Government and Agencies (3.0%)
		U.S. Treasury Notes
	3,000,000	2.500%, 3/31/2015		3,196,890
	1,900,000	3.000%, 2/28/2017		2,049,328
	2,600,000	2.750%, 5/31/2017		2,756,203
	2,500,000	3.125%, 5/15/2019		2,651,172
	3,000,000	3.500%, 5/15/2020		3,235,560
		U.S. Treasury Notes, TIPS
	1,979,857	1.625%, 1/15/2018		2,187,124
	2,964,989	1.875%, 7/15/2019		3,352,291
	3,230,432	1.375%, 1/15/2020		3,507,794

		Total U.S. Government and Agencies		22,936,362


	Utilities (6.7%)
		Abu Dhabi National Energy Company
	900,000	6.250%, 9/16/2019^e		959,551
		AES Corporation
	935,000	7.750%, 10/15/2015		1,023,825
		Ameren Illinois Power Company
	1,800,000	6.125%, 11/15/2017		2,054,475
		Cleveland Electric Illuminating Company
	1,065,000	5.700%, 4/1/2017		1,168,725
		CMS Energy Corporation
	1,490,000	4.250%, 9/30/2015		1,519,588
		Columbus Southern Power Company
	1,600,000	6.050%, 5/1/2018		1,871,053
		Commonwealth Edison Company
	2,170,000	7.500%, 7/1/2013		2,508,160
	1,000,000	6.150%, 9/15/2017		1,179,575
		Consolidated Natural Gas Company
	1,100,000	5.000%, 12/1/2014		1,237,691
		DTE Energy Company
	1,500,000	6.375%, 4/15/2033		1,578,927
		El Paso Corporation
	1,330,000	8.250%, 2/15/2016		1,511,213
		Exelon Generation Company, LLC
	600,000	5.200%, 10/1/2019		662,306
	1,500,000	4.000%, 10/1/2020		1,493,398
		Florida Power Corporation
	1,000,000	6.400%, 6/15/2038		1,195,258


Principal Amount		Long-Term Fixed Income (96.3%)	Value
	Utilities (6.7%) - continued
		Inergy, LP
$	650,000	7.000%, 10/1/2018^e	$	679,250
		ITC Holdings Corporation
	2,000,000	5.875%, 9/30/2016^e		2,279,864
	2,500,000	6.050%, 1/31/2018^e		2,850,642
		Nevada Power Company
	1,700,000	6.750%, 7/1/2037		1,996,052
		NiSource Finance Corporation
	1,700,000	6.400%, 3/15/2018		1,961,309
	1,800,000	5.450%, 9/15/2020		1,942,556
		NRG Energy, Inc.
	1,250,000	7.375%, 2/1/2016		1,301,563
		Ohio Edison Company
	950,000	6.875%, 7/15/2036		1,058,507
		Ohio Power Company
	1,300,000	5.375%, 10/1/2021		1,473,486
		Pennsylvania Electric Company
	2,300,000	5.200%, 4/1/2020		2,502,561
		Petrobras International Finance Company
	1,200,000	5.750%, 1/20/2020		1,342,373
		Power Receivables Finance, LLC
	605,068	6.290%, 1/1/2012^b		605,195
		Progress Energy, Inc.
	725,000	7.000%, 10/30/2031		869,924
		PSEG Power, LLC
	3,200,000	5.000%, 4/1/2014		3,525,875
		Southern Star Central Corporation
	2,400,000	6.750%, 3/1/2016		2,424,000
		Southwestern Public Service Company
	1,730,000	6.000%, 10/1/2036		1,753,405
		Union Electric Company
	1,600,000	6.400%, 6/15/2017		1,860,173
		Williams Partners, LP
	1,500,000	5.250%, 3/15/2020		1,638,588

		Total Utilities		52,029,068


		Total Long-Term Fixed Income (cost $705,765,327)		747,186,234


Shares		Mutual Funds (1.7%)	Value
	Fixed Income Mutual Funds (1.7%)
	2,749,045	Thrivent High Yield Fund		13,360,360

		Total Fixed Income Mutual Funds		13,360,360


		Total Mutual Funds (cost $9,700,000)		13,360,360


Shares		Preferred Stock (0.5%)	Value
	Financials (0.5%)
	100	Ally Financial, Inc., 7.000%^e,h		88,869
	28,000	Citigroup Capital XII, 8.500%		738,360
	17,760	Citigroup, Inc., 7.875%^i,j		470,640
	13,000	Citigroup, Inc., Convertible, 7.500%		1,606,020
	238,000	Federal National Mortgage Association, 8.250%^h,i		130,900

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

177

Income Fund

Schedule of Investments as of October 31, 2010


Shares		Preferred Stock (0.5%)	Value
	Financials (0.5%) - continued
	43,750	HSBC Holdings plc, 8.000%^h	$	1,209,687

		Total Financials		4,244,476


		Total Preferred Stock (cost $8,044,654)		4,244,476


Shares		Common Stock (0.1%)	Value
	Financials (0.1%)
	9,893	CIT Group, Inc.ⁱ		428,664

		Total Financials		428,664


		Total Common Stock (cost $313,151)		428,664


Contracts		Options Purchased (<0.1%)	Value
		Put on 10-Yr. U.S. Treasury Bond Futures
	350	$124.00, expires 11/27/2010	$	98,438

		Total Options Purchased (cost $159,644)		98,438


Shares		Collateral Held for Securities Loaned (0.8%)	Value
	5,860,500	Thrivent Financial Securities Lending Trust		5,860,500

		Total Collateral Held for Securities Loaned (cost $5,860,500)		5,860,500


Principal Amount		Short-Term Investments (5.0%)^k	Value
		Charta, LLC
	9,905,000	0.220%, 11/1/2010		9,905,000
		Federal Home Loan Bank Discount Notes
	5,000,000	0.150%, 11/3/2010		4,999,958
	5,000,000	0.170%, 11/9/2010		4,999,811
	17,685,000	0.155%, 11/10/2010		17,684,315
		Federal Home Loan Mortgage Corporation Discount Notes
	1,000,000	0.200%, 3/14/2011^l		999,276

		Total Short-Term Investments (at amortized cost)		38,588,360

		Total Investments (cost $775,412,524) 105.3%	$	816,851,977

		Other Assets and Liabilities, Net (5.3%)		(41,030,207	)

		Total Net Assets 100.0%	$	775,821,770

a	The stated interest rate represents the weighted average of all contracts within the bank loan facility.


Security	Acquisition Date		Amortized Cost
Bear Stearns Commercial Mortgage Securities, Inc.		3/30/2007	$	3,000,000
Capitalsource Commercial Loan Trust		4/5/2007	$	451,920
Commercial Mortgage Pass- Through Certificates		10/18/2006	$	4,000,000
Commercial Mortgage Pass- Through Certificates		5/2/2007	$	3,500,000
Power Receivables Finance, LLC		9/30/2003	$	604,890
Preferred Term Securities XXIII, Ltd.		9/14/2006	$	3,140,617
Wachovia Bank Commercial Mortgage Trust		5/2/2007	$	5,000,306

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 October 31, 2010.

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

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

g	All or a portion of the security is on loan as discussed in item 2(M) of the Notes to Financial Statements.

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

i	Non-income producing security.

j	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of October 31, 2010.

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

l	At October 31, 2010, $999,276 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.

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

178

Income Fund

Schedule of Investments as of October 31, 2010


Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$	62,743,086
Gross unrealized depreciation		(21,303,633	)

Net unrealized appreciation (depreciation)	$	41,439,453

Cost for federal income tax purposes	$	775,412,524

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Income Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Bank Loans

Basic Materials		1,832,493		—		1,832,493		—
Communications Services		1,418,559		—		1,418,559		—
Consumer Cyclical		749,944		—		749,944		—
Consumer Non-Cyclical		1,750,466		—		1,750,466		—
Financials		201,626		—		201,626		—
Technology		565,385		—		565,385		—
Utilities		566,472		—		566,472		—

Long-Term Fixed Income
Asset-Backed Securities		13,656,407		—		13,656,407		—
Basic Materials		51,096,041		—		49,527,026		1,569,015
Capital Goods		16,043,561		—		16,043,561		—
Collateralized Mortgage Obligations		14,033,443		—		14,033,443		—
Commercial Mortgage-Backed Securities		39,956,546		—		39,956,546		—
Communications Services		80,439,733		—		80,439,733		—
Consumer Cyclical		43,527,955		—		43,527,955		—
Consumer Non-Cyclical		42,832,568		—		42,832,568		—
Energy		70,179,156		—		70,179,156		—
Financials		231,689,016		—		228,732,739		2,956,277
Foreign Government		7,336,166		—		7,336,166		—
Mortgage-Backed Securities		33,743,544		—		33,743,544		—
Technology		8,040,595		—		8,040,595		—
Transportation		19,646,073		—		12,092,852		7,553,221
U.S. Government and Agencies		22,936,362		—		22,936,362		—
Utilities		52,029,068		—		52,029,068		—

Mutual Funds
Fixed Income Mutual Funds		13,360,360		13,360,360		—		—

Preferred Stock
Financials		4,244,476		4,155,607		88,869		—

Common Stock
Financials		428,664		428,664		—		—
Options Purchased		98,438		98,438		—		—
Collateral Held for Securities Loaned		5,860,500		5,860,500		—		—
Short-Term Investments		38,588,360		—		38,588,360		—

Total	$	816,851,977	$	23,903,569	$	780,869,895	$	12,078,513


Other Financial Instruments	Total		Level 1		Level 2		Level 3

Asset Derivatives
Futures Contracts		137,652		137,652		—		—
Credit Default Swaps		18,621		—		18,621		—

Total Asset Derivatives	$	156,273	$	137,652	$	18,621	$	—

Liability Derivatives
Futures Contracts		1,980,014		1,980,014		—		—
Credit Default Swaps		259,713		—		259,713		—

Total Liability Derivatives	$	2,239,727	$	1,980,014	$	259,713	$	—

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

179

Income Fund

Schedule of Investments as of October 31, 2010

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Income Fund as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value October 31, 2009		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)*			Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Value October 31, 2010
Long-Term Fixed Income
Basic Materials		—		—		21,751			1,547,264		—			—		—		1,569,015
Commercial Mortgage- Backed Securities		6,581,250		367,656		(81,250	)		—		(6,867,656	)		—		—		—
Financials		—		—		190,381			1,450,000		(60,647	)		1,376,543		—		2,956,277
Transportation		4,426,000		36,416		673,282			2,110,500		(1,598,258	)		1,905,281		—		7,553,221

Total	$	11,007,250	$	404,072	$	804,164		$	5,107,764	($	8,526,561	)	$	3,281,824	$	—	$	12,078,513

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on October 31, 2010 of $816,332.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		155			December 2010	$	33,959,927		$	34,097,579		$	137,652
5-Yr. U.S. Treasury Bond Futures		(335	)		December 2010		(40,277,496	)		(40,728,674	)		(451,178	)
10-Yr. U.S. Treasury Bond Futures		(940	)		December 2010		(117,915,724	)		(118,704,375	)		(788,651	)
20-Yr. U.S. Treasury Bond Futures		440			December 2010		58,352,686			57,612,501			(740,185	)
Total Futures Contracts												($	1,842,362	)


Credit Default Swaps and Counterparty	Buy/Sell Protection¹	Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)			Value³			Unrealized Gain/(Loss)
CDS Fortune Brand, Inc., 5 Year, at 1.00%; Barclays Capital	Buy		12/20/2015	$	1,850,000	($	65,239	)	$	83,860		$	18,621
CDX HY, Series 14, 5 Year, at 5.00%; Bank of America	Buy		6/20/2015		5,600,000		(130,003	)		(106,762	)		(236,765	)
CDX IG, Series 15, 5 Year, at 1.00%; J.P. Morgan Chaseand Co.	Buy		12/20/2015		9,300,000		3,390			(26,338	)		(22,948	)
Total Credit Default Swaps									($	49,240	)	($	241,092	)

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

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

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

180

Income Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of October 31, 2010, for Income Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


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

Asset Derivatives

Interest Rate Contracts
Options Purchased	Investments in securities at market value, Net Assets - Net unrealized appreciation/(depreciation) on Investments	$	98,438

Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		137,652
Total Interest Rate Contracts			236,090

Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		18,621

Total Credit Contracts			18,621

Total Asset Derivatives		$	254,711


Liability Derivatives

Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		1,980,014
Total Interest Rate Contracts			1,980,014

Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		259,713
Total Credit Contracts			259,713

Total Liability Derivatives		$	2,239,727

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Income Fund’s investments in financial derivative instruments by primary risk exposure.


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

Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		10,466

Total Equity Contracts			10,466

Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		330

Total Foreign Exchange Contracts			330

Interest Rate Contracts
Options Purchased	Net realized gains/(losses) on Investments		(138,819	)
Futures	Net realized gains/(losses) on Futures contracts		(4,890,463	)

Total Interest Rate Contracts			(5,029,282	)

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(224,974	)

Total Credit Contracts			(224,974	)

Total		($	5,243,460	)

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

181

Income Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Income Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Options Purchased	Change in net unrealized appreciation/(depreciation) on Investments		(61,206	)
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(1,254,607	)
Total Interest Rate Contracts			(1,315,813	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(360,960	)
Total Credit Contracts			(360,960	)

Total		($	1,676,773	)

The following table presents Income Fund’s average volume of derivative activity during the period ended October 31, 2010.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Options
(Contracts)

Equity Contracts

227,692

<0.1

N/A

Interest Rate Contracts

226,719,349

30.3

N/A

Foreign Exchange Contracts

N/A

556

<0.1

N/A

Credit Contracts

N/A

10,404,713

1.4

N/A

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

Investment in Affiliates

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


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
High Yield	$	12,288,232	$	—	$	—		2,749,045	$	13,360,360	$	1,057,511
Money Market		120,371		995,131		1,115,502		—		—		—
Thrivent Financial Securities Lending Trust		1,776,500		112,018,434		107,934,434		5,860,500		5,860,500		8,086
Total Value and Income Earned		14,185,103								19,220,860		1,065,597

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

182

Core Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (100.9%)	Value
	Asset-Backed Securities (5.3%)
		Carrington Mortgage Loan Trust
$	650,000	0.406%, 8/25/2036^a	$	327,467
		Countrywide Asset-Backed Certificates
	958,197	5.549%, 8/25/2021^b		700,247
		Credit Based Asset Servicing and Securitization, LLC
	859,281	5.501%, 12/25/2036		608,927
		First Horizon ABS Trust
	2,326,406	0.386%, 10/25/2026^a,b		1,654,063
	1,999,349	0.416%, 10/25/2034^a,b		1,011,502
		GMAC Mortgage Corporation Loan Trust
	2,981,337	0.436%, 8/25/2035^a,b		1,507,209
	2,395,353	0.436%, 12/25/2036^a,b		1,277,046
		Goldman Sachs Alternative Mortgage Products Trust
	947,984	0.336%, 8/25/2036^a		873,636
		Green Tree Financial Corporation
	379,069	7.650%, 10/15/2027		384,642
		Popular ABS Mortgage Pass-Through Trust
	900,000	5.297%, 11/25/2035		817,479
		Renaissance Home Equity Loan Trust
	4,195,105	5.608%, 5/25/2036		3,667,806
	1,000,000	5.285%, 1/25/2037		820,366
		Wachovia Asset Securitization, Inc.
	3,010,200	0.396%, 7/25/2037^a,b,c		2,024,360
		Total Asset-Backed Securities		15,674,750


	Basic Materials (3.3%)
		Anglo American Capital plc
	500,000	4.450%, 9/27/2020^d		519,722
		ArcelorMittal
	1,000,000	6.125%, 6/1/2018		1,093,655
	800,000	5.250%, 8/5/2020		809,435
		Corporacion Nacional del Cobre de Chile - Codelco
	750,000	3.750%, 11/4/2020^d,e		747,150
		Dow Chemical Company
	800,000	8.550%, 5/15/2019		1,027,470
		Gold Fields Orogen Holding BVI, Ltd.
	1,300,000	4.875%, 10/7/2020^d		1,275,997
		Noble Group, Ltd.
	1,200,000	6.750%, 1/29/2020^d		1,334,029
		Rio Tinto Finance USA, Ltd.
	800,000	9.000%, 5/1/2019		1,126,387
		Teck Resources, Ltd.
	1,000,000	10.250%, 5/15/2016		1,235,000
		Vale Overseas, Ltd.
	800,000	4.625%, 9/15/2020		828,243
		Total Basic Materials		9,997,088

	Capital Goods (1.0%)
		Hutchinson Whampoa Finance, Ltd.
	1,000,000	5.750%, 9/11/2019^d		1,106,258
		Republic Services, Inc.
	400,000	5.000%, 3/1/2020		435,284
	800,000	5.250%, 11/15/2021		887,435


Principal Amount		Long-Term Fixed Income (100.9%)	Value
	Capital Goods (1.0%) - continued
		Textron, Inc.
$	500,000	7.250%, 10/1/2019	$	595,109
		Total Capital Goods		3,024,086

	Collateralized Mortgage Obligations (4.0%)
		Banc of America Mortgage Securities, Inc.
	2,487,304	3.176%, 9/25/2035		2,127,657
		Bear Stearns Mortgage Funding Trust
	820,135	0.536%, 8/25/2036^a		165,194
		Chase Mortgage Finance Corporation
	457,601	5.398%, 1/25/2036		128,215
		Countrywide Alternative Loan Trust
	1,441,627	6.000%, 1/25/2037		1,027,467
		HomeBanc Mortgage Trust
	1,882,631	5.947%, 4/25/2037		1,232,749
		J.P. Morgan Alternative Loan Trust
	2,724,131	5.292%, 3/25/2036		1,793,840
		J.P. Morgan Mortgage Trust
	435,492	5.695%, 6/25/2036		423,202
		Merrill Lynch Mortgage Investors, Inc.
	2,283,198	2.752%, 6/25/2035		2,043,996
		Thornburg Mortgage Securities Trust
	1,592,404	0.366%, 11/25/2046^a		1,551,254
		WaMu Mortgage Pass Through Certificates
	691,026	5.738%, 8/25/2046		614,989
		Wells Fargo Mortgage Backed Securities Trust
	799,775	6.000%, 7/25/2037		730,944
		Total Collateralized Mortgage Obligations		11,839,507

	Commercial Mortgage-Backed Securities (10.4%)
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,500,000	5.613%, 6/11/2050		1,580,987
	5,000,000	0.406%, 3/15/2022^a,c		4,641,960
		Citigroup/Deutsche Bank Commercial Mortgage
	1,250,000	5.322%, 12/11/2049		1,303,879
		Commercial Mortgage Pass- Through Certificates
	4,000,000	0.386%, 12/15/2020^a,c		3,415,668
		Credit Suisse Mortgage Capital Certificates
	4,000,000	0.426%, 10/15/2021^a,d		3,531,124
	1,200,000	5.467%, 9/15/2039		1,281,181
		Government National Mortgage Association
	2,474,079	3.214%, 1/16/2040		2,603,444
		GS Mortgage Securities Corporation II
	3,000,000	0.387%, 3/6/2020^a,d		2,872,758
	2,000,000	4.761%, 7/10/2039		2,088,960

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

183

Core Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (100.9%)	Value
	Commercial Mortgage-Backed Securities (10.4%) - continued
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
$	2,000,000	5.336%, 5/15/2047	$	2,104,390
		Morgan Stanley Capital I, Inc.
	1,500,000	4.970%, 4/14/2040		1,570,834
		Wachovia Bank Commercial Mortgage Trust
	2,000,000	5.765%, 7/15/2045		2,191,354
	1,500,000	5.308%, 11/15/2048		1,625,511
		Total Commercial Mortgage- Backed Securities		30,812,050

	Communications Services (4.7%)
		America Movil SAB de CV
	800,000	5.000%, 3/30/2020		874,390
		American Tower Corporation
	1,000,000	5.050%, 9/1/2020		1,044,012
		CBS Corporation
	800,000	8.875%, 5/15/2019		1,036,482
		Cox Communications, Inc.
	750,000	8.375%, 3/1/2039^d		986,104
		Crown Castle Towers, LLC
	800,000	6.113%, 1/15/2020^d		889,759
	800,000	4.883%, 8/15/2020^d		815,009
		Frontier Communications Corporation
	681,000	6.250%, 1/15/2013		721,860
		NBC Universal, Inc.
	1,000,000	4.375%, 4/1/2021^d		1,021,386
	500,000	5.950%, 4/1/2041^d		510,634
		News America, Inc.
	425,000	7.280%, 6/30/2028		481,868
	510,000	6.400%, 12/15/2035		553,105
		Rogers Communications, Inc.
	975,000	6.750%, 3/15/2015		1,166,706
	130,000	8.750%, 5/1/2032		168,203
		SBA Tower Trust
	800,000	5.101%, 4/15/2017^d		860,486
		Telecom Italia Capital SA
	975,000	5.250%, 10/1/2015		1,072,027
		Telemar Norte Leste SA
	1,000,000	5.500%, 10/23/2020^d		1,006,250
		Time Warner Cable, Inc.
	200,000	8.750%, 2/14/2019		266,151
		Verizon Communications, Inc.
	350,000	8.950%, 3/1/2039		505,832
		Total Communications Services		13,980,264

	Consumer Cyclical (2.1%)
		CVS Caremark Corporation
	1,000,000	6.125%, 9/15/2039		1,077,645
		Ford Motor Credit Company, LLC
	600,000	7.000%, 4/15/2015		663,101
		Hyundai Motor Manufacturing Czech
	1,000,000	4.500%, 4/15/2015^d		1,054,696
		Nissan Motor Acceptance Corporation
	1,110,000	5.625%, 3/14/2011^d		1,129,850
	800,000	4.500%, 1/30/2015^d		855,925


Principal Amount		Long-Term Fixed Income (100.9%)	Value
	Consumer Cyclical (2.1%) - continued
		Wal-Mart Stores, Inc.
$	800,000	5.875%, 4/5/2027	$	906,277
		Wyndham Worldwide Corporation
	500,000	7.375%, 3/1/2020		554,541
		Total Consumer Cyclical		6,242,035

	Consumer Non-Cyclical (2.5%)
		Altria Group, Inc.
	525,000	9.700%, 11/10/2018		724,203
		Amgen, Inc.
	800,000	3.450%, 10/1/2020		802,639
		Anheuser-Busch InBev Worldwide, Inc.
	800,000	5.375%, 11/15/2014^d		903,786
		CareFusion Corporation
	350,000	6.375%, 8/1/2019		414,778
		Celgene Corporation
	1,000,000	3.950%, 10/15/2020		997,522
		HCA, Inc.
	850,000	9.250%, 11/15/2016		920,125
		Hospira, Inc.
	500,000	5.600%, 9/15/2040		498,523
		Kraft Foods, Inc.
	1,000,000	5.375%, 2/10/2020		1,120,365
		Life Technologies Corporation
	800,000	4.400%, 3/1/2015		856,186
		Total Consumer Non-Cyclical		7,238,127

	Energy (2.9%)
		Anadarko Petroleum Corporation
	500,000	6.375%, 9/15/2017		555,456
		BP Capital Markets plc
	1,000,000	4.500%, 10/1/2020		1,035,826
		CenterPoint Energy Resources Corporation
	1,150,000	6.125%, 11/1/2017		1,327,063
		Forest Oil Corporation
	1,000,000	7.250%, 6/15/2019		1,051,250
		NuStar Logistics, LP
	800,000	4.800%, 9/1/2020		813,724
		ONEOK Partners, LP
	450,000	8.625%, 3/1/2019		585,573
		Reliance Holdings USA, Inc.
	1,000,000	4.500%, 10/19/2020^d		975,674
		Valero Energy Corporation
	800,000	6.125%, 2/1/2020		885,527
		Weatherford International, Ltd.
	500,000	5.125%, 9/15/2020		523,442
		XTO Energy, Inc.
	800,000	5.500%, 6/15/2018		951,632
		Total Energy		8,705,167

	Financials (19.7%)
		AMB Property, LP
	800,000	6.125%, 12/1/2016		899,544
		American Express Bank FSB/Salt Lake City, UT
	500,000	6.000%, 9/13/2017		572,357
		American Express Company
	400,000	7.000%, 3/19/2018		480,460
		Axis Specialty Finance, LLC
	1,100,000	5.875%, 6/1/2020		1,125,817

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

184

Core Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (100.9%)	Value
	Financials (19.7%) - continued
		Bank of America Corporation
$	1,100,000	6.500%, 8/1/2016	$	1,226,591
	1,040,000	5.625%, 7/1/2020		1,078,417
		Barclays Bank plc
	550,000	5.140%, 10/14/2020		543,916
		Barclays Bank plc, Convertible
	2,000,000	1.000%, 6/25/2017^f		2,158,400
		Bear Stearns Companies, Inc.
	800,000	6.400%, 10/2/2017		932,957
		Blackstone Holdings Finance Company, LLC
	850,000	6.625%, 8/15/2019^d		896,438
		Cantor Fitzgerald, LP
	1,750,000	7.875%, 10/15/2019^d		1,827,621
		Capital One Bank USA NA
	900,000	8.800%, 7/15/2019		1,141,566
		Capital One Capital V
	850,000	10.250%, 8/15/2039		922,250
		Citigroup, Inc.
	1,250,000	2.384%, 8/13/2013^a		1,260,149
	300,000	6.500%, 8/19/2013		334,737
		CNA Financial Corporation
	800,000	6.500%, 8/15/2016		885,482
	500,000	5.875%, 8/15/2020		511,490
		Commonwealth Bank of Australia
	800,000	3.750%, 10/15/2014^d		854,420
		Corestates Capital Trust I
	1,250,000	8.000%, 12/15/2026^d		1,287,974
		Credit Suisse Securities USA, LLC, Convertible
	1,200,000	1.000%, 4/28/2017^f		1,168,080
		Discover Bank
	500,000	7.000%, 4/15/2020		551,845
		Federal Realty Investment Trust
	500,000	5.900%, 4/1/2020		552,922
		Fifth Third Bancorp
	650,000	5.450%, 1/15/2017		690,165
		General Electric Capital Corporation
	400,000	6.000%, 8/7/2019		451,884
	800,000	4.375%, 9/16/2020		806,971
	300,000	6.875%, 1/10/2039		344,932
		Goldman Sachs Group, Inc., Convertible
	21,850	0.250%, 11/7/2011^e,g		575,791
	2,000,000	1.000%, 1/31/2015^f		1,881,447
		Health Care REIT, Inc.
	800,000	6.125%, 4/15/2020		870,046
		HSBC BANK USA, NA
	750,000	4.875%, 8/24/2020		779,235
		HSBC Holdings plc
	575,000	6.500%, 5/2/2036		614,255
		International Lease Finance Corporation
	300,000	8.625%, 9/15/2015^d		337,500
		J.P. Morgan Chase & Company
	800,000	4.950%, 3/25/2020		848,441
		Liberty Property, LP
	630,000	5.500%, 12/15/2016		704,031
		Lincoln National Corporation
	850,000	8.750%, 7/1/2019		1,096,041
		Lloyds TSB Bank plc
	1,000,000	6.500%, 9/14/2020^d		1,043,231


Principal Amount		Long-Term Fixed Income (100.9%)	Value
	Financials (19.7%) - continued
		Merrill Lynch & Company, Inc.
$	475,000	6.875%, 4/25/2018	$	533,118
		Morgan Stanley
	800,000	7.300%, 5/13/2019		922,686
	800,000	5.500%, 1/26/2020		832,710
		MUFG Capital Finance 1, Ltd.
	800,000	6.346%, 7/29/2049^h		806,582
		Nationwide Building Society
	800,000	6.250%, 2/25/2020^d		879,025
		Nordea Bank AB
	800,000	4.875%, 1/27/2020^d		860,976
		PNC Funding Corporation
	800,000	5.125%, 2/8/2020		868,226
		Principal Financial Group, Inc.
	800,000	8.875%, 5/15/2019		1,045,061
		ProLogis
	350,000	6.875%, 3/15/2020		380,322
		Prudential Financial, Inc.
	1,150,000	6.100%, 6/15/2017		1,292,724
	390,000	5.700%, 12/14/2036		384,759
		Rabobank Nederland
	500,000	11.000%, 12/29/2049^d,h		667,500
		Rabobank Nederland NV
	1,200,000	4.750%, 1/15/2020^d		1,305,830
		Reinsurance Group of America, Inc.
	950,000	5.625%, 3/15/2017		1,028,294
	1,000,000	6.450%, 11/15/2019		1,096,552
		Royal Bank of Scotland Group plc
	800,000	6.400%, 10/21/2019		872,636
		Royal Bank of Scotland plc
	850,000	4.875%, 8/25/2014^d		909,743
		Santander US Debt SA Unipersonal
	800,000	2.991%, 10/7/2013^d		804,189
		Simon Property Group, LP
	800,000	4.375%, 3/1/2021		819,670
		SLM Corporation
	400,000	8.000%, 3/25/2020		404,307
		State Street Capital Trust III
	1,200,000	8.250%, 3/15/2042^h		1,221,900
		SVB Financial Group
	1,000,000	5.375%, 9/15/2020		1,014,863
		Swiss RE Capital I, LP
	850,000	6.854%, 5/29/2049^d,h		843,846
		TNK-BP Finance SA
	800,000	6.250%, 2/2/2015^d		849,000
		Travelers Companies, Inc.
	350,000	6.250%, 6/15/2037		397,120
		UnitedHealth Group, Inc.
	550,000	6.500%, 6/15/2037		606,630
		USB Capital XIII Trust
	800,000	6.625%, 12/15/2039		813,976
		Wachovia Bank NA
	770,000	4.875%, 2/1/2015		837,176
		Wachovia Corporation
	850,000	5.250%, 8/1/2014		923,012
		Westpac Banking Corporation
	800,000	2.250%, 11/19/2012		818,743
		Willis North America, Inc.
	760,000	6.200%, 3/28/2017		813,944
		Total Financials		58,112,523

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

185

Core Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (100.9%)	Value
	Foreign Government (1.7%)
		Brazil Government International Bond
$	750,000	4.875%, 1/22/2021	$	831,750
		Chile Government International Bond
	800,000	3.875%, 8/5/2020		833,056
		Corporacion Andina de Fomento
	2,000,000	5.750%, 1/12/2017		2,168,018
		Poland Government International Bond
	250,000	3.875%, 7/16/2015		265,246
		Qatar Government International Bond
	800,000	4.000%, 1/20/2015^d		843,000

		Total Foreign Government		4,941,070


	Mortgage-Backed Securities (20.2%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	10,300,000	4.000%, 11/1/2025^e		10,777,982
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	11,700,000	4.500%, 11/1/2040^e		12,281,349
	23,500,000	5.500%, 11/1/2040^e		25,229,459
	5,200,000	6.000%, 11/1/2040^e		5,645,250
	5,000,000	6.500%, 11/1/2040^e		5,517,190
		Total Mortgage-Backed Securities		59,451,230

	Technology (0.3%)
		Affiliated Computer Services, Inc.
	800,000	5.200%, 6/1/2015		874,667
		Total Technology		874,667

	Transportation (2.2%)
		American Airlines Pass Through Trust
	887,625	10.375%, 7/2/2019		1,060,711
		Continental Airlines, Inc.
	800,000	7.250%, 11/10/2019		888,000
		CSX Corporation
	800,000	3.700%, 10/30/2020		791,417
		Delta Air Lines, Inc.
	786,888	7.750%, 12/17/2019		881,314
		ERAC USA Finance, LLC
	800,000	5.250%, 10/1/2020^d		854,965
		FedEx Corporation
	1,027,773	6.720%, 1/15/2022		1,117,024
		United Air Lines, Inc.
	779,619	10.400%, 11/1/2016		880,970
		Total Transportation		6,474,401

	U.S. Government and Agencies (15.6%)
		Federal Home Loan Banks
	2,400,000	0.291%, 2/10/2012^a		2,397,643
		U.S. Treasury Bonds
	1,500,000	4.500%, 5/15/2038		1,637,343
	775,000	4.625%, 2/15/2040		860,008
		U.S. Treasury Notes
	2,000,000	3.500%, 5/31/2013		2,160,782
	3,500,000	1.500%, 12/31/2013		3,602,812


Principal Amount		Long-Term Fixed Income (100.9%)	Value
	U.S. Government and Agencies (15.6%) - continued
$	500,000	1.750%, 1/31/2014	$	518,594
	4,000,000	1.875%, 4/30/2014		4,165,312
	1,650,000	2.375%, 9/30/2014		1,749,515
	5,500,000	1.875%, 6/30/2015		5,699,375
	2,000,000	3.625%, 8/15/2019		2,193,750
	800,000	3.625%, 2/15/2020		873,438
	1,050,000	3.500%, 5/15/2020		1,132,446
	800,000	3.500%, 2/15/2039		732,500
		U.S. Treasury Notes, TIPS
	5,539,920	2.500%, 7/15/2016		6,377,401
	5,367,652	1.875%, 7/15/2019		6,068,802
	5,299,928	1.375%, 1/15/2020		5,754,974
		Total U.S. Government and Agencies		45,924,695

	U.S. Municipals (0.3%)
		North Texas Tollway Authority Revenue Bonds (Build America Bonds)
	850,000	6.718%, 1/1/2049		883,991
		Total U.S. Municipals		883,991

	Utilities (4.7%)
		Abu Dhabi National Energy Company
	850,000	6.250%, 9/16/2019^d		906,243
		Cleveland Electric Illuminating Company
	825,000	5.700%, 4/1/2017		905,350
		Enterprise Products Operating, LLC
	800,000	5.200%, 9/1/2020		878,700
		Exelon Generation Company, LLC
	1,000,000	4.000%, 10/1/2020		995,599
	515,000	5.750%, 10/1/2041		505,697
		FirstEnergy Solutions Corporation
	850,000	4.800%, 2/15/2015		918,066
		ITC Holdings Corporation
	775,000	6.050%, 1/31/2018^d		883,699
		MidAmerican Energy Holdings Company
	775,000	6.500%, 9/15/2037		901,565
		NiSource Finance Corporation
	400,000	6.125%, 3/1/2022		454,874
		Pennsylvania Electric Company
	800,000	5.200%, 4/1/2020		870,456
		Petrobras International Finance Company
	1,000,000	5.750%, 1/20/2020		1,118,644
		Potomac Electric Power Company
	600,000	7.900%, 12/15/2038		832,600
		Power Receivables Finance, LLC
	302,534	6.290%, 1/1/2012^c		302,597
		Ras Laffan Liquefied Natural Gas Company, Ltd. II
	672,910	5.298%, 9/30/2020^d		730,107
		Ras Laffan Liquefied Natural Gas Company, Ltd. III
	334,575	5.832%, 9/30/2016^d		363,981
		Union Electric Company
	1,150,000	6.400%, 6/15/2017		1,336,999

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

186

Core Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (100.9%)	Value
	Utilities (4.7%) - continued
		Williams Partners, LP
	$ 800,000	5.250%, 3/15/2020		$ 873,914
		Total Utilities		13,779,091

		Total Long-Term Fixed Income (cost $293,265,770)		297,954,742

Shares		Mutual Funds (4.4%)	Value
	Fixed Income Mutual Funds (4.4%)
	2,646,014	Thrivent High Yield Fund		12,859,626
		Total Fixed Income Mutual Funds		12,859,626

		Total Mutual Funds (cost $9,800,000)		12,859,626

Shares		Preferred Stock (0.4%)	Value
	Financials (0.4%)
	4,850	Citigroup, Inc., Convertible, 7.500%		599,169
	56,005	Federal National Mortgage Association, 8.250%^h,i		30,803
	16,000	HSBC Holdings plc, 8.000%^h		442,400
		Total Financials		1,072,372

		Total Preferred Stock (cost $1,713,096)		1,072,372

Contracts		Options Purchased (<0.1%)	Value
		Put on 10-Yr. U.S. Treasury Bond Futures
	110	$122.50, expires 11/27/2010	$	10,312
	110	$124.00, expires 11/27/2010		30,938
		Total Options Purchased (cost $72,848)		41,250

Principal Amount		Short-Term Investments (13.7%)^j	Value
		Federal Home Loan Bank Discount Notes
	5,000,000	0.150%, 11/3/2010		4,999,958
	30,000,000	0.155%, 11/10/2010		29,998,838
	5,000,000	0.155%, 11/24/2010		4,999,505
		Federal Home Loan Mortgage Corporation Discount Notes
	500,000	0.200%, 3/14/2011^k,l		499,638
		Total Short-Term Investments (at amortized cost)		40,497,939
		Total Investments (cost $345,349,653) 119.4%		$352,425,929
		Other Assets and Liabilities, Net (19.4%)		(57,334,336	)
		Total Net Assets 100.0%	$	295,091,593

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 October 31, 2010.

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


Security	Acquisition Date		Amortized Cost
Bear Stearns Commercial Mortgage Securities, Inc.		3/30/2007	$	5,000,000
Commercial Mortgage Pass- Through Certificates		10/18/2006	$	4,000,000
Power Receivables Finance, LLC		9/30/2003	$	302,445
Wachovia Asset Securitization, Inc.		3/16/2007	$	3,010,200

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

f	Denotes equity-linked structured securities as discussed in item 2(Q) of the Notes to Financial Statements. These securities are linked to the S&P 500 Index.

g	Security is displayed in shares. This security is an Equity-Linked Structured Security as discussed in item 2(Q) of the Notes to Financial Statements. This security is linked to the common stock of Microsoft Corporation.

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

i	Non-income producing security.

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

k	At October 31, 2010, $399,710 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

l	At October 31, 2010, $99,928 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	$	18,440,560
Gross unrealized depreciation		(11,997,540)

Net unrealized appreciation (depreciation)	$	6,443,020

Cost for federal income tax purposes	$	345,982,909

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

187

Core Bond Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Core Bond Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Long-Term Fixed Income
Asset-Backed Securities		15,674,750		—		13,650,390		2,024,360
Basic Materials		9,997,088		—		9,249,938		747,150
Capital Goods		3,024,086		—		3,024,086		—
Collateralized Mortgage Obligations		11,839,507		—		11,839,507		—
Commercial Mortgage-Backed Securities		30,812,050		—		30,812,050		—
Communications Services		13,980,264		—		13,980,264		—
Consumer Cyclical		6,242,035		—		6,242,035		—
Consumer Non-Cyclical		7,238,127		—		7,238,127		—
Energy		8,705,167		—		8,705,167		—
Financials		58,112,523		—		54,210,252		3,902,271
Foreign Government		4,941,070		—		4,941,070		—
Mortgage-Backed Securities		59,451,230		—		59,451,230		—
Technology		874,667		—		874,667		—
Transportation		6,474,401		—		2,763,406		3,710,995
U.S. Government and Agencies		45,924,695		—		45,924,695		—
U.S. Municipals		883,991		—		883,991		—
Utilities		13,779,091		—		13,779,091		—

Mutual Funds
Fixed Income Mutual Funds		12,859,626		12,859,626		—		—

Preferred Stock
Financials		1,072,372		1,072,372		—		—
Options Purchased		41,250		41,250		—		—
Short-Term Investments		40,497,939		—		40,497,939		—

Total	$	352,425,929	$	13,973,248	$	328,067,905	$	10,384,776


Other Financial Instruments	Total		Level 1		Level 2		Level 3

Liability Derivatives
Futures Contracts		730,338		730,338		—		—
Credit Default Swaps		236,183		—		236,183		—

Total Liability Derivatives	$	966,521	$	730,338	$	236,183	$	—

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Core Bond Fund as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value October 31, 2009		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)*			Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Value October 31, 2010
Long-Term Fixed Income
Asset-Backed Securities		1,562,025		—		862,892			—		(400,557)		—		—		2,024,360
Basic Materials		—		—		10,357			736,793		—		—		—		747,150
Commercial Mortgage-Backed Securities		2,025,000		113,125		(25,000	)		—		(2,113,125)		—		—		—

Financials		—		—		127,834			3,774,437		—		—		—		3,902,271
Transportation		816,000		—		330,863			800,000		(45,868)		1,810,000		—		3,710,995

Total	$	4,403,025	$	113,125	$	1,306,946		$	5,311,230	($	2,559,550)	$	1,810,000	$	—	$	10,384,776


* Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on October 31, 2010 of $1,116,603.

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

188

Core Bond Fund

Schedule of Investments as of October 31, 2010


Futures Contracts	Number of Contracts Long/(Short)	Expiration Date	Notional Principal Amount	Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures	(100)	December 2010	($21,913,758)	($	21,998,438	)	($	84,680	)
5-Yr. U.S. Treasury Bond Futures	(45)	December 2010	(5,390,019)		(5,471,016	)		(80,997	)
10-Yr. U.S. Treasury Bond Futures	(270)	December 2010	(33,665,856)		(34,095,938	)		(430,082	)
20-Yr. U.S. Treasury Bond Futures	80	December 2010	10,609,579		10,475,000			(134,579	)
Total Futures Contracts							($	730,338	)


Credit Default Swaps and Counterparty	Buy/Sell Protection¹	Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)			Value³			Unrealized Gain/(Loss)
Credit Default Swaps and Counterparty	Buy/Sell Protection¹	Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)			Value³			Unrealized Gain/(Loss)
CDX IG, Series 14, 5 Year, at 1.00%; Bank of America	Buy		12/20/2015	$	12,000,000	($	30,734	)	($	62,973	)	($	93,707	)
CDX IG, Series 14, 5 Year, at 1.00%; J.P. Morgan Chaseand Co.	Buy		12/20/2015		18,000,000		(48,018	)		(94,458	)		(142,476	)
Total Credit Default Swaps									($	157,431	)	($	236,183	)

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

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

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of October 31, 2010, for Core Bond Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


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

Asset Derivatives

Interest Rate Contracts
Options Purchased	Investments in securities at market value, Net Assets - Net unrealized appreciation/(depreciation) on Investments		41,250

Total Interest Rate Contracts			41,250

Total Asset Derivatives		$	41,250


Liability Derivatives

Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		730,338
Total Interest Rate Contracts			730,338

Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		236,183

Total Credit Contracts			236,183

Total Liability Derivatives		$	966,521

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

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

189

Core Bond Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Core Bond Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations location	Realized Gains/(Losses) recognized in Income
Interest Rate Contracts
Options Purchased	Net realized gains/(losses) on Investments		210,793
Futures	Net realized gains/(losses) on Futures contracts		(2,285,664	)

Total Interest Rate Contracts			(2,074,871	)

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		15,661

Total Credit Contracts			15,661

Total		($	2,059,210	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Core Bond Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Options Purchased	Change in net unrealized appreciation/(depreciation) on Investments		(31,598	)
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(110,758	)
Total Interest Rate Contracts			(142,356	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(399,873	)
Total Credit Contracts			(399,873	)

Total		($	542,229	)

The following table presents Core Bond Fund’s average volume of derivative activity during the period ended October 31, 2010.


Derivative Risk Category	Futures (Notional*)		Futures (Percentage of Average Net Assets)			Swaps (Notional*)		Swaps (Percentage of Average Net Assets)			Options (Contracts)
Interest Rate Contracts	$	53,322,238		18.3	%		N/A		N/A			149
Credit Contracts		N/A		N/A		$	22,786,633		7.8	%		N/A

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

Investment in Affiliates

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


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
High Yield	$	11,827,681	$	—	$	—		2,646,014	$	12,859,626	$	1,017,876
Money Market		309,880		3,031,739		3,341,619		—		—		—
Total Value and Income Earned		12,137,561								12,859,626		1,017,876

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

190

Government Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (98.0%)	Value
	Commercial Mortgage-Backed Securities (2.8%)
		Federal Home Loan Mortgage Corporation Multifamily Structured Pass Through Certificate
$	988,511	3.342%, 12/25/2019	$	1,045,114
		Government National Mortgage Association
	995,801	2.164%, 3/16/2033		1,017,124
	989,632	3.214%, 1/16/2040		1,041,377

		Total Commercial Mortgage-Backed Securities		3,103,615


	Financials (8.4%)
		Achmea Hypotheekbank NV
	1,000,000	3.200%, 11/3/2014^a		1,071,721
		Bank of Nova Scotia
	1,000,000	1.450%, 7/26/2013^a		1,014,717
		Canadian Imperial Bank of Commerce
	1,000,000	2.600%, 7/2/2015^a		1,045,584
		CIE Financement Foncier
	1,000,000	2.125%, 4/22/2013^a		1,021,137
		Dexia Credit Local SA
	1,000,000	2.750%, 4/29/2014^a		1,027,435
		International Bank for Reconstruction & Development
	1,000,000	2.375%, 5/26/2015		1,055,275
		NCUA Guaranteed Notes
	1,000,000	0.706%, 10/7/2020^b		1,000,000
		Royal Bank of Canada
	1,000,000	3.125%, 4/14/2015^a		1,062,903
		Toronto-Dominion Bank
	1,000,000	2.200%, 7/29/2015^a		1,017,988

		Total Financials		9,316,760


	Foreign Government (2.1%)
		Finland Government International Bond
	500,000	1.250%, 10/19/2015^a		497,798
		Kommunalbanken AS
	1,000,000	2.750%, 5/5/2015^a		1,055,067
		Kreditanstalt fuer Wiederaufbau
	825,000	1.250%, 6/15/2012		835,779

		Total Foreign Government		2,388,644


	Mortgage-Backed Securities (8.6%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	2,000,000	4.000%, 11/1/2025^c		2,092,812
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	3,000,000	6.000%, 11/1/2040^c		3,249,843
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	4,000,000	4.500%, 11/1/2040^c,d		4,198,752

		Total Mortgage-Backed Securities		9,541,407


Principal Amount		Long-Term Fixed Income (98.0%)	Value
	U.S. Government and Agencies (76.1%)
		FDIC Structured Sale Guaranteed Notes
$	400,000	Zero Coupon, 1/7/2012^a	$	397,000
	400,000	Zero Coupon, 1/7/2014^a		386,296
		Federal Agricultural Mortgage Corporation
	1,000,000	2.125%, 9/15/2015		1,029,092
		Federal Home Loan Banks
	3,750,000	5.375%, 5/18/2016		4,499,029
	4,400,000	5.000%, 11/17/2017		5,255,043
		Federal Home Loan Mortgage Corporation
	2,300,000	2.500%, 1/7/2014		2,428,660
	2,750,000	4.875%, 6/13/2018		3,251,704
	1,375,000	3.750%, 3/27/2019		1,503,888
		Federal National Mortgage Association
	5,125,000	0.500%, 10/30/2012		5,132,016
	4,100,000	2.000%, 4/15/2013		4,125,986
	1,025,000	4.375%, 10/15/2015		1,170,302
	1,250,000	6.250%, 5/15/2029		1,614,684
		Tennessee Valley Authority
	1,225,000	5.250%, 9/15/2039		1,377,521
		U.S. Treasury Bonds
	1,600,000	4.625%, 2/15/2040		1,775,501
		U.S. Treasury Bonds, TIPS
	328,253	2.125%, 2/15/2040		384,415
		U.S. Treasury Notes
	725,000	1.125%, 6/15/2013		737,970
	9,150,000	1.750%, 1/31/2014		9,490,270
	2,050,000	1.875%, 6/30/2015		2,124,312
	2,800,000	2.625%, 2/29/2016		2,989,874
	10,500,000	3.250%, 3/31/2017		11,477,812
	6,500,000	3.625%, 2/15/2020		7,096,681
	2,500,000	3.500%, 5/15/2020		2,696,300
	2,125,000	7.625%, 2/15/2025		3,204,766
		U.S. Treasury Notes, TIPS
	1,167,959	3.375%, 1/15/2012		1,222,798
	1,497,589	0.625%, 4/15/2013		1,547,430
	1,594,958	2.000%, 1/15/2014		1,725,793
	1,257,597	1.625%, 1/15/2015		1,361,939
	1,243,104	2.500%, 7/15/2016		1,431,027
	1,474,620	2.625%, 7/15/2017		1,729,914
	1,261,887	1.375%, 1/15/2020		1,370,232
	318,483	2.375%, 1/15/2025		379,766

		Total U.S. Government and Agencies		84,918,021


		Total Long-Term Fixed Income (cost $103,528,319)		109,268,447

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

191

Government Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Short-Term Investments (9.9%)^e	Value
Principal Amount		Short-Term Investments (9.9%)^e	Value
		Federal Home Loan Mortgage Corporation Discount Notes
	11,015,000	0.100%, 11/1/2010		$11,015,000
		Total Short-Term Investments (at amortized cost)		11,015,000
		Total Investments (cost $114,543,319) 107.9%		$120,283,447
		Other Assets and Liabilities, Net (7.9%)		(8,770,488)
		Total Net Assets 100.0%		$111,512,959

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 October 31, 2010.

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

d	All or a portion of the security was earmarked to cover written options.

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

Definitions:

TIPS - Treasury Inflation Protected Security.


Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$	5,740,146
Gross unrealized depreciation		(6,522)
Net unrealized appreciation (depreciation)	$	5,733,624

Cost for federal income tax purposes	$	114,549,823

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Government Bond Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Long-Term Fixed Income
Commercial Mortgage-Backed Securities		3,103,615		—		3,103,615		—
Financials		9,316,760		—		8,316,760		1,000,000
Foreign Government		2,388,644		—		2,388,644		—
Mortgage-Backed Securities		9,541,407		—		9,541,407		—
U.S. Government and Agencies		84,918,021		—		84,918,021		—
Short-Term Investments		11,015,000		—		11,015,000		—
Total	$	120,283,447		—	$	119,283,447	$	1,000,000

Other Financial Instruments	Total		Level 1		Level 2		Level 3

Liability Derivatives
Call Options Written		3,094		—		—		3,094
Total Liability Derivatives	$	3,094		—		—	$	3,094

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

192

Government Bond Fund

Schedule of Investments as of October 31, 2010

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Government Bond Fund as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value February 26, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)*		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Value October 31, 2010
Long-Term Fixed Income Financials		—		—		—		1,000,000		—		—		—		1,000,000

Total	$	—	$	—	$	—	$	1,000,000	$	—	$	—	$	—	$	1,000,000


Other Financial Instruments
Liability Derivatives Call Options Written		—		—		3,094		—		—		—		—		3,094

Total	$	—	$	—	$	3,094	$	—	$	—	$	—	$	—	$	3,094

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on October 31, 2010 of ($3,094).


Call Options Written	Number of Contracts		Exercise Price		Expiration Date		Value			Unrealized Gain/(Loss)
FNCL Mortgage Backed Call Options		2	$	104.53		November 2010	($	11,000	)	($	3,094	)
Total Call Options Written							($	11,000	)	($	3,094	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of October 31, 2010, for Government Bond Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


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

Liability Derivatives

Interest Rate Contracts
Options Written	Net Assets - Net unrealized appreciation/(depreciation) on Written option contracts		3,094

Total Interest Rate Contracts			3,094

Total Liability Derivatives		$	3,094

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Government Bond Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Options Written	Change in net unrealized appreciation/(depreciation) on Written option contracts		(3,094	)
Total Interest Rate Contracts			(3,094	)

Total		($	3,094	)

The following table presents Government Bond Fund’s average volume of derivative activity during the period ended October 31, 2010.


Derivative Risk Category	Options (Contracts)
Interest Rate Contracts		2

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

193

Limited Maturity Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount			Long-Term Fixed Income (95.3%)	Value
	Asset-Backed Securities (14.7%)
			Avis Budget Rental Car Funding AESOP, LLC
$	2,500,000		5.680%, 2/20/2014^a	$	2,674,520
			Bank of America Auto Trust
	3,500,000		1.390%, 3/15/2014^a		3,531,598
			Cabela’s Master Credit Card Trust
	4,500,000		4.310%, 12/16/2013^a		4,520,732
			Carmax Auto Owner Trust
	2,500,000		4.120%, 3/15/2013		2,552,700
			Carrington Mortgage Loan Trust
	1,000,000		0.406%, 8/25/2036^b		503,795
			Chase Funding Issuance Trust
	5,000,000		2.400%, 6/17/2013		5,061,145
			Chrysler Financial Auto Securitization
	3,700,744		2.820%, 1/15/2016		3,766,539
			Chrysler Financial Lease Trust
	2,165,564		1.780%, 6/15/2011^a		2,170,684
			CIT Equipment
	2,439,538		3.070%, 8/15/2016^a		2,467,747
			CNH Equipment Trust
	1,650,000		7.210%, 12/16/2013		1,794,038
			Countrywide Asset-Backed Certificates
	547,541		5.549%, 8/25/2021^c		400,141
			Countrywide Home Loans, Inc.
	1,447,716		6.085%, 6/25/2021^c		568,561
			Credit Based Asset Servicing and Securitization, LLC
	902,245		5.501%, 12/25/2036		639,373
			Discover Card Master Trust
	4,500,000		5.100%, 10/15/2013		4,597,051
			First Financial Bank USA
	1,500,000		4.750%, 10/15/2015^a		1,500,318
			First Franklin Mortgage Loan Asset-Backed Certificates
	86,028		5.500%, 3/25/2036^d,e		0
			First Horizon ABS Trust
	556,939		0.386%, 9/25/2029^b,c		411,925
			Ford Credit Auto Owner Trust
	2,824,046		3.960%, 5/15/2013		2,878,539
			Ford Credit Floor Plan Master Owner Trust
	5,000,000		1.500%, 9/15/2015		5,015,135
			GE Capital Credit Card Master Note Trust
	4,200,000		2.540%, 9/15/2014		4,263,701
	3,650,000		3.690%, 7/15/2015		3,809,921
			GMAC Mortgage Corporation Loan Trust
	894,401		0.436%, 8/25/2035^b,c		452,163
	1,283,106	��	5.750%, 10/25/2036^c		742,407
	1,796,514		0.436%, 12/25/2036^b,c		957,785
			Goldman Sachs Alternative Mortgage Products Trust
	2,523,190		0.336%, 8/25/2036^b		2,325,302
			GSAMP Trust
	2,321,960		0.436%, 2/25/2036^b		2,022,680
			Harley-Davidson Motorcycle Trust
	1,500,000		3.190%, 11/15/2013		1,525,275
			Honda Auto Receivables Owner Trust
	2,500,000		4.430%, 7/15/2015		2,653,403


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Asset-Backed Securities (14.7%) - continued
		Household Home Equity Loan Trust
$	1,636,864	5.320%, 3/20/2036	$	1,643,679
		J.P. Morgan Mortgage Trust
	1,246,435	4.941%, 2/25/2036		1,078,502
		John Deere Owner Trust
	1,500,000	3.960%, 5/16/2016		1,576,874
		Merrill Auto Trust Securitization
	1,359,853	5.500%, 3/15/2012		1,373,110
		Mortgage Equity Conversion Asset Trust
	2,683,369	0.710%, 1/25/2042^b,d		2,543,834
	2,654,462	0.740%, 2/25/2042^b,d		2,523,066
		Nissan Auto Receivables Owner Trust
	3,886,353	4.280%, 6/16/2014		3,984,946
	3,000,000	4.740%, 8/17/2015		3,207,660
		Renaissance Home Equity Loan Trust
	1,678,042	5.608%, 5/25/2036		1,467,122
	750,000	5.285%, 1/25/2037		615,275
		Santander Drive Auto Receivables Trust
	4,500,000	0.950%, 8/15/2013		4,505,459
		Toyota Auto Receivables Owner Trust
	7,000,000	1.270%, 12/16/2013		7,060,620
		USAA Auto Owner Trust
	2,500,000	4.770%, 9/15/2014		2,665,020
		Volkswagen Auto Lease Trust
	3,442,022	3.410%, 4/16/2012		3,490,131
		Volkswagen Auto Loan Enhanced Trust
	1,500,000	1.310%, 1/20/2014		1,512,873
		Wachovia Asset Securitization, Inc.
	1,128,825	0.396%, 7/25/2037^b,c,d		759,135
		World Financial Network Credit Card
	7,000,000	4.600%, 9/15/2015		7,230,706
		World Omni Auto Receivables Trust
	2,500,000	1.340%, 12/16/2013		2,520,523
	1,000,000	5.120%, 5/15/2014		1,074,715
		World Omni Automobile Lease Securitization Trust
	3,774,199	1.020%, 1/16/2012		3,780,022

		Total Asset-Backed Securities		118,420,450


	Basic Materials (1.3%)
		Anglo American Capital plc
	2,000,000	2.150%, 9/27/2013^a		2,033,716
		ArcelorMittal
	1,500,000	9.000%, 2/15/2015		1,831,268
	1,750,000	3.750%, 8/5/2015		1,802,064
		Dow Chemical Company
	2,200,000	4.850%, 8/15/2012		2,337,940
		Noble Group, Ltd.
	1,000,000	4.875%, 8/5/2015^a		1,056,831

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

194

Limited Maturity Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Basic Materials (1.3%) - continued
		Rio Tinto Finance USA, Ltd.
$	1,000,000	9.000%, 5/1/2019	$	1,407,984

		Total Basic Materials		10,469,803


	Capital Goods (1.3%)
		Caterpillar Financial Services Corporation
	2,500,000	2.000%, 4/5/2013		2,565,942
		Hutchinson Whampoa Finance, Ltd.
	1,700,000	4.625%, 9/11/2015^a		1,838,921
		L-3 Communications Corporation
	2,000,000	5.875%, 1/15/2015		2,040,000
		Textron, Inc.
	1,300,000	6.200%, 3/15/2015		1,449,774
		Tyco International Finance SA
	1,000,000	4.125%, 10/15/2014		1,091,375
		Waste Management, Inc.
	1,150,000	6.375%, 3/11/2015		1,350,950

		Total Capital Goods		10,336,962


	Collateralized Mortgage Obligations (3.3%)
		American Home Mortgage Assets Trust
	1,698,339	1.273%, 11/25/2046^b		769,417
		Banc of America Mortgage Securities, Inc.
	746,191	3.176%, 9/25/2035		638,297
		Bear Stearns Adjustable Rate Mortgage Trust
	1,013,617	2.560%, 10/25/2035^b		892,632
		Chase Mortgage Finance Corporation
	672,942	5.398%, 1/25/2036		188,551
		Countrywide Alternative Loan Trust
	2,077,206	5.500%, 11/25/2035		2,011,582
	989,339	5.500%, 2/25/2036		864,677
	902,709	6.000%, 1/25/2037		643,374
		Countrywide Home Loans, Inc.
	1,262,746	5.159%, 3/20/2036		772,827
	1,314,397	5.521%, 9/20/2036		787,322
		Deutsche Alt-A Securities, Inc.
	2,032,567	1.123%, 4/25/2047^b		1,236,785
		GSR Mortgage Loan Trust
	2,755,183	0.446%, 8/25/2046^b		2,282,810
		HomeBanc Mortgage Trust
	1,075,789	5.947%, 4/25/2037		704,428
		Impac CMB Trust
	358,635	0.576%, 8/25/2035^b		270,621
		J.P. Morgan Alternative Loan Trust
	2,040,374	5.292%, 3/25/2036		1,343,586
		J.P. Morgan Mortgage Trust
	1,197,604	5.695%, 6/25/2036		1,163,805
	1,251,367	5.808%, 10/25/2036		1,170,053
		Merrill Lynch Mortgage Investors, Inc.
	1,625,180	2.752%, 6/25/2035		1,454,917
		Residential Accredit Loans, Inc.
	988,829	3.860%, 9/25/2035		681,998


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Collateralized Mortgage Obligations (3.3%) - continued
		Thornburg Mortgage Securities Trust
$	597,152	0.366%, 11/25/2046^b	$	581,720
		Wachovia Mortgage Loan Trust, LLC
	910,341	5.076%, 5/20/2036		698,769
		WaMu Mortgage Pass Through Certificates
	1,770,188	1.233%, 10/25/2046^b		1,115,640
	2,148,577	1.173%, 12/25/2046^b		1,343,398
	2,040,191	1.093%, 1/25/2047^b		1,184,884
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	1,646,203	1.273%, 9/25/2046^b		731,790
		Washington Mutual Mortgage Pass-Through Certificates
	699,016	0.546%, 10/25/2045^b		567,478
	2,470,740	1.103%, 2/25/2047^b		1,165,305
		Wells Fargo Mortgage Backed Securities Trust
	395,946	4.339%, 3/25/2036		351,151
	1,448,340	4.703%, 3/25/2036		1,303,452

		Total Collateralized Mortgage Obligations		26,921,269


	Commercial Mortgage-Backed Securities (9.8%)
		Banc of America Large Loan, Inc.
	1,024,292	0.366%, 10/15/2019^a,b		976,799
		Bear Stearns Commercial Mortgage Securities, Inc.
	4,500,000	5.613%, 6/11/2050		4,742,960
	2,000,000	0.406%, 3/15/2022^b,d		1,856,784
	1,500,000	5.665%, 6/11/2040		1,565,422
	2,466,605	5.422%, 9/11/2042		2,539,723
	5,736,000	5.205%, 2/11/2044		5,901,811
	1,000,000	5.331%, 2/11/2044		1,041,079
		Citigroup/Deutsche Bank Commercial Mortgage
	1,595,000	5.322%, 12/11/2049		1,663,749
		Commercial Mortgage Pass- Through Certificates
	1,000,000	0.386%, 12/15/2020^b,d		853,917
	1,500,000	0.436%, 6/15/2022^b,d		1,363,479
	1,000,000	5.306%, 12/10/2046		1,049,274
		Credit Suisse First Boston Mortgage Securities Corporation
	4,525,000	4.691%, 4/15/2037		4,589,427
		Credit Suisse Mortgage Capital Certificates
	1,500,000	0.426%, 10/15/2021^a,b		1,324,172
	1,750,000	5.467%, 9/15/2039		1,868,389
		Government National Mortgage Association
	3,472,438	2.870%, 3/16/2051		3,641,893
	5,000,000	1.864%, 8/16/2031		5,079,810
	6,821,240	2.164%, 3/16/2033		6,967,296
	6,432,606	3.214%, 1/16/2040		6,768,954

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

195

Limited Maturity Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Commercial Mortgage-Backed Securities (9.8%) - continued
		Greenwich Capital Commercial Funding Corporation
$	2,697,000	5.074%, 1/5/2036	$	2,827,613
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	3,500,000	5.429%, 12/12/2043		3,761,954
	1,985,000	5.336%, 5/15/2047		2,088,607
		LB-UBS Commercial Mortgage Trust
	661,281	4.567%, 6/15/2029		665,814
	23,649	4.187%, 8/15/2029		23,667
	6,220,336	5.303%, 2/15/2040		6,422,914
		Morgan Stanley Capital I, Inc.
	3,765,000	4.970%, 4/14/2040		3,942,795
		Wachovia Bank Commercial Mortgage Trust
	695,078	3.894%, 11/15/2035		695,842
	1,500,000	5.765%, 7/15/2045		1,643,515
	1,500,000	5.308%, 11/15/2048		1,625,511
		WaMu Commercial Mortgage Securities Trust
	848,913	3.830%, 1/25/2035^a		855,668

		Total Commercial Mortgage-Backed Securities		78,348,838


	Communications Services (3.6%)
		Alltel Corporation
	1,325,000	7.000%, 7/1/2012		1,451,266
		British Telecom plc
	1,000,000	9.375%, 12/15/2010		1,003,650
		CBS Corporation
	1,500,000	8.875%, 5/15/2019		1,943,403
		Crown Castle Towers, LLC
	1,750,000	4.523%, 1/15/2015^a		1,872,792
	1,500,000	3.214%, 8/15/2015^a		1,534,424
	850,000	4.174%, 8/15/2017^a		865,905
		DIRECTV Holdings, LLC/DIRECTV Financing Company, Inc.
	2,500,000	3.125%, 2/15/2016		2,560,360
		NBC Universal, Inc.
	3,000,000	2.100%, 4/1/2014^a		3,036,087
		Qwest Corporation
	3,000,000	8.875%, 3/15/2012		3,292,500
		Rogers Communications, Inc.
	1,120,000	7.875%, 5/1/2012		1,232,907
		SBA Tower Trust
	3,500,000	4.254%, 4/15/2015^a		3,738,445
		Telecom Italia Capital SA
	600,000	6.200%, 7/18/2011		621,354
		Telefonica SA
	2,000,000	4.949%, 1/15/2015		2,208,184
		Telemar Norte Leste SA
	500,000	5.500%, 10/23/2020^a		503,125
		Time Warner Cable, Inc.
	1,100,000	5.400%, 7/2/2012		1,176,659
	1,650,000	7.500%, 4/1/2014		1,945,838

		Total Communications Services		28,986,899


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Consumer Cyclical (0.7%)
		American Honda Finance Corporation
$	2,500,000	2.500%, 9/21/2015^a	$	2,554,760
		Ford Motor Credit Company, LLC
	1,500,000	7.000%, 4/15/2015		1,657,752
		Nissan Motor Acceptance Corporation
	1,000,000	4.500%, 1/30/2015^a		1,069,906

		Total Consumer Cyclical		5,282,418


	Consumer Non-Cyclical (2.5%)
		Altria Group, Inc.
	2,000,000	4.125%, 9/11/2015^f		2,159,874
		Amgen, Inc., Convertible
	2,500,000	0.125%, 2/1/2011		2,490,625
		Anheuser-Busch InBev Worldwide, Inc.
	2,000,000	3.000%, 10/15/2012		2,078,832
	2,000,000	5.375%, 11/15/2014^a		2,259,466
		Cargill, Inc.
	1,000,000	5.200%, 1/22/2013^a		1,083,544
		Celgene Corporation
	1,500,000	2.450%, 10/15/2015		1,507,652
		Dr. Pepper Snapple Group, Inc.
	1,000,000	2.350%, 12/21/2012		1,027,285
		Kraft Foods, Inc.
	1,500,000	4.125%, 2/9/2016		1,632,921
		Kroger Company
	1,000,000	5.000%, 4/15/2013		1,090,218
		Life Technologies Corporation
	1,750,000	3.375%, 3/1/2013		1,803,753
	750,000	4.400%, 3/1/2015		802,674
		Wm. Wrigley, Jr. Company
	2,500,000	1.664%, 6/28/2011^a,b		2,500,612

		Total Consumer Non-Cyclical		20,437,456


	Energy (2.5%)
		Anadarko Petroleum Corporation
	1,000,000	6.375%, 9/15/2017		1,110,912
		BP Capital Markets plc
	1,500,000	3.125%, 10/1/2015		1,539,455
		Cenovus Energy, Inc.
	1,000,000	4.500%, 9/15/2014		1,104,654
		Energy Transfer Partners, LP
	1,000,000	6.000%, 7/1/2013		1,103,357
		Marathon Oil Canada Corporation
	650,000	8.375%, 5/1/2012		713,624
		Nabors Industries, Inc., Convertible
	3,000,000	0.940%, 5/15/2011		2,985,000
		ONEOK Partners, LP
	350,000	8.625%, 3/1/2019		455,446
		Rowan Companies, Inc.
	1,500,000	5.000%, 9/1/2017		1,567,363
		Statoil ASA
	1,786,000	5.125%, 4/30/2014^a		2,008,553
		Transocean, Inc., Convertible
	2,500,000	1.500%, 12/15/2037		2,450,000
		Valero Energy Corporation
	1,000,000	4.500%, 2/1/2015		1,073,370
	350,000	6.125%, 2/1/2020		387,418

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

196

Limited Maturity Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (95.3%)		Value
	Energy (2.5%) - continued
		Williams Partners, LP
$	2,000,000	3.800%, 2/15/2015		$	2,117,292
		Woodside Finance, Ltd.
	1,000,000	8.125%, 3/1/2014^a			1,180,174

		Total Energy			19,796,618

	Financials (28.9%)
		Abbey National Treasury Services plc
	1,500,000	3.875%, 11/10/2014^a			1,547,505
		Achmea Hypotheekbank NV
	5,500,000	3.200%, 11/3/2014^a			5,894,465
		Allstate Corporation
	700,000	6.200%, 5/16/2014			815,903
		AMB Property, LP
	1,000,000	6.125%, 12/1/2016			1,124,430
		American Express Credit Corporation
	2,500,000	2.750%, 9/15/2015			2,521,350
		ANZ National International, Ltd.
	2,000,000	2.375%, 12/21/2012^a			2,042,402
		Avalon Bay Communities, Inc.
	1,000,000	5.700%, 3/15/2017			1,134,960
		Bank of America Corporation
	1,750,000	4.500%, 4/1/2015			1,822,389
	2,500,000	3.700%, 9/1/2015^f			2,519,857
	1,500,000	6.500%, 8/1/2016			1,672,625
		Bank of Nova Scotia
	5,000,000	1.450%, 7/26/2013^a			5,073,585
		Bank of Tokyo - Mitsubishi UFJ, Ltd.
	2,500,000	2.600%, 1/22/2013^a			2,580,138
		Barclays Bank plc
	1,500,000	2.500%, 1/23/2013			1,543,201
	3,000,000	2.500%, 9/21/2015^a			3,021,765
		Barclays Bank plc, Convertible
	3,000,000	1.000%, 6/25/2017^g			3,237,600
		BB&T Corporation
	1,650,000	5.700%, 4/30/2014			1,861,992
		Bear Stearns Companies, Inc.
	1,500,000	6.400%, 10/2/2017			1,749,294
		Berkshire Hathaway Finance Corporation
	1,750,000	0.414%, 1/13/2012^b			1,751,442
	2,500,000	5.000%, 8/15/2013			2,776,607
		BlackRock, Inc.	��
	2,000,000	3.500%, 12/10/2014			2,126,740
		BNP Paribas Home Loan Covered Bonds SA
	4,500,000	2.200%, 11/2/2015^a,h			4,525,078
		Canadian Imperial Bank of Commerce
	3,500,000	2.000%, 2/4/2013^a			3,592,141
	1,500,000	2.600%, 7/2/2015^a			1,568,376
		Capital One Bank USA NA
	500,000	8.800%, 7/15/2019			634,203
		CDP Financial, Inc.
	4,000,000	3.000%, 11/25/2014^a			4,186,820
		CIE Financement Foncier
	4,000,000	2.125%, 4/22/2013^a			4,084,548
		Citigroup, Inc.
	1,600,000	5.300%, 10/17/2012			1,705,565
	1,000,000	5.500%, 4/11/2013			1,082,670


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Financials (28.9%) - continued
$	2,400,000	2.384%, 8/13/2013^b	$	2,419,486
		CME Group Index Services, LLC
	1,500,000	4.400%, 3/15/2018^a		1,595,774
		CNA Financial Corporation
	2,000,000	6.500%, 8/15/2016		2,213,704
	1,000,000	5.875%, 8/15/2020		1,022,980
		Commonwealth Bank of Australia
	2,000,000	2.750%, 10/15/2012^a		2,064,350
	3,300,000	2.500%, 12/10/2012^a		3,425,007
		Corestates Capital Trust I
	300,000	8.000%, 12/15/2026^a		309,114
		Credit Suisse Securities USA, LLC, Convertible
	3,000,000	1.000%, 4/28/2017^g		2,920,200
		Dexia Credit Local SA
	5,000,000	2.750%, 4/29/2014^a		5,137,175
		DnB NOR Boligkreditt
	3,500,000	2.100%, 10/14/2015^a		3,505,439
		Duke Realty, LP
	1,000,000	7.375%, 2/15/2015		1,148,245
		Fifth Third Bank
	2,250,000	0.479%, 5/17/2013^b		2,156,333
		GATX Corporation
	1,000,000	4.750%, 10/1/2012		1,050,438
	1,000,000	4.750%, 5/15/2015		1,079,876
		General Electric Capital Corporation
	2,500,000	1.875%, 9/16/2013		2,529,803
	3,000,000	0.552%, 9/15/2014^b		2,882,139
		Goldman Sachs Group, Inc., Convertible
	66,550	0.250%, 11/7/2011^h,i		1,753,726
	2,500,000	1.000%, 1/31/2015^g		2,351,809
		Health Care REIT, Inc.
	500,000	6.125%, 4/15/2020		543,779
		HSBC Bank plc
	2,500,000	1.625%, 8/12/2013^a		2,526,762
		International Lease Finance Corporation
	700,000	8.625%, 9/15/2015^a		787,500
		Irish Life & Permanent plc
	5,500,000	3.600%, 1/14/2013^a		5,153,049
		J.P. Morgan Chase & Company
	3,000,000	1.039%, 9/30/2013^b		3,010,338
		KeyCorp
	2,000,000	3.750%, 8/13/2015		2,059,094
		Lehman Brothers Holdings E-Capital Trust I
	1,500,000	1.132%, 8/19/2065^j		150
		Lincoln National Corporation
	550,000	5.650%, 8/27/2012		587,773
	650,000	4.750%, 2/15/2014		693,664
	1,000,000	4.300%, 6/15/2015^f		1,064,559
	350,000	8.750%, 7/1/2019		451,311
		Lloyds TSB Bank plc
	3,500,000	4.375%, 1/12/2015^a		3,669,515
	500,000	6.500%, 9/14/2020^a		521,615
		Manulife Financial Corporation
	2,000,000	3.400%, 9/17/2015		2,031,422
		MassMutual Global Funding II
	1,000,000	3.625%, 7/16/2012^a		1,042,652
		Merrill Lynch & Company, Inc.
	1,000,000	5.300%, 9/30/2015		1,088,575

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

197

Limited Maturity Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Financials (28.9%) - continued
		MetLife, Inc.
$	3,500,000	1.674%, 8/6/2013^b,f	$	3,548,527
		Metropolitan Life Global Funding
	1,320,000	5.125%, 4/10/2013^a		1,437,765
		Morgan Stanley
	1,000,000	4.750%, 4/1/2014		1,044,007
	2,000,000	4.200%, 11/20/2014		2,079,260
		National Australia Bank, Ltd.
	3,500,000	2.500%, 1/8/2013^a		3,589,747
		Nationwide Building Society
	2,000,000	4.650%, 2/25/2015^a		2,111,540
		NCUA Guaranteed Notes
	5,000,000	0.706%, 10/7/2020^b		5,000,000
		New York Life Global Funding
	2,000,000	2.250%, 12/14/2012^a		2,052,994
	2,000,000	3.000%, 5/4/2015^a		2,117,056
		Nordea Bank AB
	4,000,000	2.500%, 11/13/2012^a		4,105,644
		PNC Funding Corporation
	2,000,000	3.000%, 5/19/2014		2,083,054
		ProLogis
	1,000,000	6.250%, 3/15/2017		1,070,408
		Prudential Financial, Inc.
	825,000	3.625%, 9/17/2012		857,703
	1,000,000	6.100%, 6/15/2017		1,124,108
		Qatari Diar Finance QSC
	2,000,000	3.500%, 7/21/2015^a		2,039,724
		Rabobank Nederland NV
	2,000,000	2.125%, 10/13/2015		2,016,098
		Regions Financial Corporation
	1,000,000	5.750%, 6/15/2015		1,030,700
		Reinsurance Group of America, Inc.
	1,500,000	6.450%, 11/15/2019		1,644,828
		Royal Bank of Canada
	4,175,000	3.125%, 4/14/2015^a		4,437,620
		Royal Bank of Scotland Group plc
	5,000,000	2.625%, 5/11/2012^a		5,104,250
		Royal Bank of Scotland plc
	2,000,000	4.875%, 8/25/2014^a		2,140,572
		Santander US Debt SA Unipersonal
	2,000,000	2.991%, 10/7/2013^a		2,010,472
		SLM Corporation
	1,000,000	8.000%, 3/25/2020		1,010,768
		Societe Generale
	3,000,000	2.200%, 9/14/2013^a		3,041,475
		Stadshypotek AB
	4,000,000	0.839%, 9/30/2013^a,b		4,002,040
		Standard Chartered plc
	1,000,000	3.850%, 4/27/2015^a		1,056,830
		State Street Capital Trust III
	1,000,000	8.250%, 3/15/2042^k		1,018,250
		Svenske Exportkredit AB
	2,500,000	3.250%, 9/16/2014		2,686,013
		Swedbank AB
	2,500,000	2.800%, 2/10/2012^a		2,571,758
		TD Ameritrade Holding Corporation
	3,000,000	2.950%, 12/1/2012		3,084,045
		Toronto-Dominion Bank
	2,500,000	2.200%, 7/29/2015^a		2,544,970


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Financials (28.9%) - continued
		U.S. Bank National Association
$	3,000,000	3.778%, 4/29/2020	$	3,139,473
		U.S. Central Federal Credit Union
	3,500,000	1.900%, 10/19/2012		3,592,288
		UBS AG of Stamford, Connecticut
	3,000,000	2.250%, 8/12/2013		3,065,067
		UnitedHealth Group, Inc.
	1,000,000	5.500%, 11/15/2012		1,082,724
		Vestjysk Bank A/S
	5,500,000	0.842%, 6/17/2013^a,b		5,547,514
		Wachovia Corporation
	2,000,000	5.250%, 8/1/2014		2,171,794
		WEA Finance, LLC/WT Finance Australia, Pty Ltd.
	1,650,000	5.750%, 9/2/2015^a		1,853,978
		Westpac Banking Corporation
	3,000,000	2.250%, 11/19/2012		3,070,287
		Westpac Securities New Zealand, Ltd.
	2,400,000	3.450%, 7/28/2014^a		2,555,681

		Total Financials		232,736,039


	Foreign Government (3.4%)
		Corporacion Andina de Fomento
	2,500,000	5.750%, 1/12/2017		2,710,023
		Finland Government International Bond
	3,000,000	1.250%, 10/19/2015^a		2,986,791
		Japan Finance Corporation
	4,000,000	1.875%, 9/24/2015		4,055,308
		Kommunalbanken AS
	5,000,000	2.750%, 5/5/2015^a		5,275,335
		Korea Development Bank/ Republic of Korea
	2,000,000	4.375%, 8/10/2015		2,153,362
		Kreditanstalt fuer Wiederaufbau
	5,500,000	1.250%, 6/15/2012		5,571,857
		Nova Scotia Government Notes
	2,000,000	2.375%, 7/21/2015		2,062,570
		Poland Government International Bond
	650,000	3.875%, 7/16/2015		689,641
		Qatar Government International Bond
	2,000,000	4.000%, 1/20/2015^a		2,107,500

		Total Foreign Government		27,612,387


	Mortgage-Backed Securities (3.7%)
		FDIC Structured Sale Guaranteed Notes
	4,334,031	0.755%, 11/29/2037^a,b		4,334,031
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	3,500,000	4.000%, 11/1/2025^h		3,662,421
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	2,454,781	6.500%, 9/1/2037		2,707,765
		Federal National Mortgage Association Conventional 20-Yr. Pass Through
	2,174,450	6.000%, 8/1/2024		2,405,364

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

198

Limited Maturity Bond Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Long-Term Fixed Income (95.3%)	Value
	Mortgage-Backed Securities (3.7%) - continued
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
$	2,759,406	5.918%, 9/1/2037^b	$	2,966,447
	1,702,628	5.750%, 10/1/2037^b		1,831,008
	11,000,000	6.000%, 11/1/2040^h		11,941,875

		Total Mortgage-Backed Securities		29,848,911


	Technology (0.4%)
		Affiliated Computer Services, Inc.
	1,000,000	5.200%, 6/1/2015		1,093,334
		Symantec Corporation
	1,000,000	2.750%, 9/15/2015		1,015,049
		Xerox Corporation
	1,000,000	8.250%, 5/15/2014		1,202,609

		Total Technology		3,310,992


	Transportation (1.7%)
		American Airlines Pass Through Trust
	196,472	6.978%, 10/1/2012		199,911
		Continental Airlines, Inc.
	1,350,000	6.750%, 9/15/2015^a		1,405,688
	2,000,000	7.250%, 11/10/2019		2,220,000
		CSX Corporation
	1,500,000	6.250%, 4/1/2015		1,764,378
		Delta Air Lines, Inc.
	1,500,000	7.920%, 11/18/2010		1,501,289
	1,475,415	7.750%, 12/17/2019		1,652,465
		Erac USA Finance Company
	2,500,000	2.750%, 7/1/2013^a		2,571,765
		Northwest Airlines, Inc.
	1,085,000	6.841%, 10/1/2012		1,109,412
		United Air Lines, Inc.
	974,524	10.400%, 11/1/2016		1,101,212

		Total Transportation		13,526,120


	U.S. Government and Agencies (15.5%)
		FDIC Structured Sale Guaranteed Notes
	6,000,000	Zero Coupon, 1/7/2013^a		5,894,040
		Federal Agricultural Mortgage Corporation
	2,500,000	2.125%, 9/15/2015		2,572,730
		Federal Farm Credit Bank
	5,000,000	1.375%, 6/25/2013		5,113,950
		Federal Home Loan Banks
	6,000,000	0.291%, 2/10/2012^b		5,994,108
		Federal Home Loan Mortgage Corporation
	7,000,000	0.375%, 11/30/2012		6,990,130
		Federal National Mortgage Association
	3,500,000	0.500%, 10/30/2012		3,504,791
	3,000,000	2.000%, 4/15/2013		3,019,014
		U.S. Treasury Notes
	8,000,000	1.125%, 6/15/2013		8,143,120
	3,000,000	1.000%, 7/15/2013		3,044,520
	10,000,000	1.500%, 12/31/2013		10,293,750
	2,500,000	1.750%, 1/31/2014		2,592,970
	15,700,000	1.875%, 4/30/2014		16,348,850


Principal Amount		Long-Term Fixed Income (95.3%)	Value
U.S. Government and Agencies (15.5%) - continued
$	8,500,000	2.375%, 9/30/2014	$	9,012,652
	2,500,000	2.375%, 2/28/2015		2,648,625
	19,000,000	1.875%, 6/30/2015		19,688,750
		U.S. Treasury Notes, TIPS
	5,404,800	2.500%, 7/15/2016		6,221,854
	5,725,496	1.875%, 7/15/2019		6,473,389
	6,561,815	1.375%, 1/15/2020		7,125,206

		Total U.S. Government and Agencies		124,682,449


	U.S. Municipals (0.1%)
		Houston, Texas Combined Utility System Revenue Refunding Bonds
	650,000	5.000%, 5/15/2034		664,924

		Total U.S. Municipals		664,924


	Utilities (1.9%)
		Abu Dhabi National Energy Company
	2,000,000	4.750%, 9/15/2014^a		2,079,904
		CMS Energy Corporation
	1,000,000	4.250%, 9/30/2015		1,019,858
		Commonwealth Edison Company
	1,700,000	6.150%, 3/15/2012		1,821,225
		Enterprise Products Operating, LLC
	1,500,000	5.200%, 9/1/2020		1,647,562
		National Rural Utilities Cooperative Finance Corporation
	1,350,000	5.500%, 7/1/2013		1,512,038
		Oncor Electric Delivery Company
	1,300,000	5.750%, 9/30/2020^a		1,449,170
		Power Receivables Finance, LLC
	100,845	6.290%, 1/1/2012^d		100,866
		Ras Laffan Liquefied Natural Gas Company, Ltd. III
	1,700,000	4.500%, 9/30/2012^a		1,781,347
	557,625	5.832%, 9/30/2016^a		606,635
		Sierra Pacific Power Company
	2,000,000	6.250%, 4/15/2012		2,133,110
		Virginia Electric & Power Company
	640,000	5.100%, 11/30/2012		695,297

		Total Utilities		14,847,012


		Total Long-Term Fixed Income (cost $755,393,607)		766,229,547


Shares		Mutual Funds (1.4%)	Value
	Fixed Income Mutual Funds (1.4%)
	2,247,228	Thrivent High Yield Fund		10,921,529

		Total Fixed Income Mutual Funds		10,921,529

		Total Mutual Funds (cost $8,300,000)		10,921,529

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

199

Limited Maturity Bond Fund

Schedule of Investments as of October 31, 2010


Shares		Preferred Stock (0.4%)	Value
	Financials (0.4%)
	20,000	Calenergy Capital Trust III, Convertible, 6.500%	$	977,500
	10,250	Citigroup, Inc., Convertible, 7.500%		1,266,285
	72,400	Federal National Mortgage Association, 8.250%^k,l		39,820
	39,000	HSBC Holdings plc, 8.000%^k		1,078,350

		Total Financials		3,361,955


		Total Preferred Stock (cost $4,548,226)		3,361,955


Contracts		Options Purchased (<0.1%)	Value
		Put on 10-Yr. U.S. Treasury Bond Futures
	120	$122.50, expires 11/27/2010	$	11,250
	120	$124.00, expires 11/27/2010		33,750

		Total Options Purchased (cost $79,470)		45,000


Shares		Collateral Held for Securities Loaned (0.9%)	Value
	6,975,715	Thrivent Financial Securities Lending Trust		6,975,715

		Total Collateral Held for Securities Loaned (cost $6,975,715)		6,975,715


Principal Amount		Short-Term Investments (4.8%)^m	Value
		Barton Capital Corporation
	12,040,000	0.210%, 11/1/2010		12,040,000
		Federal Home Loan Bank Discount Notes
	5,000,000	0.150%, 11/3/2010		4,999,958
	5,000,000	0.170%, 11/9/2010		4,999,811
	10,000,000	0.155%, 11/10/2010		9,999,613
	5,000,000	0.155%, 11/24/2010		4,999,505
		Federal Home Loan Mortgage Corporation Discount Notes
	1,400,000	0.200%, 3/14/2011^n,o		1,398,986

		Total Short-Term Investments (at amortized cost)		38,437,873

		Total Investments (cost $813,734,891) 102.8%	$	825,971,619

		Other Assets and Liabilities, Net (2.8%)		(22,564,563	)

		Total Net Assets 100.0%	$	803,407,056

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 October 31, 2010.

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

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Limited Maturity Bond Fund owned as of October 31, 2010.


Security	Acquisition Date		Amortized Cost
Bear Stearns Commercial Mortgage Securities, Inc.		3/30/2007	$	2,000,000
Commercial Mortgage Pass- Through Certificates		10/18/2006		1,000,000
Commercial Mortgage Pass- Through Certificates		5/2/2007		1,500,000
First Franklin Mortgage Loan Asset-Backed Certificates		4/19/2006		85,895
Mortgage Equity Conversion Asset Trust		1/18/2007		2,683,369
Mortgage Equity Conversion Asset Trust		2/14/2007		2,654,462
Power Receivables Finance, LLC		9/30/2003		100,815
Wachovia Asset Securitization, Inc.		3/16/2007		1,128,825

e	Defaulted security. Interest is not being accrued.

f	All or a portion of the security is on loan as discussed in item 2(M) of the Notes to Financial Statements.

g	Denotes equity-linked structured securities as discussed in item 2(Q) of the Notes to Financial Statements. These securities are linked to the S&P 500 Index.

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

i	Security is displayed in shares. This security is an Equity-Linked Structured Security as discussed in item 2(Q) of the Notes to Financial Statements. This security is linked to the common stock of Microsoft Corporation.

j	In bankruptcy. Interest is not being accrued.

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

l	Non-income producing security.

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

n	At October 31, 2010, $1,299,058 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

o	At October 31, 2010, $99,928 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.


Definitions:
REIT	-	Real Estate Investment Trust, is a company that buys, develops, manages and/or sells real estate assets.
TIPS	-	Treasury Inflation Protected Security.

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

200

Limited Maturity Bond Fund

Schedule of Investments as of October 31, 2010


Unrealized Appreciation (Depreciation)

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



Gross unrealized appreciation	$	29,937,352
Gross unrealized depreciation		(18,100,678	)

Net unrealized appreciation (depreciation)	$	11,836,674

Cost for federal income tax purposes	$	814,134,945

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Limited Maturity Bond Fund’s assets carried at fair value as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3

Long-Term Fixed Income
Asset-Backed Securities		118,420,450		—		112,594,415		5,826,035
Basic Materials		10,469,803		—		10,469,803		—
Capital Goods		10,336,962		—		10,336,962		—
Collateralized Mortgage Obligations		26,921,269		—		26,921,269		—
Commercial Mortgage-Backed Securities		78,348,838		—		78,348,838		—
Communications Services		28,986,899		—		28,986,899		—
Consumer Cyclical		5,282,418		—		5,282,418		—
Consumer Non-Cyclical		20,437,456		—		20,437,456		—
Energy		19,796,618		—		19,796,618		—
Financials		232,736,039		—		219,824,513		12,911,526
Foreign Government		27,612,387		—		27,612,387		—
Mortgage-Backed Securities		29,848,911		4,797,455		20,717,425		4,334,031
Technology		3,310,992		—		3,310,992		—
Transportation		13,526,120		—		7,243,120		6,283,000
U.S. Government and Agencies		124,682,449		—		124,682,449		—
U.S. Municipals		664,924		—		664,924		—
Utilities		14,847,012		—		14,847,012		—

Mutual Funds
Fixed Income Mutual Funds		10,921,529		10,921,529		—		—

Preferred Stock
Financials		3,361,955		2,384,455		977,500		—
Options Purchased		45,000		45,000		—		—
Collateral Held for Securities Loaned		6,975,715		6,975,715		—		—
Short-Term Investments		38,437,873				38,437,873		—

Total	$	825,971,619	$	25,124,154	$	771,492,873	$	29,354,592


Other Financial Instruments	Total		Level 1		Level 2		Level 3

Liability Derivatives
Futures Contracts		2,381,654		2,381,654		—		—
Credit Default Swaps		257,218		—		257,218		—

Total Liability Derivatives	$	2,638,872	$	2,381,654	$	257,218	$	—

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

201

Limited Maturity Bond Fund

Schedule of Investments as of October 31, 2010

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Limited Maturity Bond Fund as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value October 31, 2009		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation) *		Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Value October 31, 2010
Long-Term Fixed Income
Asset-Backed Securities		5,809,042		—		415,770		—		(398,777	)		—		—		5,826,035
Commercial Mortgage- Backed Securities		2,652,750		—		115,444		—		(2,768,194	)		—		—		—
Financials		—		—		161,925		12,749,600		—			—		—		12,911,525
Mortgage-Backed Securities		—		—		—		4,500,000		(165,969	)		—		—		4,334,031
Transportation		2,755,687		3,855		531,446		1,590,103		(625,591	)		2,027,500		—		6,283,000

Total	$	11,217,479	$	3,855	$	1,224,585	$	18,839,703	($	3,958,531	)	$	2,027,500	$	—	$	29,354,591

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on October 31, 2010 of $1,012,826.


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		(85	)		December 2010	($	18,626,694	)	($	18,698,672	)	($	71,978	)
5-Yr. U.S. Treasury Bond Futures		(1,100	)		December 2010		(131,756,020	)		(133,735,943	)		(1,979,923	)
10-Yr. U.S. Treasury Bond Futures		(205	)		December 2010		(25,574,726	)		(25,887,657	)		(312,931	)
20-Yr. U.S. Treasury Bond Futures		10			December 2010		1,326,197			1,309,375			(16,822	)
Total Futures Contracts												($	2,381,654	)


Credit Default Swaps and Counterparty	Buy/Sell Protection¹		Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)			Value³			Unrealized Gain/(Loss)
CDX IG, Series 14, 5 Year, at 1.00%; Bank of America		Buy		12/20/2015	$	13,000,000	($	33,829	)	($	68,220	)	($	102,049	)
CDX IG, Series 14, 5 Year, at 1.00%; J.P. Morgan Chaseand Co.		Buy		12/20/2015		19,500,000		(52,838	)		(102,331	)		(155,169	)
Total Credit Default Swaps										($	170,551	)	($	257,218	)

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

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

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

202

Limited Maturity Bond Fund

Schedule of Investments as of October 31, 2010

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of October 31, 2010, for Limited Maturity Bond Fund’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.



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

Asset Derivatives

Interest Rate Contracts
Options Purchased	Investments in securities at market value, Net Assets - Net unrealized appreciation/(depreciation) on Investments		45,000
Total Interest Rate Contracts			45,000

Total Asset Derivatives		$	45,000


Liability Derivatives

Interest Rate Contracts Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,381,654

Total Interest Rate Contracts			2,381,654

Credit Contracts Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		257,218

Total Credit Contracts			257,218

Total Liability Derivatives		$	2,638,872

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended October 31, 2010, for Limited Maturity Bond Fund’s investments in financial derivative instruments by primary risk exposure.


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

Interest Rate Contracts Options Purchased	Net realized gains/(losses) on Investments		533,111
Futures	Net realized gains/(losses) on Futures contracts		(11,959,126	)

Total Interest Rate Contracts			(11,426,015	)

Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(64,839	)

Total Credit Contracts			(64,839	)

Total		($	11,490,854	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended October 31, 2010, for Limited Maturity Bond Fund’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts Options Purchased	Change in net unrealized appreciation/(depreciation) on Investments		(34,470	)
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(546,860	)
Total Interest Rate Contracts			(581,330	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(350,840	)
Total Credit Contracts			(350,840	)

Total		($	932,170	)

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

203

Limited Maturity Bond Fund

Schedule of Investments as of October 31, 2010

The following table presents Limited Maturity Bond Fund’s average volume of derivative activity during the period ended October 31, 2010.


Derivative Risk Category	Futures (Notional*)		Futures (Percentage of Average Net Assets)			Swaps (Notional*)		Swaps (Percentage of Average Net Assets)			Options (Contracts)
Interest Rate Contracts	$	161,808,779		23.5	%		N/A		N/A			263
Credit Contracts		N/A		N/A		$	24,688,144		3.6	%		N/A

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

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Limited Maturity Bond Fund, is as follows:


Fund	Value October 31, 2009		Gross Purchases		Gross Sales		Shares Held at October 31, 2010		Value October 31, 2010		Income Earned November 1, 2009 - October 31, 2010
High Yield	$	10,045,110	$	—	$	—		2,247,228	$	10,921,529	$	864,470
Money Market		68,918		615,383		684,301		—		—		—
Thrivent Financial Securities Lending Trust		10,892,000		149,702,948		153,619,233		6,975,715		6,975,715		4,721
Total Value and Income Earned		21,006,028								17,897,244		869,191

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

204

Money Market Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Asset Backed Commercial Paper (13.4%)^a	Value
		Falcon Asset Securitization Corporation, LLC
$	6,100,000	0.300%, 12/10/2010^b	$	6,098,017
	7,710,000	0.290%, 2/14/2011^b		7,703,479
		Golden Funding Corporation
	13,573,000	0.270%, 11/1/2010^b		13,573,000
	4,000,000	0.300%, 11/8/2010^b		3,999,766
		Liberty Street Funding, LLC
	8,000,000	0.280%, 12/15/2010^b		7,997,262
		Nieuw Amsterdam Receivables Corporation
	3,890,000	0.280%, 11/16/2010^b		3,889,546
	7,860,000	0.320%, 1/13/2011^b		7,854,900
		Old Line Funding, LLC
	7,440,000	0.270%, 1/20/2011^b		7,435,536
		Straight-A Funding, LLC
	8,000,000	0.280%, 11/8/2010		7,999,564
	7,865,000	0.280%, 11/9/2010		7,864,511
	4,000,000	0.250%, 12/6/2010		3,999,028
	8,000,000	0.260%, 12/20/2010		7,997,169
	3,799,000	0.260%, 12/21/2010		3,797,628
		Thunder Bay Funding, Inc.
	7,800,000	0.250%, 11/8/2010^b		7,799,621

		Total Asset Backed Commercial Paper		98,009,027


Principal Amount		Financial Company Commercial Paper (22.5%)^a	Value
		Bank of America NA
	13,640,000	0.470%, 12/23/2010^b,c		13,645,167
		BNP Paribas Finance, Inc.
	3,880,000	0.300%, 12/2/2010^b		3,878,998
		General Electric Capital Corporation
	11,650,000	0.603%, 12/1/2010		11,695,081
	7,800,000	0.530%, 2/16/2011		7,787,713
	12,550,000	0.373%, 3/11/2011^b,c		12,556,732
		J.P. Morgan Chase & Company
	9,900,000	0.419%, 2/23/2011^b,c		9,903,274
	13,620,000	0.420%, 4/1/2011^b		13,620,000
		New York Life Global Funding
	4,420,000	0.256%, 4/1/2011^c,d		4,419,638
	7,950,000	0.417%, 6/16/2011^c,d		7,956,857
		Rabobank Nederland NV
	5,415,000	0.635%, 8/5/2011^c,d		5,422,517
		Royal Bank of Canada
	8,300,000	0.430%, 11/22/2010^c		8,300,000
	9,000,000	0.690%, 6/23/2011^c		9,023,625
		Societe Generale North America, Inc.
	12,000,000	0.240%, 11/1/2010^b		12,000,000
	12,000,000	0.240%, 11/4/2010^b		11,999,760
		Svenska Handelsbanken AB
	3,900,000	0.448%, 2/9/2011^c,d		3,900,018
		Toronto-Dominion Bank NY
	3,700,000	0.325%, 10/28/2011^c		3,700,000
		US Bank NA
	8,000,000	0.530%, 11/30/2010		7,996,585
	7,710,000	0.410%, 4/11/2011		7,695,863


Principal Amount		Financial Company Commercial Paper (22.5%)^a	Value
		Variable Funding Capital Company, LLC
$	8,000,000	0.270%, 11/16/2010^b	$	7,999,100

		Total Financial Company Commercial Paper		163,500,928


Principal Amount		Government Agency Debt (25.3%)^a	Value
		Eksportfinans ASA
	32,510,000	0.230%, 11/1/2010		32,510,000
		Federal Home Loan Banks
	5,000,000	0.159%, 11/22/2010^c		4,998,893
	5,000,000	0.166%, 8/12/2011^c		4,992,481
	7,800,000	0.270%, 9/20/2011^c		7,800,000
	7,900,000	0.330%, 3/20/2012^c		7,898,893
		Federal Home Loan Mortgage Corporation
	15,100,000	0.269%, 1/14/2011^c		15,101,404
	10,288,000	0.362%, 3/9/2011^c		10,292,365
	15,380,000	0.216%, 9/19/2011^c		15,373,015
	8,300,000	0.206%, 12/21/2011^c		8,295,205
	3,500,000	0.190%, 1/13/2012^c		3,495,747
	8,300,000	0.190%, 1/25/2012^c		8,276,115
		Federal National Mortgage Association
	9,000,000	0.216%, 9/19/2011^c		8,996,780
	8,000,000	0.430%, 9/13/2012^c		8,002,995
	8,000,000	0.286%, 9/17/2012^c		8,000,000
		Financing Corporation
	19,950,000	0.347%, 3/7/2011		19,925,609
		Overseas Private Investment Corporation
	4,455,172	0.240%, 3/15/2017^b,c		4,455,172
	2,327,586	0.240%, 6/15/2017^b,c		2,327,586
	4,824,562	0.240%, 6/15/2024^b,c		4,824,562
		U.S. Central Federal Credit Union
	10,250,000	0.289%, 10/19/2011^b,c		10,250,000

		Total Government Agency Debt		185,816,822


Shares		Investment Company (4.8%)	Value
		AIM Investments Institutional Government and Agency Portfolio
	100,000	0.090%		100,000
		BlackRock Cash Funds
	32,313,000	0.230%		32,313,000
		DWS Money Market Series
	2,245,000	0.190%		2,245,000

		Total Investment Company		34,658,000


Principal Amount		Other Commercial Paper (15.1%)^a	Value
		ENI Coordination Center SA
	16,000,000	0.240%, 11/5/2010^b		15,999,573
		ENI Finance USA, Inc.
	20,000,000	0.230%, 11/1/2010^b		20,000,000
	16,000,000	0.240%, 11/2/2010^b		15,999,893
		Georgia Transmission Corporation
	2,850,000	0.370%, 11/22/2010		2,849,385
	3,241,000	0.370%, 11/29/2010		3,240,067

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

205

Money Market Fund

Schedule of Investments as of October 31, 2010


Principal Amount		Other Commercial Paper (15.1%)^a	Value
		Louis Dreyfus Corporation
$	7,400,000	0.330%, 12/27/2010^b	$	7,396,201
		MLTC Funding, Inc.
	3,880,000	0.500%, 11/30/2010^b		3,878,437
		Novartis Finance Corporation
	3,930,000	0.340%, 2/9/2011^b		3,926,288
		Novartis Securities Investment, Ltd.
	3,880,000	0.270%, 12/6/2010^b		3,878,982
		Private Export Funding Corporation
	7,720,000	0.300%, 2/18/2011		7,712,988
		River Fuel Funding Company, No. 3
	7,400,000	0.350%, 1/31/2011^b		7,393,453
		Toyota Credit Canada, Inc.
	8,000,000	0.300%, 12/15/2010		7,997,067
		Toyota Motor Credit Corporation
	3,050,000	0.300%, 12/8/2010		3,049,060
	7,430,000	0.360%, 2/16/2011		7,422,050

		Total Other Commercial Paper		110,743,444


Principal Amount		Other Municipal Debt (8.6%)^a	Value
		Alaska Housing Finance Corporation
	7,785,000	0.350%, 11/4/2010		7,784,773
	8,800,000	0.400%, 11/9/2010		8,799,218
	11,500,000	0.320%, 12/7/2010		11,496,320
	7,905,000	0.320%, 12/8/2010		7,902,400
		Cliffside Park, New Jersey General Obligation Bonds
	3,900,000	1.500%, 2/14/2011		3,911,685
		Texas Public Finance Authority
	7,790,000	0.320%, 12/7/2010^b		7,790,000
	7,790,000	0.320%, 12/8/2010^b		7,790,000
	7,790,000	0.320%, 12/9/2010^b		7,790,000

		Total Other Municipal Debt		63,264,396


Principal Amount		Variable Rate Demand Note (11.1%)^a	Value
		Denver, Colorado Airport System Revenue Bonds
	8,000,000	0.260%, 11/15/2022^b,c		8,000,000
		Lancaster County, Nebraska Hospital Authority No. 1 Hospital Revenue Refunding Bonds (BryanLGH Medical Center)
	3,870,000	0.270%, 6/1/2031^b,c		3,870,000
		Louisiana Housing Finance Agency Qualified Gulf Opportunity Zone Bonds (Canterbury House Apartments - Sherwood)
	9,000,000	0.300%, 9/15/2040^b,c		9,000,000
		Miami-Dade County, Florida Industrial Development Authority Revenue Bonds (American Public Media Group)
	6,410,000	0.300%, 12/1/2038^b,c		6,410,000


Principal Amount		Variable Rate Demand Note (11.1%)^a	Value
		Midcities Metropolitan District No. 1, Broomfield, Colorado Revenue Refunding Bonds
$	8,210,000	0.270%, 12/1/2031^b,c	$	8,210,000
		New York Liberty Development Corporation Multi-Modal Liberty Revenue Bonds (World Trade Center)
	15,160,000	0.320%, 3/1/2011^c		15,160,000
		Olathe, Kansas Health Facilities Revenue Bonds (Olathe Medical Center)
	8,800,000	0.310%, 9/1/2032^b,c		8,800,000
		Oregon Health and Science University Revenue Bonds
	8,275,000	0.270%, 7/1/2027^b,c		8,275,000
		Pitney Road Partners, LLC
	5,480,000	0.500%, 7/1/2025^b,c,d		5,480,000
		St. Cloud, Minnesota Health Care Refunding Revenue Bonds (CentraCare Health System)
	8,240,000	0.240%, 5/1/2042^b,c		8,240,000

		Total Variable Rate Demand Note		81,445,000

		Total Investments (at amortized cost) 100.8%	$	737,437,617

		Other Assets and Liabilities, Net (0.8%)		(5,949,072	)

		Total Net Assets 100.0%	$	731,488,545

a	The interest rate shown reflects the yield, coupon rate or, for securities purchased at a discount, 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 or institution.

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 October 31, 2010.


Cost for federal income tax purposes		$	737,437,617

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

206

Money Market Fund

Schedule of Investments as of October 31, 2010

Fair Valuation Measurements

The following table is a summary of the inputs used, as of October 31, 2010, in valuing Money Market Fund’s assets carried at fair value or amortized cost, which approximates fair value, as discussed in the Notes to Financial Statements.


Investments in Securities	Total		Level 1		Level 2		Level 3
Asset Backed Commercial Paper		98,009,027		—		98,009,027		—
Financial Company Commercial Paper		163,500,928		—		163,500,928		—
Government Agency Debt		185,816,822		—		185,816,822		—
Investment Company		34,658,000		34,658,000		—		—
Other Commercial Paper		110,743,444		—		110,743,444		—
Other Municipal Debt		63,264,396		—		63,264,396		—
Variable Rate Demand Note		81,445,000		—		81,445,000		—

Total	$	737,437,617	$	34,658,000	$	702,779,617	$	—

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

207

Thrivent Mutual Funds

Statement of Assets and Liabilities


*As of October 31, 2010*	Aggressive Allocation Fund			Moderately Aggressive Allocation Fund			Moderate Allocation Fund			Moderately Conservative Allocation Fund
Assets
Investments at cost	$	508,726,764		$	1,176,127,759		$	1,161,279,505		$	512,188,143
Investments in securities at market value		150,987,937			277,955,958			252,137,366			129,090,912
Investments in affiliates at market value		358,097,595			887,290,673			917,679,601			397,033,095
Investments at Market Value		509,085,532			1,165,246,631			1,169,816,967			526,124,007
Cash		4,470			6,215			59,313			29,377
Dividends and interest receivable		214,673			566,878			563,037			286,465
Prepaid expenses		2,882			4,764			4,660			2,802
Receivable for investments sold		2,303,205			3,395,439			2,136,140			843,010
Receivable for fund shares sold		216,008			343,298			801,797			437,158
Receivable for forward contracts		—			—			—			—
Receivable for variation margin		—			40,150			43,250			19,040
Total Assets		511,826,770			1,169,603,375			1,173,425,164			527,741,859
Liabilities
Accrued expenses		59,666			92,257			80,473			46,088
Payable for investments purchased		2,028,786			3,736,141			3,358,087			1,791,509
Payable upon return of collateral for securities loaned		—			—			—			—
Payable for fund shares redeemed		311,579			353,953			267,110			305,315
Payable for forward contracts		—			—			—			—
Payable for variation margin		—			133,400			44,620			17,020
Payable to affiliate		232,192			516,849			516,447			227,005
Total Liabilities		2,632,223			4,832,600			4,266,737			2,386,937
Net Assets
Capital stock (beneficial interest)		529,801,372			1,205,978,854			1,187,795,769			517,004,236
Accumulated undistributed net investment income/(loss)		67,966			8,928,662			1,220,033			788,101
Accumulated undistributed net realized gain/(loss)		(21,033,559	)		(38,682,581	)		(29,914,128	)		(7,214,879	)
Net unrealized appreciation/(depreciation) on:
Investments		10,930,677			19,994,260			15,985,435			7,551,409
Affiliated investments		(10,571,909	)		(30,875,388	)		(7,447,973	)		6,384,455
Futures contracts		—			(573,032	)		1,519,291			841,600
Foreign currency forward contracts		—			—			—			—
Foreign currency transactions		—			—			—			—
Total Net Assets	$	509,194,547		$	1,164,770,775		$	1,169,158,427		$	525,354,922
Class A Share Capital	$	435,515,975		$	1,085,277,661		$	1,118,637,055		$	503,675,098
Shares of beneficial interest outstanding (Class A)		42,071,444			101,951,699			104,824,263			46,955,032
Net asset value per share	$	10.35		$	10.65		$	10.67		$	10.73
Maximum public offering price	$	10.95		$	11.27		$	11.29		$	11.35

Institutional Class Share Capital	$	73,678,572		$	79,493,114		$	50,521,372		$	21,679,824
Shares of beneficial interest outstanding (Institutional Class)		7,067,393			7,416,841			4,724,471			2,016,384
Net asset value per share	$	10.43		$	10.72		$	10.69		$	10.75

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

208

Thrivent Mutual Funds

Statement of Assets and Liabilities - continued


Partner Small Cap Growth Fund	Partner Small Cap Value Fund			Small Cap Stock Fund			Mid Cap Growth Fund			Partner Mid Cap Value Fund			Mid Cap Stock Fund			Partner Worldwide Allocation Fund

$104,132,409	$	220,063,913		$	298,695,519		$	336,423,082		$	107,531,914		$	730,997,892		$	220,255,745
113,046,268		232,911,417			303,333,739			388,873,679			120,842,860			789,153,091			253,649,377
16,835,133		12,796,600			21,723,500			17,310,111			4,538,968			64,107,848			—
129,881,401		245,708,017			325,057,239			406,183,790			125,381,828			853,260,939			253,649,377

8,330		4,220			4,449			1,244			2,911			744			560,725	^(a)
22,221		93,976			68,319			141,077			97,661			319,717			878,877
1,746		2,097			2,378			2,489			1,768			3,811			1,981
798,097		404,690			4,900,873			4,291,298			1,234,889			21,809,458			1,783,414
9,571		177,755			51,663			520,283			8,836			183,487			78,507
—		—			—			—			—			—			32,233
—		—			99,820			—			—			—			750
130,721,366		246,390,755			330,184,741			411,140,181			126,727,893			875,578,156			256,985,864

24,246		47,112			103,256			82,691			26,157			186,895			62,610
600,010		817,162			173,558			4,117,888			1,298,087			22,646,654			2,080,014
16,835,133		12,796,600			21,723,500			17,310,111			4,538,968			64,107,848			—
10,342		110,791			158,284			166,480			—			269,803			—
—		—			—			—			—			—			113,806
—		—			—			—			—			—			—
97,811		176,301			284,764			230,520			87,281			656,206			183,971
17,567,542		13,947,966			22,443,362			21,907,690			5,950,493			87,867,406			2,440,401

113,900,242		206,992,610			365,976,622			323,841,751			117,571,688			897,648,029			236,794,279
(11,240)		642,456			(67,688	)		(41,895	)		394,071			568,402			3,016,613
(26,484,170)		(836,381	)		(84,950,783	)		(4,328,073	)		(15,038,273	)		(232,768,728	)		(18,747,521	)

25,748,992		25,644,104			26,361,720			69,760,708			17,849,914			122,263,047			33,393,632
—		—			—			—			—			—			—
—		—			421,508			—			—			—			140,230
—		—			—			—			—			—			(81,573	)
—		—			—			—			—			—			29,803
$113,153,824	$	232,442,789		$	307,741,379		$	389,232,491		$	120,777,400		$	787,710,750		$	254,545,463

$17,276,629	$	71,695,718		$	239,137,262		$	241,679,044		$	16,592,083		$	571,129,484		$	35,296,920
1,598,482		5,224,498			19,033,166			14,541,156			1,483,266			42,344,304			4,012,918
$10.81	$	13.72		$	12.56		$	16.62		$	11.19		$	13.49		$	8.80
$11.44	$	14.52		$	13.29		$	17.59		$	11.84		$	14.28		$	9.31

$95,877,195	$	160,747,071		$	68,604,117		$	147,553,447		$	104,185,317		$	216,581,266		$	219,248,543
8,706,964		11,169,589			4,904,026			7,964,158			9,281,080			14,909,786			24,828,050
$11.01	$	14.39		$	13.99		$	18.53		$	11.23		$	14.53		$	8.83

^(a)	Includes foreign currency holdings of $112,692 (cost $112,348).

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

209

Thrivent Mutual Funds

Statement of Assets and Liabilities - continued


*As of October 31, 2010*	Partner International Stock Fund			Large Cap Growth Fund			Large Cap Value Fund			Large Cap Stock Fund
Assets
Investments at cost	$	421,361,225		$	293,298,482		$	466,357,005		$	1,597,299,393
Investments in securities at market value		454,140,635			324,949,059			506,907,005			1,728,331,517
Investments in affiliates at market value		19,253,447			2,018,813			17,426,288			67,901,380
Investments at Market Value		473,394,082			326,967,872			524,333,293			1,796,232,897
Cash		4,928	^(a)		2,432			2,485			253,240
Dividends and interest receivable		1,622,486			144,850			599,023			1,549,154
Prepaid expenses		2,792			2,415			2,962			7,067
Receivable for investments sold		1,118,166			11,714,811			—			50,800,806
Receivable for fund shares sold		73,744			45,573			181,798			109,823
Swap agreements, at value		—			—			—			—
Receivable for forward contracts		4,960			—			—			—
Receivable for variation margin		—			—			—			5,751
Total Assets		476,221,158			338,877,953			525,119,561			1,848,958,738
Liabilities
Distributions payable		—			—			—			—
Accrued expenses		126,015			89,816			109,399			593,709
Payable for investments purchased		1,307,780			14,967,285			—			52,214,333
Payable upon return of collateral for securities loaned		19,253,447			2,018,813			17,426,288			67,901,380
Payable for fund shares redeemed		83,961			277,776			189,109			936,694
Payable for forward contracts		5,550			—			—			—
Open options written, at value		—			15,560			—			185,000
Swap agreements, at value		—			—			—			—
Payable for variation margin		—			—			—			—
Payable to affiliate		322,738			218,971			277,177			1,339,424
Mortgage dollar roll deferred revenue		—			—			—			—
Total Liabilities		21,099,491			17,588,221			18,001,973			123,170,540
Net Assets
Capital stock (beneficial interest)		558,761,504			415,147,028			573,698,053			1,671,926,739
Accumulated undistributed net investment income/(loss)		7,183,805			(57,932	)		4,734,847			4,018,330
Accumulated undistributed net realized gain/(loss)		(162,931,066	)		(127,473,587	)		(129,291,600	)		(150,417,704	)
Net unrealized appreciation/(depreciation) on:
Investments		52,032,857			33,669,390			57,976,288			198,933,504
Affiliated investments		—			—			—			—
Written option contracts		—			4,833			—			5,938
Futures contracts		—			—			—			1,321,391
Swap agreements		—			—			—			—
Foreign currency forward contracts		(590	)		—			—			—
Foreign currency transactions		75,157			—			—			—
Total Net Assets	$	455,121,667		$	321,289,732		$	507,117,588		$	1,725,788,198
Class A Share Capital	$	174,132,959		$	121,315,872		$	175,967,098		$	1,549,382,459
Shares of beneficial interest outstanding (Class A)		18,060,026			25,292,428			13,955,503			74,241,368
Net asset value per share	$	9.64		$	4.80		$	12.61		$	20.87
Maximum public offering price	$	10.20		$	5.08		$	13.34		$	22.08
Institutional Class Share Capital	$	280,988,708		$	199,973,860		$	331,150,490		$	176,405,739
Shares of beneficial interest outstanding (Institutional Class)		28,517,328			39,001,487			26,057,656			8,381,851
Net asset value per share	$	9.85		$	5.13		$	12.71		$	21.05

^(a)	Includes foreign currency holdings of $516 (cost $505).

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

210

Thrivent Mutual Funds

Statement of Assets and Liabilities - continued


Balanced Fund		High Yield Fund			Municipal Bond Fund		Income Fund			Core Bond Fund			Government Bond Fund			Limited Maturity Bond Fund

	$209,734,486	$	712,559,372		$	1,376,270,066	$	775,412,524		$	345,349,653		$	114,543,319		$	813,734,891
	218,580,460		693,813,371			1,469,965,863		797,631,117			339,566,303			120,283,447			808,074,375
	6,326,677		63,913,080			—		19,220,860			12,859,626			—			17,897,244
	224,907,137		757,726,451			1,469,965,863		816,851,977			352,425,929			120,283,447			825,971,619
	492		145,850			2,135		8,169			711,157			16,552			67,992
	584,925		12,720,387			21,301,287		9,603,406			2,233,307			687,812			4,292,702
	2,053		3,457			5,550		3,687			2,309			13,845			3,399
	2,597,468		5,399,219			—		3,834,221			4,849,016			—			4,255,823
	8,541		472,170			975,314		380,983			74,982			109,262			1,364,021
	—		—			—		83,860			—			—			—
	—		—			—		—			—			—			—
	18,977		—			—		335,625			57,500			—			7,188
	228,119,593		776,467,534			1,492,250,149		831,101,928			360,354,200			121,110,918			835,962,744

	—		1,214,653			748,975		251,071			88,496			129			26,252
	80,710		114,549			222,894		119,723			98,120			12,145			85,854
	17,738,904		7,964,850			10,075,284		47,793,736			64,455,043			9,514,875			23,793,066
	4,547,275		63,913,080			—		5,860,500			—			—			6,975,715
	106,491		248,249			537,190		258,020			121,437			9,049			835,607
	—		—			—		—			—			—			—
	—		—			—		—			—			11,000			—
	19,679		—			—		133,100			157,431			—			170,551
	27,187		—			—		488,160			138,710			—			397,892
	155,776		376,972			874,940		356,582			171,962			46,575			262,929
	8,920		—			—		19,266			31,408			4,186			7,822
	22,684,942		73,832,353			12,459,283		55,280,158			65,262,607			9,597,959			32,555,688

	202,711,199		826,062,019			1,383,609,023		791,999,802			308,986,350			104,901,924			797,590,756
	59,336		80,827			258,821		270,554			337,985			34,242			493,211
	(12,472,677)		(168,674,744	)		2,227,225		(55,804,585	)		(20,342,497	)		839,759			(4,274,767	)
	14,793,249		45,167,079			93,695,797		37,779,093			4,016,650			5,740,128			9,615,198
	379,402		—			—		3,660,360			3,059,626			—			2,621,530
	—		—			—		—			—			(3,094	)		—
	(6,179)		—			—		(1,842,362	)		(730,338	)		—			(2,381,654	)
	(29,679)		—			—		(241,092	)		(236,183	)		—			(257,218	)
	—		—			—		—			—			—			—
	—		—			—		—			—			—			—
	$205,434,651	$	702,635,181		$	1,479,790,866	$	775,821,770		$	295,091,593		$	111,512,959		$	803,407,056

	$148,859,722	$	448,082,706		$	1,384,511,555	$	405,094,087		$	244,973,306		$	5,919,526		$	272,650,341
	12,748,011		92,169,823			121,211,779		46,036,260			24,228,509			560,353			21,673,800
	$ 11.68	$	4.86		$	11.42	$	8.80		$	10.11		$	10.56		$	12.58
	$ 12.36	$	5.09		$	11.96	$	9.21		$	10.59		$	10.78		$	12.58
	$ 56,574,929	$	254,552,475		$	95,279,311	$	370,727,683		$	50,118,287		$	105,593,433		$	530,756,715
	4,851,572		52,334,233			8,341,674		42,165,611			4,955,452			9,993,947			42,200,004
	$ 11.66	$	4.86		$	11.42	$	8.79		$	10.11		$	10.57		$	12.58

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

211

Thrivent Mutual Funds

Statement of Assets and Liabilities - continued


*As of October 31, 2010*	Money Market Fund
Assets
Investments at cost	$	737,437,617
Investments in securities at market value		737,437,617
Investments at Market Value		737,437,617	¹
Cash		4,422
Dividends and interest receivable		375,060
Prepaid expenses		4,092
Receivable for fund shares sold		2,430,414
Total Assets		740,251,605
Liabilities
Accrued expenses		209,757
Payable for fund shares redeemed		8,504,243
Payable to affiliate		49,060
Total Liabilities		8,763,060
Net Assets
Capital stock (beneficial interest)		731,621,402
Accumulated undistributed net investment income/(loss)		(132,857	)
Accumulated undistributed net realized gain/(loss)		—
Total Net Assets	$	731,488,545
Class A Share Capital	$	716,981,962
Shares of beneficial interest outstanding (Class A)		716,981,961
Net asset value per share	$	1.00
Maximum public offering price	$	1.00

Institutional Class Share Capital	$	14,506,583
Shares of beneficial interest outstanding (Institutional Class)		14,506,583
Net asset value per share	$	1.00

¹	Securities held by this fund are valued on the basis of amortized cost, which approximates market value.

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

212

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213

Thrivent Mutual Funds

Statement of Operations


*For the year ended October 31, 2010*	Aggressive Allocation Fund			Moderately Aggressive Allocation Fund			Moderate Allocation Fund			Moderately Conservative Allocation Fund
Investment Income
Dividends	$	887,051		$	1,635,849		$	1,263,554		$	468,463
Taxable interest		859,784			3,366,051			4,877,107			2,588,244
Income from securities loaned		—			—			—			—
Income from affiliated investments		4,228,711			18,979,097			24,602,181			11,758,211
Foreign dividend tax withholding		(1,162	)		(2,155	)		(1,800	)		(637	)
Total Investment Income		5,974,384			23,978,842			30,741,042			14,814,281
Expenses
Adviser fees		1,467,882			2,806,623			2,568,234			1,163,294
Sub-Adviser fees		—			—			—			—
Administrative service fees		163,532			285,760			283,242			162,776
Audit and legal fees		25,819			35,295			35,103			25,648
Custody fees		68,104			71,734			71,017			61,679
Distribution expenses Class A		995,757			2,509,198			2,554,047			1,115,181
Insurance expenses		6,759			11,017			10,916			6,709
Printing and postage expenses Class A		296,833			529,227			390,469			144,723
Printing and postage expenses Institutional Class		537			465			492			395
SEC and state registration expenses		49,093			72,581			77,120			58,593
Transfer agent fees Class A		775,679			1,399,515			1,030,041			374,020
Transfer agent fees Institutional Class		467			540			607			456
Trustees’ fees		9,761			13,979			13,443			8,925
Other expenses		12,820			14,355			14,421			13,676
Total Expenses Before Reimbursement		3,873,043			7,750,289			7,049,152			3,136,075
Less:
Reimbursement from adviser		(837,436	)		(1,264,952	)		(794,074	)		(484,343	)
Custody earnings credit		(615	)		(425	)		(352	)		(690	)
Total Net Expenses		3,034,992			6,484,912			6,254,726			2,651,042

Net Investment Income/(Loss)		2,939,392			17,493,930			24,486,316			12,163,239
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		1,601,261			3,324,785			3,789,191			2,053,871
Affiliated investments		(3,980,712	)		(4,868,804	)		(3,667,524	)		(898,451	)
Futures contracts		5,543,826			9,461,044			10,760,334			3,113,904
Foreign currency transactions		261			(164	)		(90	)		(41	)
Swap agreements		(125,392	)		(733,085	)		(733,085	)		(245,100	)
Change in net unrealized appreciation/(depreciation) on:
Investments		11,845,657			21,895,889			16,899,338			6,573,142
Affiliated investments		58,986,760			117,868,269			96,504,345			30,897,639
Futures contracts		722,064			955,100			2,790,420			1,133,837
Foreign currency forward contracts		—			—			—			—
Foreign currency transactions		122			163			89			40
Swap agreements		53,471			301,560			301,560			101,258
Net Realized and Unrealized Gains/(Losses)		74,647,318			148,204,757			126,644,578			42,730,099

Net Increase/(Decrease) in Net Assets Resulting From Operations	$	77,586,710		$	165,698,687		$	151,130,894		$	54,893,338

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

214

Thrivent Mutual Funds

Statement of Operations - continued


Partner Small Cap Growth Fund			Partner Small Cap Value Fund			Small Cap Stock Fund			Mid Cap Growth Fund			Partner Mid Cap Value Fund			Mid Cap Stock Fund			Partner Worldwide Allocation Fund
$	345,800		$	3,260,315		$	2,287,030		$	2,251,477		$	1,998,208		$	9,557,391		$	4,710,323
	5,363			10,680			34,593			35,934			3,739			48,143			1,215,819
	78,095			27,710			195,556			76,860			24,299			70,111			—
	—			—			—			—			—			—			—
	(70	)		(3,248	)		(1,222	)		(39,988	)		—			—			(421,752	)

	429,188			3,295,457			2,515,957			2,324,283			2,026,246			9,675,645			5,504,390
	276,218			213,433			2,061,111			1,370,095			293,461			5,060,023			726,575
	641,688			1,280,597			—			—			530,215			—			962,500
	90,398			112,686			130,342			138,291			91,965			222,616			107,538
	20,176			21,760			23,516			23,683			20,331			32,189			31,807
	27,998			15,466			42,560			18,720			25,660			35,630			272,048
	38,634			168,418			586,426			555,568			38,180			1,381,015			75,341
	4,210			4,914			5,954			5,840			4,256			9,364			4,614
	8,245			69,567			264,523			260,755			7,235			348,273			11,371
	915			12,483			1,198			10,590			942			4,726			3,657
	31,037			35,699			40,045			40,522			31,592			56,512			40,247
	25,861			214,928			756,492			756,202			36,744			1,218,063			49,404
	295			57,897			2,281			55,232			985			14,658			1,447
	8,020			14,203			22,337			20,576			9,315			45,996			11,715
	9,875			9,960			11,060			10,293			8,964			13,041			71,447

	1,183,570			2,232,011			3,947,845			3,266,367			1,099,845			8,442,106			2,369,711
	(1,304	)		(47,479	)		(330	)		(95	)		(32,842	)		(24	)		(419,311	)
	(1,426	)		(315	)		(251	)		(66	)		(790	)		(55	)		(4,025	)
	1,180,840			2,184,217			3,947,264			3,266,206			1,066,213			8,442,027			1,946,375

	(751,652	)		1,111,240			(1,431,307	)		(941,923	)		960,033			1,233,618			3,558,015

	9,426,493			5,713,796			58,887,557			23,770,581			10,280,114			45,868,961			3,992,594
	—			—			—			—			—			—			—
	(38,570	)		—			(478,326	)		—			—			—			(427,863	)
	—			(402	)		(3,166	)		—			—			—			(188,739	)
	—			—			—			—			—��			—			—

	17,701,060			34,309,656			2,965,504			63,423,523			13,485,838			117,529,372			23,376,059
	—			—			—			—			—			—			—
	95,458			—			421,508			—			—			—			222,857
	—			—			—			—			—			—			(88,067	)
	—			—			2,592			—			—			—			21,973
	—			—			—			—			—			—			—
	27,184,441			40,023,050			61,795,669			87,194,104			23,765,952			163,398,333			26,908,814

	$26,432,789		$	41,134,290		$	60,364,362		$	86,252,181		$	24,725,985		$	164,631,951		$	30,466,829

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

215

Thrivent Mutual Funds

Statement of Operations - continued


*For the year ended October 31, 2010*	Partner International Stock Fund			Large Cap Growth Fund			Large Cap Value Fund			Large Cap Stock Fund
Investment Income
Dividends	$	13,533,099		$	3,002,463		$	9,767,598		$	24,821,372
Taxable interest		15,303			16,506			21,310			185,853
Tax-Exempt interest		—			—			—			—
Income from mortgage dollar rolls		—			—			—			—
Income from securities loaned		232,570			12,893			10,378			71,774
Income from affiliated investments		—			—			9			—
Foreign dividend tax withholding		(1,280,020	)		(9,901	)		(24,847	)		(56,687	)
Total Investment Income		12,500,952			3,021,961			9,774,448			25,022,312
Expenses
Adviser fees		1,098,853			2,331,835			2,201,423			9,965,878
Sub-Adviser fees		1,546,686			—			—			—
Administrative service fees		157,351			132,182			167,841			423,635
Amortization of offering costs		—			—			—			—
Audit and legal fees		26,798			23,718			26,455			48,781
Custody fees		190,719			37,959			22,205			74,611
Distribution expenses Class A		434,191			305,178			452,559			3,973,694
Insurance expenses		6,784			6,051			7,143			17,277
Printing and postage expenses Class A		151,130			132,500			112,469			1,019,293
Printing and postage expenses Institutional Class		1,945			1,580			8,765			1,404
SEC and state registration expenses		45,533			40,566			52,459			86,870
Transfer agent fees Class A		673,725			536,950			488,238			3,282,190
Transfer agent fees Institutional Class		951			3,653			41,358			2,472
Trustees’ fees		27,368			21,256			29,882			116,003
Other expenses		40,517			10,761			11,153			18,722
Total Expenses Before Reimbursement		4,402,551			3,584,189			3,621,950			19,030,830
Less:
Reimbursement from adviser		(671	)		(544,380	)		(34	)		(168	)
Custody earnings credit		(625	)		(234	)		(195	)		(312	)
Total Net Expenses		4,401,255			3,039,575			3,621,721			19,030,350

Net Investment Income/(Loss)		8,099,697			(17,614	)		6,152,727			5,991,962
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		9,584,239			6,264,475			8,640,628			155,414,802
Written option contracts		—			168,807			—			(1,010,899	)
Futures contracts		—			—			—			17,948,571
Foreign currency transactions		(528,546	)		—			—			—
Swap agreements		—			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments		28,602,884			31,946,592			34,965,078			8,320,540
Affiliated investments		—			—			—			—
Written option contracts		—			4,833			—			5,938
Futures contracts		—			—			—			1,187,976
Foreign currency forward contracts		23,785			—			—			—
Foreign currency transactions		26,501			—			—			—
Swap agreements		—			—			—			—
Net Realized and Unrealized Gains/(Losses)		37,708,863			38,384,707			43,605,706			181,866,928

Net Increase/(Decrease) in Net Assets Resulting From Operations	$	45,808,560		$	38,367,093		$	49,758,433		$	187,858,890

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

216

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Statement of Operations - continued


Balanced Fund		High Yield Fund			Municipal Bond Fund			Income Fund			Core Bond Fund			Government Bond Fund^(a)			Limited Maturity Bond Fund

$	1,955,611	$	784,325		$	—		$	129,795		$	33,773		$	—		$	73,710
	2,465,710		58,956,446			564,994			39,865,538			11,514,528			1,474,387			24,117,013
	—		—			69,059,253			—			—			—			—
	429,181		—			—			1,000,485			1,795,347			134,045			729,963
	54,395		192,116			—			8,086			—			—			4,721
	140,850		—			—			1,057,511			1,017,876			—			864,470
	(7,708)		—			—			—			—			—			—
	5,038,039		59,932,887			69,624,247			42,061,415			14,361,524			1,608,432			25,789,877

	1,120,934		2,627,546			5,661,859			2,559,472			1,309,751			254,325			2,019,774
	—		—			—			—			—			—			—
	110,761		205,860			350,678			219,814			128,211			59,383			207,802
	—		—			—			—			—			24,574			—
	22,110		29,499			41,372			31,440			23,740			13,606			28,625
	21,959		26,343			33,502			34,639			18,052			6,995			31,324
	369,876		1,048,607			3,286,710			949,312			587,524			2,715			251,146
	5,059		8,382			14,238			9,264			5,846			2,182			8,167
	79,003		167,544			203,459			137,671			83,187			926			74,013
	498		7,753			6,990			1,479			1,104			419			14,547
	46,538		71,112			106,397			59,662			42,363			5,449			83,756
	294,728		539,014			578,563			457,107			343,740			2,586			256,365
	404		41,001			31,772			2,399			2,616			271			63,502
	17,420		36,474			72,522			40,064			22,019			5,123			33,643
	18,102		23,506			76,593			32,976			18,817			6,229			23,690
	2,107,392		4,832,641			10,464,655			4,535,299			2,586,970			384,783			3,096,354

	(6,738)		(35	)		—			(49,122	)		(280,501	)		—			(40,196	)
	(480)		(240	)		(58	)		(90	)		(433	)		(316	)		(196	)
	2,100,174		4,832,366			10,464,597			4,486,087			2,306,036			384,467			3,055,962

	2,937,865		55,100,521			59,159,650			37,575,328			12,055,488			1,223,965			22,733,915

	18,183,754		13,297,164			3,043,682			28,258,762			9,831,983			839,759			16,865,434
	—		—			—			—			—			—			—
	302,261		—			(170,751	)		(4,879,997	)		(2,285,664	)		—			(11,959,126	)
	—		—			—			12,797			—			—			—
	17,250		1,134,583			—			(224,974	)		15,661			—			(64,839	)
	8,893,890		43,106,825			31,407,282			37,486,680			14,144,621			5,740,128			14,108,978
	142,792		—			—			1,072,128			1,031,945			—			876,420
	—		—			—			—			—			(3,094	)		—
	8,519		—			—			(1,254,607	)		(110,758	)		—			(546,860	)
	—		—			—			—			—			—			—
	—		—			—			—			—			—			—
	(62,372)		—			—			(360,960	)		(399,873	)		—			(350,840	)
	27,486,094		57,538,572			34,280,213			60,109,829			22,227,915			6,576,793			18,929,167

$	30,423,959	$	112,639,093		$	93,439,863		$	97,685,157		$	34,283,403		$	7,800,758		$	41,663,082

^(a)	For the period from February 26, 2010 (inception) through October 31, 2010

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

217

Thrivent Mutual Funds

Statement of Operations - continued


*For the year ended October 31, 2010*	Money Market Fund
Investment Income
Dividends	$	59,533
Taxable interest		2,579,052
Total Investment Income		2,638,585
Expenses
Adviser fees		3,935,920
Administrative service fees		245,003
Audit and legal fees		37,596
Custody fees		34,880
Distribution expenses Class A		1,059,926
Insurance expenses		13,360
Printing and postage expenses Class A		550,810
Printing and postage expenses Institutional Class		1,435
SEC and state registration expenses		139,338
Transfer agent fees Class A		1,472,885
Transfer agent fees Institutional Class		2,444
Trustees’ fees		53,476
Other expenses		25,788
Total Expenses Before Reimbursement		7,572,861
Less:
Reimbursement from adviser		(4,927,846	)
Custody earnings credit		(14	)
Total Net Expenses		2,645,001

Net Investment Income/(Loss)		(6,416	)
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		6,416
Net Realized and Unrealized Gains/(Losses)		6,416

Net Increase/(Decrease) in Net Assets Resulting From Operations	$	—

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

218

[THIS PAGE INTENTIONALLY LEFT BLANK]

219

Thrivent Mutual Funds

Statement of Changes in Net Assets


	Aggressive Allocation Fund						Moderately Aggressive Allocation Fund
*For the periods ended*	10/31/2010			10/31/2009			10/31/2010			10/31/2009
Operations
Net investment income/(loss)	$	2,939,392		$	4,534,986		$	17,493,930		$	20,151,317
Net realized gains/(losses)		3,039,244			(22,491,675	)		7,183,776			(39,891,733	)
Change in net unrealized appreciation/(depreciation)		71,608,074			74,067,995			141,020,981			158,660,881
Net Change in Net Assets Resulting From Operations		77,586,710			56,111,306			165,698,687			138,920,465
Distributions to Shareholders
From net investment income		(3,322,539	)		(4,055,895	)		(16,180,145	)		(18,672,449	)
From net realized gains		—			(17,451,235	)		—			(20,356,741	)
Total Distributions to Shareholders		(3,322,539	)		(21,507,130	)		(16,180,145	)		(39,029,190	)
Capital Stock Transactions
Class A
Sold		68,966,735			75,669,139			165,343,830			168,832,839
Distributions reinvested		2,656,356			17,944,966			14,802,004			35,823,489
Redeemed		(53,896,599	)		(32,203,634	)		(137,940,860	)		(91,599,502	)

Total Class A Capital Stock Transactions		17,726,492			61,410,471			42,204,974			113,056,826

Class B
Sold		—			—			—			—
Distributions reinvested		—			—			—			—
Redeemed		—			—			—			—

Total Class B Capital Stock Transactions		—			—			—			—

Institutional Class
Sold		14,716,084			18,990,498			13,566,962			13,355,531
Distributions reinvested		657,354			3,533,938			1,316,075			3,074,642
Redeemed		(15,622,819	)		(15,690,456	)		(14,882,728	)		(10,880,875	)

Total Institutional Class Capital Stock Transactions		(249,381	)		6,833,980			309			5,549,298


Capital Stock Transactions		17,477,111			68,244,451			42,205,283			118,606,124

Net Increase/(Decrease) in Net Assets		91,741,282			102,848,627			191,723,825			218,497,399
Net Assets, Beginning of Period		417,453,265			314,604,638			973,046,950			754,549,551
Net Assets, End of Period	$	509,194,547		$	417,453,265		$	1,164,770,775		$	973,046,950
Accumulated Undistributed Net Investment Income/(Loss)	$	67,966		$	578,613		$	8,928,662		$	8,227,789

Capital Stock Share Transactions

Class A shares
Sold		7,178,016			10,049,721			16,664,078			21,347,213
Distributions reinvested		280,206			2,450,831			1,521,276			4,678,763
Redeemed		(5,618,283	)		(4,252,307	)		(13,921,180	)		(11,874,622	)

Total Class A shares		1,839,939			8,248,245			4,264,174			14,151,354


Class B shares
Sold		—			—			—			—
Distributions reinvested		—			—			—			—
Redeemed		—			—			—			—

Total Class B shares		—			—			—			—


Institutional Class shares
Sold		1,521,617			2,524,582			1,367,382			1,685,333
Distributions reinvested		69,050			479,150			134,706			399,385
Redeemed		(1,616,293	)		(1,973,983	)		(1,491,806	)		(1,357,580	)

Total Institutional Class shares		(25,626	)		1,029,749			10,282			727,138

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

220

Thrivent Mutual Funds

Statement of Changes in Net Assets – continued


Moderate Allocation Fund					Moderately Conservative Allocation Fund						Partner Small Cap Growth Fund						Partner Small Cap Value Fund
10/31/2010		10/31/2009			10/31/2010			10/31/2009			10/31/2010			10/31/2009			10/31/2010			10/31/2009
	$24,486,316	$	26,013,276		$	12,163,239		$	11,830,199		$	(751,652	)	$	(344,986	)	$	1,111,240		$	1,416,544
	10,148,826		(35,644,331	)		4,024,183			(9,819,749	)		9,387,923			(18,640,522	)		5,713,394			(6,457,291	)
	116,495,752		145,257,325			38,705,916			51,314,497			17,796,518			25,076,681			34,309,656			21,262,326
	151,130,894		135,626,270			54,893,338			53,324,947			26,432,789			6,091,173			41,134,290			16,221,579

	(23,455,552)		(25,153,811	)		(11,745,741	)		(11,514,915	)		—			—			(1,200,962	)		(1,385,809	)
	—		(5,596,009	)		—			—			—			—			—			(7,732,630	)
	(23,455,552)		(30,749,820	)		(11,745,741	)		(11,514,915	)		—			—			(1,200,962	)		(9,118,439	)

	195,649,684		175,340,276			130,576,281			94,991,798			1,567,361			2,803,362			11,027,094			13,404,313
	22,112,999		29,216,297			11,125,731			10,954,480			—			—			155,336			3,309,467
	(144,709,833)		(121,874,783	)		(72,393,697	)		(68,221,096	)		(1,005,627	)		(529,938	)		(11,164,110	)		(13,338,019	)

	73,052,850		82,681,790			69,308,315			37,725,182			561,734			2,273,424			18,320			3,375,761


	—		—			—			—			—			—			—			13,111
	—		—			—			—			—			—			—			63,379
	—		—			—			—			—			—			—			(1,070,217	)

	—		—			—			—			—			—			—			(993,727	)


	13,779,414		12,108,381			11,937,321			6,070,808			2,170,767			4,592,683			35,643,617			45,848,423
	1,105,761		1,217,074			478,689			395,107			–			–			1,044,089			5,714,207
	(8,171,642)		(7,175,493	)		(6,247,625	)		(5,033,855	)		(1,553,161	)		(1,709,247	)		(22,438,898	)		(13,748,637	)

	6,713,533		6,149,962			6,168,385			1,432,060			617,606			2,883,436			14,248,808			37,813,993

	79,766,383		88,831,752			75,476,700			39,157,242			1,179,340			5,156,860			14,267,128			40,196,027

	207,441,725		193,708,202			118,624,297			80,967,274			27,612,129			11,248,033			54,200,456			47,299,167
	961,716,702		768,008,500			406,730,625			325,763,351			85,541,695			74,293,662			178,242,333			130,943,166
	$1,169,158,427	$	961,716,702		$	525,354,922		$	406,730,625		$	113,153,824		$	85,541,695		$	232,442,789		$	178,242,333
	$1,220,033	$	790,473		$	788,101		$	543,271		$	(11,240	)	$	(6,715	)	$	642,456		$	776,308

	19,400,212		21,262,595			12,749,658			10,920,083			156,451			369,706			840,392			1,401,209
	2,210,464		3,588,725			1,092,199			1,261,421			–			–			12,358			350,492
	(14,385,892)		(15,132,993	)		(7,075,922	)		(7,969,154	)		(101,618	)		(72,579	)		(870,513	)		(1,435,078	)

	7,224,784		9,718,327			6,765,935			4,212,350			54,833			297,127			(17,763	)		316,623


	—		—			—			—			—			—			—			1,482
	—		—			—			—			—			—			—			7,293
	—		—			—			—			—			—			—			(131,292	)

	—		—			—			—			—			—			—			(122,517	)


	1,364,566		1,420,718			1,163,646			689,431			231,340			563,875			2,651,175			4,381,989
	110,301		148,801			46,876			45,302			—			—			79,580			577,383
	(809,707)		(874,288	)		(606,648	)		(584,510	)		(157,526	)		(229,259	)		(1,658,262	)		(1,400,988	)

	665,160		695,231			603,874			150,223			73,814			334,616			1,072,493			3,558,384

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

221

Thrivent Mutual Funds

Statement of Changes in Net Assets – continued


	Small Cap Stock Fund						Mid Cap Growth Fund
*For the periods ended*	10/31/2010			10/31/2009			10/31/2010			10/31/2009
Operations
Net investment income/(loss)	$	(1,431,307	)	$	856,097		$	(941,923	)	$	(751,386	)
Net realized gains/(losses)		58,406,065			(63,049,293	)		23,770,581			(20,175,426	)
Change in net unrealized appreciation/(depreciation)		3,389,604			58,209,902			63,423,523			81,419,299
Net Change in Net Assets Resulting From Operations		60,364,362			(3,983,294	)		86,252,181			60,492,487
Distributions to Shareholders
From net investment income		—			(1,199,395	)		—			—
Total Distributions to Shareholders		—			(1,199,395	)		—			—
Capital Stock Transactions
Class A
Sold		9,156,418			18,666,616			15,244,965			19,701,613
Distributions reinvested		—			288,188			—			(3,866	)
Redeemed		(38,192,640	)		(35,817,646	)		(30,167,334	)		(25,064,033	)

Total Class A Capital Stock Transactions		(29,036,222	)		(16,862,842	)		(14,922,369	)		(5,366,286	)

Class B
Sold		—			5,672			—			6,823
Redeemed		—			(2,416,655	)		—			(4,639,347	)

Total Class B Capital Stock Transactions		—			(2,410,983	)		—			(4,632,524	)

Institutional Class
Sold		5,881,036			10,408,053			40,515,809			32,772,986
Distributions reinvested		—			899,724			—			—
Redeemed		(9,431,539	)		(8,913,536	)		(14,387,712	)		(6,786,967	)
In-kind redemptions		—			(49,376,931	)		—			—

Total Institutional Class Capital Stock Transactions		(3,550,503	)		(46,982,690	)		26,128,097			25,986,019

Capital Stock Transactions		(32,586,725	)		(66,256,515	)		11,205,728			15,987,209

Net Increase/(Decrease) in Net Assets		27,777,637			(71,439,204	)		97,457,909			76,479,696
Net Assets, Beginning of Period		279,963,742			351,402,946			291,774,582			215,294,886
Net Assets, End of Period	$	307,741,379		$	279,963,742		$	389,232,491		$	291,774,582
Accumulated Undistributed Net Investment Income/(Loss)	$	(67,688	)	$	90,896		$	(41,895	)	$	(30,016	)

Capital Stock Share Transactions

Class A shares
Sold		790,845			2,032,084			1,031,581			1,864,201
Distributions reinvested		—			30,956			—			(244	)
Redeemed		(3,317,946	)		(3,913,926	)		(2,044,697	)		(2,428,704	)

Total Class A shares		(2,527,101	)		(1,850,886	)		(1,013,116	)		(564,747	)

Class B shares
Sold		—			703			—			909
Redeemed		—			(330,189	)		—			(562,917	)

Total Class B shares		—			(329,486	)		—			(562,008	)


Institutional Class shares
Sold		468,154			981,274			2,484,591			2,889,573
Distributions reinvested		—			88,036			—			—
Redeemed		(743,301	)		(902,518	)		(867,026	)		(564,025	)
In-kind redemptions		—			(4,319,941	)		—			—

Total Institutional Class shares		(275,147	)		(4,153,149	)		1,617,565			2,325,548

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

222

Thrivent Mutual Funds

Statement of Changes in Net Assets – continued


												Partner Worldwide Allocation
Partner Mid Cap Value Fund						Mid Cap Stock Fund						Fund						Partner International Stock Fund
10/31/2010			10/31/2009			10/31/2010			10/31/2009			10/31/2010			10/31/2009			10/31/2010			10/31/2009

$	960,033		$	881,838		$	1,233,618		$	1,851,704		$	3,558,015		$	2,353,437		$	8,099,697		$	7,818,330
	10,280,114			(13,845,188	)		45,868,961			(59,191,531	)		3,375,992			(14,053,702	)		9,055,693			(106,272,055	)
	13,485,838			24,503,090			117,529,372			194,902,855			23,532,822			42,991,855			28,653,170			174,597,561

	24,725,985			11,539,740			164,631,951			137,563,028			30,466,829			31,291,590			45,808,560			76,143,836
	(940,413	)		(888,833	)		(766,405	)		(4,268,966	)		(2,492,167	)		(1,709,823	)		(8,243,472	)		(10,894,347	)
	(940,413	)		(888,833	)		(766,405	)		(4,268,966	)		(2,492,167	)		(1,709,823	)		(8,243,472	)		(10,894,347	)

	2,100,222			5,150,024			18,961,193			28,070,489			8,289,252			5,901,237			6,458,988			9,534,356
	102,004			62,921			—			1,881,875			392,530			285,320			2,560,821			3,891,674
	(2,198,681	)		(978,941	)		(82,352,010	)		(86,585,385	)		(2,989,721	)		(1,499,489	)		(30,503,249	)		(32,785,471	)

	3,545			4,234,004			(63,390,817	)		(56,633,021	)		5,692,061			4,687,068			(21,483,440	)		(19,359,441	)

	—			—			—			3,193			—			—			—			9,689
	—			—			—			(2,798,556	)		—			—			—			(2,411,676	)

	—			—			—			(2,795,363	)		—			—			—			(2,401,987	)


	3,338,732			5,731,151			19,899,352			49,538,758			77,410,248			49,292,766			4,887,770			6,263,317
	837,432			825,239			763,555			2,358,071			2,098,535			1,422,500			5,605,246			6,921,578
	(1,489,047	)		(3,943,641	)		(56,952,622	)		(44,717,664	)		(3,081,557	)		(3,352,400	)		(11,038,963	)		(7,400,407	)
	—			—			—			(66,846,514	)		—			—			—			—
											��
	2,687,117			2,612,749			(36,289,715	)		(59,667,349	)		76,427,226			47,362,866			(545,947	)		5,784,488


	2,690,662			6,846,753			(99,680,532	)		(119,095,733	)		82,119,287			52,049,934			(22,029,387	)		(15,976,940	)

	26,476,234			17,497,660			64,185,014			14,198,329			110,093,949			81,631,701			15,535,701			49,272,549
	94,301,166			76,803,506			723,525,736			709,327,407			144,451,514			62,819,813			439,585,966			390,313,417
	$120,777,400		$	94,301,166		$	787,710,750		$	723,525,736		$	254,545,463		$	144,451,514		$	455,121,667		$	439,585,966
	$394,071		$	418,538		$	568,402		$	660,196		$	3,016,613		$	2,110,441		$	7,183,805		$	7,803,179

	203,958			669,360			1,537,346			3,069,731			1,032,950			895,278			716,251			1,300,369
	10,262			8,561			—			223,237			49,005			46,394			277,432			518,201
	(216,162	)		(126,593	)		(6,706,663	)		(9,781,665	)		(381,116	)		(236,031	)		(3,413,722	)		(4,474,965	)

	(1,942	)		551,328			(5,169,317	)		(6,488,697	)		700,839			705,641			(2,420,039	)		(2,656,395	)


	—			—			—			480			—			—			—			1,428
	—			—			—			(413,102	)		—			—			—			(359,967	)

	—			—			—			(412,622	)		—			—			—			(358,539	)

	338,044			689,841			1,515,029			5,149,510			9,548,496			7,945,276			533,757			830,227
	84,164			112,277			58,780			261,717			261,663			230,925			598,212			909,537
	(146,577	)		(568,756	)		(4,249,364	)		(4,695,874	)		(387,416	)		(468,625	)		(1,228,774	)		(1,065,496	)
	—			—			—			(5,447,964	)		—			—			—			—

	275,631			233,362			(2,675,555	)		(4,732,611	)		9,422,743			7,707,576			(96,805	)		674,268

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

223

Thrivent Mutual Funds

Statement of Changes in Net Assets – continued


	Large Cap Growth Fund						Large Cap Value Fund
*For the periods ended*	10/31/2010			10/31/2009			10/31/2010			10/31/2009
Operations
Net investment income/(loss)	$	(17,614	)	$	1,308,172		$	6,152,727		$	8,044,019
Net realized gains/(losses)		6,433,282			(43,144,851	)		8,640,628			(74,129,191	)
Change in net unrealized appreciation/(depreciation)		31,951,425			90,552,159			34,965,078			104,015,421
Net Change in Net Assets Resulting From Operations		38,367,093			48,715,480			49,758,433			37,930,249
Distributions to Shareholders
From net investment income		(1,199,725	)		(800,264	)		(7,342,630	)		(11,677,572	)
From net realized gains		—			—			—			—
Total Distributions to Shareholders		(1,199,725	)		(800,264	)		(7,342,630	)		(11,677,572	)
Capital Stock Transactions
Class A
Sold		9,355,578			14,777,562			8,383,073			17,538,778
Issued in connection with merger		—			21,102,046			—			—
Distributions reinvested		300,544			—			2,141,468			3,869,545
Redeemed		(21,522,276	)		(20,476,518	)		(29,955,576	)		(34,413,625	)

Total Class A Capital Stock Transactions		(11,866,154	)		15,403,090			(19,431,035	)		(13,005,302	)

Class B
Sold		—			1,154			—			10,582
Distributions reinvested		—			—			—			—
Redeemed		—			(2,390,163	)		—			(2,437,152	)

Total Class B Capital Stock Transactions		—			(2,389,009	)		—			(2,426,570	)

Institutional Class
Sold		11,510,965			14,908,383			49,320,502			76,585,887
Issued in connection with merger		—			1,496,595			—			—
Distributions reinvested		885,312			793,651			5,122,221			7,665,151
Redeemed		(8,747,119	)		(15,468,840	)		(23,426,472	)		(22,926,576	)
In-kind redemptions		—			(78,419,074	)		—			(78,077,277	)

Total Institutional Class Capital Stock Transactions		3,649,158			(76,689,285	)		31,016,251			(16,752,815	)

Capital Stock Transactions		(8,216,996	)		(63,675,204	)		11,585,216			(32,184,687	)

Net Increase/(Decrease) in Net Assets		28,950,372			(15,759,988	)		54,001,019			(5,932,010	)
Net Assets, Beginning of Period		292,339,360			308,099,348			453,116,569			459,048,579
Net Assets, End of Period	$	321,289,732		$	292,339,360		$	507,117,588		$	453,116,569
Accumulated Undistributed Net Investment Income/(Loss)	$	(57,932	)	$	1,144,972		$	4,734,847		$	5,924,787

Capital Stock Share Transactions
Class A shares
Sold		2,037,183			4,103,888			680,489			1,770,333
Issued in connection with merger		—			5,434,228			—			—
Distributions reinvested		64,216			—			174,245			384,655
Redeemed		(4,705,429	)		(5,752,881	)		(2,452,840	)		(3,489,061	)

Total Class A shares		(2,604,030	)		3,785,235			(1,598,106	)		(1,334,073	)

Class B shares
Sold		—			360			—			1,099
Distributions reinvested		—			—			—			—
Redeemed		—			(796,691	)		—			(259,617	)

Total Class B shares		—			(796,331	)		—			(258,518	)

Institutional Class shares
Sold		2,403,604			3,686,160			4,053,795			7,515,341
Issued in connection with merger		—			361,524			—			—
Distributions reinvested		177,417			226,112			415,428			759,678
Redeemed		(1,775,733	)		(4,058,580	)		(1,911,313	)		(2,292,540	)
In-kind redemptions		—			(16,912,990	)		—			(6,501,022	)

Total Institutional Class shares		805,288			(16,697,774	)		2,557,910			(518,543	)

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

224

Thrivent Mutual Funds

Statement of Changes in Net Assets – continued


Large Cap Stock Fund						Balanced Fund						High Yield Fund						Municipal Bond Fund
10/31/2010			10/31/2009			10/31/2010			10/31/2009			10/31/2010			10/31/2009			10/31/2010			10/31/2009

$	5,991,962		$	14,099,444		$	2,937,865		$	3,082,023		$	55,100,521		$	49,605,412		$	59,159,650		$	54,505,680
	172,352,474			(252,339,008	)		18,503,265			(27,996,014	)		14,431,747			(30,783,448	)		2,872,931			(220,631	)
	9,514,454			357,650,365			8,982,829			52,263,114			43,106,825			155,015,386			31,407,282			88,832,577
	187,858,890			119,410,801			30,423,959			27,349,123			112,639,093			173,837,350			93,439,863			143,117,626

	(10,507,202	)		(27,196,895	)		(2,982,810	)		(3,308,822	)		(54,939,901	)		(48,824,831	)		(58,993,988	)		(54,350,983	)
	—			—			—			—			—			—			—			(1,146,474	)
	(10,507,202	)		(27,196,895	)		(2,982,810	)		(3,308,822	)		(54,939,901	)		(48,824,831	)		(58,993,988	)		(55,497,457	)

	39,718,700			59,712,890			6,696,437			8,026,591			40,783,677			40,232,825			181,804,086			139,225,554
	—			—			—			—			—			—			—			—
	8,449,428			23,516,813			1,911,371			2,161,951			23,784,653			22,081,704			45,483,356			42,889,589
	(237,448,708	)		(246,601,996	)		(23,716,521	)		(26,693,708	)		(56,061,970	)		(55,333,922	)		(121,553,891	)		(124,031,023	)

	(189,280,580	)		(163,372,293	)		(15,108,713	)		(16,505,166	)		8,506,360			6,980,607			105,733,551			58,084,120


	—			3,322			—			2,362			—			5,103			—			—
	—			—			—			5,236			—			44,125			—			30,285
	—			(11,338,140	)		—			(2,431,236	)		—			(3,472,354	)		—			(3,967,429	)

	—			(11,334,818	)		—			(2,423,638	)		—			(3,423,126	)		—			(3,937,144	)

	8,056,429			17,452,090			248,009			633,268			50,531,882			75,650,820			35,288,186			62,731,443
	—			—			—			—			—			—			—			—
	1,902,767			3,244,140			1,022,560			1,088,128			14,942,393			13,450,200			3,469,716			2,330,305
	(25,787,956	)		(20,619,786	)		(6,426,134	)		(4,977,516	)		(63,671,516	)		(34,621,754	)		(32,082,870	)		(17,600,900	)
	—			—			—			—			—			—			—			—

	(15,828,760	)		76,444			(5,155,565	)		(3,256,120	)		1,802,759			54,479,266			6,675,032			47,460,848

	(205,109,340	)		(174,630,667	)		(20,264,278	)		(22,184,924	)		10,309,119			58,036,747			112,408,583			101,607,824

	(27,757,652	)		(82,416,761	)		7,176,871			1,855,377			68,008,311			183,049,266			146,854,458			189,227,993
	1,753,545,850			1,835,962,611			198,257,780			196,402,403			634,626,870			451,577,604			1,332,936,408			1,143,708,415
$	1,725,788,198		$	1,753,545,850		$	205,434,651		$	198,257,780		$	702,635,181		$	634,626,870		$	1,479,790,866		$	1,332,936,408
$	4,018,330		$	8,531,069		$	59,336		$	61,158		$	80,827		$	(219,551	)	$	258,821		$	93,159

	1,969,018			3,725,241			607,091			934,468			8,822,895			10,344,325			16,119,728			12,786,186
	—			—			—			—			—			—			—			—
	413,575			1,483,786			173,560			246,415			5,142,971			5,658,898			4,029,396			3,963,064
	(11,841,571	)		(15,391,579	)		(2,154,582	)		(3,108,414	)		(12,141,884	)		(14,466,848	)		(10,775,955	)		(11,502,859	)

	(9,458,978	)		(10,182,552	)		(1,373,931	)		(1,927,531	)		1,823,982			1,536,375			9,373,169			5,246,391


	—			234			—			275			—			1,441			—			—
	—			—			—			629			—			12,626			—			2,902
	—			(807,979	)		—			(297,310	)		—			(949,891	)		—			(370,378	)

	—			(807,745	)		—			(296,406	)		—			(935,824	)		—			(367,476	)

	397,809			1,050,505			22,431			72,997			10,940,006			20,444,523			3,128,098			5,780,131
	—			—			—			—			—			—			—			—
	92,773			204,034			93,064			123,947			3,229,004			3,453,876			307,330			214,035
	(1,267,635	)		(1,300,479	)		(584,946	)		(576,683	)		(13,482,687	)		(8,278,380	)		(2,848,410	)		(1,622,599	)
	—			—			—			—			—			—			—			—

	(777,053	)		(45,940	)		(469,451	)		(379,739	)		686,323			15,620,019			587,018			4,371,567

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

225

Thrivent Mutual Funds

Statement of Changes in Net Assets – continued


	Income Fund						Core Bond Fund
*For the periods ended*	10/31/2010			10/31/2009			10/31/2010			10/31/2009
Operations
Net investment income/(loss)	$	37,575,328		$	38,606,326		$	12,055,488		$	12,309,492
Net realized gains/(losses)		23,166,588			(30,963,376	)		7,561,980			(9,674,723	)
Change in net unrealized appreciation/(depreciation)		36,943,241			142,197,043			14,665,935			41,580,844
Net Change in Net Assets Resulting From Operations		97,685,157			149,839,993			34,283,403			44,215,613
Distributions to Shareholders
From net investment income		(37,433,927	)		(38,951,630	)		(11,899,912	)		(12,833,757	)
Total Distributions to Shareholders		(37,433,927	)		(38,951,630	)		(11,899,912	)		(12,833,757	)
Capital Stock Transactions
Class A
Sold		38,171,486			22,410,555			23,834,160			16,960,333
Distributions reinvested		15,218,289			15,399,686			8,464,144			8,732,503
Redeemed		(44,769,056	)		(52,495,867	)		(36,875,720	)		(42,452,211	)

Total Class A Capital Stock Transactions		8,620,719			(14,685,626	)		(4,577,416	)		(16,759,375	)

Class B
Sold		—			19,577			—			(3	)
Distributions reinvested		—			23,062			—			9,272
Redeemed		—			(2,509,822	)		—			(1,478,132	)

Total Class B Capital Stock Transactions		—			(2,467,183	)		—			(1,468,863	)

Institutional Class
Sold		36,082,588			28,495,614			15,954,728			11,153,339
Distributions reinvested		18,911,875			20,042,316			2,351,427			2,896,389
Redeemed		(97,013,694	)		(40,430,081	)		(36,409,525	)		(21,767,785	)

Total Institutional Class Capital Stock Transactions		(42,019,231	)		8,107,849			(18,103,370	)		(7,718,057	)

Capital Stock Transactions		(33,398,512	)		(9,044,960	)		(22,680,786	)		(25,946,295	)

Net Increase/(Decrease) in Net Assets		26,852,718			101,843,403			(297,295	)		5,435,561
Net Assets, Beginning of Period		748,969,052			647,125,649			295,388,888			289,953,327
Net Assets, End of Period	$	775,821,770		$	748,969,052		$	295,091,593		$	295,388,888
Accumulated Undistributed Net Investment Income/(Loss)	$	270,554		$	410,308		$	337,985		$	125,191

Capital Stock Share Transactions

Class A shares
Sold		4,524,071			3,064,519			2,446,828			1,992,436
Distributions reinvested		1,805,875			2,106,838			871,285			1,019,493
Redeemed		(5,332,228	)		(7,298,592	)		(3,809,297	)		(5,032,270	)

Total Class A shares		997,718			(2,127,235	)		(491,184	)		(2,020,341	)


Class B shares
Sold		—			2,744			—			—
Distributions reinvested		—			3,321			—			1,131
Redeemed		—			(354,524	)		—			(178,297	)

Total Class B shares		—			(348,459	)		—			(177,166	)


Institutional Class shares
Sold		4,316,224			3,786,301			1,683,569			1,284,581
Distributions reinvested		2,249,624			2,741,801			242,698			338,768
Redeemed		(11,598,312	)		(5,428,010	)		(3,809,041	)		(2,557,175	)

Total Institutional Class shares		(5,032,464	)		1,100,092			(1,882,774	)		(933,826	)

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

226

Thrivent Mutual Funds

Statement of Changes in Net Assets – continued


Government Bond Fund		Limited Maturity Bond Fund						Money Market Fund
10/31/2010^(a)		10/31/2010			10/31/2009			10/31/2010			10/31/2009

	$1,223,965	$	22,733,915		$	20,937,045		$	(6,416	)	$	9,151,745
	839,759		4,841,469			(4,286,680	)		6,416			192,252
	5,737,034		14,087,698			39,777,393			—			—
	7,800,758		41,663,082			56,427,758			—			9,343,997

	(1,213,372)		(22,298,302	)		(20,450,722	)		—			(9,343,997	)
	(1,213,372)		(22,298,302	)		(20,450,722	)		—			(9,343,997	)

	6,710,747		211,529,595			68,859,810			565,586,695			864,568,697
	33,830		5,834,085			3,238,529			(193	)		7,708,988
	(1,022,447)		(78,497,987	)		(40,892,283	)		(865,939,874	)		(1,160,899,357	)

	5,722,130		138,865,693			31,206,056			(300,353,372	)		(288,621,672	)


	—		—			7,039			—			133,026
	—		—			6,971			—			3,383
	—		—			(1,551,577	)		—			(1,183,976	)

	—		—			(1,537,567	)		—			(1,047,567	)


	110,608,824		143,296,227			104,798,590			83,353,750			1,786,190,668
	1,178,460		16,084,393			16,796,963			—			1,447,053
	(12,583,841)		(97,813,085	)		(72,518,484	)		(137,214,579	)		(1,942,531,126	)

	99,203,443		61,567,535			49,077,069			(53,860,829	)		(154,893,405	)

	104,925,573		200,433,228			78,745,558			(354,214,201	)		(444,562,644	)

	111,512,959		219,798,008			114,722,594			(354,214,201	)		(444,562,644	)
	—		583,609,048			468,886,454			1,085,702,746			1,530,265,390
$	111,512,959	$	803,407,056		$	583,609,048		$	731,488,545		$	1,085,702,746
$	34,242	$	493,211		$	325,818		$	(132,857	)	$	(73,348	)

	656,194		17,063,375			5,812,260			565,586,691			864,568,697
	3,245		469,821			278,624			(193	)		7,708,988
	(99,086)		(6,323,770	)		(3,560,099	)		(865,939,871	)		(1,160,899,357	)

	560,353		11,209,426			2,530,785			(300,353,373	)		(288,621,672	)


	—		—			611			—			133,026
	—		—			621			—			3,383
	—		—			(135,899	)		—			(1,183,976	)

	—		—			(134,667	)		—			(1,047,567	)


	11,101,926		11,570,619			8,945,672			83,353,749			1,786,190,668
	114,015		1,297,181			1,448,775			—			1,447,053
	(1,221,994)		(7,903,395	)		(6,224,443	)		(137,214,579	)		(1,942,531,126	)

	9,993,947		4,964,405			4,170,004			(53,860,830	)		(154,893,405	)

^(a)	For the period from February 26, 2010 (inception) through October 31, 2010

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

227

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010

(1) ORGANIZATION

Thrivent Mutual Funds (the “Trust”) was organized as a Massachusetts Business Trust on March 10, 1987 and is registered as an open-end management investment company under the Investment Company Act of 1940 (the “1940 Act”). The Trust is divided into twenty-six separate series (each, a “Fund” and, collectively, the “Funds”), each with its own investment objective and policies. The Trust currently consists of four allocation funds, thirteen equity funds, two hybrid funds, six fixed-income funds, and one money market fund. Thrivent Real Estate Securities Fund, Thrivent Equity Income Plus Fund and Thrivent Diversified Income Plus Fund have a fiscal year end on a calendar-year basis and are presented under a separate annual report.

(A) Fund Mergers – At a meeting held on May 15, 2009, shareholders of Thrivent Technology Fund (the “Target Fund”) approved the proposed merger of Technology Fund into Thrivent Large Cap Growth Fund (the “Acquiring Fund”). The merger occurred at the close of business on June 12, 2009. Acquisition of the assets and liabilities of Technology Fund by Large Cap Growth Fund was followed by the distribution of Large Cap Growth Fund shares to Technology Fund shareholders. The shares issued of Large Cap Growth Fund are disclosed in the Statement of Changes in Net Assets.

The merger was accomplished by a tax free exchange as detailed below:


Fund	Description	Net Assets as of June 12, 2009
Large Cap Growth	Acquiring Fund	$	317,690,679
Technology	Target Fund	$	22,598,641

Large Cap Growth	After Acquisition	$	340,289,320

As of June 12, 2009, the net assets of Technology Fund were comprised of the following:

Unrealized

Depreciation

Undistributed
Net Investment
Income

Accumulated
Net Realized
Losses

Capital
Stock

$(307,155)

(9,219

)

(28,433,593

)

51,348,608

Technology Fund’s capital loss carryovers are carried over to Large Cap Growth Fund. The amounts and applicable limitations are disclosed in Note (4) Tax Information.

(B) Share Classes – As of October 31, 2010, the Trust includes two classes of shares: Class A and Institutional Class. Class B shares had previously been offered, but effective October 16, 2004, the Trust no longer offered Class B shares for sale. On February 11, 2009, the Trust converted all outstanding Class B shares to Class A Shares. The classes of shares differ principally in their respective distribution expenses, other class-specific expenses and arrangements. Class A shares have a 0.25% annual 12b-1 fee and a maximum front-end sales load of 5.50% for equity funds and 4.50% for fixed-income funds, although some of the fixed-income funds have reduced 12b-1 fees and either a

reduced or no front-end sales load. Institutional Class shares are offered at net asset value and have no annual 12b-1 fees. The share classes have identical rights to earnings, assets and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes. Although no longer in existence, Class B shares were offered at net asset value and had a 1.00% annual 12b-1 fee. In addition, Class B shares had a maximum deferred sales charge of 5.00%. The deferred sales charge declined by 1.00% per year through the fifth year.

The following Funds had all three classes of shares but now have only Class A and Institutional Class shares: Partner Small Cap Value Fund, Small Cap Stock Fund, Mid Cap Growth Fund, Mid Cap Stock Fund, Partner International Stock Fund, Large Cap Growth Fund, Large Cap Value Fund, Large Cap Stock Fund, Balanced Fund, High Yield Fund, Municipal Bond Fund, Income Fund, Core Bond Fund, Limited Maturity Bond Fund and Money Market Fund. The Technology Fund had all three classes of shares. Aggressive Allocation Fund, Moderately Aggressive Allocation Fund, Moderate Allocation Fund, Moderately Conservative Allocation Fund, Partner Small Cap Growth Fund, Partner Mid Cap Value Fund, Partner Worldwide Allocation Fund and Government Bond Fund offer Class A and Institutional Class shares; they did not offer Class B Shares.

All outstanding Class B shares were converted to Class A shares on February 11, 2009. At that time, the following Funds converted the following Class B shares and amounts into Class A shares:


			Shares		Shares
			Converted		Converted
Fund	Amount		from Class B		to Class A
Partner Small Cap Value	$	789,876		99,356		91,739
Small Cap Stock		1,673,912		232,165		193,964
Mid Cap Growth		3,348,344		404,389		356,966
Mid Cap Stock		2,026,011		297,943		242,927
Partner International Stock		1,717,870		260,283		254,123
Large Cap Growth		1,820,799		606,932		551,757
Large Cap Value		1,697,960		184,561		184,561
Large Cap Stock		7,888,486		568,744		524,500
Balanced		1,695,326		207,506		207,000
High Yield		2,316,948		624,514		624,514
Municipal Bond		2,780,404		256,969		256,732
Income		1,744,440		244,662		244,319
Core Bond		1,057,122		127,364		127,364
Limited Maturity Bond		1,490,859		130,548		130,663
Money Market		865,976		865,976		865,976

(C) Other – Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with vendors and others that provide general damage clauses. The Trust’s maximum exposure under these contracts is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects the risk of loss to be remote.

228

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010

(2) SIGNIFICANT ACCOUNTING POLICIES

(A) Valuation of Investments – Securities traded on U.S. or foreign securities exchanges or included in a national market system are valued at the official closing price at the close of each business day unless otherwise stated below. Over-the-counter securities and listed securities for which no price is readily available are valued at the current bid price considered best to represent the value at that time. Swap agreements are valued at the fair value of the contract as furnished by an independent pricing service. Security prices are based on quotes that are obtained from an independent pricing service approved by the Board of Trustees. The pricing service, in determining values of fixed-income securities, takes into consideration such factors as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, and other yield and risk factors it deems relevant in determining valuations. Securities which cannot be valued by the approved pricing service are valued using valuations obtained from dealers that make markets in the securities. Exchange-listed options and futures contracts are valued at the last quoted sales price. Investments in open-ended mutual funds are valued at the net asset value at the close of each business day. Short-term securities are valued at amortized cost (which approximates market value) to the extent it is not materially different than market value.

Securities held by Money Market Fund are valued on the basis of amortized cost, whereby a portfolio security is valued at its cost initially and thereafter valued to reflect a constant amortization to maturity of any discount or premium. Money Market Fund and the Trust’s investment adviser, Thrivent Asset Management, LLC (“Thrivent Asset Mgt.” or the “Adviser”), follow procedures designed to maintain a constant net asset value of $1.00 per share.

The various inputs used to determine the fair value of the Funds’ investments are summarized in three broad levels: Level 1 includes quoted prices in active markets for identical securities, typically categorized in this level are U.S. equity securities, futures and options; Level 2 includes other significant observable inputs such as quoted prices for similar securities, interest rates, prepayment speeds and credit risk, typically categorized in this level are fixed income securities, international securities, swaps and forward contracts; and Level 3 includes significant unobservable inputs such as the Adviser’s own assumptions and broker evaluations in determining the fair value of investments. Of the Level 3 securities, those for which market values were not readily available or were deemed unreliable were fair valued as determined in good faith under procedures established by the Board of Trustees. As of October 31, 2010, the following funds held these types of securities:


Fund	Number of Securities	Percent of Fund’s Net Assets
Partner Worldwide Allocation	2		0.21	%
High Yield	1		0.00	%

Valuation of International Securities – Because many foreign markets close before the U.S. markets, events may occur between the close of the foreign markets and the close of the U.S. markets that could have a material impact on the valuation of foreign securities. The Funds, under the supervision of the Board of Trustees, evaluate the impacts of these events and may adjust the valuation of foreign securities to reflect fair value as of the close of the U.S. markets. The Board of Trustees has authorized the investment adviser to make fair valuation determinations pursuant to policies approved by the Board of Trustees.

(B) Foreign Currency Translation – The accounting records of each Fund are maintained in U.S. dollars. Securities and other assets and liabilities that are denominated in foreign currencies are translated into U.S. dollars at the daily closing rates of exchange.

Foreign currency amounts related to the purchase or sale of securities and income and expenses are translated at the exchange rate on the transaction date. Net realized and unrealized currency gains and losses are recorded from sales of foreign currency, exchange gains or losses between the trade date and settlement date on securities transactions, and other translation gains or losses on dividends, interest income and foreign withholding taxes. The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

For federal income tax purposes, the Funds treat the effect of changes in foreign exchange rates arising from actual foreign currency transactions and the changes in foreign exchange rates between the trade date and settlement date as ordinary income.

(C) Foreign Currency Forward Contracts – In connection with purchases and sales of securities denominated in foreign currencies all Funds, except Money Market Fund, may enter into foreign currency forward contracts. Additionally, the Funds may enter into such contracts to hedge certain other foreign-currency-denominated investments. These contracts are recorded at market value and the related realized and unrealized foreign exchange gains and losses are included in the Statement of Operations. In the event that counterparties fail to settle these forward contracts, the Funds could be exposed to foreign currency fluctuations. Foreign currency contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract. A realized gain or loss is recorded at the time a forward contract is closed. These contracts are over-the-counter and the Fund is exposed to counterparty risk equal to the discounted net amount of payments to the Fund. This risk is partially mitigated by the Fund’s collateral posting requirements. During the year ended October 31, 2010, Moderately Aggressive Allocation Fund, Moderate Allocation Fund, Moderately Conservative Allocation Fund, Partner Small Cap Value Fund, Small Cap Stock Fund, Partner Worldwide Allocation Fund, Partner International Stock Fund and Income Fund engaged in this type of investment.

229

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010

(D) Foreign Denominated Investments – Foreign denominated assets and currency contracts may involve more risks than domestic transactions including currency risk, political and economic risk, regulatory risk, and market risk. Certain Funds may also invest in securities of companies located in emerging markets. Future economic or political developments could adversely affect the liquidity or value, or both, of such securities.

(E) Federal Income Taxes – No provision has been made for income taxes because each Fund’s policy is to qualify as a regulated investment company under the Internal Revenue Code and distribute substantially all investment company taxable income and net capital gain on a timely basis. It is also the intention of each Fund to distribute an amount sufficient to avoid imposition of any federal excise tax. The Funds, accordingly, anticipate paying no federal taxes and no federal tax provision was recorded. Each Fund is treated as a separate taxable entity for federal income tax purposes. Certain Funds may utilize earnings and profits distributed to shareholders on the redemption of shares as part of the dividends paid deduction.

Certain Funds are subject to foreign income taxes imposed by certain countries in which they invest. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates. These amounts are shown as foreign dividend tax withholding on the Statement of Operations. The funds pay tax on foreign capital gains, where applicable.

U.S. Generally Accepted Accounting Principles (“GAAP”) require management of the Funds to make additional tax disclosures with respect to the tax effects of certain income tax positions, whether those positions were taken on previously filed tax returns or are expected to be taken on future returns. These positions must meet a “more likely than not” standard that, based on the technical merits of the position, would have a greater than 50 percent likelihood of being sustained upon examination. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, management of the Funds must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information.

Management of the Funds analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions. Open tax years are those that are open for examination by taxing authorities. Major jurisdictions for the Funds include U.S. Federal, Minnesota, Wisconsin, and Massachusetts as well as certain foreign countries. As of October 31, 2010, open U.S. Federal, Minnesota, Wisconsin, and Massachusetts tax years include the tax years ended October 31, 2007, through 2010. Additionally, as of October 31, 2010, the tax year ended October 31, 2006, is open for Wisconsin. The Funds have no examinations in progress and none are expected at this time.

As of October 31, 2010, management of the Funds has reviewed all open tax years and major jurisdictions and concluded that there is no effect to the Funds’ tax liability, financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits related to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

(F) Expenses and Income – Estimated expenses are accrued daily. The Funds are charged for those expenses that are directly attributable to them. Expenses that are not directly attributable to a Fund are allocated among all appropriate Funds in proportion to their respective net assets, number of shareholder accounts or other reasonable basis. Net investment income, expenses which are not class-specific, and realized and unrealized gains and losses are allocated directly to each class based upon the relative net asset value of outstanding shares.

Interest income is accrued daily and is determined on the basis of interest or discount earned on all debt securities, including accretion of market discount and original issue discount and amortization of premium. Paydown gains and losses on mortgage- and asset-backed securities are recorded as components of interest income. Dividend income is recorded on the ex-dividend date.

(G) Custody Earnings Credit – The Funds have a deposit arrangement with the custodian whereby interest earned on uninvested cash balances is used to pay a portion of custodian fees. This deposit arrangement is an alternative to overnight investments. Earnings credits are shown as a reduction of total expenses on the Statement of Operations.

(H) Distributions to Shareholders – Dividend and capital gain distributions are recorded on the ex-dividend date. With the exception of Money Market Fund, net realized gains from securities transactions, if any, are paid at least annually after the close of the fiscal year.


Fund	Dividends Declared	Dividends Paid
Aggressive Allocation	Annually	Annually
Moderately Aggressive Allocation	Annually	Annually
Moderate Allocation	Quarterly	Quarterly
Moderately Conservative Allocation	Quarterly	Quarterly
Partner Small Cap Growth	Annually	Annually
Partner Small Cap Value	Annually	Annually
Small Cap Stock	Annually	Annually
Mid Cap Growth	Annually	Annually
Partner Mid Cap Value	Annually	Annually
Mid Cap Stock	Annually	Annually
Partner Worldwide Allocation	Annually	Annually

230

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010


Fund	Dividends Declared	Dividends Paid
Partner International Stock	Annually	Annually
Large Cap Growth	Annually	Annually
Large Cap Value	Annually	Annually
Large Cap Stock	Annually	Annually
Balanced	Quarterly	Quarterly
High Yield	Daily	Monthly
Municipal Bond	Daily	Monthly
Income	Daily	Monthly
Core Bond	Daily	Monthly
Government Bond	Daily	Monthly
Limited Maturity Bond	Daily	Monthly
Money Market*	Daily	Monthly

*	Dividends also include any short-term net realized gains or losses on the sale of securities.

(I) Options – All Funds, with the exception of Money Market Fund, may buy put and call options and write put and covered call options. The Funds intend to use such derivative instruments as hedges to facilitate buying or selling securities or to provide protection against adverse movements in security prices or interest rates. The Funds may also enter into options contracts to protect against adverse foreign exchange rate fluctuations. Option contracts are valued daily and unrealized appreciation or depreciation is recorded. A Fund will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds upon sale for a written call option or the cost of a security for purchased put and call options is adjusted by the amount of premium received or paid.

Buying put options tends to decrease a Fund’s exposure to the underlying security while buying call options tends to increase a Fund’s exposure to the underlying security. The risk associated with purchasing put and call options is limited to the premium paid. There is no significant counterparty risk on exchange-traded options as the exchange guarantees the contract against default. Writing put options tends to increase a Fund’s exposure to the underlying security while writing call options tends to decrease a Fund’s exposure to the underlying security. The writer of an option has no control over whether the underlying security may be bought or sold, and therefore bears the market risk of an unfavorable change in the price of the underlying security. The counterparty risk for purchased options arises when the Fund has purchased an option, exercises that option, and the counterparty doesn’t buy from the Fund or sell to the Fund the underlying asset as required. In the case where the Fund has written an option, the Fund doesn’t have counterparty risk. Counterparty risk on purchased over-the-counter options is partially mitigated by the Fund’s collateral posting requirements. As the option increases in value to the Fund, the Fund receives collateral from the counterparty. Risks of loss may exceed amounts recognized on the Statement of Assets and Liabilities. During the year ended October 31, 2010, Aggressive Allocation Fund, Moderately Aggressive Allocation Fund, Moderate Allocation Fund, Small Cap Stock Fund, Large Cap

Growth Fund, Large Cap Stock Fund, Balanced Fund, Core Bond Fund, Government Bond Fund, Income Fund and Limited Maturity Bond Fund engaged in these types of investments.

(J) Futures Contracts – Certain Funds may use futures contracts to manage the exposure to interest rate and market or currency fluctuations. Gains or losses on futures contracts can offset changes in the yield of securities. When a futures contract is opened, cash or other investments equal to the required “initial margin deposit” are held on deposit with and pledged to the broker. Additional securities held by the Funds may be earmarked to cover open futures contracts. The futures contract’s daily change in value (“variation margin”) is either paid to or received from the broker, and is recorded as an unrealized gain or loss. When the contract is closed, realized gain or loss is recorded equal to the difference between the value of the contract when opened and the value of the contract when closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. Exchange-traded futures have no significant counterparty risk as the exchange guarantees the contracts against default. During the year ended October 31, 2010, Aggressive Allocation Fund, Moderately Aggressive Allocation Fund, Moderate Allocation Fund, Moderately Conservative Allocation Fund, Partner Small Cap Growth Fund, Small Cap Stock Fund, Partner Worldwide Allocation Fund, Large Cap Stock Fund, Balanced Fund, Municipal Bond Fund, Income Fund, Core Bond Fund and Limited Maturity Bond Fund engaged in this type of investment.

(K) Swap Agreements – Certain Funds enter into swap transactions, which involve swapping one or more investment characteristics of a security or a basket of securities with another party. Such transactions include market risk, risk of default by the other party to the transaction, risk of imperfect correlation and manager risk and may involve commissions or other costs. Swap transactions generally do not involve delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swap transactions is generally limited to the net amount of payments that the Fund is contractually obligated to make, or in the case of the counterparty defaulting, the net amount of payments that the Fund is contractually entitled to receive. Risks of loss may exceed amounts recognized on the Statement of Assets and Liabilities. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction. The contracts are valued daily and unrealized appreciation or depreciation is recorded. Swap agreements are valued at fair value of the contract as provided by an independent pricing service. The pricing service takes into account such factors as swap curves, default probabilities, recent trades, recovery rates and other factors it deems relevant in determining valuations. Periodic payments and receipts and payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses on the Statement of Operations. Collateral, in the form of cash or securities, may be required to be held with the Fund’s custodian, or a third party, in connection with these agreements. These swap agreements are over-the-counter and the Fund is exposed to counterparty

231

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010

risk, which is the discounted net amount of payments owed to the Fund. This risk is partially mitigated by the Fund’s collateral posting requirements. As the swap increases in value to the Fund, the Fund receives collateral from the counterparty.

Credit Default Swaps – A credit default swap is a swap agreement between two parties to exchange the credit risk of a particular issuer, basket of securities or reference entity. In a credit default swap transaction, a buyer pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. The seller collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity. A buyer of a credit default swap is said to buy protection whereas a seller of a credit default swap is said to sell protection. The Funds may be either the protection seller or the protection buyer.

Certain Funds enter into credit default derivative contracts directly through credit default swaps (CDS) or through credit default swap indices (CDX Indices). CDX indices are static pools of equally weighted credit default swaps referencing corporate bonds and/or loans designed to provide diversified credit exposure to these asset classes. Funds sell default protection and assume long-risk positions in individual credits or indices. Index positions are entered into to gain exposure to the corporate bond and/or loan markets in a cost-efficient and diversified structure. In the event that a position defaults, by going into bankruptcy and failing to pay interest or principal on borrowed money, within any given CDX Index held, the maximum potential amount of future payments required would be equal to the pro-rata share of that position within the index based on the notional amount of the index. In the event of a default under a CDS contract the maximum potential amount of future payments would be the notional amount. For CDS, the default events could be bankruptcy and failing to pay interest or principal on borrowed money or a restructuring. A restructuring is a change in the underlying obligations which would include reduction in interest or principal, maturity extension and subordination to other obligations. Refer to the credit default swap tables located within the Fund’s Schedule of Investments for additional information as of October 31, 2010. During the year ended October 31, 2010, Aggressive Allocation Fund, Moderately Aggressive Allocation Fund, Moderate Allocation Fund, Moderately Conservative Allocation Fund, Balanced Fund, High Yield Fund, Income Fund, Core Bond Fund and Limited Maturity Bond Fund engaged in this type of investment.

(L) Mortgage Dollar Roll Transactions – Certain Funds enter into dollar roll transactions on securities issued or to be issued by the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, in which the Funds sell mortgage securities and simultaneously agree to repurchase similar (same type and coupon) securities at a later date at an agreed upon

price. The Funds must maintain liquid securities having a value not less than the repurchase price (including accrued interest) for such dollar rolls. The market value of the securities that the Funds are required to purchase may decline below the agreed upon repurchase price of those securities.

During the period between the sale and repurchase, the Funds forgo principal and interest paid on the mortgage securities sold. The Funds are compensated from negotiated fees paid by brokers offered as an inducement to the Funds to “roll over” their purchase commitments, thus enhancing the yield. Mortgage dollar rolls may be renewed with a new purchase and repurchase price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. The fees received are recognized over the roll period and are included in Income from mortgage dollar rolls in the Statement of Operations. During the year ended October 31, 2010, Balanced Fund, Income Fund, Core Bond Fund, Government Bond Fund and Limited Maturity Bond Fund engaged in this type of investment.

(M) Securities Lending – The Trust has entered into a Securities Lending Agreement (the “Agreement”) with Deutsche Bank AG (“Deutsche”). The Agreement authorizes Deutsche to lend securities to authorized borrowers on behalf of the Funds. Pursuant to the Agreement, all loaned securities are initially collateralized by cash equal to at least 102% of the value of the loaned securities. All cash collateral received is invested in Thrivent Financial Securities Lending Trust. The Funds receive dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. Amounts earned on investments in Thrivent Financial Securities Lending Trust, net of rebates, fees paid to Deutsche for services provided and any other securities lending expenses, are included in Income from securities loaned on the Statement of Operations. By investing any cash collateral it receives in these transactions, a Fund could realize additional gains or losses. If the borrower fails to return the securities or the invested collateral has declined in value, the Fund could lose money.

During the year ended October 31, 2010, all Funds except Aggressive Allocation Fund, Moderately Aggressive Allocation Fund, Moderate Allocation Fund, Moderately Conservative Allocation Fund, Partner Worldwide Allocation Fund, Municipal Bond Fund, Core Bond Fund, Government Bond Fund and Money Market Fund had securities on loan. As of October 31, 2010, the value of securities on loan is as follows:


	Securities on
Fund	Loan
Partner Small Cap Growth	$	16,580,034
Partner Small Cap Value		12,342,502
Small Cap Stock		16,025,074
Mid Cap Growth		17,041,893
Partner Mid Cap Value		4,460,374
Mid Cap Stock		54,880,863
Partner International Stock		13,535,652
Large Cap Growth		1,961,389
Large Cap Value		17,025,947

232

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010


Fund	Securities on Loan
Large Cap Stock		65,674,845
Balanced		3,467,104
High Yield		60,949,278
Income		5,680,187
Limited Maturity Bond		6,804,748

(N) When-Issued and Delayed Delivery Transactions – Certain Funds may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by a Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, a Fund will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. A Fund may dispose of a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed delivery basis, a Fund does not participate in future gains and losses with respect to the security.

(O) Treasury Inflation Protected Securities – Certain Funds may invest in treasury inflation protected securities (TIPS). These securities are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate is generally fixed at issuance. Interest is paid based on the principal value, which is adjusted for inflation. Any increase in the principal amount will be included as taxable interest in the Statement of Operations and received upon maturity or sale of the security. During the year ended October 31, 2010, Balanced Fund, Income Fund, Core Bond Fund, Government Bond Fund and Limited Maturity Bond Fund engaged in this type of investment.

(P) Repurchase Agreements – Each Fund may engage in repurchase agreement transactions in pursuit of its investment objective. A repurchase agreement consists of a purchase and a simultaneous agreement to resell an investment for later delivery at an agreed upon price and rate of interest. The Fund must take possession of collateral either directly or through a third-party custodian. If the original seller of a security subject to a repurchase agreement fails to repurchase the security at the agreed upon time, the Fund could incur a loss due to a drop in the market value of the security during the time it takes the Fund to either sell the security or take action to enforce the original seller’s agreement to repurchase the security. Also, if a defaulting original seller filed for bankruptcy or became insolvent, disposition of such security might be delayed by pending legal action. The Fund may only enter into repurchase agreements with banks and other recognized financial institutions such as broker/dealers that are found by the Adviser or subadviser to be creditworthy. During the year ended October 31, 2010, Aggressive Allocation Fund, Moderately Aggressive Allocation

Fund, Moderate Allocation Fund, Moderately Conservative Allocation Fund, Mid Cap Stock Fund, Large Cap Stock Fund, High Yield Fund, Income Fund and Money Market Fund engaged in these types of investments.

(Q) Equity-Linked Structured Securities – Certain funds may invest in equity-linked structured notes. Equity-linked structured notes are debt securities which combine the characteristics of common stock and the sale of an option. The return component is based upon the performance of a single equity security, a basket of equity securities, or an equity index and the sale of an option. There is no guaranteed return of principal with these securities. The appreciation potential of these securities may be limited by a maximum payment or call right and can be influenced by many unpredictable factors. In addition to the performance of the equity, the nature and credit of the issuer may also impact return. During the year ended October 31, 2010, Balanced Fund, Core Bond Fund and Limited Maturity Bond Fund engaged in this type of investment.

(R) Credit Risk – The Funds may be susceptible to credit risk to the extent an issuer or counterparty defaults on its payment obligation. The Funds’ policy is to monitor the creditworthiness of issuers and counterparties. Interest receivable on defaulted securities is monitored for ability to collect discretionary payments in default and is adjusted accordingly.

(S) Accounting Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

(T) Loan Commitments – Certain Funds may enter into loan commitments, which generally have interest rates which are reset daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders. Loan commitments often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the remaining maturity may be considerably less than the stated maturity shown in the Schedule of Investments.

All or a portion of these loan commitments may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. Therefore, the Fund must have funds sufficient to cover its contractual obligation. These unfunded loan commitments, which are marked to market daily, are presented in the Schedule of Investments.

233

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010

(U) Loss Contingencies – Thrivent High Yield Fund and Thrivent Income Fund are defendants in an adversary action filed on July 31, 2009 by the Official Committee of Unsecured Creditors of Motors Liquidation Company, formerly known as General Motors Corporation (GM), against prior and current holders of term loan debt of GM. The suit seeks to determine whether GM’s term loan facility was secured at the time it

entered bankruptcy. High Yield Fund at one time held term loans in an original principal amount of at least $4,723,994 and, if the plaintiffs are successful, it is reasonably possible that the Fund will be required to make payments in some amount. This loss contingency has not been accrued as a liability because the amount of potential damages and the likelihood of loss cannot be reasonably estimated. Although Thrivent Income Fund is named as a defendant in this action, we do not expect that the Fund’s assets will be subject to a loss contingency.

(V) In-kind Redemptions – During the year ended October 31, 2009, the Thrivent Asset Allocation Funds, as the shareholders underlying Thrivent Mutual Funds (the “underlying funds”), redeemed their shares in-kind (“in-kind redemption”). The underlying funds distributed portfolio securities rather than cash as payment for the redemption of these fund shares. For financial reporting purposes, the underlying funds recognize gain on these transactions to the extent the value of the distributed securities on the date redemption exceeds the cost of those securities; they recognize a loss if the cost exceeds the value. Gains or losses on in-kind redemptions are not recognized for tax purposes. The realized gains or losses below are included in the Statement of Operations the underlying funds as net realized gains/losses on in-kind redemptions. The in-kind amounts and shares redeemed are included the Capital Stock Transactions of the Statement of Changes in Net Assets of the underlying funds. These in-kind transactions were conducted at market value. The transactions were as follows:


	Underlying Fund	Underlying Shares Redeemed		Date		In-kind Amount		Realized Gain
Aggressive Allocation Fund
	Large Cap Growth		5,278,392		9/29/ 2009	$	24,544,524	$	4,900,957
	Large Cap Value		812,644		10/ 7/ 2009		9,759,852		2,622,425
	Mid Cap Stock		1,167,415		10/ 26/ 2009		14,324,188		3,352,354
	Small Cap Stock		1,270,578		10/ 28/ 2009		14,522,705		2,346,121

Moderately Aggressive Allocation Fund
	Large Cap Growth		6,344,098		9/29/ 2009	$	29,453,554	$	5,702,248
	Large Cap Value		2,437,867		10/ 7/ 2009		29,278,787		7,528,104
	Mid Cap Stock		2,334,838		10/ 26/ 2009		28,648,447		7,473,253
	Small Cap Stock		1,694,086		10/ 28/ 2009		19,363,408		3,250,261

Moderate Allocation Fund
	Large Cap Growth		4,222,733		9/29/ 2009	$	19,635,710	$	3,824,189
	Large Cap Value		2,437,867		10/ 7/ 2009		29,278,787		7,534,397
	Mid Cap Stock		1,556,551		10/ 26/ 2009		19,098,885		5,587,407
	Small Cap Stock		931,750		10/ 28/ 2009		10,649,901		1,824,127

Moderately Conservative Allocation Fund
	Large Cap Growth		1,077,767		8/ 3/ 2009	$	4,785,286	$	1,003,697
	Large Cap Value		812,644		10/ 7/ 2009		9,759,852		2,698,723
	Mid Cap Stock		389,160		10/ 26/ 2009		4,774,994		1,441,683
	Small Cap Stock		423,527		10/ 28/ 2009		4,840,917		834,687

234

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010

(W) Amortization of Offering Costs – The offering costs referenced in the Statement of Operations for Government Bond Fund are costs incurred by the Fund in order to establish it for sale. These costs generally include costs related to registering the shares for sale with the various states as well as any legal costs associated with registering the Fund. These costs are amortized over a period of 12 months from inception.

(X) Recent Accounting Pronouncements

FASB ASC 820-10-65: Fair Value Measurements and Disclosures

On January 21, 2010, the Financial Accounting Standards Board issued changes to Fair Value Measurements and Disclosures which clarifies existing disclosures and requires additional disclosures regarding fair value measurements. The Funds will now need to disclose information about purchases, sales, transfers into and transfers out of Level 3 securities on a gross basis, rather than as a net number as previously required. The Funds implemented this provision for the October 31, 2010 shareholder report.

(Y) Other – For financial statement purposes, investment security transactions are accounted for on the trade date. Realized gains and losses from investment transactions are determined on a specific cost identification basis, which is the same basis used for federal income tax purposes.

235

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010

(3) FEES AND COMPENSATION PAID TO AFFILIATES

(A) Investment Advisory Fees – The Trust has entered into an Investment Advisory Agreement with Thrivent Asset Mgt. Under the Investment Advisory Agreement, each of the Funds pays a fee for investment advisory services. The fees are accrued daily and paid monthly.

The four Asset Allocation Funds – Aggressive Allocation Fund, Moderately Aggressive Allocation Fund, Moderate Allocation Fund and Moderately Conservative Allocation Fund – pay investment advisory fees for asset allocation services. In addition, for investments (other than underlying Thrivent Funds) held directly by the Asset Allocation Funds, each Asset Allocation Fund will pay an additional advisory fee. The annual rates of fees as a percentage of average daily net assets under the Investment Advisory Agreement are as follows:


Fund (M – Millions)	$0 to $500M			$500 to $2,000M			Over $2,000M
Aggressive Allocation		0.150	%		0.125	%		0.100	%
Aggressive Allocation - Direct Holdings		0.600	%		0.600	%		0.600	%
Moderately Aggressive Allocation		0.150	%		0.125	%		0.100	%
Moderately Aggressive Allocation - Direct Holdings		0.550	%		0.550	%		0.550	%
Moderate Allocation		0.150	%		0.125	%		0.100	%
Moderate Allocation - Direct Holdings		0.500	%		0.500	%		0.500	%
Moderately Conservative Allocation		0.150	%		0.125	%		0.100	%
Moderately Conservative Allocation - Direct Holdings		0.450	%		0.450	%		0.450	%

For all other Funds, the annual rates of fees as a percent of average daily net assets under the Investment Advisory Agreement were as follows:


Fund (M - Millions)	$0 to $50M			$50 to $100M			$100 to $200M			$200 to $250M			$250 to $500M			$500 to $750M			$750 to $1,000M			$1,000 to $2,000M			$2,000 to $2,500M			$2,500 to $5,000M			Over $5,000M
Partner Small Cap Growth		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%
Partner Small Cap Value		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%
Small Cap Stock		0.700	%		0.700	%		0.700	%		0.650	%		0.650	%		0.650	%		0.650	%		0.600	%		0.600	%		0.550	%		0.525	%
Mid Cap Growth		0.450	%		0.450	%		0.400	%		0.400	%		0.350	%		0.300	%		0.300	%		0.250	%		0.250	%		0.250	%		0.250	%
Partner Mid Cap Value		0.750	%		0.750	%		0.750	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%
Mid Cap Stock		0.700	%		0.700	%		0.700	%		0.650	%		0.650	%		0.650	%		0.650	%		0.600	%		0.600	%		0.550	%		0.525	%
Partner Worldwide Allocation		0.900	%		0.900	%		0.900	%		0.900	%		0.850	%		0.850	%		0.850	%		0.850	%		0.850	%		0.850	%		0.850	%
Partner International Stock		0.650	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%
Large Cap Growth		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.700	%		0.700	%		0.650	%		0.650	%		0.600	%		0.575	%
Large Cap Value		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%
Large Cap Stock		0.650	%		0.650	%		0.650	%		0.650	%		0.650	%		0.575	%		0.575	%		0.500	%		0.475	%		0.450	%		0.425	%
Balanced		0.550	%		0.550	%		0.550	%		0.550	%		0.550	%		0.500	%		0.500	%		0.475	%		0.475	%		0.450	%		0.425	%
High Yield		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.350	%		0.350	%		0.300	%		0.300	%		0.300	%		0.300	%
Municipal Bond		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.400	%		0.400	%		0.350	%		0.350	%		0.325	%		0.300	%
Income		0.350	%		0.350	%		0.350	%		0.350	%		0.350	%		0.325	%		0.325	%		0.300	%		0.300	%		0.300	%		0.300	%
Core Bond		0.450	%		0.450	%		0.450	%		0.450	%		0.450	%		0.400	%		0.400	%		0.375	%		0.375	%		0.350	%		0.325	%
Government Bond		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.350	%		0.350	%		0.350	%		0.350	%		0.350	%		0.350	%
Limited Maturity Bond		0.300	%		0.300	%		0.300	%		0.300	%		0.300	%		0.275	%		0.275	%		0.250	%		0.250	%		0.250	%		0.250	%
Money Market		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.400	%		0.350	%		0.325	%		0.325	%		0.300	%		0.275	%

236

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010

(B) Sub-Adviser Fees – The following subadviser fees are charged as part of the total investment advisory fees stated in the table above. The subadvisory fees are borne directly by the Adviser and do not increase the overall fees paid by the Fund.

Partner Small Cap Growth Fund

The Adviser has entered into a subadvisory agreement with Turner Investment Partners, Inc. (“Turner”) for the performance of subadvisory services. The fee payable is equal to 0.65% of the first $100 million of average daily net assets and 0.60% for assets over $100 million. Thrivent Partner Small Cap Growth Portfolio is included in determining breakpoints for the assets managed by Turner.

Effective December 1, 2009, the Adviser has entered into a new subadvisory agreement with Turner for performance of subadvisory services. For assets that are defined as microcap assets, the fee payable is equal to 0.80% of the average daily net assets in that microcap portion. For all other assets, the fee payable is equal to 0.65% of the average daily net assets when the entire portfolio assets (including the microcap portion) are no greater than $100 million, 0.60% of the average daily net assets when the entire portfolio assets are greater than $100 million but no greater than $350 million, and 0.575% of the average daily net assets when the entire portfolio assets are greater than $350 million. Thrivent Partner Small Cap Growth Portfolio (including the microcap portion of that Portfolio) is included in determining breakpoints for the assets managed by Turner.

Partner Small Cap Value Fund

The Adviser has entered into a subadvisory agreement with T. Rowe Price Associates, Inc. for performance of subadvisory services. The fee payable is equal to 0.60% of average daily net assets.

Partner Mid Cap Value Fund

The Adviser has entered into a subadvisory agreement with Goldman Sachs Asset Management, LP (“GSAM”) for the performance of subadvisory services. The fee payable is equal to 0.50% of the first $200 million of average daily net assets and 0.45% for assets over $200 million. Thrivent Partner Mid Cap Value Portfolio is included in determining breakpoints for the assets managed by GSAM.

Partner Worldwide Allocation Fund

The Adviser has entered into subadvisory agreements with Mercator Asset Management, LP (“Mercator”), Principal Global Investors, LLC (“Principal”), Aberdeen Asset Management Investment Services Limited (“Aberdeen”), Victory Capital Management, Inc. (“Victory”) and GSAM for the performance of subadvisory services.

The fee payable for Mercator is equal to 0.75% of the first $25 million of average daily net assets, 0.60% of the next $25 million, 0.55% of the next $25 million, 0.50% of the next $225 million, 0.40% of the next $200 million and 0.20% of average daily net assets over $500 million. Thrivent Partner Worldwide Allocation Portfolio, Thrivent Partner International Stock Fund

and Thrivent Partner International Stock Portfolio will be included in determining breakpoints for the assets managed by Mercator.

The fee payable for Principal is equal to 0.35% of the first $500 million of average daily net assets, 0.30% of the next $500 million and 0.25% of average daily net assets over $1 billion. Thrivent Partner Worldwide Allocation Portfolio, Thrivent Partner International Stock Fund and Thrivent Partner International Stock Portfolio will be included in determining breakpoints for the assets managed by Principal.

The fee payable for Aberdeen is equal to 0.85% of the first $50 million of average daily net assets, 0.72% of the next $50 million and 0.68% of average daily net assets over $100 million. Thrivent Partner Worldwide Allocation Portfolio and Thrivent Partner Emerging Markets Portfolio will be included in determining breakpoints for the assets managed by Aberdeen.

The fee payable for Victory is equal to 0.95% of the first $25 million of average daily net assets, 0.85% of the next $75 million and 0.80% of average daily net assets over $100 million. Thrivent Partner Worldwide Allocation Portfolio will be included in determining breakpoints for the assets managed by Victory.

The fee payable for GSAM is equal to 0.55% of the first $50 million of average daily net assets, 0.50% of the next $200 million and 0.45% of average daily net assets over $250 million. Thrivent Partner Worldwide Allocation Portfolio will be included in determining breakpoints for the assets managed by GSAM.

Partner International Stock Fund

The Adviser has entered into subadvisory agreements with Mercator and Principal for the performance of subadvisory services.

The fee payable for Mercator is equal to 0.75% of the first $25 million of average daily net assets, 0.60% of the next $25 million, 0.55% of the next $25 million, 0.50% of the next $225 million, 0.40% of the next $200 million and 0.20% of average daily net assets over $500 million. Thrivent Partner International Stock Portfolio, Thrivent Partner Worldwide Allocation Fund and Thrivent Partner Worldwide Allocation Portfolio will be included in determining breakpoints for the assets managed by Mercator.

The fee payable for Principal is equal to 0.35% of the first $500 million of average daily net assets, 0.30% of the next $500 million and 0.25% of average daily net assets over $1 billion. Thrivent Partner International Stock Portfolio, Thrivent Partner Worldwide Allocation Fund and Thrivent Partner Worldwide Allocation Portfolio will be included in determining breakpoints for the assets managed by Principal.

(C) Expense Reimbursements – As of October 31, 2010, the following contractual expense reimbursements, as a percentage of net assets, were in effect:

237

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010


Fund	Class A			Institutional Class			Expiration Date
Money Market		0.20	%		0.10	%		2/28/2011
As of October 31, 2010, contractual expense reimbursementsto limit expenses to the following percentages were in effect:
Fund	Class A			Institutional Class			Expiration Date
Aggressive Allocation		1.25	%		0.90	%		5/15/2011
Moderately Aggressive
Allocation		1.15	%		0.81	%		5/15/2011
Moderate Allocation		1.07	%		0.74	%		5/15/2011
Moderately Conservative
Allocation		0.98	%		0.72	%		5/15/2011
Partner Small Cap Value		1.40	%		N/A			2/28/2011
Partner Mid Cap Value		1.25	%		N/A			2/28/2011
Partner Worldwide
Allocation		1.30	%		1.00	%		2/28/2011
Large Cap Growth		1.20	%		N/A			2/28/2011
Core Bond		0.85	%		N/A			2/28/2011
Government Bond		0.95	%		0.65	%		2/28/2011

The expense caps for Aggressive Allocation, Moderately Aggressive Allocation, Moderate Allocation and Moderately Conservative Allocation include all indirect expenses.

Thrivent does not recoup amounts previously reimbursed or waived in prior fiscal years.

Each equity, hybrid and fixed income fund may invest cash in High Yield Fund and Money Market Fund, subject to certain limitations. During the year ended October 31, 2010, Balanced Fund, Income Fund, Core Bond Fund and Limited Maturity Bond Fund invested in High Yield Fund. During the year ended October 31, 2010, all funds, with the exception of Municipal Bond Fund and Government Bond Fund, invested in Money Market Fund. These related-party transactions are subject to the same terms as non-related party transactions except that, to avoid duplicate investment advisory fees, Thrivent Asset Mgt. reimburses an amount equal to the advisory fee which is charged to the Fund for its investment in High Yield Fund or Money Market Fund.

(D) Distribution Plan – Thrivent Investment Management, Inc. (“Thrivent Investment Mgt.”) is the Trust’s distributor. The Trust has adopted a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act. Class A shares have a Rule 12b-1 fee of up to 0.25% (up to 0.125% for Government Bond Fund, Limited Maturity Bond Fund and Money Market Fund) of average net assets.

(E) Sales Charges and Other Fees – For the year ended October 31, 2010, Thrivent Investment Mgt. received $12,332,308 of aggregate underwriting concessions from the sales of the Trust’s Class A shares. Sales charges are not an

expense of the Trust and are not reflected in the financial statements of any of the Funds.

The Trust has entered into an accounting and administrative services agreement with Thrivent Asset Mgt. pursuant to which Thrivent Asset Mgt. provides certain accounting and administrative personnel and services to the Funds. For the year ended October 31, 2010, Thrivent Asset Mgt. received aggregate fees for accounting and administrative personnel and services of $4,197,643 from the Trust.

The Trust has entered into an agreement with Thrivent Financial Investor Services Inc. (“Thrivent Investor Services”) to provide the Funds with transfer agent services. For the year ended October 31, 2010, Thrivent Investor Services received $15,995,955 for transfer agent services from the Trust. A portion of this amount is remitted to third-party administrators that provide shareholder services on behalf of Thrivent Mutual Funds.

Each Trustee is eligible to participate in a deferred compensation plan with respect to fees received from the Funds. Participants in the plan may designate their deferred Trustee’s fees as if invested in a series of the Thrivent Mutual Funds. The value of each Trustee’s deferred compensation account will increase or decrease as if invested in shares of that series. Their fees as well as the change in value are included in Trustee’s fees in the Statement of Operations. The deferred fees remain in the appropriate Fund until distribution in accordance with the plan. The deferred fee liability, included in accured expenses in the Statement of Assets and Liabilities, is unsecured.

Those Trustees not participating in the above plan received $190,599 in fees from the Trust for the year ended October 31, 2010. In addition, the Trust reimbursed unaffiliated Trustees for reasonable expenses incurred in relation to attendance at the meetings and industry conferences.

Certain officers and non-independent trustees of the Funds are officers and directors of Thrivent Asset Mgt., Thrivent Investment Mgt. and Thrivent Investor Services; however, they receive no compensation from the Trust.

(F) Indirect Expenses – Some Funds invest in other mutual funds. Fees and expenses of those underlying funds are not included in those Funds’ expense ratios. The Funds indirectly bear their proportionate share of the annualized weighted average expense ratio of the underlying funds in which they invest.

238

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010

(4) TAX INFORMATION

Distributions are based on amounts calculated in accordance with the applicable federal income tax regulations, which may differ from GAAP. To the extent that these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassifications.

On the Statement of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were made as follows [Increase/(Decrease)]:


Fund	Accumulated Net Investment Income/(Loss)			Accumulated Net Realized Gain/(Loss)			Capital Stock
Aggressive Allocation	($	127,500	)	$	127,500		$	—
Moderately Aggressive Allocation		(612,912	)		612,912			—
Moderate Allocation		(601,204	)		601,204			—
Moderately Conservative Allocation		(172,668	)		172,668			—
Partner Small Cap Growth		747,127			6,775			(753,902	)
Partner Small Cap Value		(44,130	)		44,130			—
Small Cap Stock		1,272,723			213,061			(1,485,784	)
Mid Cap Growth		930,044			(459,530	)		(470,514	)
Partner Mid Cap Value		(44,087	)		44,087			—
Mid Cap Stock		(559,007	)		551,139			7,868
Partner Worldwide Allocation		(159,676	)		159,676			—
Partner International Stock		(475,599	)		506,586			(30,987	)
Large Cap Growth		14,435			(4,360,299	)		4,345,864
Large Cap Value		(37	)		468			(431	)
Large Cap Stock		2,501			(2,501	)		—
Balanced		43,123			(43,123	)		—
High Yield		139,758			209,343,197			(209,482,955	)
Income		(281,155	)		281,155			—
Core Bond		57,218			(57,218	)		—
Government Bond		23,649			—			(23,649	)
Limited Maturity Bond		(268,220	)		268,220			—
Money Market		(53,093	)		(6,416	)		59,509

At October 31, 2010, the components of distributable earnings on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain
Aggressive Allocation	$	80,180	$	—
Moderately Aggressive
Allocation		8,943,188		—
Moderate Allocation		1,234,697		—
Moderately Conservative
Allocation		799,850		—


			Undistributed
Fund	Undistributed Ordinary Income		Long-Term Capital Gain
Partner Small Cap Value		1,212,091	$	—
Partner Mid Cap Value		406,487		—
Mid Cap Stock		699,625		—
Partner Worldwide Allocation		3,972,874		—
Partner International Stock		7,524,660		—
Large Cap Value		4,809,001		—
Large Cap Stock		4,453,557		—
Balanced		185,508		—
High Yield		212,440		—
Municipal Bond^a		421,888		2,623,380
Income		349,663		—
Core Bond		691,197		—
Government Bond		882,832		—
Limited Maturity Bond		919,008		—

a	Municipal Bond Fund undistributed ordinary income is primarily exempt from federal income taxes.

At October 31, 2010, the following Funds had accumulated net realized capital loss carryovers expiring as follows:


Fund	Capital Loss Carryover		Expiration Year
Aggressive Allocation	$	15,527,413		2017

	$	15,527,413


Moderately Aggressive Allocation		24,332,589		2017

	$	24,332,589


Moderate Allocation		16,217,621		2017

	$	16,217,621


Moderately Conservative Allocation		2,068,489		2017

	$	2,068,489


Partner Small Cap Growth		8,224,962		2016
		17,808,240		2017

	$	26,033,202


Partner Small Cap Value		310,709		2017

	$	310,709


Small Cap Stock		84,067,464		2017

	$	84,067,464


Mid Cap Growth		3,262,227		2017

	$	3,262,227


Partner Mid Cap Value		388,943		2016
		14,040,416		2017

	$	14,429,359


Mid Cap Stock		148,274,348		2016
		80,779,485		2017

	$	229,053,833


Partner Worldwide Allocation		4,559,324		2016
		13,383,870		2017

	$	17,943,194

239

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010


Fund	Capital Loss Carryover		Expiration Year
Partner International Stock		54,235,414		2016
		105,432,640		2017

	$	159,668,054


Large Cap Growth		1,041,797		2011
		4,167,188		2015
		58,268,847		2016
		60,235,691		2017

	$	123,713,523


Large Cap Value		35,645,794		2016
		93,085,648		2017

	$	128,731,442


Large Cap Stock		133,666,307		2017

	$	133,666,307


Balanced		11,630,794		2017

	$	11,630,794


High Yield		90,973,334		2011
		11,792,481		2012
		1,037,644		2013
		1,574,393		2014
		32,937,341		2016
		30,243,630		2017

	$	168,558,823


Income		4,798,626		2014
		21,119,656		2016
		28,531,756		2017

	$	54,450,038


Core Bond		4,642,806		2014
		1,199,140		2015
		5,142,913		2016
		8,698,163		2017

	$	19,683,022


Limited Maturity Bond		1,788,838		2017

	$	1,788,838

To the extent that these Funds realize future net capital gains, taxable distributions will be reduced by any unused capital loss carryovers as permitted by the Internal Revenue Code.

Of the capital loss carryovers attributable to Large Cap Growth Fund, the following amounts were obtained as a result of the reorganization, as described in Note (1)(A), with Technology Fund in June 2009:


Fund	Capital Loss Carryover		Expiration Year
Large Cap Growth		1,041,797		2011
		4,167,188		2015
		1,041,797		2016

	$	6,250,782

In addition, $20,456,420 in capital loss carryovers acquired by Large Cap Growth Fund as part of the merger expired or were deemed expired due to provisions under the Internal Revenue

Code. The Internal Revenue Code may limit the ability of Acquiring Funds to utilize capital losses of Acquired Funds.

During the fiscal year 2010, capital loss carryovers utilized by the Funds were as follows:


Fund	Capital Loss Carryover
Aggressive Allocation	$	4,838,432
Moderately Aggressive Allocation		12,649,961
Moderate Allocation		15,427,037
Moderately Conservative Allocation		6,201,567
Partner Small Cap Growth		9,009,117
Partner Small Cap Value		5,772,539
Small Cap Stock		57,589,422
Mid Cap Growth		23,208,150
Partner Mid Cap Value		9,235,975
Mid Cap Stock		39,110,573
Partner Worldwide Allocation		3,815,449
Partner International Stock		5,654,591
Large Cap Growth		9,534,554
Large Cap Value		8,384,679
Large Cap Stock		157,452,657
Balanced		18,214,981
High Yield		14,145,644
Municipal Bond		238,517
Income		22,503,722
Core Bond		7,306,409
Limited Maturity Bond		6,260,164

In addition, the following capital loss carryovers expired during the fiscal year 2010: Partner International Stock Fund; $30,987 and High Yield Fund; $209,482,952.

240

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010

The tax character of distributions paid during the years ended October 31, 2010 and 2009 was as follows:


	Tax-Exempt Income				Ordinary Income				Long-Term Capital Gain
Fund	10/31/2010		10/31/2009		10/31/2010		10/31/2009		10/31/2010		10/31/2009
Aggressive Allocation	$	—	$	—	$	3,322,539	$	4,055,948	$	—	$	17,451,182
Moderately Aggressive Allocation		—		—		16,180,145		18,672,513		—		20,356,677
Moderate Allocation		—		—		23,455,552		25,154,621		—		5,595,199
Moderately Conservative Allocation		—		—		11,745,741		11,514,915		—		—
Partner Small Cap Value		—		—		1,200,962		1,385,809		—		7,732,630
Small Cap Stock		—		—		—		1,199,395		—		—
Partner Mid Cap Value		—		—		940,413		888,833		—		—
Mid Cap Stock		—		—		766,405		4,268,966		—		—
Partner Worldwide Allocation		—		—		2,492,167		1,709,823		—		—
Partner International Stock		—		—		8,243,472		10,894,347		—		—
Large Cap Growth		—		—		1,199,725		800,264		—		—
Large Cap Value		—		—		7,342,630		11,677,572		—		—
Large Cap Stock		—		—		10,507,202		27,196,895		—		—
Balanced		—		—		2,982,810		3,308,822		—		—
High Yield		—		—		54,939,901		48,824,831		—		—
Municipal Bond		58,497,274		54,041,448		496,714		309,950		—		1,146,059
Income		—		—		37,433,927		38,951,630		—		—
Core Bond		—		—		11,899,912		12,833,757		—		—
Government Bond		—		—		1,213,372		—		—		—
Limited Maturity Bond		—		—		22,298,302		20,450,722		—		—
Money Market		—		—		—		9,343,997		—		—

(5) DISTRIBUTIONS BY CLASS

Net Investment income and net realized gain distributions by class for the Funds were as follows:


	Net Investment Income
	For the period ended October 31, 2010						For the period ended October 31, 2009
Fund	Class A		Class B		Institutional Class		Class A		Class B		Institutional Class
Aggressive Allocation	$	2,664,479		N/A	$	658,060	$	3,250,691		N/A	$	805,204
Moderately Aggressive Allocation		14,861,791		N/A		1,318,354		17,094,209		N/A		1,578,240
Moderate Allocation		22,341,325		N/A		1,114,227		24,121,169		N/A		1,032,642
Moderately Conservative Allocation		11,249,131		N/A		496,610		11,098,816		N/A		416,099
Partner Small Cap Value		156,873		N/A		1,044,089		282,621	$	—		1,103,188
Small Cap Stock		—		N/A		—		290,927		—		908,468
Partner Mid Cap Value		102,980		N/A		837,433		63,593		N/A		825,240
Mid Cap Stock		—		N/A		766,405		1,905,574		—		2,363,392
Partner Worldwide Allocation		393,632		N/A		2,098,535		287,323		N/A		1,422,500
Partner International Stock		2,600,461		N/A		5,643,011		3,941,031		—		6,953,316
Large Cap Growth		304,669		N/A		895,056		—		—		800,264
Large Cap Value		2,200,300		N/A		5,142,330		3,982,320		—		7,695,252
Large Cap Stock		8,586,854		N/A		1,920,348		23,916,161		—		3,280,734
Balanced		1,958,480		N/A		1,024,330		2,214,730		5,441		1,088,651
High Yield		33,273,825		N/A		21,666,076		31,435,258		70,860		17,318,713
Municipal Bond		55,045,777		N/A		3,948,211		51,522,098		35,640		2,793,245
Income		18,193,417		N/A		19,240,510		18,527,517		29,777		20,394,336
Core Bond		9,453,575		N/A		2,446,337		9,810,926		11,234		3,011,597
Government Bond		34,589		N/A		1,178,783		N/A		N/A		N/A
Limited Maturity Bond		6,054,107		N/A		16,244,195		3,398,319		16,500		17,035,903
Money Market		—		N/A		—		7,880,125		3,632		1,460,240

241

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010


	Net Realized Gains
	For the period ended October 31, 2010						For the period ended October 31, 2009
Fund	Class A		Class B		Institutional Class		Class A		Class B		Institutional Class
Aggressive Allocation	$	—		N/A	$	—	$	14,721,550		N/A	$	2,729,685
Moderately Aggressive Allocation		—		N/A		—		18,857,427		N/A		1,499,314
Moderate Allocation		—		N/A		—		5,390,278		N/A		205,731
Partner Small Cap Value		—		N/A		—		3,055,726	$	63,536		4,613,368
Municipal Bond		—		N/A		—		1,105,887		3,232		37,355

(6) SECURITY TRANSACTIONS

(A) Purchases and Sales of Investment Securities – For the year ended October 31, 2010, the cost of purchases and the proceeds from sales of investment securities, other than U.S. Government and short-term securities were as follows:


	In thousands
Fund	Purchases		Sales
Aggressive Allocation	$	258,223	$	215,239
Moderately Aggressive Allocation		454,532		370,046
Moderate Allocation		373,263		274,883
Moderately Conservative Allocation		183,959		112,601
Partner Small Cap Growth		102,517		98,843
Partner Small Cap Value		51,564		34,847
Small Cap Stock		570,438		623,919
Mid Cap Growth		180,371		172,750
Partner Mid Cap Value		98,573		96,776
Mid Cap Stock		505,258		610,218
Partner Worldwide Allocation		233,113		156,595
Partner International Stock		415,924		432,567
Large Cap Growth		693,107		703,077
Large Cap Value		553,014		545,440
Large Cap Stock		2,994,513		3,044,267
Balanced		256,165		266,884
High Yield		544,692		542,443
Municipal Bond		209,054		117,397
Income		593,824		609,094
Core Bond		179,421		200,889
Government Bond		19,137		3,802
Limited Maturity Bond		552,038		396,731

Purchases and sales of U.S. Government securities were:


	In thousands
Fund	Purchases		Sales
Aggressive Allocation	$	13,928	$	10,166
Moderately Aggressive Allocation		30,641		22,366
Moderate Allocation		30,641		22,366
Moderately Conservative Allocation		13,928		10,166
Partner Small Cap Growth		—		603
Small Cap Stock		1,000		1,000
Balanced		190,161		193,130
Income		486,869		503,492
Core Bond		766,935		768,893
Government Bond		213,258		125,714
Limited Maturity Bond		511,262		480,129

(B) Investments in Restricted Securities – Certain Funds may own restricted securities that have been deemed illiquid and were purchased in private placement transactions without registration under the Securities Act of 1933. Unless such securities subsequently become registered, they generally may be resold only in privately negotiated transactions with a limited number of purchasers. As of October 31, 2010, the following funds held restricted securities:


Fund	Number of Securities		Percent of Fund’s Net Assets
Partner Worldwide Allocation		1		0.04	%
Balanced		5		1.75	%
High Yield		1		0.55	%
Income		7		2.08	%
Core Bond		4		3.52	%
Limited Maturity Bond		8		1.24	%

The Funds have no right to require registration of unregistered securities.

(C) Investments in High-Yielding Securities – High Yield Fund invests primarily in high-yielding fixed-income securities. Each of the other Funds, except Money Market Fund, may also invest in high-yielding securities. These securities will typically be in the lower rating categories or will be non-rated and generally will involve more risk than securities in the higher rating categories. Lower rated or unrated securities are more likely to react to developments affecting market risk and credit risk than are more highly rated securities, which react primarily to movements in the general level of interest rates.

(D) Investments in Options and Futures Contracts – The movement in the price of the security underlying an option or futures contract may not correlate perfectly with the movement in the prices of the portfolio securities being hedged. A lack of correlation could render the Fund’s hedging strategy unsuccessful and could result in a loss to the Fund. In the event that a liquid secondary market would not exist, the Fund could be prevented from entering into a closing transaction, which could result in additional losses to the Fund.

(E) Written Option Contracts – The number of contracts and premium amounts associated with call option contracts written during the year ended October 31, 2010, were as follows:

242

Thrivent Mutual Funds

Notes to Financial Statements

As of October 31, 2010


	Number of Contracts			Premium Amount
Aggressive Allocation
Balance at October 31, 2009		—		$	—
Opened		10			53,906
Closed		—			—
Expired		—			—
Exercised		(10	)		(53,906	)

Balance at October 31, 2010		—		$	—


Moderately Aggressive
Allocation
Balance at October 31, 2009		—		$	—
Opened		22			118,594
Closed		—			—
Expired		—			—
Exercised		(22	)		(118,594	)

Balance at October 31, 2010		—		$	—


Moderate Allocation
Balance at October 31, 2009		—		$	—
Opened		22			118,594
Closed		—			—
Expired		—			—
Exercised		(22	)		(118,594	)

Balance at October 31, 2010		—		$	—


Moderately Conservative
Allocation
Balance at October 31, 2009		—		$	—
Opened		10			53,906
Closed		—			—
Expired		—			—
Exercised		(10	)		(53,906	)

Balance at October 31, 2010		—		$	—


Large Cap Growth
Balance at October 31, 2009		—		$	—
Opened		3,438			375,286
Closed		(1,617	)		(201,300	)
Expired		(1,132	)		(118,452	)
Exercised		(391	)		(35,141	)

Balance at October 31, 2010		298		$	20,393


Large Cap Stock
Balance at October 31, 2009		—		$	—
Opened		27,882			9,520,044
Closed		(24,106	)		(8,954,881	)
Expired		(2,386	)		(319,185	)
Exercised		(1,040	)		(55,040	)

Balance at October 31, 2010		350		$	190,938


Government Bond
Balance at February 26, 2010		—		$	—
Opened		15			73,219
Closed		—			—
Expired		—			—
Exercised		(13	)		(65,313	)

Balance at October 31, 2010		2		$	7,906

(7) SECURITY TRANSACTIONS WITH AFFILIATED FUNDS

The Funds are permitted to purchase or sell securities from or to certain other Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, during the year ended October 31, 2010, the Funds engaged in purchases and sales of securities of $24,178,776 and $14,510,525, respectively.

(8) RELATED PARTY TRANSACTIONS

As of October 31, 2010, related parties held the following shares in excess of 5% of Thrivent Mutual Funds:


Fund	Shares		Percent of Fund’s Outstanding Shares
Partner Small Cap Growth		942,592		9.1	%
Partner Worldwide Allocation		4,553,690		15.8	%
Core Bond		3,837,619		13.1	%
Government Bond		3,290,620		31.2	%

As of October 31, 2010, retirement plans sponsored by Thrivent Financial for Lutherans held the following shares in excess of 5% of Thrivent Mutual Funds:


Fund	Shares		Percent of Fund’s Outstanding Shares
Aggressive Allocation		6,988,097		14.2	%
Moderately Aggressive Allocation		7,238,381		6.6	%
Partner Small Cap Value		1,280,174		7.8	%
Mid Cap Stock		3,433,743		6.0	%
Partner International Stock		3,310,544		7.1	%
Balanced		4,581,138		26.0	%

(9) SUBSEQUENT EVENTS

Management of the Funds has evaluated the impact of subsequent events, and, except as already included in the Notes to Financial Statements, has determined that no additional items require disclosure.

243

Thrivent Mutual Funds

Financial Highlights


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investment
AGGRESSIVE ALLOCATION FUND
Class A Shares
Year Ended 10/31/2010	$	8.81	$	0.06	$	1.55		$	1.61		$	(0.07	)	$	—
Year Ended 10/31/2009		8.26		0.10		0.99			1.09			(0.09	)		(0.45	)
Year Ended 10/31/2008		13.79		0.16		(5.13	)		(4.97	)		(0.35	)		(0.21	)
Year Ended 10/31/2007		11.88		0.14		1.99			2.13			(0.19	)		(0.03	)
Year Ended 10/31/2006		10.37		0.15		1.49			1.64			(0.13	)		—

Institutional Class Shares
Year Ended 10/31/2010		8.87		0.09		1.56			1.65			(0.09	)		—
Year Ended 10/31/2009		8.31		0.13		1.00			1.13			(0.12	)		(0.45	)
Year Ended 10/31/2008		13.86		0.21		(5.18	)		(4.97	)		(0.37	)		(0.21	)
Year Ended 10/31/2007		11.94		0.16		2.02			2.18			(0.23	)		(0.03	)
Year Ended 10/31/2006		10.39		0.20		1.49			1.69			(0.14	)		—
MODERATELY AGGRESSIVE ALLOCATION FUND
Class A Shares
Year Ended 10/31/2010		9.25		0.16		1.39			1.55			(0.15	)		—
Year Ended 10/31/2009		8.36		0.20		1.11			1.31			(0.20	)		(0.22	)
Year Ended 10/31/2008		13.23		0.24		(4.58	)		(4.34	)		(0.36	)		(0.17	)
Year Ended 10/31/2007		11.72		0.21		1.56			1.77			(0.24	)		(0.02	)
Year Ended 10/31/2006		10.31		0.19		1.35			1.54			(0.13	)		—

Institutional Class Shares
Year Ended 10/31/2010		9.31		0.20		1.39			1.59			(0.18	)		—
Year Ended 10/31/2009		8.41		0.23		1.12			1.35			(0.23	)		(0.22	)
Year Ended 10/31/2008		13.30		0.27		(4.60	)		(4.33	)		(0.39	)		(0.17	)
Year Ended 10/31/2007		11.77		0.23		1.60			1.83			(0.28	)		(0.02	)
Year Ended 10/31/2006		10.33		0.23		1.35			1.58			(0.14	)		—
MODERATE ALLOCATION FUND
Class A Shares
Year Ended 10/31/2010		9.46		0.23		1.20			1.43			(0.22	)		—
Year Ended 10/31/2009		8.42		0.27		1.09			1.36			(0.26	)		(0.06	)
Year Ended 10/31/2008		12.32		0.30		(3.62	)		(3.32	)		(0.41	)		(0.17	)
Year Ended 10/31/2007		11.30		0.30		1.10			1.40			(0.34	)		(0.04	)
Year Ended 10/31/2006		10.22		0.27		1.08			1.35			(0.27	)		—

Institutional Class Shares
Year Ended 10/31/2010		9.48		0.26		1.20			1.46			(0.25	)		—
Year Ended 10/31/2009		8.43		0.29		1.11			1.40			(0.29	)		(0.06	)
Year Ended 10/31/2008		12.34		0.35		(3.65	)		(3.30	)		(0.44	)		(0.17	)
Year Ended 10/31/2007		11.32		0.33		1.09			1.42			(0.36	)		(0.04	)
Year Ended 10/31/2006		10.23		0.31		1.09			1.40			(0.31	)		—

(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

*	All per share amounts have been rounded to the nearest cent.

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

244

Thrivent Mutual Funds

Financial Highlights – continued


				RATIOS / SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

$	(0.07)	$	10.35		18.29	%	$	435.5		0.70	%		0.57	%		0.90	%		0.37	%		52	%
	(0.54)		8.81		14.66	%		354.6		0.57	%		1.27	%		0.88	%		0.96	%		19	%
	(0.56)		8.26		(37.44	)%		264.2		0.53	%		0.94	%		0.72	%		0.75	%		15	%
	(0.22)		13.79		18.27	%		332.7		0.38	%		0.79	%		0.72	%		0.45	%		15	%
	(0.13)		11.88		15.95	%		176.0		0.10	%		0.78	%		0.81	%		0.07	%		8	%

	(0.09)		10.43		18.73	%		73.7		0.35	%		0.94	%		0.39	%		0.90	%		52	%
	(0.57)		8.87		15.16	%		62.9		0.23	%		1.62	%		0.25	%		1.60	%		19	%
	(0.58)		8.31		(37.27	)%		50.4		0.20	%		1.26	%		0.20	%		1.26	%		15	%
	(0.26)		13.86		18.64	%		57.8		0.10	%		1.11	%		0.21	%		1.00	%		15	%
	(0.14)		11.94		16.45	%		35.8		(0.44	)%		1.25	%		0.27	%		0.53	%		8	%


	(0.15)		10.65		16.92	%		1,085.3		0.62	%		1.60	%		0.75	%		1.47	%		39	%
	(0.42)		9.25		16.78	%		904.1		0.54	%		2.50	%		0.72	%		2.31	%		17	%
	(0.53)		8.36		(33.99	)%		698.3		0.51	%		1.87	%		0.61	%		1.78	%		20	%
	(0.26)		13.23		15.45	%		859.2		0.37	%		1.52	%		0.61	%		1.28	%		18	%
	(0.13)		11.72		15.05	%		423.0		0.08	%		1.60	%		0.67	%		1.01	%		10	%
	(0.18)		10.72		17.24	%		79.5		0.28	%		1.94	%		0.31	%		1.92	%		39	%
	(0.45)		9.31		17.27	%		69.0		0.20	%		2.85	%		0.21	%		2.84	%		17	%
	(0.56)		8.41		(33.83	)%		56.2		0.18	%		2.21	%		0.18	%		2.21	%		20	%
	(0.30)		13.30		15.85	%		68.9		0.09	%		1.86	%		0.19	%		1.76	%		18	%
	(0.14)		11.77		15.43	%		40.1		(0.36	)%		2.05	%		0.23	%		1.46	%		10	%


	(0.22)		10.67		15.30	%		1,118.6		0.60	%		2.28	%		0.68	%		2.21	%		30	%
	(0.32)		9.46		16.91	%		923.2		0.53	%		3.24	%		0.64	%		3.12	%		19	%
	(0.58)		8.42		(28.06	)%		739.6		0.50	%		2.61	%		0.55	%		2.56	%		17	%
	(0.38)		12.32		12.60	%		843.2		0.37	%		2.36	%		0.56	%		2.17	%		23	%
	(0.27)		11.30		13.40	%		442.8		0.04	%		2.44	%		0.61	%		1.88	%		10	%
	(0.25)		10.69		15.64	%		50.5		0.27	%		2.60	%		0.29	%		2.58	%		30	%
	(0.35)		9.48		17.38	%		38.5		0.20	%		3.55	%		0.21	%		3.54	%		19	%
	(0.61)		8.43		(27.87	)%		28.4		0.18	%		2.92	%		0.18	%		2.92	%		17	%
	(0.40)		12.34		12.84	%		27.9		0.11	%		2.66	%		0.20	%		2.57	%		23	%
	(0.31)		11.32		13.83	%		17.1		(0.33	)%		2.82	%		0.24	%		2.25	%		10	%

^(b)	Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

^**	Computed on an annualized basis for periods less than one year.

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

245

Thrivent Mutual Funds

Financial Highlights – continued


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)			Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
MODERATELY CONSERVATIVE ALLOCATION FUND

Class A Shares
Year Ended 10/31/2010	$	9.78	$	0.27		$	0.94		$	1.21		$	(0.26	)	$	—
Year Ended 10/31/2009		8.75		0.30			1.03			1.33			(0.30	)		—
Year Ended 10/31/2008		11.54		0.34			(2.63	)		(2.29	)		(0.40	)		(0.10	)
Year Ended 10/31/2007		10.91		0.36			0.68			1.04			(0.38	)		(0.03	)
Year Ended 10/31/2006		10.13		0.32			0.77			1.09			(0.31	)		—

Institutional Class Shares
Year Ended 10/31/2010		9.80		0.29			0.94			1.23			(0.28	)		—
Year Ended 10/31/2009		8.77		0.32			1.03			1.35			(0.32	)		—
Year Ended 10/31/2008		11.56		0.37			(2.63	)		(2.26	)		(0.43	)		(0.10	)
Year Ended 10/31/2007		10.93		0.37			0.69			1.06			(0.40	)		(0.03	)
Year Ended 10/31/2006		10.14		0.34			0.79			1.13			(0.34	)		—


PARTNER SMALL CAP GROWTH FUND
Class A Shares
Year Ended 10/31/2010		8.31		(0.11	)		2.61			2.50			—			—
Year Ended 10/31/2009		7.72		(0.04	)		0.63			0.59			—			—
Year Ended 10/31/2008		13.93		(0.04	)		(5.59	)		(5.63	)		—			(0.58	)
Year Ended 10/31/2007		11.69		(0.06	)		2.30			2.24			—			—
Year Ended 10/31/2006		10.28		(0.03	)		1.44			1.41			—			—

Institutional Class Shares
Year Ended 10/31/2010		8.42		(0.07	)		2.66			2.59			—			—
Year Ended 10/31/2009		7.79		(0.03	)		0.66			0.63			—			—
Year Ended 10/31/2008		14.00		(0.01	)		(5.62	)		(5.63	)		—			(0.58	)
Year Ended 10/31/2007		11.73		(0.02	)		2.31			2.29			(0.02	)		—
Year Ended 10/31/2006		10.28		—			1.45			1.45			—			—


PARTNER SMALL CAP VALUE FUND
Class A Shares
Year Ended 10/31/2010		11.26		0.02			2.47			2.49			(0.03	)		—
Year Ended 10/31/2009		11.02		0.05			0.86			0.91			(0.05	)		(0.62	)
Year Ended 10/31/2008		16.41		0.09			(4.26	)		(4.17	)		—			(1.22	)
Year Ended 10/31/2007		15.65		0.04			1.45			1.49			(0.02	)		(0.71	)
Year Ended 10/31/2006		14.06		0.07			2.46			2.53			(0.04	)		(0.90	)

Institutional Class Shares
Year Ended 10/31/2010		11.81		0.09			2.59			2.68			(0.10	)		—
Year Ended 10/31/2009		11.53		0.10			0.94			1.04			(0.14	)		(0.62	)
Year Ended 10/31/2008		17.10		0.12			(4.37	)		(4.25	)		(0.10	)		(1.22	)
Year Ended 10/31/2007		16.26		0.13			1.52			1.65			(0.10	)		(0.71	)
Year Ended 10/31/2006		14.57		0.12			2.60			2.72			(0.13	)		(0.90	)

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

^*	All per share amounts have been rounded to the nearest cent.

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

246

Thrivent Mutual Funds

Financial Highlights – continued


										RATIOS / SUPPLEMENTAL DATA
										Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions			Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate
$	(0.26	)	$	10.73		12.53	%	$	503.7		0.58	%		2.61	%		0.69	%		2.50	%		29	%
	(0.30)			9.78		15.66	%		392.9		0.51	%		3.45	%		0.64	%		3.31	%		21	%
	(0.50)			8.75		(20.53	)%		314.7		0.47	%		3.15	%		0.56	%		3.06	%		19	%
	(0.41)			11.54		9.72	%		305.5		0.33	%		3.16	%		0.57	%		2.92	%		19	%
	(0.31)			10.91		10.94	%		156.9		0.01	%		3.19	%		0.65	%		2.55	%		5	%

	(0.28)			10.75		12.78	%		21.7		0.32	%		2.87	%		0.33	%		2.86	%		29	%
	(0.32)			9.80		15.91	%		13.8		0.25	%		3.72	%		0.25	%		3.71	%		21	%
	(0.53)			8.77		(20.30	)%		11.1		0.22	%		3.45	%		0.22	%		3.45	%		19	%
	(0.43)			11.56		9.91	%		9.8		0.12	%		3.41	%		0.23	%		3.31	%		19	%
	(0.34)			10.93		11.35	%		6.5		(0.34	)%		3.50	%		0.30	%		2.86	%		5	%


	—			10.81		30.08	%		17.3		1.56	%		(1.14	)%		1.56	%		(1.14	)%		102	%
	—			8.31		7.64	%		12.8		1.58	%		(0.90	)%		1.61	%		(0.93	)%		116	%
	(0.58)			7.72		(41.96	)%		9.6		1.42	%		(0.44	)%		1.43	%		(0.45	)%		186	%
	—			13.93		19.16	%		15.5		1.20	%		(0.52	)%		1.46	%		(0.77	)%		98	%
	—			11.69		13.72	%		12.0		0.91	%		(0.31	)%		1.72	%		(1.12	)%		109	%
	—			11.01		30.76	%		95.9		1.09	%		(0.67	)%		1.09	%		(0.67	)%		102	%
	—			8.42		8.09	%		72.7		1.09	%		(0.40	)%		1.12	%		(0.43	)%		116	%
	(0.58)			7.79		(41.74	)%		64.7		1.06	%		(0.07	)%		1.07	%		(0.08	)%		186	%
	(0.02)			14.00		19.55	%		64.5		0.92	%		(0.25	)%		1.13	%		(0.45	)%		98	%
	—			11.73		14.11	%		29.3		0.53	%		0.10	%		1.35	%		(0.71	)%		109	%


	(0.03)			13.72		22.14	%		71.7		1.40	%		0.14	%		1.47	%		0.07	%		17	%
	(0.67)			11.26		9.51	%		59.0		1.56	%		0.55	%		1.67	%		0.44	%		14	%
	(1.22)			11.02		(26.94	)%		54.3		1.35	%		0.61	%		1.46	%		0.49	%		35	%
	(0.73)			16.41		9.77	%		82.5		1.25	%		0.21	%		1.43	%		0.03	%		34	%
	(0.94)			15.65		19.08	%		79.8		0.95	%		0.51	%		1.46	%		(0.01	)%		22	%
	(0.10)			14.39		22.78	%		160.7		0.85	%		0.70	%		0.85	%		0.70	%		17	%
	(0.76)			11.81		10.37	%		119.2		0.83	%		1.25	%		0.87	%		1.21	%		14	%
	(1.32)			11.53		(26.46	)%		75.4		0.69	%		1.27	%		0.80	%		1.15	%		35	%
	(0.81)			17.10		10.45	%		57.7		0.63	%		0.79	%		0.80	%		0.62	%		34	%
	(1.03)			16.26		19.85	%		44.9		0.30	%		1.06	%		0.82	%		0.54	%		22	%

^(b)	Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

^**	Computed on an annualized basis for periods less than one year.

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

247

Thrivent Mutual Funds

Financial Highlights – continued


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)			Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments

SMALL CAP STOCK FUND
Class A Shares
Year Ended 10/31/2010	$	10.26	$	(0.09	)	$	2.39		$	2.30		$	—		$	—
Year Ended 10/31/2009		10.33		—			(0.06	)		(0.06	)		(0.01	)		—
Year Ended 10/31/2008		18.98		0.01			(6.34	)		(6.33	)		—			(2.32	)
Year Ended 10/31/2007		18.48		0.01			2.40			2.41			—			(1.91	)
Year Ended 10/31/2006		17.79		(0.05	)		2.68			2.63			—			(1.94	)

Institutional Class Shares
Year Ended 10/31/2010		11.35		0.02			2.62			2.64			—			—
Year Ended 10/31/2009		11.43		0.22			(0.20	)		0.02			(0.10	)		—
Year Ended 10/31/2008		20.62		0.01			(6.88	)		(6.87	)		—			(2.32	)
Year Ended 10/31/2007		19.82		0.08			2.63			2.71			—			(1.91	)
Year Ended 10/31/2006		18.85		(0.04	)		2.95			2.91			—			(1.94	)


MID CAP GROWTH FUND
Class A Shares
Year Ended 10/31/2010		12.92		(0.08	)		3.78			3.70			—			—
Year Ended 10/31/2009		10.24		(0.06	)		2.74			2.68			—			—
Year Ended 10/31/2008		19.45		(0.03	)		(6.95	)		(6.98	)		—			(2.23	)
Year Ended 10/31/2007		16.17		(0.06	)		4.50			4.44			—			(1.16	)
Year Ended 10/31/2006		14.59		(0.06	)		1.64			1.58			—			—

Institutional Class Shares
Year Ended 10/31/2010		14.31		(0.02	)		4.24			4.22			—			—
Year Ended 10/31/2009		11.24		(0.05	)		3.12			3.07			—			—
Year Ended 10/31/2008		20.98		(0.08	)		(7.43	)		(7.51	)		—			(2.23	)
Year Ended 10/31/2007		17.24		0.06			4.84			4.90			—			(1.16	)
Year Ended 10/31/2006		15.44		(0.04	)		1.84			1.80			—			—


PARTNER MID CAP VALUE FUND
Class A Shares
Year Ended 10/31/2010		8.97		0.06			2.23			2.29			(0.07	)		—
Year Ended 10/31/2009		7.89		0.04			1.11			1.15			(0.07	)		—
Year Ended 10/31/2008		12.93		0.12			(4.43	)		(4.31	)		(0.09	)		(0.64	)
Year Ended 10/31/2007		11.83		0.11			1.23			1.34			(0.17	)		(0.07	)
Year Ended 10/31/2006		10.13		0.17			1.57			1.74			(0.04	)		—

Institutional Class Shares
Year Ended 10/31/2010		8.99		0.09			2.24			2.33			(0.09	)		—
Year Ended 10/31/2009		7.92		0.09			1.08			1.17			(0.10	)		—
Year Ended 10/31/2008		12.97		0.10			(4.40	)		(4.30	)		(0.11	)		(0.64	)
Year Ended 10/31/2007		11.87		0.16			1.21			1.37			(0.20	)		(0.07	)
Year Ended 10/31/2006		10.14		0.17			1.61			1.78			(0.05	)		—

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

^*	All per share amounts have been rounded to the nearest cent.

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

248

Thrivent Mutual Funds

Financial Highlights — continued


					RATIOS / SUPPLEMENTAL DATA
										Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions			Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

$	—		$	12.56		22.42	%	$	239.1		1.46	%		(0.62	)%		1.46	%		(0.62	)%		203	%
	(0.01	)		10.26		(0.54	)%		221.2		1.58	%		0.03	%		1.58	%		0.03	%		283	%
	(2.32	)		10.33		(37.25	)%		241.9		1.32	%		0.09	%		1.33	%		0.07	%		245	%
	(1.91	)		18.98		14.32	%		448.9		1.27	%		0.03	%		1.29	%		0.01	%		112	%
	(1.94	)		18.48		16.04	%		457.5		1.27	%		(0.28	)%		1.29	%		(0.30	)%		92	%

	—			13.99		23.26	%		68.6		0.78	%		0.05	%		0.78	%		0.05	%		203	%
	(0.10	)		11.35		0.27	%		58.8		0.77	%		0.82	%		0.78	%		0.82	%		283	%
	(2.32	)		11.43		(36.86	)%		106.7		0.73	%		0.66	%		0.74	%		0.64	%		245	%
	(1.91	)		20.62		14.92	%		106.6		0.71	%		0.56	%		0.73	%		0.54	%		112	%
	(1.94	)		19.82		16.68	%		85.1		0.72	%		0.27	%		0.74	%		0.26	%		92	%


	—			16.62		28.64	%		241.7		1.18	%		(0.51	)%		1.18	%		(0.51	)%		55	%
	—			12.92		26.17	%		201.0		1.40	%		(0.55	)%		1.41	%		(0.56	)%		65	%
	(2.23	)		10.24		(39.95	)%		165.0		1.16	%		(0.19	)%		1.19	%		(0.22	)%		85	%
	(1.16	)		19.45		29.25	%		302.7		1.16	%		(0.32	)%		1.18	%		(0.34	)%		84	%
	—			16.17		10.83	%		264.6		1.19	%		(0.37	)%		1.21	%		(0.38	)%		156	%

	—			18.53		29.49	%		147.6		0.53	%		0.15	%		0.53	%		0.15	%		55	%
	—			14.31		27.31	%		90.8		0.54	%		0.29	%		0.55	%		0.28	%		65	%
	(2.23	)		11.24		(39.52	)%		45.2		0.45	%		0.51	%		0.48	%		0.49	%		85	%
	(1.16	)		20.98		30.15	%		42.1		0.46	%		0.37	%		0.48	%		0.36	%		84	%
	—			17.24		11.66	%		32.3		0.47	%		0.34	%		0.49	%		0.32	%		156	%


	(0.07	)		11.19		25.63	%		16.6		1.25	%		0.60	%		1.46	%		0.38	%		91	%
	(0.07	)		8.97		14.70	%		13.3		1.25	%		0.80	%		1.57	%		0.48	%		111	%
	(0.73	)		7.89		(35.12	)%		7.4		1.25	%		1.12	%		1.41	%		0.96	%		100	%
	(0.24	)		12.93		11.45	%		12.0		0.95	%		0.99	%		1.48	%		0.46	%		96	%
	(0.04	)		11.83		17.19	%		7.6		0.31	%		1.67	%		1.86	%		0.12	%		43	%

	(0.09	)		11.23		26.07	%		104.2		0.93	%		0.92	%		0.93	%		0.92	%		91	%
	(0.10	)		8.99		15.02	%		81.0		0.95	%		1.19	%		0.97	%		1.18	%		111	%
	(0.75	)		7.92		(34.95	)%		69.4		0.93	%		1.41	%		0.95	%		1.38	%		100	%
	(0.27	)		12.97		11.73	%		33.9		0.72	%		1.23	%		1.06	%		0.89	%		96	%
	(0.05	)		11.87		17.65	%		23.9		(0.14	)%		2.08	%		1.37	%		0.57	%		43	%

^(b)	Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

^**	Computed on an annualized basis for periods less than one year.

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

249

Thrivent Mutual Funds

Financial Highlights – continued


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments

MID CAP STOCK FUND
Class A Shares
Year Ended 10/31/2010	$	10.89	$	—	$	2.60		$	2.60		$	—		$	—
Year Ended 10/31/2009		9.05		0.01		1.87			1.88			(0.04	)		—
Year Ended 10/31/2008		17.98		0.05		(6.60	)		(6.55	)		(0.01	)		(2.37	)
Year Ended 10/31/2007		18.61		0.13		2.40			2.53			(0.02	)		(3.14	)
Year Ended 10/31/2006		17.85		0.02		2.55			2.57			—			(1.81	)

Institutional Class Shares
Year Ended 10/31/2010		11.71		0.07		2.79			2.86			(0.04	)		—
Year Ended 10/31/2009		9.74		0.07		2.01			2.08			(0.11	)		—
Year Ended 10/31/2008		19.14		0.07		(7.02	)		(6.95	)		(0.08	)		(2.37	)
Year Ended 10/31/2007		19.60		0.16		2.60			2.76			(0.08	)		(3.14	)
Year Ended 10/31/2006		18.63		0.04		2.74			2.78			—			(1.81	)


PARTNER WORLDWIDE ALLOCATION FUND
Class A Shares
Year Ended 10/31/2010		7.70		0.11		1.10			1.21			(0.11	)		—
Year Ended 10/31/2009		6.09		0.11		1.61			1.72			(0.11	)		—
Year Ended 10/31/2008 ^(c)		10.00		0.15		(4.06	)		(3.91	)		—			—

Institutional Class Shares
Year Ended 10/31/2010		7.72		0.13		1.11			1.24			(0.13	)		—
Year Ended 10/31/2009		6.10		0.08		1.66			1.74			(0.12	)		—
Year Ended 10/31/2008 ^(c)		10.00		0.17		(4.07	)		(3.90	)		—			—


PARTNER INTERNATIONAL STOCK FUND
Class A Shares
Year Ended 10/31/2010		8.84		0.15		0.78			0.93			(0.13	)		—
Year Ended 10/31/2009		7.50		0.14		1.37			1.51			(0.17	)		—
Year Ended 10/31/2008		15.90		0.20		(7.00	)		(6.80	)		(0.24	)		(1.36	)
Year Ended 10/31/2007		12.94		0.24		2.86			3.10			(0.14	)		—
Year Ended 10/31/2006		10.57		0.14		2.34			2.48			(0.11	)		—

Institutional Class Shares
Year Ended 10/31/2010		9.03		0.20		0.82			1.02			(0.20	)		—
Year Ended 10/31/2009		7.67		0.18		1.43			1.61			(0.25	)		—
Year Ended 10/31/2008		16.21		0.27		(7.13	)		(6.86	)		(0.32	)		(1.36	)
Year Ended 10/31/2007		13.19		0.34		2.90			3.24			(0.22	)		—
Year Ended 10/31/2006		10.77		0.20		2.40			2.60			(0.18	)		—

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

^(c)	Since fund inception, February 29, 2008.

^*	All per share amounts have been rounded to the nearest cent.

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

250

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Financial Highlights – continued


				RATIOS / SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

$	—	$	13.49		23.88	%	$	571.1		1.25	%		0.01	%		1.25	%		0.01	%		69	%
	(0.04)		10.89		20.85	%		517.6		1.35	%		0.08	%		1.35	%		0.08	%		56	%
	(2.38)		9.05		(41.38	)%		488.9		1.20	%		0.34	%		1.21	%		0.33	%		242	%
	(3.16)		17.98		15.56	%		988.9		1.16	%		0.72	%		1.17	%		0.71	%		188	%
	(1.81)		18.61		15.37	%		976.3		1.17	%		0.12	%		1.18	%		0.11	%		193	%

	(0.04)		14.53		24.50	%		216.6		0.73	%		0.55	%		0.73	%		0.55	%		69	%
	(0.11)		11.71		21.63	%		205.9		0.73	%		0.65	%		0.73	%		0.65	%		56	%
	(2.45)		9.74		(41.07	)%		217.4		0.71	%		0.79	%		0.71	%		0.78	%		242	%
	(3.22)		19.14		16.09	%		172.1		0.70	%		1.08	%		0.71	%		1.07	%		188	%
	(1.81)		19.60		15.90	%		116.4		0.70	%		0.57	%		0.71	%		0.56	%		193	%


	(0.11)		8.80		15.88	%		35.3		1.30	%		1.61	%		1.64	%		1.27	%		88	%
	(0.11)		7.70		28.63	%		25.5		1.30	%		2.03	%		1.78	%		1.55	%		90	%
	—		6.09		(39.10	)%		15.9		1.30	%		2.46	%		1.66	%		2.10	%		47	%

	(0.13)		8.83		16.26	%		219.2		0.99	%		1.95	%		1.19	%		1.75	%		88	%
	(0.12)		7.72		29.13	%		119.0		0.95	%		2.37	%		1.34	%		1.99	%		90	%
	—		6.10		(39.00	)%		47.0		0.96	%		2.80	%		1.28	%		2.48	%		47	%


	(0.13)		9.64		10.58	%		174.1		1.44	%		1.41	%		1.44	%		1.41	%		98	%
	(0.17)		8.84		20.60	%		181.1		1.54	%		1.57	%		1.54	%		1.56	%		81	%
	(1.60)		7.50		(47.01	)%		173.5		1.28	%		1.74	%		1.29	%		1.74	%		73	%
	(0.14)		15.90		24.13	%		382.1		1.27	%		1.61	%		1.28	%		1.60	%		111	%
	(0.11)		12.94		23.63	%		337.5		1.33	%		1.08	%		1.34	%		1.07	%		50	%

	(0.20)		9.85		11.37	%		281.0		0.72	%		2.15	%		0.72	%		2.15	%		98	%
	(0.25)		9.03		21.59	%		258.5		0.71	%		2.39	%		0.72	%		2.39	%		81	%
	(1.68)		7.67		(46.66	)%		214.2		0.69	%		2.42	%		0.70	%		2.41	%		73	%
	(0.22)		16.21		24.84	%		330.6		0.70	%		2.33	%		0.70	%		2.33	%		111	%
	(0.18)		13.19		24.40	%		204.2		0.71	%		1.74	%		0.72	%		1.73	%		50	%

^(b)	Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

^**	Computed on an annualized basis for periods less than one year.

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

251

Thrivent Mutual Funds

Financial Highlights – continued


			FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)			Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments

LARGE CAP GROWTH FUND
Class A Shares
Year Ended 10/31/2010	$	4.26	$	(0.01	)	$	0.56		$	0.55		$	(0.01	)	$	—
Year Ended 10/31/2009		3.69		—			0.57			0.57			—			—
Year Ended 10/31/2008		6.52		—			(2.40	)		(2.40	)		—			(0.43	)
Year Ended 10/31/2007		5.31		0.01			1.20			1.21			—			—
Year Ended 10/31/2006		4.90		0.01			0.40			0.41			—			—

Institutional Class Shares
Year Ended 10/31/2010		4.54		0.01			0.60			0.61			(0.02	)		��
Year Ended 10/31/2009		3.94		0.03			0.58			0.61			(0.01	)		—
Year Ended 10/31/2008		6.93		0.02			(2.55	)		(2.53	)		(0.03	)		(0.43	)
Year Ended 10/31/2007		5.65		0.03			1.29			1.32			(0.04	)		—
Year Ended 10/31/2006		5.20		0.04			0.44			0.48			(0.03	)		—


LARGE CAP VALUE FUND
Class A Shares
Year Ended 10/31/2010		11.55		0.13			1.07			1.20			(0.14	)		—
Year Ended 10/31/2009		11.10		0.17			0.52			0.69			(0.24	)		—
Year Ended 10/31/2008		17.92		0.27			(6.09	)		(5.82	)		(0.19	)		(0.81	)
Year Ended 10/31/2007		16.85		0.22			1.97			2.19			(0.17	)		(0.95	)
Year Ended 10/31/2006		14.49		0.21			2.53			2.74			(0.17	)		(0.21	)

Institutional Class Shares
Year Ended 10/31/2010		11.64		0.18			1.10			1.28			(0.21	)		—
Year Ended 10/31/2009		11.19		0.23			0.54			0.77			(0.32	)		—
Year Ended 10/31/2008		18.07		0.30			(6.10	)		(5.80	)		(0.27	)		(0.81	)
Year Ended 10/31/2007		16.98		0.28			2.01			2.29			(0.25	)		(0.95	)
Year Ended 10/31/2006		14.60		0.25			2.59			2.84			(0.25	)		(0.21	)


LARGE CAP STOCK FUND
Class A Shares
Year Ended 10/31/2010		18.87		0.06			2.04			2.10			(0.10	)		—
Year Ended 10/31/2009		17.67		0.15			1.31			1.46			(0.26	)		—
Year Ended 10/31/2008		31.33		0.24			(10.28	)		(10.04	)		(0.23	)		(3.39	)
Year Ended 10/31/2007		28.61		0.33			3.87			4.20			(0.27	)		(1.21	)
Year Ended 10/31/2006		25.93		0.25			2.88			3.13			(0.17	)		(0.28	)

Institutional Class Shares
Year Ended 10/31/2010		19.02		0.15			2.09			2.24			(0.21	)		—
Year Ended 10/31/2009		17.84		0.25			1.31			1.56			(0.38	)		—
Year Ended 10/31/2008		31.59		0.35			(10.35	)		(10.00	)		(0.36	)		(3.39	)
Year Ended 10/31/2007		28.84		0.42			3.93			4.35			(0.39	)		(1.21	)
Year Ended 10/31/2006		26.13		0.33			2.95			3.28			(0.29	)		(0.28	)

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

^*	All per share amounts have been rounded to the nearest cent.

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

252

Thrivent Mutual Funds

Financial Highlights – continued


					RATIOS / SUPPLEMENTAL DATA
										Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions			Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

$	(0.01	)	$	4.80		12.94	%	$	121.3		1.19	%		(0.22	)%		1.64	%		(0.66	)%		232	%
	—			4.26		15.45	%		118.7		1.17	%		0.17	%		1.79	%		(0.44	)%		221	%
	(0.43	)		3.69		(39.08	)%		89.0		1.17	%		(0.01	)%		1.48	%		(0.32	)%		188	%
	—			6.52		22.86	%		157.3		1.01	%		0.09	%		1.48	%		(0.39	)%		168	%
	—			5.31		8.46	%		134.0		0.76	%		0.26	%		1.57	%		(0.55	)%		138	%

	(0.02	)		5.13		13.52	%		200.0		0.84	%		0.13	%		0.84	%		0.13	%		232	%
	(0.01	)		4.54		15.72	%		173.6		0.84	%		0.56	%		0.84	%		0.56	%		221	%
	(0.46	)		3.94		(38.86	)%		216.4		0.80	%		0.36	%		0.81	%		0.35	%		188	%
	(0.04	)		6.93		23.45	%		418.3		0.60	%		0.48	%		0.81	%		0.26	%		168	%
	(0.03	)		5.65		9.21	%		204.8		0.03	%		0.97	%		0.84	%		0.16	%		138	%


	(0.14	)		12.61		10.45	%		176.0		1.10	%		0.91	%		1.10	%		0.91	%		115	%
	(0.24	)		11.55		6.54	%		179.6		1.17	%		1.48	%		1.18	%		1.48	%		105	%
	(1.00	)		11.10		(34.17	)%		187.4		1.01	%		1.71	%		1.02	%		1.71	%		49	%
	(1.12	)		17.92		13.63	%		336.9		0.98	%		1.28	%		0.99	%		1.27	%		37	%
	(0.38	)		16.85		19.32	%		332.1		1.00	%		1.28	%		1.02	%		1.26	%		45	%

	(0.21	)		12.71		11.09	%		331.2		0.53	%		1.46	%		0.53	%		1.46	%		115	%
	(0.32	)		11.64		7.32	%		273.5		0.52	%		2.10	%		0.52	%		2.10	%		105	%
	(1.08	)		11.19		(33.88	)%		268.9		0.50	%		2.21	%		0.50	%		2.21	%		49	%
	(1.20	)		18.07		14.19	%		312.9		0.50	%		1.73	%		0.51	%		1.72	%		37	%
	(0.46	)		16.98		19.92	%		163.9		0.50	%		1.72	%		0.52	%		1.70	%		45	%


	(0.10	)		20.87		11.16	%		1,549.4		1.13	%		0.29	%		1.13	%		0.29	%		185	%
	(0.26	)		18.87		8.55	%		1,579.3		1.20	%		0.82	%		1.20	%		0.82	%		149	%
	(3.62	)		17.67		(35.72	)%		1,658.8		1.03	%		1.03	%		1.04	%		1.03	%		93	%
	(1.48	)		31.33		15.29	%		3,029.0		1.00	%		1.09	%		1.00	%		1.09	%		103	%
	(0.45	)		28.61		12.18	%		3,107.2		1.00	%		0.88	%		1.00	%		0.88	%		67	%

	(0.21	)		21.05		11.80	%		176.4		0.61	%		0.81	%		0.61	%		0.81	%		185	%
	(0.38	)		19.02		9.15	%		174.2		0.62	%		1.39	%		0.62	%		1.39	%		149	%
	(3.75	)		17.84		(35.42	)%		164.2		0.57	%		1.49	%		0.57	%		1.48	%		93	%
	(1.60	)		31.59		15.78	%		369.3		0.56	%		1.46	%		0.56	%		1.46	%		103	%
	(0.57	)		28.84		12.72	%		245.7		0.56	%		1.31	%		0.56	%		1.31	%		67	%

^(b)	Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

^**	Computed on an annualized basis for periods less than one year.

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

253

Thrivent Mutual Funds

Financial Highlights – continued


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
BALANCED FUND
Class A Shares
Year Ended 10/31/2010	$	10.20	$	0.15	$	1.48		$	1.63		$	(0.15	)	$	—
Year Ended 10/31/2009		8.91		0.14		1.30			1.44			(0.15	)		—
Year Ended 10/31/2008		13.64		0.23		(3.89	)		(3.66	)		(0.23	)		(0.84	)
Year Ended 10/31/2007		12.95		0.24		1.29			1.53			(0.22	)		(0.62	)
Year Ended 10/31/2006		12.18		0.21		1.09			1.30			(0.21	)		(0.32	)

Institutional Class Shares
Year Ended 10/31/2010		10.19		0.20		1.47			1.67			(0.20	)		—
Year Ended 10/31/2009		8.90		0.19		1.30			1.49			(0.20	)		—
Year Ended 10/31/2008		13.63		0.28		(3.88	)		(3.60	)		(0.29	)		(0.84	)
Year Ended 10/31/2007		12.93		0.30		1.30			1.60			(0.28	)		(0.62	)
Year Ended 10/31/2006		12.17		0.27		1.08			1.35			(0.27	)		(0.32	)

HIGH YIELD FUND
Class A Shares
Year Ended 10/31/2010		4.47		0.37		0.39			0.76			(0.37	)		—
Year Ended 10/31/2009		3.59		0.36		0.87			1.23			(0.35	)		—
Year Ended 10/31/2008		5.03		0.36		(1.43	)		(1.07	)		(0.37	)		—
Year Ended 10/31/2007		5.08		0.38		(0.05	)		0.33			(0.38	)		—
Year Ended 10/31/2006		5.03		0.38		0.05			0.43			(0.38	)		—

Institutional Class Shares
Year Ended 10/31/2010		4.47		0.39		0.38			0.77			(0.38	)		—
Year Ended 10/31/2009		3.59		0.38		0.87			1.25			(0.37	)		—
Year Ended 10/31/2008		5.04		0.38		(1.44	)		(1.06	)		(0.39	)		—
Year Ended 10/31/2007		5.09		0.40		(0.04	)		0.36			(0.41	)		—
Year Ended 10/31/2006		5.03		0.41		0.06			0.47			(0.41	)		—

MUNICIPAL BOND FUND
Class A Shares
Year Ended 10/31/2010		11.15		0.47		0.27			0.74			(0.47	)		—
Year Ended 10/31/2009		10.37		0.48		0.79			1.27			(0.48	)		(0.01	)
Year Ended 10/31/2008		11.16		0.48		(0.79	)		(0.31	)		(0.48	)		—
Year Ended 10/31/2007		11.39		0.49		(0.23	)		0.26			(0.49	)		—
Year Ended 10/31/2006		11.31		0.50		0.08			0.58			(0.50	)		—

Institutional Class Shares
Year Ended 10/31/2010		11.15		0.50		0.27			0.77			(0.50	)		—
Year Ended 10/31/2009		10.36		0.51		0.80			1.31			(0.51	)		(0.01	)
Year Ended 10/31/2008		11.16		0.51		(0.80	)		(0.29	)		(0.51	)		—
Year Ended 10/31/2007		11.39		0.53		(0.23	)		0.30			(0.53	)		—
Year Ended 10/31/2006		11.31		0.54		0.08			0.62			(0.54	)		—

(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

^*	All per share amounts have been rounded to the nearest cent.

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

254

Thrivent Mutual Funds

Financial Highlights – continued


					RATIOS / SUPPLEMENTAL DATA
										Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions			Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate
$	(0.15	)	$	11.68		16.04	%	$	148.9		1.17	%		1.30	%		1.17	%		1.30	%		219	%
	(0.15	)		10.20		16.42	%		144.0		1.23	%		1.55	%		1.24	%		1.54	%		264	%
	(1.07	)		8.91		(28.76	)%		143.0		1.09	%		1.96	%		1.11	%		1.94	%		176	%
	(0.84	)		13.64		12.39	%		237.0		1.07	%		1.83	%		1.09	%		1.81	%		176	%
	(0.53	)		12.95		10.97	%		251.6		1.07	%		1.67	%		1.09	%		1.65	%		215	%

	(0.20	)		11.66		16.55	%		56.6		0.67	%		1.80	%		0.67	%		1.80	%		219	%
	(0.20	)		10.19		17.12	%		54.2		0.66	%		2.11	%		0.67	%		2.10	%		264	%
	(1.13	)		8.90		(28.43	)%		50.7		0.61	%		2.44	%		0.63	%		2.41	%		176	%
	(0.90	)		13.63		13.00	%		83.8		0.61	%		2.29	%		0.63	%		2.27	%		176	%
	(0.59	)		12.93		11.41	%		86.3		0.61	%		2.13	%		0.63	%		2.12	%		215	%


	(0.37	)		4.86		17.65	%		448.1		0.86	%		7.96	%		0.86	%		7.96	%		83	%
	(0.35	)		4.47		36.32	%		403.7		0.93	%		9.24	%		0.93	%		9.24	%		54	%
	(0.37	)		3.59		(22.70	)%		318.8		0.87	%		7.81	%		0.88	%		7.79	%		51	%
	(0.38	)		5.03		6.72	%		486.2		0.86	%		7.50	%		0.87	%		7.49	%		72	%
	(0.38	)		5.08		8.96	%		533.7		0.88	%		7.62	%		0.89	%		7.60	%		63	%

	(0.38	)		4.86		18.12	%		254.6		0.46	%		8.36	%		0.46	%		8.36	%		83	%
	(0.37	)		4.47		36.96	%		230.9		0.46	%		9.57	%		0.46	%		9.57	%		54	%
	(0.39	)		3.59		(22.52	)%		129.4		0.44	%		8.31	%		0.45	%		8.30	%		51	%
	(0.41	)		5.04		7.16	%		62.1		0.44	%		7.92	%		0.46	%		7.90	%		72	%
	(0.41	)		5.09		9.63	%		82.3		0.45	%		8.07	%		0.46	%		8.06	%		63	%


	(0.47	)		11.42		6.79	%		1,384.5		0.76	%		4.20	%		0.76	%		4.20	%		9	%
	(0.49	)		11.15		12.48	%		1,246.5		0.78	%		4.43	%		0.78	%		4.43	%		8	%
	(0.48	)		10.37		(2.92	)%		1,104.8		0.78	%		4.36	%		0.78	%		4.36	%		9	%
	(0.49	)		11.16		2.39	%		1,145.8		0.78	%		4.40	%		0.78	%		4.40	%		7	%
	(0.50	)		11.39		5.28	%		1,201.2		0.78	%��		4.46	%		0.78	%		4.46	%		14	%

	(0.50	)		11.42		7.08	%		95.3		0.50	%		4.46	%		0.50	%		4.46	%		9	%
	(0.52	)		11.15		12.90	%		86.4		0.50	%		4.69	%		0.50	%		4.69	%		8	%
	(0.51	)		10.36		(2.71	)%		35.1		0.47	%		4.69	%		0.47	%		4.69	%		9	%
	(0.53	)		11.16		2.68	%		17.4		0.49	%		4.70	%		0.49	%		4.70	%		7	%
	(0.54	)		11.39		5.59	%		12.2		0.49	%		4.75	%		0.49	%		4.75	%		14	%

^(b)	Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

^**	Computed on an annualized basis for periods less than one year.

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

255

Thrivent Mutual Funds

Financial Highlights — continued


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
INCOME FUND
Class A Shares
Year Ended 10/31/2010	$	8.12	$	0.40	$	0.68		$	1.08		$	(0.40	)	$	—
Year Ended 10/31/2009		6.92		0.40		1.21			1.61			(0.41	)		—
Year Ended 10/31/2008		8.50		0.42		(1.57	)		(1.15	)		(0.43	)		—
Year Ended 10/31/2007		8.59		0.43		(0.10	)		0.33			(0.42	)		—
Year Ended 10/31/2006		8.56		0.41		0.03			0.44			(0.41	)		—

Institutional Class Shares
Year Ended 10/31/2010		8.12		0.44		0.67			1.11			(0.44	)		—
Year Ended 10/31/2009		6.91		0.43		1.22			1.65			(0.44	)		—
Year Ended 10/31/2008		8.49		0.45		(1.57	)		(1.12	)		(0.46	)		—
Year Ended 10/31/2007		8.58		0.47		(0.11	)		0.36			(0.45	)		—
Year Ended 10/31/2006		8.55		0.44		0.03			0.47			(0.44	)		—

CORE BOND FUND
Class A Shares
Year Ended 10/31/2010		9.36		0.39		0.75			1.14			(0.39	)		—
Year Ended 10/31/2009		8.36		0.37		1.02			1.39			(0.39	)		—
Year Ended 10/31/2008		9.77		0.45		(1.40	)		(0.95	)		(0.46	)		—
Year Ended 10/31/2007		9.90		0.46		(0.15	)		0.31			(0.44	)		—
Year Ended 10/31/2006		9.89		0.44		0.02			0.46			(0.45	)		—

Institutional Class Shares
Year Ended 10/31/2010		9.36		0.43		0.74			1.17			(0.42	)		—
Year Ended 10/31/2009		8.36		0.40		1.02			1.42			(0.42	)		—
Year Ended 10/31/2008		9.78		0.48		(1.41	)		(0.93	)		(0.49	)		—
Year Ended 10/31/2007		9.91		0.49		(0.13	)		0.36			(0.49	)		—
Year Ended 10/31/2006		9.90		0.48		0.02			0.50			(0.49	)		—

GOVERNMENT BOND FUND
Class A Shares
Year Ended 10/31/2010 ^(c)		10.00		0.11		0.56			0.67			(0.11	)		—

Institutional Class Shares
Year Ended 10/31/2010 ^(c)		10.00		0.13		0.57			0.70			(0.13	)		—

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

^(c)	Since fund inception, February 26, 2010.

^*	All per share amounts have been rounded to the nearest cent.

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

256

Thrivent Mutual Funds

Financial Highlights – continued


					RATIOS / SUPPLEMENTAL DATA
										Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions			Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

$	(0.40	)	$	8.80		13.66	%	$	405.1		0.80	%		4.81	%		0.81	%		4.80	%		146	%
	(0.41	)		8.12		24.03	%		365.9		0.84	%		5.53	%		0.85	%		5.53	%		173	%
	(0.43	)		6.92		(14.19	)%		326.2		0.80	%		5.16	%		0.81	%		5.15	%		160	%
	(0.42	)		8.50		3.90	%		433.0		0.80	%		5.06	%		0.81	%		5.05	%		236	%
	(0.41	)		8.59		5.25	%		470.5		0.81	%		4.78	%		0.82	%		4.76	%		303	%

	(0.44	)		8.79		13.99	%		370.7		0.39	%		5.23	%		0.40	%		5.22	%		146	%
	(0.44	)		8.12		24.76	%		383.1		0.39	%		5.98	%		0.40	%		5.97	%		173	%
	(0.46	)		6.91		(13.85	)%		318.5		0.39	%		5.58	%		0.40	%		5.57	%		160	%
	(0.45	)		8.49		4.32	%		368.9		0.39	%		5.51	%		0.40	%		5.50	%		236	%
	(0.44	)		8.58		5.68	%		167.0		0.40	%		5.30	%		0.41	%		5.29	%		303	%


	(0.39	)		10.11		12.42	%		245.0		0.86	%		4.08	%		0.97	%		3.96	%		307	%
	(0.39	)		9.36		17.12	%		231.4		0.89	%		4.35	%		1.01	%		4.24	%		409	%
	(0.46	)		8.36		(10.13	)%		223.5		0.83	%		4.77	%		0.95	%		4.65	%		344	%
	(0.44	)		9.77		3.24	%		295.1		0.93	%		4.62	%		0.95	%		4.60	%		381	%
	(0.45	)		9.90		4.75	%		343.1		0.93	%		4.44	%		0.95	%		4.42	%		394	%

	(0.42	)		10.11		12.79	%		50.1		0.53	%		4.42	%		0.55	%		4.40	%		307	%
	(0.42	)		9.36		17.54	%		64.0		0.53	%		4.71	%		0.54	%		4.69	%		409	%
	(0.49	)		8.36		(9.92	)%		65.0		0.50	%		5.12	%		0.52	%		5.10	%		344	%
	(0.49	)		9.78		3.68	%		83.8		0.51	%		5.00	%		0.53	%		4.98	%		381	%
	(0.49	)		9.91		5.20	%		49.0		0.51	%		4.86	%		0.53	%		4.85	%		394	%


	(0.11	)		10.56		6.73	%		5.9		0.87	%		1.61	%		0.87	%		1.61	%		146	%

	(0.13	)		10.57		7.04	%		105.6		0.60	%		1.94	%		0.60	%		1.94	%		146	%

^(b)	Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

^**	Computed on an annualized basis for periods less than one year.

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

257

Thrivent Mutual Funds

Financial Highlights – continued


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
LIMITED MATURITY BOND FUND
Class A Shares
Year Ended 10/31/2010	$	12.24	$	0.38	$	0.34		$	0.72		$	(0.38	)	$	—
Year Ended 10/31/2009		11.40		0.46		0.83			1.29			(0.45	)		—
Year Ended 10/31/2008		12.53		0.52		(1.13	)		(0.61	)		(0.52	)		—
Year Ended 10/31/2007		12.58		0.57		(0.06	)		0.51			(0.56	)		—
Year Ended 10/31/2006		12.58		0.50		—			0.50			(0.50	)		—

Institutional Class Shares
Year Ended 10/31/2010		12.23		0.42		0.34			0.76			(0.41	)		—
Year Ended 10/31/2009		11.40		0.50		0.82			1.32			(0.49	)		—
Year Ended 10/31/2008		12.53		0.56		(1.13	)		(0.57	)		(0.56	)		—
Year Ended 10/31/2007		12.58		0.61		(0.06	)		0.55			(0.60	)		—
Year Ended 10/31/2006		12.58		0.56		—			0.56			(0.56	)		—


MONEY MARKET FUND
Class A Shares
Year Ended 10/31/2010		1.00		—					—			—			—
Year Ended 10/31/2009		1.00		0.01		—			0.01			(0.01	)		—
Year Ended 10/31/2008		1.00		0.03		—			0.03			(0.03	)		—
Year Ended 10/31/2007		1.00		0.05		—			0.05			(0.05	)		—
Year Ended 10/31/2006		1.00		0.04		—			0.04			(0.04	)		—

Institutional Class Shares
Year Ended 10/31/2010		1.00		—		—			—			—			—
Year Ended 10/31/2009		1.00		0.01		—			0.01			(0.01	)		—
Year Ended 10/31/2008		1.00		0.03		—			0.03			(0.03	)		—
Year Ended 10/31/2007		1.00		0.05		—			0.05			(0.05	)		—
Year Ended 10/31/2006		1.00		0.04		—			0.04			(0.04	)		—

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

^*	All per share amounts have been rounded to the nearest cent.

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

258

Thrivent Mutual Funds

Financial Highlights – continued


				RATIOS / SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

	$(0.38)	$	12.58		5.97	%	$	272.7		0.64	%		3.09	%		0.64	%		3.09	%		131	%
	(0.45)		12.24		11.62	%		128.1		0.73	%		3.98	%		0.73	%		3.98	%		164	%
	(0.52)		11.40		(5.03	)%		90.5		0.68	%		4.22	%		0.70	%		4.20	%		113	%
	(0.56)		12.53		4.10	%		112.0		0.73	%		4.52	%		0.74	%		4.50	%		130	%
	(0.50)		12.58		4.07	%		114.8		0.85	%		3.99	%		0.86	%		3.98	%		145	%

	(0.41)		12.58		6.35	%		530.8		0.36	%		3.38	%		0.37	%		3.38	%		131	%
	(0.49)		12.23		11.93	%		455.6		0.37	%		4.35	%		0.38	%		4.35	%		164	%
	(0.56)		11.40		(4.71	)%		376.9		0.35	%		4.56	%		0.36	%		4.54	%		113	%
	(0.60)		12.53		4.47	%		303.7		0.36	%		4.91	%		0.38	%		4.89	%		130	%
	(0.56)		12.58		4.55	%		148.3		0.38	%		4.58	%		0.39	%		4.57	%		145	%


	—		1.00		0.00	%		717.0		0.30	%		0.00	%		0.88	%		(0.57	)%		N/A
	(0.01)		1.00		0.61	%		1,017.3		0.60	%		0.63	%		0.83	%		0.40	%		N/A
	(0.03)		1.00		3.21	%		1,306.0		0.54	%		3.14	%		0.74	%		2.94	%		N/A
	(0.05)		1.00		4.92	%		1,183.9		0.58	%		4.83	%		0.78	%		4.63	%		N/A
	(0.04)		1.00		4.26	%		864.3		0.71	%		4.22	%		0.89	%		4.04	%		N/A

	—		1.00		0.00	%		14.5		0.30	%		0.00	%		0.52	%		(0.22	)%		N/A
	(0.01)		1.00		0.80	%		68.4		0.40	%		0.93	%		0.50	%		0.83	%		N/A
	(0.03)		1.00		3.41	%		223.3		0.35	%		3.45	%		0.45	%		3.36	%		N/A
	(0.05)		1.00		5.16	%		425.0		0.36	%		5.05	%		0.46	%		4.95	%		N/A
	(0.04)		1.00		4.59	%		341.1		0.39	%		4.51	%		0.49	%		4.42	%		N/A

^(b)	Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year.

^**	Computed on an annualized basis for periods less than one year.

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

259

Additional Information

(unaudited)

Shareholder Notification of Federal Tax Information

The following information is provided solely to satisfy the requirements set forth by the Internal Revenue Code. Shareholders will be provided information regarding their distributions in January 2011.

The Funds designate the following percentages of dividends declared from net investment income as dividends qualifying for the 70% dividends received deduction for corporations or as qualified dividend income for individuals under the Jobs and Growth Tax Relief Reconciliation Act of 2003 for the tax period ending October 31, 2010:


Fund	Dividends Received Deduction for Corporations			Qualified Dividend Income for Individuals
Aggressive Allocation		70	%		99	%
Moderately Aggressive Allocation		30	%		46	%
Moderate Allocation		16	%		24	%
Moderately Conservative Allocation		11	%		16	%
Partner Small Cap Value		100	%		100	%
Partner Mid Cap Value		100	%		100	%
Mid Cap Stock		100	%		100	%
Partner Worldwide Allocation		0	%		100	%
Partner International Stock		0	%		100	%
Large Cap Growth		100	%		100	%
Large Cap Value		100	%		100	%
Large Cap Stock		100	%		100	%
Balanced		53	%		55	%
High Yield		1	%		1	%

The Municipal Bond Fund designates 99.16% of the dividends declared from net investment income as exempt from federal income tax for the tax period ended October 31, 2010.

Pursuant to IRC 852(b)(3) of the Internal Revenue Code, the Funds hereby designate the following amounts as long-term capital gains distributed during the year ended October 31, 2010, or if subsequently determined to be different, the net capital gain of such year:


Fund	Distributions of Long- Term Capital Gains
Fund	Distributions of Long- Term Capital Gains
Money Market	$	6,416

These amounts may include earnings and profits distributed to shareholders on the redemption of shares as part of the dividend paid deduction.

Proxy Voting

The policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities are attached to the Trust’s Statement of Additional Information. You may request a free copy of the Statement of Additional Information or the report of how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 by calling 1-800-847-4836. You also may review the Statement of Additional Information or the report of how the Trust voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 at www.thrivent.com or www.sec.gov.

Quarterly Schedule of Portfolio Holdings

The Trust files its Schedule of Portfolio Holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. You may request a free copy of the Trust’s Forms N-Q by calling 1-800-847-4836. The Trust’s most recent Form N-Q Schedule of Investments also is at www.thrivent.com or www.sec.gov. You also may review and copy the Forms N-Q for the Trust at the SEC’s Public Reference Room in Washington, DC. You may get information about the operation of the Public Reference Room by calling 1-800-SEC-0330.

260

Board of Trustees and Officers

The following table provides information about the Trustees and Officers of the Trust. Each Trustee oversees each of the 26 series of the Trust and also serves as:

•

Director of Thrivent Series Fund, Inc., a registered investment company consisting of 41 portfolios that serve as underlying funds for variable contracts issued by Thrivent Financial for Lutherans (“Thrivent Financial”) and Thrivent Life Insurance Company and investment options in the retirement plan offered by Thrivent Financial; and

•

Trustee of Thrivent Financial Securities Lending Trust, a registered investment company consisting of one portfolio that serves as a cash collateral fund for a securities lending program sponsored by Thrivent Financial.

The 26 series of the Trust, the 41 portfolios of Thrivent Series Fund, Inc. and Thrivent Financial Securities Lending Trust are referred to herein as the “Fund Complex.” The Statement of Additional Information includes additional information about the Trustees and is available, without charge, by calling 1-800-847-4836.

Interested Trustee (1)


Name, Address and Age	Position with Trust and Length of Service (2)	Number of Portfolios in Fund Complex Overseen by Trustee		Principal Occupation During the Past 5 Years	Other Directorships Held Currently and Within Past 5 Years
Russell W. Swansen	President since 2008;		68	Senior Vice	None
625 Fourth Avenue South	Trustee since 2009			President, Chief
Minneapolis, MN				Investment Officer,
Age 53				Thrivent Financial
				since 2003




Independent Trustees (3)
Name, Address and Age	Position with Trust and Length of Service (2)	Number of Portfolios in Fund Complex Overseen by Trustee		Principal Occupation During the Past 5 Years	Other Directorships Held Currently and Within Past 5 Years
F. Gregory Campbell	Trustee since 2004		68	President, Carthage	Currently, Director of Optique
625 Fourth Avenue South				College	Funds, Inc., an investment
Minneapolis, MN					company consisting of one
Age 70					portfolio; Kenosha Hospital and
					Medical Center, Prairie School
					Board and United Health Systems
					Board. Previously, Director of the
					National Association of
					Independent Colleges and
					Universities.

261

Board of Trustees and Officers


Name, Address and Age	Position with Trust and Length of Service (2)	Number of Portfolios in Fund Complex Overseen by Trustee	Principal Occupation During the Past 5 Years	Other Directorships Held Currently and Within Past 5 Years
Noel K. Estenson	Trustee from 2004 until	68	Retired	None
625 Fourth Avenue South	December 2010
Minneapolis, MN
Age 71

Richard L. Gady	Trustee since 2004	68	Retired; previously Vice	Previously, Director of
625 Fourth Avenue South			President, Public Affairs and	the International
Minneapolis, MN			Chief Economist, ConAgra, Inc.	Agricultural Marketing
Age 67			(agribusiness)	Association

Richard A. Hauser	Trustee since 2004	68	Vice President and Assistant	Previously, Director of
625 Fourth Avenue South			General Counsel, Boeing	Washington Hospital
Minneapolis, MN			Company since 2007; President,	Center
Age 67			National Legal Center for the
			Public Interest from 2004 to 2007

Paul R. Laubscher	Trustee since 2009	68	Portfolio Manager for U.S. and	None
625 Fourth Avenue South			international equity portfolios
Minneapolis, MN			and private real estate portfolios
Age 54			of IBM Retirement Funds

Connie M. Levi	Chairperson since	68	Retired	Previously, Director of
625 Fourth Avenue South	2009; Trustee since			Norstan, Inc.
Minneapolis, MN	2004
Age 71

Douglas D. Sims	Trustee since 2006	68	Retired; previously Chief	Currently, Director of
625 Fourth Avenue South			Executive Officer of CoBank	Keystone
Minneapolis, MN			from 1994 to 2006	Neighbourhood
Age 64				Company, Keystone
				Center and Keystone
				Science School.
				Previously, Director of
				the Center for
				Corporate Excellence

262

Board of Trustees and Officers

Name, Address

and Age

Position

with Trust and

Length of Service (2)

Number of

Portfolios in

Fund

Complex

Overseen by

Trustee

Principal Occupation

During the Past 5 Years

Other Directorships Held
Currently and Within

Past 5 Years

Constance L. Souders

625 Fourth Avenue South

Minneapolis, MN

Age 60

Trustee since 2007

Retired; previously Director from 1983 to 2007, Executive Vice President from 2001 to 2007 and AML Compliance Officer from 2003 to 2007 of Harbor Capital Advisors, Inc.; Director from 1992 to 2007, President from 2000 to 2007 and AML Compliance Officer from 2003 to 2007 of Harbor Services Group, Inc.; Director from 1992 to 2007, Executive Vice President from 2001 to 2007, Chief Compliance Officer from 2004 to 2007, AML Compliance Officer from 2003 to 2007, Supervisory Registered Principal from 2000 to 2007, of Harbor Funds Distributors, Inc.; Vice President from 2000 to 2007 of Harbor Funds

None

263

Board of Trustees and Officers

Executive Officers


Name, Address and Age	Position with Trust and Length of Service (2)	Principal Occupation During the Past 5 Years
Russell W. Swansen 625 Fourth Avenue South Minneapolis, MN Age 53	President since 2008; previously, Vice President since 2004	Senior Vice President, Chief Investment Officer, Thrivent Financial since 2003

David S. Royal 625 Fourth Avenue South Minneapolis, MN Age 39	Secretary and Chief Legal Officer since 2006	Vice President and Managing Counsel, since 2006 and Interim Investment Adviser Chief Compliance Officer from May 2010 until December 2010, Thrivent Financial; Partner, Kirkland & Ellis LLP from 2004 to 2006

Gerard V. Vaillancourt 625 Fourth Avenue South Minneapolis, MN Age 43	Treasurer and Principal Accounting Officer since 2005	Vice President, Mutual Fund Accounting Thrivent Financial since 2006, Head of Mutual Fund Accounting, Thrivent Financial from 2005 to 2006

Janice M. Guimond 625 Fourth Avenue South Minneapolis, MN Age 46	Vice President since 2005	Vice President, Investment Operations, Thrivent Financial since 2004

Karl D. Anderson 625 Fourth Avenue South Minneapolis, MN Age 49	Vice President since 2006	Vice President, Products, Thrivent Financial since 2005

Brian W. Picard 4321 North Ballard Road Appleton, WI Age 40	Vice President Anti- Money Laundering Officer since 2006	Director, Product Compliance and Systems Support, Thrivent Financial since 2010; Director, Business Control Services, Thrivent Financial from 2006 to 2010; Manager of Field and Securities Compliance, Thrivent Financial from 2002 to 2006

Mark D. Anema 625 Fourth Avenue South Minneapolis, MN Age 49	Assistant Vice President since 2007	Vice President, Accumulation and Retirement Income Solutions, Thrivent Financial since 2007; Vice President, Strategic Planning, Thrivent Financial from 2004 to 2007

James M. Odland 625 Fourth Avenue South Minneapolis, MN Age 55	Assistant Secretary since 2006	Vice President and Managing Counsel, Thrivent Financial since 2005

Rebecca A. Paulzine 625 Fourth Avenue South Minneapolis, MN Age 31	Assistant Secretary since 2010	Counsel, Thrivent Financial since January 2010; Associate, Faegre & Benson LLP from 2005 to December 2009

John L. Sullivan 625 Fourth Avenue South Minneapolis, MN Age 39	Assistant Secretary since 2007	Senior Counsel, Thrivent Financial since 2007; Senior Counsel, Division of Investment Management of the SEC from 2000 to 2007

Todd J. Kelly 4321 North Ballard Road Appleton, WI Age 41	Assistant Treasurer since 2004	Director, Fund Accounting Operations, Thrivent Financial since 2003

264

Board of Trustees and Officers

Name, Address

and Age

Position with Trust

and Length of Service (2)

Principal Occupation During the Past 5 Years

Sarah L. Bergstrom

625 Fourth Avenue South

Minneapolis, MN

Age 33

Assistant Treasurer

since 2007

Director, Fund Accounting Administration, Thrivent Financial since 2007; Manager, Fund Accounting Administration, Thrivent Financial from 2005 to 2007

(1)	“Interested person” of the Trust as defined in the Investment Company Act of 1940 by virtue of positions with Thrivent Financial. Mr. Swansen is considered an interested person because of his principal occupation with Thrivent Financial.

(2)	Each Trustee generally serves an indefinite term until her or his successor is duly elected and qualified. Officers serve at the discretion of the board until their successors are duly appointed and qualified.

(3)	The Trustees other than Mr. Swansen are not “interested persons” of the Trust and are referred to as “Independent Trustees.”

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268

LOGO

Item 2.

Code of Ethics

As of the end of the period covered by this report, registrant has adopted a code of ethics (as defined in Item 2 of Form N-CSR) applicable to registrant’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. No waivers were granted to such code of ethics during the period covered by this report. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

Registrant’s Board of Trustees has determined that Constance L. Souders, an independent trustee, is the Audit Committee Financial Expert.

Item 4.

Principal Accountant Fees and Services

(a) Audit Fees

The aggregate fees billed by registrant’s independent public accountants, PricewaterhouseCoopers LLP (“PwC”), for the fiscal year ended October 31, 2009 and the fiscal year ended October 31, 2010, for professional services rendered in connection with the audit of registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $318,301.28 and $428,965.67, respectively.

(b) Audit-Related Fees

The aggregate fees PwC billed to registrant for the fiscal year ended October 31, 2009 and the fiscal year ended October 31, 2010, for assurance and other services that are reasonably related to the performance of registrant’s audit and are not reported under Item 4(a), were $0 for each respective period. The aggregate fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal year ended October 31, 2009 and the fiscal year ended October 31, 2010, for assurance and other services directly related to the operations and financial reporting of registrant, were $0 for each respective period.

The aggregate tax fees PwC billed to registrant for the fiscal year ended October 31, 2009 and the fiscal year ended October 31, 2010, for tax compliance, tax advice and tax planning services, were $147,675.00 and $105,388.06, respectively. The aggregate tax fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal year ended October 31, 2009 and the fiscal year ended October 31, 2010, for services directly related to the operations and financial reporting of registrant, were $0 for each respective period.

(d) All Other Fees

The aggregate fees PwC billed to registrant for the fiscal year ended October 31, 2009 and the fiscal year ended October 31, 2010 for products and services provided, other than the services reported in paragraphs (a) through (c) of this item, were $0 for each respective period. The aggregate fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal year ended October 31, 2009 and the fiscal year ended October 31, 2010, for products and services provided, other than the services reported in paragraphs (a) through (c) of this item, were $1,500 and $1,500, respectively. These payments were for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards. These $1,500 figures are also reported in response to item 4(g) below.

(e) Registrant’s audit committee charter, adopted in February 2010, provides that the audit committee (comprised of the independent Trustees of registrant) is responsible for pre-approval of all auditing services performed for the registrant. The audit committee also is responsible for pre-approval (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Securities Exchange Act of 1934) of all non-auditing services performed for the registrant or an affiliate of registrant. In addition, registrant’s audit committee charter permits a designated member of the audit committee to pre-approve, between meetings, one or more audit or non-audit service projects, subject to an expense limit and notification to the audit committee at the next committee meeting. Registrant’s audit committee pre-approved all fees described above that PwC billed to registrant.

(f) Less than 50% of the hours billed by PwC for auditing services to registrant for the fiscal year ended October 31, 2010 was for work performed by persons other than full-time permanent employees of PwC.

(g) The aggregate non-audit fees billed by PwC to registrant and to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal year ended October 31, 2009 and the fiscal year ended October 31, 2010 were $1,500 and $1,500 for each respective period. These $1,500 figures are also reported in response to item 4(d) above.

(h) Registrant’s audit committee has considered the non-audit services provided to the registrant and registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser as described above and determined that these services do not compromise PwC’s independence.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Schedule of Investments

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

(b) Not applicable to this filing.

Item 7.

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

Not applicable.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9.

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

Not applicable.

Item 10.

Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees.

Item 11.

Controls and Procedures

(a)(i) Registrant’s President and Treasurer have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) Registrant’s President and Treasurer are aware of no change in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, registrant’s internal control over financial reporting.

Item 12.

Exhibits

(a) The code of ethics pursuant to Item 2 is attached hereto.

(b) Certifications pursuant to Rules 30a-2(a) and 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: December 29, 2010	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: December 29, 2010	By:	/s/ RUSSELL W. SWANSEN
		Russell W. Swansen
		President



Date: December 29, 2010	By:	/s/ GERARD V. VAILLANCOURT
		Gerard V. Vaillancourt
		Treasurer

Thrivent Balanced Fund

Gregory R. Anderson, CFA, CPA (left ), Darren M. Bagwell, CFA (right), Michael G. Landreville, CFA (far right), Portfolio Co-Managers

The Fund seeks long-term total return through a balance between income and the potential for long-term capital growth.

The Fund is subject to interest rate risk, credit risk and volatility risk, which may result in overall price fluctuations over short or even extended time periods. Common stocks are subject to the basic market risk that a particular security, or securities in general, may decrease in value over short or even

extended time periods. These and other risks are described in the Fund’s prospectus. Views expressed in this discussion of fund performance are the of this particular fund’s portfolio management team.