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: 811-5075
Thrivent Mutual Funds
(Exact name of registrant as specified in charter)
625 Fourth Avenue South
Minneapolis, Minnesota 55415
(Address of principal executive offices) (Zip code)
John C. Bjork, Assistant Secretary
625 Fourth Avenue South
Minneapolis, Minnesota 55415
(Name and address of agent for service)
Registrant's telephone number, including area code: (612) 340-7005
Date of fiscal year end: October 31
Date of reporting period: April 29, 2005
Item 1. Report to Stockholders
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Thrivent Series Fund, Inc.
Semiannual Report
April 29, 2005
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23459SAR R6-05
Table of Contents
President's Letter 1
Economic and Market Review 2
Portfolio Perspectives
Thrivent Technology Fund 4
Thrivent Partner Small Cap Value Fund 6
Thrivent Small Cap Stock Fund 8
Thrivent Small Cap Index Fund 10
Thrivent Mid Cap Growth Fund 12
Thrivent Mid Cap Stock Fund 14
Thrivent Mid Cap Index Fund 16
Thrivent Mid Cap Index Fund-I 18
Thrivent Partner International Stock Fund 20
Thrivent Large Cap Growth Fund 22
Thrivent Large Cap Value Fund 24
Thrivent Large Cap Stock Fund 26
Thrivent Large Cap Index Fund 28
Thrivent Large Cap Index Fund-I 30
Thrivent Balanced Fund 32
Thrivent High Yield Fund 34
Thrivent High Yield Fund II 36
Thrivent Municipal Bond Fund 38
Thrivent Income Fund 40
Thrivent Core Bond Fund 42
Thrivent Bond Index Fund-I 44
Thrivent Limited Maturity Bond Fund 46
Thrivent Money Market Fund 48
Schedules of Investments
Thrivent Technology Fund 55
Thrivent Partner Small Cap Value Fund 58
Thrivent Small Cap Stock Fund 61
Thrivent Small Cap Index Fund 65
Thrivent Mid Cap Growth Fund 73
Thrivent Mid Cap Stock Fund 79
Thrivent Mid Cap Index Fund 82
Thrivent Mid Cap Index Fund-I 88
Thrivent Partner International Stock Fund 95
Thrivent Large Cap Growth Fund 100
Thrivent Large Cap Value Fund 104
Thrivent Large Cap Stock Fund 107
Thrivent Large Cap Index Fund 110
Thrivent Large Cap Index Fund-I 117
Thrivent Balanced Fund 124
Thrivent High Yield Fund 133
Thrivent High Yield Fund II 142
Thrivent Municipal Bond Fund 150
Thrivent Income Fund 179
Thrivent Core Bond Fund 185
Thrivent Bond Index Fund-I 190
Thrivent Limited Maturity Bond Fund 196
Thrivent Money Market Fund 202
Statement of Assets and Liabilities 206
Statement of Operations 211
Statement of Changes in Net Assets 216
Notes to Financial Statements 224
Financial Highlights
Thrivent Technology Fund 246
Thrivent Partner Small Cap Value Fund 246
Thrivent Small Cap Stock Fund 248
Thrivent Small Cap Index Fund 248
Thrivent Mid Cap Growth Fund 250
Thrivent Mid Cap Stock Fund 250
Thrivent Mid Cap Index Fund 252
Thrivent Mid Cap Index Fund-I 252
Thrivent Partner International Stock Fund 252
Thrivent Large Cap Growth Fund 254
Thrivent Large Cap Value Fund 254
Thrivent Large Cap Stock Fund 256
Thrivent Large Cap Index Fund 256
Thrivent Large Cap Index Fund-I 256
Thrivent Balanced Fund 258
Thrivent High Yield Fund 258
Thrivent High Yield Fund II 260
Thrivent Municipal Bond Fund 260
Thrivent Income Fund 262
Thrivent Core Bond Fund 262
Thrivent Bond Index Fund-I 264
Thrivent Limited Maturity Bond Fund 264
Thrivent Money Market Fund 266
Additional Information 268
Supplements to the Prospectus 274
[PHOTO OMITTED: PAMELA J. MORET]
Dear Member:
We are pleased to provide you with the Thrivent Mutual Funds Semiannual
Report for the six-month period ended April 29, 2005. In this report, you
will find detailed information about the Thrivent Mutual Funds, including
summaries prepared by each portfolio manager on his or her performance and
management strategies for the applicable Fund and period. In addition,
Russell Swansen, Thrivent Investment Management's chief investment
officer, summarizes the overall market and economic environment over the
past six months.
In previous letters, I have emphasized our commitment to operating with
integrity, delivering consistent, long-term performance, and providing
members with enhanced product offerings. Consistent with these goals is
our introduction of seven new investment options within the Thrivent
Mutual Funds this June 2005*, which are designed to help you advance your
investment strategy through added diversification and refined asset
allocation.
Smart, simple investment solutions
We understand the importance of designing products around members' needs,
affordability, relevancy and long-term value. It's our pleasure to
introduce four new Thrivent Asset Allocation Funds that provide simple
investment solutions with the added benefits of time-tested principles,
such as allocation, diversification and reallocation -- all within in a
single fund and catered to individual goals.
Thrivent Asset Allocation Funds include...
* Thrivent Aggressive Allocation Fund
* Thrivent Moderately Aggressive Allocation Fund
* Thrivent Moderate Allocation Fund
* Thrivent Moderately Conservative Allocation Fund
Each Fund invests in other Thrivent Mutual Funds and represents a wide
variety of asset classes, investment styles and money managers. The Funds
undergo quarterly analysis and oversight provided by a group of seasoned
investment professionals on the Thrivent Investment Strategy Committee.
The Funds' asset class weightings and allocations are evaluated quarterly
and adjusted as needed, based on the Committee's market assessment and
outlook.
A well-known study titled "Determinants of Portfolio Performance" by
Brinson, Hood and Beebower** indicated that a portfolio's performance
depends considerably more on asset allocation (that is, how assets are
divided) and less on the individual investment selected. Specifically,
asset allocation accounted for 93.6% of the studied portfolio's
performance versus 2.5% from investment selection and 1.7% from market
timing. And the investment industry at large seems to agree that asset
allocation is of major importance to investors -- in the past four years,
the number of asset allocation funds has doubled and assets are up
123%***.
Three Additional Thrivent Mutual Funds
In addition to the asset allocation funds, we are introducing three more
mutual funds: Thrivent Partner Small Cap Growth Fund, Thrivent Partner Mid
Cap Value Fund and Thrivent Real Estate Securities Fund. These funds
provide you and your Thrivent Investment Management representative with
additional niche investment offerings and opportunities for greater
diversification. The Thrivent Partner Small Cap Growth Fund will be
sub-advised by Turner Investment Partners, Inc. and Westcap Investors,
LLC, and the Thrivent Partner Mid Cap Value Fund will be sub-advised by
Goldman Sachs Asset Management, L.P. The Thrivent Real Estate Securities
Fund will be internally advised by Thrivent Investment Management.
Learn more, revisit your strategy
Ask your Thrivent Investment Management representative about the upcoming
seven new Thrivent Mutual Funds and an updated review of your investment
strategy. As always, thank you for continuing to turn to us for your
financial solutions. We very much value your business.
Yours sincerely,
/S/ PAMELA J. MORET
Pamela J. Moret
President and Trustee
Thrivent Mutual Funds
* Please consider the investment objectives, risks and charges and
expenses of each of the seven new Thrivent Mutual Funds carefully before
investing in any of the Funds. This and other information regarding the
seven new Thrivent Mutual Funds can be found in the Fund Prospectus, which
investors should read carefully before investing. To obtain a prospectus,
contact a registered representative or visit thrivent.com.
** Study by Gary P. Brinson, L. Randolph Hood and Gilbert L. Beebower,
"Determinants of Portfolio Performance," Financial Analysts Journal,
January/February 1995. The study analyzed data from 91 large corporate
pension plans with assets of at least $100 million over a 10-year period
beginning in 1974 and concluded that asset allocation policy explained an
average 93.6% of the variation in total plan return.
*** Strategic Insight and Lipper Analytical Services
[PHOTO OMITTED: RUSSELL W. SWANSEN]
Russell W. Swansen April 29, 2005
Senior Vice President, and
Chief Investment Officer
Economic and Market Review
Investors in U.S. stocks and bonds generally eked out modest returns
during the six-month period ended April 29, 2005, as uncertainty about
inflation, interest rates and continued economic growth persisted. U.S.
equities rallied strongly in late 2004 and then retreated in the first
quarter. International stocks generally outperformed their U.S.
counterparts. Bonds faced continued Federal Reserve interest rate hikes,
but still delivered positive total returns overall.
U.S. Economy
The economy continued to expand at a healthy pace during the period.
However, growth slowed modestly to a 3.5% annual rate in the first quarter
of 2005, from 3.8% in the fourth quarter of 2004. Some of the slowing in
the pace of growth resulted from a sharp rise in energy prices. Acting
like a tax, higher energy prices reduce spendable income, which curtails
consumer spending and cuts into corporate profits, softening business
demand.
The widening U.S. trade deficit and the corresponding decline in the
dollar was also a drag on economic growth during the period. During the
fourth quarter, the dollar fell to a five-year low against both the euro
and the Japanese yen, but rebounded at the end of the first quarter. Like
rising energy prices, a falling dollar could spur higher inflation and
interest rates, which would likely restrain the economy.
Positive economic news during the period included a rebounding job market
(with more than a million new jobs added from November through April), and
a continued strong real estate market.
Inflation & Monetary Policy
Inflation pressures picked up in the first four months of 2005 as
commodity prices moved higher and the extent to which businesses could
pass through higher production costs to finished goods improved. Core
inflation (excluding food and energy) rose at a 2.2% year-over-year pace
in April, more than double the low of 1.1% in January 2004. The Fed
continued its "measured" interest rate hikes -- with four 25 basis point
increases during the period. On April 29 the federal funds rate stood at
2.75%. The Fed is expected to continue raising the fed funds rate at a
"measured" pace until inflation pressures subside.
Equity Performance
A post-presidential election market bounce in November and December
provided most of the stock gains during the period. Investors not only
were comforted by a firmer political outlook, they were encouraged by a
sharp drop in the price of crude oil, signs of strong economic growth, and
a flurry of mergers (Sprint/Nextel, Sears/Kmart, Oracle/Peoplesoft,
Johnson/Guidant, Symantec/Veritas, to name a few).
The optimism didn't last long, however. A resurgence in oil prices early
in the new year -- which spurred renewed concerns about higher inflation
and interest rates -- turned stock prices downward and then into the
familiar sideways pattern seen during much of 2004.
While large-cap stocks underperformed small-cap issues during the
post-election rally, they held up better later in the period. The S&P 500
Index of U.S. large-cap stocks posted a 3.28% total return during the
reporting period, while the Russell 2000 Index of small-cap stocks
recorded a -0.11% return.
Investors continued to favor bargain-priced, dividend- paying value stocks
over growth stocks, which offer prospects for stronger long-term growth.
During the period, the Russell 1000 Value Index returned 6.72% while the
Russell 1000 Growth Index registered a 1.14% total return. Value stocks
were boosted by strong returns in the energy, materials/processing and
utilities sectors; growth stocks were held back by underperformance in the
technology and health care sectors.
Foreign stocks generally outperformed domestic issues. The Morgan Stanley
Capital International Europe, Australasia, Far East (EAFE) Index posted a
8.95% total return during the period. International markets continued to
benefit from attractive relative valuations, low inflation and steady
interest rates. While the falling dollar boosted returns on foreign stocks
for American investors earlier in the period, this advantage diminished as
the dollar rebounded through the spring.
Fixed Income Performance
With the headwind of ongoing Fed interest rate hikes, most bond sectors
offered modest total returns during the period. Yields on short-term U.S.
Treasury securities rose more than yields on intermediate- and longer-term
U.S. Treasury bonds, continuing the "flattening" trend of the yield curve
that began in early 2004. Yields on 30-year Treasury bonds ended the
period lower while the two-year Treasury yield rose 1.10%.
Longer-duration municipal bonds fared better than many other types of
securities in this environment. The Lehman Brothers Municipal Bond Index
posted a total return of 1.93% during the period. The riskiest sectors of
the bond market performed the worst. Heightened inflation concerns and
credit spread widening of large corporate issuers were the two major
catalysts causing an investor shift to safety. The Lehman Brothers
Aggregate Bond Index of the entire U.S. bond market posted a 0.98% total
return during the period.
The high yield sector of the bond market was the hardest hit by investors'
renewed emphasis on quality. After a long stretch of solid performance --
possibly to overvalued levels -- the Lehman U.S. High Yield Bond Index
registered a 0.08% total return for the period.
Outlook
We believe U.S. economic fundamentals remain positive, and that growth
will moderate to a 3.0%-3.5% pace over the remainder of the year. Several
factors could threaten this scenario, however, including further spikes in
energy prices and inflation overall, more aggressive rate hikes by the
Fed, and a sharp decline in the dollar.
We think oil prices have probably peaked for a while and will stabilize or
even decline somewhat during the next year or so. Core inflation
(excluding food and energy) is expected to creep higher over the remainder
of the year. This will keep the Fed raising short-term rates at a measured
pace, which we expect will cease at a fed funds rate of 3.75%.
Our outlook for U.S. stocks is positive as well. However, keep in mind
that equity valuations remain higher than the historical average, and that
price volatility will continue as investors sort through positive and
negative economic signals.
Bond returns will continue to feel the drag of rising rates, and investors
will stay sensitive to signs of inflation, a dollar decline or a
sputtering economy. With venerable names such as GM and Ford joining the
ranks of junk bond issuers, investors may continue their recent "flight to
quality" for at least the remainder of the year.
The outlook for the economy and investment markets is uncertain in the
months ahead, but that's nothing new. As always, your best strategy is to
work with your financial representative to create an investment plan based
on your goals, diversify your portfolio, and stay focused on the long
term.
[PHOTO OMITTED: JAMES A. GROSSMAN AND MICHAEL MARZOLF]
Thrivent Technology Fund
James A. Grossman (left) and Michael Marzolf (right), Portfolio
Co-Managers
The Thrivent Technology Fund seeks long-term capital appreciation by
investing primarily in a diversified portfolio of common stocks and
securities convertible into common stocks.
How did the Fund perform during the six-month period ended April 29, 2005?
The Thrivent Technology Fund produced a -4.88% total return, while its
peer group of Lipper Inc. Science & Technology Funds produced a -4.57%
median return. The Fund's market benchmark, the Goldman Sachs Technology
Industry Composite Index, returned -5.57% during the period.
What market conditions were present during the period?
A strong stock rally that occurred in the final months of last year was
short lived as the early months of 2005 saw the markets buffeted by
resurgent energy prices that ultimately exceeded the high water marks of
last year. Steady -- and expected to be persistent -- increases in
short-term interest rates, hints of rekindling inflation, and a moderation
in economic growth expectations added to the adversity facing the markets.
Cyclical growth segments of the markets were particularly impacted by the
shift in investors' expectations to a slower growth, more selective
investment environment. While the technology segment has generally
improved operating results, the environment remains challenging as excess
capacity limits pricing power, and concerns about excessive inventories
were exacerbated by the slowdown in economic growth. Fortunately, toward
the end of the period, as more information became available, and as some
of the uncertainty eased, conditions and sentiment appeared poised to
improve.
What factors affected the Fund's performance?
The primary determinant of the Fund's relative performance continues to be
stock selection rather than broad sector themes. In particular, in the
most recent period, our focus on the higher-quality, more stable and
established business models among various industry groups and companies
was favorable for the Fund's performance. As an example, a substantial
position in Apple Computer meaningfully and favorably impacted returns.
Within the weak semiconductor segment, our focus on large, high-quality
industry participants like Intel and National Semiconductor aided the
Fund's returns.
Negative factors on the Fund's performance were an underweighted stance
and stock selection in the software sector (Ariba, Inc, SeeBeyond Tech).
In addition, stock selection within the Internet services space limited
returns as we held an underweighted stance in some companies that
performed well (Cognizant Technologies).
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Information Technology 79.9%
Health Care 4.5%
Consumer Discretionary 2.6%
Telecommunications Services 1.6%
Industrials 0.3%
Top 10 Holdings
(% of Portfolio)
Dell, Inc. 4.1%
Apple Computer, Inc. 3.6%
Cisco Systems, Inc. 3.6%
Microsoft Corporation 3.6%
Intel Corporation 3.5%
International Business Machines Corporation 2.7%
EMC Corporation 2.4%
QUALCOMM, Inc. 2.2%
Yahoo!, Inc. 2.2%
Oracle Corporation 2.0%
Footnote read:
These common stocks represent 29.9% of the total investment portfolio.
Footnotes read:
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 Top Industries and Top 10 Holdings are subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
What is your outlook?
In the technology sector, a clearer picture of inventory levels and
international demand is beginning to emerge. First quarter earnings
reports were generally in-line or better than expected for many of the
industry leaders. Additionally, technology companies are finding the
competitive landscape to be increasingly polarized between those companies
with good products, sustainable business models and financial flexibility,
and those without. In the absence of breakthrough technology, purchasers
of technology goods and services are trending to established, financially
sound companies.
With more data points behind us and fewer question marks ahead, an
increasing number of investors will be putting their stakes in the ground.
Looking ahead, the Fund will maintain an overweighted stance in storage
and hardware, which has shown substantial resilience in the face of
adverse conditions. We also are optimistic about semiconductors due, in
part, to their link to the hardware market. In addition, opportunities at
both ends of the quality spectrum have led us to a barbell approach to the
software sector. As we expand our research and investment capabilities, we
are opportunistic in reviewing situations beyond those traditionally
associated with pure hardware and software technology.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------ ------------------ ------------------
Ticker AATSX BBTSX THTIX
Transfer Agent ID 028 078 098
Net Assets $40,622,905 $3,523,354 $2,767,166
NAV $3.12 $3.00 $3.26
NAV -- High 12/6/2004 -- $3.61 12/6/2004 -- $3.48 12/6/2004 -- $3.76
NAV -- Low+ 4/15/2005 -- $3.06 4/15/2005 -- $2.94 4/15/2005 -- $3.19
Number of Holdings: 129 + For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Class A1 1-Year 7/1/2000
- ---------------------------------------------------------
without sales charge (2.50%) (21.45%)
with sales charge (7.96%) (22.36%)
From
Inception
Class B1 1-Year 7/1/2000
- ---------------------------------------------------------
without sales charge (2.91%) (22.08%)
with sales charge (6.80%) (22.25%)
From
Inception
Institutional Class 1-Year 7/1/2000
- ---------------------------------------------------------
Net Asset Value (1.81%) (20.73%)
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares* 2
Goldman
Sachs
Technology
Industry Consumer
Technology Composite Price
Date Fund Index*** Index**
- ----------------------------------------------------------------
July 1, 2000 9,450 10,000 10,000
2000 9,148 9,440 10,017
2000 10,792 10,668 10,029
2000 9,497 8,940 10,081
2000 8,410 8,265 10,099
2000 6,048 6,372 10,104
2000 5,963 5,826 10,099
2001 6,653 6,782 10,163
2001 4,697 4,902 10,203
2001 3,922 4,221 10,226
2001 4,848 5,027 10,267
2001 4,630 4,827 10,313
2001 4,678 4,840 10,331
2001 4,215 4,495 10,302
2001 3,648 3,910 10,302
2001 2,835 3,119 10,348
2001 3,279 3,620 10,313
2001 3,789 4,237 10,296
2001 3,752 4,163 10,255
2002 3,686 4,158 10,279
2002 3,147 3,603 10,319
2002 3,383 3,859 10,377
2002 2,977 3,386 10,435
2002 2,816 3,248 10,435
2002 2,419 2,789 10,441
2002 2,174 2,507 10,453
2002 2,117 2,474 10,488
2002 1,767 2,033 10,505
2002 2,126 2,477 10,531
2002 2,504 2,911 10,531
2002 2,136 2,486 10,508
2003 2,136 2,464 10,554
2003 2,174 2,502 10,636
2003 2,145 2,474 10,700
2003 2,363 2,732 10,676
2003 2,608 3,037 10,659
2003 2,618 3,029 10,671
2003 2,769 3,203 10,682
2003 2,920 3,424 10,723
2003 2,844 3,374 10,758
2003 3,119 3,704 10,746
2003 3,166 3,775 10,717
2003 3,241 3,834 10,705
2004 3,364 4,014 10,758
2004 3,317 3,900 10,816
2004 3,232 3,792 10,885
2004 3,024 3,571 10,920
2004 3,166 3,769 10,984
2004 3,251 3,862 11,019
2004 2,920 3,496 11,002
2004 2,816 3,322 11,007
2004 2,930 3,437 11,031
2004 3,100 3,619 11,089
2004 3,279 3,823 11,095
2004 3,374 3,945 11,054
2005 3,166 3,684 11,077
2005 3,213 3,691 11,141
2005 3,109 3,602 11,228
April 29, 2005 $2,948 $3,418 $11,304
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 5.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the fifth
year. Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. The Fund
primarily invests in technology-related industries; as a consequence,
the Fund may be subject to greater price volatility than a fund
investing in a broad range of industries. 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. Please read your prospectus
carefully.
* As you compare performance, please note that the Fund's performance
reflects the maximum 5.5% sales charge, while the Consumer Price Index
and Goldman Sachs Technology Industry Composite Index do not reflect
any such charges. If you were to purchase any of the above individual
stocks or funds represented in these Indexes, 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 Goldman Sachs Technology Industry Composite Index is a modified
capitalization-weighted index of selected technology 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.
[GRAPHIC OMITTED: T. ROWE PRICE]
Thrivent Partner Small Cap Value Fund
Subadvised by T. Rowe Price Associates, Inc.
The Thrivent Partner Small Cap Value Fund seeks long-term capital
appreciation by investing primarily in a diversified portfolio of small
company common stock and securities convertible into small company common
stocks.
How did the Fund perform during the six-month period ended April 29, 2005?
After starting the reporting period on a strong note, small-capitalization
stocks and the Thrivent Partner Small Cap Value Fund struggled toward the
end of the six months. The Fund posted a return of 0.17% over the period,
falling short of the median return of 3.31% for its peer group, as
represented by the Lipper Small Cap Value Funds Category. The Fund also
underperformed its benchmark, the Russell 2000 Value Index, which gained
1.52% over the same time frame.
What market conditions were present during the period?
During the six-month reporting period, stocks advanced modestly, albeit in
an uneven fashion. The first four months of the period produced solid
results followed by a more difficult environment in March and April.
Small-cap stocks, which had been handily outperforming their large-cap
counterparts, saw a significant pullback on both an absolute and relative
basis as investors became more cautious late in the first quarter of 2005.
The combination of higher oil prices, rising interest rates and a slowing
economy shook consumer confidence and shifted investors' focus to more
conservative investment alternatives.
Within the small-cap value segment, the energy sector provided the highest
absolute and relative returns. Oil prices advanced strongly during the
early part of 2005 reflecting continued short-term supply issues. Also,
three sectors that are generally considered more defensive -- utilities,
consumer staples and health care -- provided above-average results.
Economically sensitive segments of the market came under pressure as
perceptions of supply shortfalls of basic commodities appeared to be
overstated and major economies showed signs of slower growth in 2005.
Finally, as investor's appetite for risk diminished, higher-quality
companies tended to provide superior performance compared to their
lower-quality counterparts.
What factors affected the Fund's performance?
Individual stock selection was the largest source of the Fund's
underperformance versus both the benchmark and its peers during the
six-month period. In particular, the Fund's holdings in the industrials,
materials, health care and consumer discretionary sectors underperformed
both the Lipper group and the broader market. Specifically, weakness in
our retail positions like discount chain Fred's and specialty retail
stores such as Hancock Fabrics and Haverty Furniture limited the Fund's
returns. Fund holdings in the media segment also detracted from its
performance. Two positions in biotechnology -- Diversa and Exelixis --
also underperformed their group and the broader market. The stock prices
of precious metals company Stillwater Mining and steel producer Gibraltar
Industries fell as commodity prices came under pressure late in the
period. Finally, the stock prices of the Fund's holdings in the real
estate, banking and insurance segments declined during the latter part of
the six months.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Financials 22.1%
Industrials 17.9%
Consumer Discretionary 12.0%
Materials 8.3%
Information Technology 7.8%
Energy 6.3%
Utilities 4.9%
Health Care 4.6%
Consumer Staples 2.1%
Top 10 Holdings
(% of Portfolio)
Texas Regional Bancshares, Inc 1.8%
First Republic Bank 1.4%
Owens & Minor, Inc. 1.3%
Forest Oil Corporation 1.2%
Aaron Rents, Inc. 1.2%
East West Bancorp, Inc. 1.2%
Silicon Valley Bancshares 1.2%
Dollar Thrifty Automotive Group, Inc. 1.1%
Triad Guaranty, Inc. 1.1%
Kirby Corporation 1.1%
Footnotes read:
These common stocks represent 12.6% of the total investment portfolio.
Footnotes read:
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 Top Industries and Top 10 Holdings are subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
On a positive note, solid results were achieved from our holdings in the
utility segment, in particular, electric utilities such as El Paso
Electric and independent power companies like Black Hills. In the
information technology sector, our position in the Web security software
firm Websense also aided the Fund's returns.
What is your outlook?
Given that we are near the upper end of historic relative valuation levels
for small-cap stocks, our outlook is cautious for this segment of the
market. Having said that, we continue to find good risk and reward
candidates in our small-cap stock universe; however, they are somewhat
harder to come by than they have been in previous years. As a result of
our stock-by-stock selection process, the Fund had higher-than-index
positions versus the Russell 2000 Value Index in the industrials and
business services, information technology and energy sectors at quarter
end. Conversely, the Fund had lower-than-index weightings in the
financials, utilities and telecommunications services sectors.
Portfolio Facts
As of April 29, 2005
A Share B Share Institutional Share
------------------ -------------------- --------------------
Ticker AALVX BBSVX TPSIX
Transfer Agent ID 032 082 099
Net Assets $70,411,108 $5,190,981 $16,972,118
NAV $12.56 $12.12 $12.97
NAV -- High+ 12/15/2004 -- $15.53 12/15/2004 -- $15.09 12/15/2004 -- $15.97
NAV -- Low+ 4/28/2005 -- $12.49 4/28/2005 -- $12.06 4/28/2005 -- $12.90
Number of Holdings: 133 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29, 2005
From
Inception
Class A 1 1-Year 7/17/2001
- ---------------------------------------------------------
without sales charge 7.78% 10.78%
with sales charge 1.86% 9.14%
From
Inception
Class B 1 1-Year 7/17/2001
- ---------------------------------------------------------
without sales charge 6.67% 9.85%
with sales charge 3.02% 9.44%
From
Inception
Institutional Class 1-Year 7/17/2001
- ---------------------------------------------------------
Net Asset Value 8.57% 11.67%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares* 2
Partner Russell
Small Cap 2000 Consumer
Value Value Price
Date Fund Index** Index***
- -------------------------------------------------------------------------------
July 17, 2001 9,450 10,000 10,000
2001 9,667 10,106 9,972
2001 9,526 10,071 9,972
2001 8,439 8,959 10,017
2001 8,949 9,193 9,983
2001 9,346 9,854 9,966
2001 10,074 10,457 9,927
2002 10,357 10,596 9,949
2002 10,244 10,660 9,989
2002 10,953 11,459 10,045
2002 11,009 11,862 10,101
2002 10,773 11,470 10,101
2002 10,283 11,216 10,107
2002 8,790 9,549 10,118
2002 8,742 9,507 10,152
2002 8,143 8,828 10,169
2002 8,210 8,961 10,194
2002 8,866 9,676 10,194
2002 8,524 9,262 10,171
2003 8,248 9,002 10,216
2003 8,105 8,699 10,295
2003 8,133 8,792 10,357
2003 8,875 9,627 10,334
2003 9,665 10,610 10,318
2003 9,903 10,790 10,329
2003 10,455 11,328 10,340
2003 10,997 11,758 10,379
2003 10,750 11,623 10,413
2003 11,587 12,571 10,402
2003 12,072 13,054 10,374
2003 12,576 13,526 10,363
2004 12,966 13,993 10,413
2004 13,289 14,264 10,469
2004 13,347 14,462 10,537
2004 12,918 13,714 10,571
2004 13,004 13,879 10,633
2004 13,599 14,584 10,666
2004 13,082 13,914 10,649
2004 13,014 14,050 10,655
2004 13,647 14,606 10,677
2004 13,901 14,833 10,734
2004 14,933 16,149 10,739
2004 15,254 16,535 10,700
2005 14,778 15,895 10,722
2005 15,166 16,211 10,784
2005 14,767 15,877 10,869
April 29, 2005 $13,924 $15,058 $10,942
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 5.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the fifth
year. Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* 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 stocks or funds
represented in these Indexes, any charges you would pay would reduce
your total return as well.
** The Russell 2000 Value Index is an index comprised of companies with a
greater than average value orientation within the Russell 2000 Index.
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.
[PHOTO OMITTED: CHRISTOPHER J. SERRA]
Thrivent Small Cap Stock Fund
Christopher J. Serra, Portfolio Manager
The Thrivent Small Cap Stock Fund seeks long-term capital growth by
investing primarily in small company common stocks and securities
convertible into small company common stocks.
How did the Fund perform during the six-month period ended April 29, 2005?
The Thrivent Small Cap Stock Fund delivered a 2.36% return, while its
Lipper Inc. Small Cap Core Funds peer group produced a 2.02% median
return. The Fund's market benchmark, the Russell 2000 Index, returned
- -0.11% during the period.
What market conditions were present during the period?
The growth rate of the economy has slowed, leaving an important -- and as
yet unanswered -- question: Is the economy simply slowing from an
unsustainable rate of growth to a more reasonable long-term rate of
advance, or are economic and political factors having a more profound
effect than anticipated?
This deceleration, aligned with a rising interest rate environment, higher
energy prices, and a moderate escalation in reported inflation, produced
an uncertain and difficult conclusion to the six-month period as
investors' willingness to pay higher prices for risky assets diminished.
Large-capitalization, high-quality companies provided improved returns
relative to smaller capitalization issues, particularly in March/April
2005. Concerns about a more aggressive posture on the part of policymakers
related to further interest rate increases caused investors to reduce
portfolio risk.
What factors affected the Fund's performance?
Stock selection was the key variable in the Fund's outperformance during
the period. Consistent with our strategy, which tends to emphasize
higher-quality segments of the small-capitalization segment, we identified
attractive opportunities through solid returns on capital, promising
business outlooks and experienced management teams. This strategy also
helped us avoid many stocks that performed poorly as a result of
disappointing operations versus aggressive expectations in the period.
Health care equipment holdings Ventana Medical and Intuitive Surgical,
Inc. provided a significant addition to the Fund's returns. Psychiatric
Solutions, Inc. and United Surgical Partners International, Inc., of the
health care-provider segment, and Quanex Corporation, in the materials
segment, also performed well in the period. MSC Industrial Direct, Inc.
proved disappointing in the period as did a few holdings in the consumer
staples segment, but these were of insufficient magnitude to offset better
returns in other Fund segments.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Industrials 14.8%
Financials 14.2%
Consumer Discretionary 12.5%
Information Technology 12.4%
Health Care 12.2%
Energy 6.1%
Materials 4.5%
Consumer Staples 2.9%
Utilities 1.9%
Telecommunications Services 0.8%
Top 10 Holdings
(% of Portfolio)
Energen Corporation 0.7%
Oshkosh Truck Corporation 0.7%
SCP Pool Corporation 0.7%
HCC Insurance Holdings, Inc. 0.7%
Plexus Corporation 0.7%
Intuitive Surgical, Inc. 0.7%
International Speedway Corpora 0.7%
Ohio Casualty Corporation 0.6%
Sybron Dental Specialties, Inc 0.6%
Cooper Companies, Inc. 0.6%
Footnote read:
These common stocks represent 6.7% of the total investment portfolio.
Footnotes read:
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 Top Industries and Top 10 Holdings are subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
What is your outlook?
We expect the volatility that marked the end of the period to continue in
the coming months. The combination of declining economic growth and
increasing short term interest rates is generating a headwind for the
market. In addition, the recent widening of corporate and Treasury yield
spreads in the bond market may not bode well for small-cap stocks. Such
widening is typically a sign that the market is becoming more risk averse
- -- an environment in which small-cap stocks tend to underperform.
Despite these indicators, we remain very comfortable with the prospects
for small-cap stocks relative to larger-capitalization alternatives as
their valuations remain in line with historic data. While we don't expect
small-cap stocks to outperform as they have done in the last five years,
we do believe that opportunities for small-cap stocks are at least as good
as for large-cap stocks. And, most importantly, we believe our strategy
for uncovering these opportunities is sound.
As we move forward, the Fund has established underweighted positions in
financials, consumer cyclicals and materials. It also maintains a modestly
underweighted stance in energy and a neutral position in industrials. The
Fund also remains overweighted in the health care sector.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
-------------------- -------------------- --------------------
Ticker AASMX BBSMX TSCSX
Transfer Agent ID 024 074 094
Net Assets $408,263,011 $21,789,472 $11,568,668
NAV $16.00 $14.62 $16.90
NAV -- High+ 12/15/2004 -- $17.91 12/15/2004 -- $16.50 12/15/2004 -- $18.83
NAV -- Low+ 4/28/2005 -- $15.87 4/28/2005 -- $14.51 4/28/2005 -- $16.77
Number of Holdings: 260 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Class A 1 1-Year 5 Years 7/1/1996
- -----------------------------------------------------------------------
without sales charge 8.38% 7.53% 10.04%
with sales charge 2.45% 6.32% 9.34%
From
Inception
Class B 1 1-Year 5 Years 1/8/1997
- -----------------------------------------------------------------------
without sales charge 7.29% 6.44% 8.28%
with sales charge 3.46% 6.44% 8.28%
From
Inception
Institutional Class 1-Year 5 Years 12/29/1997
- -----------------------------------------------------------------------
Net Asset Value 9.06% 8.24% 9.00%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares* 2
Small
Russell Cap Consumer
2000 Stock Price
Date Index** Fund Index***
- ---------------------------------------------------------------
July 1, 1996 9,450 10,000 10,000
1996 9,025 9,100 10,019
1996 10,159 9,628 10,038
1996 10,622 10,005 10,070
1996 10,282 9,851 10,102
1996 10,518 10,257 10,121
1996 10,840 10,525 10,121
1997 10,878 10,736 10,153
1997 10,404 10,476 10,185
1997 9,736 9,981 10,211
1997 9,523 10,009 10,223
1997 10,975 11,122 10,217
1997 11,730 11,600 10,230
1997 12,262 12,139 10,243
1997 12,640 12,417 10,262
1997 13,578 13,326 10,287
1997 13,027 12,741 10,313
1997 12,901 12,658 10,306
1997 12,666 12,880 10,294
1998 12,453 12,676 10,313
1998 13,491 13,613 10,332
1998 13,929 14,174 10,351
1998 14,092 14,252 10,370
1998 13,013 13,484 10,389
1998 13,033 13,512 10,402
1998 12,290 12,417 10,415
1998 9,500 10,006 10,428
1998 10,253 10,789 10,440
1998 10,783 11,230 10,466
1998 11,597 11,818 10,466
1998 12,351 12,550 10,459
1999 12,425 12,716 10,485
1999 11,177 11,686 10,498
1999 10,967 11,869 10,530
1999 11,418 12,932 10,606
1999 11,649 13,121 10,606
1999 12,121 13,714 10,606
1999 12,299 13,338 10,638
1999 11,733 12,845 10,664
1999 11,733 12,847 10,715
1999 11,670 12,900 10,734
1999 12,550 13,670 10,740
1999 13,976 15,218 10,740
2000 13,379 14,973 10,766
2000 15,444 17,445 10,830
2000 15,633 16,295 10,919
2000 15,308 15,314 10,925
2000 15,203 14,421 10,932
2000 16,283 15,679 10,996
2000 15,360 15,174 11,015
2000 17,038 16,332 11,027
2000 17,028 15,852 11,085
2000 16,640 15,145 11,104
2000 14,805 13,589 11,110
2000 16,472 14,757 11,104
2001 17,458 15,525 11,174
2001 16,288 14,507 11,219
2001 15,253 13,797 11,244
2001 16,497 14,876 11,289
2001 17,002 15,242 11,340
2001 17,517 15,768 11,359
2001 17,244 14,915 11,327
2001 16,810 14,433 11,327
2001 14,630 12,491 11,378
2001 15,745 13,221 11,340
2001 16,810 14,245 11,321
2001 17,963 15,124 11,276
2002 17,913 14,966 11,302
2002 17,232 14,556 11,347
2002 18,396 15,727 11,410
2002 18,359 15,870 11,474
2002 17,777 15,165 11,474
2002 16,637 14,413 11,481
2002 14,407 12,237 11,493
2002 14,444 12,206 11,532
2002 13,453 11,330 11,551
2002 13,837 11,693 11,580
2002 14,841 12,736 11,580
2002 14,060 12,029 11,554
2003 13,689 11,697 11,605
2003 13,342 11,344 11,695
2003 13,255 11,490 11,765
2003 14,308 12,578 11,739
2003 15,559 13,927 11,720
2003 15,906 14,181 11,733
2003 16,724 15,067 11,746
2003 17,752 15,758 11,790
2003 17,083 15,468 11,829
2003 18,483 16,766 11,816
2003 19,201 17,361 11,784
2003 19,709 17,715 11,771
2004 20,378 18,486 11,829
2004 20,849 18,651 11,893
2004 20,923 18,825 11,969
2004 20,304 17,865 12,008
2004 20,452 18,153 12,078
2004 21,275 18,918 12,116
2004 20,226 17,645 12,097
2004 20,016 17,553 12,103
2004 20,948 18,377 12,129
2004 21,498 18,743 12,193
2004 23,086 20,374 12,199
2004 23,725 20,979 12,154
2005 22,996 20,103 12,180
2005 23,808 20,444 12,250
2005 23,285 19,858 12,346
April 29, 2005 $22,006 $18,721 $12,429
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 5.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the fifth
year. Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* As you compare performance, please note that the Fund's performance
reflects the maximum 5.5% sales charge, while the S&P SmallCap 600
Index, 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 stocks or funds represented in these Indexes, any charges
you would pay would reduce your total return as well.
** The Russell 2000 Index is an index comprised of the 2,000 smaller
companies in the Russell 3000 index. 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.
[PHOTO OMITTED: KEVIN R. BRIMMER]
Thrivent Small Cap Index Fund
Kevin R. Brimmer, Portfolio Manager
The Thrivent Small Cap Index Fund seeks capital growth that tracks the
performance of the S&P Small Cap 600 Index by investing primarily in
common stocks of the Index.
How did the Fund perform during the six-month period ended April 29, 2005?
For the six-month period ended April 29, 2005, we are pleased to report
that we achieved the Fund's objective of providing results in line with
the S&P SmallCap 600 Index, after fees and expenses. The Thrivent Small
Cap Index Fund returned 1.91% for the period while the S&P SmallCap 600
Index gained 2.58%. By comparison, the Fund's peer group, as represented
by the Lipper Small Cap Core Funds Category, posted a median return of
2.02% over the same time frame.
What market conditions were present during the period?
The overall equity market produced low to moderate returns over the past
six months. Factors contributing to this mediocre performance include:
continued weakness of the U.S. dollar, inflation fears, rising interest
rates and higher energy prices. Investors remained cautious in the face of
these market conditions.
For the first time since 1998, we started to see the stocks of
larger-sized companies outperform the stocks of smaller-sized companies,
including a 0.7% outperformance of the S&P 500 Index over the S&P SmallCap
600 Index for the six-month period. Over the course of six years' worth of
outperformance by small-cap stocks, their relative valuations increased to
a point where they were no longer "cheap" compared with large-company
stocks. Also, when markets are relatively flat, many investors tend to
prefer the dividends of large-company stocks over the capital gains of
small-company stocks.
From a style perspective, value-oriented stocks (companies undervalued
based on earnings, book value, price-to-earnings ratios) in the S&P
SmallCap 600 Index slightly underperformed growth-oriented stocks
(companies with consecutive above-average earnings growth) over the past
six months: a 2.48% return for the S&P SmallCap 600 Value Index versus a
2.66% return for the S&P SmallCap 600 Growth Index.
On a sector basis, the best small-cap performers included health care and
energy. The health care sector benefited from the strong performance of
managed care companies (HMOs) and long-term care facilities. The energy
sector was boosted by continued high oil prices driven by global demand,
tight refining capacity and market speculation. Only two sectors,
information technology and financials, turned in negative absolute returns
for the period. Continued poor performance in the computer systems
industry and almost all of the semiconductor-related industries
(equipment, chips, boards) accounted for much of the underperformance in
the tech sector. The weakness in the financial sector was mostly due to
the negative performance of small regional banks.
What factors affected the Fund's performance?
Because we use an indexing approach to manage the Fund, we have no active
stock selection process. Our goal is to maintain a fully invested
portfolio that replicates the composition and performance of the S&P
SmallCap 600 Index, while keeping transaction costs to a minimum.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Industrials 14.8%
Consumer Discretionary 13.8%
Information Technology 12.2%
Financials 12.1%
Health Care 10.7%
Energy 5.2%
Materials 5.1%
Utilities 3.9%
Consumer Staples 2.7%
Telecommunications Services 0.3%
Top 10 Holdings
(% of Portfolio)
NVR, Inc. 0.6%
Cooper Companies, Inc. 0.5%
Roper Industries, Inc. 0.5%
Massey Energy Company 0.5%
Patina Oil & Gas Corporation 0.5%
Oshkosh Truck Corporation 0.5%
UGI Corporation 0.5%
Polaris Industries, Inc. 0.4%
Standard Pacific Corporation 0.4%
Timken Company 0.4%
Footnote reads:
These common stocks represent 4.8% of the total investment portfolio.
Footnotes read:
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 Top Industries and Top 10 Holdings are subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
The S&P SmallCap 600 Index is widely regarded as the best gauge of
small-sized companies and covers all major market sectors. As is typically
the case with index funds, variances in performance relative to the Index
are a result of expenses, transaction costs, and minor differences in
portfolio composition.
What is your outlook?
We continue to be cautiously optimistic about our outlook for the stock
market in the near term. On the positive side, the economy continues to
grow (although at a lower rate than in the previous two years) and the job
market is steadily improving (with the jobless rate falling to its lowest
level since September 2001). On the negative side, high oil prices and
inflationary fears could continue their stifling effect on consumer
spending and cause economic growth to stall, while the Fed continues to
raise interest rates to curb inflation.
Holding a diversified portfolio that contains small-cap stock exposure
continues to be a good long-term strategy. The Thrivent Small Cap Index
Fund should continue to match the returns of the small-cap core equity
market due to its broad diversification and exposure to all the market
sectors. There is conflicting evidence related to the relative
attractiveness of growth-oriented stocks. Since the Thrivent Small Cap
Index Fund is a core fund that holds both value and growth stocks, it
should hold its ground during a style transition period.
Portfolio Facts
As of April 29,2005
A Share
-------------------
Ticker AALSX
Transfer Agent ID 029
Net Assets $41,984,103
NAV $12.76
NAV -- High+ 3/4/2005 -- $14.17
NAV -- Low+ 11/2/2004 -- $12.66
Number of Holdings: 602 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Class A 1 1-Year 7/1/2000
- ------------------------------------------------------------
without sales charge 9.16% 6.81%
with sales charge 3.18% 5.57%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares* 2
Small Cap S&P Consumer
Index Small Cap Price
Date Fund 600 Index** Index***
- ---------------------------------------------------------------
July 1, 2000 9,450 10,000 10,000
2000 9,063 9,637 10,017
2000 9,856 10,491 10,029
2000 9,573 10,206 10,081
2000 9,620 10,269 10,099
2000 8,609 9,200 10,104
2000 9,633 10,334 10,099
2001 9,996 10,777 10,163
2001 9,365 10,119 10,203
2001 8,926 9,655 10,226
2001 9,585 10,391 10,267
2001 9,748 10,590 10,313
2001 10,084 10,978 10,331
2001 9,901 10,794 10,302
2001 9,671 10,548 10,302
2001 8,373 9,122 10,348
2001 8,796 9,609 10,313
2001 9,411 10,312 10,296
2001 10,036 11,009 10,255
2002 10,103 11,105 10,279
2002 9,930 10,914 10,319
2002 10,690 11,777 10,377
2002 10,978 12,109 10,435
2002 10,507 11,608 10,435
2002 9,950 11,008 10,441
2002 8,558 9,453 10,453
2002 8,645 9,543 10,488
2002 8,113 8,959 10,505
2002 8,365 9,245 10,531
2002 8,780 9,726 10,531
2002 8,481 9,399 10,508
2003 8,181 9,076 10,554
2003 7,910 8,785 10,636
2003 7,968 8,854 10,700
2003 8,597 9,573 10,676
2003 9,283 10,344 10,659
2003 9,515 10,613 10,671
2003 9,999 11,165 10,682
2003 10,473 11,708 10,723
2003 10,163 11,364 10,758
2003 11,024 12,349 10,746
2003 11,430 12,816 10,717
2003 11,633 13,043 10,705
2004 11,963 13,418 10,758
2004 12,186 13,676 10,816
2004 12,322 13,856 10,885
2004 11,895 13,396 10,920
2004 12,070 13,601 10,984
2004 12,720 14,354 11,019
2004 12,014 13,568 11,002
2004 11,903 13,449 11,007
2004 12,519 14,158 11,031
2004 12,741 14,422 11,089
2004 13,820 15,655 11,095
2004 14,103 15,999 11,054
2005 13,757 15,636 11,077
2005 14,144 16,084 11,141
2005 13,768 15,669 11,228
April 29, 2005 $12,984 $14,794 $11,304
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 5.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the fifth
year.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* As you compare performance, please note that the Fund's performance
reflects the maximum 5.5% sales charge, while the S&P SmallCap 600
Index and the Consumer Price Index do not reflect any such charges. If
you were to purchase any of the above individual stocks or funds
represented in these Indexes, any charges you would pay would reduce
your total return as well.
** The S&P SmallCap 600 Index is an index that represents the average
performance of a group of 600 small capitalization stocks. "S&P
SmallCap 600 Index" 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. Index funds are subject to
the same market risks associated with the stocks in their respective
indexes. 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.
[PHOTOS OMITTED: BRIAN L. THORKELSON AND ANDREA J. THOMAS]
Thrivent Mid Cap Growth Fund
Brian L. Thorkelson (left) and Andrea J. Thomas (right), Portfolio
Co-Managers
The Thrivent Mid Cap Growth Fund seeks long-term growth of capital by
investing primarily in common stocks of medium-sized companies.
How did the Fund perform during the six-month period ended April 29, 2005?
The Thrivent Mid Cap Growth Fund produced a 1.57% return while its peer
group, the Lipper Inc. Mid Cap Growth Funds, produced a 1.92% median
return. Its market benchmark, the Russell Midcap Growth Index, returned
4.07% during the same period.
What market conditions were present during the period?
A strong stock rally that occurred in the final months of last year was
short lived as the early months of 2005 saw the markets buffeted by
resurgent energy prices that ultimately exceeded the high water marks of
last year. Steady -- and expected to be persistent -- increases in short
term interest rates, hints of rekindling inflation, and a moderation in
economic growth expectations added to the adversity facing the markets.
In this type of environment, investors exhibited a decided preference for
higher-quality segments of the financial markets. Industrial and
commodity-oriented companies -- areas of unusual strength in 2004 -- were
areas of particular weakness in the first four months of 2005 as investors
looked for opportunities in the more stable and predictable market
segments such as consumer staples and high-quality health care. The
exception to this pattern were energy shares, which continued to rise with
the unanticipated strength in oil, gas, and refined product prices. The
information technology segment was the poorest performing equity-market
group as the sustainability of the recovery in technology profitability
came into question.
What factors affected the Fund's performance?
Stock selection was the most significant factor impacting the Fund's
returns in the period. Sector allocations were largely in line with those
indicated for our peer group, with the exception of energy, where a modest
pro-energy tilt to the Fund positively impacted its performance. Good
stock selection in the telecommunication segment (Nextel Partners, Inc.
and NII Holdings, Inc.) also boosted the Fund's returns.
Unfortunately, these positives were somewhat overshadowed by the negative
effects of a modest overweight in the poor-performing information
technology sector (JDS Uniphase and Juniper Networks). Additionally,
holdings in the financial sector (MB Financial, TCF Financial) performed
below peer-group averages and negatively impacted the Fund's results. The
correction in prices of materials and industrial shares also was a
limiting factor for the Fund's performance. The Fund was positioned in
more economically sensitive market segments that came under pressure as
investors' appetite for risk diminished.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Information Technology 19.2%
Health Care 17.9%
Consumer Discretionary 16.6%
Industrials 10.5%
Financials 6.1%
Energy 5.7%
Materials 2.9%
Consumer Staples 2.0%
Telecommunications Services 1.5%
Utilities 0.1%
Top 10 Holdings
(% of Portfolio)
Station Casinos, Inc. 0.8%
Nextel Partners, Inc. 0.8%
Comverse Technology, Inc. 0.7%
Coach, Inc. 0.7%
Corporate Executive Board Company 0.7%
Genzyme Corporation 0.7%
Expeditors International of Washington, Inc. 0.7%
Microchip Technology, Inc. 0.7%
Cheesecake Factory, Inc. 0.6%
Fastenal Company 0.6%
Footnote reads:
These common stocks represent 7.0% of the total investment portfolio.
Footnotes read:
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 Top Industries and Top 10 Holdings are subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
What is your outlook?
In the near term, we believe energy prices are likely to achieve a peak,
followed by declines to levels more indicative of long-term demand.
Short-term interest rates will continue to advance, but more modestly,
from current levels. Inflation, while rising cyclically, will remain under
control. The Fund will maintain a modest overweighted position in the
energy sector.
We will continue to focus our efforts on traditional growth sectors --
areas that should continue to grow with or without a robust economic
backdrop. Of these sectors, health care appears to offer the most promise.
The Fund has established a neutral to modestly underweighted stance in
technology and industrials. Our focus within those groups will be to
identify those companies that are fundamentally well-positioned to achieve
good operating results in a more challenging demand environment, which we
expect to experience over the balance of the year.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------ ------------------- -------------------
Ticker LBMGX LUGBX LBMIX
Transfer Agent ID 58 358 458
Net Assets $248,381,367 $38,041,224 $9,752,946
NAV $12.95 $12.18 $13.65
NAV -- High+ 3/7/2005 -- $14.09 3/7/2005 -- $13.27 3/7/2005 -- $14.84
NAV -- Low+ 11/2/2004 -- $12.76 11/2/2004 -- $12.05 11/2/2004 -- $13.40
Number of Holdings: 365 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Class A 1 1-Year 5 Years 5/30/1997
- ------------------------------------------------------------------------
without sales charge 3.77% (4.21%) 6.71%
with sales charge (1.97%) (5.29%) 5.95%
From
Inception
Class B1 1-Year 5 Years 10/31/1997
- ------------------------------------------------------------------------
without sales charge 2.70% (4.99%) 5.00%
with sales charge (1.30%) (4.99%) 5.00%
From
Inception
Institutional Class 1-Year 5 Years 10/31/1997
- ------------------------------------------------------------------------
Net Asset Value 4.60% (3.37%) 6.27%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares* 2
Russell
Mid Cap Mid Cap Consumer
Growth Growth Price
Date Index** Fund Index***
- ---------------------------------------------------------------
May 31, 1997 9,450 10,000 10,000
1997 9,828 10,277 10,012
1997 10,461 11,260 10,025
1997 10,359 11,151 10,044
1997 10,911 11,715 10,069
1997 10,553 11,128 10,094
1997 10,400 11,245 10,087
1997 10,638 11,393 10,075
1998 10,486 11,188 10,094
1998 11,432 12,240 10,112
1998 11,900 12,753 10,131
1998 11,987 12,926 10,150
1998 11,345 12,394 10,169
1998 11,682 12,745 10,181
1998 11,127 12,199 10,194
1998 8,843 9,871 10,206
1998 9,431 10,617 10,219
1998 9,996 11,399 10,244
1998 10,725 12,168 10,244
1998 11,867 13,428 10,237
1999 12,313 13,831 10,262
1999 11,595 13,154 10,275
1999 12,313 13,887 10,306
1999 12,748 14,520 10,381
1999 12,596 14,333 10,381
1999 13,553 15,334 10,381
1999 13,390 14,845 10,412
1999 13,140 14,691 10,437
1999 13,107 14,566 10,487
1999 14,064 15,692 10,506
1999 15,087 17,317 10,512
1999 17,590 20,316 10,512
2000 17,320 20,312 10,537
2000 21,571 24,582 10,600
2000 21,043 24,607 10,687
2000 19,603 22,219 10,693
2000 18,726 20,599 10,700
2000 19,929 22,785 10,762
2000 19,457 21,342 10,781
2000 21,841 24,561 10,793
2000 21,549 23,360 10,849
2000 20,570 21,761 10,868
2000 18,433 17,032 10,874
2000 19,702 17,929 10,868
2001 19,787 18,953 10,937
2001 16,821 15,675 10,981
2001 14,953 13,431 11,006
2001 16,931 15,670 11,049
2001 16,894 15,597 11,099
2001 16,748 15,605 11,118
2001 16,076 14,553 11,087
2001 15,027 13,498 11,087
2001 13,000 11,267 11,137
2001 13,952 12,451 11,099
2001 15,088 13,792 11,081
2001 15,637 14,316 11,037
2002 15,136 13,851 11,062
2002 14,502 13,066 11,106
2002 15,307 14,063 11,168
2002 14,807 13,319 11,221
2002 14,416 12,921 11,221
2002 13,122 11,495 11,228
2002 11,865 10,379 11,240
2002 11,767 10,342 11,278
2002 10,962 9,521 11,296
2002 11,609 10,258 11,325
2002 12,353 11,061 11,325
2002 11,548 10,393 11,300
2003 11,340 10,291 11,350
2003 11,206 10,201 11,437
2003 11,328 10,391 11,506
2003 12,134 11,099 11,481
2003 13,183 12,167 11,462
2003 13,379 12,340 11,475
2003 13,769 12,781 11,487
2003 14,477 13,485 11,531
2003 13,952 13,223 11,569
2003 15,075 14,289 11,556
2003 15,344 14,672 11,525
2003 15,442 14,832 11,512
2004 15,771 15,321 11,569
2004 15,893 15,578 11,631
2004 15,857 15,549 11,706
2004 15,234 15,110 11,744
2004 15,527 15,466 11,812
2004 15,869 15,712 11,850
2004 14,782 14,672 11,831
2004 14,477 14,491 11,837
2004 15,063 15,032 11,862
2004 15,564 15,542 11,925
2004 16,345 16,344 11,931
2004 17,065 17,128 11,887
2005 16,565 16,669 11,912
2005 16,919 17,091 11,981
2005 16,638 16,841 12,075
April 29, 2005 $15,808 $16,175 $12,156
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 5.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the fifth
year. Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* 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 stocks or
funds represented in these Indexes, any charges you would pay would
reduce your total return as well.
** The Russell Mid Cap Growth Index is an index comprised of companies
with higher than average price-to-book ratios and higher forecasted
growth values, within the Russell Midcap Index. It is not possible to
invest directly in the Index.
*** 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 these Indexes. The performance of these
Indexes does not reflect deductions for fees, expenses, or taxes.
[PHOTOS OMITTED: BRIAN J. FLANAGAN AND JOHN E. HINTZ]
Thrivent Mid Cap Stock Fund
Brian J. Flanagan (left) and John E. Hintz (right), Portfolio Co-Managers
The Thrivent Mid Cap Stock Fund seeks long-term capital growth by
investing primarily in common stocks and securities convertible into
common stocks of mid-sized companies.
How did the Fund perform during the six-month period ended April 29, 2005?
Mid-cap stocks turned in positive performance for the six months ended
April 29, 2005. The Thrivent Mid Cap Stock Fund advanced 5.50% for the
reporting period, outperforming its peer group -- the Lipper Mid Cap Core
Funds Category -- which posted a median return of 4.47%. The Fund
performed in line with its benchmark, the S&P MidCap 400 Index, which
gained 5.68% over the six-month time frame.
What market conditions were present during the period?
A robust U.S. economy and strength in corporate earnings contributed to
solid market gains in the last months of 2004. Conditions changed in early
2005 as investors became more concerned with oil prices over $50 per
barrel, the pace of rate increases by the Federal Reserve Board and a
slowdown in U.S. economic growth.
In the mid-cap segment, the top-performing sectors for the period included
energy, health care and consumer staples. Energy stocks were strong due to
high oil and natural gas prices and stronger-than-anticipated company
earnings expectations. Both the health care and consumer staples sectors
benefited as investors favored more defensive, stable growth industries.
Information technology was the only mid-cap sector that produced negative
returns for the six months.
What factors affected the Fund's performance?
On a sector basis, the Fund benefited from higher-than-index positions in
the top-performing energy and health care segments. Although our consumer
discretionary sector weighting was below the Index, we added value through
strong stock selection. Also, the Fund had a larger-than-index weighting
in information technology stocks. Our telecommunication equipment stocks
helped our technology holdings outperform on a relative basis.
Solid stock selection proved instrumental in the Fund's outperformance of
its peer group. Patterson-UTI Energy, the second largest U.S. land
driller, advanced as demand from oil and gas producers led to increased
utilization and pricing power. Stocks of two coal companies, Peabody
Energy and Consol Energy, also benefited from higher commodity prices and
an increased demand for more coal. In health care, Humana and Pacificare
Health Systems gained as investors anticipated cost reimbursements from
the government as part of Medicare Part D. Two hotel and gaming stocks,
Boyd Gaming and MGM Mirage, also showed strength. Apple Computer continued
to produce stellar gains; however, we sold our position after the stock
valuation became too large for our mid-sized company focus.
Two stocks meaningfully detracted from performance during the period. We
sold our position in Doral Financial, a Puerto Rico-based bank which
declined due to significant accounting issues. We brought our weighting of
Lyondell Chemical in line with the benchmark after its stock price
suffered from inventory buildup concerns and a loss of pricing power in
the chemical industry.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Financials 14.4%
Information Technology 12.6%
Consumer Discretionary 11.7%
Health Care 11.6%
Energy 9.9%
Industrials 9.4%
Materials 5.1%
Consumer Staples 4.0%
Utilities 3.9%
Telecommunications Services 0.6%
Top 10 Holdings
(% of Portfolio)
Patterson-UTI Energy, Inc. 1.5%
Ultra Petroleum Corporation 1.4%
HCC Insurance Holdings, Inc. 1.4%
Nabors Industries, Ltd. 1.4%
Questar Corporation 1.1%
PartnerRe, Ltd. 1.0%
Wind River Systems, Inc. 1.0%
Peabody Energy Corporation 1.0%
Manitowoc Company, Inc. 1.0%
CONSOL Energy, Inc. 0.9%
Footnote reads:
These common stocks represent 11.7% of the total investment portfolio.
Footnotes read:
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 Top Industries and Top 10 Holdings are subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
What is your outlook?
We believe the recent slowdown in the economy is just that, a slowdown and
not a precursor to a recession. Also, we expect that the Federal Reserve
is closer to the end of its rate increases than the equity market
currently anticipates. Nonetheless, continued investor uncertainty will
likely keep the equity markets in a trading range for most of 2005.
As has been the case over the past year, we have the Fund positioned with
the largest weighting in the energy sector. We have recently moved the
Fund's financial holdings to an above-index weighting after valuations
finally became attractive in this sector. The largest underweight position
in the Fund continues to be in consumer discretionary stocks. We expect
consumer spending to slow due to high energy prices and rising health care
costs. We anticipate that businesses will be the bigger spenders in 2005
as many have substantial amounts of cash on their balance sheets.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------ ------------------- -------------------
Ticker AASCX BBSCX TMSIX
Transfer Agent ID 021 083 051
Net Assets $833,626,369 $24,445,422 $32,380,060
NAV $15.55 $14.08 $16.19
NAV -- High+ 3/7/2005 -- $16.94 3/7/2005 -- $15.36 3/7/2005 -- $17.62
NAV -- Low+ 11/2/2004 -- $14.68 11/2/2004 -- $13.37 11/2/2004 -- $15.24
Number of Holdings: 181 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
Class A 1 1-Year 5 Years 10 Years
- -----------------------------------------------------------------------
without sales charge 11.39% 3.05% 10.19%
with sales charge 5.28% 1.89% 9.56%
From
Inception
Class B 1 1-Year 5 Years 1/8/1997
- -----------------------------------------------------------------------
without sales charge 10.17% 1.88% 6.33%
with sales charge 6.17% 1.88% 6.33%
From
Inception
Institutional Class 1-Year 5 Years 12/29/1997
- -----------------------------------------------------------------------
Net Asset Value 11.96% 3.61% 6.72%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares* 2
S&P
Mid Cap MidCap Consumer
Stock 400 Price
Date Fund Index** Index***
- ---------------------------------------------------------------
April 28, 1995 9,450 10,000 10,000
1995 9,571 10,241 10,409
1995 10,488 10,658 10,450
1995 11,553 11,214 10,485
1995 11,484 11,422 10,519
1995 12,193 11,698 10,540
1995 12,392 11,397 10,561
1995 12,903 11,895 10,561
1995 12,929 11,866 10,589
1996 12,894 12,038 10,609
1996 13,509 12,447 10,644
1996 13,613 12,596 10,637
1996 14,798 12,981 10,630
1996 15,352 13,156 10,693
1996 14,383 12,959 10,727
1996 12,678 12,082 10,783
1996 13,552 12,779 10,824
1996 14,270 13,336 10,845
1996 13,535 13,375 10,852
1996 14,244 14,128 10,873
1996 14,060 14,144 10,893
1997 14,567 14,675 10,928
1997 14,070 14,554 10,963
1997 13,035 13,934 10,983
1997 13,159 14,295 10,983
1997 14,567 15,545 11,018
1997 15,188 15,982 11,053
1997 16,172 17,564 11,080
1997 16,203 17,543 11,094
1997 17,393 18,551 11,087
1997 16,555 17,744 11,101
1997 16,472 18,007 11,115
1997 16,595 18,706 11,136
1998 16,206 18,350 11,163
1998 17,385 19,870 11,191
1998 18,107 20,766 11,184
1998 18,244 21,145 11,170
1998 17,179 20,194 11,191
1998 17,511 20,321 11,212
1998 16,423 19,533 11,233
1998 12,793 15,897 11,253
1998 13,789 17,381 11,274
1998 14,671 18,935 11,288
1998 15,484 19,880 11,302
1998 16,940 22,281 11,316
1999 16,891 21,414 11,330
1999 15,933 20,293 11,357
1999 16,357 20,860 11,357
1999 16,855 22,505 11,350
1999 17,486 22,603 11,378
1999 18,457 23,813 11,392
1999 18,238 23,307 11,427
1999 17,619 22,508 11,510
1999 17,231 21,813 11,510
1999 17,911 22,925 11,510
1999 18,651 24,128 11,544
1999 20,044 25,562 11,572
2000 19,172 24,842 11,627
2000 21,224 26,581 11,648
2000 22,070 28,805 11,655
2000 21,455 27,799 11,655
2000 21,160 27,452 11,683
2000 22,494 27,856 11,752
2000 22,340 28,296 11,849
2000 25,058 31,455 11,856
2000 25,251 31,240 11,863
2000 24,161 30,180 11,932
2000 21,468 27,902 11,953
2000 24,058 30,037 11,967
2001 23,839 30,706 12,029
2001 22,340 28,953 12,050
2001 20,449 26,801 12,057
2001 23,011 29,757 12,050
2001 23,230 30,450 12,126
2001 22,943 30,327 12,175
2001 21,644 29,875 12,202
2001 20,393 28,898 12,251
2001 17,860 25,304 12,306
2001 18,566 26,423 12,327
2001 19,319 28,388 12,292
2001 20,105 29,855 12,292
2002 19,752 29,700 12,348
2002 19,672 29,736 12,306
2002 20,987 31,862 12,285
2002 20,858 31,713 12,237
2002 20,666 31,178 12,265
2002 19,079 28,896 12,313
2002 17,347 26,097 12,382
2002 17,299 26,228 12,452
2002 16,049 24,117 12,452
2002 16,770 25,161 12,458
2002 17,540 26,615 12,472
2002 16,898 25,522 12,514
2003 16,530 24,776 12,535
2003 16,273 24,186 12,566
2003 16,305 24,389 12,641
2003 17,219 26,159 12,614
2003 18,598 28,325 12,593
2003 18,742 28,686 12,607
2003 19,207 29,704 12,621
2003 19,848 31,050 12,669
2003 19,480 30,575 12,710
2003 21,051 32,886 12,696
2003 21,756 34,032 12,662
2003 22,253 34,606 12,648
2004 22,686 35,355 12,710
2004 23,199 36,204 12,779
2004 23,183 36,357 12,861
2004 22,381 35,165 12,902
2004 22,718 35,893 12,978
2004 23,568 36,710 13,019
2004 22,462 34,997 12,998
2004 22,285 34,905 13,005
2004 23,199 35,939 13,033
2004 23,632 36,513 13,101
2004 25,107 38,687 13,108
2004 25,973 40,307 13,060
2005 25,380 39,278 13,088
2005 26,550 40,595 13,163
2005 26,101 40,146 13,266
April 4, 2005 $24,931 $38,586 $13,355
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 5.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the fifth
year. Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* As you compare performance, please note that the Fund's performance
reflects the maximum 5.5% sales charge, while the S&P MidCap 400 Index
and the Consumer Price Index do not reflect any such charges. If you
were to purchase any of the above individual stocks or funds
represented in these Indexes, any charges you would pay would reduce
your total return as well.
** The S&P MidCap 400 Index is an index that represents the average
performance of a group of 400 medium capitalization 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.
[PHOTO OMITTED: KEVIN R. BRIMMER]
Thrivent Mid Cap Index Fund
Kevin R. Brimmer, Portfolio Manager
The Thrivent Mid Cap Index Fund seeks total returns that track the
performance of the S&P MidCap 400 Index by investing primarily in common
stocks comprising the Index.
How did the Fund perform during the six-month period ended April 29, 2005?
For the six-month period ended April 29, 2005, we are pleased to report
that we achieved the Fund's objective of providing results in line with
the S&P MidCap 400 Index, adjusting for fees and expenses. The Thrivent
Mid Cap Index Fund returned 5.18% for the period while the S&P MidCap 400
Index gained 5.68%. By comparison, the Fund's peer group, as represented
by the Lipper Mid Cap Core Funds Category, posted a median return of 4.47%
over the same time frame.
What market conditions were present during the period?
The overall equity market produced low to moderate returns over the past
six months. Factors contributing to this mediocre performance include:
continued weakness of the U.S. dollar, inflation fears, rising interest
rates and higher energy prices. Investors remained cautious in the face of
these market conditions.
For the first time since 1998, we started to see the stocks of
larger-sized companies outperform the stocks of smaller-sized companies.
Over the course of six years' worth of outperformance by small-cap stocks,
their relative valuations increased to a point where they were no longer
"cheap" compared to large-company stocks. Over the same six years, stocks
of medium-sized companies also outperformed large-cap stocks and actually
outperformed small-cap stocks in 1999, 2000 and 2002 (on a calendar year
return basis). For this six-month reporting period, mid-cap stocks (as
represented by the S&P MidCap 400 Index) outperformed both large- and
small-company stocks: 2.4% over the S&P 500 Index and 3.1% over the S&P
SmallCap 600 Index, respectively.
Value-oriented stocks (companies undervalued based on earnings, book
value, price-to-earnings ratios) in the S&P MidCap 400 Index continued to
significantly outperform growth-oriented stocks (companies with
consecutive above-average earnings growth) over the past six months: a
6.40% return for the S&P Midcap 400 Value Index and 4.89% for the S&P
Midcap 400 Growth Index as of April 29.
On a sector basis, the best mid-cap performers included health care,
consumer discretionary and energy. The health care sector benefited from
the strong performance of managed care companies (HMOs) and long-term care
facilities. The performance of consumer discretionary was due in large
part to high returns in the retailing industry. The energy sector was
boosted by continued high oil prices driven by global demand, tight
refining capacity and market speculation.
Only one sector, information technology, turned in negative absolute
returns for the period. Continued poor performance in the computer systems
industry and almost all of the semiconductor-related industries
(equipment, chips, boards) accounted for much of the underperformance in
the tech sector.
What factors affected the Fund's performance?
Because we use an indexing approach to manage the Fund, we have no active
stock selection process. Our goal is to maintain a fully invested
portfolio that replicates the composition and performance of the S&P
MidCap 400 Index, while keeping transaction costs to a minimum. The S&P
MidCap 400 Index is widely regarded as the best gauge of mid-sized
companies and covers all major market sectors. As is typically the case
with index funds, variances in performance relative to the Index are a
result of expenses, transaction costs, and minor differences in portfolio
composition.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Financials 15.6%
Consumer Discretionary 15.4%
Information Technology 12.0%
Industrials 11.3%
Health Care 10.8%
Utilities 6.8%
Energy 6.3%
Materials 4.5%
Consumer Staples 3.9%
Telecommunications Services 0.4%
Top 10 Holdings
(% of Portfolio)
D.R. Horton, Inc. 0.8%
Legg Mason, Inc. 0.7%
Coventry Health Care, Inc. 0.7%
Murphy Oil Corporation 0.7%
Weatherford International, Ltd 0.7%
Patterson Companies, Inc. 0.6%
Lennar Corporation 0.6%
Sepracor, Inc. 0.6%
Whole Foods Market, Inc. 0.6%
Caesars Entertainment, Inc. 0.6%
Footnote reads:
These common stocks represent 6.6% of the total investment portfolio.
Footnotes read:
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 Top Industries and Top 10 Holdings are subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
What is your outlook?
We continue to be cautiously optimistic about our outlook for the stock
market in the near term. On the positive side, the economy continues to
grow (although at a lower rate than in the previous two years) and the job
market is steadily improving (with the jobless rate falling to its lowest
level since September 2001). On the negative side, high oil prices and
inflationary fears could continue their stifling effect on consumer
spending and cause economic growth to stall, while the Fed continues to
raise interest rates to curb inflation.
Holding a diversified portfolio that contains mid-cap stock exposure
continues to be a good long-term strategy. The Fund should continue to
match the returns of the mid cap core equity market due to its broad
diversification and exposure to all the market sectors. There is
conflicting evidence related to the relative attractiveness of
growth-oriented stocks. Since the Fund is a core fund which holds both
value and growth stocks, it should hold its ground during a style
transition period.
Portfolio Facts
As of April 29,2005
A Share
-------------------
Ticker AAMIX
Transfer Agent ID 030
Net Assets $56,064,038
NAV $12.40
NAV -- High+ 3/7/2005 -- $13.37
NAV -- Low+ 11/2/2004 -- $11.84
Number of Holdings: 402 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Class A 1 1-Year 7/1/2000
- ----------------------------------------------------------
without sales charge 8.68% 5.07%
with sales charge 2.68% 3.85%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares* 2
Mid Cap S&P MidCap Consumer
Index 400 Price
Date Fund Index** Index***
- ---------------------------------------------------------------
July 1, 2000 9,450 10,000 10,000
2000 9,374 9,958 10,017
2000 10,404 11,070 10,029
2000 10,300 10,994 10,081
2000 9,913 10,621 10,099
2000 9,148 9,819 10,104
2000 9,879 10,571 10,099
2001 10,059 10,806 10,163
2001 9,471 10,189 10,203
2001 8,760 9,432 10,226
2001 9,708 10,472 10,267
2001 9,926 10,716 10,313
2001 9,869 10,673 10,331
2001 9,698 10,514 10,302
2001 9,376 10,170 10,302
2001 8,219 8,905 10,348
2001 8,561 9,299 10,313
2001 9,177 9,990 10,296
2001 9,646 10,507 10,255
2002 9,579 10,452 10,279
2002 9,579 10,465 10,319
2002 10,254 11,213 10,377
2002 10,188 11,161 10,435
2002 10,007 10,972 10,435
2002 9,275 10,169 10,441
2002 8,371 9,184 10,453
2002 8,409 9,230 10,488
2002 7,724 8,487 10,505
2002 8,047 8,855 10,531
2002 8,504 9,366 10,531
2002 8,144 8,982 10,508
2003 7,904 8,719 10,554
2003 7,712 8,512 10,636
2003 7,769 8,583 10,700
2003 8,317 9,206 10,676
2003 8,991 9,968 10,659
2003 9,096 10,095 10,671
2003 9,404 10,454 10,682
2003 9,818 10,927 10,723
2003 9,664 10,760 10,758
2003 10,375 11,573 10,746
2003 10,731 11,977 10,717
2003 10,894 12,178 10,705
2004 11,116 12,442 10,758
2004 11,375 12,741 10,816
2004 11,414 12,795 10,885
2004 11,039 12,375 10,920
2004 11,252 12,632 10,984
2004 11,502 12,919 11,019
2004 10,954 12,316 11,002
2004 10,925 12,284 11,007
2004 11,233 12,648 11,031
2004 11,406 12,850 11,089
2004 12,079 13,615 11,095
2004 12,558 14,185 11,054
2005 12,238 13,823 11,077
2005 12,635 14,286 11,141
2005 12,490 14,128 11,228
April 29, 2005 $11,996 $13,579 $11,304
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 5.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the fifth
year.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* As you compare performance, please note that the Fund's performance
reflects the maximum 5.5% sales charge, while the S&P MidCap 400 Index
and the Consumer Price Index do not reflect any such charges. If you
were to purchase any of the above individual stocks or funds
represented in these Indexes, any charges you would pay would reduce
your total return as well.
** The S&P MidCap 400 Index is an index that represents the average
performance of a group of 400 medium capitalization stocks. "S&P
MidCap 400 Index" 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. Index funds are subject to
the same market risks associated with the stocks in their respective
indexes. 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.
[PHOTO OMITTED: KEVIN R. BRIMMER]
Thrivent Mid Cap Index Fund-I
Kevin R. Brimmer, Portfolio Manager
The Thrivent Mid Cap Index Fund seeks total returns that track the
performance of the S&P MidCap 400 Index by investing primarily in common
stocks comprising the Index.
How did the Fund perform during the six-month period ended April 29, 2005?
For the six-month period ended April 29, 2005, we are pleased to report
that we achieved the Fund's objective of providing results in line with
the S&P MidCap 400 Index, adjusting for fees and expenses. The Thrivent
Mid Cap Index Fund-I returned 5.16% for the period while the S&P MidCap
400 Index gained 5.68%. By comparison, the Fund's peer group, as
represented by the Lipper Mid Cap Core Funds Category, posted a median
return of 4.47% over the same time frame.
What market conditions were present during the period?
The overall equity market produced low to moderate returns over the past
six months. Factors contributing to this mediocre performance include:
continued weakness of the U.S. dollar, inflation fears, rising interest
rates and higher energy prices. Investors remained cautious in the face of
these market conditions.
For the first time since 1998, we started to see the stocks of
larger-sized companies outperform the stocks of smaller-sized companies.
Over the course of six years' worth of outperformance by small-cap stocks,
their relative valuations increased to a point where they were no longer
"cheap" compared to large-company stocks. Over the same six years, stocks
of medium-sized companies also outperformed large-cap stocks and actually
outperformed small-cap stocks in 1999, 2000 and 2002 (on a calendar year
return basis). For this six-month reporting period, mid-cap stocks (as
represented by the S&P MidCap 400 Index) outperformed both large- and
small-company stocks: 2.4% over the S&P 500 Index and 3.1% over the S&P
SmallCap 600 Index, respectively.
Value-oriented stocks (companies undervalued based on earnings, book
value, price-to-earnings ratios) in the S&P MidCap 400 Index continued to
significantly outperform growth-oriented stocks (companies with
consecutive above-average earnings growth) over the past six months: a
6.40% return for the S&P Midcap 400 Value Index and 4.89% for the S&P
Midcap 400 Growth Index as of April 29.
On a sector basis, the best mid-cap performers included health care,
consumer discretionary and energy. The health care sector benefited from
the strong performance of managed care companies (HMOs) and long-term care
facilities. The performance of consumer discretionary was due in large
part to high returns in the retailing industry. The energy sector was
boosted by continued high oil prices driven by global demand, tight
refining capacity and market speculation.
Only one sector, information technology, turned in negative absolute
returns for the period. Continued poor performance in the computer systems
industry and almost all of the semiconductor-related industries
(equipment, chips, boards) accounted for much of the underperformance in
the tech sector.
What factors affected the Fund's performance?
Because we use an indexing approach to manage the Fund, we have no active
stock selection process. Our goal is to maintain a fully invested
portfolio that replicates the composition and performance of the S&P
MidCap 400 Index, while keeping transaction costs to a minimum. The S&P
MidCap 400 Index is widely regarded as the best gauge of mid-sized
companies and covers all major market sectors. As is typically the case
with index funds, variances in performance relative to the Index are a
result of expenses, transaction costs, and minor differences in portfolio
composition.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Consumer Discretionary 16.0%
Financials 15.7%
Information Technology 12.2%
Industrials 11.6%
Health Care 11.2%
Utilities 6.7%
Energy 6.5%
Materials 4.5%
Consumer Staples 4.1%
Telecommunications Services 0.5%
Top 10 Holdings
(% of Portfolio)
D.R. Horton, Inc. 0.8%
Legg Mason, Inc. 0.7%
Murphy Oil Corporation 0.7%
Coventry Health Care, Inc. 0.7%
Weatherford International, Ltd. 0.7%
Lennar Corporation 0.7%
Whole Foods Market, Inc. 0.6%
Patterson Companies, Inc. 0.6%
Sepracor, Inc. 0.6%
Caesars Entertainment, Inc. 0.6%
Footnote reads:
These common stocks represent 6.7% of the total investment portfolio.
Footnotes read:
The returns shown do not reflect taxes a shareholder would pay on
distributions or redemptions.
Quoted Top Industries and Top 10 Holdings are subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
What is your outlook?
We continue to be cautiously optimistic about our outlook for the stock
market in the near term. On the positive side, the economy continues to
grow (although at a lower rate than in the previous two years) and the job
market is steadily improving (with the jobless rate falling to its lowest
level since September 2001). On the negative side, high oil prices and
inflationary fears could continue their stifling effect on consumer
spending and cause economic growth to stall, while the Fed continues to
raise interest rates to curb inflation.
Holding a diversified portfolio that contains mid-cap stock exposure
continues to be a good long-term strategy. The Fund should continue to
match the returns of the mid cap core equity market due to its broad
diversification and exposure to all the market sectors. There is
conflicting evidence related to the relative attractiveness of
growth-oriented stocks. Since the Fund is a core fund which holds both
value and growth stocks, it should hold its ground during a style
transition period.
Portfolio Facts
As of April 29,2005
Institutional Share
-------------------
Ticker AALMX
Transfer Agent ID 097
Net Assets $17,529,541
NAV $12.00
NAV -- High+ 3/7/2005 -- $12.93
NAV -- Low+ 11/2/2004 -- $11.84
Number of Holdings: 402 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Institutional Class 1 1-Year 5 Years 12/31/1999
- ------------------------------------------------------------------------
Net Asset Value 8.64% 6.16% 7.49%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Institutional Class Shares* 2
Mid Cap S&P MidCap Consumer
Index 400 Price
Date Fund-I Index** Index***
- ---------------------------------------------------------------
December 31, 1999 10,000 10,000 10,000
2000 9,730 9,718 10,024
2000 10,480 10,398 10,083
2000 11,320 11,269 10,166
2000 10,900 10,875 10,172
2000 10,760 10,740 10,178
2000 10,940 10,897 10,238
2000 11,090 11,069 10,255
2000 12,320 12,305 10,267
2000 12,220 12,221 10,321
2000 11,780 11,807 10,339
2000 10,880 10,915 10,345
2000 11,729 11,751 10,339
2001 11,943 12,012 10,404
2001 11,279 11,327 10,446
2001 10,433 10,485 10,469
2001 11,568 11,641 10,511
2001 11,836 11,912 10,559
2001 11,776 11,864 10,576
2001 11,603 11,687 10,547
2001 11,224 11,305 10,547
2001 9,849 9,899 10,594
2001 10,271 10,337 10,559
2001 11,029 11,106 10,541
2001 11,588 11,679 10,499
2002 11,523 11,619 10,523
2002 11,534 11,633 10,564
2002 12,354 12,465 10,624
2002 12,289 12,406 10,683
2002 12,081 12,197 10,683
2002 11,195 11,304 10,689
2002 10,127 10,209 10,701
2002 10,171 10,261 10,737
2002 9,368 9,434 10,755
2002 9,764 9,843 10,781
2002 10,314 10,412 10,781
2002 9,901 9,984 10,758
2003 9,594 9,693 10,805
2003 9,367 9,462 10,888
2003 9,435 9,541 10,954
2003 10,116 10,233 10,930
2003 10,945 11,081 10,912
2003 11,082 11,222 10,924
2003 11,468 11,620 10,936
2003 11,978 12,147 10,978
2003 11,785 11,961 11,013
2003 12,671 12,865 11,001
2003 13,103 13,313 10,972
2003 13,321 13,538 10,960
2004 13,607 13,831 11,013
2004 13,929 14,163 11,073
2004 13,986 14,223 11,144
2004 13,527 13,757 11,180
2004 13,768 14,042 11,245
2004 14,069 14,361 11,281
2004 13,409 13,691 11,263
2004 13,374 13,655 11,269
2004 13,762 14,059 11,293
2004 13,975 14,284 11,352
2004 14,788 15,135 11,358
2004 15,381 15,768 11,317
2005 14,989 15,366 11,340
2005 15,479 15,881 11,406
2005 15,295 15,705 11,495
April 29, 2005 $14,695 $15,095 $11,572
Footnotes read:
1 Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* As you compare performance, please note that the Fund's performance
reflects Fund expenses, net of any reimbursements, while the S&P
MidCap 400 Index and the Consumer Price Index do not reflect such
charges. If you were to purchase any of the above individual stocks or
funds represented in these Indexes, any charges you would pay would
reduce your total return as well.
** The S&P MidCap 400 Index is an index that represents the average
performance of a group of 400 medium capitalization stocks. "S&P
MidCap 400 Index" 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. Index funds are subject to
the same market risks associated with the stocks in their respective
indexes. 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.
[LOGOS OMITTED: MERCATOR ASSET MANAGEMENT AND T. ROWE PRICE]
Thrivent Partner International Stock Fund
Subadvised by Mercator Asset Management, L.P. and T. Rowe Price
International, Inc.
How did the Fund perform during the six-month period ended April 29, 2005?
During the semiannual reporting period, the Thrivent Partner International
Stock Fund advanced 6.72%, slightly below its peer group median return of
7.16%, as represented by the Lipper International Stock Funds Category.
The Fund underperformed its benchmark, the MSCI Europe, Australasia, Far
East (EAFE) Index, which returned 8.95% for the six months.
What market conditions were present during the period?
Overall, foreign stock markets yielded positive results in local currency
terms for the six-month period. Returns in U.S. dollar terms were even
better given a significant fall in the value of the dollar in the final
weeks of 2004 after the U.S. presidential election. The bulk of the
positive performance for overseas markets came in late 2004 and early
2005. However, the markets did give back some of their gains in March and
April of 2005 as rising oil prices ignited inflation fears and higher
interest rates.
Stocks from emerging market countries produced the best returns for the
period. Among developed nations, European stock exchanges, known as
bourses, posted solid gains while Japanese markets lagged. Returns from
various industries more or less followed U.S. market trends with the
energy sector outperforming given high oil prices. In aggregate,
value-oriented stocks outperformed more growth-oriented ones during the
period.
What factors affected the Fund's performance?
The growth-oriented portfolio managed by T. Rowe Price International, Inc.
posted a solid gain but detracted from the Fund's overall total return
because value stocks handily outpaced growth during the period. In
addition, stock selection in the financial and consumer discretionary
sectors detracted from relative results. On the positive side, holdings in
the health care and information technology sectors enhanced relative
performance. The portfolio's strong stock selection in the emerging
markets also contributed favorably to results, while stock selection in
the U.K. and Japan detracted from performance.
Although value stocks outperformed growth stocks during the period, the
value-oriented portfolio managed by Mercator Asset Management L.P.
underperformed primarily because of poor stock selection. Specifically,
its holdings in the Italian, Dutch, Swiss and British stock markets fell
was not rewarded during the period. Finally, the portfolio's returns were
hindered by a larger-than-index position in the consumer discretionary
sector which underperformed. On the positive side, its stock holdings from
Spain, Sweden, Hong Kong and Singapore outperformed the benchmark on a
relative basis.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Common Stocks)
Financials 23.4%
Consumer Discretionary 11.6%
Industrials 9.0%
Consumer Staples 7.0%
Telecommunications Services 6.6%
Health Care 5.9%
Energy 4.9%
Materials 3.6%
Information Technology 3.1%
Top 10 Countries
(% of Portfolio)
United Kingdom 15.3%
Japan 13.7%
France 7.4%
Switzerland 6.7%
Spain 5.0%
Italy 3.9%
Germany 3.8%
Netherlands 3.3%
Mexico 1.8%
Singapore 1.6%
Footnote reads:
These common stocks represent 62.5% of the total investment portfolio.
Footnotes read:
* International investing has special risks including currency fluctuation
and political volatility.
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 Top Industries and Top Countries are subject to change.
What is your outlook?
At T. Rowe Price International, our outlook is cautiously optimistic.
Several factors in the overseas markets have increased the level of risk,
such as slowing global economic growth and rising interest rates. However,
we believe our portfolio's large-cap growth focus will prove beneficial in
the environment we are experiencing. The valuations for large-cap growth
stocks are relatively attractive and these stocks typically hold up well
in a slow-growth environment.
At Mercator Asset Management, we find that international markets continue
to look attractive relative to the U.S. stock market because of favorable
valuation levels and better potential growth prospects. We believe our
portion of the Fund offers good value opportunities which we select by
using our fundamental, bottom-up investment process.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------ ------------------ ------------------
Ticker AAITX BBITX TISFX
Transfer Agent ID 023 084 093
Net Assets $282,492,057 $17,645,550 $16,427,995
NAV $9.72 $9.40 $9.87
NAV -- High+ 3/4/2005 -- $10.42 3/4/2005 -- $10.10 3/4/2005 -- $10.57
NAV -- Low+ 11/1/2004 -- $9.15 11/1/2004 -- $8.90 11/1/2004 -- $9.27
Number of Holdings: 198 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Class A 1 1-Year 5 Years 9/5/95
- -----------------------------------------------------------------------
without sales charge 10.26% (4.54%) 3.31%
with sales charge 4.18% (5.61%) 2.72%
From
Inception
Class B 1 1-Year 5 Years 10/31/97
- -----------------------------------------------------------------------
without sales charge 9.04% (5.33%) 1.27%
with sales charge 5.04% (5.33%) 1.27%
From
Inception
Institutional Class 1-Year 5 Years 10/31/97
- -----------------------------------------------------------------------
Net Asset Value 11.07% (3.68%) 2.52%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares** 2
Morgan
Stanley
Partner Capital
International International Consumer
Stock EAFE Price
Date Fund Index*** Index****
- ----------------------------------------------------------------
September 30, 1995 9,550 9,734 10,020
1995 9,383 9,475 10,033
1995 9,461 9,741 10,026
1995 9,768 10,136 10,020
1996 9,991 10,180 10,078
1996 10,058 10,217 10,111
1996 10,214 10,436 10,163
1996 10,514 10,742 10,202
1996 10,470 10,547 10,222
1996 10,581 10,609 10,228
1996 10,247 10,302 10,248
1996 10,392 10,327 10,268
1996 10,626 10,604 10,300
1996 10,559 10,498 10,333
1996 11,038 10,918 10,352
1996 11,080 10,780 10,352
1997 10,923 10,406 10,385
1997 11,035 10,578 10,418
1997 11,013 10,619 10,444
1997 11,080 10,678 10,457
1997 11,811 11,376 10,450
1997 12,316 12,006 10,463
1997 12,642 12,202 10,477
1997 11,473 11,293 10,496
1997 12,238 11,929 10,522
1997 11,339 11,014 10,548
1997 11,294 10,905 10,542
1997 11,320 11,002 10,529
1998 11,721 11,508 10,548
1998 12,396 12,249 10,568
1998 12,820 12,629 10,587
1998 12,911 12,732 10,607
1998 12,877 12,673 10,627
1998 12,877 12,772 10,640
1998 13,037 12,904 10,653
1998 11,412 11,308 10,666
1998 11,137 10,964 10,679
1998 12,110 12,110 10,705
1998 12,671 12,734 10,705
1998 13,100 13,239 10,698
1999 12,973 13,203 10,725
1999 12,720 12,892 10,738
1999 13,227 13,433 10,770
1999 13,699 13,980 10,849
1999 13,065 13,263 10,849
1999 13,561 13,783 10,849
1999 13,791 14,196 10,881
1999 13,929 14,251 10,907
1999 13,999 14,398 10,960
1999 14,436 14,940 10,979
1999 15,439 15,463 10,986
1999 17,376 16,853 10,986
2000 16,296 15,786 11,012
2000 17,162 16,213 11,077
2000 17,316 16,845 11,168
2000 16,331 15,962 11,175
2000 15,738 15,575 11,181
2000 16,498 16,188 11,247
2000 15,940 15,512 11,266
2000 16,308 15,650 11,279
2000 15,275 14,891 11,338
2000 14,694 14,542 11,358
2000 13,910 14,000 11,364
2000 14,400 14,501 11,358
2001 14,555 14,494 11,430
2001 13,261 13,409 11,475
2001 12,239 12,521 11,501
2001 13,209 13,399 11,547
2001 12,627 12,937 11,599
2001 12,084 12,413 11,619
2001 11,799 12,188 11,586
2001 11,502 11,881 11,586
2001 10,298 10,681 11,638
2001 10,609 10,954 11,599
2001 11,036 11,358 11,580
2001 11,256 11,426 11,534
2002 10,712 10,820 11,560
2002 10,816 10,896 11,606
2002 11,385 11,491 11,671
2002 11,295 11,574 11,727
2002 11,295 11,731 11,727
2002 10,816 11,269 11,733
2002 9,613 10,157 11,746
2002 9,574 10,136 11,786
2002 8,461 9,050 11,805
2002 9,069 9,537 11,835
2002 9,574 9,972 11,835
2002 9,186 9,637 11,809
2003 8,746 9,235 11,861
2003 8,435 9,024 11,953
2003 8,215 8,854 12,024
2003 9,082 9,732 11,998
2003 9,613 10,330 11,979
2003 9,742 10,586 11,992
2003 9,872 10,844 12,005
2003 10,117 11,108 12,050
2003 10,298 11,452 12,090
2003 10,855 12,167 12,077
2003 11,062 12,439 12,044
2003 11,832 13,411 12,031
2004 11,949 13,602 12,090
2004 12,221 13,918 12,155
2004 12,234 14,002 12,233
2004 11,742 13,697 12,272
2004 11,819 13,757 12,344
2004 12,027 14,064 12,383
2004 11,440 13,609 12,364
2004 11,546 13,672 12,370
2004 11,759 14,032 12,396
2004 12,132 14,511 12,462
2004 12,811 15,506 12,468
2004 13,437 16,187 12,423
2005 13,158 15,891 12,449
2005 13,690 16,582 12,520
2005 13,291 16,172 12,618
April 29, 2005 $12,945 $15,810 $12,703
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 5.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the
fifth year. Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please
read your prospectus carefully.
** 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 stocks or funds represented
in these Indexes, any charges you would pay would reduce your total
return as well.
*** The Morgan Stanley Capital International Europe, Australasia, Far
East Index (MSCI EAFE Index) is a stock index designed to measure the
equity performance of 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.
[PHOTO OMITTED: SCOTT A. VERGIN]
Thrivent Large Cap Growth Fund
Scott A. Vergin, Portfolio Manager
The Thrivent Large Cap Growth Fund seeks long-term capital appreciation by
investing primarily in a diversified portfolio of common stocks and
securities convertible into common stocks.
How did the Fund perform during the six-month period ended April 29, 2005?
For the six-month period ended April 29, 2005, the Fund managed to deliver
positive performance amidst a challenging environment for the U.S. equity
markets overall. For the period under review, Thrivent Large Cap Growth
Fund returned 0.49%, roughly in line with its peer group, the Lipper Large
Cap Growth Funds Category, which returned 0.94%. The Fund's benchmark, the
Russell 1000 Growth Index, posted 1.14% for the same time frame.
What market conditions were present during the period?
November and December 2004 brought strong performance for stocks amidst a
benign inflation outlook and generally solid corporate earnings
expectations. However, with the onset of 2005, conditions shifted. Stocks
became sensitive to the moves and particularly, the statements, of the
Federal Reserve Board (the Fed) as it continued hiking short-term rates.
When the Fed issued language hinting at greater inflationary pressures in
the economy than previously expected, stocks faltered. This event, coupled
with skyrocketing oil prices, exerted enough pressure on equities to
eclipse most of the gains stocks posted in the first two months of the
review period.
In the growth arena, the significant outperformance generated by stocks in
the energy sector made for a difficult comparison for most other sectors.
While technology stocks enjoyed solid performance in the final months of
2004, they suffered in 2005 as investors became increasingly discouraged
by industry fundamentals and faltering earnings. Overall, the six-month
period was a challenging one for growth stocks, with no clear trends
emerging.
What factors affected Fund performance?
The largest detractor to our underperformance versus our benchmark and
peer group was our overweighted exposure to technology stocks. Despite
solid performance from this industry sector in late 2004, tech stocks
failed to generate any momentum going into 2005, and struggled in the last
half of the reporting period. Additionally, our stock selection in
consumer discretionary stocks didn't meet our expectations and, therefore,
detracted slightly from performance relative to the Index and our peers.
On the other hand, the fact that we were more aggressive in terms of our
exposure to energy and commodity-oriented stocks, such as chemicals,
helped support performance versus the Index. Similarly, we gained some
ground vis--vis the benchmark from our overall exposure to and stock
selection within the financial services arena.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Information Technology 24.6%
Health Care 20.7%
Consumer Discretionary 15.0%
Financials 9.9%
Industrials 9.0%
Consumer Staples 8.1%
Energy 4.5%
Telecommunications Services 1.2%
Materials 1.1%
Miscellaneous 0.8%
Top 10 Holdings
(% of Portfolio)
Microsoft Corporation 2.7%
Johnson & Johnson 2.5%
General Electric Company 2.3%
Dell, Inc. 2.2%
UnitedHealth Group, Inc. 2.1%
Cisco Systems, Inc. 1.9%
Genentech, Inc. 1.6%
Yahoo!, Inc. 1.6%
Intel Corporation 1.5%
Pfizer, Inc. 1.4%
Footnote reads:
These common stocks represent 19.8% of the total investment portfolio.
Footnotes read:
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 Top Industries and Top 10 Holdings are subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
Our ability to post returns largely in line with our peer group was driven
primarily by our slight overweight in energy stocks, as well as the solid
outperformance we enjoyed from some of our consumer staples holdings.
Stock selection among financials stocks also boosted performance.
What is your outlook?
Traditionally, a combination of rising interest rates and slowing
corporate earnings growth can create a headwind for large-cap growth
stocks. Indeed, we believe both inflation and energy prices will likely
continue to influence the markets for the balance of 2005. That said, with
investors fixated on the strength and durability of the economy, we could
see a shift in sentiment toward large-cap growth stocks, thereby lending
toward more favorable conditions for the Fund.
As always, we will continue to seek promising opportunities within the
large-cap growth arena at what we consider to be good value. Since we
expect energy prices to remain in the high range, we intend to maintain
our emphasis on these stocks, while seeking performance potential at
attractive prices in areas such as technology. Regardless of macro
conditions, we will continue to adhere to our proven investment process
and disciplined approach to stock selection in our pursuit of competitive
long-term performance for our valued shareholders.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------- ------------------- -------------------
Ticker AAAGX BBAGX THLCX
Transfer Agent ID 027 077 060
Net Assets $111,708,323 $16,193,548 $5,973,230
NAV $4.47 $4.25 $4.73
NAV -- High+ 12/29/2004 -- $4.81 12/28/2004 -- $4.59 12/28/2004 -- $5.07
NAV -- Low+ 4/20/2005 -- $4.42 4/20/2005 -- $4.20 4/20/2005 -- $4.67
Number of Holdings: 222 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Class A 1 1-Year 5 Years 10/29/99
- ------------------------------------------------------------------------
without sales charge 1.57% (10.52%) (6.76%)
with sales charge (3.99%) (11.53%) (7.71%)
From
Inception
Class B 1 1-Year 5 Years 10/29/99
- ------------------------------------------------------------------------
without sales charge 0.43% (11.26%) (7.46%)
with sales charge (3.57%) (11.26%) (7.46%)
From
Inception
Institutional Class 1-Year 5 Years 10/29/99
- ------------------------------------------------------------------------
Net Asset Value 2.48% (9.55%) (5.78%)
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares* 2
Russell
Large Cap 1000 Consumer
Growth Growth Price
Date Fund Index*** Index**
- ---------------------------------------------------------------
October 31, 1999 9,450 10,000 10,000
1999 9,908 10,540 10,006
1999 10,968 11,636 10,006
2000 10,521 11,090 10,030
2000 10,905 11,632 10,089
2000 11,867 12,465 10,172
2000 11,208 11,872 10,178
2000 10,607 11,274 10,184
2000 11,340 12,128 10,244
2000 11,134 11,623 10,262
2000 12,079 12,675 10,273
2000 11,203 11,476 10,327
2000 10,658 10,933 10,345
2000 9,318 9,322 10,351
2000 9,393 9,026 10,345
2001 9,702 9,650 10,410
2001 8,161 8,012 10,452
2001 7,360 7,140 10,476
2001 8,098 8,043 10,517
2001 8,047 7,925 10,565
2001 7,778 7,741 10,583
2001 7,520 7,548 10,553
2001 6,913 6,931 10,553
2001 6,260 6,238 10,600
2001 6,500 6,566 10,565
2001 7,130 7,197 10,547
2001 7,108 7,183 10,505
2002 6,919 7,056 10,529
2002 6,575 6,763 10,571
2002 6,850 6,997 10,630
2002 6,306 6,426 10,681
2002 6,174 6,271 10,681
2002 5,636 5,691 10,687
2002 5,212 5,378 10,699
2002 5,235 5,394 10,735
2002 4,725 4,834 10,752
2002 5,120 5,278 10,779
2002 5,384 5,564 10,779
2002 4,966 5,180 10,755
2003 4,862 5,054 10,803
2003 4,822 5,031 10,886
2003 4,908 5,125 10,951
2003 5,286 5,504 10,928
2003 5,550 5,778 10,910
2003 5,596 5,858 10,922
2003 5,756 6,004 10,934
2003 5,905 6,153 10,975
2003 5,796 6,087 11,011
2003 6,157 6,429 10,999
2003 6,203 6,496 10,969
2003 6,403 6,721 10,957
2004 6,535 6,858 11,011
2004 6,581 6,902 11,070
2004 6,495 6,774 11,142
2004 6,329 6,695 11,177
2004 6,472 6,820 11,243
2004 6,586 6,905 11,278
2004 6,195 6,515 11,261
2004 6,152 6,483 11,267
2004 6,282 6,544 11,290
2004 6,397 6,646 11,350
2004 6,670 6,874 11,356
2004 6,903 7,144 11,314
2005 6,658 6,906 11,338
2005 6,687 6,980 11,403
2005 6,601 6,853 11,492
April 29, 2005 $6,428 $6,722 $11,570
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 5.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the fifth
year. Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* 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 stocks or
funds represented in these Indexes, 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 is an index comprised of those Russell
1000 Index companies with higher than average price-to-book ratios and
higher forecasted growth values. It is not possible to invest directly
in these Indexes. The performance of these Indexes does not reflect
deductions for fees, expenses or taxes.
[PHOTO OMITTED: MATTHEW D. FINN]
Thrivent Large Cap Value Fund
Matthew D. Finn, Portfolio Manager
The Thrivent Large Cap Value Fund seeks long-term growth of capital by
investing primarily in common stocks of large companies.
How did the Fund perform during the six-month period ended April 29, 2005?
We are generally pleased with the Fund's returns for the six-month period
ended April 29, 2005, during which the Fund delivered positive performance
that outpaced the median of its peer group while trailing its benchmark.
For the period under review, Thrivent Large Cap Value Fund returned 5.67%
versus the Lipper Large Cap Value Funds Category, which returned 4.87%.
The Fund's benchmark, the Russell 1000 Value Index, posted 6.72% for the
same time frame. We characterize these results as generally favorable
amidst a somewhat challenging environment for the U.S. equity markets
overall.
What market conditions were present during the period?
When the period began, U.S. equities were breathing a collective sigh of
relief on the heels of definitive resolution of the 2004 presidential
election. November and December 2004 brought strong performance for stocks
amidst a benign inflation outlook and generally solid corporate earnings
expectations. However, with the onset of 2005, conditions shifted. The
equity markets became more sensitive to the moves and particularly, the
statements, of the Federal Reserve Board (the Fed) as it continued to ward
off inflation through a series of interest-rate hikes. As the first
quarter ended, the Fed issued language hinting at greater inflationary
pressures in the economy than previously expected. As a result, stocks
faltered. At the same time, skyrocketing oil prices exerted additional
pressure on equities, as did fears of a possible re-valuation of the
Chinese yuan. Overall, these factors helped dampen stocks' performance
year-to-date, and caused the equity markets to give back most of the gains
they posted for the first two months of the review period.
What factors affected Fund performance?
The Fund's overweighted exposure to health care stocks most significantly
benefited performance versus the Index, evidenced by holdings such as
Medco Health Solutions, which was up dramatically for the portfolio. Many
of our hospital-related stocks also performed well, such as HMOs Wellpoint
and Aetna. Unfortunately, these gains were not enough to offset the
underperformance we suffered from our decisions regarding energy and
technology stocks. Our slight underweight in energy stocks, which were
among the strongest performers of the period, hurt us, as did our
individual stock selection within this sector. Lastly, although our stock
selection within the technology sector added to performance, our
overweighted exposure to the sector as a whole hurt us, as these stocks
underperformed.
The Fund's favorable relative standing versus our peer group was largely
driven by our overweighted position in health care, as well as our
underexposure to consumer discretionary stocks, which were among the
weakest areas of the market for the period. At the same time, our active
stock selection within this category boosted performance, evidenced by
holdings such as Barnes and Noble, which appreciated substantially for the
Fund's portfolio during the period. Finally, the fact that we avoided auto
and newspaper stocks helped us versus our peers.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Financials 25.9%
Industrials 12.8%
Energy 11.2%
Health Care 9.1%
Information Technology 9.1%
Consumer Discretionary 9.0%
Consumer Staples 7.0%
Materials 4.5%
Telecommunications Services 4.0%
Utilities 3.3%
Top 10 Holdings
(% of Portfolio)
Exxon Mobil Corporation 3.7%
Citigroup, Inc. 3.4%
Bank of America Corporation 3.3%
Nokia Oyj ADR 2.3%
Cisco Systems, Inc. 1.8%
Tyco International, Ltd. 1.8%
Medico Health Solutions, Inc. 1.8%
Johnson & Johnson 1.8%
Time Warner, Inc. 1.7%
General Electric Company 1.7%
Footnote reads:
These common stocks represent 23.1% of the total investment portfolio.
Footnotes read:
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 Top Industries and Top 10 Holdings are subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
What is your outlook?
Our focus remains on seeking and investing in quality companies that offer
exceptional value as well as the prospects for improved operating
performance that exceed the market's expectations, regardless of economic
conditions. As such, we continue to perceive good performance prospects
among many health care and technology stocks, and plan to maintain an
overweight versus the benchmark. Conversely, we plan to underweight our
exposure to utilities stocks. In our view, utilities do not represent
exceptional value currently, as these stocks in general have enjoyed
several consecutive years of strong performance.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------ ------------------ --------------------
Ticker AAUTX BBEIX TLVIX
Transfer Agent ID 022 072 092
Net Assets $316,007,594 $17,906,595 $25,799,400
NAV $13.84 $13.70 $13.91
NAV -- High+ 3/7/2005 -- $14.55 3/7/2005 -- $14.41 3/7/2005 -- $14.60
NAV -- Low+ 11/2/2004 -- $13.15 11/2/2004 -- $13.03 11/2/2004 -- $13.21
Number of Holdings: 121 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Class A 1 1-Year 5 Years 10/29/99
- -----------------------------------------------------------------------
without sales charge 11.00% (0.34%) 0.73%
with sales charge 4.88% (1.46%) (0.30%)
From
Inception
Class B 1 1-Year 5 Years 10/29/99
- -----------------------------------------------------------------------
without sales charge 9.80% (1.14%) 0.01%
with sales charge 5.80% (1.14%) 0.01%
From
Inception
Institutional Class 1-Year 5 Years 10/29/99
- -----------------------------------------------------------------------
Net Asset Value 11.57% 0.44% 1.50%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares* 2
Large Russell S&P 500/
Cap 1000 Barra Consumer
Value Value Value Price
Date Fund Index** Index**** Index***
- -----------------------------------------------------------------------------
October 31, 1999 9,450 10,000 10,000 10,000
1999 9,509 9,922 9,941 10,006
1999 9,854 9,970 10,315 10,006
2000 9,509 9,644 9,987 10,030
2000 9,215 8,928 9,363 10,089
2000 10,134 10,017 10,339 10,172
2000 10,004 9,901 10,270 10,178
2000 9,900 10,005 10,302 10,184
2000 9,874 9,548 9,895 10,244
2000 9,854 9,667 10,093 10,262
2000 10,467 10,205 10,770 10,273
2000 10,160 10,299 10,768 10,327
2000 10,278 10,552 10,969 10,345
2000 9,737 10,160 10,407 10,351
2000 10,043 10,669 10,942 10,345
2001 10,096 10,710 11,407 10,410
2001 9,534 10,412 10,651 10,452
2001 9,083 10,044 10,230 10,476
2001 9,619 10,537 10,924 10,517
2001 9,743 10,774 11,039 10,565
2001 9,455 10,535 10,681 10,583
2001 9,455 10,512 10,496 10,553
2001 9,031 10,091 9,890 10,553
2001 8,364 9,381 8,951 10,600
2001 8,442 9,300 8,951 10,565
2001 8,952 9,841 9,519 10,547
2001 9,086 10,073 9,665 10,505
2002 8,922 9,995 9,400 10,529
2002 8,863 10,011 9,316 10,571
2002 9,296 10,485 9,794 10,630
2002 9,007 10,125 9,303 10,681
2002 9,001 10,176 9,340 10,681
2002 8,404 9,592 8,752 10,687
2002 7,683 8,700 7,806 10,699
2002 7,709 8,766 7,860 10,735
2002 6,923 7,791 6,962 10,752
2002 6,988 8,368 7,541 10,779
2002 7,296 8,895 8,070 10,779
2002 6,962 8,509 7,651 10,755
2003 6,784 8,303 7,442 10,803
2003 6,633 8,082 7,239 10,886
2003 6,639 8,095 7,230 10,951
2003 7,133 8,808 7,944 10,928
2003 7,542 9,376 8,528 10,910
2003 7,641 9,494 8,590 10,922
2003 7,746 9,635 8,781 10,934
2003 7,904 9,785 8,971 10,975
2003 7,805 9,690 8,809 11,011
2003 8,227 10,282 9,410 10,999
2003 8,306 10,422 9,495 10,969
2003 8,800 11,064 10,081 10,957
2004 8,919 11,259 10,259 11,011
2004 9,112 11,500 10,491 11,070
2004 9,045 11,400 10,418 11,142
2004 8,860 11,121 10,161 11,177
2004 8,939 11,234 10,278 11,243
2004 9,158 11,500 10,501 11,278
2004 8,952 11,338 10,301 11,261
2004 9,030 11,499 10,412 11,267
2004 9,136 11,677 10,609 11,290
2004 9,306 11,872 10,769 11,350
2004 9,745 12,472 11,294 11,356
2004 10,054 12,889 11,662 11,314
2005 9,870 12,661 11,378 11,338
2005 10,126 13,080 11,584 11,403
2005 10,026 12,901 11,378 11,492
April 29, 2005 $9,834 $12,670 $11,146 $11,570
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 5.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the
fifth year. Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please
read your prospectus carefully.
* As you compare performance, please note that the Fund's performance
reflects the maximum 5.5% sales charge, while the Russell 1000 Value
Index, the S&P 500/Barra Value Index and the Consumer Price Index do
not reflect any such charges. If you were to purchase any of the
above individual stocks or funds represented in these Indexes, any
charges you would pay would reduce your total return as well.
** The Russell 1000 Value Index is an index comprised of companies with
lower price-to-book ratios and lower forecasted growth rates within
the Russell 1000 Index. 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 composition of the
Russell 1000 Value Index serves as a better reflection of the Fund's
current investment strategy than does the S&P 500/Barra Value Index.
*** 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/Barra Value Index is an capitalization-weighted index
comprised of the lowest price-to-book ratio securities in the S&P 500
Index. The S&P 500/Barra Value Index is designed so that
approximately one-half of the S&P 500 market capitalization is
characterized as "value" and the other half as "growth." It is not
possible to invest directly in these Indexes. The performance of
these Indexes does not reflect deductions for fees, expenses or
taxes.
[PHOTO OMITTED: FREDERICK L. PLAUTZ]
Thrivent Large Cap Stock Fund
Frederick L. Plautz, Portfolio Manager
The Thrivent Large Cap Stock Fund seeks long-term capital growth by
investing primarily in a diversified portfolio of common stocks and
securities convertible into common stocks.
How did the Fund perform during the six-month period ended April 29, 2005?
For the six-month period ended April 29, 2005, the Fund delivered positive
performance that edged that of its peer group, while moderately
underperforming its benchmark. For the period under review, Thrivent Large
Cap Stock Fund returned 2.90%, while the Lipper Large Cap Core Funds
Category returned 2.82%. The Fund's benchmark, the S&P 500 Index, posted
3.28% for the same time frame. We consider these results generally
satisfactory in a challenging environment for the U.S. equity markets
overall.
What market conditions were present during the period?
U.S. large-cap equities posted solid performance in November and December
2004 amidst a benign inflation outlook and generally solid corporate
earnings expectations. Conditions shifted, however, in 2005, when equity
investors became ultra-sensitive to the moves and particularly, the
statements, of the Federal Reserve Board (the Fed) as it continued on its
path to price stability through a series of interest-rate hikes. When the
Fed issued language hinting at greater inflationary pressures in the
economy than previously expected, stocks faltered. Meanwhile, skyrocketing
oil prices exerted additional pressure on equities, causing stocks to give
back some of the gains they posted in the first two months of the review
period.
What factors affected Fund performance?
First, individual stock selection in consumer discretionary stocks most
significantly added to performance vis--vis our peers. Homebuilders led
the way on better-than-expected earnings resulting from stronger new home
sales and higher home prices. Cable-related stocks also fared well for us.
Actively avoiding exposure to newspapers and other advertising-related
equities also helped, since many of these stocks lagged during this
period. Similarly, our decision to underweight our exposure to the
underperforming specialty retailers sector, including stocks like Home
Depot and Lowe's, added to returns. Finally, the Fund's gaming stocks
provided considerable support to performance, with stocks such as MGM
Mirage performing well due to robust consumer demand.
While we benefited from our overall exposure to the strongest industry
sector for the period -- energy -- we lost some performance due to the
composition of that allocation. We missed out on the solid performance of
oil refinery company stocks, which were lifted by rising energy prices
this period. Also, our stock selection among oil services companies did
not meet our expectations, as our underweighted exposure to stocks such as
Halliburton, which enjoyed a solid turnaround during the period, hurt
returns. Likewise, de-emphasizing aerospace/defense stocks suppressed
performance versus the benchmark. For example, Boeing performed quite well
and is a large presence in the Index.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Financials 16.1%
Information Technology 15.0%
Health Care 14.1%
Consumer Discretionary 13.3%
Industrials 10.0%
Energy 8.0%
Consumer Staples 7.8%
Materials 3.2%
Telecommunications Services 2.1%
Miscellaneous 1.9%
Top 10 Holdings
(% of Portfolio)
Exxon Mobil Corporation 3.3%
Microsoft Corporation 3.2%
General Electric Company 2.7%
Citigroup, Inc. 2.6%
Johnson & Johnson 2.2%
S&P 500 Large Index Depository Receipts 1.9%
Bank of America Corporation 1.9%
Pfizer, Inc. 1.9%
Procter & Gamble Company 1.7%
American International Group, Inc. 1.7%
Footnote reads:
These common stocks represent 23.1% of the total investment portfolio.
Footnotes read:
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 Top Industries and Top 10 Holdings are subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
On the positive side, our stock selection in health care -- the second
strongest performing sector for the market this period -- helped support
returns versus the benchmark.
What is your outlook?
We remain cautiously optimistic as we position the Fund for the balance of
2005. The markets seem hinged on the rate of inflation, the health of the
economy and on energy prices, all factors that will likely help drive
equity prices in the months ahead. That said, our disciplined investment
process is driven by a bottom-up, individual stock selection model that
seeks high price performance potential regardless of macro-economic or
market conditions. We intend to stay fully invested in companies that
offer solid fundamentals at what we believe to be attractive prices in our
pursuit of long-term, competitive performance for our valued shareholders.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------- ------------------ -------------------
Ticker AALGX BBLGX IILGX
Transfer Agent ID 017 067 090
Net Assets $3,368,731,765 $101,985,038 $117,227,415
NAV $24.48 $22.77 $24.62
NAV -- High+ 3/7/2005 -- $26.08 3/7/2005 -- $24.28 3/7/2005 -- $26.21
NAV -- Low+ 11/2/2004 -- $23.93 11/2/2004 -- $22.22 11/2/2004 -- $24.06
Number of Holdings: 164 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
Class A 1 1-Year 5 Years 10 Years
- -----------------------------------------------------------------------
without sales charge 4.21% (3.29%) 9.58%
with sales charge (1.53%) (4.38%) 8.96%
From
Inception
Class B 1 1-Year 5 Years 1/8/1997
- -----------------------------------------------------------------------
without sales charge 3.22% (4.31%) 6.06%
with sales charge (0.09%) (4.31%) 6.06%
From
Inception
Institutional Class 1-Year 5 Years 12/29/1997
- -----------------------------------------------------------------------
Net Asset Value 4.69% (2.87%) 4.34%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares* 2
Large
Cap Consumer
Stock S&P 500 Price
Date Fund Index** Index**
- ---------------------------------------------------------------
April 30, 1995 9,450 10,000 10,000
1995 9,778 10,400 10,020
1995 9,904 10,641 10,039
1995 10,240 10,994 10,039
1995 10,197 11,022 10,066
1995 10,681 11,487 10,086
1995 10,625 11,446 10,119
1995 11,023 11,948 10,112
1995 11,146 12,178 10,105
1996 11,608 12,593 10,165
1996 11,627 12,710 10,197
1996 11,608 12,832 10,250
1996 11,893 13,021 10,290
1996 12,152 13,357 10,309
1996 12,143 13,408 10,316
1996 11,596 12,816 10,336
1996 11,838 13,086 10,355
1996 12,683 13,822 10,388
1996 12,836 14,204 10,421
1996 13,853 15,277 10,441
1996 13,604 14,975 10,441
1997 14,484 15,910 10,474
1997 14,337 16,035 10,507
1997 13,651 15,376 10,533
1997 14,337 16,294 10,546
1997 15,298 17,286 10,540
1997 15,989 18,060 10,553
1997 17,146 19,498 10,566
1997 16,303 18,405 10,586
1997 17,012 19,413 10,612
1997 16,825 18,765 10,639
1997 17,593 19,634 10,632
1997 18,170 19,971 10,619
1998 18,219 20,192 10,639
1998 19,659 21,648 10,658
1998 20,477 22,756 10,678
1998 20,714 22,985 10,698
1998 20,106 22,590 10,718
1998 21,379 23,508 10,731
1998 21,099 23,257 10,744
1998 17,894 19,895 10,757
1998 19,105 21,169 10,770
1998 20,602 22,891 10,797
1998 21,757 24,279 10,797
1998 23,293 25,678 10,790
1999 24,431 26,751 10,816
1999 23,926 25,920 10,829
1999 24,780 26,957 10,862
1999 25,520 28,001 10,941
1999 25,057 27,340 10,941
1999 26,387 28,857 10,941
1999 25,725 27,956 10,974
1999 25,091 27,818 11,001
1999 24,828 27,056 11,053
1999 26,529 28,768 11,073
1999 27,134 29,352 11,080
1999 28,559 31,081 11,080
2000 27,102 29,520 11,106
2000 26,215 28,961 11,172
2000 28,689 31,794 11,264
2000 27,888 30,838 11,271
2000 27,925 30,205 11,277
2000 28,735 30,949 11,343
2000 28,215 30,466 11,363
2000 29,436 32,358 11,376
2000 28,302 30,650 11,435
2000 28,815 30,520 11,455
2000 27,536 28,114 11,462
2000 28,248 28,251 11,455
2001 28,040 29,254 11,527
2001 26,644 26,586 11,573
2001 25,324 24,902 11,600
2001 26,720 26,837 11,646
2001 26,498 27,017 11,699
2001 25,563 26,359 11,718
2001 25,055 26,100 11,685
2001 23,475 24,466 11,685
2001 21,872 22,490 11,738
2001 22,504 22,919 11,699
2001 23,937 24,678 11,679
2001 24,306 24,894 11,633
2002 23,936 24,531 11,659
2002 23,473 24,058 11,705
2002 24,353 24,962 11,771
2002 23,018 23,449 11,837
2002 22,887 23,276 11,837
2002 21,138 21,618 11,843
2002 19,494 19,933 11,857
2002 19,571 20,064 11,896
2002 17,394 17,886 11,916
2002 19,008 19,458 11,946
2002 19,803 20,603 11,946
2002 18,777 19,393 11,919
2003 18,413 18,886 11,972
2003 18,212 18,602 12,064
2003 18,366 18,782 12,137
2003 19,643 20,329 12,110
2003 20,525 21,399 12,090
2003 20,552 21,672 12,104
2003 20,838 22,054 12,117
2003 21,141 22,483 12,163
2003 20,908 22,245 12,202
2003 21,854 23,503 12,189
2003 21,830 23,710 12,156
2003 22,743 24,952 12,143
2004 23,124 25,410 12,202
2004 23,279 25,763 12,268
2004 22,852 25,375 12,347
2004 22,635 24,977 12,387
2004 22,619 25,319 12,459
2004 23,015 25,811 12,499
2004 22,233 24,956 12,479
2004 22,309 25,056 12,486
2004 22,616 25,327 12,512
2004 22,922 25,714 12,578
2004 23,794 26,754 12,585
2004 24,610 27,665 12,539
2005 24,147 26,991 12,565
2005 24,667 27,558 12,637
2005 24,205 27,071 12,736
April 29, 2005 $23,588 $26,558 $12,822
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 5.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the fifth
year. Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* 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 stocks or funds represented in
these Indexes, any charges you would pay would reduce your total
return as well.
** The S&P 500 Index is an index that represents the average performance
of a group of 500 large-capitalization 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.
[PHOTO OMITTED: KEVIN R. BRIMMER]
Thrivent Large Cap Index Fund
Kevin R. Brimmer, Portfolio Manager
The Thrivent Large Cap Index Fund seeks total returns that track the
performance of the S&P 500 Index by investing primarily in common stocks
comprising the Index.
How did the Fund perform during the six-month period ended April 29, 2005?
For the six-month period ended April 29, 2005, we are pleased to report
that we achieved the Fund's objective of providing results in line with
the S&P 500 Index, adjusting for fees and expenses. The Thrivent Large Cap
Index Fund returned 3.14% for the period while the S&P 500 gained 3.28%.
By comparison, the Fund's peer group, as represented by the Lipper S&P 500
Index Objective Funds Category, posted a median return of 3.05% over the
same time frame.
What market conditions were present during the period?
The overall equity market produced low to moderate returns over the past
six months. Factors contributing to this mediocre performance include:
continued weakness of the U.S. dollar, inflation fears, rising interest
rates and higher energy prices. Investors remained cautious in the face of
these market conditions.
For the first time in six years, we started to see the stocks of
larger-sized companies outperform the stocks of smaller-sized companies,
including a 0.70% outperformance of the S&P 500 Index over the S&P
SmallCap 600 Index for the six-month period. Over the course of six years'
worth of outperformance by small-cap stocks, their relative valuations
increased to a point where they were no longer "cheap" compared with large
company stocks. Also, since many larger companies are multinational, the
weaker U.S. dollar did not negatively affect them as much as smaller
companies.
Value-oriented stocks (companies undervalued based on earnings, book
value, price-to-earnings ratios) in the S&P 500 Index continued to
significantly outperform growth-oriented stocks (companies with
consecutive above-average earnings growth) over the past six months,
posting a 3.51% return for the S&P Barra Value Index and 3.05% for the S&P
Barra Growth Index as of April 29.
On a sector basis, the best performers included health care and energy.
The health care sector benefited from the strong performance of managed
care companies (HMOs) and long-term care facilities. The energy sector was
boosted by continued high oil prices driven by global demand, tight
refining capacity and market speculation. Only two sectors-information
technology and consumer discretionary-turned in negative absolute returns
for the period. Continued poor performance in the computer systems
industry and almost all of the semiconductor-related industries
(equipment, chips, boards) accounted for much of the technology
underperformance. Higher gas prices and rising interest rates have reduced
the discretionary buying power of many consumers, especially within the
lower- and middle-income brackets.
What factors affected the Fund's performance?
Because we use an indexing approach to manage the Fund, we have no active
stock selection process. Our goal is to maintain a fully invested
portfolio that replicates the composition and performance of the S&P 500
Index, while keeping transaction costs to a minimum. The S&P 500 Index is
widely regarded as the best gauge of the U.S. large-cap equities market and
covers all major market sectors. As is typically the case with index
funds, variances in performance relative to the Index are a result of
expenses, transaction costs, and minor differences in portfolio
composition.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Financials 19.5%
Information Technology 14.1%
Health Care 13.3%
Industrials 11.4%
Consumer Discretionary 10.4%
Consumer Staples 9.6%
Energy 8.3%
Utilities 3.3%
Telecommunications Services 3.1%
Materials 3.0%
Top 10 Holdings
(% of Portfolio)
General Electric Company 3.5%
Exxon Mobil Corporation 3.4%
Citigroup, Inc. 2.3%
Microsoft Corporation 2.2%
Johnson & Johnson 1.9%
Pfizer, Inc. 1.9%
Bank of America Corporation 1.7%
Intel Corporation 1.4%
Procter & Gamble Company 1.3%
Altria Group, Inc. 1.2%
Footnote read:
These common stocks represent 20.8% of the total investment portfolio.
Footnotes read:
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 Top Industries and Top 10 Holdings are subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
What is your outlook?
We continue to be cautiously optimistic about our outlook for the stock
market in the near term. On the positive side, the economy continues to
grow (although at a lower rate than in the previous two years) and the job
market is steadily improving (with the jobless rate falling to its lowest
level since September 2001). On the negative side, high oil prices and
inflationary fears could continue their stifling effect on consumer
spending and cause economic growth to stall, while the Fed continues to
raise interest rates to curb inflation.
From a market capitalization perspective, we expect to see some rebound in
performance from large-cap stocks, presuming that high-quality large-caps
will be the leaders in the rising interest rate environment. In
conclusion, the Thrivent Large Cap Index Fund should continue to match the
overall equity market returns due to its broad diversification and
exposure to all the market sectors.
Portfolio Facts
As of April 29,2005
A Share
------------------
Ticker AALCX
Transfer Agent ID 031
Net Assets $90,242,647
NAV $7.95
NAV -- High 3/7/2005 -- $8.40
NAV -- Low 11/2/2004 -- $7.78
Number of Holdings: 502 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Class A1 1-Year 7/1/2000
- ----------------------------------------------------------
without sales charge 5.84% (4.09%)
with sales charge 0.06% (5.21%)
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares* 2
Large
Cap Consumer
Index S&P 500 Price
Date Fund Index*** Index**
- ---------------------------------------------------------------
July 1, 2000 9,450 10,000 10,000
2000 9,270 9,743 10,017
2000 9,828 10,348 10,029
2000 9,299 9,802 10,081
2000 9,223 9,761 10,099
2000 8,477 8,991 10,104
2000 8,514 9,035 10,099
2001 8,779 9,356 10,163
2001 7,966 8,503 10,203
2001 7,456 7,964 10,226
2001 8,023 8,583 10,267
2001 8,061 8,640 10,313
2001 7,853 8,430 10,331
2001 7,768 8,347 10,302
2001 7,277 7,825 10,302
2001 6,691 7,193 10,348
2001 6,804 7,330 10,313
2001 7,305 7,892 10,296
2001 7,362 7,961 10,255
2002 7,248 7,845 10,279
2002 7,106 7,694 10,319
2002 7,362 7,983 10,377
2002 6,917 7,499 10,435
2002 6,851 7,444 10,435
2002 6,360 6,914 10,441
2002 5,878 6,375 10,453
2002 5,916 6,417 10,488
2002 5,283 5,720 10,505
2002 5,736 6,223 10,531
2002 6,057 6,589 10,531
2002 5,703 6,202 10,508
2003 5,551 6,040 10,554
2003 5,466 5,949 10,636
2003 5,494 6,007 10,700
2003 5,978 6,501 10,676
2003 6,282 6,843 10,659
2003 6,367 6,931 10,671
2003 6,472 7,053 10,682
2003 6,595 7,190 10,723
2003 6,519 7,114 10,758
2003 6,889 7,517 10,746
2003 6,946 7,583 10,717
2003 7,299 7,980 10,705
2004 7,433 8,126 10,758
2004 7,538 8,239 10,816
2004 7,423 8,115 10,885
2004 7,299 7,988 10,920
2004 7,393 8,097 10,984
2004 7,538 8,255 11,019
2004 7,278 7,981 11,002
2004 7,307 8,013 11,007
2004 7,384 8,100 11,031
2004 7,490 8,224 11,089
2004 7,788 8,556 11,095
2004 8,055 8,848 11,054
2005 7,851 8,632 11,077
2005 8,026 8,813 11,141
2005 7,881 8,658 11,228
April 29, 2005 $7,725 $8,493 $11,304
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 5.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the fifth
year.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* 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 S&P 500 Index do not reflect any such charges. If you were to
purchase any of the above individual stocks or funds represented in
these Indexes, 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 S&P 500 Index is an index that represents the average performance
of a group of 500 large-capitalization stocks. "S&P 500[R]" 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. Index funds are subject to the same market risks associated
with the stocks in their respective indexes. It is not possible to
invest directly in the Index. The performance of the Index does not
reflect deductions for fees, expenses or taxes.
[PHOTO OMITTED: KEVIN R. BRIMMER]
Thrivent Large Cap Index Fund-I
Kevin R. Brimmer, Portfolio Manager
The Thrivent Large Cap Index Fund-I seeks total returns that track the
performance of the S&P 500 Index by investing primarily in common stocks
comprising the Index.
How did the Fund perform during the six-month period ended April 29, 2005?
For the six-month period ended April 29, 2005, we are pleased to report
that we achieved the Fund's objective of providing results in line with
the S&P 500 Index, adjusting for fees and expenses. The Thrivent Large Cap
Index Fund-I returned 3.16% for the period while the S&P 500 gained 3.28%.
By comparison, the Fund's peer group, as represented by the Lipper S&P 500
Index Objective Funds Category, posted a median return of 3.05% over the
same time frame.
What market conditions were present during the period?
The overall equity market produced low to moderate returns over the past
six months. Factors contributing to this mediocre performance include:
continued weakness of the U.S. dollar, inflation fears, rising interest
rates and higher energy prices. Investors remained cautious in the face of
these market conditions.
For the first time in six years, we started to see the stocks of
larger-sized companies outperform the stocks of smaller-sized companies,
including a 0.70% outperformance of the S&P 500 Index over the S&P
SmallCap 600 Index for the six-month period. Over the course of six years'
worth of outperformance by small-cap stocks, their relative valuations
increased to a point where they were no longer "cheap" compared with large
company stocks. Also, since many larger companies are multinational, the
weaker U.S. dollar did not negatively affect them as much as smaller
companies.
Value-oriented stocks (companies undervalued based on earnings, book
value, price-to-earnings ratios) in the S&P 500 Index continued to
significantly outperform growth-oriented stocks (companies with
consecutive above-average earnings growth) over the past six months,
posting a 3.51% return for the S&P Barra Value Index and 3.05% for the S&P
Barra Growth Index as of April 29.
On a sector basis, the best performers included health care and energy.
The health care sector benefited from the strong performance of managed
care companies (HMOs) and long-term care facilities. The energy sector was
boosted by continued high oil prices driven by global demand, tight
refining capacity and market speculation. Only two sectors -- information
technology and consumer discretionary -- turned in negative absolute
returns for the period. Continued poor performance in the computer systems
industry and almost all of the semiconductor-related industries
(equipment, chips, boards) accounted for much of the technology
underperformance. Higher gas prices and rising interest rates have reduced
the discretionary buying power of many consumers, especially within the
lower- and middle-income brackets.
What factors affected the Fund's performance?
Because we use an indexing approach to manage the Fund, we have no active
stock selection process. Our goal is to maintain a fully invested
portfolio that replicates the composition and performance of the S&P 500
Index, while keeping transaction costs to a minimum. The S&P 500 Index is
widely regarded as the best gauge of the U.S. large-cap equities market
and covers all major market sectors. As is typically the case with index
funds, variances in performance relative to the Index are a result of
expenses, transaction costs, and minor differences in portfolio
composition.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Financials 20.0%
Information Technology 14.4%
Health Care 13.6%
Industrials 11.7%
Consumer Discretionary 10.5%
Consumer Staples 9.8%
Energy 8.3%
Utilities 3.4%
Telecommunications Services 3.1%
Materials 3.0%
Top 10 Holdings
(% of Portfolio)
General Electric Company 3.6%
Exxon Mobil Corporation 3.4%
Citigroup, Inc. 2.3%
Microsoft Corporation 2.2%
Johnson & Johnson 1.9%
Pfizer, Inc. 1.9%
Bank of America Corporation 1.7%
Intel Corporation 1.4%
Procter & Gamble Company 1.3%
American International Group, Inc. 1.3%
Footnote reads:
These common stocks represent 21.0% of the total investment portfolio.
Footnotes read:
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 Top Industries and Top 10 Holdings are subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
What is your outlook?
We continue to be cautiously optimistic about our outlook for the stock
market in the near term. On the positive side, the economy continues to
grow (although at a lower rate than in the previous two years) and the job
market is steadily improving (with the jobless rate falling to its lowest
level since September 2001). On the negative side, high oil prices and
inflationary fears could continue their stifling effect on consumer
spending and cause economic growth to stall, while the Fed continues to
raise interest rates to curb inflation.
From a market capitalization perspective, we expect to see some rebound in
performance from large-cap stocks, presuming that high-quality large-caps
will be the leaders in the rising interest rate environment. In
conclusion, the Thrivent Large Cap Index Fund-I should continue to match
the overall equity market returns due to its broad diversification and
exposure to all the market sectors.
Portfolio Facts
As of April 29,2005
Institutional Share
--------------------
Ticker IILCX
Transfer Agent ID 096
Net Assets $30,593,627
NAV $7.89
NAV -- High+ 12/28/2004 -- $8.35
NAV -- Low+ 4/20/2005 -- $7.75
Number of Holdings: 502 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Institutional Class 1 1-Year 5-Year 12/31/1999
- -------------------------------------------------------------------------
Net Asset Value 6.03% (3.32%) (3.21%)
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Institutional Class Shares* 2
Large
Cap Consumer
Index S&P 500 Price
Date Fund-I Index*** Index**
- ---------------------------------------------------------------
December 31, 1999 10,000 10,000 10,000
2000 9,530 9,498 10,024
2000 9,360 9,318 10,083
2000 10,270 10,229 10,166
2000 9,950 9,922 10,172
2000 9,740 9,718 10,178
2000 9,990 9,958 10,238
2000 9,840 9,802 10,255
2000 10,450 10,411 10,267
2000 9,900 9,861 10,321
2000 9,850 9,819 10,339
2000 9,070 9,045 10,345
2000 9,113 9,089 10,339
2001 9,426 9,412 10,404
2001 8,558 8,554 10,446
2001 8,023 8,012 10,469
2001 8,639 8,634 10,511
2001 8,690 8,692 10,559
2001 8,488 8,481 10,576
2001 8,397 8,397 10,547
2001 7,872 7,872 10,547
2001 7,236 7,236 10,594
2001 7,347 7,374 10,559
2001 7,902 7,940 10,541
2001 7,965 8,009 10,499
2002 7,853 7,892 10,523
2002 7,700 7,740 10,564
2002 7,985 8,031 10,624
2002 7,497 7,544 10,683
2002 7,446 7,489 10,683
2002 6,918 6,955 10,689
2002 6,390 6,413 10,701
2002 6,431 6,455 10,737
2002 5,740 5,754 10,755
2002 6,238 6,260 10,781
2002 6,593 6,629 10,781
2002 6,207 6,239 10,758
2003 6,043 6,076 10,805
2003 5,950 5,985 10,888
2003 5,991 6,043 10,954
2003 6,496 6,540 10,930
2003 6,835 6,885 10,912
2003 6,918 6,973 10,924
2003 7,031 7,096 10,936
2003 7,165 7,234 10,978
2003 7,082 7,157 11,013
2003 7,484 7,562 11,001
2003 7,535 7,628 10,972
2003 7,935 8,028 10,960
2004 8,072 8,175 11,013
2004 8,187 8,289 11,073
2004 8,061 8,164 11,144
2004 7,925 8,036 11,180
2004 8,030 8,146 11,245
2004 8,187 8,304 11,281
2004 7,914 8,029 11,263
2004 7,946 8,061 11,269
2004 8,019 8,149 11,293
2004 8,145 8,273 11,352
2004 8,471 8,608 11,358
2004 8,754 8,901 11,317
2005 8,541 8,684 11,340
2005 8,722 8,867 11,406
2005 8,562 8,710 11,495
April 29, 2005 $8,402 $8,545 $11,572
Footnotes read:
1 Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* As you compare performance, please note that the Fund's performance
reflects Fund expenses, net of any reimbursements, while the Consumer
Price Index and the S&P 500 Index do not reflect such charges. If you
were to purchase any of the above individual stocks or funds
represented in these Indexes, 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 S&P 500 Index is an index that represents the average performance
of a group of 500 large-capitalization stocks. "S&P 500[R]" 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. Index funds are subject to the same market risks associated
with the stocks in their respective indexes. 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 Balanced Fund
The Thrivent Balanced Fund seeks long-term total return through a balance
between income and the potential for long-term capital growth by investing
primarily in a diversified portfolio of common stocks, bonds and money
market instruments.
How did the Fund perform during the six-month period ended April 29, 2005?
The Thrivent Balanced Fund gained 0.63% during the reporting period,
underperforming its Lipper peer group and equity and fixed income
benchmarks. The Lipper Balanced Funds Category posted a median return of
2.55%. The Fund's equity and fixed income benchmarks, the S&P 1500 Index
and the Lehman U.S. Aggregate Bond Index, advanced 3.47% and 0.98%,
respectively, for the six months.
What market conditions were present during the period?
Although stocks and bonds advanced in the full period, the investment
climate experienced a dramatic shift over the six months. Stocks gained in
late 2004 and into the early part of 2005. However, later in the period
the equity markets succumbed to deteriorating investor psychology that was
driven by a strong advance in oil prices, an uptick in reported inflation,
continued increases in short-term interest rates and concerns over an
apparent slowdown in economic growth. Beginning in March, stock prices
staged a somewhat significant correction which lasted through the end of
April. In the Treasury market, the yield curve flattened as the Federal
Reserve Board raised short-term rates, narrowing the difference between
shorter and longer rates.
With these factors as a backdrop, high-quality, large-capitalization
stocks were the top performers in the equity market. On the fixed-income
side, high-quality and longer duration bonds, particularly Treasuries and
mortgage-backed securities, outperformed. Mid- and small-cap stocks and
lower quality segments of the fixed-income markets such as corporate and
high-yield bonds experienced significant selling pressure.
What factors affected the Fund's performance?
A number of factors limited returns in the Fund during the period. A
significant component of the Fund's underperformance was stock selection
in the equity portfolio, exacerbated by investors' increased risk aversion
late in the period. Holdings in areas such as industrial/airlines
(Northwest Airlines), information technology (software companies SeeBeyond
Technologies and Loudeye) and financials (Doral Financial) were the
primary cause of our shortfall during the period. While our energy stocks
provided good absolute returns, they did not outperform on a relative
basis. However, good security selection in specialty retail stocks
(Gamestop) and a lack of exposure to the unusually weak automobile segment
helped mitigate some of the poor performance. The Fund's fixed-income
portfolio also underperformed the benchmark and peer group. The primary
reasons were our slightly shorter duration stance and our corporate bond
holdings, which performed poorly when this segment of the market sold off
late in the period.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Financials 14.0%
Information Technology 8.5%
Health Care 7.5%
Consumer Discretionary 7.3%
Industrials 7.0%
Mortgage-Backed Securities 6.2%
Asset-Backed Securities 5.6%
Consumer Staples 5.1%
Energy 4.6%
Utilities 3.7%
Top 10 Holdings
(% of Portfolio)
Federal National Mortgage Association
30-Yr. Conventional 2.6%
Federal National Mortgage Association
30-Yr. Conventional 1.8%
Federal National Mortgage Association
15-Yr. Conventional 1.7%
U.S. Treasury Notes 1.7%
U.S. Treasury Notes 1.3%
Citigroup, Inc. 1.2%
Exxon Mobil Corporation 1.1%
Residential Asset Securities Corporation 1.1%
Johnson & Johnson 1.0%
Bank of America Corporation 0.9%
Footnote reads:
These common stocks and long term fixed income securities represent 14.4%
of the total investment portfolio.
Footnotes read:
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 Top Industries and Top 10 Holdings are subject to change.
Top Industries represent long term non-government holdings.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
What is your outlook?
We expect the current economic softness to be short-lived and momentum to
improve in the second half of 2005. Oil prices are likely to peak in the
intermediate term and fall to the mid-$40/barrel range. We believe
inflation, while rising cyclically, will remain under control which should
allow the Fed to moderate its pace of rate increases later in the year. We
anticipate that the budget and trade deficits will fall slightly from
their very high levels which should take some pressure off the markets.
However, a significant improvement or a further deterioration is unlikely
in this cycle.
Our equity market outlook calls for a recovery in stock prices in the
second half of the year. On the fixed-income side, we believe the yield
curve has done the majority of its flattening. Therefore, we've moved away
from a targeted approach focused on intermediate-term securities to a more
balanced approach across all maturities. Our forecast has also caused us
to modestly reduce our exposure to lower-quality corporate bonds in favor
of Treasuries and commercial mortgage-backed securities.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------ -------------------- -------------------
Ticker AABFX BBBFX IBBFX
Transfer Agent ID 026 085 056
Net Assets $277,657,795 $14,535,373 $101,258,452
NAV $11.59 $11.54 $11.58
NAV -- High+ 12/15/2004 -- $12.32 12/15/2004 -- $12.25 12/15/2004 -- $12.32
NAV -- Low+ 4/28/2005 -- $11.54 4/28/2005 -- $11.49 4/28/2005 -- $11.53
Number of Holdings: 353 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Class A 1 1-Year 5 Years 12/29/1997
- -----------------------------------------------------------------------
without sales charge 2.85% 1.09% 4.41%
with sales charge (2.82%) (0.04%) 3.61%
From
Inception
Class B 1 1-Year 5 Years 12/29/1997
- -----------------------------------------------------------------------
without sales charge 1.85% 0.18% 3.77%
with sales charge (2.13%) 0.18% 3.77%
From
Inception
Institutional Class 1-Year 5 Years 12/29/1997
- -----------------------------------------------------------------------
Net Asset Value 3.34% 1.54% 4.80%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares* 2
Lehman
Brothers Consumer
Balanced S&P 500 S&P 1500 Aggregate Price
Date Fund Index**** Index*** Bond Index** Index*****
- -------------------------------------------------------------------------------------------
December 29, 1997 9,450 10,000 10,000 10,000 10,000
1997 9,450 10,195 10,180 10,008 9,988
1998 9,507 10,263 10,293 10,136 10,006
1998 9,932 11,022 11,035 10,129 10,025
1998 10,175 11,573 11,599 10,164 10,043
1998 10,241 11,697 11,716 10,217 10,062
1998 10,099 11,445 11,515 10,314 10,080
1998 10,502 11,855 11,982 10,401 10,093
1998 10,426 11,670 11,855 10,423 10,105
1998 9,569 9,921 10,143 10,593 10,118
1998 10,024 10,581 10,793 10,841 10,130
1998 10,416 11,435 11,670 10,783 10,155
1998 10,722 12,114 12,377 10,845 10,155
1998 11,155 12,878 13,090 10,877 10,149
1999 11,481 13,311 13,637 10,955 10,173
1999 11,270 12,853 13,213 10,764 10,186
1999 11,519 13,346 13,742 10,823 10,217
1999 11,721 13,911 14,274 10,858 10,291
1999 11,548 13,629 13,937 10,762 10,291
1999 11,829 14,384 14,710 10,728 10,291
1999 11,655 13,955 14,251 10,683 10,322
1999 11,499 13,840 14,180 10,677 10,347
1999 11,489 13,470 13,792 10,801 10,396
1999 11,908 14,285 14,664 10,841 10,415
1999 12,065 14,615 14,963 10,840 10,421
1999 12,378 15,485 15,844 10,788 10,421
2000 12,024 14,739 15,048 10,753 10,446
2000 11,877 14,612 14,763 10,883 10,508
2000 12,489 15,963 16,207 11,026 10,594
2000 12,281 15,482 15,720 10,994 10,601
2000 12,271 15,169 15,397 10,989 10,607
2000 12,552 15,549 15,777 11,218 10,669
2000 12,482 15,333 15,530 11,320 10,687
2000 12,811 16,345 16,494 11,484 10,700
2000 12,592 15,543 15,624 11,556 10,755
2000 12,743 15,449 15,558 11,633 10,774
2000 12,522 14,225 14,331 11,823 10,780
2000 12,788 14,407 14,401 12,042 10,774
2001 12,808 14,905 14,912 12,239 10,842
2001 12,525 13,596 13,552 12,346 10,885
2001 12,295 12,729 12,694 12,408 10,910
2001 12,662 13,744 13,680 12,356 10,954
2001 12,621 13,858 13,772 12,431 11,003
2001 12,381 13,565 13,437 12,478 11,022
2001 12,371 13,424 13,305 12,757 10,991
2001 12,011 12,629 12,472 12,903 10,991
2001 11,654 11,545 11,465 13,053 11,040
2001 11,933 11,803 11,683 13,326 11,003
2001 12,316 12,702 12,579 13,143 10,985
2001 12,402 12,875 12,690 13,059 10,941
2002 12,319 12,706 12,505 13,165 10,966
2002 12,194 12,480 12,263 13,292 11,009
2002 12,361 12,998 12,725 13,071 11,071
2002 12,027 12,306 11,953 13,325 11,133
2002 12,027 12,190 11,865 13,438 11,133
2002 11,536 11,329 11,020 13,554 11,139
2002 11,053 10,404 10,161 13,718 11,152
2002 11,148 10,471 10,228 13,949 11,189
2002 10,504 9,374 9,117 14,175 11,207
2002 11,011 10,146 9,919 14,110 11,235
2002 11,264 10,740 10,502 14,106 11,235
2002 10,993 10,132 9,886 14,398 11,211
2003 10,877 9,862 9,627 14,411 11,260
2003 10,877 9,702 9,482 14,610 11,347
2003 10,927 9,794 9,574 14,598 11,415
2003 11,438 10,593 10,363 14,719 11,390
2003 11,842 11,185 10,908 14,993 11,372
2003 11,853 11,333 11,047 14,963 11,384
2003 11,821 11,562 11,242 14,460 11,397
2003 11,949 11,824 11,461 14,556 11,440
2003 11,991 11,686 11,340 14,941 11,477
2003 12,281 12,378 11,981 14,802 11,465
2003 12,292 12,527 12,086 14,837 11,434
2003 12,636 13,128 12,720 14,988 11,421
2004 12,809 13,378 12,953 15,109 11,477
2004 12,916 13,578 13,133 15,272 11,539
2004 12,813 13,409 12,935 15,387 11,613
2004 12,607 13,172 12,732 14,987 11,651
2004 12,575 13,361 12,906 14,927 11,719
2004 12,742 13,643 13,157 15,011 11,756
2004 12,459 13,164 12,721 15,160 11,737
2004 12,557 13,203 12,772 15,449 11,744
2004 12,700 13,387 12,911 15,491 11,768
2004 12,886 13,594 13,108 15,621 11,830
2004 13,180 14,190 13,638 15,496 11,837
2004 13,503 14,676 14,102 15,639 11,793
2005 13,347 14,318 13,759 15,737 11,818
2005 13,526 14,638 14,048 15,644 11,886
2005 13,280 14,383 13,799 15,564 11,979
April 29, 2005 $12,967 $14,065 $13,538 $15,774 $12,060
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 5.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during
the first five years and then converting to Class A shares after the
fifth year. Institutional Class shares have no sales load and are
for institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in
share prices, the reinvestment of all dividends and capital gains,
and the effects of compounding. Investing in a mutual fund involves
risks, including the possible loss of principal. 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. Please read your prospectus carefully.
* As you compare performance, please note that the Fund's performance
reflects the maximum 5.5% sales charge, while the Lehman Brothers
Aggregate Bond Index, 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 stocks or funds represented in these Indexes, any
charges you would pay would reduce your total return as well.
** The Lehman Brothers Aggregate Bond Index is an index that measures
the performance of U.S. investment grade bonds. It is not possible
to invest directly in the Index. The performance of the Index does
not reflect deductions for fees, expenses or taxes.
*** The S&P 1500 Index is an index that represents the performance of a
group of 1500 publicly traded stocks. It is not possible to invest
directly in the Index. The performance of the Index does not reflect
deductions for fees, expenses or taxes.
**** The S&P 500 Index is an index that represents the average
performance of a group of 500 large-capitalization 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.
[PHOTO OMITTED: PAUL J. OCENASEK]
Thrivent High Yield Fund
Paul J. Ocenasek, Portfolio Manager
The Thrivent High Yield Fund seeks high current income and, secondarily,
growth of capital by investing primarily in a diversified portfolio of
high-yield ("junk") corporate bonds.*
How did the Fund perform during the six-month period ended April 29, 2005?
For the six-month period ended April 29, 2005, Thrivent High Yield Fund's
slightly negative return compared favorably versus the median of its peer
group, but failed to keep pace with its benchmark. For the period under
review, the Fund returned -0.14%, while the Lipper High Current Yield
Funds Category returned -0.39%. The Lehman Brothers U.S. Corporate High
Yield Bond Index returned 0.08% for the same time frame. We find these
results generally satisfactory, given that the Fund performed relatively
well during the sharp sell-off the high-yield bond market experienced late
in the period.
What market conditions were present during the period?
As the Federal Reserve Board (the Fed) continued to hike short-term
interest rates, it issued a statement late in the first quarter that
signaled heightened inflation risks for the U.S. economy. Investors
reacted by shunning risk and engaging in a sharp sell-off that drove down
high-yield bond prices and widened out the "spread," or difference,
between the yields on high-yield bonds and those of comparable Treasuries.
In addition, the decline of General Motors' outstanding debt to junk
status sparked fears of overall deterioration in the corporate bond
market, while posing liquidity concerns for the high-yield sector. Spiking
oil prices late in the period further squeezed the high-yield sector due
to the implications skyrocketing energy costs have for the economy as a
whole. In general, macro events that unfolded in 2005 seemed to unravel
the gains high-yield bonds enjoyed throughout most of 2004.
What factors affected Fund performance?
The Fund's strong relative standing vis--vis its Lipper peer group was
largely due to our decision to significantly underweight our exposure to
auto and airline bonds, as well as to CCC-rated, or riskier, credits.
Although this positioning detracted from returns slightly in the beginning
of the period, it substantially benefited Fund performance versus our
peers when the market engaged in a widespread sell-off of these bonds in
March and April. Likewise, our decision to largely avoid the apparel
retail sector definitively supported performance, since in doing so we
managed to avoid the merger and acquisition activity (and the risk
associated with these events) affecting some retailers over the period.
Detracting from performance versus our benchmark was the fact that we held
a greater exposure to larger, more liquid issues than the smaller, less
liquid high-yield debt securities that the Index has the latitude to hold.
Unfortunately, these larger issues suffered from investors' mounting
concerns regarding credit risk, and endured more of a sell-off than did
smaller, less liquid bonds. As a result, this exposure overall detracted
from our performance versus the benchmark.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Communications Services 17.8%
Consumer Cyclical 15.3%
Basic Materials 11.7%
Utilities 9.9%
Capital Goods 9.1%
Consumer Non-Cyclical 7.4%
Energy 4.1%
Technology 2.9%
Transportation 1.9%
Financials 1.8%
[GRAPHIC OMITTED: MOODY'S BOND QUALITY RATINGS DISTRIBUTIONS]
Moody's Bond Quality
Ratings Distributions
Aaa 0.0%
Aa 0.2%
A 0.0%
Baa 1.8%
Ba 29.1%
B 58.7%
Caa 5.5%
Ca 0.0%
C 0.0%
D 0.0%
Not Rated 4.7%
* High-yield bonds carry greater volatility and risk than investment-grade
bonds.
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 Top Industries and Moody's Bond Quality Ratings Distributions are
subject to change.
What is your outlook?
The recent correction in the high-yield bond market, in our opinion, has
served to bring it closer to what we perceive is fair value. That said,
upward pressure on spreads is likely for the balance of 2005, since
spreads tend to widen out following the end of a series of Fed rate
increases. With the large amount of low-quality issuance in the market
currently, we would not be surprised to see default rates creep up over
the next few years.
Given this outlook, we have established a defensive posture in the Fund's
portfolio. We've reduced our exposure to more subordinated bonds and have
used the proceeds to buy senior issues, which potentially offer additional
protection from default. In addition, we've added more BB-rated exposure,
since these bonds tend to lead a recovery in the high-yield sector. At the
same time, we plan to capitalize on every appropriate opportunity to
capture what we believe to be good value in the high-yield marketplace,
seeking bonds that offer solid fundamentals and favorable price/yield
performance potential at a good price.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------ ------------------ ------------------
Ticker LBHYX LUHBX LBHIX
Transfer Agent ID 73 373 473
Net Assets $581,532,339 $27,637,384 $10,003,354
NAV $5.04 $5.04 $5.04
NAV -- High 2/16/2005 -- $5.28 3/7/2005 -- $5.28 3/8/2005 -- $5.29
NAV -- Low 4/29/2005 -- $5.04 4/29/2005 -- $5.04 4/29/2005 -- $5.04
Number of Holdings: 273 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
Class A 1 1-Year 5 Years 10 Years
- -----------------------------------------------------------------------
without sales charge 6.09% 1.22% 4.36%
with sales charge 1.34% 0.30% 3.88%
From
Inception
Class B 1 1-Year 5 Years 10/31/1997
- -----------------------------------------------------------------------
without sales charge 5.20% 0.47% 0.93%
with sales charge 1.26% 0.47% 0.93%
From
Inception
Institutional Class 1-Year 5 Years 10/31/1997
- -----------------------------------------------------------------------
Net Asset Value 6.52% 1.59% 1.77%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares**2
Lehman
Brothers
High
High Yield Consumer
Yield Bond Price
Date Fund Index** Index***
- ---------------------------------------------------------------
April 28, 1995 9,550 10,000 10,000
1995 9,744 10,280 10,020
1995 9,797 10,346 10,039
1995 10,105 10,476 10,039
1995 10,148 10,509 10,066
1995 10,235 10,638 10,086
1995 10,289 10,704 10,119
1995 10,413 10,798 10,112
1995 10,567 10,968 10,105
1996 10,820 11,161 10,165
1996 11,098 11,170 10,197
1996 10,990 11,162 10,250
1996 11,047 11,187 10,290
1996 11,152 11,254 10,309
1996 11,066 11,347 10,316
1996 10,979 11,400 10,336
1996 11,160 11,523 10,355
1996 11,527 11,801 10,388
1996 11,487 11,892 10,421
1996 11,585 12,126 10,441
1996 11,725 12,213 10,441
1997 11,864 12,332 10,474
1997 12,017 12,536 10,507
1997 11,639 12,350 10,533
1997 11,638 12,480 10,546
1997 12,084 12,747 10,540
1997 12,414 12,924 10,553
1997 12,840 13,279 10,566
1997 12,879 13,248 10,586
1997 13,271 13,511 10,612
1997 13,145 13,523 10,639
1997 13,172 13,652 10,632
1997 13,305 13,772 10,619
1998 13,576 14,020 10,639
1998 13,762 14,102 10,658
1998 13,935 14,234 10,678
1998 13,862 14,291 10,698
1998 13,818 14,340 10,718
1998 13,877 14,392 10,731
1998 13,951 14,474 10,744
1998 12,854 13,675 10,757
1998 12,673 13,737 10,770
1998 12,415 13,455 10,797
1998 13,015 14,014 10,797
1998 13,047 14,029 10,790
1999 13,251 14,237 10,816
1999 13,203 14,153 10,829
1999 13,347 14,289 10,862
1999 13,774 14,565 10,941
1999 13,524 14,368 10,941
1999 13,616 14,338 10,941
1999 13,691 14,395 10,974
1999 13,501 14,236 11,001
1999 13,428 14,134 11,053
1999 13,370 14,040 11,073
1999 13,669 14,205 11,080
1999 13,967 14,365 11,080
2000 13,994 14,303 11,106
2000 14,266 14,330 11,172
2000 13,994 14,029 11,264
2000 13,774 14,052 11,271
2000 13,499 13,908 11,277
2000 13,727 14,191 11,343
2000 13,627 14,299 11,363
2000 13,584 14,397 11,376
2000 13,298 14,271 11,435
2000 12,673 13,814 11,455
2000 11,549 13,267 11,462
2000 11,689 13,523 11,455
2001 12,634 14,536 11,527
2001 12,645 14,730 11,573
2001 12,083 14,383 11,600
2001 11,814 14,204 11,646
2001 11,946 14,459 11,699
2001 11,526 14,054 11,718
2001 11,558 14,261 11,685
2001 11,673 14,429 11,685
2001 10,882 13,459 11,738
2001 11,217 13,792 11,699
2001 11,513 14,295 11,679
2001 11,487 14,237 11,633
2002 11,634 14,336 11,659
2002 11,375 14,136 11,705
2002 11,603 14,476 11,771
2002 11,698 14,702 11,837
2002 11,478 14,626 11,837
2002 10,727 13,548 11,843
2002 10,296 12,956 11,857
2002 10,413 13,325 11,896
2002 10,224 13,150 11,916
2002 10,106 13,036 11,946
2002 10,728 13,843 11,946
2002 10,686 14,037 11,919
2003 10,988 14,504 11,972
2003 11,169 14,682 12,064
2003 11,493 15,105 12,137
2003 12,046 16,001 12,110
2003 12,123 16,166 12,090
2003 12,481 16,631 12,104
2003 12,357 16,448 12,117
2003 12,532 16,637 12,163
2003 12,850 17,092 12,202
2003 13,138 17,437 12,189
2003 13,271 17,702 12,156
2003 13,581 18,102 12,143
2004 13,795 18,448 12,202
2004 13,772 18,401 12,268
2004 13,840 18,527 12,347
2004 13,793 18,400 12,387
2004 13,599 18,089 12,459
2004 13,781 18,348 12,499
2004 13,945 18,597 12,479
2004 14,171 18,962 12,486
2004 14,369 19,237 12,512
2004 14,653 19,585 12,578
2004 14,751 19,821 12,585
2004 14,906 20,117 12,539
2005 14,908 20,090 12,565
2005 15,115 20,386 12,637
2005 14,770 19,793 12,736
April 29, 2005 $14,633 $19,600 $12,822
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 4.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the
fifth year. Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please
read your prospectus carefully.
** As you compare performance, please note that the Fund's performance
reflects the maximum 4.5% sales charge, while the Lehman Brothers
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
stocks or funds represented in these Indexes, any charges you would
pay would reduce your total return as well.
*** The Lehman Brothers 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.
[PHOTO OMITTED: PAUL J. OCENASEK]
Thrivent High Yield Fund II
Paul J. Ocenasek, Portfolio Manager
The Thrivent Partner High Yield Fund seeks high current income and
secondary capital growth by investing primarily in a diversified portfolio
of high-risk, high-yield bonds commonly referred to as "junk bonds."* The
Fund actively seeks to achieve the secondary objective of capital growth
to the extent it is consistent with the primary objective of high current
income.
How did the Fund perform during the six-month period ended April 29, 2005?
For the six-month period ended April 29, 2005, Thrivent High Yield Fund II
delivered a negative return that slightly trailed those of its benchmark
and peer group of similarly managed funds. For the period under review,
the Fund returned -0.51%, while the Lipper High Current Yield Funds
Category returned -0.39%. The Lehman Brothers U.S. Corporate High Yield
Bond Index returned 0.08% for the same time frame. While we are
disappointed with our absolute returns this period, we are encouraged by
the fact that the Fund performed relatively well during the sharp sell-off
the high-yield bond market experienced late in the period.
What market conditions were present during the period?
As the Federal Reserve Board (the Fed) continued to hike short-term
interest rates, it issued a statement late in the first quarter that
signaled heightened inflation risks for the U.S. economy. Investors
reacted by engaging in a sharp sell-off that drove down high-yield bond
prices and widened out the "spread," or difference, between the yields on
high-yield bonds and those of comparable Treasuries.
In addition, the rapid descent of General Motors' outstanding debt to junk
status sparked fears of overall deterioration in the corporate bond market
while posing liquidity concerns for the high-yield sector. Finally,
spiking oil prices late in the period further squeezed the high-yield
sector due to the implications skyrocketing energy costs have for the
economy as a whole. In general, macro events that unfolded in 2005 seemed
to unravel the gains high-yield bonds enjoyed throughout most of 2004.
What factors affected Fund performance?
The Fund's close-to-median performance vis--vis its Lipper peer group was
largely due to our decision to significantly underweight our exposure to
auto and airline bonds, which came under pressure over the period and
performed poorly. Likewise, our underweighted exposure to CCC-rated, or
riskier, credits also helped, as these bonds sold off late in the period
when investors' risk aversion mounted due to increased inflation risks in
the economy. Finally, our decision to largely avoid the apparel retail
sector definitively supported performance, since in doing so we managed to
avoid the sluggish performance many of these bonds exhibited over the
period.
Detracting from performance versus the benchmark was our overall exposure
to larger, more liquid debt securities. Unfortunately, these larger issues
were directly impacted by investors' mounting concerns regarding credit
risk over the period, and suffered more of a sell-off than did those
smaller, less liquid bonds that the Index has the ability to hold. As a
result, this exposure overall detracted from our performance versus the
benchmark.
[GRAPHIC OMITTED: TOP INDUSTRIES]
Top Industries
(% of Portfolio)
Communications Services 19.4%
Consumer Cyclical 15.2%
Basic Materials 9.7%
Capital Goods 8.7%
Utilities 8.3%
Consumer Non-Cyclical 7.1%
Energy 6.0%
Technology 1.7%
Financials 1.4%
Transportation 1.3%
[GRAPHIC OMITTED: MOODY'S BOND QUALITY RATINGS DISTRIBUTIONS]
Moody's Bond Quality
Ratings Distributions
Aaa 0.0%
Aa 0.0%
A 0.0%
Baa 1.1%
Ba 32.5%
B 56.3%
Caa 5.8%
Ca 0.0%
C 0.0%
D 0.0%
Not Rated 4.3%
* High-yield bonds carry greater volatility and risk than investment-grade
bonds.
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 Top Industries and Moody's Bond Quality Ratings Distributions are
subject to change.
What is your outlook?
The high-yield market has endured a marked correction which, in our
opinion, has served to bring it closer to what we perceive as fair value.
That said, upward pressure on spreads is likely for the balance of 2005,
since spreads typically widen following a series of Fed rate increases.
With the large amount of low-quality issuance in the market currently, we
would not be surprised to see default rates creep up as well over the next
few years.
In light of our outlook, we have established a defensive posture by
selling some of the Fund's more subordinate issues and using the proceeds
to buy more senior bonds, which potentially offer additional protection
from default. In addition, we've added more BB-rated exposure, since
BB-rated bonds tend to lead a recovery in the high-yield sector. At the
same time, we plan to capitalize on every appropriate opportunity to
capture what we believe to be good value in the high-yield marketplace,
through buying select issues that have recently sold off but still offer
solid fundamentals and favorable price/yield performance potential.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------ ------------------ ------------------
Ticker AAHYX BBHYX THYFX
Transfer Agent ID 025 075 095
Net Assets $130,456,852 $4,632,305 $4,056,607
NAV $6.44 $6.44 $6.44
NAV -- High+ 3/7/2005 -- $6.76 3/7/2005 -- $6.76 3/7/2005 -- $6.76
NAV -- Low+ 4/29/2005 -- $6.44 4/29/2005 -- $6.44 4/29/2005 -- $6.44
Number of Holdings: 262 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Class A 1 1-Year 5 Years 1/8/1997
- -------------------------------------------------------------------------
without sales charge 5.77% 5.34% 3.71%
with sales charge 0.99% 4.38% 3.14%
From
Inception
Class B 1 1-Year 5 Years 1/8/1997
- -------------------------------------------------------------------------
without sales charge 4.74% 4.44% 3.26%
with sales charge 0.80% 4.44% 3.26%
From
Inception
Institutional Class 1-Year 5 Years 12/29/1997
- -------------------------------------------------------------------------
Net Asset Value 6.24% 5.74% 2.80%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares** 2
Lehman Merrill
Brothers Lynch
High High
High Yield Yield Consumer
Yield Bond Master Price
Date Fund II Index**** Index*** Index*****
- ------------------------------------------------------------------------------
January 8, 1997 9,550 10,000 10,000 10,000
1997 9,593 10,098 10,108 10,032
1997 9,819 10,265 10,250 10,063
1997 9,553 10,112 10,136 10,088
1997 9,694 10,218 10,251 10,101
1997 10,002 10,437 10,458 10,095
1997 10,129 10,582 10,617 10,107
1997 10,396 10,872 10,872 10,120
1997 10,399 10,848 10,853 10,139
1997 10,643 11,063 11,033 10,164
1997 10,629 11,072 11,106 10,189
1997 10,722 11,178 11,211 10,183
1997 10,814 11,276 11,317 10,170
1998 10,985 11,479 11,486 10,189
1998 11,066 11,547 11,533 10,208
1998 11,142 11,655 11,633 10,227
1998 11,160 11,701 11,688 10,246
1998 11,161 11,742 11,769 10,265
1998 11,170 11,784 11,828 10,277
1998 11,187 11,851 11,895 10,290
1998 10,351 11,197 11,382 10,303
1998 10,303 11,247 11,405 10,315
1998 10,070 11,017 11,217 10,340
1998 10,602 11,474 11,728 10,340
1998 10,571 11,487 11,732 10,334
1999 10,675 11,657 11,848 10,359
1999 10,519 11,589 11,758 10,372
1999 10,558 11,699 11,859 10,404
1999 10,718 11,926 12,044 10,479
1999 10,533 11,764 11,961 10,479
1999 10,511 11,739 11,938 10,479
1999 10,500 11,787 11,956 10,511
1999 10,347 11,656 11,835 10,536
1999 10,150 11,572 11,789 10,586
1999 9,910 11,496 11,720 10,605
1999 10,037 11,631 11,854 10,612
1999 10,174 11,762 11,917 10,612
2000 10,112 11,711 11,857 10,637
2000 10,136 11,733 11,868 10,700
2000 9,963 11,487 11,702 10,788
2000 9,963 11,505 11,706 10,794
2000 9,791 11,387 11,577 10,801
2000 9,977 11,619 11,775 10,864
2000 9,895 11,708 11,860 10,883
2000 10,008 11,788 12,005 10,895
2000 9,834 11,685 11,935 10,952
2000 9,641 11,311 11,585 10,971
2000 9,362 10,863 11,222 10,977
2000 9,723 11,072 11,465 10,971
2001 10,179 11,902 12,149 11,040
2001 10,215 12,060 12,340 11,085
2001 10,012 11,776 12,177 11,110
2001 9,882 11,630 12,044 11,154
2001 9,941 11,839 12,276 11,204
2001 9,626 11,507 12,023 11,223
2001 9,786 11,676 12,210 11,192
2001 9,828 11,814 12,328 11,192
2001 9,308 11,020 11,537 11,242
2001 9,591 11,293 11,877 11,204
2001 9,799 11,705 12,263 11,185
2001 9,762 11,657 12,176 11,141
2002 9,799 11,738 12,244 11,166
2002 9,680 11,574 12,127 11,211
2002 9,772 11,853 12,415 11,274
2002 9,857 12,038 12,612 11,337
2002 9,766 11,976 12,544 11,337
2002 9,215 11,093 11,649 11,343
2002 8,720 10,608 11,189 11,356
2002 9,096 10,911 11,468 11,393
2002 8,856 10,767 11,292 11,412
2002 8,908 10,673 11,197 11,441
2002 9,526 11,334 11,867 11,441
2002 9,683 11,493 12,048 11,416
2003 9,942 11,876 12,395 11,466
2003 10,101 12,022 12,554 11,554
2003 10,327 12,368 12,880 11,624
2003 10,901 13,101 13,603 11,599
2003 11,037 13,236 13,747 11,580
2003 11,315 13,617 14,125 11,592
2003 11,189 13,467 13,923 11,605
2003 11,360 13,622 14,099 11,649
2003 11,615 13,995 14,482 11,687
2003 11,846 14,277 14,778 11,674
2003 11,949 14,494 14,981 11,643
2003 12,263 14,822 15,328 11,630
2004 12,386 15,105 15,567 11,687
2004 12,273 15,067 15,557 11,750
2004 12,331 15,169 15,667 11,826
2004 12,217 15,066 15,554 11,864
2004 12,055 14,811 15,305 11,933
2004 12,174 15,023 15,529 11,971
2004 12,356 15,227 15,737 11,952
2004 12,550 15,526 16,026 11,958
2004 12,760 15,751 16,249 11,984
2004 12,989 16,036 16,550 12,047
2004 13,071 16,229 16,718 12,053
2004 13,208 16,471 16,967 12,009
2005 13,187 16,450 16,952 12,034
2005 13,385 16,692 17,191 12,103
2005 13,043 16,207 16,723 12,198
April 29, 2005 $12,923 $16,048 $16,546 $12,280
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 4.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during
the first five years and then converting to Class A shares after the
fifth year. Institutional Class shares have no sales load and are
for institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in
share prices, the reinvestment of all dividends and capital gains,
and the effects of compounding. Investing in a mutual fund involves
risks, including the possible loss of principal. 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. Please read your prospectus carefully.
** As you compare performance, please note that the Fund's performance
reflects the maximum 4.5% sales charge, while the Merrill Lynch High
Yield Cash Pay Index and the Consumer Price Index do not reflect any
such charges. If you were to purchase any of the above individual
stocks or funds represented in these Indexes, any charges you would
pay would reduce your total return as well.
*** The Merrill Lynch High Yield Cash Pay Index is an index comprised of
approximately 1,200 "cash pay" high yield bonds representative of
the high-yield market as a whole. 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 Lehman Brothers 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
composition of the Lehman Brothers High Yield Bond Index serves as a
better reflection of the Fund's current investment strategy than
does the Merrill Lynch High Yield Cash Pay Index.
***** 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.
[PHOTO OMITTED: JANET I. GRANGAARD]
Thrivent Municipal Bond Fund
Janet I. Grangaard, Portfolio Manager
The Thrivent Municipal Bond Fund seeks a high level of current income
exempt from federal income taxes consistent with capital preservation by
investing primarily in a diversified portfolio of municipal bonds.*
How did the Fund perform during the six-month period ended April 29, 2005?
For the six-month period ended April 29, 2005, the Fund delivered positive
performance that slightly trailed that of its benchmark but outpaced the
median of its peer group. For the period under review, Thrivent Municipal
Bond Fund returned 1.83%, while the Lipper General Municipal Debt Funds
Category returned 1.58%. The Fund's benchmark, the Lehman Municipal Bond
Index, posted 1.93% for the same time frame.
What market conditions were present during the period?
The municipal ("muni" or tax-exempt) bond market this period was marked by
voluminous supply, while demand was strong enough from institutional
investors to keep prices on many tax-exempt bonds firm. Rates from the
very short end of the municipal yield curve through the 14-year maturity
point rose, largely due to the fact that the Federal Reserve Board (the
Fed) continued to raise its benchmark overnight lending rate throughout
the period. However, in a widely unanticipated event, municipal rates at
the 15-year point of the curve remained unchanged, and rates beyond 15
years actually fell. As a result, the municipal yield curve flattened.
In terms of credit quality, lower-quality, non-investment grade tax-exempt
bonds outperformed their higher-quality counterparts. At the same time,
BBB- and A-rated municipal securities also performed well, especially
hospital bonds and those bonds backed by the proceeds of a master
settlement agreement with tobacco manufacturers.
What factors affected Fund performance?
The most significant driver of the Fund's outperformance versus its peer
group was our exposure to BBB- and A-rated tax-exempt bonds, which
performed well this period. While the Fund's prospectus prohibits
investments in non-investment grade muni bonds, we still benefited from
our investments in BBB- and A-rated bonds, given the trend this period
wherein outperformance generally increased as one moved down the quality
spectrum. Because investors' quest for yield and comfort with additional
risk were strong this period, these bonds fared well, and significantly
added to returns for the Fund.
The portfolio's health care bonds also added to the Fund's performance,
given that these bonds generally enjoyed strong investor demand this
period due to the favorable relative yield they offered. We also benefited
from our exposure to tobacco bonds. While this sector endured difficult
legal challenges in 2003 and 2004, the litigation environment has since
improved, and these bonds outperformed during the period. Finally, both
health care and tobacco settlement bonds were two segments of the
tax-exempt market that did not see a surge in issuance this period. The
comparative dearth in supply helped to push prices on these bonds upward,
and consequently, further added to Fund performance.
[GRAPHIC OMITTED: MOODY'S BOND QUALITY RATINGS DISTRIBUTIONS]
Moody's Bond Quality
Ratings Distributions
Aaa 54.0%
Aa 15.9%
A 14.5%
Baa 15.1%
Ba 0.0%
B 0.0%
Caa 0.0%
Ca 0.0%
C 0.0%
D 0.0%
Not Rated 0.5%
[GRAPHIC OMITTED: PORTFOLIO COMPOSITION]
Portfolio Composition
(% of Portfolio)
General Obligation 19.7%
Health Care 15.5%
Escrowed/Pre-refunded 11.9%
Electric Revenue 9.0%
Special Tax Revenue 9.0%
Industrial Development Revenue 6.7%
Education 6.7%
Transportation 6.7%
Water & Sewer 5.9%
Other Revenue 5.2%
Housing Finance 3.7%
Top 10 States
(% of Portfolio)
Texas 11.2%
California 10.8%
New York 9.2%
Illinois 8.8%
Washington 5.0%
Colorado 4.7%
Minnesota 4.0%
Michigan 3.7%
Georgia 3.1%
New Jersey 2.4%
Footnote reads:
These long term fixed income securities represent 62.9% of the total
investment portfolio.
Footnotes read:
* 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 Moody's Bond Quality Ratings Distributions, Portfolio Composition
and Top 10 States are subject to change.
On the negative side, our exposure to muni bonds with maturities of less
than 15 years, which generally underperformed this period, cost us some
performance.
What is your outlook?
While we do not attempt to predict market conditions or "time the market"
in our active management of the Fund's portfolio, we do expect rates to
trend upward. We anticipate that the Fed will continue to raise short-term
interest rates, and at the same time, inflationary pressures could push
other parts of the yield curve up as well. As such, we intend to remain
vigilant in terms of our interest-rate exposure. Given the conditions we
anticipate, we intend to keep a sharp focus on credit risk, and we plan to
emphasize higher-quality municipal securities, since we do not perceive
adequate compensation from the market currently for taking on additional
risk. In addition, we believe security selection will be paramount in
capturing good value and favorable yield in the months ahead. Should rates
rise, as we expect they will, we believe there will be ample opportunity
to capitalize on that trend within the high-quality segments of the
market.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------ ------------------ ------------------
Ticker AAMBX TMBBX TMBIX
Transfer Agent ID 015 065 088
Net Assets $1,262,440,550 $31,344,305 $4,153,464
NAV $11.51 $11.50 $11.50
NAV -- High+ 2/9/2005 -- $11.66 2/9/2005 -- $11.66 2/9/2005 -- $11.66
NAV -- Low+ 3/30/2005 -- $11.36 3/30/2005 -- $11.36 3/30/2005 -- $11.36
Number of Holdings: 505 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
Class A 1 1-Year 5 Years 10 Years
- -----------------------------------------------------------------------
without sales charge 6.35% 6.60% 6.05%
with sales charge 1.58% 5.61% 5.56%
From
Inception
Class B 1 1-Year 5 Years 10/31/97
- -----------------------------------------------------------------------
without sales charge 5.62% 5.80% 4.84%
with sales charge 1.62% 5.80% 4.84%
From
Inception
Institutional Class 1-Year 5 Years 10/31/97
- -----------------------------------------------------------------------
Net Asset Value 6.58% 6.82% 5.61%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares** 2
Lehman
Brothers
Municipal Municipal Consumer
Bond Bond Price
Date Fund Index*** Index****
- ---------------------------------------------------------------
April 28, 1995 9,550 10,000 10,000
1995 9,871 10,319 10,020
1995 9,741 10,229 10,039
1995 9,809 10,326 10,039
1995 9,932 10,457 10,066
1995 10,009 10,523 10,086
1995 10,168 10,676 10,119
1995 10,376 10,853 10,112
1995 10,490 10,957 10,105
1996 10,567 11,040 10,165
1996 10,477 10,966 10,197
1996 10,302 10,825 10,250
1996 10,248 10,795 10,290
1996 10,242 10,791 10,309
1996 10,347 10,908 10,316
1996 10,440 11,007 10,336
1996 10,435 11,004 10,355
1996 10,591 11,158 10,388
1996 10,710 11,285 10,421
1996 10,918 11,491 10,441
1996 10,850 11,443 10,441
1997 10,871 11,464 10,474
1997 10,966 11,570 10,507
1997 10,822 11,415 10,533
1997 10,893 11,511 10,546
1997 11,055 11,684 10,540
1997 11,165 11,808 10,553
1997 11,495 12,136 10,566
1997 11,360 12,022 10,586
1997 11,537 12,165 10,612
1997 11,598 12,243 10,639
1997 11,671 12,315 10,632
1997 11,863 12,494 10,619
1998 11,990 12,623 10,639
1998 11,985 12,627 10,658
1998 11,980 12,638 10,678
1998 11,921 12,581 10,698
1998 12,117 12,780 10,718
1998 12,166 12,831 10,731
1998 12,187 12,863 10,744
1998 12,386 13,062 10,757
1998 12,559 13,225 10,770
1998 12,540 13,224 10,797
1998 12,576 13,271 10,797
1998 12,598 13,304 10,790
1999 12,745 13,462 10,816
1999 12,656 13,403 10,829
1999 12,664 13,422 10,862
1999 12,687 13,455 10,941
1999 12,596 13,378 10,941
1999 12,406 13,185 10,941
1999 12,457 13,233 10,974
1999 12,338 13,127 11,001
1999 12,346 13,132 11,053
1999 12,211 12,990 11,073
1999 12,335 13,128 11,080
1999 12,213 13,030 11,080
2000 12,149 12,974 11,106
2000 12,290 13,124 11,172
2000 12,564 13,411 11,264
2000 12,484 13,332 11,271
2000 12,419 13,263 11,277
2000 12,742 13,614 11,343
2000 12,931 13,804 11,363
2000 13,135 14,016 11,376
2000 13,039 13,943 11,435
2000 13,200 14,096 11,455
2000 13,300 14,202 11,462
2000 13,647 14,553 11,455
2001 13,779 14,697 11,527
2001 13,819 14,744 11,573
2001 13,937 14,876 11,600
2001 13,759 14,715 11,646
2001 13,909 14,873 11,699
2001 14,013 14,973 11,718
2001 14,227 15,195 11,685
2001 14,475 15,445 11,685
2001 14,437 15,393 11,738
2001 14,622 15,576 11,699
2001 14,487 15,445 11,679
2001 14,320 15,299 11,633
2002 14,572 15,564 11,659
2002 14,757 15,752 11,705
2002 14,422 15,443 11,771
2002 14,706 15,745 11,837
2002 14,795 15,841 11,837
2002 14,966 16,008 11,843
2002 15,154 16,214 11,857
2002 15,327 16,409 11,896
2002 15,650 16,769 11,916
2002 15,340 16,490 11,946
2002 15,263 16,422 11,946
2002 15,577 16,768 11,919
2003 15,516 16,726 11,972
2003 15,728 16,961 12,064
2003 15,720 16,971 12,137
2003 15,849 17,083 12,110
2003 16,201 17,483 12,090
2003 16,125 17,408 12,104
2003 15,562 16,799 12,117
2003 15,672 16,924 12,163
2003 16,105 17,422 12,202
2003 16,011 17,334 12,189
2003 16,142 17,515 12,156
2003 16,266 17,660 12,143
2004 16,344 17,761 12,202
2004 16,584 18,029 12,268
2004 16,525 17,965 12,347
2004 16,155 17,540 12,387
2004 16,085 17,476 12,459
2004 16,135 17,540 12,499
2004 16,329 17,770 12,479
2004 16,652 18,127 12,486
2004 16,743 18,223 12,512
2004 16,873 18,380 12,578
2004 16,748 18,228 12,585
2004 16,941 18,451 12,539
2005 17,089 18,623 12,565
2005 17,032 18,561 12,637
2005 16,914 18,444 12,736
April 29, 2005 $17,181 $18,735 $12,822
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 4.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the
fifth year. Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please
read your prospectus carefully.
** As you compare performance, please note that the Fund's performance
reflects the maximum 4.5% sales charge, while the Lehman Brothers
Municipal Bond Index and the Consumer Price Index do not reflect any
such charges. If you were to purchase any of the above individual
stocks or funds represented in these Indexes, any charges you would
pay would reduce your total return as well.
*** The Lehman Brothers 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.
[PHOTOS OMITTED: MICHAEL G. LANDREVILLE, ALAN D. ONSTAD AND
GREGORY R. ANDERSON]
Thrivent Income Fund
Michael G. Landreville (left), Alan D. Onstad (right) and Gregory R.
Anderson (far right), Portfolio Co-Managers
The Thrivent Income Fund seeks high current income while preserving
principal and, secondarily, long term growth of capital by investing
primarily in investment-grade intermediate and long-term fixed income
securities.
How did the Fund perform during the six-month period ended April 29, 2005?
The Thrivent Income Fund produced a 0.63% return while its Lipper Inc.
Corporate Debt Funds BBB-Rated Funds peer group earned a 0.77% median
return. The Fund's market benchmark, the Lehman U.S. Aggregate Bond Index,
earned a 0.98% return during the period.
What market conditions were present during the period?
In a defensive environment, which characterized most of the six-month
period, shorter duration assets typically outperform their longer-term
counterparts. This period, however, brought about an unusual circumstance.
Interest rates on short-term Treasuries increased, while interest rates on
the longest end of the duration spectrum decreased, resulting in a
flattening of the yield curve.
High-quality assets -- anything above BBB-rated securities -- also enjoyed
much stronger returns than lower quality alternatives during the period.
High-quality, longer duration financials produced outstanding returns, as
did long-duration Treasuries. Only mortgage-backed securities were able to
buck the long-duration trend, producing robust returns, despite their
relatively short location on the yield curve.
What factors affected the Fund's performance?
One of the most important positive contributors to the Fund's relative
performance was its relative underweighted stance in the auto sector,
which was the most troubled area of the corporate bond market during the
period.
The Fund also benefited from a barbell strategy aimed at protecting the
Fund from the continued flattening of the yield curve -- a typical
response to a Fed tightening cycle. This strategy calls for overweighting
the Fund's holdings of securities at the extreme ends of the yield curve
and underweighting holdings in intermediate-maturity securities.
The Fund's relative performance was negatively impacted by the fact that
it maintains a smaller percentage of mortgage-backed securities and
Treasuries than its market index. Its performance relative to its Lipper
Inc. peer group was hindered by individual corporate security selection
and a slightly shorter duration.
What is your outlook?
Although the Federal Reserve Board will likely continue its tightening for
the near-term, we believe it will halt its rate increases once it achieves
a neutral Federal Funds rate -- around 312 to 4%. And, while we have
experienced a "soft patch" in the economy, we believe it is a temporary
phenomenon that will give way to moderate growth throughout the remainder
of 2005.
[GRAPHIC OMITTED: MOODY'S BOND QUALITY RATINGS DISTRIBUTIONS]
Moody's Bond Quality
Ratings Distributions
Aaa 46.7%
Aa 1.2%
A 10.9%
Baa 27.1%
Ba 10.9%
B 2.1%
Caa 0.0%
Ca 0.0%
C 0.0%
D 0.0%
Not Rated 1.1%
Top 10 Holdings
(% of Portfolio)
Lehman Brothers, Inc., TRAINS 3.7%
U.S. Treasury Notes 3.0%
U.S. Treasury Notes 2.3%
U.S. Treasury Inflation Indexed Bonds 2.3%
Federal National Mortgage Association
30-Yr. Conventional 2.2%
Federal National Mortgage Association
30-Yr. Conventional 2.1%
Federal National Mortgage Association
15-Yr. Conventional 2.1%
U.S. Treasury Bonds 1.8%
U.S. Treasury Notes 1.8%
Federal Home Loan Mortgage Corporation 1.3%
Footnote reads:
These long term fixed income securities represent 22.6% of the total
investment portfolio.
Footnotes read:
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 Moody's Bond Quality Ratings Distributions and Top 10 Holdings are
subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
Upward inflationary pressures are cause for caution but not undue concern.
The strength of the US dollar continues to grow and is poised for
additional gains versus European and Japanese currencies. We also believe
the bulk of the oil boom is behind us and that a decrease in prices is
likely as the year progresses.
Until growth in the economy is more consistent, however, we will take a
cautious approach to the corporate market. We have sought to upgrade the
quality of our corporate securities and have modestly reduced the Fund's
credit and corporate-bond weighting. At the same time, we plan to increase
our exposure in the Treasuries and commercial mortgage-backed securities
sectors. And, in anticipation of a conclusion to the yield-curve
flattening, we also will look to slowly unwind out of the barbell
structure into more of a laddered maturity structure.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------ ------------------ -------------------
Ticker LUBIX LUIBX LBIIX
Transfer Agent ID 55 355 455
Net Assets $557,732,048 $21,986,335 $32,573,092
NAV $8.73 $8.71 $8.72
NAV -- High+ 2/9/2005 -- $8.91 2/9/2005 -- $8.89 2/9/2005 -- $8.90
NAV -- Low+ 3/28/2005 -- $8.64 3/28/2005 -- $8.62 3/29/2005 -- $8.64
Number of Holdings: 170 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
Class A 1 1-Year 5 Years 10 Years
- -----------------------------------------------------------------------
without sales charge 4.60% 6.64% 6.27%
with sales charge (0.11%) 5.66% 5.78%
From
Inception
Class B 1 1-Year 5 Years 10/31/1997
- -----------------------------------------------------------------------
without sales charge 3.75% 5.84% 5.04%
with sales charge (0.25%) 5.84% 5.04%
From
Inception
Institutional Class 1-Year 5 Years 10/31/1997
- -----------------------------------------------------------------------
Net Asset Value 5.01% 7.01% 5.89%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares*2
Lehman
Brothers
Aggregate Consumer
Income Bond Price
Date Fund Index* Index**
- ----------------------------------------------------------------
April 28, 1995 9,550 10,000 10,000
1995 9,852 10,387 10,020
1995 9,912 10,463 10,039
1995 9,870 10,440 10,039
1995 9,978 10,566 10,066
1995 10,066 10,669 10,086
1995 10,189 10,807 10,119
1995 10,342 10,969 10,112
1995 10,480 11,123 10,105
1996 10,534 11,197 10,165
1996 10,302 11,002 10,197
1996 10,213 10,926 10,250
1996 10,140 10,864 10,290
1996 10,107 10,842 10,309
1996 10,219 10,988 10,316
1996 10,254 11,018 10,336
1996 10,242 11,000 10,355
1996 10,405 11,191 10,388
1996 10,631 11,439 10,421
1996 10,814 11,635 10,441
1996 10,717 11,527 10,441
1997 10,760 11,562 10,474
1997 10,781 11,591 10,507
1997 10,681 11,462 10,533
1997 10,792 11,634 10,546
1997 10,879 11,744 10,540
1997 11,015 11,884 10,553
1997 11,298 12,204 10,566
1997 11,214 12,100 10,586
1997 11,375 12,278 10,612
1997 11,535 12,456 10,639
1997 11,562 12,514 10,632
1997 11,679 12,640 10,619
1998 11,814 12,802 10,639
1998 11,773 12,792 10,658
1998 11,815 12,836 10,678
1998 11,856 12,903 10,698
1998 11,965 13,026 10,718
1998 12,057 13,136 10,731
1998 12,063 13,164 10,744
1998 12,273 13,378 10,757
1998 12,543 13,691 10,770
1998 12,437 13,619 10,797
1998 12,380 13,696 10,797
1998 12,454 13,737 10,790
1999 12,516 13,836 10,816
1999 12,285 13,594 10,829
1999 12,369 13,669 10,862
1999 12,402 13,713 10,941
1999 12,269 13,593 10,941
1999 12,219 13,549 10,941
1999 12,149 13,492 10,974
1999 12,135 13,485 11,001
1999 12,258 13,641 11,053
1999 12,277 13,692 11,073
1999 12,297 13,691 11,080
1999 12,248 13,625 11,080
2000 12,207 13,580 11,106
2000 12,324 13,744 11,172
2000 12,456 13,925 11,264
2000 12,385 13,886 11,271
2000 12,363 13,879 11,277
2000 12,617 14,168 11,343
2000 12,712 14,297 11,363
2000 12,902 14,504 11,376
2000 12,983 14,595 11,435
2000 13,015 14,692 11,455
2000 13,279 14,932 11,462
2000 13,566 15,209 11,455
2001 13,738 15,458 11,527
2001 13,865 15,592 11,573
2001 13,948 15,670 11,600
2001 13,881 15,605 11,646
2001 13,951 15,700 11,699
2001 13,974 15,759 11,718
2001 14,318 16,111 11,685
2001 14,488 16,296 11,685
2001 14,667 16,486 11,738
2001 14,928 16,831 11,699
2001 14,749 16,599 11,679
2001 14,671 16,493 11,633
2002 14,738 16,627 11,659
2002 14,804 16,788 11,705
2002 14,538 16,509 11,771
2002 14,714 16,829 11,837
2002 14,822 16,972 11,837
2002 14,880 17,119 11,843
2002 14,962 17,325 11,857
2002 15,234 17,617 11,896
2002 15,506 17,903 11,916
2002 15,388 17,821 11,946
2002 15,343 17,816 11,946
2002 15,670 18,184 11,919
2003 15,695 18,200 11,972
2003 15,955 18,451 12,064
2003 15,970 18,437 12,137
2003 16,154 18,590 12,110
2003 16,495 18,935 12,090
2003 16,509 18,898 12,104
2003 15,969 18,262 12,117
2003 16,041 18,384 12,163
2003 16,502 18,870 12,202
2003 16,369 18,694 12,189
2003 16,409 18,739 12,156
2003 16,585 18,930 12,143
2004 16,742 19,082 12,202
2004 16,914 19,289 12,268
2004 17,044 19,433 12,347
2004 16,597 18,928 12,387
2004 16,504 18,852 12,459
2004 16,570 18,959 12,499
2004 16,712 19,147 12,479
2004 17,005 19,512 12,486
2004 17,066 19,565 12,512
2004 17,174 19,729 12,578
2004 17,053 19,571 12,585
2004 17,197 19,751 12,539
2005 17,288 19,875 12,565
2005 17,224 19,758 12,637
2005 17,111 19,656 12,736
April 29, 2005 $17,541 $19,922 $12,822
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 4.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the fifth
year. Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* As you compare performance, please note that the Fund's performance
reflects the maximum 4.5% sales charge, while the Lehman Brothers
Aggregate Bond Index and the Consumer Price Index do not reflect any
such charges. If you were to purchase any of the above individual
stocks or funds represented in these Indexes, any charges you would
pay would reduce your total return as well.
** The Lehman Brothers 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.
[PHOTOS OMITTED: ALAN D. ONSTAD, MICHAEL G. LANDREVILLE AND
GREGORY R. ANDERSON]
Thrivent Core Bond Fund
Alan D. Onstad (left), Michael G. Landreville (right) and Gregory R.
Anderson (far right), Portfolio Co-Managers
The Thrivent Core Bond Fund seeks a high level of current income
consistent with capital preservation by investing primarily in a
diversified portfolio of investment-grade bonds.
How did the Fund perform during the six-month period ended April 29, 2005?
The Thrivent Core Bond Fund produced a 0.55% return while its Lipper Inc.
Intermediate Investment Grade Debt Funds peer group produced a 0.79%
median return. During the same period, its market benchmark, the Lehman
U.S. Aggregate Bond Index, delivered a 0.98% return.
What market conditions were present during the period?
In a defensive environment, which characterized most of the six-month
period, shorter duration assets typically outperform their longer-term
counterparts. This period, however, brought about an unusual circumstance.
Interest rates on short-term Treasuries increased, while interest rates on
the longest end of the duration spectrum decreased, resulting in a
flattening of the yield curve.
High-quality assets -- anything above BBB-rated securities -- also enjoyed
much stronger returns than lower-quality alternatives during the period.
High-quality, longer duration financials produced outstanding returns, as
did long-duration Treasuries. Only mortgage-backed securities were able to
buck the long-duration trend, producing robust returns, despite their
relatively short location on the yield curve.
What factors affected the Fund's performance?
The primary factor in the Fund's relative underperformance versus its
Lipper Inc. peer group and market index was its overweighted stance in
BBB-rated corporate securities, which were among the most disappointing in
the credit market during the period. The Fund's relative performance
versus its market index was also negatively impacted by a generally
shorter duration.
A positive factor in the Fund's relative performance was its underweighted
stance in the poor-performing auto sector, and a slightly overweighted
position in mortgage-backed securities. The Fund also benefited from a
barbell strategy aimed at protecting the Fund from the continued
flattening of the yield curve. This strategy calls for overweighting the
Fund's holdings of securities at the extreme ends of the yield curve and
an underweighting of holdings in intermediate-maturity securities.
What is your outlook?
Although the Federal Reserve Board will likely continue its tightening for
the near term, we believe it will halt its rate increases once it achieves
a neutral Federal Funds rate-around 312 to 4 percent. And, while we have
experienced a "soft patch" in the economy, we believe it is a temporary
phenomenon that will give way to moderate growth throughout the remainder
of 2005.
[GRAPHIC OMITTED: MOODY'S BOND QUALITY RATINGS DISTRIBUTIONS]
Moody's Bond Quality
Ratings Distributions
Aaa 68.9%
Aa 1.7%
A 8.9%
Baa 15.8%
Ba 4.7%
B 0.0%
Caa 0.0%
Ca 0.0%
C 0.0%
D 0.0%
Not Rated 0.0%
Top 10 Holdings
(% of Portfolio)
Federal National Mortgage Association
30-Yr. Conventional 5.9%
Federal National Mortgage Association
30-Yr. Conventional 5.1%
U.S. Treasury Notes 4.4%
Federal National Mortgage Association
15-Yr. Conventional 4.1%
U.S. Treasury Notes 3.1%
Chase Credit Card Master Trust 1.8%
U.S. Treasury Inflation Indexed Bonds 1.6%
GMAC Mortgage Corporation Loan Trust 1.6%
Federal Home Loan Mortgage Corporation 1.5%
U.S. Treasury Bonds 1.4%
Footnote reads:
These long term fixed income securities represent 30.5% of the total
investment portfolio.
Footnotes read:
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 Moody's Bond Quality Ratings Distributions and Top 10 Holdings are
subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
Upward inflationary pressures are cause for caution but not undue concern.
The strength of the US dollar continues to grow and is poised for
additional gains versus European and Japanese currencies. We also believe
the bulk of the oil boom is behind us and that a decrease in prices is
likely as the year progresses.
Until growth in the economy is more consistent, however, we will take a
cautious approach to the corporate market. We have sought to upgrade the
quality of our corporate securities and have modestly reduced the Fund's
credit and corporate-bond weighting. At the same time, we plan to increase
our exposure in the Treasuries and commercial mortgage-backed securities
sectors. And, in anticipation of a conclusion to the yield-curve
flattening, we also will look to slowly unwind out of the barbell
structure into more of a laddered maturity structure.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------ ------------------ -------------------
Ticker AAINX BBFBX IIINX
Transfer Agent ID 016 066 089
Net Assets $446,241,715 $11,826,193 $34,201,993
NAV $10.11 $10.12 $10.11
NAV -- High+ 2/9/2005 -- $10.28 2/9/2005 -- $10.28 2/9/2005 -- $10.28
NAV -- Low+ 3/28/2005 -- $10.01 3/28/2005 -- $10.01 3/28/2005 -- $10.01
Number of Holdings: 132 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
Class A 1 1-Year 5 Years 10 Years
- -----------------------------------------------------------------------
without sales charge 4.05% 6.88% 6.10%
with sales charge (0.65%) 5.89% 5.62%
From
Inception
Class B 1 1-Year 5 Years 1/8/1997
- -----------------------------------------------------------------------
without sales charge 3.03% 5.89% 5.36%
with sales charge (0.96%) 5.89% 5.36%
From
Inception
Institutional Class 1-Year 5 Years 12/29/1997
- -----------------------------------------------------------------------
Net Asset Value 4.38% 7.30% 5.89%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares* 2
Lehman
Brothers
Core Aggregate Consumer
Bond Bond Price
Date Fund Index** Index***
- ---------------------------------------------------------------
April 28, 1995 9,550 10,000 10,000
1995 9,852 10,387 10,020
1995 9,912 10,463 10,039
1995 9,870 10,440 10,039
1995 9,978 10,566 10,066
1995 10,066 10,669 10,086
1995 10,189 10,807 10,119
1995 10,342 10,969 10,112
1995 10,480 11,123 10,105
1996 10,534 11,197 10,165
1996 10,302 11,002 10,197
1996 10,213 10,926 10,250
1996 10,140 10,864 10,290
1996 10,107 10,842 10,309
1996 10,219 10,988 10,316
1996 10,254 11,018 10,336
1996 10,242 11,000 10,355
1996 10,405 11,191 10,388
1996 10,631 11,439 10,421
1996 10,814 11,635 10,441
1996 10,717 11,527 10,441
1997 10,760 11,562 10,474
1997 10,781 11,591 10,507
1997 10,681 11,462 10,533
1997 10,792 11,634 10,546
1997 10,879 11,744 10,540
1997 11,015 11,884 10,553
1997 11,298 12,204 10,566
1997 11,214 12,100 10,586
1997 11,375 12,278 10,612
1997 11,535 12,456 10,639
1997 11,562 12,514 10,632
1997 11,679 12,640 10,619
1998 11,814 12,802 10,639
1998 11,773 12,792 10,658
1998 11,815 12,836 10,678
1998 11,856 12,903 10,698
1998 11,965 13,026 10,718
1998 12,057 13,136 10,731
1998 12,063 13,164 10,744
1998 12,273 13,378 10,757
1998 12,543 13,691 10,770
1998 12,437 13,619 10,797
1998 12,380 13,696 10,797
1998 12,454 13,737 10,790
1999 12,516 13,836 10,816
1999 12,285 13,594 10,829
1999 12,369 13,669 10,862
1999 12,402 13,713 10,941
1999 12,269 13,593 10,941
1999 12,219 13,549 10,941
1999 12,149 13,492 10,974
1999 12,135 13,485 11,001
1999 12,258 13,641 11,053
1999 12,277 13,692 11,073
1999 12,297 13,691 11,080
1999 12,248 13,625 11,080
2000 12,207 13,580 11,106
2000 12,324 13,744 11,172
2000 12,456 13,925 11,264
2000 12,385 13,886 11,271
2000 12,363 13,879 11,277
2000 12,617 14,168 11,343
2000 12,712 14,297 11,363
2000 12,902 14,504 11,376
2000 12,983 14,595 11,435
2000 13,015 14,692 11,455
2000 13,279 14,932 11,462
2000 13,566 15,209 11,455
2001 13,738 15,458 11,527
2001 13,865 15,592 11,573
2001 13,948 15,670 11,600
2001 13,881 15,605 11,646
2001 13,951 15,700 11,699
2001 13,974 15,759 11,718
2001 14,318 16,111 11,685
2001 14,488 16,296 11,685
2001 14,667 16,486 11,738
2001 14,928 16,831 11,699
2001 14,749 16,599 11,679
2001 14,671 16,493 11,633
2002 14,738 16,627 11,659
2002 14,804 16,788 11,705
2002 14,538 16,509 11,771
2002 14,714 16,829 11,837
2002 14,822 16,972 11,837
2002 14,880 17,119 11,843
2002 14,962 17,325 11,857
2002 15,234 17,617 11,896
2002 15,506 17,903 11,916
2002 15,388 17,821 11,946
2002 15,343 17,816 11,946
2002 15,670 18,184 11,919
2003 15,695 18,200 11,972
2003 15,955 18,451 12,064
2003 15,970 18,437 12,137
2003 16,154 18,590 12,110
2003 16,495 18,935 12,090
2003 16,509 18,898 12,104
2003 15,969 18,262 12,117
2003 16,041 18,384 12,163
2003 16,502 18,870 12,202
2003 16,369 18,694 12,189
2003 16,409 18,739 12,156
2003 16,585 18,930 12,143
2004 16,742 19,082 12,202
2004 16,914 19,289 12,268
2004 17,044 19,433 12,347
2004 16,597 18,928 12,387
2004 16,504 18,852 12,459
2004 16,570 18,959 12,499
2004 16,712 19,147 12,479
2004 17,005 19,512 12,486
2004 17,066 19,565 12,512
2004 17,174 19,729 12,578
2004 17,053 19,571 12,585
2004 17,197 19,751 12,539
2005 17,288 19,875 12,565
2005 17,224 19,758 12,637
2005 17,111 19,656 12,736
April 29, 2005 $17,269 $19,922 $12,822
Footnotes read:
1 Class A performance has been restated to reflect the maximum sales
charge of 4.5%. Class B performance reflects the maximum contingent
deferred sales charge (CDSC) of 5%, declining 1% each year during the
first five years and then converting to Class A shares after the fifth
year. Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* As you compare performance, please note that the Fund's performance
reflects the maximum 4.5% sales charge, while the Lehman Brothers
Aggregate Bond Index and the Consumer Price Index do not reflect any
such charges. If you were to purchase any of the above individual
stocks or funds represented in these Indexes, any charges you would
pay would reduce your total return as well.
** The Lehman Brothers 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.
[PHOTO OMITTED: MICHAEL G. LANDREVILLE]
Thrivent Bond Index Fund-I
Michael G. Landreville, Portfolio Manager
The Thrivent Bond Index Fund-I strives for investment results similar to
the total return of the Lehman Brothers Aggregate Bond Index by investing
primarily in bonds and other debt securities included in the Index.
How did the Fund perform during the six-month period ended April 29, 2005?
The Thrivent Bond Index Fund I produced a 0.94% return while its Lipper
Inc. Intermediate Investment Grade Debt Funds peer group produced a 0.79%
median return. During the same period, the Fund's market benchmark, the
Lehman U.S. Aggregate Bond Index, delivered a 0.98% return.
What market conditions were present during the period?
In a defensive environment, which characterized most of the six-month
period, shorter duration assets typically outperform their longer-term
counterparts. This period, however, brought about an unusual circumstance.
Interest rates on short-term Treasuries increased, while interest rates on
the longest end of the duration spectrum decreased, resulting in a
flattening of the yield curve.
High-quality assets -- anything above BBB-rated securities -- also enjoyed
much stronger returns than lower-quality alternatives during the period.
High-quality, longer duration financials produced outstanding returns, as
did long-duration Treasuries. Only mortgage-backed securities were able to
buck the long-duration trend, producing robust returns, despite their
relatively short location on the yield curve.
What factors affected the Fund's performance?
We use an indexing approach to manage the Fund, with a goal of maintaining
a fully invested portfolio that replicates the composition and performance
of the Fund's market benchmark, the Lehman U.S. Aggregate Bond Index.
During the six-month reporting period, we kept the Fund's duration at a
level close to that of its benchmark. We also maintained sector weightings
that were similar to the sector weightings of the index. Accordingly, the
Fund's performance was in line with that of the index.
What is your outlook?
Although the Federal Reserve Board will likely continue its tightening for
the near term, we believe it will halt its rate increases once it achieves
a neutral fed funds rate -- around 312 to 4 percent. And, while we have
experienced a "soft patch" in the economy, we believe it is a temporary
phenomenon that will give way to moderate growth throughout the remainder
of 2005.
[GRAPHIC OMITTED: MOODY'S BOND QUALITY RATINGS DISTRIBUTIONS]
Moody's Bond Quality
Ratings Distributions
Aaa 77.4%
Aa 2.3%
A 8.6%
Baa 10.8%
Ba 0.4%
B 0.0%
Caa 0.0%
Ca 0.0%
C 0.0%
D 0.0%
Not Rated 0.5%
Top 10 Holdings
(% of Portfolio)
Federal National Mortgage Association
30-Yr. Conventional 5.8%
Federal Home Loan Mortgage Corporation
30-Yr. Gold Conventional 3.9%
U.S. Treasury Bonds 3.2%
Federal National Mortgage Association
15-Yr. Conventional 2.9%
U.S. Treasury Notes 2.7%
U.S. Treasury Notes 2.5%
Federal Home Loan Mortgage Corporation
30-Yr. Gold Conventional 2.0%
Federal Home Loan Mortgage Corporation 2.0%
U.S. Treasury Notes 1.9%
Federal National Mortgage Association
15-Yr. Conventional 1.8%
Footnote reads:
These long term fixed income securities represent 28.7% of the total
investment portfolio.
Footnote reads:
The returns shown do not reflect taxes a shareholder would pay on
distributions or redemptions.
Quoted Moody's Bond Quality Ratings Distributions and Top 10 Holdings are
subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
Upward inflationary pressures are cause for caution but not undue concern.
The strength of the US dollar continues to grow and is poised for
additional gains versus European and Japanese currencies. We also believe
the bulk of the oil boom is behind us and that a decrease in prices is
likely as the year progresses.
Until growth in the economy is more consistent, however, we will take a
cautious approach to the corporate market. We have sought to upgrade the
quality of our corporate securities and have modestly reduced the Fund's
credit and corporate-bond weighting. At the same time, we plan to increase
our exposure in the Treasuries and commercial mortgage-backed securities
sectors. And, in anticipation of a conclusion to the yield-curve
flattening, we also will look to slowly unwind out of the barbell
structure into more of a laddered maturity structure.
Portfolio Facts
As of April 29,2005
Institutional Share
------------------
Ticker AABIX
Transfer Agent ID 059
Net Assets $18,964,757
NAV $10.09
NAV -- High+ 2/9/2005 -- $10.24
NAV -- Low+ 3/28/2005 -- $9.93
Number of Holdings: 123 +For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Institutional Class 1 1-Year 5 Years 12/31/1999
- ------------------------------------------------------------------------
Net Asset Value 4.76% 7.18% 7.06%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Institutional Class Shares* 2
Lehman
Brothers
Bond Aggregate Consumer
Index Bond Price
Date Fund-I Index** Index***
- ---------------------------------------------------------------
December 31, 1999 10,000 10,000 10,000
2000 9,941 9,967 10,024
2000 10,057 10,088 10,083
2000 10,196 10,221 10,166
2000 10,168 10,192 10,172
2000 10,169 10,187 10,178
2000 10,382 10,399 10,238
2000 10,472 10,493 10,255
2000 10,626 10,645 10,267
2000 10,705 10,712 10,321
2000 10,777 10,783 10,339
2000 10,965 10,959 10,345
2000 11,171 11,163 10,339
2001 11,332 11,345 10,404
2001 11,436 11,444 10,446
2001 11,496 11,502 10,469
2001 11,439 11,454 10,511
2001 11,501 11,523 10,559
2001 11,532 11,566 10,576
2001 11,796 11,825 10,547
2001 11,925 11,961 10,547
2001 12,107 12,100 10,594
2001 12,322 12,353 10,559
2001 12,168 12,183 10,541
2001 12,083 12,105 10,499
2002 12,167 12,203 10,523
2002 12,297 12,322 10,564
2002 12,062 12,117 10,624
2002 12,281 12,352 10,683
2002 12,401 12,457 10,683
2002 12,505 12,564 10,689
2002 12,652 12,716 10,701
2002 12,878 12,931 10,737
2002 13,081 13,140 10,755
2002 13,031 13,080 10,781
2002 13,001 13,076 10,781
2002 13,266 13,346 10,758
2003 13,275 13,358 10,805
2003 13,465 13,543 10,888
2003 13,446 13,532 10,954
2003 13,552 13,644 10,930
2003 13,792 13,898 10,912
2003 13,774 13,870 10,924
2003 13,277 13,404 10,936
2003 13,352 13,493 10,978
2003 13,721 13,850 11,013
2003 13,582 13,721 11,001
2003 13,607 13,754 10,972
2003 13,748 13,894 10,960
2004 13,854 14,006 11,013
2004 13,986 14,157 11,073
2004 14,096 14,263 11,144
2004 13,730 13,892 11,180
2004 13,658 13,837 11,245
2004 13,737 13,915 11,281
2004 13,857 14,053 11,263
2004 14,118 14,321 11,269
2004 14,158 14,360 11,293
2004 14,250 14,480 11,352
2004 14,141 14,365 11,358
2004 14,266 14,497 11,317
2005 14,349 14,588 11,340
2005 14,261 14,502 11,406
2005 14,188 14,427 11,495
April 29, 2005 $14,384 $14,622 $11,572
Footnotes read:
1 Institutional Class shares have no sales load and are for
institutional shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* As you compare performance, please note that the Fund's performance
reflects Fund expenses, net of any reimbursements, while the Lehman
Brothers Aggregate Bond Index and the Consumer Price Index do not
reflect such charges. If you were to purchase any of the above
individual stocks or funds represented in these Indexes, any charges
you would pay would reduce your total return as well.
** The Lehman Brothers Aggregate Bond Index is an index that measures the
performance of U.S. investments 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.
[PHOTOS OMITTED: ALAN D. ONSTAD, MICHAEL G. LANDREVILLE AND
GREGORY R. ANDERSON]
Thrivent Limited Maturity
Bond Fund
Michael G. Landreville (left), Alan D. Onstad (right) and Gregory R.
Anderson (far right), Portfolio Co-Managers
The Thrivent Limited Maturity Bond Fund seeks a high level of current
income with stability of principal by investing primarily in high-quality
intermediate and shorter-term-bonds.
How did the Fund perform during the six-month period ended April 29, 2005?
The Thrivent Limited Maturity Bond Fund produced a 0.03% return while its
Lipper Inc. Short-Intermediate Investment Grade Debt Funds peer group
produced a 0.05% median return. During the same period, its market
benchmark, the Lehman Government/Credit 1-5 Year Index, delivered a 0.58%
return.
What market conditions were present during the period?
In a defensive environment, which characterized most of the six-month
period, shorter duration assets typically outperform their longer-term
counterparts. This period, however, brought about an unusual circumstance.
Interest rates on short-term Treasuries increased, while interest rates on
the longest end of the duration spectrum decreased, resulting in a
flattening of the yield curve.
High-quality assets -- anything above BBB-rated securities -- also enjoyed
much stronger returns than lower quality alternatives during the period.
High-quality, longer duration financials produced outstanding returns, as
did long-duration Treasuries. Only mortgage-backed securities were able to
buck the long-duration trend, producing robust returns, despite their
relatively short location on the yield curve.
What factors affected the Fund's performance?
The underperformance of shorter duration securities relative to
longer-term alternatives during the period greatly inhibited overall
returns for limited maturity bond investors in general. The Thrivent
Limited Maturity Bond Fund's relative performance was negatively impacted
by the fact that it has a shorter duration and maintains a smaller
percentage of mortgage-backed securities and Treasuries than its market
index. The Fund's performance relative to its Lipper Inc. peer group was
slightly hindered by the fact that it holds marginally more lower-quality
corporate assets.
A positive factor in the Fund's relative performance was its underweighted
stance in the auto sector, which was the most troubled area of the
corporate bond market during the period. The Fund also benefited from a
barbell strategy aimed at protecting the Fund from the continued
flattening of the yield curve. This strategy calls for overweighting the
fund's holdings of securities at the extreme ends of the yield curve and
underweighting holdings in intermediate-maturity securities.
What is your outlook?
Although the Federal Reserve Board will likely continue its tightening for
the near-term, we believe it will halt its rate increases once it achieves
a neutral Federal Funds rate-around 312 to 4%. And, while we have
experienced a "soft patch" in the economy, we believe it is a temporary
phenomenon that will give way to moderate growth throughout the remainder
of 2005.
[GRAPHIC OMITTED: MOODY'S BOND QUALITY RATINGS DISTRIBUTIONS]
Moody's Bond Quality
Ratings Distributions
Aaa 62.9%
Aa 8.0%
A 10.6%
Baa 14.9%
Ba 2.9%
B 0.0%
Caa 0.0%
Ca 0.0%
C 0.0%
D 0.0%
Not Rated 0.7%
Top 10 Holdings
(% of Portfolio)
Federal National Mortgage Association
30-Yr. Conventional 6.5%
Federal National Mortgage Association
15-Yr. Conventional 6.1%
U.S. Treasury Notes 4.0%
U.S. Treasury Notes 2.2%
U.S. Treasury Notes 2.0%
U.S. Treasury Notes 1.5%
Countrywide Asset-Backed Certificates 1.1%
Commercial Mortgage Pass-Through Certificates 0.8%
DaimlerChrysler Master Owner Trust 0.8%
CS First Boston Mortgage Securitites Corporation 0.8%
Footnote reads:
These long term fixed income securities represent 25.8% of the total
investment portfolio.
Footnotes read:
Quoted Fund performance is for Class A shares.
The returns shown do not reflect taxes a shareholder would pay on
distributions or redemptions.
Quoted Moody's Bond Quality Ratings Distributions and Top 10 Holdings are
subject to change.
The list of Top 10 Holdings excludes short term investments and collateral
held for securities loaned.
Upward inflationary pressures are cause for caution but not undue concern.
The strength of the US dollar continues to grow and is poised for
additional gains versus European and Japanese currencies. We also believe
the bulk of the oil boom is behind us and that a decrease in prices is
likely as the year progresses.
Until growth in the economy is more consistent, however, we will take a
cautious approach to the corporate market. We have sought to upgrade the
quality of our corporate securities and have modestly reduced the Fund's
credit and corporate-bond weighting. At the same time, we plan to increase
our exposure in the Treasuries and commercial mortgage-backed securities
sectors. And, in anticipation of a conclusion to the yield-curve
flattening, we also will look to slowly unwind out of the barbell
structure into more of a laddered maturity structure.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------ ------------------ -------------------
Ticker LBLAX TLMBX THLIX
Transfer Agent ID 76 376 476
Net Assets $130,843,221 $2,007,125 $6,853,378
NAV $12.69 $12.71 $12.69
NAV -- High+ 11/2/2004 -- $12.91 11/2/2004 -- $12.92 11/3/2004 -- $12.91
NAV -- Low+ 3/28/2005 -- $12.61 3/28/2005 -- $12.62 3/28/2005 -- $12.60
Number of Holdings: 149
+For the period ended April 29, 2005
Average Annual Total Returns 2
As of April 29,2005
From
Inception
Class A 1-Year 5 Years 10/29/1999
- ------------------------------------------------------------------------
Net Asset Value 1.70% 5.21% 4.91%
From
Inception
Class B 1-Year 5 Years 10/29/1999
- ------------------------------------------------------------------------
Net Asset Value 1.83% 5.18% 4.87%
From
Inception
Institutional Class 1 1-Year 5 Years 10/29/1999
- ------------------------------------------------------------------------
Net Asset Value 2.12% 5.54% 5.23%
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
Value of a $10,000 Investment
Class A Shares 2
Lehman
Brothers
Government/
Limited 1-5 Year
Maturity Corporate Consumer
Bond Bond Price
Date Fund Index* Index**
- ---------------------------------------------------------------
October 31, 1999 10,000 10,000 10,000
1999 10,036 10,017 10,006
1999 9,994 10,009 10,006
2000 9,942 9,989 10,030
2000 10,035 10,065 10,089
2000 10,115 10,139 10,172
2000 10,102 10,141 10,178
2000 10,114 10,172 10,184
2000 10,292 10,312 10,244
2000 10,344 10,385 10,262
2000 10,446 10,484 10,273
2000 10,497 10,582 10,327
2000 10,519 10,627 10,345
2000 10,624 10,743 10,351
2000 10,785 10,902 10,345
2001 10,998 11,068 10,410
2001 11,058 11,158 10,452
2001 11,150 11,250 10,476
2001 11,175 11,263 10,517
2001 11,230 11,330 10,565
2001 11,273 11,373 10,583
2001 11,432 11,557 10,553
2001 11,529 11,651 10,553
2001 11,627 11,842 10,600
2001 11,763 11,987 10,565
2001 11,708 11,914 10,547
2001 11,650 11,888 10,505
2002 11,712 11,932 10,529
2002 11,774 12,005 10,571
2002 11,669 11,884 10,630
2002 11,811 12,051 10,681
2002 11,905 12,146 10,681
2002 11,928 12,251 10,687
2002 11,917 12,398 10,699
2002 12,009 12,509 10,735
2002 12,140 12,673 10,752
2002 12,058 12,671 10,779
2002 12,047 12,654 10,779
2002 12,219 12,854 10,755
2003 12,258 12,861 10,803
2003 12,384 12,980 10,886
2003 12,402 13,003 10,951
2003 12,530 13,066 10,928
2003 12,685 13,215 10,910
2003 12,712 13,230 10,922
2003 12,515 13,045 10,934
2003 12,540 13,051 10,975
2003 12,734 13,270 11,011
2003 12,698 13,184 10,999
2003 12,705 13,185 10,969
2003 12,807 13,285 10,957
2004 12,863 13,337 11,011
2004 12,960 13,441 11,070
2004 13,031 13,516 11,142
2004 12,804 13,296 11,177
2004 12,761 13,262 11,243
2004 12,775 13,280 11,278
2004 12,833 13,356 11,261
2004 12,943 13,509 11,267
2004 12,961 13,509 11,290
2004 13,017 13,573 11,350
2004 12,949 13,478 11,356
2004 13,010 13,530 11,314
2005 13,032 13,526 11,338
2005 13,003 13,577 11,403
2005 12,937 13,544 11,492
April 29, 2005 $13,022 $13,652 $11,570
Footnotes read:
1 Institutional Class shares have no sales load and are for institutional
shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
* The Lehman Brothers Government/Corporate 1-5 Year Bond Index is an
index which measures the performance of corporate and government U.S.
bonds with maturities of one to five 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.
[PHOTO OMITTED: WILLIAM D. STOUTEN]
Thrivent Money Market Fund
William D. Stouten, Portfolio Manager
The Thrivent Money Market Fund seeks a high level of current income while
maintaining liquidity and a constant net asset value of $1.00 per share,
by investing in a diversified portfolio of high quality, short-term money
market instruments.*
The backdrop of the past six months was one of a soft-but-still-expanding
economy -- with improved employment numbers, modest output, increased
capital spending and strong housing. In response to this expansion, the
Federal Reserve Board continued its tightening cycle by raising the
federal funds rate four more times.
How did the Fund perform during the six-month period ended April 29, 2005?
Amidst increasing interest rates and money market yields, the Thrivent
Money Market Fund produced a 0.75% six-month return as of April 29, versus
its Lipper Inc. peer group of similar money market funds, which reported a
median net return of 0.78%. Another result came in the way of higher
yields, the Fund's seven-day current yield (a measure of the income
generated by the fund over a specified period) increased from 1.06% in
October 31 to 2.17% on April 29 (A Shares).
What market conditions characterized the period?
The reporting period saw both positive and negative trends at work. Due to
a drop in durable goods orders as well as increased imports, the gross
domestic product (GDP) in the United States fell to an annualized rate of
3.1% in the first quarter 2005, down from 3.8% in the fourth quarter 2004.
On the flip side, consumer spending remained strong thanks to income gains
and higher wealth -- even in the wake of higher consumer prices boosted by
higher oil prices.
While longer-term inflation expectations appeared well contained,
preliminary pressures surfaced and pricing power became more evident in
early 2005. As such, the Federal Open Market Committee continued its
measured, and somewhat methodical, tightening protocol by raising the
federal funds rate in four 25-basis-point increments on November 10,
December 14, February 2 and March 22 -- going from 1.75% to 2.75%.
Over the second quarter, there was a flattening of the bond yield curve,
with short-term rates advancing faster than long-term ones. This meant
that investors holding shorter-maturity bonds (like those in the Fund)
were rewarded with incremental yield without having to sacrifice safety.
This helped to position money markets quite competitively against bank
products.
What has affected your performance?
From a portfolio management perspective, the most prominent factor
continued to be speculation over the Fed's stance on monetary policy.
Given the Fed's earlier statements and 2004 posturing, we positioned the
Fund to benefit from anticipated upward adjustments to the federal funds
rate by maintaining an equal-to-below weighted-average maturity versus
other taxable money market funds: 36 days (for the Fund) versus 38 days
(for peers), as of April 25.
In addition, we concentrated more of our purchases on the shorter (six
months or less) end of the yield curve, doing so across several of our
short-term instrument categories. This shorter stance provided investment
flexibility and allowed us to take advantage of higher yields more quickly
during the Fed's tightening.
While the fund's composition remained similar to the previous reporting
period, we increased our exposure to variable-rate securities, which are
bonds whose yields adjust regularly in relation to changes in the federal
funds rate and thus, tend to perform well in rising rate environments.
This increase in variable rate holdings from 32% on Oct. 31 to 35% on
April 29, provided the Fund with attractive yield.
[GRAPHIC OMITTED: PORTFOLIO COMPOSITION]
Portfolio Composition
(% of Portfolio)
Commercial Paper 57.2%
Variable Rate Notes 38.3%
U.S. Government 3.4%
Public Corporate 1.1%
Footnotes read:
* To the extent practicable, the Fund intends to maintain a stable net
asset value of $1.00 per share. An investment in The 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
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.
Due to the continued dearth of corporate commercial paper, we took great
care in identifying other securities that met our conservative credit
criteria (investing in single A and above securities) and provided
potential value for the Fund. As such, we're pleased with our ability to
successfully manage our approved list and avoid rating downgrades over the
period.
Outlook
We expect the Federal Reserve to continue its cautious pace of raising the
federal funds target rate. As such, our near-term strategy is to continue
to add value by actively positioning the portfolio on the short end of the
yield curve (six months or less) in order to take advantage of incremental
yield.
As always, our primary concern in managing the Fund is the safety of your
principal. We will continue to employ a strict focus on conservative
investments that represent top-tier credits and a broad range of
industries and maturates -- and will actively review our approved-issuers
list to ensure that we have appropriate credit positions.
Portfolio Facts
As of April 29,2005
A Share B Share Institutional Share
------------------ ------------------ ------------------
Ticker AMMXX TMBXX AALXX
Transfer Agent ID 018 068 091
Net Assets $651,996,142 $2,247,469 $245,241,300
NAV $1.00 $1.00 $1.00
Number of Holdings: 86
Average Annual Total Returns 2
As of April 29,2005
Class A 1 1-Year 5 Years 10 Years
- -------------------------------------------------------------------------------
Net Asset Value 1.02% 2.02% 3.49%
From
Inception
Class B 1 1-Year 5 Years 1/8/1997
- -------------------------------------------------------------------------------
without sales charge 0.88% 1.46% 2.59%
with sales charge (3.12%) 1.46% 2.59%
From
Inception
Institutional Class 1-Year 5 Years 12/29/1997
- -------------------------------------------------------------------------------
Net Asset Value 1.47% 2.35% 3.23%
Yields
As of April 29,2005**
Class A Class B Institutional
- -------------------------------------------------------------------------------
7-Day Yield 2.17% 1.92% 2.58%
7-Day Effective Yield 2.19% 1.93% 2.62%
1 Class B performance reflects the maximum contingent deferred sales
charge (CDSC) of 5%, declining 1% each year during the first five years
and then converting to Class A shares after the fifth year.
Institutional Class shares have no sales load and are for institutional
shareholders only.
2 Past performance is not an indication of future results. Annualized
total returns represent past performance and reflect changes in share
prices, the reinvestment of all dividends and capital gains, and the
effects of compounding. Investing in a mutual fund involves risks,
including the possible loss of principal. 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. Please read your prospectus
carefully.
** Seven-day yields of The 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. 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 two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments,
reinvested dividends, or other distributions; redemption fees; and
exchange fees; and (2) ongoing costs, including management fees;
distribution (12b-1) fees and other Fund expenses. This Example is
intended to help you understand your ongoing costs (in dollars) of
investing in the Fund and to compare these costs with the ongoing costs of
investing in other mutual funds. The Example is based on an investment of
$1,000 invested at the beginning of the period and held for the entire
period from November 1, 2004 through April 29, 2005.
Actual Expenses
The first line of the table below provides information about actual
account values and actual expenses. You may use the information in this
line, together with the amount you invested, to estimate the expenses that
you paid over the period. Simply divide your account value by $1,000 (for
example, an $8,600 account value divided by $1,000 = 8.6), then multiply
the result by the number in the first line under the heading entitled
"Expenses Paid During Period" to estimate the expenses you paid. A small
account fee of $12 is charged to Class A and Class B 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, 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
The second line of the table below 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 is charged to Class A and Class B 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, 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), redemption fees, or exchange fees. Therefore,
the second line 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.
Expenses
Beginning Ending Paid During
Account Account Period * Annualized
Value Value 11/1/2004 -- Expense
11/1/2004 4/29/2005 4/29/2005 Ratio
- -------------------------------------------------------------------------------------
Thrivent Technology Fund
Actual
Class A $1,000 $951 $7.94 1.65%
Class B $1,000 $949 $10.72 2.23%
Institutional Class $1,000 $953 $4.53 0.94%
Hypothetical **
Class A $1,000 $1,016 $8.20 1.65%
Class B $1,000 $1,014 $11.07 2.23%
Institutional Class $1,000 $1,020 $4.68 0.94%
Thrivent Partner Small Cap Value Fund
Actual
Class A $1,000 $1,002 $5.33 1.08%
Class B $1,000 $996 $10.29 2.08%
Institutional Class $1,000 $1,005 $1.58 0.32%
Hypothetical **
Class A $1,000 $1,019 $5.38 1.08%
Class B $1,000 $1,014 $10.33 2.08%
Institutional Class $1,000 $1,023 $1.60 0.32%
Thrivent Small Cap Stock Fund
Actual
Class A $1,000 $1,024 $6.84 1.37%
Class B $1,000 $1,019 $11.75 2.36%
Institutional Class $1,000 $1,027 $3.60 0.72%
Hypothetical **
Class A $1,000 $1,018 $6.82 1.37%
Class B $1,000 $1,013 $11.71 2.36%
Institutional Class $1,000 $1,021 $3.59 0.72%
Thrivent Small Cap Index Fund
Actual
Class A $1,000 $1,019 $4.73 0.95%
Hypothetical **
Class A $1,000 $1,020 $4.73 0.95%
Thrivent Mid Cap Growth Fund
Actual
Class A $1,000 $1,016 $6.81 1.37%
Class B $1,000 $1,010 $11.45 2.31%
Institutional Class $1,000 $1,019 $2.44 0.49%
Hypothetical **
Class A $1,000 $1,018 $6.82 1.37%
Class B $1,000 $1,013 $11.47 2.31%
Institutional Class $1,000 $1,022 $2.44 0.49%
Thrivent Mid Cap Stock Fund
Actual
Class A $1,000 $1,055 $6.33 1.25%
Class B $1,000 $1,049 $11.67 2.31%
Institutional Class $1,000 $1,058 $3.55 0.70%
Hypothetical **
Class A $1,000 $1,018 $6.22 1.25%
Class B $1,000 $1,013 $11.47 2.31%
Institutional Class $1,000 $1,021 $3.49 0.70%
Thrivent Mid Cap Index Fund
Actual
Class A $1,000 $1,052 $4.55 0.89%
Hypothetical **
Class A $1,000 $1,020 $4.48 0.89%
Thrivent Mid Cap Index Fund-I
Actual
Institutional Class $1,000 $1,052 $4.10 0.81%
Hypothetical **
Institutional Class $1,000 $1,021 $4.04 0.81%
Thrivent Partner International Stock Fund
Actual
Class A $1,000 $1,067 $7.54 1.48%
Class B $1,000 $1,061 $13.77 2.71%
Institutional Class $1,000 $1,071 $3.83 0.75%
Hypothetical **
Class A $1,000 $1,017 $7.36 1.48%
Class B $1,000 $1,011 $13.44 2.71%
Institutional Class $1,000 $1,021 $3.74 0.75%
Thrivent Large Cap Growth Fund
Actual
Class A $1,000 $1,005 $4.80 0.97%
Class B $1,000 $998 $10.74 2.18%
Institutional Class $1,000 $1,010 $0.45 0.09%
Hypothetical **
Class A $1,000 $1,020 $4.83 0.97%
Class B $1,000 $1,014 $10.83 2.18%
Institutional Class $1,000 $1,024 $0.45 0.09%
Thrivent Large Cap Value Fund
Actual
Class A $1,000 $1,057 $5.38 1.06%
Class B $1,000 $1,051 $11.18 2.21%
Institutional Class $1,000 $1,060 $2.64 0.52%
Hypothetical **
Class A $1,000 $1,019 $5.28 1.06%
Class B $1,000 $1,014 $10.97 2.21%
Institutional Class $1,000 $1,022 $2.59 0.52%
Thrivent Large Cap Stock Fund
Actual
Class A $1,000 $1,029 $5.15 1.03%
Class B $1,000 $1,024 $9.43 1.89%
Institutional Class $1,000 $1,031 $2.76 0.55%
Hypothetical **
Class A $1,000 $1,020 $5.13 1.03%
Class B $1,000 $1,015 $9.39 1.89%
Institutional Class $1,000 $1,022 $2.74 0.55%
Thrivent Large Cap Index Fund
Actual
Class A $1,000 $1,031 $3.01 0.60%
Hypothetical **
Class A $1,000 $1,022 $2.99 0.60%
Thrivent Large Cap Index Fund-I
Actual
Institutional Class $1,000 $1,032 $2.81 0.56%
Hypothetical **
Institutional Class $1,000 $1,022 $2.79 0.56%
Thrivent Balanced Fund
Actual
Class A $1,000 $1,006 $5.39 1.09%
Class B $1,000 $1,001 $10.02 2.03%
Institutional Class $1,000 $1,009 $2.97 0.60%
Hypothetical **
Class A $1,000 $1,019 $5.43 1.09%
Class B $1,000 $1,015 $10.08 2.03%
Institutional Class $1,000 $1,022 $2.99 0.60%
Thrivent High Yield Fund
Actual
Class A $1,000 $999 $4.34 0.88%
Class B $1,000 $996 $8.52 1.73%
Institutional Class $1,000 $1,001 $2.27 0.46%
Hypothetical **
Class A $1,000 $1,020 $4.38 0.88%
Class B $1,000 $1,016 $8.60 1.73%
Institutional Class $1,000 $1,022 $2.29 0.46%
Thrivent High Yield Fund II
Actual
Class A $1,000 $995 $4.77 0.97%
Class B $1,000 $990 $9.62 1.96%
Institutional Class $1,000 $997 $2.51 0.51%
Hypothetical **
Class A $1,000 $1,020 $4.83 0.97%
Class B $1,000 $1,015 $9.74 1.96%
Institutional Class $1,000 $1,022 $2.54 0.51%
Thrivent Municipal Bond Fund
Actual
Class A $1,000 $1,018 $3.88 0.78%
Class B $1,000 $1,014 $7.30 1.47%
Institutional Class $1,000 $1,019 $2.34 0.47%
Hypothetical **
Class A $1,000 $1,021 $3.89 0.78%
Class B $1,000 $1,017 $7.31 1.47%
Institutional Class $1,000 $1,022 $2.34 0.47%
Thrivent Income Fund
Actual
Class A $1,000 $1,006 $4.01 0.81%
Class B $1,000 $1,002 $8.05 1.63%
Institutional Class $1,000 $1,008 $1.98 0.40%
Hypothetical **
Class A $1,000 $1,021 $4.04 0.81%
Class B $1,000 $1,017 $8.11 1.63%
Institutional Class $1,000 $1,023 $1.99 0.40%
Thrivent Core Bond Fund
Actual
Class A $1,000 $1,006 $4.55 0.92%
Class B $1,000 $1,001 $9.42 1.91%
Institutional Class $1,000 $1,007 $2.42 0.49%
Hypothetical **
Class A $1,000 $1,020 $4.58 0.92%
Class B $1,000 $1,015 $9.49 1.91%
Institutional Class $1,000 $1,022 $2.44 0.49%
Thrivent Bond Index Fund-I
Actual
Institutional Class $1,000 $1,009 $2.82 0.57%
Hypothetical **
Institutional Class $1,000 $1,022 $2.84 0.57%
Thrivent Limited Maturity Bond Fund
Actual
Class A $1,000 $1,000 $4.34 0.88%
Class B $1,000 $1,001 $4.29 0.87%
Institutional Class $1,000 $1,003 $1.98 0.40%
Hypothetical **
Class A $1,000 $1,020 $4.38 0.88%
Class B $1,000 $1,020 $4.33 0.87%
Institutional Class $1,000 $1,023 $1.99 0.40%
Thrivent Money Market Fund
Actual
Class A $1,000 $1,008 $4.46 0.90%
Class B $1,000 $1,007 $5.00 1.01%
Institutional Class $1,000 $1,010 $2.03 0.41%
Hypothetical **
Class A $1,000 $1,020 $4.48 0.90%
Class B $1,000 $1,020 $5.03 1.01%
Institutional Class $1,000 $1,023 $2.04 0.41%
* Expenses are equal to the Fund's annualized expense ratio, multiplied
by the average account value over the period, multiplied by 180 /365 to
reflect the one-half year period.
** Assuming 5% total return before expenses.
Technology Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (88.9%) Value
- -------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary (2.6%)
- -------------------------------------------------------------------------------------------------------------------------
13,700 eBay, Inc.(b) $434,701
8,400 Stamps.com, Inc.(b,c) 162,372
6,000 Time Warner, Inc.(b) 100,860
7,500 Walt Disney Company 198,000
14,300 XM Satellite Radio Holdings, Inc.(b,c) 396,682
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Discretionary 1,292,615
=========================================================================================================================
Health Care (4.5%)
- -------------------------------------------------------------------------------------------------------------------------
800 Beckman Coulter, Inc. 53,368
1,300 Fisher Scientific International, Inc.(b) 77,194
9,000 iShares Dow Jones US Healthcare Sector
Index Fund 544,410
12,000 iShares Nasdaq Biotechnology Index Fund(b) 761,640
10,900 iShares S&P Global Healthcare Sector Index
Fund 550,559
1,600 Medtronic, Inc. 84,320
2,500 St. Jude Medical, Inc.(b) 97,575
1,000 Zimmer Holdings, Inc.(b) 81,420
- -------------------------------------------------------------------------------------------------------------------------
Total Health Care 2,250,486
=========================================================================================================================
Industrials (0.3%)
- -------------------------------------------------------------------------------------------------------------------------
6,000 Monster Worldwide, Inc.(b) 138,060
- -------------------------------------------------------------------------------------------------------------------------
Total Industrials 138,060
=========================================================================================================================
Information Technology (79.9%)
- -------------------------------------------------------------------------------------------------------------------------
17,300 Accenture, Ltd.(b) 375,410
4,400 Adobe Systems, Inc. 261,668
1,300 Affiliated Computer Services, Inc.(b) 61,971
18,400 Agilent Technologies, Inc.(b) 381,800
9,200 Akamai Technologies, Inc.(b,c) 108,652
19,200 Altera Corporation(b) 398,016
2,400 Altiris, Inc.(b) 39,096
6,700 Amphenol Corporation 264,248
22,200 Analog Devices, Inc. 757,242
50,600 Apple Computer, Inc.(b) 1,824,636
51,500 Applied Materials, Inc.(b) 765,805
11,300 ASML Holding NV ADR(b,c) 163,737
13,800 Aspen Technology, Inc.(b,c) 62,100
9,500 Atheros Communications, Inc.(b,c) 69,160
23,600 ATI Technologies, Inc.(b) 349,280
16,925 AU Optronics Corporation(c) 274,524
2,700 Automatic Data Processing, Inc. 117,288
14,800 Avaya, Inc.(b) 128,464
3,100 Avid Technology, Inc.(b) 153,481
21,000 BEA Systems, Inc.(b) 144,900
3,200 BMC Software, Inc.(b) 51,840
15,300 Broadcom Corporation(b) 457,623
3,700 Business Objects SA ADR(b,c) 95,497
3,600 CDW Corporation 196,884
15,000 Check Point Software Technologies, Ltd.(b) 314,250
104,900 Cisco Systems, Inc.(b) 1,812,672
12,700 Citrix Systems, Inc.(b) 285,750
6,800 Cognizant Technology Solutions
Corporation(b) 285,668
4,500 Cognos, Inc.(b) 170,280
5,500 Computer Associates International, Inc. 147,950
2,000 Computer Sciences Corporation(b) 86,960
22,300 Comverse Technology, Inc.(b) 508,217
14,800 Corning, Inc.(b) 203,500
16,800 Cypress Semiconductor Corporation(b,c) 201,432
59,100 Dell, Inc.(b) 2,058,452
1,800 Digital River, Inc.(b,c) 47,880
4,200 DST Systems, Inc.(b) 190,680
6,100 Electronic Arts, Inc.(b) 325,679
91,500 EMC Corporation(b) 1,200,480
3,700 First Data Corporation 140,711
27,400 Flextronics International, Ltd.(b) 305,510
5,600 FormFactor, Inc.(b) 127,904
6,107 Freescale Semiconductor, Inc.(b) 115,178
1,200 Google, Inc.(b) 264,000
15,600 Hewlett-Packard Company 319,332
2,800 Hyperion Solutions Corporation(b) 113,876
33,800 Informatica Corporation(b) 261,274
800 Infosys Technologies, Ltd. ADR(c) 47,360
20,700 Integrated Device Technology, Inc.(b) 221,490
74,700 Intel Corporation 1,756,944
17,500 International Business Machines
Corporation 1,336,650
24,900 Interwoven, Inc.(b) 192,228
9,400 Jabil Circuit, Inc.(b) 259,440
3,100 JDA Software Group, Inc.(b,c) 31,744
55,500 JDS Uniphase Corporation(b) 82,140
27,400 Juniper Networks, Inc.(b) 618,966
12,700 KLA-Tencor Corporation 495,554
14,300 Lam Research Corporation(b) 366,795
2,800 Lexmark International, Inc.(b) 194,460
14,700 Linear Technology Corporation 525,378
80,400 Lucent Technologies, Inc.(b,c) 195,372
8,000 Macromedia, Inc.(b) 316,880
19,100 Marvell Technology Group, Ltd.(b) 639,468
12,000 Maxim Integrated Products, Inc. 448,800
7,600 McAfee, Inc.(b) 158,916
3,500 Mercury Interactive Corporation(b) 144,655
11,800 Microchip Technology, Inc. 336,064
13,100 Micron Technology, Inc.(b) 127,201
71,100 Microsoft Corporation 1,798,830
50,000 Motorola, Inc. 767,000
22,600 National Semiconductor Corporation 431,208
18,400 NETGEAR, Inc.(b,c) 296,792
9,900 Network Appliance, Inc.(b) 263,637
26,600 Nokia Oyj ADR 425,068
50,900 Nortel Networks Corporation(b,c) 126,741
30,500 Novell, Inc.(b,c) 180,255
17,800 NVIDIA Corporation(b) 390,532
53,900 ON Semiconductor Corporation(b,c) 185,416
84,800 Oracle Corporation(b) 980,288
10,100 Plexus Corporation(b) 122,311
1,800 QLogic Corporation(b) 59,832
31,800 QUALCOMM, Inc. 1,109,502
13,700 Red Hat, Inc.(b,c) 147,275
4,900 SanDisk Corporation(b) 116,130
16,500 Sanmina-SCI Corporation(b) 66,165
8,200 SAP AG(c) 323,326
7,000 Scientific-Atlanta, Inc. 214,060
3,900 Seagate Technology(b) 68,562
61,900 SeeBeyond Technology Corporation(b) 165,892
11,800 Siebel Systems, Inc.(b) 106,200
22,700 Stellent, Inc.(b,c) 160,035
14,600 STMicroelectronics NV(c) 207,320
31,400 Symantec Corporation(b) 589,692
9,100 Symbol Technologies, Inc. 121,667
45,741 Taiwan Semiconductor Manufacturing
Company, Ltd. ADR 393,830
2,700 Take-Two Interactive Software, Inc.(b,c) 63,531
10,400 Telefonaktiebolaget LM Ericsson(c) 306,280
9,600 Teradyne, Inc.(b) 105,792
29,200 Texas Instruments, Inc. 728,832
38,800 TIBCO Software, Inc.(b) 277,032
29,200 VeriSign, Inc.(b) 772,632
4,600 VERITAS Software Corporation(b) 94,714
7,400 Viisage Technology, Inc.(b,c) 22,274
6,200 Vishay Intertechnology, Inc.(b) 66,278
22,300 Vitria Technology, Inc.(b,c) 60,656
28,600 webMethods, Inc.(b) 133,562
19,100 Western Digital Corporation(b) 242,379
23,900 Wind River Systems, Inc.(b) 310,222
11,300 Xerox Corporation(b) 149,725
14,400 Xilinx, Inc. 387,936
32,000 Yahoo!, Inc.(b) 1,104,320
- -------------------------------------------------------------------------------------------------------------------------
Total Information Technology 40,131,193
=========================================================================================================================
Telecommunications Services (1.6%)
- -------------------------------------------------------------------------------------------------------------------------
5,100 Nextel Communications, Inc.(b) 142,749
20,550 Sprint Corporation 457,443
5,600 Verizon Communications, Inc. 200,480
- -------------------------------------------------------------------------------------------------------------------------
Total Telecommunications Services 800,672
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $52,432,693) 44,613,026
=========================================================================================================================
Shares Collateral Held for Securities Loaned
(6.9%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
3,458,634 Thrivent Financial Securities Lending
Trust 2.900% N/A $3,458,634
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $3,458,634) 3,458,634
=========================================================================================================================
Shares Short-Term Investments (4.2%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
2,117,112 Thrivent Money Market Fund 2.650% N/A $2,117,112
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 2,117,112
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $58,008,439) $50,188,772
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Non-income producing security.
(c) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(d) The interest rate shown reflects the yield.
(e) Miscellaneous footnote:
ADR -- American Depository Receipts, which are certificates for shares
of an underlying foreign security's shares held by an issuing U.S.
depository bank.
The accompanying notes to the financial statements
are an integral part of this schedule.
Partner Small Cap Value Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (86.0%) Value
- -------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary (12.0%)
- -------------------------------------------------------------------------------------------------------------------------
60,500 Aaron Rents, Inc. $1,328,580
6,300 Accuride Corporation(b) 54,621
23,000 CSS Industries, Inc.(c) 746,810
32,000 Cutter & Buck, Inc. 431,360
53,000 Dixie Group, Inc.(b) 795,000
33,800 Fred's, Inc.(c) 488,072
45,700 Hancock Fabrics, Inc.(c) 270,544
76,500 Haverty Furniture Companies, Inc. 1,097,775
125,000 IMPCO Technologies, Inc.(b,c) 395,000
43,000 Journal Register Company(b) 680,260
22,700 Orient Express Hotels, Ltd. 596,329
34,400 RARE Hospitality International, Inc.(b) 957,008
16,000 Ruby Tuesday, Inc.(c) 360,000
32,500 Saga Communications, Inc.(b) 478,075
7,900 SCP Pool Corporation 257,382
16,300 Stanley Furniture Company, Inc. 682,155
19,000 Steak n Shake Company(b) 343,520
38,200 Stein Mart, Inc.(b) 773,932
18,500 Steven Madden, Ltd.(b,c) 293,780
40,000 TBC Corporation(b) 1,046,400
25,000 WCI Communities, Inc.(b,c) 700,750
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Discretionary 12,777,353
=========================================================================================================================
Consumer Staples (2.1%)
- -------------------------------------------------------------------------------------------------------------------------
32,200 Casey's General Stores, Inc. 543,536
29,000 Nash Finch Company(c) 1,025,730
27,000 Standard Commercial Corporation(c) 471,150
22,200 Wild Oats Markets, Inc.(b,c) 224,220
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Staples 2,264,636
=========================================================================================================================
Energy (6.3%)
- -------------------------------------------------------------------------------------------------------------------------
24,300 Encore Acquisition Company(b) 892,296
34,500 Forest Oil Corporation(b) 1,329,285
24,600 Lone Star Technologies, Inc.(b) 957,924
17,500 Magnum Hunter Resources, Inc.(b) 252,525
1 Tel Offshore Trust 6
25,800 TETRA Technologies, Inc.(b) 697,374
40,600 Todco(b) 903,350
31,900 W-H Energy Services, Inc.(b) 702,438
34,000 Whiting Petroleum Corporation(b) 1,029,180
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 6,764,378
=========================================================================================================================
Financials (22.1%)
- -------------------------------------------------------------------------------------------------------------------------
34,600 Allied Capital Corporation(c) 951,500
16,600 American Capital Strategies, Ltd.(c) 530,868
18,300 Bedford Property Investors, Inc. 389,607
19,800 Boston Private Financial Holdings, Inc. 442,332
38,000 Bristol West Holdings, Inc. 573,040
39,700 East West Bancorp, Inc. 1,275,164
37,000 First Financial Fund, Inc.(c) 646,760
44,000 First Potomac Realty Trust 986,040
47,200 First Republic Bank 1,476,888
11,800 Gables Residential Trust(c) 432,470
27,000 GB&T Bancshares, Inc.(c) 545,535
55,500 Glenborough Realty Trust, Inc. 1,139,970
23,000 Innkeepers USA Trust 305,210
3,300 iShares Russell 2000 Value(c) 576,972
10,800 Kilroy Realty Corporation 471,204
67,000 Kite Realty Group Trust 938,000
2,600 Markel Corporation(b) 892,060
44,600 Max Re Capital, Ltd. 978,970
24,500 Midland Company 769,300
33,300 Net Bank, Inc. 273,393
25,800 Ohio Casualty Corporation(b) 605,010
29,000 ProAssurance Corporation(b) 1,087,790
26,500 Silicon Valley Bancshares(b) 1,256,100
68,000 Strategic Hotel Capital, Inc.(c) 959,480
24,100 Sun Communities, Inc. 839,885
67,000 Texas Regional Bancshares, Inc. 1,867,289
27,000 Trammell Crow Company(b) 575,100
23,500 Triad Guaranty, Inc.(b) 1,182,285
17,600 Washington Real Estate Investment Trust 524,656
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 23,492,878
=========================================================================================================================
Health Care (4.6%)
- -------------------------------------------------------------------------------------------------------------------------
13,500 Arrow International, Inc. 447,390
58,100 Diversa Corporation(b) 305,025
20,800 Matthews International Corporation 740,688
40,000 Myogen, Inc.(b,c) 260,000
16,000 Myriad Genetics, Inc.(b,c) 258,560
58,000 Odyssey Healthcare, Inc.(b,c) 662,940
49,000 Owens & Minor, Inc. 1,421,490
29,600 West Pharmaceutical Services, Inc. 779,664
- -------------------------------------------------------------------------------------------------------------------------
Total Health Care 4,875,757
=========================================================================================================================
Industrials (17.9%)
- -------------------------------------------------------------------------------------------------------------------------
11,500 Ameron International Corporation 379,615
73,000 Casella Waste Systems, Inc.(b) 860,670
35,000 Dollar Thrifty Automotive Group, Inc.(b) 1,184,750
15,200 EDO Corporation 453,416
44,200 Electro Rent Corporation(b) 532,168
24,700 ElkCorp 679,250
22,400 Franklin Electric Company, Inc. 796,544
22,800 FTI Consulting, Inc.(b) 503,424
25,400 G & K Services, Inc. 974,852
44,200 Genesee & Wyoming, Inc.(b) 1,059,916
9,700 Genlyte Group, Inc.(b) 769,598
18,000 Hub Group, Inc.(b) 990,000
28,000 IDEX Corporation 1,043,000
57,500 Insituform Technologies, Inc.(b) 857,325
13,500 JLG Industries, Inc. 275,130
28,000 Kirby Corporation(b) 1,140,720
77,500 LSI Industries, Inc. 935,425
46,000 McGrath Rentcorp 1,021,200
28,300 Nordson Corporation 911,826
38,000 RemedyTemp, Inc.(b) 370,500
28,500 Thomas Industries, Inc. 1,124,895
55,000 Vitran Corporation Incorporated(b) 817,300
17,500 Waste Connections, Inc.(b) 616,350
10,100 Woodward Governor Company 712,656
- -------------------------------------------------------------------------------------------------------------------------
Total Industrials 19,010,530
=========================================================================================================================
Information Technology (7.8%)
- -------------------------------------------------------------------------------------------------------------------------
69,000 Agile Software Corporation(b) 453,330
26,000 Applied Films Corporation(b) 621,660
15,800 ATMI, Inc.(b,c) 362,057
40,500 Belden CDT, Inc. 742,770
38,300 Brooks Automation, Inc.(b) 492,538
21,000 Catapult Communications Corporation(b) 310,380
47,000 Helix Technology Corporation(c) 566,115
150,000 Lattice Semiconductor Corporation(b) 684,000
10,000 Littelfuse, Inc.(b) 269,400
47,000 Methode Electronics, Inc. 529,690
101,100 MPS Group, Inc.(b) 807,789
50,000 Mykrolis Corporation(b) 637,500
15,500 Progress Software Corporation(b) 413,540
83,000 SBS Technologies, Inc.(b) 781,030
14,000 SPSS, Inc.(b) 225,260
30,100 StarTek, Inc.(c) 437,955
- -------------------------------------------------------------------------------------------------------------------------
Total Information Technology 8,335,014
=========================================================================================================================
Materials (8.3%)
- -------------------------------------------------------------------------------------------------------------------------
40,800 Airgas, Inc. 894,336
21,000 AptarGroup, Inc. 1,012,830
26,000 Arch Chemicals, Inc. 670,280
19,300 Carpenter Technology Corporation 1,067,290
16,500 Chesapeake Corporation 320,430
7,300 Deltic Timber Corporation 258,785
14,000 Florida Rock Industries, Inc. 813,120
49,000 Gibraltar Industries, Inc.(c) 1,029,490
18,000 MacDermid, Inc. 546,300
19,800 Meridian Gold, Inc.(b) 301,752
9,000 Minerals Technologies, Inc. 587,880
44,400 Myers Industries, Inc. 426,684
2,200 Potlatch Corporation(c) 103,906
58,000 Stillwater Mining Company(b) 423,400
32,500 Wausau-Mosinee Paper Corporation 431,275
- -------------------------------------------------------------------------------------------------------------------------
Total Materials 8,887,758
=========================================================================================================================
Utilities (4.9%)
- -------------------------------------------------------------------------------------------------------------------------
24,000 Black Hills Corporation(c) 822,720
46,000 Cleco Corporation 939,320
51,000 El Paso Electric Company(b) 995,010
14,500 Otter Tail Power Company(c) 355,830
33,500 UniSource Energy Corporation(c) 1,046,875
39,500 Vectren Corporation(c) 1,066,895
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 5,226,650
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $89,414,332) 91,634,954
=========================================================================================================================
Shares Collateral Held for Securities Loaned
(12.9%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
13,716,823 Thrivent Financial Securities Lending
Trust 2.900% N/A $13,716,823
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $13,716,823) 13,716,823
=========================================================================================================================
Shares Short-Term Investments (1.1%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
1,132,135 Thrivent Money Market Fund 2.650% N/A $1,132,135
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 1,132,135
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $104,263,290) $106,483,912
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Non-income producing security.
(c) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(d) The interest rate shown reflects the yield.
The accompanying notes to the financial statements
are an integral part of this schedule.
Small Cap Stock Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (82.3%) Value
- -------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary (12.5%)
- -------------------------------------------------------------------------------------------------------------------------
34,200 A.C. Moore Arts & Crafts, Inc.(b) $889,542
63,300 Aeropostale, Inc.(b) 1,767,969
72,900 American Eagle Outfitters, Inc. 1,911,438
23,650 AnnTaylor Stores Corporation(b) 579,188
48,300 Autoliv, Inc. 2,137,275
40,300 Boyd Gaming Corporation 2,127,034
46,100 Cheesecake Factory, Inc.(b) 1,414,809
48,000 Children's Place Retail Stores, Inc.(b) 1,786,080
65,900 Cooper Tire & Rubber Company 1,149,955
73,300 Gander Mountain Company(b,c) 762,320
71,100 Great Wolf Resorts, Inc.(b,c) 1,509,098
38,200 Guitar Center, Inc.(b) 1,885,170
53,800 Hibbett Sporting Goods, Inc.(b) 1,450,986
112,800 Insight Enterprises, Inc.(b) 2,041,680
227,000 Interface, Inc.(b) 1,362,000
62,900 International Speedway Corporation 3,346,280
51,600 Jack in the Box, Inc.(b) 1,886,496
103,900 Lions Gate Entertainment Corporation(b,c) 1,003,674
12,968 M.D.C. Holdings, Inc. 847,848
7,225 Marine Products Corporation 94,648
110,400 MarineMax, Inc.(b,c) 2,986,320
115,400 Marvel Enterprises, Inc.(b) 2,261,840
27,400 Men's Wearhouse, Inc.(b) 1,130,798
31,900 Nordstrom, Inc. 1,621,477
30,300 P.F. Chang's China Bistro, Inc.(b,c) 1,682,256
53,700 Pep Boys - Manny, Moe & Jack(c) 761,466
70,800 Quiksilver, Inc.(b) 1,950,540
111,700 Radio One, Inc.(b,c) 1,454,334
36,800 Red Robin Gourmet Burgers, Inc.(b,c) 1,783,328
21,500 Regis Corporation 768,195
108,025 SCP Pool Corporation 3,519,454
69,950 Shuffle Master, Inc.(b,c) 1,762,040
51,700 Sonic Corporation(b) 1,656,468
48,000 Stamps.com, Inc.(b) 927,840
46,200 Texas Roadhouse, Inc.(b,c) 1,202,124
29,500 Tractor Supply Company(b) 1,186,490
94,200 ValueVision Media, Inc.(b,c) 932,580
104,400 Warnaco Group, Inc.(b) 2,344,824
52,500 WCI Communities, Inc.(b,c) 1,471,575
123,900 Wolverine World Wide, Inc. 2,513,931
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Discretionary 63,871,370
=========================================================================================================================
Consumer Staples (2.9%)
- -------------------------------------------------------------------------------------------------------------------------
166,000 Casey's General Stores, Inc. 2,802,080
56,600 Central Garden and Pet Company(b) 2,353,994
137,600 Corn Products International, Inc. 3,029,952
52,200 Dean Foods Company(b) 1,793,592
58,400 Elizabeth Arden, Inc.(b,c) 1,278,960
44,900 McCormick & Company, Inc. 1,553,091
49,200 Ralcorp Holdings, Inc. 1,949,304
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Staples 14,760,973
=========================================================================================================================
Energy (6.1%)
- -------------------------------------------------------------------------------------------------------------------------
43,200 Cimarex Energy Company(b,c) 1,533,600
77,000 Dawson Geophysical Company(b) 1,543,850
64,900 Dril-Quip, Inc.(b) 1,891,835
113,900 Energy Partners, Ltd.(b) 2,603,754
65,400 FMC Technologies, Inc.(b) 1,983,582
34,000 Forest Oil Corporation(b,c) 1,310,020
90,000 Global Industries, Ltd.(b) 867,600
80,900 Key Energy Services, Inc.(b) 923,878
57,200 Maverick Tube Corporation(b) 1,663,948
78,000 Patterson-UTI Energy, Inc. 1,869,660
119,000 Pioneer Drilling Company(b) 1,569,610
22,400 Precision Drilling Corporation(b) 1,616,608
94,600 Pride International, Inc.(b) 2,109,580
21,600 Quicksilver Resources, Inc.(b,c) 1,108,728
87,200 Range Resources Corporation(c) 1,975,080
113,900 Superior Energy Services, Inc.(b) 1,694,832
28,500 Ultra Petroleum Corporation(b) 1,438,680
229,400 Warren Resources, Inc.(b,c) 1,963,664
46,200 World Fuel Services Corporation 1,155,000
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 30,823,509
=========================================================================================================================
Financials (14.2%)
- -------------------------------------------------------------------------------------------------------------------------
46,850 Affiliated Managers Group, Inc.(b,c) 2,929,530
20,700 Alabama National BanCorporation 1,183,626
19,300 Alexandria Real Estate Equities, Inc. 1,328,226
66,700 American Capital Strategies, Ltd.(c) 2,133,066
127,600 Argonaut Group, Inc.(b,c) 2,509,892
65,800 BioMed Realty Trust, Inc. 1,329,160
55,211 BOK Financial Corporation(b) 2,310,580
74,200 Center Financial Corporation 1,479,548
50,600 CoBiz, Inc.(c) 850,080
47,500 Colonial BancGroup, Inc. 1,047,850
57,700 Commercial Capital Bancorp, Inc. 911,083
52,000 Corus Bankshares, Inc. 2,539,160
31,800 Downey Financial Corporation 2,058,414
46,100 EastGroup Properties, Inc.(c) 1,728,750
34,400 First Community Bancorp, Inc. 1,422,440
40,200 First Indiana Corporation(c) 996,960
98,400 HCC Insurance Holdings, Inc. 3,500,088
26,500 Home Properties, Inc. 1,109,025
220,300 HRPT Properties Trust 2,588,525
59,300 Investors Financial Services
Corporation(c) 2,487,635
15,400 iShares Russell 2000 Index Fund(c) 1,774,850
11,800 iShares S&P SmallCap 600 Index Fund 1,770,000
19,700 Main Street Banks, Inc.(c) 466,693
46,600 MB Financial, Inc. 1,694,842
70,244 Mercantile Bank Corporation 2,781,662
139,900 Ohio Casualty Corporation(b) 3,280,655
33,300 Philadelphia Consolidated Holding
Corporation(b) 2,497,500
50,000 Pinnacle Financial Partners, Inc.(b,c) 1,071,500
48,800 Piper Jaffray Companies(b) 1,349,320
84,200 Platinum Underwriters Holdings, Ltd. 2,492,320
13,600 Preferred Bank Los Angeles 513,264
41,200 Reinsurance Group of America, Inc. 1,842,464
51,600 RLI Corporation 2,213,640
44,100 Sky Financial Group, Inc. 1,151,010
34,400 SL Green Realty Corporation 2,098,400
31,300 South Financial Group, Inc. 826,007
65,300 Sunstone Hotel Investors, Inc.(c) 1,433,988
71,177 Washington Federal, Inc. 1,586,535
29,100 Westamerica Bancorporation 1,453,254
190,900 Winston Hotels, Inc. 2,195,350
35,400 Wintrust Financial Corporation 1,625,214
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 72,562,106
=========================================================================================================================
Health Care (12.2%)
- -------------------------------------------------------------------------------------------------------------------------
64,500 Amedisys, Inc.(b,c) 1,935,645
27,800 Bone Care International, Inc.(b) 717,518
70,000 Centene Corporation(b) 1,949,500
47,500 Cooper Companies, Inc. 3,208,625
21,300 Covance, Inc.(b) 972,132
167,900 CuraGen Corporation(b,c) 520,490
46,000 Dade Behring Holdings, Inc.(b) 2,836,820
37,000 Digene Corporation(b,c) 704,850
407,350 Encore Medical Corporation(b,c) 1,698,650
31,600 Endo Pharmaceutical Holdings, Inc.(b) 627,260
55,600 Haemonetics Corporation(b) 2,378,012
39,400 Impax Laboratories, Inc.(b) 641,038
80,300 Incyte Corporation(b,c) 525,162
81,500 InterMune, Inc.(b,c) 880,200
78,600 Intuitive Surgical, Inc.(b,c) 3,375,084
13,500 Invitrogen Corporation(b) 989,145
67,900 IVAX Corporation(b) 1,283,310
30,500 LCA-Vision, Inc. 1,195,295
65,200 LifePoint Hospitals, Inc.(b) 2,898,140
29,600 MGI Pharma, Inc.(b) 652,680
202,600 OraSure Technologies Inc(b,c) 1,612,696
33,500 Par Pharmaceutical Companies, Inc.(b,c) 1,006,005
61,700 Psychiatric Solutions, Inc.(b) 2,654,334
65,550 Renal Care Group, Inc.(b) 2,500,732
35,600 ResMed, Inc.(b) 2,210,760
468,800 Savient Pharmaceuticals, Inc.(b,c) 1,293,888
29,100 Serologicals Corporation(b,c) 626,523
84,200 Shamir Optical Industry, Ltd.(b) 1,387,616
44,600 Sierra Health Services, Inc.(b) 2,885,174
87,400 Sybron Dental Specialties, Inc.(b) 3,255,650
68,600 United Surgical Partners International,
Inc.(b,c) 3,035,550
32,800 Varian, Inc.(b) 1,087,976
73,900 Ventana Medical Systems, Inc.(b,c) 2,942,698
73,200 Vertex Pharmaceuticals, Inc.(b) 698,328
33,900 Watson Pharmaceuticals, Inc.(b) 1,017,000
66,250 Wellcare Health Plans, Inc.(b) 1,954,375
54,600 Wright Medical Group, Inc.(b,c) 1,355,718
43,800 ZymoGenetics, Inc.(b,c) 677,148
- -------------------------------------------------------------------------------------------------------------------------
Total Health Care 62,191,727
=========================================================================================================================
Industrials (14.8%)
- -------------------------------------------------------------------------------------------------------------------------
53,300 ARGON ST, Inc.(b) 1,505,725
34,800 Arkansas Best Corporation 1,097,244
166,600 Artesyn Technologies, Inc.(b,c) 1,174,530
91,700 Asset Acceptance Capital Corp.(b) 1,875,265
102,700 Beacon Roofing Supply, Inc.(b) 2,279,940
30,500 Briggs & Stratton Corporation 987,285
47,000 Consolidated Graphics, Inc.(b) 2,157,300
26,300 CUNO, Inc.(b) 1,333,936
35,200 DRS Technologies, Inc.(b) 1,557,600
56,100 Dycom Industries, Inc.(b) 1,304,886
11,850 Freightcar America, Inc.(b) 230,008
59,900 G & K Services, Inc. 2,298,962
82,600 Genesee & Wyoming, Inc.(b) 1,980,748
38,100 Genlyte Group, Inc.(b) 3,022,854
42,037 Graco, Inc. 1,419,589
19,000 Hub Group, Inc.(b) 1,045,000
93,700 Hughes Supply, Inc. 2,445,570
63,850 IDEX Corporation 2,378,412
47,800 Jacobs Engineering Group, Inc.(b) 2,328,338
271,200 Jacuzzi Brands, Inc.(b,c) 2,454,360
199,200 Kforce, Inc.(b,c) 1,589,616
55,450 Knight Transportation, Inc. 1,171,658
72,500 Landstar System, Inc.(b) 2,222,125
47,900 Manitowoc Company, Inc. 1,916,000
89,100 Mercury Computer Systems, Inc.(b,c) 2,346,003
68,800 Monster Worldwide, Inc.(b) 1,583,088
88,800 MSC Industrial Direct Company, Inc. 2,386,056
47,200 Oshkosh Truck Corporation 3,547,079
94,600 Pacer International, Inc.(b) 1,961,058
24,100 Precision Castparts Corporation 1,775,206
31,200 Ritchie Bros. Auctioneers, Inc. 1,061,112
35,100 Roper Industries, Inc. 2,375,217
115,700 SkyWest, Inc. 2,091,856
158,150 Standard Parking Corporation(b,c) 2,503,514
115,000 Stewart & Stevenson Services, Inc. 2,760,000
23,200 Terex Corporation(b) 867,216
24,000 Toro Company 991,680
30,900 Trex Company, Inc.(b,c) 1,241,562
87,950 Waste Connections, Inc.(b) 3,097,599
60,600 Watson Wyatt & Company Holdings 1,599,840
35,900 York International Corporation 1,404,767
- -------------------------------------------------------------------------------------------------------------------------
Total Industrials 75,369,804
=========================================================================================================================
Information Technology (12.4%)
- -------------------------------------------------------------------------------------------------------------------------
70,600 Anteon International Corporation(b) 2,951,080
27,400 Avid Technology, Inc.(b) 1,356,574
75,100 Avocent Corporation(b) 1,888,014
115,200 Axcelis Technologies, Inc.(b) 715,392
71,100 Benchmark Electronics, Inc.(b) 1,922,544
23,400 Cabot Microelectronics Corporation(b,c) 673,686
51,600 CACI International, Inc.(b) 3,205,392
160,500 Carrier Access Corporation(b) 845,835
111,300 CNET Networks, Inc.(b,c) 1,103,540
33,800 Cymer, Inc.(b) 837,902
78,200 Cypress Semiconductor Corporation(b,c) 937,618
136,400 Digitas, Inc.(b) 1,359,908
184,000 EarthLink, Inc.(b) 1,689,120
34,200 Fairchild Semiconductor International,
Inc.(b) 459,990
61,300 FindWhat.com(b,c) 516,146
48,200 Global Payments, Inc.(c) 3,121,432
25,200 Hyperion Solutions Corporation(b) 1,024,884
60,600 Ingram Micro, Inc.(b) 1,009,596
64,300 Integrated Device Technology, Inc.(b) 688,010
44,700 Inter-Tel, Inc. 851,088
20,000 International Rectifier Corporation(b) 850,800
176,400 iVillage, Inc.(b,c) 1,155,420
39,700 Keynote Systems, Inc.(b) 434,715
31,850 Kronos, Inc.(b) 1,243,742
66,200 Macromedia, Inc.(b) 2,622,182
46,500 Manhattan Associates, Inc.(b) 877,920
20,100 McAfee, Inc.(b) 420,291
245,400 Micromuse, Inc.(b) 1,268,718
54,200 Microsemi Corporation(b) 917,064
253,000 MPS Group, Inc.(b) 2,021,470
241,200 ON Semiconductor Corporation(b,c) 829,728
245,400 Parametric Technology Corporation(b) 1,305,528
142,900 Phoenix Technologies, Ltd.(b) 1,156,061
67,000 Photronics, Inc.(b) 1,065,300
37,200 Plantronics, Inc. 1,171,428
283,300 Plexus Corporation(b) 3,430,763
132,400 Powerwave Technologies, Inc.(b,c) 955,928
347,800 SeeBeyond Technology Corporation(b) 932,104
151,500 Skyworks Solutions, Inc.(b) 793,860
119,400 Stellent, Inc.(b) 841,770
54,400 Tech Data Corporation(b) 1,987,232
131,700 TIBCO Software, Inc.(b) 940,338
124,500 Tollgrade Communications, Inc.(b) 878,970
28,500 Trimble Navigation, Ltd.(b) 980,970
32,100 Varian Semiconductor Equipment Associates,
Inc. 1,197,009
48,900 ViaSat, Inc.(b,c) 870,909
122,900 Vishay Intertechnology, Inc.(b,c) 1,313,801
397,200 Vitesse Semiconductor Corporation(b,c) 826,176
194,700 Vitria Technology, Inc.(b) 529,584
171,900 Wind River Systems, Inc.(b,c) 2,231,262
- -------------------------------------------------------------------------------------------------------------------------
Total Information Technology 63,208,794
=========================================================================================================================
Materials (4.5%)
- -------------------------------------------------------------------------------------------------------------------------
82,400 Century Aluminum Company(b) 1,919,920
13,500 Cytec Industries, Inc. 622,620
49,500 Florida Rock Industries, Inc.(c) 2,874,960
28,600 FMC Corporation(b) 1,401,400
45,800 Lubrizol Corporation 1,775,666
83,600 MacDermid, Inc.(c) 2,537,260
37,900 NOVA Chemicals Corporation(c) 1,230,613
53,000 Packaging Corporation of America 1,186,670
63,100 Peabody Energy Corporation 2,761,887
36,850 Quanex Corporation 1,859,451
101,900 RPM International, Inc.(c) 1,757,775
77,900 Schweitzer-Mauduit International, Inc. 2,276,238
16,900 Steel Dynamics, Inc. 459,342
- -------------------------------------------------------------------------------------------------------------------------
Total Materials 22,663,802
=========================================================================================================================
Telecommunications Services (0.8%)
- -------------------------------------------------------------------------------------------------------------------------
64,200 Arbinet Holdings, Inc.(b,c) 1,239,702
46,200 FairPoint Communications, Inc.(c) 678,216
40,450 Iowa Telecommunications Services, Inc.(c) 772,595
111,050 Valor Communications Group, Inc. 1,499,175
- -------------------------------------------------------------------------------------------------------------------------
Total Telecommunications Services 4,189,688
=========================================================================================================================
Utilities (1.9%)
- -------------------------------------------------------------------------------------------------------------------------
49,000 AGL Resources, Inc. 1,695,400
99,246 Aqua America, Inc. 2,645,898
59,400 Energen Corporation 3,679,836
72,600 Piedmont Natural Gas Company, Inc.(c) 1,666,170
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 9,687,304
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $360,270,676) 419,329,077
=========================================================================================================================
Shares Collateral Held for Securities Loaned
(13.5%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
69,042,370 Thrivent Financial Securities Lending
Trust 2.900% N/A $69,042,370
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $69,042,370) 69,042,370
=========================================================================================================================
Shares or
Principal
Amount Short-Term Investments (4.2%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
21,223,378 Thrivent Money Market Fund 2.650% N/A $21,223,378
350,000 Total Capital SA 2.950 5/2/2005 349,943
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 21,573,321
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $450,886,367) $509,944,768
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Non-income producing security.
(c) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(d) The interest rate shown reflects the yieldor, for securities purchased
at a discount, the discount rate at the date of purchase.
The accompanying notes to the financial statements
are an integral part of this schedule.
Small Cap Stock Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (80.8%) Value
- -------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary (13.8%)
- -------------------------------------------------------------------------------------------------------------------------
1,200 4Kids Entertainment, Inc.(b,c) $24,192
3,475 Aaron Rents, Inc. 76,311
1,800 Action Performance Companies, Inc.(b,c) 19,062
2,850 ADVO, Inc. 82,108
1,900 Applica, Inc.(b) 4,427
2,800 Arbitron, Inc. 118,496
1,200 Arctic Cat, Inc.(c) 28,416
2,300 Argosy Gaming Company(b) 105,662
1,300 Ashworth, Inc.(b,c) 14,287
3,100 Aztar Corporation(b) 84,661
3,100 Bally Total Fitness Holding
Corporation(b,c) 9,858
1,000 Bassett Furniture Industries, Inc. 19,640
1,600 Brown Shoe Company, Inc. 49,440
1,200 Building Materials Holding Corporation 65,928
1,700 Burlington Coat Factory Warehouse
Corporation 46,835
1,900 Cato Corporation 48,830
3,250 CEC Entertainment, Inc.(b) 117,650
6,500 Champion Enterprises, Inc.(b,c) 61,360
1,200 Children's Place Retail Stores, Inc.(b) 44,652
3,200 Christopher & Banks Corporation 49,984
1,300 Coachmen Industries, Inc.(c) 14,937
1,900 Cost Plus, Inc.(b) 44,061
1,300 Department 56, Inc.(b) 16,952
2,000 Dress Barn, Inc.(b,c) 34,400
1,000 Electronics Boutique Holdings
Corporation(b) 55,730
1,400 Enesco Group, Inc.(b,c) 7,854
3,100 Ethan Allen Interiors, Inc.(c) 93,403
2,170 Fedders Corporation(c) 4,318
5,000 Fleetwood Enterprises, Inc.(b,c) 38,200
3,600 Fossil, Inc.(b) 83,736
3,500 Fred's, Inc.(c) 50,540
4,500 GameStop Corporation(b) 105,030
2,000 Genesco, Inc.(b) 51,460
1,800 Goody's Family Clothing, Inc. 14,850
2,000 Group 1 Automotive, Inc.(b) 50,300
2,300 Guitar Center, Inc.(b) 113,505
2,700 Gymboree Corporation(b) 30,861
600 Haggar Corporation 11,640
1,800 Hancock Fabrics, Inc.(c) 10,656
2,100 Haverty Furniture Companies, Inc. 30,135
2,100 Hibbett Sporting Goods, Inc.(b) 56,637
4,175 Hot Topic, Inc.(b) 83,458
1,900 IHOP Corporation(c) 77,710
4,450 Insight Enterprises, Inc.(b) 80,545
4,100 Interface, Inc.(b) 24,600
1,600 J. Jill Group, Inc.(b) 20,064
3,200 Jack in the Box, Inc.(b) 116,992
2,300 JAKKS Pacific, Inc.(b,c) 43,217
2,010 Jo-Ann Stores, Inc.(b) 50,853
2,300 K-Swiss, Inc. 69,000
4,100 K2, Inc.(b,c) 52,152
2,400 Kellwood Company 61,296
4,600 La-Z-Boy, Inc.(c) 54,464
2,000 Landry's Restaurants, Inc. 52,000
1,300 Libbey, Inc. 22,789
4,000 Linens 'n Things, Inc.(b) 93,320
1,700 Lone Star Steakhouse & Saloon, Inc. 48,195
2,801 M.D.C. Holdings, Inc. 183,129
2,200 Marcus Corporation 42,130
1,300 Meade Instruments Corporation(b) 3,848
2,800 Men's Wearhouse, Inc.(b) 115,556
1,800 Meritage Homes Corporation 113,922
1,300 Midas, Inc.(b,c) 28,106
2,600 Monaco Coach Corporation(c) 36,868
2,200 Movie Gallery, Inc.(c) 59,466
2,500 Multimedia Games, Inc.(b,c) 19,775
600 National Presto Industries, Inc. 23,400
2,600 Nautilus Group, Inc.(c) 64,636
420 NVR, Inc.(b) 301,706
2,000 O'Charley's, Inc.(b) 39,880
1,200 OshKosh B'Gosh, Inc.(c) 31,620
1,400 Oxford Industries, Inc.(c) 51,268
2,300 P.F. Chang's China Bistro, Inc.(b,c) 127,696
2,700 Panera Bread Company(b,c) 135,054
1,200 Papa John's International, Inc.(b,c) 41,136
5,100 Pep Boys - Manny, Moe & Jack(c) 72,318
2,400 Phillips-Van Heusen Corporation 62,112
3,500 Pinnacle Entertainment, Inc.(b) 53,060
3,800 Polaris Industries, Inc.(c) 218,728
5,100 Quiksilver, Inc.(b) 140,505
3,000 RARE Hospitality International, Inc.(b) 83,460
1,200 Russ Berrie and Company, Inc. 15,516
3,100 Russell Corporation 54,281
3,800 Ryan's Restaurant Group, Inc.(b) 48,184
4,675 SCP Pool Corporation 152,312
3,300 Select Comfort Corporation(b,c) 72,996
2,600 ShopKo Stores, Inc.(b) 62,296
3,175 Shuffle Master, Inc.(b,c) 79,978
700 Skyline Corporation 25,270
2,600 Sonic Automotive, Inc. 51,142
5,350 Sonic Corporation(b) 171,414
1,600 Stage Stores, Inc.(b) 60,512
1,000 Standard Motor Products, Inc. 9,080
3,000 Standard Pacific Corporation 214,830
2,500 Steak n Shake Company(b,c) 45,200
2,300 Stein Mart, Inc.(b) 46,598
3,400 Stride Rite Corporation 41,480
2,100 Sturm, Ruger & Company, Inc. 13,860
2,200 Superior Industries International, Inc.(c) 44,726
1,900 TBC Corporation(b,c) 49,704
3,800 The Finish Line, Inc. 68,476
1,100 Thomas Nelson, Inc. 26,378
3,100 Too, Inc.(b) 71,331
2,800 Tractor Supply Company(b) 112,616
4,100 Triarc Companies, Inc.(c) 52,644
2,400 Winnebago Industries, Inc.(c) 69,936
1,900 WMS Industries, Inc.(b,c) 48,260
5,150 Wolverine World Wide, Inc. 104,494
4,500 Zale Corporation(b) 121,635
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Discretionary 6,926,187
=========================================================================================================================
Consumer Staples (2.7%)
- -------------------------------------------------------------------------------------------------------------------------
1,600 American Italian Pasta Company(c) 37,856
4,600 Casey's General Stores, Inc. 77,648
6,700 Corn Products International, Inc. 147,534
3,400 Delta & Pine Land Company 85,680
4,100 DIMON, Inc.(c) 24,395
3,050 Flowers Foods, Inc. 87,962
1,500 Great Atlantic & Pacific Tea Company,
Inc.(b,c) 23,520
2,700 Hain Celestial Group, Inc.(b) 47,925
700 J & J Snack Foods Corporation 34,265
2,400 Lance, Inc. 39,552
2,400 Longs Drug Stores Corporation 87,240
1,100 Nash Finch Company(c) 38,907
1,100 Nature's Sunshine Products, Inc. 16,489
4,900 NBTY, Inc.(b) 104,468
4,200 Performance Food Group Company(b) 112,938
2,600 Ralcorp Holdings, Inc. 103,012
3,200 Rayovac Corporation(b) 116,608
1,100 Sanderson Farms, Inc(c) 39,864
3,200 United Natural Foods, Inc.(b) 85,760
1,500 WD-40 Company 42,060
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Staples 1,353,683
=========================================================================================================================
Energy (5.2%)
- -------------------------------------------------------------------------------------------------------------------------
1,100 Atwood Oceanics, Inc.(b) 62,777
4,300 Cabot Oil & Gas Corporation 126,592
3,400 Cal Dive International, Inc.(b) 151,232
1,200 Carbo Ceramics, Inc.(c) 79,656
3,700 Cimarex Energy Company(b,c) 131,350
700 Dril-Quip, Inc.(b) 20,405
2,400 Frontier Oil Corporation 100,992
1,800 Hydril Company(b) 94,680
5,100 Input/Output, Inc.(b,c) 30,804
2,600 Lone Star Technologies, Inc.(b) 101,244
3,800 Maverick Tube Corporation(b) 110,542
2,400 Oceaneering International, Inc.(b) 78,744
2,000 Offshore Logistics, Inc.(b) 57,940
6,312 Patina Oil & Gas Corporation 242,381
1,600 Penn Virginia Corporation 65,712
1,400 Petroleum Development Corporation(b) 35,840
2,000 Remington Oil and Gas Corporation(b) 58,340
1,600 SEACOR Holdings, Inc.(b) 91,216
3,200 Southwestern Energy Company(b) 188,000
2,400 Spinnaker Exploration Company(b) 76,824
5,100 St. Mary Land & Exploration Company 110,670
2,100 Stone Energy Corporation(b) 94,374
2,500 Swift Energy Company(b) 65,825
2,200 TETRA Technologies, Inc.(b) 59,466
3,300 Unit Corporation(b) 126,588
3,000 Veritas DGC, Inc.(b) 76,800
4,800 Vintage Petroleum, Inc. 138,672
2,600 W-H Energy Services, Inc.(b) 57,252
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 2,634,918
=========================================================================================================================
Financials (12.1%)
- -------------------------------------------------------------------------------------------------------------------------
1,800 Anchor BanCorp Wisconsin, Inc.(c) 47,556
4,100 BankAtlantic Bancorp, Inc. 69,946
2,500 BankUnited Financial Corporation 59,700
2,500 Boston Private Financial Holdings, Inc.(c) 55,850
5,600 Brookline Bancorp, Inc.(c) 84,000
3,500 Capital Automotive REIT 118,930
2,600 Cash America International, Inc. 38,610
4,275 Chittenden Corporation(c) 107,345
3,500 Colonial Properties Trust(c) 135,275
3,600 Commercial Federal Corporation 93,996
4,700 Commercial Net Lease Realty, Inc.(c) 89,206
2,900 Community Bank System, Inc. 64,177
2,900 CRT Properties, Inc. 66,961
2,600 Delphi Financial Group, Inc. 107,952
2,650 Dime Community Bancshares(c) 39,326
1,800 Downey Financial Corporation 116,514
4,700 East West Bancorp, Inc. 150,964
2,300 Entertainment Properties Trust 99,360
2,000 Essex Property Trust, Inc. 151,900
1,600 Financial Federal Corporation 56,480
3,250 First BanCorp 117,845
4,200 First Midwest Bancorp, Inc. 137,172
2,000 First Republic Bank 62,580
1,600 FirstFed Financial Corporation(b) 81,008
3,000 Flagstar Bancorp, Inc.(c) 57,120
5,700 Fremont General Corporation(c) 123,633
2,800 Gables Residential Trust(c) 102,620
3,200 Glenborough Realty Trust, Inc. 65,728
3,700 Gold Banc Corporation, Inc. 51,171
3,200 Hilb, Rogal and Hobbs Company 112,032
4,150 Hudson United Bancorp 142,179
1,900 Infinity Property & Casualty
Corporation(c) 61,655
3,700 Investment Technology Group, Inc.(b) 70,337
1,600 Irwin Financial Corporation(c) 32,112
2,700 Kilroy Realty Corporation 117,801
1,600 LandAmerica Financial Group, Inc.(c) 79,360
4,400 Lexington Corporate Properties Trust(c) 101,112
2,800 MAF Bancorp, Inc. 113,064
2,100 Nara Bancorp, Inc.(c) 28,224
4,150 New Century Financial Corporation(c) 188,618
1,300 Parkway Properties, Inc. 59,280
1,600 Philadelphia Consolidated Holding
Corporation(b) 120,000
1,800 Piper Jaffray Companies(b) 49,770
2,100 Presidential Life Corporation 30,471
1,600 PrivateBancorp, Inc.(c) 50,000
2,600 ProAssurance Corporation(b) 97,526
3,055 Provident Bankshares Corporation 89,450
6,414 Republic Bancorp, Inc. 81,330
1,500 Rewards Network, Inc.(b,c) 7,425
1,900 Riggs National Corporation(c) 37,107
1,900 RLI Corporation 81,510
1,000 SCPIE Holdings, Inc.(b,c) 11,000
2,600 Selective Insurance Group, Inc. 114,790
4,200 Shurgard Storage Centers, Inc. 175,686
6,400 South Financial Group, Inc. 168,896
6,200 Southwest Bancorporation of Texas, Inc. 102,920
1,500 Sovran Self Storage, Inc. 64,125
4,150 Sterling Bancshares, Inc. 55,734
2,080 Sterling Financial Corporation(b) 67,995
1,700 Stewart Information Services Corporation 61,234
4,300 Susquehanna Bancshares, Inc.(c) 90,429
1,393 SWS Group, Inc. 20,338
6,733 TrustCo Bank Corporation NY(c) 74,130
7,900 UCBH Holdings, Inc. 124,267
3,000 UICI 69,660
4,100 Umpqua Holdings Corporation 91,102
3,300 United Bankshares, Inc. 101,046
3,850 Whitney Holding Corporation 174,290
1,900 Wintrust Financial Corporation 87,229
1,694 World Acceptance Corporation(b) 43,112
1,800 Zenith National Insurance Corporation(c) 103,518
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 6,104,789
=========================================================================================================================
Health Care (10.7%)
- -------------------------------------------------------------------------------------------------------------------------
4,375 Accredo Health, Inc.(b,c) 198,188
3,300 Advanced Medical Optics, Inc.(b,c) 122,034
3,600 Alpharma, Inc. 33,984
1,300 Amedisys, Inc.(b,c) 39,013
2,900 American Healthways, Inc.(b,c) 108,315
4,700 American Medical Systems Holdings, Inc.(b) 82,062
4,500 AMERIGROUP Corporation(b) 158,040
2,600 AmSurg Corporation(b) 67,314
1,100 Analogic Corporation(c) 45,881
2,600 ArQule, Inc.(b,c) 13,650
2,100 ArthroCare Corporation(b,c) 61,698
2,100 BioLase Technology, Inc.(c) 13,818
1,500 Biosite, Inc.(b,c) 85,500
1,300 Bradley Pharmaceuticals, Inc.(b,c) 11,622
3,700 Centene Corporation(b) 103,045
2,500 Cerner Corporation(b,c) 145,150
1,100 Chemed Corporation 77,924
2,600 CONMED Corporation(b) 77,272
3,200 Connetics Corporation(b,c) 69,536
3,800 Cooper Companies, Inc. 256,690
1,900 Cross Country Healthcare, Inc.(b) 30,609
2,050 CryoLife, Inc.(b,c) 12,320
1,700 Cyberonics, Inc.(b,c) 64,073
1,100 Datascope Corporation 31,592
3,700 Dendrite International, Inc.(b) 57,054
2,000 Diagnostic Products Corporation 97,000
1,600 DJ Orthopedics, Inc.(b) 40,240
2,422 Enzo Biochem, Inc.(b,c) 32,988
2,200 Gentiva Health Services, Inc.(b) 43,076
2,300 Haemonetics Corporation(b) 98,371
1,800 Hologic, Inc.(b) 64,044
5,900 Hooper Holmes, Inc. 21,594
1,200 ICU Medical, Inc.(b,c) 42,516
3,000 IDEXX Laboratories, Inc.(b) 170,220
3,975 Immucor, Inc.(b) 118,614
1,800 Integra LifeSciences Holdings
Corporation(b,c) 63,774
2,284 Intermagnetics General Corporation(b) 56,095
2,800 Invacare Corporation 114,688
1,200 Kensey Nash Corporation(b,c) 32,976
1,500 LabOne, Inc.(b) 52,620
1,400 LCA-Vision, Inc. 54,866
4,800 Medicis Pharmaceutical Corporation 134,880
2,600 Mentor Corporation(c) 95,420
2,300 Merit Medical Systems, Inc.(b) 29,095
6,400 MGI Pharma, Inc.(b) 141,120
3,200 NDCHealth Corporation(b) 48,864
2,100 Noven Pharmaceuticals, Inc.(b) 34,923
3,800 OCA, Inc.(b,c) 15,428
3,050 Odyssey Healthcare, Inc.(b,c) 34,862
1,600 Osteotech, Inc.(b) 4,128
3,500 Owens & Minor, Inc. 101,535
2,300 PAREXEL International Corporation(b) 41,929
2,000 Pediatrix Medical Group, Inc.(b) 136,180
4,300 Pharmaceutical Product Development,
Inc.(b) 195,134
2,400 PolyMedica Corporation 74,376
1,600 Possis Medical, Inc.(b,c) 14,176
2,500 Priority Healthcare Corporation(b) 56,950
3,600 Regeneron Pharmaceuticals, Inc.(b,c) 20,016
1,500 RehabCare Group, Inc.(b) 45,030
3,000 ResMed, Inc.(b) 186,300
3,100 Respironics, Inc.(b) 195,889
5,500 Savient Pharmaceuticals, Inc.(b,c) 15,180
1,400 SFBC International, Inc.(b,c) 43,680
2,300 Sierra Health Services, Inc.(b,c) 148,787
1,500 Sunrise Senior Living, Inc.(b,c) 76,860
1,300 SurModics, Inc.(b,c) 46,891
3,500 Sybron Dental Specialties, Inc.(b) 130,375
2,700 Theragenics Corporation(b) 9,477
2,500 United Surgical Partners International,
Inc.(b) 110,625
2,400 Viasys Healthcare, Inc.(b) 50,976
600 Vital Signs, Inc. 24,480
2,000 Wilson Greatbatch Technologies, Inc.(b) 38,360
- -------------------------------------------------------------------------------------------------------------------------
Total Health Care 5,371,992
=========================================================================================================================
Industrials (14.8%)
- -------------------------------------------------------------------------------------------------------------------------
1,800 A.O. Smith Corporation(c) 51,300
2,800 AAR Corporation(b,c) 41,244
3,500 ABM Industries, Inc. 63,595
3,800 Acuity Brands, Inc. 90,858
1,900 Administaff, Inc. 25,973
2,800 Albany International Corporation 87,808
900 Angelica Corporation 24,282
2,500 Apogee Enterprises, Inc. 32,200
2,250 Applied Industrial Technologies, Inc. 62,775
1,100 Applied Signal Technology, Inc.(c) 21,461
2,000 Arkansas Best Corporation 63,060
3,000 Armor Holdings, Inc.(b) 105,030
3,500 Artesyn Technologies, Inc.(b,c) 24,675
1,600 Astec Industries, Inc.(b) 37,280
2,500 Baldor Electric Company 62,250
1,700 Barnes Group, Inc. 48,875
3,100 Bowne & Company, Inc. 40,362
3,500 Brady Corporation 103,775
4,600 Briggs & Stratton Corporation 148,902
2,300 C&D Technologies, Inc. 16,169
1,100 CDI Corporation 24,321
2,400 Central Parking Corporation 39,240
2,150 Ceradyne, Inc.(b) 42,699
2,400 CLARCOR, Inc. 121,464
2,200 Coinstar, Inc.(b,c) 37,708
1,200 Consolidated Graphics, Inc.(b) 55,080
800 CPI Corporation 13,144
1,500 Cubic Corporation(c) 26,385
1,500 CUNO, Inc.(b) 76,080
1,900 Curtiss-Wright Corporation 102,980
2,400 DRS Technologies, Inc.(b) 106,200
1,400 EDO Corporation 41,762
3,600 EGL, Inc.(b) 70,236
1,500 ElkCorp 41,250
1,400 EMCOR Group, Inc.(b) 62,552
3,488 Engineered Support Systems, Inc. 123,178
2,300 Esterline Technologies Corporation(b) 74,336
2,900 Forward Air Corporation 69,774
3,200 Frontier Airlines, Inc.(b,c) 31,072
1,800 G & K Services, Inc. 69,084
2,100 Gardner Denver, Inc.(b) 76,734
4,200 GenCorp, Inc.(c) 79,842
2,220 Griffon Corporation(b,c) 42,602
1,300 Healthcare Services Group, Inc(b) 32,825
4,201 Heartland Express, Inc. 77,887
1,700 Heidrick & Struggles International,
Inc.(b,c) 43,962
5,900 Hughes Supply, Inc. 153,990
4,550 IDEX Corporation 169,488
1,600 Imagistics International, Inc.(b) 42,960
2,400 Insituform Technologies, Inc.(b) 35,784
900 Insurance Auto Auctions, Inc.(b) 25,380
4,500 JLG Industries, Inc. 91,710
2,500 John H. Harland Company 90,000
2,100 Kaman Corporation(c) 27,048
7,300 Kansas City Southern, Inc.(b,c) 138,116
2,700 Kaydon Corporation 74,088
2,000 Kirby Corporation(b) 81,480
3,350 Knight Transportation, Inc. 70,786
3,800 Labor Ready, Inc.(b) 63,422
5,400 Landstar System, Inc.(b) 165,510
600 Lawson Products, Inc. 23,118
4,300 Lennox International, Inc. 84,065
1,200 Lindsay Manufacturing Company 22,392
1,500 Lydall, Inc.(b) 13,410
2,700 MagneTek, Inc.(b) 9,774
2,600 Manitowoc Company, Inc. 104,000
1,800 Mercury Computer Systems, Inc.(b) 47,394
2,800 Mesa Air Group, Inc.(b,c) 14,924
3,530 Milacron, Inc.(b,c) 7,413
1,300 Mobile Mini, Inc.(b,c) 45,578
3,025 Moog, Inc.(b) 90,175
3,200 Mueller Industries, Inc. 82,880
2,800 NCO Group, Inc.(b) 52,164
2,300 On Assignment, Inc.(b) 9,890
3,200 Oshkosh Truck Corporation 240,480
1,100 Pre-Paid Legal Services, Inc.(c) 39,281
2,100 PRG-Schultz International, Inc.(b,c) 10,017
2,700 Regal-Beloit Corporation 71,415
1,100 Robbins & Myers, Inc.(c) 23,980
3,700 Roper Industries, Inc. 250,379
2,100 School Specialty, Inc.(b) 77,931
7,000 Shaw Group, Inc.(b) 126,490
3,200 Simpson Manufacturing Company, Inc. 86,400
5,100 SkyWest, Inc. 92,208
1,500 SOURCECORP, Inc.(b) 26,775
5,400 Spherion Corporation(b) 30,294
2,300 Standard Register Company 28,681
1,100 Standex International Corporation 28,820
2,600 Stewart & Stevenson Services, Inc. 62,400
2,900 Teledyne Technologies, Inc.(b) 88,218
5,000 Tetra Tech, Inc.(b) 52,950
1,100 Thomas Industries, Inc. 43,417
8,100 Timken Company 201,204
3,800 Toro Company 157,016
2,500 Tredegar Corporation 40,650
1,500 Triumph Group, Inc.(b) 46,695
3,000 United Stationers, Inc.(b) 126,540
1,600 Universal Forest Products, Inc. 60,896
3,000 URS Corporation(b) 92,250
2,500 USF Corporation(c) 106,575
1,500 Valmont Industries, Inc. 34,890
900 Vertrue, Inc.(b,c) 27,369
2,000 Viad Corporation 51,500
1,800 Vicor Corporation(c) 21,240
900 Volt Information Sciences, Inc.(b) 17,802
2,700 Wabash National Corporation 68,850
4,250 Waste Connections, Inc.(b) 149,685
2,100 Watsco, Inc. 91,119
3,000 Watson Wyatt & Company Holdings 79,200
2,300 Watts Water Technologies, Inc. 71,875
1,400 Wolverine Tube, Inc.(b) 9,100
900 Woodward Governor Company 63,504
- -------------------------------------------------------------------------------------------------------------------------
Total Industrials 7,469,306
=========================================================================================================================
Information Technology (12.2%)
- -------------------------------------------------------------------------------------------------------------------------
2,300 Actel Corporation(b) 32,269
10,000 Adaptec, Inc.(b) 36,600
2,000 Advanced Energy Industries, Inc.(b,c) 21,160
6,600 Aeroflex, Inc.(b) 52,338
2,500 Agilysys, Inc.(c) 33,050
2,200 Alliance Semiconductor Corporation(b) 3,476
1,700 Altiris, Inc.(b) 27,693
2,800 Anixter International, Inc.(b) 103,376
2,800 ANSYS, Inc.(b) 85,232
3,300 ATMI, Inc.(b) 75,620
1,700 Audiovox Corporation(b) 23,222
3,000 Avid Technology, Inc.(b) 148,530
8,900 Axcelis Technologies, Inc.(b) 55,269
1,100 BEI Technologies, Inc. 25,300
1,100 Bel Fuse, Inc.(c) 29,535
4,125 Belden CDT, Inc. 75,652
2,700 Bell Microproducts, Inc.(b,c) 21,600
3,700 Benchmark Electronics, Inc.(b) 100,048
1,600 Black Box Corporation 52,032
4,000 Brooks Automation, Inc.(b) 51,440
1,200 Brooktrout, Inc.(b) 11,808
4,200 C-COR, Inc.(b,c) 27,762
2,600 CACI International, Inc.(b) 161,512
2,900 Captaris, Inc.(b) 10,614
2,100 Carreker Corporation(b) 9,492
800 Catapult Communications Corporation(b) 11,824
3,500 Checkpoint Systems, Inc.(b) 55,405
4,800 CIBER, Inc.(b) 37,344
3,700 Cognex Corporation 80,808
2,700 Coherent, Inc.(b) 86,616
2,000 Cohu, Inc. 35,700
1,600 Concord Communications, Inc.(b,c) 26,320
3,300 CTS Corporation(c) 34,815
3,300 Cymer, Inc.(b,c) 81,807
1,500 Daktronics, Inc.(b) 30,540
2,100 Digi International, Inc.(b) 22,365
3,200 Digital Insight Corporation(b) 64,224
1,600 Dionex Corporation(b) 68,720
2,900 Ditech Communications Corporation(b,c) 32,799
2,500 DSP Group, Inc.(b) 60,250
4,300 eFunds Corporation(b) 93,998
2,500 Electro Scientific Industries, Inc.(b) 41,325
1,300 EPIQ Systems, Inc.(b,c) 19,721
2,900 ESS Technology, Inc.(b,c) 11,136
3,800 Exar Corporation(b) 48,222
2,600 FactSet Research Systems, Inc.(c) 72,176
2,200 FEI Company(b,c) 39,666
3,700 FileNet Corporation(b) 98,050
2,200 FindWhat.com(b,c) 18,524
6,200 FLIR Systems, Inc.(b) 164,920
2,000 Gerber Scientific, Inc.(b) 14,160
2,100 Global Imaging Systems, Inc.(b) 72,849
2,840 Global Payments, Inc.(c) 183,918
6,400 Harmonic, Inc.(b,c) 35,264
2,300 Helix Technology Corporation(c) 27,704
2,200 Hutchinson Technology, Inc.(b,c) 81,488
3,500 Hyperion Solutions Corporation(b) 142,345
1,800 Inter-Tel, Inc. 34,272
3,600 Internet Security Systems, Inc.(b) 70,020
1,544 Intrado, Inc.(b,c) 19,470
900 iPayment Holdings, Inc.(b) 32,751
1,900 Itron, Inc.(b) 68,533
1,700 J2 Global Communication, Inc.(b,c) 60,724
2,600 JDA Software Group, Inc.(b) 26,624
1,300 Keithley Instruments, Inc.(c) 18,057
6,300 Kopin Corporation(b) 19,341
2,850 Kronos, Inc.(b) 111,292
4,600 Kulicke and Soffa Industries, Inc.(b,c) 23,506
1,900 Littelfuse, Inc.(b) 51,186
2,600 Manhattan Associates, Inc.(b) 49,088
1,600 ManTech International Corporation(b,c) 38,480
1,900 MapInfo Corporation(b) 21,527
1,700 MAXIMUS, Inc. 52,190
3,300 Methode Electronics, Inc. 37,191
3,300 MICROS Systems, Inc.(b) 130,845
5,400 Microsemi Corporation(b) 91,368
1,900 MRO Software, Inc.(b) 24,301
1,700 MTS Systems Corporation 49,232
3,800 Napster, Inc.(b,c) 21,736
2,000 NETGEAR, Inc.(b,c) 32,260
2,400 Network Equipment Technologies, Inc.(b) 12,360
2,800 NYFIX, Inc.(b,c) 14,812
1,800 Park Electrochemical Corporation 39,870
3,200 Paxar Corporation(b) 57,344
1,700 PC TEL, Inc.(b,c) 12,308
1,700 Pegasus Solutions, Inc.(b,c) 18,173
2,400 Pericom Semiconductor Corporation(b) 20,112
2,300 Phoenix Technologies, Ltd.(b) 18,607
1,500 Photon Dynamics, Inc(b,c) 29,025
2,900 Photronics, Inc.(b) 46,110
6,200 Pinnacle Systems, Inc.(b) 30,876
1,400 Planar Systems, Inc.(b,c) 10,794
2,700 Power Integrations, Inc.(b) 58,725
3,200 Progress Software Corporation(b) 85,376
2,000 Radiant Systems, Inc.(b) 17,200
1,700 RadiSys Corporation(b,c) 23,800
1,500 Rogers Corporation(b) 51,810
1,300 Rudolph Technologies, Inc.(b) 16,770
1,400 SBS Technologies, Inc.(b,c) 13,174
1,100 ScanSource, Inc.(b,c) 50,875
2,400 SERENA Software, Inc.(b,c) 45,672
14,000 Skyworks Solutions, Inc.(b) 73,360
1,900 Sonic Solutions, Inc.(b,c) 27,911
1,500 SPSS, Inc.(b) 24,135
1,700 Standard Microsystems Corporation(b) 24,055
1,100 StarTek, Inc.(c) 16,005
1,300 Supertex, Inc.(b,c) 18,538
4,050 Symmetricom, Inc.(b) 41,715
2,300 Synaptics, Inc.(b) 41,699
6,150 Take-Two Interactive Software, Inc.(b) 144,710
1,800 TALX Corporation 44,496
3,600 Technitrol, Inc. 46,728
3,500 THQ, Inc.(b,c) 88,270
1,300 Tollgrade Communications, Inc.(b) 9,178
4,650 Trimble Navigation, Ltd.(b) 160,053
2,100 Ultratech, Inc.(b) 33,432
3,200 Varian Semiconductor Equipment Associates, Inc. 119,328
2,300 Veeco Instruments, Inc.(b,c) 30,613
3,300 Verity, Inc.(b) 27,060
1,900 ViaSat, Inc.(b) 33,839
2,800 WebEx Communications, Inc.(b,c) 61,096
2,100 Websense, Inc.(b) 111,405
1,700 X-Rite, Inc. 17,629
2,500 Zix Corporation(b,c) 6,875
- -------------------------------------------------------------------------------------------------------------------------
Total Information Technology 6,129,550
=========================================================================================================================
Materials (5.1%)
- -------------------------------------------------------------------------------------------------------------------------
2,800 A. Schulman, Inc. 46,760
1,000 A.M. Castle & Company(b,c) 11,950
2,196 Aleris International, Inc.(b,d) 47,126
2,100 AMCOL International Corporation 40,131
3,100 AptarGroup, Inc. 149,513
2,300 Arch Chemicals, Inc. 59,294
1,700 Brush Engineered Materials, Inc.(b) 24,327
2,600 Buckeye Technologies, Inc.(b) 20,540
2,300 Cambrex Corporation 43,700
2,700 Caraustar Industries, Inc.(b) 24,138
2,100 Carpenter Technology Corporation 116,130
2,000 Century Aluminum Company(b) 46,600
1,800 Chesapeake Corporation 34,956
1,900 Cleveland-Cliffs, Inc.(c) 110,219
5,200 Commercial Metals Company 132,652
1,200 Deltic Timber Corporation 42,540
2,724 Florida Rock Industries, Inc. 158,210
3,000 Georgia Gulf Corporation 110,730
2,700 H.B. Fuller Company 81,864
3,500 Headwaters, Inc.(b,c) 111,895
2,300 MacDermid, Inc. 69,805
6,800 Massey Energy Company 245,548
1,200 Material Sciences Corporation(b) 14,724
2,898 Myers Industries, Inc. 27,850
1,400 Neenah Paper, Inc.(c) 42,126
2,500 OM Group, Inc.(b) 54,850
3,700 OMNOVA Solutions, Inc.(b) 14,985
900 Penford Corporation(c) 12,960
8,200 PolyOne Corporation(b) 63,304
1,500 Pope & Talbot, Inc. 19,575
1,000 Quaker Chemical Corporation 19,490
2,150 Quanex Corporation 108,489
2,400 Reliance Steel & Aluminum Company 90,552
2,900 Rock-Tenn Company 29,435
1,900 RTI International Metals, Inc.(b) 42,731
2,300 Ryerson Tull, Inc.(c) 24,035
1,400 Schweitzer-Mauduit International, Inc. 40,908
1,100 Steel Technologies, Inc.(c) 21,109
1,900 Texas Industries, Inc. 87,742
4,700 Wausau-Mosinee Paper Corporation 62,369
2,800 Wellman, Inc. 30,128
- -------------------------------------------------------------------------------------------------------------------------
Total Materials 2,535,990
=========================================================================================================================
Telecommunications Services (0.3%)
- -------------------------------------------------------------------------------------------------------------------------
1,600 Boston Communications Group, Inc.(b,c) 8,896
2,000 Commonwealth Telephone Enterprises,
Inc.(b) 92,920
4,300 General Communication, Inc.(b) 36,292
- -------------------------------------------------------------------------------------------------------------------------
Total Telecommunications Services 138,108
=========================================================================================================================
Utilities (3.9%)
- -------------------------------------------------------------------------------------------------------------------------
2,600 ALLETE, Inc. 108,342
1,500 American States Water Company(c) 38,100
7,200 Atmos Energy Corporation 189,360
4,400 Avista Corporation 73,876
1,100 Cascade Natural Gas Corporation(c) 20,603
1,200 Central Vermont Public Service
Corporation(c) 25,332
1,500 CH Energy Group, Inc.(c) 63,975
4,400 Cleco Corporation 89,848
4,300 El Paso Electric Company(b) 83,893
3,200 Energen Corporation 198,240
600 Green Mountain Power Corporation 17,910
1,900 Laclede Group, Inc. 52,003
2,400 New Jersey Resources Corporation 104,064
2,600 Northwest Natural Gas Company(c) 92,300
6,900 Piedmont Natural Gas Company, Inc.(c) 158,355
7,763 Southern Union Company(b) 185,846
3,400 Southwest Gas Corporation 83,198
4,700 UGI Corporation 236,081
1,200 UIL Holdings Corporation 61,608
3,000 UniSource Energy Corporation(c) 93,750
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 1,976,684
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $32,998,028) 40,641,207
=========================================================================================================================
Shares or
Principal
Amount Collateral Held for Securities Loaned
(16.8%) Interest Rate(e) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
8,470,325 Thrivent Financial Securities Lending
Trust 2.900% N/A $8,470,325
$1,580 U.S. Treasury Bonds 7.250 5/15/2016 2,049
578 U.S. Treasury Bonds 8.750 5/15/2020 867
297 U.S. Treasury Bonds 3.625 4/15/2028 472
136 U.S. Treasury Notes 3.625 1/15/2008 175
36 U.S. Treasury Notes 3.625 7/15/2009 36
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $8,473,924) 8,473,924
=========================================================================================================================
Shares Short-Term Investments (2.4%) Interest Rate(e) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
1,226,761 Thrivent Money Market Fund(d) 2.650% N/A $1,226,761
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 1,226,761
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $42,698,713) $50,341,892
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Non-income producing security.
(c) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(d) At April 29, 2005, $54,000 in cash was pledged as the initial margin
deposit for open financial futures contracts. In addition, 2,195 shares in
Aleris International, Inc. common stock valued at $47,104 and $1,226,761
of Short-Term Investments were earmarked as collateral to cover open
financial futures contracts as follows:
Notional
Number of Expiration Principal Unrealized
Type Contracts Date Position Value Amount Loss
- ------------------------------------------------------------------------------------------------------
Russell Mini Futures 21 June 2005 Long $1,219,890 $1,263,038 $43,148
(e) The interest rate shown reflects the yield or the coupon rate.
The accompanying notes to the financial statements are an integral part of
this schedule.
Mid Cap Growth Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (82.5%) Value
- -------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary (16.6%)
- -------------------------------------------------------------------------------------------------------------------------
13,600 Abercrombie & Fitch Company $733,720
30,500 Advance Auto Parts, Inc.(b) 1,627,175
18,600 Aeropostale, Inc.(b) 519,498
30,700 American Eagle Outfitters, Inc. 804,954
38,500 AnnTaylor Stores Corporation(b) 942,865
19,800 Applebee's International, Inc.(c) 490,644
28,000 Autoliv, Inc. 1,239,000
20,960 Bed Bath & Beyond, Inc.(b) 779,922
91,800 Blockbuster, Inc.(c) 908,820
9,400 Boyd Gaming Corporation 496,132
16,000 Brunswick Corporation 672,000
67,700 Cheesecake Factory, Inc.(b,c) 2,077,713
57,500 Chico's FAS, Inc.(b) 1,473,725
91,800 Coach, Inc.(b) 2,460,240
11,600 D.R. Horton, Inc. 353,800
21,600 Dollar General Corporation 439,560
7,000 E.W. Scripps Company 356,510
12,900 EchoStar Communications Corporation 373,455
11,500 Foot Locker, Inc. 306,590
39,800 GameStop Corporation(b,c) 979,478
19,000 Gentex Corporation(c) 616,740
26,100 Getty Images, Inc.(b) 1,867,455
32,200 GTECH Holdings Corporation 787,934
11,800 Harman International Industries, Inc. 927,244
7,900 Harrah's Entertainment, Inc. 518,398
26,500 Harte-Hanks, Inc. 755,250
32,800 Hilton Hotels Corporation 716,024
15,100 IAC/InterActiveCorp(b,c) 328,274
18,600 International Game Technology 500,154
22,300 Kohl's Corporation(b) 1,061,480
18,400 Lamar Advertising Company(b) 687,792
4,500 Lennar Corporation 231,615
10,800 Marriott International, Inc. 677,700
67,250 Marvel Enterprises, Inc.(b,c) 1,318,100
9,800 MGM MIRAGE(b) 684,138
18,300 Michaels Stores, Inc. 607,560
4,900 Mohawk Industries, Inc.(b) 381,269
24,500 Nordstrom, Inc. 1,245,335
3,500 NTL, Inc.(b,c) 223,930
9,400 O'Reilly Automotive, Inc.(b) 482,408
54,400 Office Depot, Inc.(b) 1,065,152
25,600 P.F. Chang's China Bistro, Inc.(b,c) 1,421,312
6,200 Panera Bread Company(b,c) 310,124
16,200 Pennsylvania National Gaming, Inc.(b,c) 510,300
13,900 PETCO Animal Supplies, Inc.(b) 435,070
52,800 PETsMART, Inc. 1,407,120
6,100 Polaris Industries, Inc.(c) 351,116
17,300 Pulte Homes, Inc. 1,236,085
11,000 Ross Stores, Inc. 293,920
40,200 Royal Caribbean Cruises, Ltd.(c) 1,689,204
51,500 Saks, Inc.(b) 877,560
12,900 SCP Pool Corporation(c) 420,282
8,500 Sears Holdings Corporation(b) 1,149,540
38,700 Staples, Inc. 738,009
9,700 Starbucks Corporation(b) 480,344
22,100 Starwood Hotels & Resorts Worldwide, Inc. 1,200,914
41,300 Station Casinos, Inc. 2,665,088
19,000 Target Corporation 881,600
13,700 Tiffany & Company 413,055
5,500 Toll Brothers, Inc.(b) 416,900
26,135 Univision Communications, Inc.(b) 687,089
25,000 Urban Outfitters, Inc.(b) 1,107,500
30,400 Warnaco Group, Inc.(b,c) 682,784
7,800 Weight Watchers International, Inc.(b,c) 325,650
12,300 Westwood One, Inc.(b) 225,090
34,100 Williams-Sonoma, Inc.(b) 1,142,009
11,900 WMS Industries, Inc.(b,c) 302,260
12,100 Wynn Resorts, Ltd.(b,c) 640,574
31,000 XM Satellite Radio Holdings, Inc.(b,c) 859,940
15,400 Yum! Brands, Inc. 723,184
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Discretionary 57,313,376
=========================================================================================================================
Consumer Staples (2.0%)
- -------------------------------------------------------------------------------------------------------------------------
10,400 Alberto-Culver Company 462,800
10,900 Coca-Cola Bottling Company Consolidated(c) 520,148
9,900 Constellation Brands, Inc.(b) 521,829
11,600 Estee Lauder Companies, Inc. 445,556
33,900 Performance Food Group Company(b,c) 911,571
25,900 Ralcorp Holdings, Inc.(c) 1,026,158
19,850 Whole Foods Market, Inc. 1,979,442
14,300 William Wrigley Jr. Company 988,559
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Staples 6,856,063
=========================================================================================================================
Energy (5.7%)
- -------------------------------------------------------------------------------------------------------------------------
4,520 Apache Corporation 254,431
27,320 BJ Services Company 1,331,850
75,100 Chesapeake Energy Corporation 1,444,924
6,200 Cooper Cameron Corporation(b) 340,628
11,700 ENSCO International, Inc. 381,420
20,300 EOG Resources, Inc. 965,265
52,200 Grant Prideco, Inc.(b) 1,157,796
4,000 Kinder Morgan, Inc.(c) 305,840
6,300 Murphy Oil Corporation 561,267
23,500 Nabors Industries, Ltd.(b) 1,265,945
22,300 National Oilwell Varco, Inc.(b) 886,202
19,200 Newfield Exploration Company(b) 1,363,776
11,300 Noble Corporation 575,170
4,600 Noble Energy, Inc.(c) 294,952
65,700 Patterson-UTI Energy, Inc. 1,574,829
10,100 Pioneer Natural Resources Company 410,666
16,900 Premcor, Inc. 1,117,935
33,920 Smith International, Inc. 1,973,466
8,100 Transocean, Inc.(b) 375,597
10,800 Ultra Petroleum Corporation(b,c) 545,184
4,500 Valero Energy Corporation 308,385
6,700 Weatherford International, Ltd.(b) 349,405
19,600 Williams Companies, Inc. 333,592
55,442 XTO Energy, Inc. 1,672,685
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 19,791,210
=========================================================================================================================
Financials (6.1%)
- -------------------------------------------------------------------------------------------------------------------------
10,099 Affiliated Managers Group, Inc.(b,c) 631,490
7,250 Ambac Financial Group, Inc. 484,662
30,000 American Capital Strategies, Ltd.(c) 959,400
65,300 Ameritrade Holding Corporation(b) 684,344
55,850 Apollo Investment Corporation(c) 885,781
10,900 Bear Stearns Companies, Inc. 1,031,794
63,500 CapitalSource, Inc.(b,c) 1,333,500
14,400 CB Richard Ellis Group, Inc.(b) 500,400
5,400 Chicago Mercantile Exchange 1,055,808
9,000 CIT Group, Inc. 362,520
10,100 Commerce Bancorp, Inc.(c) 282,699
36,700 E*TRADE Financial Corporation(b) 407,737
12,700 East West Bancorp, Inc.(c) 407,924
14,000 Eaton Vance Corporation(c) 328,020
7,775 First Financial Bankshares, Inc.(c) 317,998
6,200 First Marblehead Corporation(b,c) 238,886
32,000 Investors Financial Services
Corporation(c) 1,342,400
22,150 Legg Mason, Inc. 1,569,549
24,600 MB Financial, Inc.(c) 894,702
8,500 Moody's Corporation 698,190
14,500 North Fork Bancorporation, Inc. 408,175
4,500 PartnerRe, Ltd. 262,260
25,500 Providian Financial Corporation(b) 425,085
59,800 Sovereign Bancorp, Inc.(c) 1,230,086
7,400 St. Joe Company 514,966
16,200 T. Rowe Price Group, Inc. 893,754
18,800 UCBH Holdings, Inc. 295,724
12,000 Willis Group Holdings, Ltd.(c) 401,400
22,900 Wintrust Financial Corporation(c) 1,051,339
18,500 Zions Bancorporation 1,295,555
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 21,196,148
=========================================================================================================================
Health Care (17.9%)
- -------------------------------------------------------------------------------------------------------------------------
10,400 Aetna, Inc. 763,048
5,000 Allergan, Inc. 351,950
24,300 American Healthways, Inc.(b,c) 907,605
11,100 AMERIGROUP Corporation(b) 389,832
23,800 Amylin Pharmaceuticals, Inc.(b,c) 404,600
32,150 Barr Pharmaceuticals, Inc.(b) 1,667,299
16,500 Bausch & Lomb, Inc. 1,237,500
10,600 Beckman Coulter, Inc. 707,126
6,870 Biogen Idec, Inc.(b) 248,969
23,757 Biomet, Inc. 919,158
22,200 C.R. Bard, Inc. 1,579,974
107,100 Caliper Life Sciences, Inc.(b,c) 620,109
40,594 Caremark Rx, Inc.(b) 1,625,790
26,700 Celgene Corporation(b,c) 1,012,197
7,400 Cephalon, Inc.(b,c) 324,860
7,200 Cerner Corporation(b,c) 418,032
18,000 Charles River Laboratories International,
Inc.(b) 852,660
27,400 Community Health Systems, Inc.(b) 998,730
13,200 Cooper Companies, Inc. 891,660
16,200 Covance, Inc.(b) 739,368
16,650 Coventry Health Care, Inc.(b) 1,139,360
22,700 Cyberonics, Inc.(b,c) 855,563
40,700 Cytyc Corporation(b) 867,317
22,600 Dade Behring Holdings, Inc.(b) 1,393,742
14,950 DaVita, Inc.(b) 602,485
7,500 Dentsply International, Inc. 409,950
21,500 Endo Pharmaceutical Holdings, Inc.(b,c) 426,775
6,300 Express Scripts, Inc.(b) 564,732
32,500 Fisher Scientific International, Inc.(b) 1,929,850
16,100 Gen-Probe, Inc.(b) 808,059
41,300 Genzyme Corporation(b) 2,420,593
76,000 Geron Corporation(b,c) 468,920
52,900 Gilead Sciences, Inc.(b) 1,962,590
58,350 Health Management Associates, Inc. 1,442,996
28,800 Health Net, Inc.(b) 980,064
12,400 Henry Schein, Inc.(b) 465,124
27,500 Hospira, Inc.(b) 922,625
45,300 IMS Health, Inc. 1,086,294
10,400 INAMED Corporation(b,c) 632,736
15,300 Invitrogen Corporation(b) 1,121,031
25,425 IVAX Corporation(b) 480,532
26,300 Kinetic Concepts, Inc.(b) 1,616,135
10,200 Laboratory Corporation of America
Holdings(b) 504,900
8,300 Lincare Holdings, Inc.(b) 354,244
13,100 Manor Care, Inc. 436,885
9,300 Martek Biosciences Corporation(b,c) 355,911
27,100 Medco Health Solutions, Inc.(b) 1,381,287
23,700 Medicis Pharmaceutical Corporation 665,970
51,300 MedImmune, Inc.(b) 1,301,481
17,400 MGI Pharma, Inc.(b,c) 383,670
10,800 Neurocrine Biosciences, Inc.(b,c) 377,568
17,500 Omnicare, Inc. 606,725
6,000 OSI Pharmaceuticals, Inc.(b) 284,010
14,700 PacifiCare Health Systems, Inc.(b) 878,472
19,500 Patterson Companies, Inc.(b,c) 985,725
6,300 Pharmaceutical Product Development,
Inc.(b,c) 285,894
20,400 Protein Design Labs, Inc.(b,c) 364,752
8,400 Quest Diagnostics, Inc. 888,720
35,700 Renal Care Group, Inc.(b) 1,361,955
9,300 ResMed, Inc.(b,c) 577,530
13,600 Sepracor, Inc.(b) 814,912
9,600 Shire Pharmaceuticals Group plc(c) 298,368
22,400 St. Jude Medical, Inc.(b) 874,272
11,500 Taro PharmaceuticalIndustries, Ltd.(b,c) 334,190
8,600 Techne Corporation(b) 359,308
30,400 Tercica, Inc.(b,c) 220,096
35,600 Teva Pharmaceutical Industries, Ltd. 1,112,144
14,900 Thermo Electron Corporation(b) 372,202
11,100 Triad Hospitals, Inc.(b) 568,875
29,400 Trimeris, Inc.(b,c) 292,530
29,200 Varian Medical Systems, Inc.(b) 985,208
21,500 VCA Antech, Inc.(b) 500,520
22,300 Waters Corporation(b) 883,749
35,400 Watson Pharmaceuticals, Inc.(b) 1,062,000
12,903 WellPoint, Inc.(b) 1,648,358
4,800 Zimmer Holdings, Inc.(b) 390,816
- -------------------------------------------------------------------------------------------------------------------------
Total Health Care 61,971,187
=========================================================================================================================
Industrials (10.5%)
- -------------------------------------------------------------------------------------------------------------------------
6,850 Alliant Techsystems, Inc.(b) 473,883
36,400 American Standard Companies, Inc. 1,627,444
13,100 AMETEK, Inc. 496,097
7,241 Apollo Group, Inc.(b) 522,221
21,300 C.H. Robinson Worldwide, Inc. 1,099,080
12,500 Career Education Corporation(b) 393,000
24,600 ChoicePoint, Inc.(b) 970,962
33,000 Cintas Corporation 1,273,470
37,100 Corporate Executive Board Company 2,438,583
4,500 Cummins, Inc.(c) 306,000
11,700 Danaher Corporation 592,371
21,400 DRS Technologies, Inc.(b,c) 946,950
5,900 Dun & Bradstreet Corporation(b) 368,396
48,220 Expeditors International of Washington, Inc. 2,368,084
38,500 Fastenal Company(c) 2,062,060
16,500 GATX Corporation(c) 539,880
10,000 Graco, Inc. 337,700
9,700 Hughes Supply, Inc.(c) 253,170
4,600 Ingersoll-Rand Company 353,602
8,600 ITT Educational Services, Inc.(b) 395,428
9,500 ITT Industries, Inc. 859,370
25,200 Jacobs Engineering Group, Inc.(b) 1,227,492
14,600 JB Hunt Transport Services, Inc. 570,714
56,400 JetBlue Airways Corporation(b,c) 1,130,820
13,500 Joy Global, Inc. 457,245
20,600 L-3 Communications Holdings, Inc. 1,461,982
22,000 Manitowoc Company, Inc.(c) 880,000
23,900 Manpower, Inc. 921,345
42,300 McDermott International, Inc.(b,c) 859,113
33,100 Monster Worldwide, Inc.(b) 761,631
18,400 MSC Industrial Direct Company, Inc. 494,408
6,300 Oshkosh Truck Corporation 473,445
14,900 Pentair, Inc. 592,722
9,000 Precision Castparts Corporation 662,940
25,400 Robert Half International, Inc. 630,428
27,300 Rockwell Automation, Inc. 1,262,079
18,600 Rockwell Collins, Inc. 853,368
14,400 Roper Industries, Inc.(c) 974,448
20,000 Stericycle, Inc.(b) 973,400
37,600 Stewart & Stevenson Services, Inc.(c) 902,400
134 Timco Aviation Services, Inc.(b) 19
19,800 UTI Worldwide, Inc.(c) 1,269,972
4,900 W.W. Grainger, Inc. 270,921
- -------------------------------------------------------------------------------------------------------------------------
Total Industrials 36,308,643
=========================================================================================================================
Information Technology (19.2%)
- -------------------------------------------------------------------------------------------------------------------------
1 Activision, Inc.(b) 10
23,300 Adobe Systems, Inc. 1,385,651
20,900 Advanced Micro Devices, Inc.(b) 297,407
11,300 Affiliated Computer Services, Inc.(b) 538,671
27,600 Akamai Technologies, Inc.(b,c) 325,956
35,900 Alliance Data Systems Corporation(b) 1,450,360
35,300 Altera Corporation(b) 731,769
69,400 Amdocs, Ltd.(b) 1,853,674
15,800 Amphenol Corporation 623,152
39,400 Apple Computer, Inc.(b) 1,420,764
24,600 Ask Jeeves, Inc.(b,c) 668,874
28,300 ATI Technologies, Inc.(b) 418,840
40,700 Autodesk, Inc. 1,295,481
55,100 Avaya, Inc.(b) 478,268
11,500 Avid Technology, Inc.(b) 569,365
28,900 Broadcom Corporation(b) 864,399
9,900 Business Objects SA ADR(b,c) 255,519
6,700 CACI International, Inc.(b,c) 416,204
15,300 CDW Corporation 836,757
17,600 Check Point Software Technologies, Ltd.(b) 368,720
15,100 CheckFree Corporation(b) 553,868
74,800 Citrix Systems, Inc.(b) 1,683,000
28,400 CNET Networks, Inc.(b,c) 281,586
38,276 Cognizant Technology Solutions
Corporation(b) 1,607,975
25,300 Cognos, Inc.(b) 957,352
26,400 Comtech Telecommunications Corporation(b) 926,904
108,100 Comverse Technology, Inc.(b) 2,463,599
13,500 DST Systems, Inc.(b) 612,900
11,100 Electronic Arts, Inc.(b) 592,629
19,200 Equinix, Inc.(b,c) 671,616
48,200 Extreme Networks, Inc.(b) 214,490
8,900 F5 Networks, Inc.(b) 381,009
23,350 Fiserv, Inc.(b) 987,705
23,500 Flextronics International, Ltd.(b) 262,025
19,400 FLIR Systems, Inc.(b,c) 516,040
15,900 Freescale Semiconductor, Inc.(b) 297,648
14,400 Global Payments, Inc.(c) 932,544
4,300 Google, Inc.(b) 946,000
24,600 Harris Corporation 693,720
9,600 Hyperion Solutions Corporation(b,c) 390,432
71,200 Informatica Corporation(b) 550,376
25,000 InfoSpace, Inc.(b,c) 774,750
18,800 Integrated Circuit Systems, Inc.(b) 343,476
10,400 International Rectifier Corporation(b) 442,416
22,600 Intersil Corporation 394,596
40,900 Interwoven, Inc.(b,c) 315,748
9,900 Intuit, Inc.(b) 398,970
15,550 Iron Mountain, Inc.(b) 461,835
66,000 Jabil Circuit, Inc.(b) 1,821,600
52,336 Juniper Networks, Inc.(b) 1,182,270
41,880 KLA-Tencor Corporation 1,634,158
33,100 Lam Research Corporation(b) 849,015
6,100 Lexmark International, Inc.(b) 423,645
21,600 Linear Technology Corporation 771,984
19,900 Macromedia, Inc.(b) 788,239
28,200 Marchex, Inc.(b,c) 476,016
41,100 Marvell Technology Group, Ltd.(b) 1,376,028
34,100 McAfee, Inc.(b) 713,031
27,800 Mercury Interactive Corporation(b) 1,148,974
79,310 Microchip Technology, Inc. 2,258,749
57,000 National Semiconductor Corporation 1,087,560
15,500 NAVTEQ Corporation(b) 564,510
21,900 NCR Corporation(b) 722,700
28,800 Network Appliance, Inc.(b) 766,944
27,530 Novellus Systems, Inc.(b) 645,028
16,100 NVIDIA Corporation(b) 353,234
15,200 Paychex, Inc. 465,120
14,400 Plantronics, Inc. 453,456
35,800 PMC-Sierra, Inc.(b) 288,548
13,900 Polycom, Inc.(b) 212,114
39,500 QLogic Corporation(b) 1,312,980
50,400 RealNetworks, Inc.(b,c) 310,464
84,600 Red Hat, Inc.(b,c) 909,450
4,300 Research in Motion, Ltd.(b) 276,963
16,300 SanDisk Corporation(b) 386,310
12,200 Scientific-Atlanta, Inc. 373,076
11,000 Shanda Interactive Entertainment,
Ltd.(b,c) 353,870
10,000 Silicon Laboratories, Inc.(b,c) 254,000
93,200 Skyworks Solutions, Inc.(b) 488,368
19,960 SunGard Data Systems, Inc.(b) 666,664
26,000 Symantec Corporation(b) 488,280
24,800 Symbol Technologies, Inc. 331,576
34,700 Synopsys, Inc.(b) 570,468
14,300 Tessera Technologies, Inc.(b) 379,808
56,800 TIBCO Software, Inc.(b) 405,552
52,600 Titan Corporation(b) 944,170
76,200 VeriSign, Inc.(b) 2,016,252
21,200 VERITAS Software Corporation(b) 436,508
54,300 Xilinx, Inc. 1,462,842
14,450 Zebra Technologies Corporation(b) 690,132
- -------------------------------------------------------------------------------------------------------------------------
Total Information Technology 66,515,706
=========================================================================================================================
Materials (2.9%)
- -------------------------------------------------------------------------------------------------------------------------
22,600 Arch Coal, Inc.(c) 1,002,084
7,700 Ball Corporation 304,150
32,600 Century Aluminum Company(b,c) 759,580
10,200 Commercial Metals Company(c) 260,202
26,300 CONSOL Energy, Inc. 1,137,212
9,600 FMC Corporation(b) 470,400
32,400 Freeport-McMoRan Copper & Gold, Inc.(c) 1,122,984
51,400 Lyondell Chemical Company 1,289,626
17,800 Martin Marietta Materials, Inc. 978,822
7,400 Minerals Technologies, Inc.(c) 483,368
8,800 Monsanto Company 515,856
4,900 Nucor Corporation 250,390
19,200 Peabody Energy Corporation 840,384
3,300 Phelps Dodge Corporation 283,305
7,400 Praxair, Inc. 346,542
- -------------------------------------------------------------------------------------------------------------------------
Total Materials 10,044,905
=========================================================================================================================
Telecommunications Services (1.5%)
- -------------------------------------------------------------------------------------------------------------------------
35,700 American Tower Corporation(b) 615,111
35,000 Crown Castle International Corporation(b) 564,550
111,600 Nextel Partners, Inc.(b) 2,624,832
22,900 NII Holdings, Inc.(b,c) 1,146,603
6,800 Spectrasite, Inc.(b) 381,684
- -------------------------------------------------------------------------------------------------------------------------
Total Telecommunications Services 5,332,780
=========================================================================================================================
Utilities (0.1%)
- -------------------------------------------------------------------------------------------------------------------------
5,100 Questar Corporation 297,840
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 297,840
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $280,611,640) 285,627,858
=========================================================================================================================
Shares or
Principal
Amount Collateral Held for Securities Loaned
(14.8%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
51,267,517 Thrivent Financial Securities Lending
Trust 2.900% N/A $51,267,517
2 U.S. Treasury Bonds 13.875 5/15/2011 2
14 U.S. Treasury Bonds 11.250 2/15/2015 23
1,227 U.S. Treasury Bonds 9.875 11/15/2015 1,863
29 U.S. Treasury Bonds 9.250 2/15/2016 42
53 U.S. Treasury Bonds 7.250 5/15/2016 68
18 U.S. Treasury Bonds 7.500 11/15/2016 24
964 U.S. Treasury Bonds 8.750 5/15/2017 1,396
2 U.S. Treasury Bonds 8.125 8/15/2019 3
323 U.S. Treasury Bonds 8.750 8/15/2020 480
33 U.S. Treasury Bonds 7.875 2/15/2021 45
72 U.S. Treasury Bonds 8.125 5/15/2021 104
424 U.S. Treasury Bonds 8.000 11/15/2021 608
401 U.S. Treasury Bonds 7.625 11/15/2022 562
447 U.S. Treasury Bonds 6.000 2/15/2026 535
51 U.S. Treasury Bonds 6.625 2/15/2027 66
228 U.S. Treasury Bonds 6.125 11/15/2027 282
2 U.S. Treasury Bonds 5.250 2/15/2029 2
49 U.S. Treasury Bonds 6.250 5/15/2030 62
73 U.S. Treasury Notes 2.000 5/15/2006 72
201 U.S. Treasury Principal Strips Zero Coupon 11/15/2015 127
789 U.S. Treasury Principal Strips Zero Coupon 5/15/2017 462
688 U.S. Treasury Principal Strips Zero Coupon 11/15/2018 372
415 U.S. Treasury Principal Strips Zero Coupon 5/15/2021 196
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $51,274,913) 51,274,913
=========================================================================================================================
Shares Short-Term Investments (2.7%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
9,479,298 Thrivent Money Market Fund 2.650% N/A $9,479,298
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 9,479,298
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $341,365,851) $346,382,069
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Non-income producing security.
(c) All or a portion of the security is on loan as discussed in item 2(L)
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) Miscellaneous footnote: ADR -- American Depository Receipts, which are
certificates for shares of an underlying foreign security's shares held by
an issuing U.S. depository bank.
The accompanying notes to the financial statements are an integral part of
this schedule.
Mid Cap Stock Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (83.2%) Value
- -------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary (11.7%)
- -------------------------------------------------------------------------------------------------------------------------
111,000 Advance Auto Parts, Inc.(b) $5,921,850
161,800 Autoliv, Inc. 7,159,650
136,400 Barnes & Noble, Inc.(b) 4,855,840
115,400 BorgWarner, Inc. 5,276,088
100,100 Boyd Gaming Corporation 5,283,278
80,700 D.R. Horton, Inc. 2,461,350
202,900 Foot Locker, Inc. 5,409,314
119,200 GameStop Corporation(b,c) 2,933,512
337,100 Hilton Hotels Corporation 7,358,893
349,500 K2, Inc.(b,c) 4,445,640
47,400 KB Home 2,701,800
202,800 Marvel Enterprises, Inc.(b,c) 3,974,880
97,600 Men's Wearhouse, Inc.(b,c) 4,027,952
100,800 MGM MIRAGE(b) 7,036,848
124,600 Michaels Stores, Inc. 4,136,720
58,600 Mohawk Industries, Inc.(b) 4,559,666
119,700 Nordstrom, Inc. 6,084,351
129,800 PETsMART, Inc. 3,459,170
93,700 Quiksilver, Inc.(b) 2,581,435
91,700 Ruby Tuesday, Inc.(c) 2,063,250
193,600 Saks, Inc.(b,c) 3,298,944
327,950 Staples, Inc. 6,254,006
279,700 Warnaco Group, Inc.(b,c) 6,282,062
4,200 Washington Post Company 3,629,850
111,900 Yum! Brands, Inc. 5,254,824
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Discretionary 116,451,173
=========================================================================================================================
Consumer Staples (4.0%)
- -------------------------------------------------------------------------------------------------------------------------
167,200 Campbell Soup Company 4,972,528
184,000 Chiquita Brands International, Inc.(c) 4,609,200
142,100 Dean Foods Company(b) 4,882,556
352,800 Del Monte Foods Company(b,c) 3,679,704
99,200 Flowers Foods, Inc.(c) 2,860,928
101,400 Hormel Foods Corporation 3,157,596
48,600 Molson Coors Brewing Company(c) 3,001,050
227,800 Smithfield Foods, Inc.(b) 6,893,228
321,500 Tyson Foods, Inc. 5,430,135
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Staples 39,486,925
=========================================================================================================================
Energy (9.9%)
- -------------------------------------------------------------------------------------------------------------------------
92,100 BJ Services Company 4,489,875
221,200 Chesapeake Energy Corporation 4,255,888
53,300 Cooper Cameron Corporation(b) 2,928,302
145,400 ENSCO International, Inc. 4,740,040
197,600 Grant Prideco, Inc.(b) 4,382,768
259,025 Nabors Industries, Ltd.(b) 13,953,677
166,100 National Oilwell Varco, Inc.(b) 6,600,814
611,500 Patterson-UTI Energy, Inc. 14,657,655
65,600 Precision Drilling Corporation(b) 4,734,352
98,900 Rowan Companies, Inc. 2,623,817
159,100 Smith International, Inc. 9,256,438
80,900 Transocean, Inc.(b) 3,751,333
283,700 Ultra Petroleum Corporation(b,c) 14,321,176
36,000 Valero Energy Corporation 2,467,080
115,700 Weatherford International, Ltd.(b) 6,033,755
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 99,196,970
=========================================================================================================================
Financials (14.4%)
- -------------------------------------------------------------------------------------------------------------------------
114,900 A.G. Edwards, Inc. 4,562,679
95,950 Affiliated Managers Group, Inc.(b,c) 5,999,754
120,800 American Capital Strategies, Ltd.(c) 3,863,184
39,200 Bear Stearns Companies, Inc. 3,710,672
76,800 City National Corporation 5,414,400
224,500 Colonial BancGroup, Inc.(c) 4,952,470
75,400 Everest Re Group, Ltd. 6,197,880
57,482 Fidelity National Financial, Inc. 1,845,747
52,500 First Horizon National Corporation(c) 2,180,325
154,000 General Growth Properties, Inc. 6,022,940
402,000 HCC Insurance Holdings, Inc.(c) 14,299,140
89,100 Hibernia Corporation 2,782,593
84,200 Home Properties, Inc. 3,523,770
537,400 HRPT Properties Trust 6,314,450
62,300 Investors Financial Services
Corporation(c) 2,613,485
385,800 Knight Trading Group, Inc.(b,c) 3,252,294
45,200 Legg Mason, Inc. 3,202,872
94,700 Mercantile Bankshares Corporation(c) 4,811,707
215,600 New York Community Bancorp, Inc.(c) 3,816,120
139,950 North Fork Bancorporation, Inc. 3,939,592
112,700 Ohio Casualty Corporation(b,c) 2,642,815
178,300 PartnerRe, Ltd. 10,391,324
57,400 PMI Group, Inc. 2,018,184
62,500 ProLogis Trust 2,474,375
231,400 Sovereign Bancorp, Inc.(c) 4,759,898
216,500 TCF Financial Corporation(c) 5,475,285
154,676 TD Banknorth, Inc.(b) 4,764,021
369,600 Trizec Properties, Inc. 7,388,304
58,000 Wintrust Financial Corporation(c) 2,662,780
67,800 XL Capital, Ltd. 4,766,340
61,600 Zenith National Insurance Corporation 3,542,616
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 144,192,016
=========================================================================================================================
Health Care (11.6%)
- -------------------------------------------------------------------------------------------------------------------------
126,700 Beckman Coulter, Inc.(c) 8,452,157
72,700 C.R. Bard, Inc. 5,174,059
53,900 Coventry Health Care, Inc.(b) 3,688,377
46,900 Dentsply International, Inc. 2,563,554
95,300 Gen-Probe, Inc.(b) 4,783,107
203,300 Henry Schein, Inc.(b) 7,625,783
75,700 Humana, Inc.(b) 2,623,005
295,800 Incyte Corporation(b,c) 1,934,532
86,100 Invitrogen Corporation(b) 6,308,547
493,093 IVAX Corporation(b) 9,319,458
40,300 Kinetic Concepts, Inc.(b) 2,476,435
128,200 LifePoint Hospitals, Inc.(b,c) 5,698,490
71,300 Martek Biosciences Corporation(b,c) 2,728,651
159,400 Medco Health Solutions, Inc.(b) 8,124,618
123,300 Omnicare, Inc. 4,274,811
140,300 PacifiCare Health Systems, Inc.(b) 8,384,328
165,100 Par Pharmaceutical Companies, Inc.(b,c) 4,957,953
61,100 Quest Diagnostics, Inc. 6,464,380
70,000 United Surgical Partners International,
Inc.(b,c) 3,097,500
47,200 Universal Health Services, Inc. 2,678,128
96,000 Valeant PharmaceuticalsInternational(c) 1,992,000
71,200 Varian Medical Systems, Inc.(b) 2,402,288
95,900 Varian, Inc.(b) 3,181,003
237,900 Vertex Pharmaceuticals, Inc.(b,c) 2,269,566
76,800 Watson Pharmaceuticals, Inc.(b) 2,304,000
302,500 WebMD Corporation(b,c) 2,873,750
- -------------------------------------------------------------------------------------------------------------------------
Total Health Care 116,380,480
=========================================================================================================================
Industrials (9.4%)
- -------------------------------------------------------------------------------------------------------------------------
160,900 Adesa, Inc. 3,892,171
85,800 Burlington Northern Santa Fe Corporation 4,139,850
65,000 C.H. Robinson Worldwide, Inc. 3,354,000
99,400 Canadian National Railway Company 5,686,674
85,000 CNF, Inc.(c) 3,633,750
61,200 Eaton Corporation 3,592,440
112,400 Expeditors International of Washington,
Inc. 5,519,964
132,200 Fastenal Company(c) 7,080,632
215,300 IDEX Corporation 8,019,925
46,400 Ingersoll-Rand Company 3,566,768
181,800 Jacobs Engineering Group, Inc.(b) 8,855,478
79,700 JB Hunt Transport Services, Inc. 3,115,473
243,900 Manitowoc Company, Inc.(c) 9,756,000
66,500 Manpower, Inc. 2,563,575
122,900 Oshkosh Truck Corporation 9,235,935
135,900 Pentair, Inc. 5,406,102
100,500 Roper Industries, Inc.(c) 6,800,835
- -------------------------------------------------------------------------------------------------------------------------
Total Industrials 94,219,572
=========================================================================================================================
Information Technology (12.6%)
- -------------------------------------------------------------------------------------------------------------------------
107,800 Acxiom Corporation(c) 2,048,200
194,400 ADTRAN, Inc.(c) 4,029,912
128,600 Amphenol Corporation(c) 5,071,984
67,900 Analog Devices, Inc. 2,316,069
256,000 Avaya, Inc.(b) 2,222,080
318,600 BEA Systems, Inc.(b) 2,198,340
75,300 Cabot Microelectronics Corporation(b,c) 2,167,887
77,800 CDW Corporation 4,254,882
142,500 Check Point Software Technologies, Ltd.(b) 2,985,375
85,700 CheckFree Corporation(b) 3,143,476
88,200 Cognos, Inc.(b) 3,337,488
104,000 Comverse Technology, Inc.(b) 2,370,160
328,400 Convergys Corporation(b) 4,256,064
52,000 Diebold, Inc. 2,515,240
69,300 DST Systems, Inc.(b) 3,146,220
322,900 EarthLink, Inc.(b,c) 2,964,222
62,200 Electronic Arts, Inc.(b) 3,320,858
238,500 Electronic Data Systems Corporation 4,614,975
43,200 F5 Networks, Inc.(b) 1,849,392
133,800 Harris Corporation 3,773,160
88,000 International Rectifier Corporation(b) 3,743,520
173,800 Intersil Corporation 3,034,548
137,900 Lam Research Corporation(b) 3,537,135
59,500 Lexmark International, Inc.(b) 4,132,275
82,200 Microchip Technology, Inc. 2,341,056
848,200 Novell, Inc.(b,c) 5,012,862
650,000 ON Semiconductor Corporation(b,c) 2,236,000
98,500 QLogic Corporation(b,c) 3,274,140
150,000 SanDisk Corporation(b,c) 3,555,000
174,400 Scientific-Atlanta, Inc. 5,333,152
128,400 Seagate Technology(b) 2,257,272
133,600 Sybase, Inc.(b) 2,529,048
131,900 Synopsys, Inc.(b) 2,168,436
215,500 Titan Corporation(b) 3,868,225
187,100 UTStarcom, Inc.(b,c) 1,779,321
220,400 Vishay Intertechnology, Inc.(b,c) 2,356,076
745,400 Vitesse Semiconductor Corporation(b,c) 1,550,432
783,500 Wind River Systems, Inc.(b,c) 10,169,830
- -------------------------------------------------------------------------------------------------------------------------
Total Information Technology 125,464,312
=========================================================================================================================
Materials (5.1%)
- -------------------------------------------------------------------------------------------------------------------------
222,100 Airgas, Inc.(c) 4,868,432
193,080 Century Aluminum Company(b,c) 4,498,764
216,600 CONSOL Energy, Inc.(c) 9,365,784
150,500 Freeport-McMoRan Copper & Gold, Inc.(c) 5,216,330
81,200 Georgia-Pacific Corporation 2,782,724
146,000 Lubrizol Corporation 5,660,420
179,000 Lyondell Chemical Company 4,491,110
99,700 Newmont Mining Corporation 3,785,609
230,600 Peabody Energy Corporation 10,093,362
- -------------------------------------------------------------------------------------------------------------------------
Total Materials 50,762,535
=========================================================================================================================
Telecommunications Services (0.6%)
- -------------------------------------------------------------------------------------------------------------------------
865,000 Cincinnati Bell, Inc.(b) 3,460,000
58,600 NII Holdings, Inc.(b) 2,934,102
- -------------------------------------------------------------------------------------------------------------------------
Total Telecommunications Services 6,394,102
=========================================================================================================================
Utilities (3.9%)
- -------------------------------------------------------------------------------------------------------------------------
152,300 MDU Resources Group, Inc. 4,116,669
131,400 Pepco Holdings, Inc. 2,847,438
97,800 Piedmont Natural Gas Company, Inc. 2,244,510
189,200 Questar Corporation 11,049,280
176,000 SCANA Corporation 6,835,840
146,600 Sempra Energy 5,919,708
260,510 Southern Union Company(b,c) 6,236,609
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 39,250,054
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $757,203,845) 831,798,139
=========================================================================================================================
Shares Collateral Held for Securities Loaned
(12.4%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
123,664,645 Thrivent Financial Securities Lending
Trust 2.900% N/A $123,664,645
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $123,664,645) 123,664,645
=========================================================================================================================
Shares or
Principal
Amount Short-Term Investments (4.4%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
$17,555,000 BP Capital Markets plc 2.940% 5/2/2005 $17,552,142
26,744,329 Thrivent Money Market Fund 2.650 N/A 26,744,329
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 44,296,471
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $925,164,961) $999,759,255
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Non-income producing security.
(c) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(d) The interest rate shown reflects the yieldor, for securities purchased
at a discount, the discount rate at the date of purchase.
The accompanying notes to the financial statements are an integral part of
this schedule.
Mid Cap Index Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (87.0%) Value
- -------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary (15.4%)
- -------------------------------------------------------------------------------------------------------------------------
2,800 99 Cents Only Stores(b,c) $31,024
4,970 Abercrombie & Fitch Company 268,132
4,200 Advance Auto Parts, Inc.(b) 224,070
3,100 Aeropostale, Inc.(b) 86,583
6,600 American Eagle Outfitters, Inc. 173,052
4,000 American Greetings Corporation(c) 90,600
4,000 AnnTaylor Stores Corporation(b) 97,960
4,750 Applebee's International, Inc. 117,705
4,117 ArvinMeritor, Inc. 48,910
680 Bandag, Inc.(c) 29,539
3,160 Barnes & Noble, Inc.(b) 112,496
5,710 Belo Corporation 133,785
1,710 Blyth, Inc.(c) 46,871
2,210 Bob Evans Farms, Inc.(c) 45,084
4,260 Borders Group, Inc. 103,049
3,140 BorgWarner, Inc. 143,561
2,500 Boyd Gaming Corporation 131,950
4,975 Brinker International, Inc.(b) 168,155
17,980 Caesars Entertainment, Inc.(b) 358,701
3,750 Callaway Golf Company(c) 40,425
5,900 CarMax, Inc.(b,c) 160,952
2,700 Catalina Marketing Corporation(c) 62,775
2,800 CBRL Group, Inc. 107,884
4,500 Cheesecake Factory, Inc.(b) 138,105
10,200 Chico's FAS, Inc.(b) 261,426
5,660 Claire's Stores, Inc. 123,501
15,500 D.R. Horton, Inc. 472,747
6,470 Dollar Tree Stores, Inc.(b) 158,450
2,700 Emmis Communications Corporation(b,c) 41,661
2,400 Entercom Communications Corporation(b) 77,352
8,900 Foot Locker, Inc. 237,274
3,120 Furniture Brands International, Inc.(c) 60,466
4,400 Gentex Corporation(c) 142,824
6,600 GTECH Holdings Corporation 161,502
3,400 Harman International Industries, Inc. 267,172
3,520 Harte-Hanks, Inc. 100,320
2,000 Hovnanian Enterprises, Inc.(b) 101,540
2,150 International Speedway Corporation 114,380
3,500 Krispy Kreme Doughnuts, Inc.(b,c) 20,720
3,760 Lear Corporation 127,426
2,770 Lee Enterprises, Inc. 114,983
7,600 Lennar Corporation 391,172
1,510 Media General, Inc. 92,533
7,700 Michaels Stores, Inc. 255,640
1,850 Modine Manufacturing Company 50,098
2,960 Mohawk Industries, Inc.(b) 230,318
2,710 Neiman Marcus Group, Inc.(c) 266,447
2,800 O'Reilly Automotive, Inc.(b) 143,696
3,560 Outback Steakhouse, Inc. 143,824
4,200 Pacific Sunwear of California, Inc.(b) 94,962
3,870 Payless ShoeSource, Inc.(b,c) 52,864
8,300 PETsMART, Inc. 221,195
5,000 Pier 1 Imports, Inc.(c) 72,600
5,790 Reader's Digest Association, Inc. 98,430
2,500 Regis Corporation(c) 89,325
3,700 Rent-A-Center, Inc.(b) 88,948
8,400 Ross Stores, Inc. 224,448
3,700 Ruby Tuesday, Inc.(c) 83,250
2,700 Ryland Group, Inc. 165,780
8,010 Saks, Inc.(b) 136,490
2,080 Scholastic Corporation(b) 72,488
2,100 Thor Industries, Inc. 56,595
1,600 Timberland Company(b) 110,480
2,700 Toll Brothers, Inc.(b) 204,660
3,100 Tupperware Corporation(c) 65,410
2,700 Urban Outfitters, Inc.(b) 119,610
2,860 Valassis Communications, Inc.(b) 100,815
240 Washington Post Company 207,420
4,550 Westwood One, Inc.(b) 83,265
6,660 Williams-Sonoma, Inc.(b) 223,043
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Discretionary 9,650,918
=========================================================================================================================
Consumer Staples (3.9%)
- -------------------------------------------------------------------------------------------------------------------------
3,920 BJ's Wholesale Club, Inc.(b) 104,468
3,680 Church & Dwight Company, Inc. 132,554
5,500 Constellation Brands, Inc.(b) 289,905
8,513 Dean Foods Company(b) 292,507
4,050 Energizer Holdings, Inc.(b) 230,728
4,100 Hormel Foods Corporation 127,674
3,388 J.M. Smucker Company 168,113
1,530 Lancaster Colony Corporation 63,587
4,160 PepsiAmericas, Inc. 102,710
2,590 Ruddick Corporation 58,171
5,000 Smithfield Foods, Inc.(b) 151,300
1,961 Tootsie Roll Industries, Inc. 60,565
14,322 Tyson Foods, Inc. 241,899
1,540 Universal Corporation 70,301
3,600 Whole Foods Market, Inc. 358,992
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Staples 2,453,474
=========================================================================================================================
Energy (6.3%)
- -------------------------------------------------------------------------------------------------------------------------
3,100 Cooper Cameron Corporation(b) 170,314
8,670 ENSCO International, Inc. 282,642
4,000 FMC Technologies, Inc.(b) 121,320
2,900 Forest Oil Corporation(b,c) 111,737
7,020 Grant Prideco, Inc.(b) 155,704
4,490 Hanover Compressor Company(b,c) 46,561
2,920 Helmerich & Payne, Inc. 112,245
4,660 Murphy Oil Corporation 415,159
3,600 Newfield Exploration Company(b) 255,708
3,370 Noble Energy, Inc.(c) 216,084
1,690 Overseas Shipholding Group, Inc. 95,367
9,600 Patterson-UTI Energy, Inc. 230,112
8,250 Pioneer Natural Resources Company 335,445
4,400 Plains Exploration & Production Company(b) 141,592
3,600 Pogo Producing Company 162,036
6,600 Pride International, Inc.(b) 147,180
6,060 Smith International, Inc. 352,571
3,510 Tidewater, Inc.(c) 120,990
7,920 Weatherford International, Ltd.(b) 413,028
3,100 Western Gas Resources, Inc. 103,571
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 3,989,366
=========================================================================================================================
Financials (15.6%)
- -------------------------------------------------------------------------------------------------------------------------
4,460 A.G. Edwards, Inc. 177,107
3,060 Allmerica Financial Corporation(b) 102,724
4,900 AMB Property Corporation 191,051
2,300 American Financial Group, Inc. 71,507
8,700 AmeriCredit Corporation(b) 203,580
2,300 AmerUs Group Company(c) 108,123
5,300 Arthur J. Gallagher & Company 147,552
7,478 Associated Banc-Corp 231,220
5,420 Astoria Financial Corporation 143,684
3,070 Bank of Hawaii Corporation 145,364
3,100 Brown & Brown, Inc.(c) 135,625
2,400 City National Corporation 169,200
8,400 Colonial BancGroup, Inc. 185,304
9,100 Commerce Bancorp, Inc.(c) 254,709
2,600 Cullen/Frost Bankers, Inc. 112,632
6,200 Developers Diversified Realty Corporation 263,128
7,600 Eaton Vance Corporation 178,068
3,190 Everest Re Group, Ltd. 262,218
9,927 Fidelity National Financial, Inc. 318,756
4,200 First American Corporation 150,360
4,850 FirstMerit Corporation 118,970
3,000 Greater Bay Bancorp 75,480
3,900 HCC Insurance Holdings, Inc. 138,723
8,860 Hibernia Corporation 276,698
3,200 Highwoods Properties, Inc. 90,016
2,650 Horace Mann Educators Corporation 43,407
3,500 Hospitality Properties Trust 146,230
4,200 Independence Community Bank Corporation 149,856
3,500 IndyMac Bancorp, Inc. 134,680
3,800 Investors Financial Services
Corporation(c) 159,410
2,600 Jefferies Group, Inc. 94,120
3,200 LaBranche & Company, Inc.(b,c) 21,280
6,145 Legg Mason, Inc. 435,434
4,550 Leucadia National Corporation(c) 158,249
5,000 Liberty Property Trust 199,150
3,100 Mack-Cali Realty Corporation 136,369
4,580 Mercantile Bankshares Corporation 232,710
4,900 MoneyGram International, Inc. 95,060
6,000 New Plan Excel Realty Trust, Inc. 154,860
12,710 New York Community Bancorp, Inc.(c) 224,967
3,610 Ohio Casualty Corporation(b) 84,654
10,365 Old Republic International Corporation 244,614
5,340 PMI Group, Inc. 187,754
4,050 Protective Life Corporation 154,872
5,000 Radian Group, Inc. 222,150
3,350 Raymond James Financial, Inc. 90,350
2,952 Rayonier, Inc. REIT(c) 148,368
3,600 Regency Centers Corporation 189,540
3,800 SEI Investments Company 124,678
2,100 Silicon Valley Bancshares(b,c) 99,540
1,700 StanCorp Financial Group, Inc. 130,084
6,780 TCF Financial Corporation 171,466
2,400 Texas Regional Bancshares, Inc. 66,888
7,900 United Dominion Realty Trust, Inc. 174,985
2,690 Unitrin, Inc. 122,395
6,300 W.R. Berkley Corporation 204,750
4,800 Waddell & Reed Financial, Inc. 83,568
4,996 Washington Federal, Inc. 111,361
3,150 Webster Financial Corporation 143,168
4,600 Weingarten Realty Investors 165,646
2,010 Westamerica Bancorporation 100,379
3,940 Wilmington Trust Corporation 139,279
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 9,798,070
=========================================================================================================================
Health Care (10.8%)
- -------------------------------------------------------------------------------------------------------------------------
2,840 Apria Healthcare Group, Inc.(b) 85,484
4,625 Barr Pharmaceuticals, Inc.(b) 239,852
3,500 Beckman Coulter, Inc. 233,485
3,300 Cephalon, Inc.(b,c) 144,870
3,700 Charles River Laboratories International,
Inc.(b) 175,269
2,700 Community Health Systems, Inc.(b) 98,415
3,590 Covance, Inc.(b) 163,848
6,081 Coventry Health Care, Inc.(b) 416,123
6,500 Cytyc Corporation(b) 138,515
4,060 Dentsply International, Inc. 221,920
3,390 Edwards Lifesciences Corporation(b) 149,296
2,800 Gen-Probe, Inc.(b) 140,532
6,340 Health Net, Inc.(b) 215,750
4,900 Henry Schein, Inc.(b) 183,799
3,230 Hillenbrand Industries, Inc. 178,361
2,000 INAMED Corporation(b) 121,680
2,900 Invitrogen Corporation(b) 212,483
10,856 IVAX Corporation(b) 205,178
2,600 LifePoint Hospitals, Inc.(b) 115,570
5,700 Lincare Holdings, Inc.(b) 243,276
1,700 Martek Biosciences Corporation(b,c) 65,059
17,538 Millennium Pharmaceuticals, Inc.(b) 153,633
5,880 Omnicare, Inc. 203,860
4,900 PacifiCare Health Systems, Inc.(b) 292,824
1,900 Par Pharmaceutical Companies, Inc.(b,c) 57,057
7,800 Patterson Companies, Inc.(b,c) 394,290
4,720 Perrigo Company 86,470
6,000 Protein Design Labs, Inc.(b,c) 107,280
3,800 Renal Care Group, Inc.(b) 144,970
6,020 Sepracor, Inc.(b) 360,718
4,070 STERIS Corporation(b) 96,378
2,300 Techne Corporation(b,c) 96,094
4,500 Triad Hospitals, Inc.(b) 230,625
3,300 Universal Health Services, Inc. 187,242
5,170 Valeant Pharmaceuticals International(c) 107,278
7,600 Varian Medical Systems, Inc.(b) 256,424
2,000 Varian, Inc.(b) 66,340
4,000 VCA Antech, Inc.(b) 93,120
4,600 Vertex Pharmaceuticals, Inc.(b,c) 43,884
2,820 VISX, Inc.(b) 67,229
- -------------------------------------------------------------------------------------------------------------------------
Total Health Care 6,794,481
=========================================================================================================================
Industrials (11.3%)
- -------------------------------------------------------------------------------------------------------------------------
5,230 Adesa, Inc. 126,514
5,110 AGCO Corporation(b) 87,892
4,900 AirTran Holdings, Inc.(b,c) 40,670
1,420 Alaska Air Group, Inc.(b,c) 37,871
2,550 Alexander & Baldwin, Inc. 103,862
2,200 Alliant Techsystems, Inc.(b) 152,196
3,940 AMETEK, Inc. 149,208
1,610 Banta Corporation 67,040
3,240 Brink's Company 104,522
4,820 C.H. Robinson Worldwide, Inc. 248,712
5,800 Career Education Corporation(b) 182,352
1,860 Carlisle Companies, Inc. 133,585
5,033 ChoicePoint, Inc.(b) 198,653
3,010 CNF, Inc. 128,678
3,900 Copart, Inc.(b) 84,552
5,200 Corinthian Colleges, Inc.(b,c) 73,892
3,000 Crane Company 76,800
2,900 Deluxe Corporation 115,797
3,290 DeVry, Inc.(b,c) 75,012
3,980 Donaldson Company, Inc. 118,405
3,900 Dun & Bradstreet Corporation(b) 243,516
2,700 Dycom Industries, Inc.(b,c) 62,802
3,500 Education Management Corporation(b) 98,000
6,100 Expeditors International of Washington, Inc. 299,571
3,440 Fastenal Company(c) 184,246
2,880 Federal Signal Corporation(c) 40,406
3,220 Flowserve Corporation(b) 89,387
2,900 GATX Corporation 94,888
4,050 Graco, Inc. 136,768
1,845 Granite Construction, Inc. 41,660
2,340 Harsco Corporation 125,541
3,970 Herman Miller, Inc. 113,542
2,810 HNI Corporation 142,355
3,430 Hubbell, Inc. 149,034
2,600 ITT Educational Services, Inc.(b) 119,548
3,240 Jacobs Engineering Group, Inc.(b) 157,820
3,200 JB Hunt Transport Services, Inc. 125,088
5,200 JetBlue Airways Corporation(b,c) 104,260
1,100 Kelly Services, Inc. 28,886
2,260 Kennametal, Inc. 102,378
1,800 Korn/Ferry International(b,c) 25,920
2,800 Laureate Education, Inc.(b) 124,376
5,140 Manpower, Inc. 198,147
1,680 Nordson Corporation 54,130
5,720 Pentair, Inc. 227,542
3,720 Precision Castparts Corporation 274,015
4,490 Quanta Services, Inc.(b,c) 35,830
7,500 Republic Services, Inc. 259,500
1,762 Rollins, Inc. 34,782
390 Sequa Corporation(b,c) 20,182
1,900 Sotheby's Holdings, Inc.(b) 31,122
4,240 SPX Corporation 164,046
2,600 Stericycle, Inc.(b) 126,542
3,030 Swift Transportation Company, Inc.(b) 64,630
1,260 Tecumseh Products Company 43,772
2,120 Teleflex, Inc.(c) 113,356
3,400 Thomas & Betts Corporation(b) 105,808
2,230 Trinity Industries, Inc.(c) 52,070
3,800 United Rentals, Inc.(b,c) 69,882
2,900 Werner Enterprises, Inc. 53,882
2,700 Yellow Roadway Corporation(b,c) 132,300
2,420 York International Corporation 94,695
- -------------------------------------------------------------------------------------------------------------------------
Total Industrials 7,072,438
=========================================================================================================================
Information Technology (12.0%)
- -------------------------------------------------------------------------------------------------------------------------
21,800 3Com Corporation(b) 68,670
10,800 Activision, Inc.(b) 156,168
4,830 Acxiom Corporation 91,770
3,460 ADTRAN, Inc.(c) 71,726
1,400 Advent Software, Inc.(b,c) 24,976
2,800 Alliance Data Systems Corporation(b) 113,120
5,000 Amphenol Corporation 197,200
1,600 Anteon International Corporation(b) 66,880
6,620 Arrow Electronics, Inc.(b) 161,131
24,060 Atmel Corporation(b) 55,579
6,840 Avnet, Inc.(b) 129,208
2,760 Avocent Corporation(b) 69,386
6,900 BISYS Group, Inc.(b) 97,428
1,515 Cabot Microelectronics Corporation(b,c) 43,617
15,480 Cadence Design Systems, Inc.(b) 216,720
3,640 CDW Corporation 199,072
8,500 Ceridian Corporation(b) 143,395
3,500 Certegy, Inc. 127,505
4,490 CheckFree Corporation(b) 164,693
7,600 Cognizant Technology Solutions
Corporation(b) 319,276
2,830 CommScope, Inc.(b,c) 39,960
5,300 Credence Systems Corporation(b,c) 33,337
4,300 Cree, Inc.(b,c) 104,017
2,940 CSG Systems International, Inc.(b) 50,539
7,310 Cypress Semiconductor Corporation(b,c) 87,647
4,100 Diebold, Inc. 198,317
3,860 DST Systems, Inc.(b) 175,244
2,100 F5 Networks, Inc.(b) 89,901
3,850 Fair Isaac Corporation 126,588
6,800 Fairchild Semiconductor International,
Inc.(b) 91,460
3,500 Gartner Group, Inc.(b,c) 29,540
7,580 Harris Corporation 213,756
2,000 Imation Corporation 69,740
4,100 Integrated Circuit Systems, Inc.(b) 74,907
5,990 Integrated Device Technology, Inc.(b) 64,093
3,800 International Rectifier Corporation(b) 161,652
8,600 Intersil Corporation 150,156
4,100 Jack Henry & Associates, Inc. 70,479
2,900 Keane, Inc.(b,c) 34,510
5,000 KEMET Corporation(b,c) 31,250
8,000 Lam Research Corporation(b) 205,200
6,600 Lattice Semiconductor Corporation(b,c) 30,096
3,700 LTX Corporation(b,c) 14,208
4,220 Macromedia, Inc.(b) 167,154
2,800 Macrovision Corporation(b) 57,260
9,180 McAfee, Inc.(b) 191,954
6,800 McDATA Corporation(b,c) 20,944
4,440 Mentor Graphics Corporation(b) 39,694
3,910 Micrel, Inc.(b) 36,754
11,835 Microchip Technology, Inc. 337,061
5,820 MPS Group, Inc.(b) 46,502
3,150 National Instruments Corporation 67,851
2,500 Newport Corporation(b) 34,375
2,800 Plantronics, Inc. 88,172
2,500 Plexus Corporation(b) 30,275
5,600 Polycom, Inc.(b) 85,456
5,620 Powerwave Technologies, Inc.(b,c) 40,576
3,050 Reynolds and Reynolds Company 80,428
10,700 RF Micro Devices, Inc.(b,c) 41,944
4,000 RSA Security, Inc.(b) 42,960
10,300 SanDisk Corporation(b) 244,110
4,260 Semtech Corporation(b,c) 71,951
2,100 Silicon Laboratories, Inc.(b,c) 53,340
6,050 Storage Technology Corporation(b) 168,190
5,060 Sybase, Inc.(b) 95,786
8,280 Synopsys, Inc.(b) 136,123
3,340 Tech Data Corporation(b) 122,010
4,930 Titan Corporation(b) 88,494
1,880 Transaction Systems Architects, Inc.(b) 38,972
7,979 TriQuint Semiconductor, Inc.(b,c) 23,618
5,300 UTStarcom, Inc.(b,c) 50,403
9,470 Vishay Intertechnology, Inc.(b) 101,234
4,100 Wind River Systems, Inc.(b,c) 53,218
4,100 Zebra Technologies Corporation(b) 195,816
- -------------------------------------------------------------------------------------------------------------------------
Total Information Technology 7,516,742
=========================================================================================================================
Materials (4.5%)
- -------------------------------------------------------------------------------------------------------------------------
3,790 Airgas, Inc. 83,077
2,690 Albemarle Corporation 98,481
3,500 Arch Coal, Inc. 155,190
3,240 Bowater, Inc. 105,268
3,670 Cabot Corporation 112,118
6,570 Crompton Corporation 92,308
2,350 Cytec Industries, Inc. 108,382
2,590 Ferro Corporation 46,931
2,200 FMC Corporation(b) 107,800
1,760 Glatfelter Company 20,997
2,940 Longview Fibre Company(c) 54,331
3,860 Lubrizol Corporation 149,652
10,900 Lyondell Chemical Company 273,481
2,800 Martin Marietta Materials, Inc. 153,972
1,370 Minerals Technologies, Inc. 89,488
3,980 Olin Corporation(c) 70,605
3,600 Packaging Corporation of America 80,604
6,000 Peabody Energy Corporation 262,620
1,700 Potlatch Corporation 80,291
6,790 RPM International, Inc. 117,128
1,300 Scotts Company(b) 94,120
2,720 Sensient Technologies Corporation 54,427
5,740 Sonoco Products Company 155,497
2,300 Steel Dynamics, Inc.(c) 62,514
2,960 Valspar Corporation(c) 122,337
4,100 Worthington Industries, Inc. 66,666
- -------------------------------------------------------------------------------------------------------------------------
Total Materials 2,818,285
=========================================================================================================================
Telecommunications Services (0.4%)
- -------------------------------------------------------------------------------------------------------------------------
14,010 Cincinnati Bell, Inc.(b) 56,040
2,910 Telephone and Data Systems, Inc. 224,623
- -------------------------------------------------------------------------------------------------------------------------
Total Telecommunications Services 280,663
=========================================================================================================================
Utilities (6.8%)
- -------------------------------------------------------------------------------------------------------------------------
4,460 AGL Resources, Inc. 154,316
6,670 Alliant Energy Corporation 175,688
5,375 Aqua America, Inc. 143,298
13,790 Aquila, Inc.(b,c) 47,438
1,880 Black Hills Corporation 64,446
7,220 DPL, Inc. 183,677
4,470 Duquesne Light Holdings, Inc.(c) 78,627
8,450 Energy East Corporation(c) 219,869
3,600 Equitable Resources, Inc. 207,504
4,330 Great Plains Energy, Inc.(c) 132,411
4,640 Hawaiian Electric Industries, Inc.(c) 117,392
2,520 IDACORP, Inc.(c) 67,990
6,850 MDU Resources Group, Inc. 185,156
4,160 National Fuel Gas Company 113,277
7,460 Northeast Utilities Service Company 136,593
3,070 NSTAR 166,210
5,260 OGE Energy Corporation 145,176
6,000 ONEOK, Inc. 173,160
10,855 Pepco Holdings, Inc. 235,228
3,760 PNM Resources, Inc.(c) 103,964
5,820 Puget Energy, Inc. 124,781
4,780 Questar Corporation 279,152
6,490 SCANA Corporation 252,072
6,670 Sierra Pacific Resources(b,c) 72,169
4,420 Vectren Corporation(c) 119,384
5,000 Westar Energy, Inc. 114,500
2,890 WGL Holdings, Inc.(c) 87,596
6,720 Wisconsin Energy Corporation 236,947
2,200 WPS Resources Corporation(c) 116,006
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 4,254,027
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $47,659,494) 54,628,464
=========================================================================================================================
Shares or
Principal
Amount Collateral Held for Securities Loaned
(10.9%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
6,850,863 Thrivent Financial Securities Lending
Trust 2.900% N/A $6,850,864
$19 U.S. Treasury Bonds 13.250 5/15/2014 26
770 U.S. Treasury Bonds 9.875 11/15/2015 1,169
13 U.S. Treasury Bonds 9.000 11/15/2018 20
8 U.S. Treasury Bonds 8.75 8/15/2020 12
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $6,852,090) 6,852,091
=========================================================================================================================
Shares Short-Term Investments (2.1%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
1,304,483 Thrivent Money Market Fund(e) 2.650% N/A $1,304,483
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 1,304,483
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $55,816,067) $62,785,038
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Non-income producing security.
(c) All or a portion of the security is on loan as discussed in item 2(L)
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 April 29, 2005, $54,000 in cash was pledged as the initial margin
deposit for the open financial futures contracts. In addition $1,304,483
of Short-term Investments were earmarked as collateral to cover open
financial futures contracts as follows:
Notional
Number of Expiration Principal Unrealized
Type Contracts Date Position Value Amount Loss
- ------------------------------------------------------------------------------------------------------
S&P 400 Mini Futures 20 June 2005 Long $1,268,500 $1,299,100 $30,600
The accompanying notes to the financial statements are an integral part of
this schedule.
Mid Cap Index Fund-I
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (89.0%) Value
- -------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary (16.0%)
- -------------------------------------------------------------------------------------------------------------------------
766 99 Cents Only Stores(b,c) $8,487
1,475 Abercrombie & Fitch Company 79,576
1,100 Advance Auto Parts, Inc.(b) 58,685
900 Aeropostale, Inc.(b) 25,137
2,014 American Eagle Outfitters, Inc. 52,807
1,100 American Greetings Corporation 24,915
1,200 AnnTaylor Stores Corporation(b) 29,388
1,500 Applebee's International, Inc. 37,170
1,186 ArvinMeritor, Inc. 14,090
280 Bandag, Inc.(c) 12,163
995 Barnes & Noble, Inc.(b) 35,422
1,715 Belo Corporation 40,182
515 Blyth, Inc. 14,116
520 Bob Evans Farms, Inc. 10,608
1,365 Borders Group, Inc. 33,019
1,040 BorgWarner, Inc. 47,549
700 Boyd Gaming Corporation 36,946
1,590 Brinker International, Inc.(b) 53,742
5,420 Caesars Entertainment, Inc.(b) 108,129
1,050 Callaway Golf Company 11,319
1,700 CarMax, Inc.(b) 46,376
900 Catalina Marketing Corporation 20,925
780 CBRL Group, Inc. 30,053
1,450 Cheesecake Factory, Inc.(b) 44,500
3,200 Chico's FAS, Inc.(b) 82,016
1,680 Claire's Stores, Inc. 36,658
4,766 D.R. Horton, Inc. 145,370
2,002 Dollar Tree Stores, Inc.(b) 49,029
700 Emmis Communications Corporation(b) 10,801
800 Entercom Communications Corporation(b) 25,784
2,800 Foot Locker, Inc. 74,648
900 Furniture Brands International, Inc.(c) 17,442
1,400 Gentex Corporation(c) 45,444
2,120 GTECH Holdings Corporation 51,876
1,100 Harman International Industries, Inc. 86,438
935 Harte-Hanks, Inc. 26,648
700 Hovnanian Enterprises, Inc.(b) 35,539
655 International Speedway Corporation 34,846
1,000 Krispy Kreme Doughnuts, Inc.(b,c) 5,920
1,275 Lear Corporation 43,210
860 Lee Enterprises, Inc. 35,699
2,400 Lennar Corporation 123,528
335 Media General, Inc. 20,529
2,400 Michaels Stores, Inc. 79,680
540 Modine Manufacturing Company 14,623
820 Mohawk Industries, Inc.(b) 63,804
925 Neiman Marcus Group, Inc.(c) 90,946
900 O'Reilly Automotive, Inc.(b) 46,188
1,145 Outback Steakhouse, Inc. 46,258
1,400 Pacific Sunwear of California, Inc.(b) 31,654
1,125 Payless ShoeSource, Inc.(b) 15,368
2,600 PETsMART, Inc. 69,290
1,500 Pier 1 Imports, Inc.(c) 21,780
1,715 Reader's Digest Association, Inc. 29,155
800 Regis Corporation 28,584
1,200 Rent-A-Center, Inc.(b) 28,848
2,520 Ross Stores, Inc. 67,334
1,100 Ruby Tuesday, Inc.(c) 24,750
900 Ryland Group, Inc. 55,260
2,335 Saks, Inc.(b) 39,788
610 Scholastic Corporation(b) 21,258
700 Thor Industries, Inc. 18,865
500 Timberland Company(b) 34,525
900 Toll Brothers, Inc.(b) 68,220
900 Tupperware Corporation 18,990
900 Urban Outfitters, Inc.(b) 39,870
975 Valassis Communications, Inc.(b) 34,369
80 Washington Post Company 69,140
1,460 Westwood One, Inc.(b) 26,718
2,070 Williams-Sonoma, Inc.(b) 69,324
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Discretionary 2,981,318
=========================================================================================================================
Consumer Staples (4.1%)
- -------------------------------------------------------------------------------------------------------------------------
1,230 BJ's Wholesale Club, Inc.(b) 32,780
1,165 Church & Dwight Company, Inc. 41,963
1,700 Constellation Brands, Inc.(b) 89,607
2,657 Dean Foods Company(b) 91,295
1,300 Energizer Holdings, Inc.(b) 74,061
1,225 Hormel Foods Corporation 38,146
1,095 J.M. Smucker Company 54,334
545 Lancaster Colony Corporation 22,650
1,210 PepsiAmericas, Inc. 29,875
680 Ruddick Corporation 15,273
1,600 Smithfield Foods, Inc.(b) 48,416
571 Tootsie Roll Industries, Inc. 17,621
4,392 Tyson Foods, Inc. 74,181
450 Universal Corporation 20,542
1,200 Whole Foods Market, Inc. 119,664
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Staples 770,408
=========================================================================================================================
Energy (6.5%)
- -------------------------------------------------------------------------------------------------------------------------
1,000 Cooper Cameron Corporation(b) 54,940
2,580 ENSCO International, Inc. 84,108
1,200 FMC Technologies, Inc.(b) 36,396
900 Forest Oil Corporation(b) 34,677
2,130 Grant Prideco, Inc.(b) 47,243
1,310 Hanover Compressor Company(b,c) 13,585
825 Helmerich & Payne, Inc. 31,713
1,470 Murphy Oil Corporation 130,962
1,000 Newfield Exploration Company(b) 71,030
1,090 Noble Energy, Inc. 69,891
470 Overseas Shipholding Group, Inc. 26,522
3,000 Patterson-UTI Energy, Inc. 71,910
2,560 Pioneer Natural Resources Company 104,090
1,400 Plains Exploration & Production Company(b) 45,052
1,000 Pogo Producing Company 45,010
1,900 Pride International, Inc.(b) 42,370
1,750 Smith International, Inc. 101,815
980 Tidewater, Inc. 33,781
2,430 Weatherford International, Ltd.(b) 126,724
1,000 Western Gas Resources, Inc. 33,410
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 1,205,229
=========================================================================================================================
Financials (15.7%)
- -------------------------------------------------------------------------------------------------------------------------
1,275 A.G. Edwards, Inc. 50,630
765 Allmerica Financial Corporation(b) 25,681
1,400 AMB Property Corporation 54,586
600 American Financial Group, Inc. 18,654
2,500 AmeriCredit Corporation(b) 58,500
600 AmerUs Group Company(c) 28,206
1,700 Arthur J. Gallagher & Company 47,328
2,244 Associated Banc-Corp 69,384
1,545 Astoria Financial Corporation 40,958
885 Bank of Hawaii Corporation 41,905
1,000 Brown & Brown, Inc. 43,750
710 City National Corporation 50,055
2,500 Colonial BancGroup, Inc. 55,150
2,700 Commerce Bancorp, Inc.(c) 75,573
700 Cullen/Frost Bankers, Inc. 30,324
1,800 Developers Diversified Realty Corporation 76,392
2,300 Eaton Vance Corporation 53,889
1,005 Everest Re Group, Ltd. 82,611
3,118 Fidelity National Financial, Inc. 100,119
1,300 First American Corporation 46,540
1,370 FirstMerit Corporation 33,606
800 Greater Bay Bancorp 20,128
1,200 HCC Insurance Holdings, Inc. 42,684
2,775 Hibernia Corporation 86,663
900 Highwoods Properties, Inc. 25,317
730 Horace Mann Educators Corporation 11,957
1,000 Hospitality Properties Trust(c) 41,780
1,200 Independence Community Bank Corporation 42,816
1,100 IndyMac Bancorp, Inc. 42,328
1,200 Investors Financial Services
Corporation(c) 50,340
700 Jefferies Group, Inc. 25,340
900 LaBranche & Company, Inc.(b,c) 5,985
1,942 Legg Mason, Inc. 137,610
1,500 Leucadia National Corporation(c) 52,170
1,500 Liberty Property Trust 59,745
900 Mack-Cali Realty Corporation 39,591
1,390 Mercantile Bankshares Corporation 70,626
1,500 MoneyGram International, Inc. 29,100
1,700 New Plan Excel Realty Trust, Inc. 43,877
3,800 New York Community Bancorp, Inc.(c) 67,260
1,015 Ohio Casualty Corporation(b) 23,802
3,177 Old Republic International Corporation 74,977
1,770 PMI Group, Inc. 62,233
1,255 Protective Life Corporation 47,991
1,500 Radian Group, Inc. 66,645
1,000 Raymond James Financial, Inc. 26,970
922 Rayonier, Inc. REIT 46,340
1,100 Regency Centers Corporation 57,915
1,200 SEI Investments Company 39,372
700 Silicon Valley Bancshares(b) 33,180
500 StanCorp Financial Group, Inc. 38,260
2,020 TCF Financial Corporation 51,086
700 Texas Regional Bancshares, Inc. 19,509
2,300 United Dominion Realty Trust, Inc. 50,945
815 Unitrin, Inc. 37,082
1,800 W.R. Berkley Corporation 58,500
1,400 Waddell & Reed Financial, Inc. 24,374
1,473 Washington Federal, Inc. 32,833
970 Webster Financial Corporation 44,086
1,400 Weingarten Realty Investors 50,414
625 Westamerica Bancorporation 31,212
1,170 Wilmington Trust Corporation 41,360
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 2,938,244
=========================================================================================================================
Health Care (11.2%)
- -------------------------------------------------------------------------------------------------------------------------
845 Apria Healthcare Group, Inc.(b) 25,434
1,475 Barr Pharmaceuticals, Inc.(b) 76,494
1,010 Beckman Coulter, Inc. 67,377
1,100 Cephalon, Inc.(b,c) 48,290
1,200 Charles River Laboratories International,
Inc.(b) 56,844
900 Community Health Systems, Inc.(b) 32,805
1,170 Covance, Inc.(b) 53,399
1,877 Coventry Health Care, Inc.(b) 128,443
2,000 Cytyc Corporation(b) 42,620
1,332 Dentsply International, Inc. 72,807
1,000 Edwards Lifesciences Corporation(b) 44,040
900 Gen-Probe, Inc.(b) 45,171
1,950 Health Net, Inc.(b) 66,358
1,600 Henry Schein, Inc.(b) 60,016
930 Hillenbrand Industries, Inc. 51,355
700 INAMED Corporation(b) 42,588
800 Invitrogen Corporation(b) 58,616
3,225 IVAX Corporation(b) 60,952
800 LifePoint Hospitals, Inc.(b) 35,560
1,630 Lincare Holdings, Inc.(b) 69,568
500 Martek Biosciences Corporation(b,c) 19,135
5,222 Millennium Pharmaceuticals, Inc.(b) 45,745
1,885 Omnicare, Inc. 65,353
1,450 PacifiCare Health Systems, Inc.(b) 86,652
500 Par Pharmaceutical Companies, Inc.(b,c) 15,015
2,300 Patterson Companies, Inc.(b,c) 116,265
1,330 Perrigo Company 24,366
1,700 Protein Design Labs, Inc.(b) 30,396
1,200 Renal Care Group, Inc.(b) 45,780
1,870 Sepracor, Inc.(b) 112,050
1,180 STERIS Corporation(b) 27,942
700 Techne Corporation(b) 29,246
1,400 Triad Hospitals, Inc.(b) 71,750
1,100 Universal Health Services, Inc. 62,414
1,570 Valeant Pharmaceuticals International 32,578
2,400 Varian Medical Systems, Inc.(b) 80,976
700 Varian, Inc.(b) 23,219
1,200 VCA Antech, Inc.(b) 27,936
1,300 Vertex Pharmaceuticals, Inc.(b,c) 12,402
950 VISX, Inc.(b) 22,648
- -------------------------------------------------------------------------------------------------------------------------
Total Health Care 2,090,605
=========================================================================================================================
Industrials (11.6%)
- -------------------------------------------------------------------------------------------------------------------------
1,530 Adesa, Inc. 37,011
1,410 AGCO Corporation(b) 24,252
1,300 AirTran Holdings, Inc.(b,c) 10,790
235 Alaska Air Group, Inc.(b,c) 6,267
650 Alexander & Baldwin, Inc. 26,474
600 Alliant Techsystems, Inc.(b) 41,508
1,220 AMETEK, Inc. 46,201
510 Banta Corporation 21,236
1,005 Brink's Company 32,421
1,510 C.H. Robinson Worldwide, Inc. 77,916
1,700 Career Education Corporation(b) 53,448
565 Carlisle Companies, Inc. 40,578
1,600 ChoicePoint, Inc.(b) 63,152
915 CNF, Inc. 39,116
1,200 Copart, Inc.(b) 26,016
1,600 Corinthian Colleges, Inc.(b) 22,736
900 Crane Company 23,040
900 Deluxe Corporation 35,937
995 DeVry, Inc.(b) 22,686
1,290 Donaldson Company, Inc. 38,378
1,300 Dun & Bradstreet Corporation(b) 81,172
900 Dycom Industries, Inc.(b) 20,934
1,100 Education Management Corporation(b) 30,800
1,900 Expeditors International of Washington, Inc. 93,309
970 Fastenal Company(c) 51,953
795 Federal Signal Corporation(c) 11,154
1,000 Flowserve Corporation(b) 27,760
825 GATX Corporation 26,994
1,300 Graco, Inc. 43,901
530 Granite Construction, Inc. 11,967
730 Harsco Corporation 39,164
1,080 Herman Miller, Inc. 30,888
915 HNI Corporation 46,354
1,155 Hubbell, Inc. 50,185
700 ITT Educational Services, Inc.(b) 32,186
1,020 Jacobs Engineering Group, Inc.(b) 49,684
880 JB Hunt Transport Services, Inc. 34,399
1,700 JetBlue Airways Corporation(b,c) 34,085
390 Kelly Services, Inc. 10,241
665 Kennametal, Inc. 30,124
500 Korn/Ferry International(b,c) 7,200
900 Laureate Education, Inc.(b) 39,978
1,650 Manpower, Inc. 63,608
560 Nordson Corporation 18,043
1,830 Pentair, Inc. 72,797
1,200 Precision Castparts Corporation 88,392
1,300 Quanta Services, Inc.(b) 10,374
2,200 Republic Services, Inc. 76,120
540 Rollins, Inc. 10,660
175 Sequa Corporation(b) 9,056
605 Sotheby's Holdings, Inc.(b) 9,910
1,340 SPX Corporation 51,845
800 Stericycle, Inc.(b) 38,936
950 Swift Transportation Company, Inc.(b,c) 20,264
285 Tecumseh Products Company 9,901
635 Teleflex, Inc.(c) 33,953
1,000 Thomas & Betts Corporation(b) 31,120
720 Trinity Industries, Inc.(c) 16,812
1,200 United Rentals, Inc.(b) 22,068
675 Werner Enterprises, Inc. 12,542
800 Yellow Roadway Corporation(b) 39,200
820 York International Corporation 32,087
- -------------------------------------------------------------------------------------------------------------------------
Total Industrials 2,161,283
=========================================================================================================================
Information Technology (12.2%)
- -------------------------------------------------------------------------------------------------------------------------
6,500 3Com Corporation(b) 20,475
3,133 Activision, Inc.(b) 45,308
1,345 Acxiom Corporation 25,555
990 ADTRAN, Inc. 20,523
300 Advent Software, Inc.(b) 5,352
800 Alliance Data Systems Corporation(b) 32,320
1,600 Amphenol Corporation 63,104
500 Anteon International Corporation(b) 20,900
1,925 Arrow Electronics, Inc.(b) 46,854
7,390 Atmel Corporation(b) 17,071
2,060 Avnet, Inc.(b) 38,913
900 Avocent Corporation(b) 22,626
2,100 BISYS Group, Inc.(b) 29,652
517 Cabot Microelectronics Corporation(b,c) 14,884
4,680 Cadence Design Systems, Inc.(b) 65,520
1,150 CDW Corporation 62,894
2,600 Ceridian Corporation(b) 43,862
1,000 Certegy, Inc. 36,430
1,470 CheckFree Corporation(b) 53,920
2,400 Cognizant Technology Solutions
Corporation(b) 100,824
800 CommScope, Inc.(b,c) 11,296
1,500 Credence Systems Corporation(b,c) 9,435
1,400 Cree, Inc.(b,c) 33,866
945 CSG Systems International, Inc.(b) 16,245
2,140 Cypress Semiconductor Corporation(b,c) 25,659
1,290 Diebold, Inc. 62,397
1,290 DST Systems, Inc.(b) 58,566
600 F5 Networks, Inc.(b) 25,686
1,100 Fair Isaac Corporation 36,168
2,000 Fairchild Semiconductor International, Inc.(b) 26,900
1,000 Gartner Group, Inc.(b,c) 8,440
2,190 Harris Corporation 61,758
600 Imation Corporation 20,922
1,200 Integrated Circuit Systems, Inc.(b) 21,924
1,805 Integrated Device Technology, Inc.(b) 19,314
1,200 International Rectifier Corporation(b) 51,048
2,600 Intersil Corporation 45,396
1,200 Jack Henry & Associates, Inc. 20,628
815 Keane, Inc.(b) 9,698
1,400 KEMET Corporation(b,c) 8,750
2,400 Lam Research Corporation(b) 61,560
1,800 Lattice Semiconductor Corporation(b) 8,208
1,100 LTX Corporation(b) 4,224
1,200 Macromedia, Inc.(b) 47,532
900 Macrovision Corporation(b) 18,405
2,695 McAfee, Inc.(b) 56,352
2,000 McDATA Corporation(b,c) 6,160
1,250 Mentor Graphics Corporation(b) 11,175
1,100 Micrel, Inc.(b) 10,340
3,660 Microchip Technology, Inc. 104,237
1,725 MPS Group, Inc.(b) 13,783
950 National Instruments Corporation 20,463
700 Newport Corporation(b) 9,625
900 Plantronics, Inc. 28,341
700 Plexus Corporation(b) 8,477
1,790 Polycom, Inc.(b) 27,315
1,700 Powerwave Technologies, Inc.(b,c) 12,274
855 Reynolds and Reynolds Company 22,546
3,300 RF Micro Devices, Inc.(b) 12,936
1,200 RSA Security, Inc.(b) 12,888
3,100 SanDisk Corporation(b) 73,470
1,200 Semtech Corporation(b) 20,268
700 Silicon Laboratories, Inc.(b,c) 17,780
1,960 Storage Technology Corporation(b) 54,488
1,600 Sybase, Inc.(b) 30,288
2,500 Synopsys, Inc.(b) 41,100
945 Tech Data Corporation(b) 34,521
1,400 Titan Corporation(b) 25,130
585 Transaction Systems Architects, Inc.(b) 12,127
2,315 TriQuint Semiconductor, Inc.(b,c) 6,852
1,700 UTStarcom, Inc.(b,c) 16,167
2,895 Vishay Intertechnology, Inc.(b) 30,948
1,200 Wind River Systems, Inc.(b) 15,576
1,300 Zebra Technologies Corporation(b) 62,088
- -------------------------------------------------------------------------------------------------------------------------
Total Information Technology 2,278,727
=========================================================================================================================
Materials (4.5%)
- -------------------------------------------------------------------------------------------------------------------------
995 Airgas, Inc. 21,810
780 Albemarle Corporation 28,556
1,100 Arch Coal, Inc. 48,774
1,045 Bowater, Inc. 33,952
1,175 Cabot Corporation 35,896
1,920 Crompton Corporation 26,976
765 Cytec Industries, Inc. 35,282
690 Ferro Corporation 12,503
600 FMC Corporation(b) 29,400
540 Glatfelter Company 6,442
820 Longview Fibre Company 15,154
1,170 Lubrizol Corporation 45,361
3,410 Lyondell Chemical Company 85,557
905 Martin Marietta Materials, Inc. 49,766
370 Minerals Technologies, Inc. 24,168
1,285 Olin Corporation 22,796
1,000 Packaging Corporation of America 22,390
1,600 Peabody Energy Corporation 70,032
600 Potlatch Corporation(c) 28,338
2,015 RPM International, Inc. 34,759
400 Scotts Company(b) 28,960
810 Sensient Technologies Corporation 16,208
1,775 Sonoco Products Company 48,085
600 Steel Dynamics, Inc. 16,308
800 Valspar Corporation 33,064
1,200 Worthington Industries, Inc. 19,512
- -------------------------------------------------------------------------------------------------------------------------
Total Materials 840,049
=========================================================================================================================
Telecommunications Services (0.5%)
- -------------------------------------------------------------------------------------------------------------------------
4,260 Cincinnati Bell, Inc.(b) 17,040
935 Telephone and Data Systems, Inc. 72,173
- -------------------------------------------------------------------------------------------------------------------------
Total Telecommunications Services 89,213
=========================================================================================================================
Utilities (6.7%)
- -------------------------------------------------------------------------------------------------------------------------
1,185 AGL Resources, Inc. 41,001
1,975 Alliant Energy Corporation 52,022
1,625 Aqua America, Inc. 43,322
4,095 Aquila, Inc.(b,c) 14,087
570 Black Hills Corporation 19,540
2,145 DPL, Inc. 54,569
1,350 Duquesne Light Holdings, Inc.(c) 23,746
2,465 Energy East Corporation 64,139
1,100 Equitable Resources, Inc. 63,404
1,230 Great Plains Energy, Inc.(c) 37,613
1,370 Hawaiian Electric Industries, Inc.(c) 34,661
725 IDACORP, Inc.(c) 19,560
2,000 MDU Resources Group, Inc. 54,060
1,170 National Fuel Gas Company 31,859
2,125 Northeast Utilities Service Company 38,909
915 NSTAR 49,538
1,565 OGE Energy Corporation 43,194
1,800 ONEOK, Inc. 51,948
3,332 Pepco Holdings, Inc. 72,204
1,095 PNM Resources, Inc. 30,277
1,725 Puget Energy, Inc. 36,984
1,505 Questar Corporation 87,892
1,990 SCANA Corporation 77,292
1,970 Sierra Pacific Resources(b,c) 21,315
1,240 Vectren Corporation(c) 33,492
1,400 Westar Energy, Inc. 32,060
780 WGL Holdings, Inc. 23,642
2,010 Wisconsin Energy Corporation 70,873
700 WPS Resources Corporation(c) 36,911
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 1,260,114
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $12,402,553) 16,615,190
=========================================================================================================================
Shares or
Principal
Amount Collateral Held for Securities Loaned
(7.4%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
1,370,540 Thrivent Financial Securities Lending
Trust 2.900% N/A $1,370,540
$1 U.S. Treasury Bonds 13.875 5/15/2011 1
10 U.S. Treasury Bonds 11.250 2/15/2015 17
888 U.S. Treasury Bonds 9.875 11/15/2015 1,348
21 U.S. Treasury Bonds 9.250 2/15/2016 30
38 U.S. Treasury Bonds 7.250 5/15/2016 49
13 U.S. Treasury Bonds 7.500 11/15/2016 17
698 U.S. Treasury Bonds 8.750 5/15/2017 1,010
2 U.S. Treasury Bonds 8.125 8/15/2019 2
234 U.S. Treasury Bonds 8.750 8/15/2020 347
24 U.S. Treasury Bonds 7.875 2/15/2021 33
52 U.S. Treasury Bonds 8.125 5/15/2021 76
307 U.S. Treasury Bonds 8.000 11/15/2021 441
290 U.S. Treasury Bonds 7.625 11/15/2022 407
324 U.S. Treasury Bonds 6.000 2/15/2026 387
37 U.S. Treasury Bonds 6.625 2/15/2027 48
165 U.S. Treasury Bonds 6.125 11/15/2027 204
1 U.S. Treasury Bonds 5.250 2/15/2029 1
35 U.S. Treasury Bonds 6.250 5/15/2030 45
52 U.S. Treasury Notes 2.000 5/15/2006 52
145 U.S. Treasury Principal Strips Zero Coupon 11/15/2015 92
571 U.S. Treasury Principal Strips Zero Coupon 5/15/2017 334
498 U.S. Treasury Principal Strips Zero Coupon 11/15/2018 270
300 U.S. Treasury Principal Strips Zero Coupon 5/15/2021 142
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $1,375,893) 1,375,893
=========================================================================================================================
Shares Short-Term Investments (3.6%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
669,235 Thrivent Money Market Fund(e) 2.650% N/A $669,235
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 669,235
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $14,447,681) $18,660,318
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Non-income producing security.
(c) All or a portion of the security is on loan as discussed in item 2(L)
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 April 29, 2005, $24,300 in cash was pledged as the initial margin
deposit for open financial contracts. In addition, $669,235 of Short-Term
Investments were earmarked as collateral to cover open financial futures
contracts as follows:
Notional
Number of Expiration Principal Unrealized
Type Contracts Date Position Value Amount Loss
- ------------------------------------------------------------------------------------------------------
S&P 400 Mini Futures 10 June 2005 Long $634,250 $652,603 $18,353
The accompanying notes to the financial statements are an integral part of
this schedule.
Partner International Stock Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (76.0%) Value
- -------------------------------------------------------------------------------------------------------------------------
Australia (1.4%)
- -------------------------------------------------------------------------------------------------------------------------
79,213 BHP Billiton, Ltd.(b) $1,002,047
73,700 Brambles Industries, Ltd.(b,c) 452,737
334,500 Lend Lease Corporation, Ltd.(b) 3,125,839
58,295 News Corporation, Inc.(b,c) 893,706
- -------------------------------------------------------------------------------------------------------------------------
Total Australia 5,474,329
=========================================================================================================================
Belgium (0.5%)
- -------------------------------------------------------------------------------------------------------------------------
56,400 Fortis(b,c) 1,569,006
8,775 UCB SA(b,c) 427,863
- -------------------------------------------------------------------------------------------------------------------------
Total Belgium 1,996,869
=========================================================================================================================
Bermuda (0.2%)
- -------------------------------------------------------------------------------------------------------------------------
84,500 Esprit Holdings, Ltd.(b) 629,456
- -------------------------------------------------------------------------------------------------------------------------
Total Bermuda 629,456
=========================================================================================================================
Brazil (1.5%)
- -------------------------------------------------------------------------------------------------------------------------
126,890 Petroleo Brasileiro SA ADR(d,e) 5,125,264
57,400 Tele Norte Leste Participacoes SA(c,e) 849,520
- -------------------------------------------------------------------------------------------------------------------------
Total Brazil 5,974,784
=========================================================================================================================
Canada (0.3%)
- -------------------------------------------------------------------------------------------------------------------------
7,000 Research in Motion, Ltd.(e) 450,870
21,100 Telus Corporation 629,413
- -------------------------------------------------------------------------------------------------------------------------
Total Canada 1,080,283
=========================================================================================================================
Denmark (0.2%)
- -------------------------------------------------------------------------------------------------------------------------
18,522 Novo Nordisk A/S(b) 939,413
- -------------------------------------------------------------------------------------------------------------------------
Total Denmark 939,413
=========================================================================================================================
Finland (1.2%)
- -------------------------------------------------------------------------------------------------------------------------
98,562 Nokia Oyj(b,c) 1,576,534
238,000 Stora Enso Oyj(b) 3,164,822
- -------------------------------------------------------------------------------------------------------------------------
Total Finland 4,741,356
=========================================================================================================================
France (7.4%)
- -------------------------------------------------------------------------------------------------------------------------
197,656 Axa SA(b,c) 4,952,806
24,139 BNP Paribas SA(b,c) 1,598,101
69,000 Carrefour SA(b,c) 3,362,026
17,344 Compagnie de Saint-Gobain(b,c) 983,326
53,824 France Telecom SA(b,c,e) 1,587,502
8,400 Groupe Danone(b,c) 789,127
5,230 Hermes International(b,c) 1,000,510
4,844 L'Oreal SA(b,c) 349,168
13,900 LVMH Moet Hennessy Louis Vuitton SA(b,c) 985,676
38,144 Sanofi-Aventis(b,c) 3,388,749
51,687 Schneider Electric SA(b,c) 3,737,472
8,169 Societe Generale(b,c) 817,028
12,447 Societe Television Francaise 1(b,c) 354,193
22,978 Sodexho Alliance SA(b,c) 770,706
19,300 Thomson(b,c) 478,015
17,767 Total SA(b,c) 3,963,702
- -------------------------------------------------------------------------------------------------------------------------
Total France 29,118,107
=========================================================================================================================
Germany (3.8%)
- -------------------------------------------------------------------------------------------------------------------------
23,300 Adidas-Salomon AG(b,c) 3,631,233
3,814 Allianz AG(b) 461,277
35,700 Commerzbank AG(b,e) 785,441
8,407 E.ON AG(b,c) 714,851
32,489 Hypo Real Estate Holding AG(b,e) 1,354,937
71,800 Metro AG(b,c) 3,801,442
4,060 SAP AG(b,c) 644,309
50,475 Siemens AG(b) 3,721,785
- -------------------------------------------------------------------------------------------------------------------------
Total Germany 15,115,275
=========================================================================================================================
Greece (0.4%)
- -------------------------------------------------------------------------------------------------------------------------
44,950 National Bank of Greece SA(b,f) 1,515,858
- -------------------------------------------------------------------------------------------------------------------------
Total Greece 1,515,858
=========================================================================================================================
Hong Kong (1.6%)
- -------------------------------------------------------------------------------------------------------------------------
87,000 Cheung Kong Holdings, Ltd.(b) 822,352
1,066,000 China Telecom Corporation, Ltd.(b) 362,840
474,000 China Unicom, Ltd.(b,c) 384,335
276,000 Li & Fung, Ltd.(b) 529,363
74,000 Sun Hung Kai Properties, Ltd.(b) 708,621
422,000 Swire Pacific, Ltd.(b) 3,517,105
- -------------------------------------------------------------------------------------------------------------------------
Total Hong Kong 6,324,616
=========================================================================================================================
Indonesia (0.1%)
- -------------------------------------------------------------------------------------------------------------------------
1,073,000 PT Telekomunikasi Indonesia(b) 482,462
- -------------------------------------------------------------------------------------------------------------------------
Total Indonesia 482,462
=========================================================================================================================
Ireland (0.4%)
- -------------------------------------------------------------------------------------------------------------------------
102,800 Anglo Irish Bank Corporation plc(b) 1,220,143
18,000 CRH plc(b) 449,784
- -------------------------------------------------------------------------------------------------------------------------
Total Ireland 1,669,927
=========================================================================================================================
Italy (3.9%)
- -------------------------------------------------------------------------------------------------------------------------
70,350 Alleanza Assicurazioni SPA(b,c) 838,560
37,593 Assicurazioni Generali SPA(b) 1,159,384
185,700 Banca Intesa SPA(b) 805,659
20,000 Banco Popolare di Verona e Novara
Scrl(b,c,e) 369,486
85,262 Eni SPA(b,c) 2,150,923
29,419 Mediaset SPA(b,c) 383,275
63,800 Mediobanca SPA(b,e) 1,052,313
145,400 Riunione Adriatica di Sicurta SPA(b,c) 3,174,980
264,100 Saipem SPA(b,c,e) 3,319,150
240,005 Telecom Italia SPA(b,c) 679,147
268,443 UniCredito Italiano SPA(b,c) 1,507,731
- -------------------------------------------------------------------------------------------------------------------------
Total Italy 15,440,608
=========================================================================================================================
Japan (13.7%)
- -------------------------------------------------------------------------------------------------------------------------
10,275 Aiful Corporation(b) 764,028
40,400 Astellas Pharmaceutical, Inc.(b) 1,461,949
12,700 Benesse Corporation(b,c) 411,378
177,000 Bridgestone Corporation(b) 3,392,407
14,200 Canon, Inc.(b) 738,133
11,600 Credit Saison Company, Ltd.(b,c) 395,151
60,000 Dai Nippon Printing Company, Ltd.(b) 961,098
19,000 Daikin Industries, Ltd.(b) 474,130
6,900 Daito Trust Construction Company, Ltd.(b) 275,386
98,000 Daiwa Securities Group, Inc.(b,c) 620,001
14,500 Fanuc, Ltd.(b) 852,810
71,100 Fuji Photo Film Company, Ltd.(b) 2,343,980
4,900 Funai Electric Company, Ltd.(b,c) 555,078
100,000 Hitachi, Ltd.(b) 586,448
6,000 Hoya Corporation(b) 626,058
94 INPEX Corporation(b) 517,203
17,700 JFE Holdings, Inc.(b,c) 490,823
29,700 JSR Corporation(b) 599,713
282 KDDI Corporation(b) 1,298,486
2,300 Keyence Corporation(b) 507,120
53,800 Kyocera Corporation(b) 3,919,837
34,600 Leopalace21 Corporation(b) 527,902
47,600 MARUI Company, Ltd.(b,c) 608,446
128,000 Mitsubishi Corporation(b,c) 1,752,820
42,000 Mitsubishi Estate Company, Ltd.(b) 451,429
168 Mitsubishi Tokyo Financial Group,
Inc.(b,c) 1,451,151
118,000 Mitsui Fudosan Company, Ltd.(b,c) 1,316,043
63,000 Mitsui Trust Holdings, Inc.(b,c) 624,529
110,000 NEC Corporation(b,c) 604,314
4,700 Nidec Corporation(b) 551,431
80,900 Nissan Motor Company, Ltd.(b) 795,628
107,000 Nomura Holdings, Inc.(b) 1,360,421
170 NTT DoCoMo, Inc.(b) 263,074
63,000 Oji Paper Company, Ltd.(b,c) 335,998
5,700 ORIX Corporation(b) 773,322
463,000 Resona Holdings, Inc.(b,e) 873,105
5,900 Rohm Company, Ltd.(b) 554,506
32,500 Secom Company, Ltd.(b) 1,294,327
6,000 Sega Sammy Holdings, Inc.(b) 351,346
32,100 Seven-Eleven Japan Company, Ltd.(b) 903,939
23,050 Shin-Etsu Chemical Company, Ltd.(b) 849,267
3,500 SMC Corporation(b) 367,433
198,000 Sompo Japan Insurance, Inc.(b) 1,918,216
214 Sumitomo Mitsui Financial Group, Inc.(b,c) 1,380,421
714,000 Sumitomo Trust and Banking Company,
Ltd.(b) 4,450,265
34,600 Suzuki Motor Corporation(b) 588,934
10,050 T&D Holdings, Incorporated(b) 495,743
95,000 Takeda Pharmaceutical Company, Ltd.(b) 4,620,307
84,000 Toray Industries, Inc.(b) 374,167
41,100 Toyota Motor Corporation(b,e) 1,490,410
5,040 USS Company, Ltd.(b) 399,921
- -------------------------------------------------------------------------------------------------------------------------
Total Japan 54,120,032
=========================================================================================================================
Malaysia (0.1%)
- -------------------------------------------------------------------------------------------------------------------------
365,400 Astro All Asia Networks plc(b,e) 500,781
- -------------------------------------------------------------------------------------------------------------------------
Total Malaysia 500,781
=========================================================================================================================
Mexico (1.8%)
- -------------------------------------------------------------------------------------------------------------------------
22,500 America Movil SA de CV ADR 1,117,125
57,300 Grupo Financiero Banorte SA De CV 368,944
150,000 Grupo Modelo SA 426,098
10,500 Grupo Televisia SA ADR 589,890
103,000 Telefonos de Mexico SA de CV ADR 3,491,700
295,611 Wal-Mart de Mexico SA de CV 1,092,980
- -------------------------------------------------------------------------------------------------------------------------
Total Mexico 7,086,737
=========================================================================================================================
Netherlands (3.3%)
- -------------------------------------------------------------------------------------------------------------------------
152,800 ABN AMRO Holding NV(b,c) 3,717,068
153,300 ING Groep NV(b,c) 4,237,738
28,916 Koninklijke (Royal) Philips Electronics
NV(b) 719,622
20,634 Royal Numico NV(b,e) 856,442
123,400 VNU NV(b,c) 3,489,419
- -------------------------------------------------------------------------------------------------------------------------
Total Netherlands 13,020,289
=========================================================================================================================
Norway (0.4%)
- -------------------------------------------------------------------------------------------------------------------------
7,621 Norsk Hydro ASA(b,c) 608,662
13,200 Orkla ASA(b,c) 443,433
35,800 Statoil ASA(b,c) 630,254
- -------------------------------------------------------------------------------------------------------------------------
Total Norway 1,682,349
=========================================================================================================================
Panama (0.2%)
- -------------------------------------------------------------------------------------------------------------------------
19,100 Carnival Corporation 933,608
- -------------------------------------------------------------------------------------------------------------------------
Total Panama 933,608
=========================================================================================================================
Portugal (1.0%)
- -------------------------------------------------------------------------------------------------------------------------
349,000 Portugal Telecom SGPS SA(b,e) 3,854,860
- -------------------------------------------------------------------------------------------------------------------------
Total Portugal 3,854,860
=========================================================================================================================
Russia (0.2%)
- -------------------------------------------------------------------------------------------------------------------------
13,800 AO VimpelCom(e) 451,536
2,680 LUKOIL ADR 365,016
- -------------------------------------------------------------------------------------------------------------------------
Total Russia 816,552
=========================================================================================================================
Singapore (1.6%)
- -------------------------------------------------------------------------------------------------------------------------
248,100 Keppel Corporation, Ltd.(b,c) 1,629,187
511,972 United Overseas Bank, Ltd.(b) 4,480,201
37,000 Venture Corporation, Ltd.(b) 315,321
- -------------------------------------------------------------------------------------------------------------------------
Total Singapore 6,424,709
=========================================================================================================================
South Africa (0.2%)
- -------------------------------------------------------------------------------------------------------------------------
25,200 Naspers, Ltd.(b) 305,019
33,800 Standard Bank Group, Ltd.(b) 339,155
- -------------------------------------------------------------------------------------------------------------------------
Total South Africa 644,174
=========================================================================================================================
South Korea (1.1%)
- -------------------------------------------------------------------------------------------------------------------------
14,600 Hyundai Motor Company GDR 394,615
69,000 Kookmin Bank ADR(c) 2,949,750
2,370 Samsung Electronics Company, Ltd.(b) 1,083,941
- -------------------------------------------------------------------------------------------------------------------------
Total South Korea 4,428,306
=========================================================================================================================
Spain (5.0%)
- -------------------------------------------------------------------------------------------------------------------------
418,107 Banco Bilbao Vizcaya Argentaria SA(b,c) 6,496,528
27,273 Endesa SA(b,c) 597,858
23,950 Gas Natural SDG SA(b,c) 684,439
171,900 Iberdrola SA(b,c) 4,492,946
42,300 Industria de Diseno Textil SA
(Inditex)(b,c) 1,259,312
172,000 Repsol YPF SA(b,c) 4,375,941
66,867 Telefonica SA(b,c) 1,140,330
9,150 Telefonica SA ADR(c) 466,650
- -------------------------------------------------------------------------------------------------------------------------
Total Spain 19,514,004
=========================================================================================================================
Sweden (1.4%)
- -------------------------------------------------------------------------------------------------------------------------
81,500 Atlas Copco AB(b,c) 3,714,104
114,689 Securitas AB(b,c) 1,846,706
- -------------------------------------------------------------------------------------------------------------------------
Total Sweden 5,560,810
=========================================================================================================================
Switzerland (6.7%)
- -------------------------------------------------------------------------------------------------------------------------
29,194 Adecco SA(b,c) 1,417,661
24,800 Compagnie Financiere Richemont AG(b) 743,708
47,220 Credit Suisse Group(b,c,e) 1,995,008
6,250 Givaudan SA(b,c,e) 3,952,690
69,000 Holcim, Ltd.(b,c) 4,207,284
24,266 Nestle SA(b,c) 6,411,255
7,700 Roche Holding AG(b) 935,314
28,500 Swatch Group AG(b,c) 3,676,608
37,966 UBS AG(b,c) 3,047,979
- -------------------------------------------------------------------------------------------------------------------------
Total Switzerland 26,387,507
=========================================================================================================================
Taiwan (0.5%)
- -------------------------------------------------------------------------------------------------------------------------
553,000 E. Sun Financial Holdings Company, Ltd.(b) 453,210
34,200 Far EasTone Telecommunications Company,
Ltd. 628,312
390,507 Taiwan Semiconductor Manufacturing
Company, Ltd.(b) 649,387
- -------------------------------------------------------------------------------------------------------------------------
Total Taiwan 1,730,909
=========================================================================================================================
Thailand (0.3%)
- -------------------------------------------------------------------------------------------------------------------------
161,900 Bangkok Bank Public Company, Ltd.(b) 406,694
302,800 Kasikornbank Public Company, Ltd.(b) 411,044
1,600,100 True Corporation Public Company, Ltd.(b,e) 285,057
- -------------------------------------------------------------------------------------------------------------------------
Total Thailand 1,102,795
=========================================================================================================================
Turkey (0.3%)
- -------------------------------------------------------------------------------------------------------------------------
112,200 Turkiye Garanti Bankasi AS(b,e) 401,407
120,100 Turkiye Is Bankasi (Isbank)(b) 611,104
- -------------------------------------------------------------------------------------------------------------------------
Total Turkey 1,012,511
=========================================================================================================================
United Kingdom (15.3%)
- -------------------------------------------------------------------------------------------------------------------------
37,513 AstraZeneca plc(b) 1,643,128
185,595 British Sky Broadcasting Group plc(b) 1,928,224
36,483 Cadbury Schweppes plc(b) 367,338
133,100 Capita Group plc(b) 961,314
12,976 Carnival plc(b) 668,767
113,850 Centricia plc(b) 484,906
120,250 Compass Group plc(b) 539,242
81,950 Electrocomponents plc(b) 361,294
30,500 EMAP plc(b) 465,137
393,527 GlaxoSmithKline plc(b) 9,952,420
599,700 Group 4 Securicor plc(b,e) 1,511,620
86,200 Hanson plc(b) 797,202
363,703 Hays plc(b) 910,022
30,627 HSBC Holdings plc(b) 490,307
923,491 Kingfisher plc(b) 4,363,477
402,700 Lloyds TSB Group plc(b) 3,463,635
554,900 Marks and Spencer Group plc(b) 3,581,945
297,000 Pearson plc(b) 3,617,546
182,660 Reed Elsevier plc(b,f) 1,792,308
35,498 Rio Tinto plc(b) 1,073,448
207,085 Royal Bank of Scotland Group plc(b) 6,259,971
304,167 Shell Transport & Trading Company plc(b) 2,735,644
15,800 Standard Chartered plc(b) 285,296
180,280 Tesco plc(b) 1,065,807
102,187 Unilever plc(b) 973,236
55,288 United Busines Media plc 522,681
3,049,348 Vodafone Group plc(b) 7,980,370
128,600 WPP Group plc(b) 1,399,643
- -------------------------------------------------------------------------------------------------------------------------
Total United Kingdom 60,195,928
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $274,963,829) 299,520,204
=========================================================================================================================
Shares or
Principal
Amount Collateral Held for Securities Loaned (20.4%) Interest Rate(g) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
80,222,710 Thrivent Financial Securities Lending Trust 2.900% N/A $80,222,710
$4,300 U.S. Treasury Bonds 7.500 11/15/2016 5,672
1,587 U.S. Treasury Bonds 8.875 8/15/2017 2,291
6,682 U.S. Treasury Bonds 5.375 2/15/2031 7,623
662 U.S. Treasury Notes 2.500 5/30/2006 662
183,912 U.S. Treasury Notes 2.875 11/30/2006 184,220
1,588 U.S. Treasury Notes 3.000 2/15/2008 1,568
1,164 U.S. Treasury Notes 3.500 1/15/2011 1,458
132,311 U.S. Treasury Notes 1.875 7/15/2013 143,274
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $80,569,478) 80,569,478
=========================================================================================================================
Shares or
Principal
Amount Short-Term Investments (3.6%) Interest Rate(g) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
$8,305,000 New Center Asset Trust 2.950% 5/2/2005 $8,303,639
5,896,219 Thrivent Money Market Fund 2.650 N/A 5,896,219
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 14,199,858
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $369,733,165) $394,289,540
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Security is fair valued as discussed in the notes to the financial
statements.
(c) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(d) Earmarked as collateral for long settling trades as discussed in the
notes to the financial statements.
(e) Non-income producing security.
(f) Denotes investments purchased on a when-issued basis.
(g) The interest rate shown reflects the yield, coupon rate or, for
securities purchased at a discount, the discount rate at the date of
purchase.
(h) Miscellaneous footnotes:
ADR -- American Depository Receipts, which are certificates for shares of
an underlying foreign security's shares held by an issuing U.S. depository
bank.
GDR -- Global Depository Receipts, which are certificates for shares of an
underlying foreign security's shares held by an issuing depository bank
from more than one country.
The accompanying notes to the financial statements are an integral part of
this schedule.
Large Cap Growth Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (94.9%) Value
- -------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary (15.0%)
- -------------------------------------------------------------------------------------------------------------------------
7,200 Advance Auto Parts, Inc.(b) $384,120
13,050 Bed Bath & Beyond, Inc.(b) 485,590
11,875 Best Buy Company, Inc. 597,788
3,500 Boyd Gaming Corporation 184,730
3,400 Brunswick Corporation 142,800
21,000 Carnival Corporation 1,026,480
7,800 Cheesecake Factory, Inc.(b) 239,382
18,600 Coach, Inc.(b) 498,480
21,735 Comcast Corporation(b) 689,652
45,800 eBay, Inc.(b) 1,453,234
11,150 Gap, Inc. 238,052
5,950 Gravity Company, Ltd. ADR(b,c) 53,193
5,250 Harley-Davidson, Inc. 246,855
4,700 Harrah's Entertainment, Inc.(c) 308,414
15,050 Hilton Hotels Corporation 328,542
25,270 Home Depot, Inc. 893,800
11,600 IAC/InterActiveCorp(b,c) 252,184
5,450 International Game Technology 146,550
6,450 J.C. Penney Company, Inc. (Holding
Company) 305,794
3,900 KB Home 222,300
14,800 Kohl's Corporation(b) 704,480
3,800 Lennar Corporation 195,586
20,350 Liberty Media Corporation(b) 204,314
23,150 Lowe's Companies, Inc. 1,206,346
3,400 Marriott International, Inc. 213,350
6,550 McGraw-Hill Companies, Inc. 570,374
22,600 News Corporation ADR(c) 359,792
6,450 NIKE, Inc. 495,424
4,350 Omnicom Group, Inc. 360,615
2,950 Outback Steakhouse, Inc. 119,180
3,400 Pulte Homes, Inc. 242,930
13,650 Ross Stores, Inc. 364,728
1,522 Sears Holdings Corporation(b,c) 205,827
30,275 Staples, Inc. 577,344
15,700 Starbucks Corporation(b) 777,464
12,600 Starwood Hotels & Resorts Worldwide, Inc. 684,684
3,750 Station Casinos, Inc. 241,988
29,550 Target Corporation 1,371,120
55,890 Time Warner, Inc.(b) 939,511
13,750 Univision Communications, Inc.(b) 361,488
15,383 Viacom, Inc. 532,559
26,350 Walt Disney Company 695,640
15,650 XM Satellite Radio Holdings, Inc.(b,c) 434,131
6,350 Yum! Brands, Inc. 298,196
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Discretionary 20,855,011
=========================================================================================================================
Consumer Staples (8.1%)
- -------------------------------------------------------------------------------------------------------------------------
8,050 Altria Group, Inc. 523,170
11,850 Avon Products, Inc. 474,948
14,100 Coca-Cola Company 612,504
9,100 Colgate-Palmolive Company 453,089
2,150 Constellation Brands, Inc.(b) 113,326
14,600 CVS Corporation 753,068
21,840 Gillette Company 1,127,818
32,200 PepsiCo, Inc. 1,791,608
36,600 Procter & Gamble Company 1,981,890
16,950 SYSCO Corporation 586,470
31,700 Wal-Mart Stores, Inc. 1,494,338
17,740 Walgreen Company 763,884
8,650 William Wrigley Jr. Company 597,974
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Staples 11,274,087
=========================================================================================================================
Energy (4.5%)
- -------------------------------------------------------------------------------------------------------------------------
6,538 Apache Corporation 368,024
10,150 Baker Hughes, Inc. 447,818
4,850 BP plc 295,365
3,900 Burlington Resources, Inc. 189,579
6,300 Chesapeake Energy Corporation 121,212
7,700 EOG Resources, Inc. 366,135
6,420 Exxon Mobil Corporation 366,133
12,450 Halliburton Company 517,796
5,500 Nabors Industries, Ltd.(b) 296,285
6,300 National Oilwell Varco, Inc.(b) 250,362
4,500 Noble Corporation 229,050
6,400 Petroleo Brasileiro SA ADR(b,c) 268,352
14,930 Schlumberger, Ltd. 1,021,361
6,355 Smith International, Inc. 369,734
8,900 Transocean, Inc.(b) 412,693
1,650 Valero Energy Corporation 113,074
10,350 Veritas DGC, Inc.(b,c) 264,960
12,850 XTO Energy, Inc. 387,684
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 6,285,617
=========================================================================================================================
Financials (9.9%)
- -------------------------------------------------------------------------------------------------------------------------
50 A.G. Edwards, Inc.(c) 1,986
18,750 American Express Company 988,125
22,850 American International Group, Inc. 1,161,922
21,600 Ameritrade Holding Corporation(b) 226,368
3,500 Aspen Insurance Holdings, Ltd.(c) 95,550
5,050 Capital One Financial Corporation 357,994
21,550 Charles Schwab Corporation 223,042
1,750 Chicago Mercantile Exchange(d) 342,160
36,596 Citigroup, Inc. 1,718,548
17,900 Countrywide Financial Corporation 647,801
5,750 Federal Home Loan Mortgage Corporation 353,740
4,800 Franklin Resources, Inc. 329,664
6,000 Golden West Financial Corporation 373,980
14,250 Goldman Sachs Group, Inc. 1,521,758
6,000 Investors Financial Services
Corporation(c) 251,700
3,750 J.P. Morgan Chase & Company 133,088
3,150 Legg Mason, Inc. 223,209
5,280 Lehman Brothers Holdings, Inc. 484,282
16,300 MBNA Corporation 321,925
11,900 Merrill Lynch & Company, Inc. 641,767
1,800 Moody's Corporation 147,852
6,000 Morgan Stanley and Company 315,720
7,550 Prudential Financial, Inc. 431,482
19,400 SLM Corporation 924,216
11,350 State Street Corporation 524,710
9,850 Wachovia Corporation 504,123
8,400 Wells Fargo & Company 503,496
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 13,750,208
=========================================================================================================================
Health Care (20.7%)
- -------------------------------------------------------------------------------------------------------------------------
20,060 Abbott Laboratories 986,150
9,600 Aetna, Inc. 704,352
8,100 Alcon, Inc.(b) 785,700
33,350 Amgen, Inc.(b) 1,941,304
2,700 Bausch & Lomb, Inc. 202,500
5,500 Biogen Idec, Inc.(b) 199,320
4,400 Biomet, Inc. 170,236
9,400 Boston Scientific Corporation(b) 278,052
4,500 C.R. Bard, Inc. 320,265
22,429 Caremark Rx, Inc.(b) 898,281
3,750 Celgene Corporation(b,c) 142,162
2,000 Community Health Systems, Inc.(b) 72,900
10,200 Eli Lilly and Company 596,394
2,050 Express Scripts, Inc.(b) 183,762
8,150 Fisher Scientific International, Inc.(b) 483,947
31,850 Genentech, Inc.(b) 2,259,439
10,700 Genzyme Corporation(b) 627,127
31,750 Gilead Sciences, Inc.(b) 1,177,925
7,650 IVAX Corporation(b) 144,585
50,508 Johnson & Johnson 3,466,364
37,180 Medtronic, Inc. 1,959,386
5,250 Novartis AG ADR 255,832
73,355 Pfizer, Inc. 1,993,055
2,800 Quest Diagnostics, Inc. 296,240
3,000 Sanofi-Aventis ADR(c) 133,110
12,100 Schering-Plough Corporation 252,527
5,200 Sepracor, Inc.(b,c) 311,584
19,750 St. Jude Medical, Inc.(b) 770,842
4,000 Stryker Corporation 194,200
27,400 Teva Pharmaceutical Industries, Ltd. 855,976
30,850 UnitedHealth Group, Inc. 2,915,634
6,800 Varian Medical Systems, Inc.(b) 229,432
9,000 Watson Pharmaceuticals, Inc.(b) 270,000
7,750 WellPoint, Inc.(b) 990,062
15,510 Wyeth 697,019
12,800 Zimmer Holdings, Inc.(b) 1,042,176
- -------------------------------------------------------------------------------------------------------------------------
Total Health Care 28,807,840
=========================================================================================================================
Industrials (9.0%)
- -------------------------------------------------------------------------------------------------------------------------
8,150 3M Company 623,230
33,650 AMR Corporation(b,c) 352,316
3,900 Apollo Group, Inc.(b) 281,268
7,300 Boeing Company 434,496
8,200 Burlington Northern Santa Fe Corporation 395,650
8,750 Caterpillar, Inc. 770,438
11,050 Danaher Corporation 559,462
9,500 FedEx Corporation 807,025
3,000 General Dynamics Corporation 315,150
88,520 General Electric Company 3,204,424
11,700 Honeywell International, Inc. 418,392
5,250 Illinois Tool Works, Inc. 440,055
4,050 Ingersoll-Rand Company 311,324
7,850 L-3 Communications Holdings, Inc. 557,114
14,650 Northwest Airlines Corporation(b,c) 75,887
6,250 Robert Half International, Inc. 155,125
4,150 Textron, Inc. 312,702
32,050 Tyco International, Ltd. 1,003,486
9,900 United Parcel Service, Inc. 705,969
8,590 United Technologies Corporation 873,775
- -------------------------------------------------------------------------------------------------------------------------
Total Industrials 12,597,288
=========================================================================================================================
Information Technology (24.6%)
- -------------------------------------------------------------------------------------------------------------------------
17,100 Accenture, Ltd.(b) 371,070
10,000 Adobe Systems, Inc. 594,700
16,400 Altera Corporation(b) 339,972
9,910 Analog Devices, Inc. 338,030
21,650 Apple Computer, Inc.(b) 780,699
41,300 Applied Materials, Inc.(b) 614,131
7,950 ATI Technologies, Inc.(b) 117,660
6,250 Automatic Data Processing, Inc. 271,500
4,850 Business Objects SA ADR(b,c) 125,178
154,450 Cisco Systems, Inc.(b) 2,668,896
3,650 Cognizant Technology Solutions
Corporation(b) 153,336
15,650 Compuware Corporation(b) 93,118
14,750 Comverse Technology, Inc.(b) 336,152
20,650 Corning, Inc.(b) 283,938
88,700 Dell, Inc.(b) 3,089,421
20,070 Electronic Arts, Inc.(b) 1,071,537
76,780 EMC Corporation(b) 1,007,354
12,300 First Data Corporation 467,769
4,600 Google, Inc.(b) 1,012,000
3,050 Hyperion Solutions Corporation(b,c) 124,044
1,500 Infosys Technologies, Ltd. ADR(c) 88,800
91,600 Intel Corporation 2,154,432
7,350 International Business Machines
Corporation 561,393
5,000 Intuit, Inc.(b) 201,500
17,600 Juniper Networks, Inc.(b) 397,584
4,350 KLA-Tencor Corporation 169,737
19,900 Linear Technology Corporation 711,226
81,750 Lucent Technologies, Inc.(b,c) 198,652
15,050 Marvell Technology Group, Ltd.(b) 503,874
13,800 Maxim Integrated Products, Inc. 516,120
1,500 Mercury Interactive Corporation(b) 61,995
148,950 Microsoft Corporation 3,768,438
47,850 Motorola, Inc. 734,019
28,400 Nasdaq (100) Trust(c) 993,716
8,200 Network Appliance, Inc.(b) 218,366
27,615 Nokia Oyj ADR 441,288
78,545 Oracle Corporation(b) 907,980
44,250 Parametric Technology Corporation(b) 235,410
18,850 Paychex, Inc. 576,810
46,450 QUALCOMM, Inc. 1,620,640
10,500 Quest Software, Inc.(b,c) 124,530
4,500 Research in Motion, Ltd.(b) 289,845
41,950 Sanmina-SCI Corporation(b) 168,220
8,800 Skyworks Solutions, Inc.(b) 46,112
42,250 Symantec Corporation(b) 793,455
30,100 Texas Instruments, Inc. 751,296
19,550 TIBCO Software, Inc.(b) 139,587
22,350 VeriSign, Inc.(b) 591,381
11,970 Xilinx, Inc. 322,472
63,000 Yahoo!, Inc.(b) 2,174,130
- -------------------------------------------------------------------------------------------------------------------------
Total Information Technology 34,323,513
=========================================================================================================================
Materials (1.1%)
- -------------------------------------------------------------------------------------------------------------------------
4,100 Arch Coal, Inc.(c) 181,794
8,000 Dow Chemical Company 367,440
4,950 Freeport-McMoRan Copper & Gold, Inc.(c) 171,567
5,500 Monsanto Company 322,410
6,250 Peabody Energy Corporation 273,562
4,200 Praxair, Inc. 196,686
- -------------------------------------------------------------------------------------------------------------------------
Total Materials 1,513,459
=========================================================================================================================
Miscellaneous (0.8%)
- -------------------------------------------------------------------------------------------------------------------------
10,000 Midcap SPDR Trust Series 1 1,159,200
- -------------------------------------------------------------------------------------------------------------------------
Total Miscellaneous 1,159,200
=========================================================================================================================
Telecommunications Services (1.2%)
- -------------------------------------------------------------------------------------------------------------------------
5,050 ALLTEL Corporation 287,648
5,700 America Movil SA de CV ADR 283,005
12,050 Nextel Communications, Inc.(b) 337,280
22,250 Sprint Corporation 495,285
12,450 Vodafone Group plc ADR(c) 325,443
- -------------------------------------------------------------------------------------------------------------------------
Total Telecommunications Services 1,728,661
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $134,711,036) 132,294,884
=========================================================================================================================
Shares Collateral Held for Securities Loaned
(3.7%) Interest Rate(e) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
5,164,608 Thrivent Financial Securities Lending
Trust 2.900% N/A $5,164,608
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $5,164,608) 5,164,608
=========================================================================================================================
Shares Short-Term Investments (1.4%) Interest Rate(e) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
2,016,091 Thrivent Money Market Fund 2.650% N/A $2,016,091
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 2,016,091
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $141,891,735) $139,475,583
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Non-income producing security.
(c) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(d) At April 29, 2005, 200 shares of Chicago Mercantile Exchange common
stock valued at $39,104 were earmarked as collateral to cover call options
written as follows:
Number of Exercise Expiration Unrealized
Call Options Written Contracts Price Date Value Loss
- -------------------------------------------------------------------------------------------------------------------------
Chicago Mercantile Exchange 2 $190 May 2005 $(1,840) $1,176
(e) The interest rate shown reflects the yield.
(f) Miscellaneous footnote:
ADR -- American Depository Receipts, which are certificates for shares
of an underlying foreign security's shares held by an issuing U.S.
depository bank.
The accompanying notes to the financial statements are an integral part of
this schedule.
Large Cap Value Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (95.9%) Value
- -------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary (9.0%)
- -------------------------------------------------------------------------------------------------------------------------
66,500 Barnes & Noble, Inc.(b) $2,367,400
22,100 Carnival Corporation 1,080,248
56,100 Comcast Corporation(b) 1,801,371
40,800 Home Depot, Inc. 1,443,096
46,600 J.C. Penney Company, Inc. (Holding
Company) 2,209,306
35,400 Johnson Controls, Inc. 1,942,398
191,900 Liberty Media Corporation(b) 1,926,676
116,400 McDonald's Corporation 3,411,684
21,400 McGraw-Hill Companies, Inc. 1,863,512
68,200 Sherwin-Williams Company 3,039,674
37,320 Target Corporation 1,731,648
377,700 Time Warner, Inc.(b) 6,349,137
21,000 Viacom, Inc. 727,020
125,200 Walt Disney Company 3,305,280
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Discretionary 33,198,450
=========================================================================================================================
Consumer Staples (7.0%)
- -------------------------------------------------------------------------------------------------------------------------
85,900 Altria Group, Inc. 5,582,641
88,600 Costco Wholesale Corporation 3,595,388
79,730 CVS Corporation 4,112,473
35,600 General Mills, Inc. 1,758,640
39,800 Kellogg Company 1,789,010
76,710 Kimberly-Clark Corporation 4,790,540
34,000 PepsiCo, Inc. 1,891,760
26,500 Reynolds American, Inc.(c) 2,066,205
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Staples 25,586,657
=========================================================================================================================
Energy (11.2%)
- -------------------------------------------------------------------------------------------------------------------------
33,250 Apache Corporation 1,871,642
52,500 BP plc 3,197,250
102,014 ChevronTexaco Corporation 5,304,728
58,156 ConocoPhillips 6,097,657
46,700 Devon Energy Corporation 2,109,439
237,600 Exxon Mobil Corporation 13,550,327
66,600 Halliburton Company 2,769,894
49,700 National Oilwell Varco, Inc.(b) 1,975,078
21,500 Precision Drilling Corporation(b) 1,551,655
59,500 Transocean, Inc.(b) 2,759,015
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 41,186,685
=========================================================================================================================
Financials (25.9%)
- -------------------------------------------------------------------------------------------------------------------------
44,500 A.G. Edwards, Inc.(c) 1,767,095
70,400 Allstate Corporation 3,953,664
51,800 American International Group, Inc. 2,634,030
54,400 Associated Banc-Corp 1,682,048
269,180 Bank of America Corporation 12,123,867
24,200 Capital One Financial Corporation 1,715,538
23,600 Chubb Corporation 1,930,008
46,300 CIT Group, Inc. 1,864,964
263,232 Citigroup, Inc. 12,361,375
29,500 Equity Office Properties Trust 928,365
22,500 Everest Re Group, Ltd. 1,849,500
48,240 Federal Home Loan Mortgage Corporation 2,967,725
25,500 Goldman Sachs Group, Inc. 2,723,145
24,580 Hartford Financial Services Group, Inc. 1,778,855
143,500 J.P. Morgan Chase & Company 5,092,815
19,500 Lehman Brothers Holdings, Inc. 1,788,540
57,400 Marsh & McLennan Companies, Inc. 1,608,922
63,000 Mellon Financial Corporation 1,744,470
62,900 Merrill Lynch & Company, Inc. 3,392,197
52,800 Morgan Stanley and Company 2,778,336
39,800 Northern Trust Corporation 1,792,194
16,900 PMI Group, Inc. 594,204
72,100 Principal Financial Group, Inc. 2,817,668
115,900 Providian Financial Corporation(b) 1,932,053
53,800 Prudential Financial, Inc. 3,074,670
21,200 Simon Property Group, Inc.(c) 1,400,684
49,200 St. Paul Travelers Companies, Inc. 1,761,360
55,800 State Street Corporation 2,579,634
63,800 U.S. Bancorp 1,780,020
88,240 Wachovia Corporation 4,516,123
70,300 Wells Fargo & Company 4,213,782
28,200 Zions Bancorporation 1,974,846
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 95,122,697
=========================================================================================================================
Health Care (9.1%)
- -------------------------------------------------------------------------------------------------------------------------
46,200 Abbott Laboratories 2,271,192
26,200 Aetna, Inc. 1,922,294
82,400 HCA, Inc. 4,601,216
94,160 Johnson & Johnson 6,462,201
128,908 Medco Health Solutions, Inc.(b) 6,570,441
112,600 Pfizer, Inc. 3,059,342
127,400 Sanofi-Aventis ADR(c) 5,652,738
23,400 WellPoint, Inc.(b) 2,989,350
- -------------------------------------------------------------------------------------------------------------------------
Total Health Care 33,528,774
=========================================================================================================================
Industrials (12.8%)
- -------------------------------------------------------------------------------------------------------------------------
66,800 AMR Corporation(b,c) 699,396
21,000 Boeing Company 1,249,920
55,100 Canadian National Railway Company 3,152,271
22,500 Caterpillar, Inc. 1,981,125
67,300 Emerson Electric Company 4,217,691
9,100 FedEx Corporation 773,045
10,200 General Dynamics Corporation 1,071,510
172,600 General Electric Company 6,248,120
62,258 Honeywell International, Inc. 2,226,346
18,700 Lockheed Martin Corporation 1,139,765
30,600 Northrop Grumman Corporation 1,678,104
61,500 Parker-Hannifin Corporation 3,686,310
92,900 Republic Services, Inc. 3,214,340
133,100 Steelcase, Inc.(c) 1,748,934
51,800 Textron, Inc. 3,903,130
213,300 Tyco International, Ltd. 6,678,423
32,000 United Technologies Corporation 3,255,040
- -------------------------------------------------------------------------------------------------------------------------
Total Industrials 46,923,470
=========================================================================================================================
Information Technology (9.1%)
- -------------------------------------------------------------------------------------------------------------------------
123,000 Amdocs, Ltd.(b) 3,285,330
57,520 Applied Materials, Inc.(b) 855,322
104,400 ASML Holding NV ADR(b,c) 1,512,756
392,700 Cisco Systems, Inc.(b) 6,785,856
93,400 Comverse Technology, Inc.(b) 2,128,586
39,700 Intel Corporation 933,744
64,350 International Business Machines
Corporation 4,915,053
173,100 Microsoft Corporation 4,379,430
539,150 Nokia Oyj ADR 8,615,617
- -------------------------------------------------------------------------------------------------------------------------
Total Information Technology 33,411,694
=========================================================================================================================
Materials (4.5%)
- -------------------------------------------------------------------------------------------------------------------------
20,400 Alcan, Inc. 661,368
64,250 Alcoa, Inc. 1,864,535
67,000 Dow Chemical Company 3,077,310
78,000 E.I. du Pont de Nemours and Company 3,674,580
47,340 International Paper Company 1,623,289
57,700 MeadWestvaco Corporation 1,699,265
49,000 Praxair, Inc. 2,294,670
24,300 Weyerhaeuser Company 1,667,223
- -------------------------------------------------------------------------------------------------------------------------
Total Materials 16,562,240
=========================================================================================================================
Telecommunications Services (4.0%)
- -------------------------------------------------------------------------------------------------------------------------
60,220 BellSouth Corporation 1,595,228
29,500 Nextel Communications, Inc.(b) 825,705
62,987 SBC Communications, Inc. 1,499,091
80,100 Sprint Corporation 1,783,026
168,164 Verizon Communications, Inc. 6,020,271
105,600 Vodafone Group plc ADR(c) 2,760,384
- -------------------------------------------------------------------------------------------------------------------------
Total Telecommunications Services 14,483,705
=========================================================================================================================
Utilities (3.3%)
- -------------------------------------------------------------------------------------------------------------------------
25,570 Dominion Resources, Inc. 1,927,978
26,900 Entergy Corporation 1,971,770
81,200 Exelon Corporation 4,019,400
48,300 FirstEnergy Corporation 2,102,016
17,200 PPL Corporation 933,272
13,500 TXU Corporation 1,158,165
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 12,112,601
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $308,449,767) 352,116,973
=========================================================================================================================
Shares Collateral Held for Securities Loaned
(3.6%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
13,313,900 Thrivent Financial Securities Lending
Trust 2.90% N/A $13,313,900
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $13,313,900) 13,313,900
=========================================================================================================================
Shares Short-Term Investments (0.5%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
1,982,359 Thrivent Money Market Fund 2.65% N/A $1,982,359
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 1,982,359
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $323,746,026) $367,413,232
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Non-income producing security.
(c) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(d) The interest rate shown reflects the yield.
(e) Miscellaneous footnote:
ADR -- American Depository Receipts, which are certificates for shares of
an underlying foreign security's shares held by an issuing U.S. depository
bank.
The accompanying notes to the financial statements are an integral part of
this schedule.
Large Cap Stock Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (95.9%) Value
- -------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary (9.0%)
- -------------------------------------------------------------------------------------------------------------------------
171,800 American Eagle Outfitters, Inc. $4,504,596
86,600 Autoliv, Inc. 3,832,050
174,400 Best Buy Company, Inc. 8,779,296
125,100 Black & Decker Corporation 10,462,113
533,900 Brunswick Corporation 22,423,800
406,400 Carnival Corporation 19,864,832
1,600,500 Comcast Corporation(b) 50,783,865
622,266 D.R. Horton, Inc. 18,979,113
354,100 eBay, Inc.(b) 11,235,593
361,300 Fortune Brands, Inc. 30,558,754
254,700 Harley-Davidson, Inc. 11,975,994
675,000 Home Depot, Inc. 23,874,750
285,900 J.C. Penney Company, Inc. (Holding
Company)(c) 13,554,519
388,900 Kohl's Corporation(b) 18,511,640
314,500 Lowe's Companies, Inc.(c) 16,388,595
1,018,800 McDonald's Corporation 29,861,028
167,300 McGraw-Hill Companies, Inc. 14,568,484
398,600 MGM MIRAGE(b) 27,826,266
41,400 Mohawk Industries, Inc.(b,c) 3,221,334
370,600 Nordstrom, Inc.(c) 18,837,598
200,100 Pulte Homes, Inc.(c) 14,297,145
542,900 Staples, Inc. 10,353,103
393,640 Starwood Hotels & Resorts Worldwide, Inc. 21,390,398
602,100 Target Corporation 27,937,440
1,186,600 Time Warner, Inc.(b) 19,946,746
888,100 Walt Disney Company 23,445,840
252,300 Yum! Brands, Inc. 11,848,008
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Discretionary 489,262,900
=========================================================================================================================
Consumer Staples (7.8%)
- -------------------------------------------------------------------------------------------------------------------------
772,000 Altria Group, Inc. 50,172,280
300,200 Anheuser-Busch Companies, Inc. 14,070,374
179,500 Avon Products, Inc. 7,194,360
347,100 Coca-Cola Company 15,078,024
292,200 General Mills, Inc. 14,434,680
208,200 Kellogg Company 9,358,590
434,100 Kimberly-Clark Corporation 27,109,545
240,200 Kraft Foods, Inc. 7,784,882
421,500 PepsiCo, Inc. 23,452,260
1,185,700 Procter & Gamble Company 64,205,655
238,600 SUPERVALU, Inc.(c) 7,530,216
1,034,900 Wal-Mart Stores, Inc. 48,785,186
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Staples 289,176,052
=========================================================================================================================
Energy (8.0%)
- -------------------------------------------------------------------------------------------------------------------------
239,500 Apache Corporation 13,481,455
216,300 BJ Services Company(c) 10,544,625
412,300 Burlington Resources, Inc. 20,041,903
224,100 Chesapeake Energy Corporation 4,311,684
978,900 ChevronTexaco Corporation 50,902,800
233,900 ConocoPhillips 24,524,415
177,400 EOG Resources, Inc. 8,435,370
2,120,946 Exxon Mobil Corporation 120,957,550
164,200 Halliburton Company 6,829,078
85,300 Nabors Industries, Ltd.(b,c) 4,595,111
220,400 Patterson-UTI Energy, Inc. 5,282,988
69,900 Precision Drilling Corporation(b) 5,044,683
141,200 Schlumberger, Ltd. 9,659,492
66,500 Smith International, Inc. 3,868,970
117,700 Unocal Corporation 6,420,535
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 294,900,659
=========================================================================================================================
Financials (16.1%)
- -------------------------------------------------------------------------------------------------------------------------
215,300 American Capital Strategies, Ltd.(c) 6,885,294
1,200,900 American Express Company 63,287,430
1,260,152 American International Group, Inc. 64,078,729
1,552,182 Bank of America Corporation 69,910,277
182,300 Bear Stearns Companies, Inc. 17,256,518
460,110 Cincinnati Financial Corporation 18,514,826
178,100 CIT Group, Inc. 7,173,868
2,034,448 Citigroup, Inc. 95,537,678
190,500 Federal National Mortgage Corporation 10,277,475
169,900 Franklin Resources, Inc. 11,668,732
418,200 Goldman Sachs Group, Inc. 44,659,578
985,784 J.P. Morgan Chase & Company 34,985,474
348,400 Merrill Lynch & Company, Inc. 18,789,212
465,300 MetLife, Inc. 18,100,170
432,350 Morgan Stanley and Company 22,750,257
200,500 Progressive Corporation 18,299,635
398,900 Prudential Financial, Inc. 22,797,135
209,300 Wachovia Corporation 10,711,974
678,400 Wells Fargo & Company 40,663,296
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 596,347,558
=========================================================================================================================
Health Care (14.1%)
- -------------------------------------------------------------------------------------------------------------------------
364,600 Abbott Laboratories 17,923,736
574,900 Amgen, Inc.(b) 33,464,929
152,400 Bausch & Lomb, Inc. 11,430,000
135,900 Becton, Dickinson and Company 7,952,868
404,600 C.R. Bard, Inc. 28,795,382
340,900 Caremark Rx, Inc.(b) 13,653,045
277,000 Eli Lilly and Company 16,196,190
273,900 Genzyme Corporation(b) 16,053,279
158,800 Guidant Corporation 11,763,904
202,800 Henry Schein, Inc.(b,c) 7,607,028
1,200,000 Johnson & Johnson 82,356,000
149,100 Laboratory Corporation of America
Holdings(b,c) 7,380,450
562,600 Medtronic, Inc. 29,649,020
519,000 Merck & Company, Inc. 17,594,100
2,542,175 Pfizer, Inc. 69,070,895
329,500 St. Jude Medical, Inc.(b) 12,860,385
635,900 Teva Pharmaceutical Industries, Ltd.(c) 19,865,516
358,100 UnitedHealth Group, Inc. 33,844,031
289,500 WellPoint, Inc.(b) 36,983,625
502,900 Wyeth(c) 22,600,326
279,200 Zimmer Holdings, Inc.(b) 22,732,464
- -------------------------------------------------------------------------------------------------------------------------
Total Health Care 519,777,173
=========================================================================================================================
Industrials (10.0%)
- -------------------------------------------------------------------------------------------------------------------------
276,600 3M Company 21,151,602
147,600 Caterpillar, Inc. 12,996,180
1,073,000 Cendant Corporation 21,363,430
363,500 Danaher Corporation(c) 18,404,005
342,100 General Dynamics Corporation 35,937,605
2,782,200 General Electric Company 100,715,640
311,200 Ingersoll-Rand Company 23,921,944
926,200 Norfolk Southern Corporation 29,082,680
296,400 PACCAR, Inc. 20,125,560
84,300 Parker-Hannifin Corporation 5,052,942
1,349,900 Tyco International, Ltd. 42,265,369
387,100 United Technologies Corporation 39,375,812
- -------------------------------------------------------------------------------------------------------------------------
Total Industrials 370,392,769
=========================================================================================================================
Information Technology (15.0%)
- -------------------------------------------------------------------------------------------------------------------------
381,800 Adobe Systems, Inc. 22,705,646
191,500 Affiliated Computer Services, Inc.(b,c) 9,128,805
87,500 Alliance Data Systems Corporation(b) 3,535,000
240,500 Analog Devices, Inc. 8,203,455
273,300 Apple Computer, Inc.(b) 9,855,198
872,800 Applied Materials, Inc.(b) 12,978,536
195,000 ATI Technologies, Inc.(b,c) 2,886,000
2,934,200 Cisco Systems, Inc.(b) 50,702,976
485,600 Corning, Inc.(b) 6,677,000
1,176,700 Dell, Inc.(b) 40,984,461
952,200 EMC Corporation(b) 12,492,864
726,992 First Data Corporation 27,647,506
541,000 Hewlett-Packard Company 11,074,270
2,087,100 Intel Corporation 49,088,592
405,000 International Business Machines
Corporation 30,933,900
3,620,800 JDS Uniphase Corporation(b,c) 5,358,784
84,400 Lexmark International, Inc.(b) 5,861,580
146,200 Linear Technology Corporation 5,225,188
761,100 LSI Logic Corporation(b,c) 4,079,496
109,400 Maxim Integrated Products, Inc. 4,091,560
4,612,300 Microsoft Corporation 116,691,190
1,502,000 Motorola, Inc. 23,040,680
1,111,200 Nortel Networks Corporation(b) 2,766,888
157,400 NVIDIA Corporation(b) 3,453,356
2,305,000 Oracle Corporation(b) 26,645,800
702,200 QUALCOMM, Inc. 24,499,758
620,500 Texas Instruments, Inc. 15,487,680
1,259,500 Xerox Corporation(b) 16,688,375
115,400 Xilinx, Inc. 3,108,876
- -------------------------------------------------------------------------------------------------------------------------
Total Information Technology 555,893,420
=========================================================================================================================
Materials (3.2%)
- -------------------------------------------------------------------------------------------------------------------------
160,100 Ball Corporation 6,323,950
490,600 Dow Chemical Company 22,533,258
115,100 Eastman Chemical Company 6,215,400
200,200 Georgia-Pacific Corporation 6,860,854
155,200 Nucor Corporation 7,930,720
316,200 Peabody Energy Corporation 13,840,074
138,200 Phelps Dodge Corporation 11,864,470
136,100 PPG Industries, Inc. 9,193,555
366,600 Praxair, Inc. 17,167,878
223,200 Weyerhaeuser Company(c) 15,313,752
- -------------------------------------------------------------------------------------------------------------------------
Total Materials 117,243,911
=========================================================================================================================
Miscellaneous (1.9%)
- -------------------------------------------------------------------------------------------------------------------------
616,300 S&P 500 Large Index Depository Receipts(c) 71,373,703
- -------------------------------------------------------------------------------------------------------------------------
Total Miscellaneous 71,373,703
=========================================================================================================================
Telecommunications Services (2.1%)
- -------------------------------------------------------------------------------------------------------------------------
804,800 Nextel Communications, Inc.(b) 22,526,352
634,171 SBC Communications, Inc. 15,093,270
696,300 Sprint Corporation 15,499,638
658,800 Verizon Communications, Inc. 23,585,040
- -------------------------------------------------------------------------------------------------------------------------
Total Telecommunications Services 76,704,300
=========================================================================================================================
Utilities (1.7%)
- -------------------------------------------------------------------------------------------------------------------------
119,000 Edison International, Inc. 4,319,700
329,200 Entergy Corporation 24,130,360
105,100 Exelon Corporation(c) 5,202,450
330,100 TXU Corporation 28,319,279
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 61,971,789
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $2,801,733,796) 3,443,044,234
=========================================================================================================================
Shares Collateral Held for Securities Loaned
(3.2%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
117,842,235 Thrivent Financial Securities Lending
Trust 2.90% N/A $117,842,235
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $117,842,235) 117,842,235
=========================================================================================================================
Shares or
Principal
Amount Short-Term Investments (3.6%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
$10,000,000 Alcon Capital Corporation 2.970% 5/4/2005 9,996,700
22,845,000 BP Capital Markets plc 2.940 5/2/2005 22,841,276
8,500,000 Cargill, Inc. 2.760 5/2/2005 8,498,697
19,470,000 Greenwich Capital Holdings, Inc. 2.930 5/2/2005 19,466,831
10,970,000 McCormick & Company 2.930 5/2/2005 10,968,214
12,500,000 Paccar Financial Company 2.900 5/4/2005 12,495,972
6,500,000 Southern Company 2.770 5/2/2005 6,499,000
27,022,743 Thrivent Money Market Fund 2.650 N/A 27,022,743
10,000,000 Total Capital SA 2.870 5/3/2005 9,997,608
5,000,000 Windmill Funding I Corporation 3.000 5/5/2005 4,997,917
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 132,784,958
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $3,052,360,989) $3,693,671,427
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Non-income producing security.
(c) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(d) The interest rate shown reflects the yieldor, for securities purchased
at a discount, the discount rate at the date of purchase.
The accompanying notes to the financial statements are an integral part of
this schedule.
Large Cap Index Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (96.0%) Value
- -------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary (10.4%)
- -------------------------------------------------------------------------------------------------------------------------
1,600 AutoNation, Inc.(b) $29,232
600 AutoZone, Inc.(b) 49,800
2,500 Bed Bath & Beyond, Inc.(b) 93,025
2,150 Best Buy Company, Inc. 108,231
1,100 Big Lots, Inc.(b) 11,198
900 Black & Decker Corporation 75,267
900 Brunswick Corporation 37,800
3,500 Carnival Corporation 171,080
1,000 Centex Corporation 57,720
1,500 Circuit City Stores, Inc.(b) 23,700
4,000 Clear Channel Communications, Inc. 127,760
3,100 Coach, Inc.(b) 83,080
18,687 Comcast Corporation(b) 600,040
700 Cooper Tire & Rubber Company(c) 12,215
1,500 Dana Corporation 17,130
1,200 Darden Restaurants, Inc. 36,000
4,700 Delphi Corporation 15,510
600 Dillard's, Inc. 13,962
2,300 Dollar General Corporation(c) 46,805
600 Dow Jones & Company, Inc.(c) 20,064
2,300 Eastman Kodak Company(c) 57,500
9,100 eBay, Inc.(b) 288,743
1,400 Family Dollar Stores, Inc. 37,772
1,400 Federated Department Stores, Inc. 80,500
15,200 Ford Motor Company 138,472
1,200 Fortune Brands, Inc. 101,496
2,000 Gannett Company, Inc. 154,000
5,400 Gap, Inc. 115,290
4,700 General Motors Corporation(c) 125,396
1,700 Genuine Parts Company 72,930
1,500 Goodyear Tire & Rubber Company(b,c) 17,805
2,400 Harley-Davidson, Inc. 112,848
1,200 Harrah's Entertainment, Inc. 78,744
1,400 Hasbro, Inc. 26,488
3,200 Hilton Hotels Corporation 69,856
18,500 Home Depot, Inc. 654,345
2,800 International Game Technology 75,292
3,500 Interpublic Group of Companies, Inc.(b) 45,010
2,300 J.C. Penney Company, Inc. (Holding
Company) 109,043
1,800 Johnson Controls, Inc. 98,766
1,300 Jones Apparel Group, Inc. 39,585
800 KB Home 45,600
800 Knight-Ridder, Inc. 51,760
2,500 Kohl's Corporation(b) 119,000
1,800 Leggett & Platt, Inc. 48,528
2,900 Limited Brands, Inc. 62,901
1,000 Liz Claiborne, Inc. 35,430
6,500 Lowe's Companies, Inc. 338,715
1,500 Marriott International, Inc. 94,125
3,400 Mattel, Inc. 61,370
2,400 May Department Stores Company 84,192
800 Maytag Corporation(c) 7,752
10,700 McDonald's Corporation 313,617
1,500 McGraw-Hill Companies, Inc. 130,620
500 Meredith Corporation 23,500
1,300 New York Times Company 43,368
2,400 Newell Rubbermaid, Inc.(c) 52,152
20,800 News Corporation 317,824
1,500 NIKE, Inc. 115,215
900 Nordstrom, Inc. 45,747
2,600 Office Depot, Inc.(b) 50,908
900 OfficeMax, Inc. 29,232
1,500 Omnicom Group, Inc. 124,350
800 Pulte Homes, Inc. 57,160
1,300 RadioShack Corporation 32,461
600 Reebok International, Ltd. 24,366
772 Sears Holdings Corporation(b,c) 104,422
1,100 Sherwin-Williams Company 49,027
600 Snap-On, Inc. 19,902
700 Stanley Works 30,121
6,150 Staples, Inc. 117,280
3,300 Starbucks Corporation(b) 163,416
1,700 Starwood Hotels & Resorts Worldwide, Inc. 92,378
7,500 Target Corporation 348,000
1,200 Tiffany & Company 36,180
38,850 Time Warner, Inc.(b) 653,068
4,000 TJX Companies, Inc. 90,600
1,700 Toys 'R' Us, Inc.(b) 43,095
2,500 Tribune Company 96,500
2,100 Univision Communications, Inc.(b) 55,209
1,000 VF Corporation 56,590
14,400 Viacom, Inc. 498,528
1,200 Visteon Corporation(c) 4,200
17,300 Walt Disney Company 456,720
1,100 Wendy's International, Inc. 47,223
700 Whirlpool Corporation 43,442
2,400 Yum! Brands, Inc. 112,704
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Discretionary 9,557,998
=========================================================================================================================
Consumer Staples (9.6%)
- -------------------------------------------------------------------------------------------------------------------------
950 Alberto-Culver Company 42,275
3,000 Albertson's, Inc.(c) 59,370
17,500 Altria Group, Inc. 1,137,325
6,500 Anheuser-Busch Companies, Inc. 304,655
4,896 Archer-Daniels-Midland Company 88,079
3,900 Avon Products, Inc. 156,312
600 Brown-Forman Corporation 33,300
2,200 Campbell Soup Company 65,428
1,400 Clorox Company 88,620
17,700 Coca-Cola Company 768,888
2,000 Coca-Cola Enterprises, Inc. 40,600
4,400 Colgate-Palmolive Company 219,076
4,200 ConAgra Foods, Inc. 112,350
3,900 Costco Wholesale Corporation 158,262
3,300 CVS Corporation 170,214
3,000 General Mills, Inc. 148,200
8,300 Gillette Company 428,612
2,900 H.J. Heinz Company 106,865
2,500 Kellogg Company 112,375
4,000 Kimberly-Clark Corporation 249,800
6,100 Kroger Company(b) 96,197
1,400 McCormick & Company, Inc. 48,426
700 Molson Coors Brewing Company(c) 43,225
1,300 Pepsi Bottling Group, Inc. 37,271
14,190 PepsiCo, Inc. 789,532
21,300 Procter & Gamble Company 1,153,395
800 Reynolds American, Inc.(c) 62,376
3,700 Safeway, Inc.(b) 78,773
6,500 Sara Lee Corporation 139,035
1,200 SUPERVALU, Inc. 37,872
5,300 SYSCO Corporation 183,380
1,500 The Hershey Company 95,850
1,300 UST, Inc. 59,540
21,500 Wal-Mart Stores, Inc. 1,013,510
8,600 Walgreen Company 370,316
1,500 William Wrigley Jr. Company 103,695
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Staples 8,802,999
=========================================================================================================================
Energy (8.3%)
- -------------------------------------------------------------------------------------------------------------------------
700 Amerada Hess Corporation $65,555
1,945 Anadarko Petroleum Corporation 142,063
2,722 Apache Corporation 153,221
600 Ashland, Inc. 40,344
2,800 Baker Hughes, Inc. 123,536
1,500 BJ Services Company 73,125
3,200 Burlington Resources, Inc. 155,552
17,756 ChevronTexaco Corporation 923,312
5,848 ConocoPhillips 613,163
4,000 Devon Energy Corporation 180,680
5,392 El Paso Corporation 53,866
2,000 EOG Resources, Inc. 95,100
54,000 Exxon Mobil Corporation 3,079,620
4,200 Halliburton Company 174,678
1,300 Kerr-McGee Corporation(c) 100,880
900 Kinder Morgan, Inc. 68,814
2,900 Marathon Oil Corporation 135,053
1,200 Nabors Industries, Ltd.(b) 64,644
1,400 National Oilwell Varco, Inc.(b) 55,636
1,400 Noble Corporation 71,260
3,300 Occidental Petroleum Corporation 227,700
1,000 Rowan Companies, Inc. 26,530
4,900 Schlumberger, Ltd. 335,209
600 Sunoco, Inc. 59,556
2,700 Transocean, Inc.(b) 125,199
2,200 Unocal Corporation 120,010
2,100 Valero Energy Corporation 143,913
4,800 Williams Companies, Inc. 81,696
2,900 XTO Energy, Inc. 87,493
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 7,577,408
=========================================================================================================================
Financials (19.5%)
- -------------------------------------------------------------------------------------------------------------------------
2,300 ACE, Ltd. 98,808
4,200 AFLAC, Inc. 170,730
5,700 Allstate Corporation 320,112
1,150 Ambac Financial Group, Inc. 76,878
9,200 American Express Company 484,840
21,944 American International Group, Inc. 1,115,852
3,100 AmSouth Bancorporation 81,592
2,600 Aon Corporation 54,210
900 Apartment Investment & Management Company 34,308
1,900 Archstone-Smith Trust 68,343
34,294 Bank of America Corporation 1,544,602
6,500 Bank of New York Company, Inc. 181,610
4,600 BB&T Corporation 180,366
900 Bear Stearns Companies, Inc. 85,194
2,000 Capital One Financial Corporation 141,780
8,100 Charles Schwab Corporation 83,835
1,600 Chubb Corporation 130,848
1,407 Cincinnati Financial Corporation 56,628
1,700 CIT Group, Inc. 68,476
44,206 Citigroup, Inc. 2,075,914
1,500 Comerica, Inc. 85,890
1,300 Compass Bancshares, Inc. 55,926
4,800 Countrywide Financial Corporation 173,712
3,100 E*TRADE Financial Corporation(b) 34,441
3,500 Equity Office Properties Trust 110,145
2,400 Equity Residential REIT 82,440
5,800 Federal Home Loan Mortgage Corporation 356,816
8,200 Federal National Mortgage Corporation 442,390
800 Federated Investors, Inc. 22,760
4,022 Fifth Third Bancorp(c) 174,957
1,100 First Horizon National Corporation(c) 45,683
1,300 Franklin Resources, Inc. 89,284
2,100 Golden West Financial Corporation 130,893
3,500 Goldman Sachs Group, Inc. 373,765
2,400 Hartford Financial Services Group, Inc. 173,688
2,010 Huntington Bancshares, Inc. 47,255
30,058 J.P. Morgan Chase & Company 1,066,758
2,200 Janus Capital Group, Inc. 28,578
1,250 Jefferson-Pilot Corporation 62,762
3,400 KeyCorp 112,744
2,300 Lehman Brothers Holdings, Inc. 210,956
1,700 Lincoln National Corporation 76,449
1,100 Loews Corporation 77,968
800 M&T Bank Corporation 82,760
4,400 Marsh & McLennan Companies, Inc. 123,332
1,700 Marshall & Ilsley Corporation 72,488
1,100 MBIA, Inc. 57,618
10,700 MBNA Corporation 211,325
3,700 Mellon Financial Corporation 102,453
7,800 Merrill Lynch & Company, Inc. 420,654
6,100 MetLife, Inc. 237,290
1,000 MGIC Investment Corporation 59,000
1,000 Moody's Corporation 82,140
9,400 Morgan Stanley and Company 494,628
4,500 National City Corporation 152,820
4,000 North Fork Bancorporation, Inc. 112,600
1,800 Northern Trust Corporation 81,054
1,600 Plum Creek Timber Company, Inc. 55,264
2,400 PNC Financial Services Group, Inc. 127,752
2,600 Principal Financial Group, Inc. 101,608
1,600 Progressive Corporation 146,032
1,600 ProLogis Trust 63,344
2,400 Providian Financial Corporation(b) 40,008
4,400 Prudential Financial, Inc. 251,460
3,901 Regions Financial Corporation 130,644
1,200 SAFECO Corporation 63,204
1,900 Simon Property Group, Inc. 125,533
3,600 SLM Corporation 171,504
3,200 Sovereign Bancorp, Inc.(c) 65,824
5,564 St. Paul Travelers Companies, Inc. 199,191
2,800 State Street Corporation 129,444
2,600 SunTrust Banks, Inc. 189,358
2,800 Synovus Financial Corporation 78,484
1,100 T. Rowe Price Group, Inc. 60,687
1,000 Torchmark Corporation 53,430
15,618 U.S. Bancorp 435,742
2,500 UnumProvident Corporation(c) 41,800
13,336 Wachovia Corporation 682,536
7,300 Washington Mutual, Inc. 301,636
14,300 Wells Fargo & Company 857,142
1,300 XL Capital, Ltd. 91,390
900 Zions Bancorporation 63,027
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 17,907,392
=========================================================================================================================
Health Care (13.3%)
- -------------------------------------------------------------------------------------------------------------------------
13,100 Abbott Laboratories 643,996
2,400 Aetna, Inc. 176,088
1,100 Allergan, Inc. 77,429
900 AmerisourceBergen Corporation(c) 55,152
10,536 Amgen, Inc.(b) 613,301
1,700 Applera Corporation (Applied Biosystems
Group) 36,040
600 Bausch & Lomb, Inc. 45,000
5,200 Baxter International, Inc. 192,920
2,100 Becton, Dickinson and Company 122,892
2,790 Biogen Idec, Inc.(b) 101,110
2,075 Biomet, Inc. 80,282
5,600 Boston Scientific Corporation(b) 165,648
16,500 Bristol-Myers Squibb Company 429,000
900 C.R. Bard, Inc. 64,053
3,600 Cardinal Health, Inc. 200,052
3,800 Caremark Rx, Inc.(b) 152,190
1,100 Chiron Corporation(b,c) 37,565
1,100 CIGNA Corporation 101,178
9,500 Eli Lilly and Company 555,465
700 Express Scripts, Inc.(b) 62,748
900 Fisher Scientific International, Inc.(b) 53,442
3,000 Forest Laboratories, Inc.(b) 107,040
2,000 Genzyme Corporation(b) 117,220
3,600 Gilead Sciences, Inc.(b) 133,560
2,700 Guidant Corporation 200,016
3,200 HCA, Inc. 178,688
2,000 Health Management Associates, Inc. 49,460
1,250 Hospira, Inc.(b) 41,938
1,300 Humana, Inc.(b) 45,045
2,000 IMS Health, Inc. 47,960
25,090 Johnson & Johnson 1,721,927
2,033 King Pharmaceuticals, Inc.(b) 16,264
1,100 Laboratory Corporation of America
Holdings(b) 54,450
900 Manor Care, Inc. 30,015
2,400 McKesson Corporation 88,800
2,225 Medco Health Solutions, Inc.(b) 113,408
2,000 MedImmune, Inc.(b) 50,740
10,200 Medtronic, Inc. 537,540
18,600 Merck & Company, Inc. 630,540
600 Millipore Corporation(b) 28,932
2,200 Mylan Laboratories, Inc. 36,300
1,200 PerkinElmer, Inc. 22,200
63,040 Pfizer, Inc. 1,712,797
700 Quest Diagnostics, Inc. 74,060
12,400 Schering-Plough Corporation 258,788
3,000 St. Jude Medical, Inc.(b) 117,090
2,900 Stryker Corporation 140,795
3,900 Tenet Healthcare Corporation(b) 46,683
1,500 Thermo Electron Corporation(b) 37,470
5,400 UnitedHealth Group, Inc. 510,354
1,000 Waters Corporation(b) 39,630
1,000 Watson Pharmaceuticals, Inc.(b) 30,000
2,500 WellPoint, Inc.(b) 319,375
11,300 Wyeth 507,822
2,040 Zimmer Holdings, Inc.(b) 166,097
- -------------------------------------------------------------------------------------------------------------------------
Total Health Care 12,178,555
=========================================================================================================================
Industrials (11.4%)
- -------------------------------------------------------------------------------------------------------------------------
6,500 3M Company 497,055
1,900 Allied Waste Industries, Inc.(b,c) 15,181
1,400 American Power Conversion Corporation 33,964
1,300 American Standard Companies, Inc. 58,123
1,200 Apollo Group, Inc.(b) 86,544
900 Avery Dennison Corporation 47,115
7,000 Boeing Company 416,640
3,200 Burlington Northern Santa Fe Corporation 154,400
2,800 Caterpillar, Inc. 246,540
8,800 Cendant Corporation 175,208
1,300 Cintas Corporation 50,167
900 Cooper Industries, Ltd. 57,294
1,900 CSX Corporation 76,247
500 Cummins, Inc.(c) 34,000
2,000 Danaher Corporation 101,260
2,000 Deere & Company 125,080
1,400 Delta Air Lines, Inc.(b,c) 4,606
1,900 Dover Corporation 69,084
1,400 Eaton Corporation 82,180
3,400 Emerson Electric Company 213,078
1,200 Equifax, Inc. 40,380
2,500 FedEx Corporation 212,375
700 Fluor Corporation 36,092
1,600 General Dynamics Corporation 168,080
89,700 General Electric Company 3,247,138
1,100 Goodrich Corporation 44,330
1,300 H&R Block, Inc. 64,753
7,100 Honeywell International, Inc. 253,896
2,100 Illinois Tool Works, Inc. 176,022
1,400 Ingersoll-Rand Company 107,618
900 ITT Industries, Inc. 81,414
900 L-3 Communications Holdings, Inc. 63,873
3,000 Lockheed Martin Corporation 182,850
3,700 Masco Corporation 116,513
900 Monster Worldwide, Inc.(b) 20,709
800 Navistar International Corporation(b) 23,624
3,300 Norfolk Southern Corporation 103,620
2,934 Northrop Grumman Corporation 160,901
1,425 PACCAR, Inc. 96,758
1,300 Pall Corporation 34,879
1,000 Parker-Hannifin Corporation 59,940
2,000 Pitney Bowes, Inc. 89,440
1,900 R.R. Donnelley & Sons Company 62,529
3,800 Raytheon Company 142,918
1,300 Robert Half International, Inc. 32,266
1,300 Rockwell Automation, Inc. 60,099
1,400 Rockwell Collins, Inc. 64,232
700 Ryder System, Inc. 25,851
5,700 Southwest Airlines Company 84,816
1,100 Textron, Inc. 82,885
16,938 Tyco International, Ltd. 530,329
2,200 Union Pacific Corporation 140,646
9,400 United Parcel Service, Inc. 670,314
4,300 United Technologies Corporation 437,396
800 W.W. Grainger, Inc. 44,232
4,700 Waste Management, Inc. 133,903
- -------------------------------------------------------------------------------------------------------------------------
Total Industrials 10,441,387
=========================================================================================================================
Information Technology (14.1%)
- -------------------------------------------------------------------------------------------------------------------------
7,000 ADC Telecommunications, Inc.(b,c) 15,890
2,000 Adobe Systems, Inc. 118,940
3,300 Advanced Micro Devices, Inc.(b,c) 46,959
1,000 Affiliated Computer Services, Inc.(b) 47,670
3,100 Agilent Technologies, Inc.(b) 64,325
3,100 Altera Corporation(b) 64,263
3,100 Analog Devices, Inc. 105,741
1,600 Andrew Corporation(b) 19,632
6,900 Apple Computer, Inc.(b) 248,814
14,100 Applied Materials, Inc.(b) 209,667
2,600 Applied Micro Circuits Corporation(b) 6,942
1,900 Autodesk, Inc. 60,477
4,900 Automatic Data Processing, Inc. 212,856
4,025 Avaya, Inc.(b) 34,937
1,800 BMC Software, Inc.(b) 29,160
2,000 Broadcom Corporation(b) 59,820
4,900 CIENA Corporation(b) 11,270
54,700 Cisco Systems, Inc.(b) 945,216
1,400 Citrix Systems, Inc.(b) 31,500
3,900 Computer Associates International, Inc. 104,910
1,600 Computer Sciences Corporation(b) 69,568
3,200 Compuware Corporation(b) 19,040
1,600 Comverse Technology, Inc.(b) 36,464
1,300 Convergys Corporation(b) 16,848
11,900 Corning, Inc.(b) 163,625
20,800 Dell, Inc.(b) 724,464
2,600 Electronic Arts, Inc.(b) 138,814
4,300 Electronic Data Systems Corporation 83,205
20,300 EMC Corporation(b) 266,336
6,703 First Data Corporation 254,915
1,650 Fiserv, Inc.(b) 69,795
3,299 Freescale Semiconductor, Inc.(b) 62,219
1,900 Gateway, Inc.(b) 6,479
24,441 Hewlett-Packard Company 500,307
52,700 Intel Corporation 1,239,504
13,800 International Business Machines
Corporation 1,054,044
1,500 Intuit, Inc.(b) 60,450
1,400 Jabil Circuit, Inc.(b) 38,640
12,100 JDS Uniphase Corporation(b) 17,908
1,600 KLA-Tencor Corporation 62,432
1,000 Lexmark International, Inc.(b) 69,450
2,500 Linear Technology Corporation 89,350
3,300 LSI Logic Corporation(b,c) 17,688
37,400 Lucent Technologies, Inc.(b,c) 90,882
2,700 Maxim Integrated Products, Inc. 100,980
700 Mercury Interactive Corporation(b) 28,931
5,100 Micron Technology, Inc.(b) 49,521
78,300 Microsoft Corporation 1,980,990
1,200 Molex, Inc. 30,492
20,700 Motorola, Inc. 317,538
2,900 National Semiconductor Corporation 55,332
1,600 NCR Corporation(b) 52,800
3,000 Network Appliance, Inc.(b) 79,890
3,100 Novell, Inc.(b,c) 18,321
1,300 Novellus Systems, Inc.(b) 30,459
1,400 NVIDIA Corporation(b) 30,716
31,800 Oracle Corporation(b) 367,608
2,500 Parametric Technology Corporation(b) 13,300
2,700 Paychex, Inc. 82,620
1,700 PMC-Sierra, Inc.(b) 13,702
700 QLogic Corporation(b) 23,268
13,900 QUALCOMM, Inc. 484,971
1,200 Sabre Holdings Corporation 23,472
4,300 Sanmina-SCI Corporation(b) 17,243
1,200 Scientific-Atlanta, Inc. 36,696
4,300 Siebel Systems, Inc.(b) 38,700
8,100 Solectron Corporation(b) 26,730
28,500 Sun Microsystems, Inc.(b) 103,455
2,400 SunGard Data Systems, Inc.(b) 80,160
5,900 Symantec Corporation(b) 110,802
1,950 Symbol Technologies, Inc. 26,072
900 Tektronix, Inc. 19,494
3,900 Tellabs, Inc.(b) 30,264
1,800 Teradyne, Inc.(b) 19,836
14,500 Texas Instruments, Inc. 361,920
2,800 Unisys Corporation(b) 18,172
3,500 VERITAS Software Corporation(b) 72,065
8,000 Xerox Corporation(b) 106,000
2,900 Xilinx, Inc. 78,126
10,200 Yahoo!, Inc.(b) 352,002
- -------------------------------------------------------------------------------------------------------------------------
Total Information Technology 12,874,064
=========================================================================================================================
Materials (3.0%)
- -------------------------------------------------------------------------------------------------------------------------
1,900 Air Products and Chemicals, Inc. 111,587
7,300 Alcoa, Inc. 211,846
900 Allegheny Technologies, Inc. 20,160
1,000 Ball Corporation 39,500
1,000 Bemis Company, Inc. 27,560
7,983 Dow Chemical Company 366,659
8,400 E.I. du Pont de Nemours and Company 395,724
800 Eastman Chemical Company 43,200
1,600 Ecolab, Inc. 52,336
1,100 Engelhard Corporation 33,693
1,500 Freeport-McMoRan Copper & Gold, Inc.(c) 51,990
2,152 Georgia-Pacific Corporation 73,749
600 Great Lakes Chemical Corporation 18,624
1,000 Hercules, Inc.(b) 13,230
800 International Flavors & Fragrances, Inc. 30,320
4,100 International Paper Company 140,589
1,000 Louisiana-Pacific Corporation 24,600
1,791 MeadWestvaco Corporation 52,745
2,184 Monsanto Company 128,026
3,700 Newmont Mining Corporation 140,489
1,300 Nucor Corporation 66,430
1,300 Pactiv Corporation(b) 27,872
800 Phelps Dodge Corporation 68,680
1,600 PPG Industries, Inc. 108,080
2,600 Praxair, Inc. 121,758
1,400 Rohm and Haas Company 61,124
800 Sealed Air Corporation(b) 38,752
700 Sigma-Aldrich Corporation 40,901
1,000 Temple-Inland, Inc. 33,750
900 United States Steel Corporation 38,484
1,000 Vulcan Materials Company 53,040
2,000 Weyerhaeuser Company 137,220
- -------------------------------------------------------------------------------------------------------------------------
Total Materials 2,772,718
=========================================================================================================================
Telecommunications Services (3.1%)
- -------------------------------------------------------------------------------------------------------------------------
2,600 ALLTEL Corporation 148,096
6,760 AT&T Corporation 129,319
15,500 BellSouth Corporation 410,595
1,200 CenturyTel, Inc. 36,828
3,000 Citizens Communications Company 38,250
9,500 Nextel Communications, Inc.(b) 265,905
12,700 Qwest Communications International,
Inc.(b,c) 43,434
27,900 SBC Communications, Inc. 664,020
12,500 Sprint Corporation 278,250
23,400 Verizon Communications, Inc. 837,720
- -------------------------------------------------------------------------------------------------------------------------
Total Telecommunications Services 2,852,417
=========================================================================================================================
Utilities (3.3%)
- -------------------------------------------------------------------------------------------------------------------------
5,400 AES Corporation(b) 86,832
1,300 Allegheny Energy, Inc.(b,c) 31,772
1,700 Ameren Corporation(c) 87,890
3,300 American Electric Power Company, Inc. 116,226
4,500 Calpine Corporation(b,c) 8,055
2,300 CenterPoint Energy, Inc. 27,232
1,800 Cinergy Corporation 71,280
1,900 CMS Energy Corporation(b,c) 24,548
2,100 Consolidated Edison, Inc.(c) 90,888
1,400 Constellation Energy Group, Inc. 73,584
2,800 Dominion Resources, Inc. 211,120
1,700 DTE Energy Company 78,115
7,900 Duke Energy Corporation 230,601
2,400 Dynegy, Inc.(b,c) 8,040
2,700 Edison International, Inc. 98,010
1,900 Entergy Corporation 139,270
5,550 Exelon Corporation 274,725
2,800 FirstEnergy Corporation 121,856
3,200 FPL Group, Inc. 130,624
1,600 KeySpan Corporation 60,688
500 Nicor, Inc.(c) 18,485
2,437 NiSource, Inc. 56,636
500 Peoples Energy Corporation 19,800
3,000 PG&E Corporation 104,160
900 Pinnacle West Capital Corporation 37,710
1,700 PPL Corporation 92,242
2,127 Progress Energy, Inc. 89,313
1,900 Public Service Enterprise Group, Inc. 110,390
2,200 Sempra Energy 88,836
6,200 Southern Company 204,290
1,900 TECO Energy, Inc.(c) 31,559
2,000 TXU Corporation(d) 171,580
3,555 Xcel Energy, Inc. 61,075
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 3,057,432
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $90,042,109) 88,022,370
=========================================================================================================================
Shares Collateral Held for Securities Loaned
(1.9%) Interest Rate(e) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
1,773,570 Thrivent Financial Securities Lending
Trust 2.90% N/A $1,773,570
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $1,773,570) 1,773,570
=========================================================================================================================
Shares Short-Term Investments (2.1%) Interest Rate(e) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
1,947,688 Thrivent Money Market Fund(d) 2.65% N/A $1,947,688
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 1,947,688
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $93,763,367) $91,743,628
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Non-income producing security.
(c) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(d) At April 29, 2005, $97,650 in cash was pledged as the initial margin
deposit for open financial contacts. In addition, 2,000 shares in TXU
Corporation common stock valued at $171,580 and $1,947,688 of Short-Term
Investments were earmarked as collateral to cover open financial futures
contract as follows:
Notional
Number of Expiration Principal Unrealized
Type Contracts Date Position Value Amount Loss
- ------------------------------------------------------------------------------------------------------
S&P 500 Mini Futures 35 June 2005 Long $2,027,375 $2,041,226 $13,851
(e) The interest rate shown reflects the yield.
The accompanying notes to the financial statements are an integral part of
this schedule.
Large Cap Index Fund-I
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (97.8%) Value
- -------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary (10.5%)
- -------------------------------------------------------------------------------------------------------------------------
508 AutoNation, Inc.(b) $9,281
152 AutoZone, Inc.(b,c) 12,616
857 Bed Bath & Beyond, Inc.(b) 31,889
761 Best Buy Company, Inc. 38,309
302 Big Lots, Inc.(b) 3,074
201 Black & Decker Corporation 16,810
302 Brunswick Corporation 12,684
1,165 Carnival Corporation 56,945
402 Centex Corporation 23,203
554 Circuit City Stores, Inc.(b) 8,753
1,415 Clear Channel Communications, Inc. 45,195
1,000 Coach, Inc.(b) 26,800
6,416 Comcast Corporation(b) 206,018
251 Cooper Tire & Rubber Company 4,380
404 Dana Corporation 4,614
380 Darden Restaurants, Inc. 11,400
1,615 Delphi Corporation 5,330
201 Dillard's, Inc. 4,677
771 Dollar General Corporation 15,690
300 Dow Jones & Company, Inc.(c) 10,032
858 Eastman Kodak Company 21,450
3,132 eBay, Inc.(b) 99,378
505 Family Dollar Stores, Inc. 13,625
503 Federated Department Stores, Inc. 28,922
5,354 Ford Motor Company 48,775
454 Fortune Brands, Inc. 38,399
704 Gannett Company, Inc. 54,208
1,774 Gap, Inc. 37,875
1,665 General Motors Corporation(c) 44,422
554 Genuine Parts Company 23,767
503 Goodyear Tire & Rubber Company(b,c) 5,971
808 Harley-Davidson, Inc. 37,992
302 Harrah's Entertainment, Inc. 19,817
404 Hasbro, Inc. 7,644
1,161 Hilton Hotels Corporation 25,345
6,367 Home Depot, Inc. 225,201
1,008 International Game Technology 27,105
1,260 Interpublic Group of Companies, Inc.(b) 16,204
756 J.C. Penney Company, Inc. (Holding
Company) 35,842
504 Johnson Controls, Inc. 27,654
354 Jones Apparel Group, Inc. 10,779
200 KB Home 11,400
201 Knight-Ridder, Inc. 13,005
858 Kohl's Corporation(b) 40,841
504 Leggett & Platt, Inc. 13,588
1,064 Limited Brands, Inc. 23,078
303 Liz Claiborne, Inc. 10,735
2,274 Lowe's Companies, Inc. 118,498
555 Marriott International, Inc. 34,826
1,162 Mattel, Inc. 20,974
856 May Department Stores Company 30,028
250 Maytag Corporation(c) 2,422
3,685 McDonald's Corporation 108,007
504 McGraw-Hill Companies, Inc. 43,888
200 Meredith Corporation 9,400
454 New York Times Company 15,145
756 Newell Rubbermaid, Inc. 16,428
7,200 News Corporation 110,016
557 NIKE, Inc. 42,783
352 Nordstrom, Inc. 17,892
907 Office Depot, Inc.(b) 17,759
301 OfficeMax, Inc. 9,776
503 Omnicom Group, Inc. 41,699
302 Pulte Homes, Inc. 21,578
503 RadioShack Corporation 12,560
100 Reebok International, Ltd. 4,061
276 Sears Holdings Corporation(b) 37,276
353 Sherwin-Williams Company 15,733
300 Snap-On, Inc. 9,951
201 Stanley Works 8,649
2,118 Staples, Inc. 40,390
1,110 Starbucks Corporation(b) 54,967
606 Starwood Hotels & Resorts Worldwide, Inc. 32,930
2,628 Target Corporation 121,939
404 Tiffany & Company 12,181
12,886 Time Warner, Inc.(b) 216,614
1,416 TJX Companies, Inc. 32,072
654 Toys 'R' Us, Inc.(b) 16,579
806 Tribune Company 31,112
706 Univision Communications, Inc.(b) 18,561
202 VF Corporation 11,431
4,923 Viacom, Inc. 170,434
429 Visteon Corporation(c) 1,502
5,911 Walt Disney Company 156,050
302 Wendy's International, Inc. 12,965
151 Whirlpool Corporation 9,371
859 Yum! Brands, Inc. 40,339
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Discretionary 3,239,508
=========================================================================================================================
Consumer Staples (9.8%)
- -------------------------------------------------------------------------------------------------------------------------
201 Alberto-Culver Company 8,944
1,059 Albertson's, Inc.(c) 20,958
5,909 Altria Group, Inc. 384,026
2,325 Anheuser-Busch Companies, Inc. 108,973
1,738 Archer-Daniels-Midland Company 31,267
1,412 Avon Products, Inc. 56,593
200 Brown-Forman Corporation 11,100
660 Campbell Soup Company 19,628
405 Clorox Company 25,636
6,123 Coca-Cola Company 265,983
711 Coca-Cola Enterprises, Inc. 14,433
1,565 Colgate-Palmolive Company 77,921
1,512 ConAgra Foods, Inc. 40,446
1,361 Costco Wholesale Corporation 55,229
1,110 CVS Corporation 57,254
1,060 General Mills, Inc. 52,364
2,880 Gillette Company 148,723
1,059 H.J. Heinz Company 39,024
860 Kellogg Company 38,657
1,364 Kimberly-Clark Corporation 85,182
1,972 Kroger Company(b) 31,098
404 McCormick & Company, Inc. 13,974
250 Molson Coors Brewing Company 15,438
408 Pepsi Bottling Group, Inc. 11,697
4,897 PepsiCo, Inc. 272,469
7,374 Procter & Gamble Company 399,302
202 Reynolds American, Inc.(c) 15,750
1,261 Safeway, Inc.(b) 26,847
2,222 Sara Lee Corporation 47,529
352 SUPERVALU, Inc. 11,109
1,868 SYSCO Corporation 64,633
504 The Hershey Company 32,206
503 UST, Inc. 23,037
7,182 Wal-Mart Stores, Inc. 338,559
2,929 Walgreen Company 126,123
505 William Wrigley Jr. Company 34,911
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Staples 3,007,023
=========================================================================================================================
Energy (8.3%)
- -------------------------------------------------------------------------------------------------------------------------
251 Amerada Hess Corporation 23,506
720 Anadarko Petroleum Corporation 52,589
946 Apache Corporation 53,250
151 Ashland, Inc. 10,153
1,008 Baker Hughes, Inc. 44,473
455 BJ Services Company 22,181
1,110 Burlington Resources, Inc. 53,957
5,972 ChevronTexaco Corporation 310,544
1,962 ConocoPhillips 205,716
1,412 Devon Energy Corporation 63,780
1,875 El Paso Corporation 18,731
606 EOG Resources, Inc. 28,815
18,105 Exxon Mobil Corporation 1,032,528
1,462 Halliburton Company 60,805
451 Kerr-McGee Corporation(c) 34,998
253 Kinder Morgan, Inc. 19,344
1,007 Marathon Oil Corporation 46,896
353 Nabors Industries, Ltd.(b) 19,016
500 National Oilwell Varco, Inc.(b) 19,870
404 Noble Corporation 20,564
1,161 Occidental Petroleum Corporation 80,109
301 Rowan Companies, Inc. 7,986
1,715 Schlumberger, Ltd. 117,323
201 Sunoco, Inc. 19,951
957 Transocean, Inc.(b) 44,376
756 Unocal Corporation 41,240
700 Valero Energy Corporation 47,971
1,563 Williams Companies, Inc. 26,602
933 XTO Energy, Inc. 28,149
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 2,555,423
=========================================================================================================================
Financials (20.0%)
- -------------------------------------------------------------------------------------------------------------------------
857 ACE, Ltd. 36,817
1,463 AFLAC, Inc. 59,471
1,970 Allstate Corporation 110,635
303 Ambac Financial Group, Inc. 20,256
3,188 American Express Company 168,008
7,727 American International Group, Inc. 392,918
1,059 AmSouth Bancorporation 27,873
907 Aon Corporation 18,911
353 Apartment Investment & Management Company 13,456
600 Archstone-Smith Trust 21,582
11,734 Bank of America Corporation 528,499
2,272 Bank of New York Company, Inc. 63,480
1,612 BB&T Corporation 63,207
252 Bear Stearns Companies, Inc. 23,854
705 Capital One Financial Corporation 49,977
2,887 Charles Schwab Corporation 29,880
553 Chubb Corporation 45,224
450 Cincinnati Financial Corporation 18,126
600 CIT Group, Inc. 24,168
15,160 Citigroup, Inc. 711,914
453 Comerica, Inc. 25,939
400 Compass Bancshares, Inc. 17,208
1,706 Countrywide Financial Corporation 61,740
1,100 E*TRADE Financial Corporation(b) 12,221
1,212 Equity Office Properties Trust 38,142
858 Equity Residential REIT 29,472
2,019 Federal Home Loan Mortgage Corporation 124,209
2,928 Federal National Mortgage Corporation 157,966
303 Federated Investors, Inc. 8,620
1,407 Fifth Third Bancorp 61,204
454 First Horizon National Corporation(c) 18,855
455 Franklin Resources, Inc. 31,249
706 Golden West Financial Corporation 44,005
1,113 Goldman Sachs Group, Inc. 118,857
856 Hartford Financial Services Group, Inc. 61,949
726 Huntington Bancshares, Inc. 17,068
10,278 J.P. Morgan Chase & Company 364,766
706 Janus Capital Group, Inc. 9,171
430 Jefferson-Pilot Corporation 21,590
1,210 KeyCorp 40,124
805 Lehman Brothers Holdings, Inc. 73,835
553 Lincoln National Corporation 24,868
354 Loews Corporation 25,092
200 M&T Bank Corporation 20,690
1,566 Marsh & McLennan Companies, Inc. 43,895
506 Marshall & Ilsley Corporation 21,576
429 MBIA, Inc. 22,471
3,715 MBNA Corporation 73,371
1,261 Mellon Financial Corporation 34,917
2,678 Merrill Lynch & Company, Inc. 144,425
2,170 MetLife, Inc. 84,413
251 MGIC Investment Corporation 14,809
353 Moody's Corporation 28,995
3,231 Morgan Stanley and Company 170,015
1,516 National City Corporation $51,483
1,357 North Fork Bancorporation, Inc. 38,200
504 Northern Trust Corporation 22,695
556 Plum Creek Timber Company, Inc. 19,204
855 PNC Financial Services Group, Inc. 45,512
860 Principal Financial Group, Inc. 33,609
606 Progressive Corporation 55,310
500 ProLogis Trust 19,795
806 Providian Financial Corporation(b) 13,436
1,467 Prudential Financial, Inc. 83,839
1,323 Regions Financial Corporation 44,307
402 SAFECO Corporation 21,173
655 Simon Property Group, Inc. 43,276
1,262 SLM Corporation 60,122
1,000 Sovereign Bancorp, Inc.(c) 20,570
1,953 St. Paul Travelers Companies, Inc. 69,917
1,008 State Street Corporation 46,600
956 SunTrust Banks, Inc. 69,625
908 Synovus Financial Corporation 25,451
351 T. Rowe Price Group, Inc. 19,365
352 Torchmark Corporation 18,807
5,369 U.S. Bancorp 149,795
857 UnumProvident Corporation(c) 14,329
4,591 Wachovia Corporation 234,967
2,478 Washington Mutual, Inc. 102,391
4,848 Wells Fargo & Company 290,589
404 XL Capital, Ltd. 28,401
252 Zions Bancorporation 17,648
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 6,136,399
=========================================================================================================================
Health Care (13.6%)
- -------------------------------------------------------------------------------------------------------------------------
4,596 Abbott Laboratories 225,939
906 Aetna, Inc. 66,473
403 Allergan, Inc. 28,367
302 AmerisourceBergen Corporation 18,507
3,507 Amgen, Inc.(b) 204,142
554 Applera Corporation (Applied Biosystems
Group) 11,745
201 Bausch & Lomb, Inc. 15,075
1,769 Baxter International, Inc. 65,630
706 Becton, Dickinson and Company 41,315
1,005 Biogen Idec, Inc.(b) 36,421
744 Biomet, Inc. 28,785
1,922 Boston Scientific Corporation(b) 56,853
5,656 Bristol-Myers Squibb Company 147,056
302 C.R. Bard, Inc. 21,493
1,237 Cardinal Health, Inc. 68,740
1,300 Caremark Rx, Inc.(b) 52,065
304 Chiron Corporation(b,c) 10,382
404 CIGNA Corporation 37,160
3,283 Eli Lilly and Company 191,957
200 Express Scripts, Inc.(b) 17,928
300 Fisher Scientific International, Inc.(b) 17,814
1,112 Forest Laboratories, Inc.(b) 39,676
706 Genzyme Corporation(b) 41,379
1,300 Gilead Sciences, Inc.(b) 48,230
906 Guidant Corporation 67,116
1,063 HCA, Inc. 59,358
657 Health Management Associates, Inc. 16,248
409 Hospira, Inc.(b) 13,722
454 Humana, Inc.(b) 15,731
654 IMS Health, Inc. 15,683
8,635 Johnson & Johnson 592,620
673 King Pharmaceuticals, Inc.(b) 5,384
400 Laboratory Corporation of America
Holdings(b) 19,800
251 Manor Care, Inc. 8,371
856 McKesson Corporation 31,672
741 Medco Health Solutions, Inc.(b) 37,769
707 MedImmune, Inc.(b) 17,937
3,534 Medtronic, Inc. 186,242
6,417 Merck & Company, Inc. 217,536
150 Millipore Corporation(b) 7,233
800 Mylan Laboratories, Inc. 13,200
352 PerkinElmer, Inc. 6,512
21,581 Pfizer, Inc. 586,356
203 Quest Diagnostics, Inc. 21,477
4,243 Schering-Plough Corporation 88,551
1,012 St. Jude Medical, Inc.(b) 39,498
1,008 Stryker Corporation 48,938
1,390 Tenet Healthcare Corporation(b) 16,638
454 Thermo Electron Corporation(b) 11,341
1,916 UnitedHealth Group, Inc. 181,081
354 Waters Corporation(b) 14,029
301 Watson Pharmaceuticals, Inc.(b) 9,030
860 WellPoint, Inc.(b) 109,865
3,839 Wyeth 172,525
739 Zimmer Holdings, Inc.(b) 60,169
- -------------------------------------------------------------------------------------------------------------------------
Total Health Care 4,184,764
=========================================================================================================================
Industrials (11.7%)
- -------------------------------------------------------------------------------------------------------------------------
2,224 3M Company 170,069
554 Allied Waste Industries, Inc.(b) 4,426
505 American Power Conversion Corporation 12,251
456 American Standard Companies, Inc. 20,388
455 Apollo Group, Inc.(b) 32,815
302 Avery Dennison Corporation 15,810
2,474 Boeing Company 147,252
1,058 Burlington Northern Santa Fe Corporation 51,048
959 Caterpillar, Inc. 84,440
3,029 Cendant Corporation 60,307
405 Cintas Corporation 15,629
252 Cooper Industries, Ltd. 16,042
654 CSX Corporation 26,245
150 Cummins, Inc. 10,200
704 Danaher Corporation 35,644
755 Deere & Company 47,218
502 Delta Air Lines, Inc.(b,c) 1,652
554 Dover Corporation 20,143
404 Eaton Corporation 23,715
1,261 Emerson Electric Company 79,027
403 Equifax, Inc. 13,561
907 FedEx Corporation 77,050
202 Fluor Corporation 10,415
554 General Dynamics Corporation 58,198
30,950 General Electric Company 1,120,395
301 Goodrich Corporation 12,130
455 H&R Block, Inc. 22,664
2,524 Honeywell International, Inc. 90,258
707 Illinois Tool Works, Inc. 59,261
504 Ingersoll-Rand Company 38,742
252 ITT Industries, Inc. 22,796
300 L-3 Communications Holdings, Inc. 21,291
1,062 Lockheed Martin Corporation 64,729
1,261 Masco Corporation 39,709
301 Monster Worldwide, Inc.(b) 6,926
150 Navistar International Corporation(b) 4,430
1,110 Norfolk Southern Corporation 34,854
1,046 Northrop Grumman Corporation 57,363
543 PACCAR, Inc. 36,870
351 Pall Corporation 9,417
352 Parker-Hannifin Corporation 21,099
655 Pitney Bowes, Inc. 29,292
601 R.R. Donnelley & Sons Company 19,779
1,259 Raytheon Company 47,351
405 Robert Half International, Inc. 10,052
454 Rockwell Automation, Inc. 20,988
554 Rockwell Collins, Inc. 25,418
200 Ryder System, Inc. 7,386
1,995 Southwest Airlines Company 29,686
402 Textron, Inc. 30,291
5,861 Tyco International, Ltd. 183,508
756 Union Pacific Corporation 48,331
3,284 United Parcel Service, Inc. 234,182
1,511 United Technologies Corporation 153,699
252 W.W. Grainger, Inc. 13,933
1,664 Waste Management, Inc. 47,407
- -------------------------------------------------------------------------------------------------------------------------
Total Industrials 3,597,782
=========================================================================================================================
Information Technology (14.4%)
- -------------------------------------------------------------------------------------------------------------------------
2,372 ADC Telecommunications, Inc.(b) 5,384
655 Adobe Systems, Inc. 38,953
1,107 Advanced Micro Devices, Inc.(b) 15,753
400 Affiliated Computer Services, Inc.(b) 19,068
1,051 Agilent Technologies, Inc.(b) 21,808
1,059 Altera Corporation(b) 21,953
1,110 Analog Devices, Inc. 37,862
451 Andrew Corporation(b) 5,534
2,220 Apple Computer, Inc.(b) 80,053
4,702 Applied Materials, Inc.(b) 69,919
958 Applied Micro Circuits Corporation(b) 2,558
604 Autodesk, Inc. 19,225
1,665 Automatic Data Processing, Inc. 72,328
1,318 Avaya, Inc.(b) 11,440
607 BMC Software, Inc.(b) 9,833
755 Broadcom Corporation(b) 22,582
1,660 CIENA Corporation(b) 3,818
18,714 Cisco Systems, Inc.(b) 323,378
503 Citrix Systems, Inc.(b) 11,318
1,365 Computer Associates International, Inc. 36,718
504 Computer Sciences Corporation(b) 21,914
1,159 Compuware Corporation(b) 6,896
554 Comverse Technology, Inc.(b) 12,626
404 Convergys Corporation(b) 5,236
4,033 Corning, Inc.(b) 55,454
7,176 Dell, Inc.(b) 249,940
908 Electronic Arts, Inc.(b) 48,478
1,512 Electronic Data Systems Corporation 29,257
6,715 EMC Corporation(b) 88,101
2,365 First Data Corporation 89,941
580 Fiserv, Inc.(b) 24,534
1,123 Freescale Semiconductor, Inc.(b) 21,180
757 Gateway, Inc.(b) 2,581
8,307 Hewlett-Packard Company 170,044
18,049 Intel Corporation 424,512
4,848 International Business Machines
Corporation 370,290
555 Intuit, Inc.(b) 22,366
505 Jabil Circuit, Inc.(b) 13,938
4,241 JDS Uniphase Corporation(b) 6,277
604 KLA-Tencor Corporation 23,568
351 Lexmark International, Inc.(b) 24,377
857 Linear Technology Corporation 30,629
1,108 LSI Logic Corporation(b,c) 5,939
12,816 Lucent Technologies, Inc.(b,c) 31,143
959 Maxim Integrated Products, Inc. 35,867
201 Mercury Interactive Corporation(b) 8,307
1,766 Micron Technology, Inc.(b) 17,148
26,825 Microsoft Corporation 678,672
467 Molex, Inc. 11,866
7,051 Motorola, Inc. 108,162
1,008 National Semiconductor Corporation 19,233
502 NCR Corporation(b) 16,566
1,008 Network Appliance, Inc.(b) 26,843
1,109 Novell, Inc.(b,c) 6,554
453 Novellus Systems, Inc.(b) 10,614
455 NVIDIA Corporation(b) 9,983
10,757 Oracle Corporation(b) 124,351
806 Parametric Technology Corporation(b) 4,288
985 Paychex, Inc. 30,141
504 PMC-Sierra, Inc.(b) 4,062
251 QLogic Corporation(b) 8,343
4,842 QUALCOMM, Inc. 168,937
389 Sabre Holdings Corporation 7,609
1,513 Sanmina-SCI Corporation(b) 6,067
453 Scientific-Atlanta, Inc. 13,853
1,462 Siebel Systems, Inc.(b) 13,158
2,772 Solectron Corporation(b) 9,148
9,696 Sun Microsystems, Inc.(b) 35,196
808 SunGard Data Systems, Inc.(b) 26,987
2,020 Symantec Corporation(b) 37,936
730 Symbol Technologies, Inc. 9,760
301 Tektronix, Inc. 6,520
1,360 Tellabs, Inc.(b) 10,554
554 Teradyne, Inc.(b) 6,105
4,998 Texas Instruments, Inc. 124,750
957 Unisys Corporation(b) 6,211
1,260 VERITAS Software Corporation(b) 25,943
2,771 Xerox Corporation(b) 36,716
1,006 Xilinx, Inc. 27,102
3,428 Yahoo!, Inc.(b) 118,300
- -------------------------------------------------------------------------------------------------------------------------
Total Information Technology 4,420,558
=========================================================================================================================
Materials (3.0%)
- -------------------------------------------------------------------------------------------------------------------------
656 Air Products and Chemicals, Inc. 38,527
2,486 Alcoa, Inc. 72,144
251 Allegheny Technologies, Inc. 5,622
302 Ball Corporation 11,929
302 Bemis Company, Inc. 8,323
2,718 Dow Chemical Company 124,838
2,829 E.I. du Pont de Nemours and Company 133,274
201 Eastman Chemical Company 10,854
504 Ecolab, Inc. 16,486
352 Engelhard Corporation 10,782
503 Freeport-McMoRan Copper & Gold, Inc. 17,434
708 Georgia-Pacific Corporation 24,263
151 Great Lakes Chemical Corporation 4,687
352 Hercules, Inc.(b) 4,657
251 International Flavors & Fragrances, Inc. 9,513
1,419 International Paper Company 48,658
351 Louisiana-Pacific Corporation 8,635
596 MeadWestvaco Corporation 17,552
723 Monsanto Company 42,382
1,260 Newmont Mining Corporation 47,842
502 Nucor Corporation 25,652
454 Pactiv Corporation(b) 9,734
301 Phelps Dodge Corporation 25,841
504 PPG Industries, Inc. 34,045
908 Praxair, Inc. 42,522
506 Rohm and Haas Company 22,092
201 Sealed Air Corporation(b) 9,736
151 Sigma-Aldrich Corporation 8,823
402 Temple-Inland, Inc. 13,568
351 United States Steel Corporation 15,009
251 Vulcan Materials Company 13,313
705 Weyerhaeuser Company 48,370
- -------------------------------------------------------------------------------------------------------------------------
Total Materials 927,107
=========================================================================================================================
Telecommunications Services (3.1%)
- -------------------------------------------------------------------------------------------------------------------------
857 ALLTEL Corporation 48,815
2,287 AT&T Corporation 43,750
5,254 BellSouth Corporation 139,178
404 CenturyTel, Inc. 12,399
1,007 Citizens Communications Company 12,839
3,178 Nextel Communications, Inc.(b) 88,952
4,436 Qwest Communications International,
Inc.(b,c) 15,171
9,598 SBC Communications, Inc. 228,432
4,287 Sprint Corporation 95,429
7,974 Verizon Communications, Inc. 285,469
- -------------------------------------------------------------------------------------------------------------------------
Total Telecommunications Services 970,434
=========================================================================================================================
Utilities (3.4%)
- -------------------------------------------------------------------------------------------------------------------------
1,864 AES Corporation(b) 29,973
452 Allegheny Energy, Inc.(b,c) 11,047
603 Ameren Corporation 31,175
1,129 American Electric Power Company, Inc. 39,763
1,559 Calpine Corporation(b,c) 2,791
806 CenterPoint Energy, Inc. 9,543
603 Cinergy Corporation 23,879
602 CMS Energy Corporation(b) 7,778
657 Consolidated Edison, Inc. 28,435
503 Constellation Energy Group, Inc. 26,438
929 Dominion Resources, Inc. 70,047
503 DTE Energy Company 23,113
2,724 Duke Energy Corporation 79,514
809 Dynegy, Inc.(b) 2,710
958 Edison International, Inc. 34,775
606 Entergy Corporation 44,420
1,964 Exelon Corporation 97,218
958 FirstEnergy Corporation 41,692
1,106 FPL Group, Inc. 45,147
454 KeySpan Corporation 17,220
250 Nicor, Inc.(c) 9,242
775 NiSource, Inc. 18,011
250 Peoples Energy Corporation 9,900
1,060 PG&E Corporation 36,803
301 Pinnacle West Capital Corporation 12,612
503 PPL Corporation 27,293
682 Progress Energy, Inc. 28,637
706 Public Service Enterprise Group, Inc. 41,019
659 Sempra Energy 26,610
2,170 Southern Company 71,502
604 TECO Energy, Inc.(c) 10,032
657 TXU Corporation 56,364
1,114 Xcel Energy, Inc. 19,139
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 1,033,842
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $29,912,728) 30,072,840
=========================================================================================================================
Shares Collateral Held for Securities Loaned
(1.0%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
294,526 Thrivent Financial Securities Lending
Trust 2.90% N/A $294,526
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $294,526) 294,526
=========================================================================================================================
Shares Short-Term Investments (1.2%) Interest Rate(d) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
365,261 Thrivent Money Market Fund(e) 2.65% N/A $365,261
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 365,261
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $30,572,515) $30,732,627
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Non-income producing security.
(c) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(d) The interest rate shown reflects the yield.
(e) At April 29, 2005, $18,900 in cash was pledged as the initial margin
deposit for open financial contacts. In addition, $365,261 of Short-Term
Investments were earmarked as collateral to cover open financial futures
contract as follows:
Notional
Number of Expiration Principal Unrealized
Type Contracts Date Position Value Amount Loss
- ------------------------------------------------------------------------------------------------------
S&P 500 Mini Futures 6 June 2005 Long $347,550 $352,745 $5,195
The accompanying notes to the financial statements are an integral part of
this schedule.
Balanced Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Shares Common Stock (53.6%) Value
- -------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary (6.5%)
- -------------------------------------------------------------------------------------------------------------------------
40,950 Aeropostale, Inc.(b) $1,143,734
37,900 Brunswick Corporation 1,591,800
37,400 Carnival Corporation 1,828,112
42,900 Cheesecake Factory, Inc.(b) 1,316,601
30,000 Children's Place Retail Stores, Inc.(b,c) 1,116,300
35,200 eBay, Inc.(b) 1,116,896
16,000 Fortune Brands, Inc. 1,353,280
40,200 GameStop Corporation(b,c) 989,322
12,900 Gaylord Entertainment Company(b) 516,000
34,900 Hilton Hotels Corporation 761,867
15,800 International Speedway Corporation 840,560
20,400 Kohl's Corporation(b,d) 971,040
67,700 McDonald's Corporation 1,984,287
37,100 McGraw-Hill Companies, Inc.(e) 3,230,668
26,200 Nordstrom, Inc. 1,331,746
59,600 PETsMART, Inc. 1,588,340
13,100 Royal Caribbean Cruises, Ltd.(c) 550,462
52,400 Target Corporation(e) 2,431,360
97,400 Walt Disney Company 2,571,360
48,800 Warnaco Group, Inc.(b) 1,096,048
51,100 Yum! Brands, Inc. 2,399,656
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Discretionary 30,729,439
=========================================================================================================================
Consumer Staples (4.7%)
- -------------------------------------------------------------------------------------------------------------------------
27,300 Alberto-Culver Company 1,214,850
35,100 Altria Group, Inc. 2,281,149
51,700 Casey's General Stores, Inc. 872,696
23,700 CVS Corporation(e) 1,222,446
34,400 Flowers Foods, Inc. 992,096
29,200 General Mills, Inc.(e) 1,442,480
31,300 Hormel Foods Corporation 974,682
20,800 Kimberly-Clark Corporation 1,298,960
58,900 Lance, Inc.(c) 970,672
15,400 Molson Coors Brewing Company(c) 950,950
35,100 Pepsi Bottling Group, Inc. 1,006,317
44,300 PepsiCo, Inc.(e) 2,464,852
55,200 Procter & Gamble Company(e) 2,989,080
27,800 Ralcorp Holdings, Inc. 1,101,436
52,300 Wal-Mart Stores, Inc. 2,465,422
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Staples 22,248,088
=========================================================================================================================
Energy (4.5%)
- -------------------------------------------------------------------------------------------------------------------------
31,800 ChevronTexaco Corporation(e) 1,653,600
44,900 Dril-Quip, Inc.(b,c) 1,308,835
88,086 Exxon Mobil Corporation(d,f) 5,023,545
32,700 Halliburton Company 1,359,993
34,400 National Oilwell Varco, Inc.(b,e) 1,367,056
44,000 Noble Corporation 2,239,600
85,100 Patterson-UTI Energy, Inc. 2,039,847
26,200 Precision Drilling Corporation(b) 1,890,854
13,500 Valero Energy Corporation 925,155
49,000 Veritas DGC, Inc.(b) 1,254,400
117,200 Warren Resources, Inc.(b,c) 1,003,232
38,800 XTO Energy, Inc. 1,170,596
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 21,236,713
=========================================================================================================================
Financials (10.2%)
- -------------------------------------------------------------------------------------------------------------------------
16,650 Affiliated Managers Group, Inc.(b,c) 1,041,124
28,200 Allstate Corporation(e) 1,583,712
1,700 AMB Property Corporation 66,283
41,200 American Capital Strategies, Ltd.(c) 1,317,576
55,862 American International Group, Inc.(e) 2,840,583
69,300 Ameritrade Holding Corporation(b) 726,264
1,900 Apartment Investment & Management Company 72,428
4,100 Archstone-Smith Trust 147,477
97,500 Bank of America Corporation(d,e) 4,391,400
1,000 Capital Automotive REIT 33,980
27,400 Capital One Financial Corporation 1,942,386
50,100 CapitalSource, Inc.(b,c) 1,052,100
40,100 Center Financial Corporation(c) 799,594
35,100 CIT Group, Inc. 1,413,828
117,545 Citigroup, Inc.(d) 5,519,912
10,800 City National Corporation(e) 761,400
500 Colonial Properties Trust(c) 19,325
57,400 Commercial Capital Bancorp, Inc.(c) 906,346
900 Commercial Net Lease Realty, Inc.(c) 17,082
700 CRT Properties, Inc. 16,163
2,200 Developers Diversified Realty Corporation 93,368
500 Entertainment Properties Trust 21,600
8,300 Equity Office Properties Trust 261,201
5,800 Equity Residential REIT 199,230
500 Essex Property Trust, Inc. 37,975
27,900 Federal National Mortgage Corporation 1,505,205
500 Gables Residential Trust(c) 18,325
700 Glenborough Realty Trust, Inc. 14,378
24,100 Goldman Sachs Group, Inc. 2,573,639
39,200 HCC Insurance Holdings, Inc.(c) 1,394,344
900 Highwoods Properties, Inc. 25,317
1,500 Hospitality Properties Trust 62,670
29,900 Investors Financial Services
Corporation(c) 1,254,305
500 Kilroy Realty Corporation 21,815
54,200 Knight Trading Group, Inc.(b,c) 456,906
900 Lexington Corporate Properties Trust(c) 20,682
1,700 Liberty Property Trust 67,711
1,200 Mack-Cali Realty Corporation 52,788
14,075 Mercantile Bank Corporation(c) 557,370
24,500 Merrill Lynch & Company, Inc. 1,321,285
1,200 New Century Financial Corporation(c) 54,540
2,200 New Plan Excel Realty Trust, Inc. 56,782
46,400 North Fork Bancorporation, Inc.(e) 1,306,160
200 Parkway Properties, Inc. 9,120
18,500 Pinnacle Financial Partners, Inc.(b,c) 396,455
3,900 Plum Creek Timber Company, Inc. 134,706
3,900 ProLogis Trust 154,401
54,400 Providian Financial Corporation(b,d,e) 906,848
1,000 Rayonier, Inc. REIT(c) 50,260
1,000 Shurgard Storage Centers, Inc. 41,830
18,800 Silicon Valley Bancshares(b) 891,120
4,700 Simon Property Group, Inc. 310,529
62,200 Sovereign Bancorp, Inc.(c,e) 1,279,454
200 Sovran Self Storage, Inc.(c) 8,550
2,600 United Dominion Realty Trust, Inc. 57,590
121,700 UnumProvident Corporation(c) 2,034,824
37,300 Vineyard National Bancorp Company(c) 1,093,636
29,800 Virginia Commerce Bancorp, Inc.(b,c) 798,938
1,900 Weingarten Realty Investors 68,419
54,000 Wells Fargo & Company(e) 3,236,760
9,800 Wintrust Financial Corporation 449,918
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 47,969,917
=========================================================================================================================
Health Care (7.5%)
- -------------------------------------------------------------------------------------------------------------------------
93,000 Abgenix, Inc.(b) 648,210
6,000 Aetna, Inc. 440,220
3,200 Amedisys, Inc.(b,c) 96,032
2,200 AmerisourceBergen Corporation 134,816
26,400 Bone Care International, Inc.(b) 681,384
6,600 Cardinal Health, Inc. 366,762
9,300 Caremark Rx, Inc.(b) 372,465
9,300 Centene Corporation(b) 259,005
3,400 CIGNA Corporation 312,732
4,600 Community Health Systems, Inc.(b) 167,670
3,900 Covance, Inc.(b) 177,996
63,400 Endo Pharmaceutical Holdings, Inc.(b) 1,258,490
2,000 Express Scripts, Inc.(b) 179,280
50,300 Eyetech Pharmaceuticals, Inc.(b) 1,156,397
17,800 Genentech, Inc.(b) 1,262,732
21,100 Genzyme Corporation(b) 1,236,671
34,600 Gilead Sciences, Inc.(b) 1,283,660
3,400 Henry Schein, Inc.(b) 127,534
8,500 Humana, Inc.(b) 294,525
38,800 ImClone Systems, Inc.(b) 1,235,780
65,600 Johnson & Johnson(e) 4,502,128
3,400 Kindred Healthcare, Inc.(b,c) 111,860
24,900 Kinetic Concepts, Inc.(b) 1,530,105
3,700 LifePoint Hospitals, Inc.(b) 164,465
8,678 Medco Health Solutions, Inc.(b) 442,318
32,100 Medtronic, Inc. 1,691,670
56,500 MGI Pharma, Inc.(b) 1,245,825
5,900 PacifiCare Health Systems, Inc.(b) 352,584
2,900 Patterson Companies, Inc.(b,c) 146,595
142,225 Pfizer, Inc.(e) 3,864,253
4,600 Psychiatric Solutions, Inc.(b) 197,892
3,400 Quest Diagnostics, Inc. 359,720
6,300 Renal Care Group, Inc.(b) 240,345
28,400 Sanofi-Aventis ADR 1,260,108
5,400 Sierra Health Services, Inc.(b) 349,326
32,800 St. Jude Medical, Inc.(b,e) 1,280,184
61,700 Teva Pharmaceutical Industries, Ltd.(c) 1,927,508
4,600 Triad Hospitals, Inc.(b) 235,750
5,100 United Surgical Partners International,
Inc.(b,c) 225,675
12,700 UnitedHealth Group, Inc. 1,200,277
8,500 Wellcare Health Plans, Inc.(b,c) 250,750
3,900 WellPoint, Inc.(b) 498,225
17,300 Zimmer Holdings, Inc.(b) 1,408,566
- -------------------------------------------------------------------------------------------------------------------------
Total Health Care 35,178,490
=========================================================================================================================
Industrials (7.0%)
- -------------------------------------------------------------------------------------------------------------------------
14,700 Briggs & Stratton Corporation 475,839
39,200 C.H. Robinson Worldwide, Inc.(e) 2,022,720
15,500 CUNO, Inc.(b) 786,160
30,500 Emerson Electric Company 1,911,435
34,800 Expeditors International of Washington,
Inc. 1,709,028
34,200 Fastenal Company(c) 1,831,752
38,900 General Electric Company(e) 1,408,180
8,600 Genlyte Group, Inc.(b) 682,324
60,300 Honeywell International, Inc. 2,156,328
41,700 Hub Group, Inc.(b,c) 2,293,500
20,200 Ingersoll-Rand Company 1,552,774
31,900 Jacobs Engineering Group, Inc.(b) 1,553,849
181,700 Jacuzzi Brands, Inc.(b,c) 1,644,385
38,800 Manitowoc Company, Inc. 1,552,000
21,800 Manpower, Inc. 840,390
43,500 MSC Industrial Direct Company, Inc. 1,168,845
18,300 Oshkosh Truck Corporation 1,375,245
72,200 Resources Global Professionals(b,c) 1,379,742
74,500 Stewart & Stevenson Services, Inc.(e) 1,788,000
97,700 Tyco International, Ltd. 3,058,987
28,800 UTI Worldwide, Inc.(c) 1,847,232
- -------------------------------------------------------------------------------------------------------------------------
Total Industrials 33,038,715
=========================================================================================================================
Information Technology (8.3%)
- -------------------------------------------------------------------------------------------------------------------------
58,400 Accenture, Ltd.(b) 1,267,280
58,400 Altera Corporation(b) 1,210,632
17,600 Analog Devices, Inc. 600,336
46,400 Apple Computer, Inc.(b) 1,673,184
37,300 Applied Materials, Inc.(b,d,e) 554,651
63,500 ATI Technologies, Inc.(b,d) 939,800
13,500 Business Objects SA ADR(b,c) 348,435
150,300 Carrier Access Corporation(b,c) 792,081
203,400 Cisco Systems, Inc.(b,d,e) 3,514,752
58,600 Comverse Technology, Inc.(b) 1,335,494
800 Cypress Semiconductor Corporation(b) 9,592
53,300 Dell, Inc.(b) 1,856,439
25,400 Electronic Data Systems Corporation 491,490
75,900 EMC Corporation(b) 995,808
84,900 Flextronics International, Ltd.(b) 946,635
43,700 Integrated Device Technology, Inc.(b) 467,590
138,500 Intel Corporation(e) 3,257,520
27,700 Inter-Tel, Inc. 527,408
41,800 International Business Machines
Corporation(d) 3,192,684
106,300 Interwoven, Inc.(b) 820,636
151,900 Microsoft Corporation(d) 3,843,070
107,700 Novell, Inc.(b,c) 636,507
15,100 NVIDIA Corporation(b) 331,294
53,000 QUALCOMM, Inc. 1,849,170
38,800 Scientific-Atlanta, Inc. 1,186,504
503,500 SeeBeyond Technology Corporation(b,c) 1,349,380
93,100 Stellent, Inc.(b,c) 656,355
93,500 Tellabs, Inc.(b) 725,560
49,100 Texas Instruments, Inc. 1,225,536
23,300 VeriSign, Inc.(b) 616,518
196,500 Vitria Technology, Inc.(b) 534,480
255,900 webMethods, Inc.(b,c) 1,195,053
- -------------------------------------------------------------------------------------------------------------------------
Total Information Technology 38,951,874
=========================================================================================================================
Materials (2.0%)
- -------------------------------------------------------------------------------------------------------------------------
25,900 Dow Chemical Company 1,189,587
17,600 E.I. du Pont de Nemours and Company 829,136
30,500 FMC Corporation(b) 1,494,500
42,500 Freeport-McMoRan Copper & Gold, Inc. 1,473,050
33,300 Georgia-Pacific Corporation 1,141,191
30,400 Peabody Energy Corporation 1,330,608
39,800 Praxair, Inc.(e) 1,863,834
- -------------------------------------------------------------------------------------------------------------------------
Total Materials 9,321,906
=========================================================================================================================
Telecommunications Services (0.9%)
- -------------------------------------------------------------------------------------------------------------------------
95,600 Citizens Communications Company(e) 1,218,900
75,049 Sprint Corporation 1,670,591
79,350 Valor Communications Group, Inc.(e) 1,071,225
- -------------------------------------------------------------------------------------------------------------------------
Total Telecommunications Services 3,960,716
=========================================================================================================================
Utilities (2.0%)
- -------------------------------------------------------------------------------------------------------------------------
22,500 Dominion Resources, Inc. 1,696,500
23,000 Entergy Corporation 1,685,900
34,900 Exelon Corporation 1,727,550
33,700 PPL Corporation 1,828,562
13,200 TXU Corporation(e) 1,132,428
38,300 Wisconsin Energy Corporation(d) 1,350,458
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 9,421,398
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $253,989,774) 252,057,256
=========================================================================================================================
Principal
Amount Long-Term Fixed Income (30.3%) Interest Rate Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
Asset-Backed Securities (5.6%)
- -------------------------------------------------------------------------------------------------------------------------
$1,500,000 ARG Funding Corporation(d,e) 4.290% 4/20/2010 $1,487,812
750,000 Capital Auto Receivables Asset Trust 3.350 2/15/2008 742,358
1,250,000 Chase Credit Card Master Trust(d,g) 3.084 5/15/2005 1,252,265
1,800,000 Citibank Credit Card Master Trust I 6.050 1/15/2010 1,895,312
1,500,000 Countrywide Asset Backed Certificates(d) 4.905 8/25/2032 1,504,590
1,000,000 Countrywide Asset-Backed
Certificates(d,e,f) 3.903 1/25/2031 991,130
500,000 Credit Based Asset Servicing and
Securitization 3.887 10/25/2034 494,455
1,000,000 DaimlerChrysler Master Owner Trust(g) 3.004 5/15/2005 1,000,000
1,000,000 GE Dealer Floorplan Master Note Trust(g,h) 3.030 6/20/2005 999,800
1,100,000 GMAC Mortgage Corporation Loan Trust(g) 3.110 5/25/2005 1,099,340
1,500,000 GMAC Mortgage Corporation Loan
Trust(d,e,g) 3.150 5/25/2005 1,502,722
851,143 Green Tree Financial Corporation 6.330 11/1/2029 880,506
500,000 Harley Davidson Motorcycle Trust 3.200 5/15/2012 489,999
4,000,000 PG&E Energy Recovery Funding, LLC 3.870 6/25/2011 3,986,500
500,000 Popular ABS Mortgage Pass-Through Trust 4.000 12/25/2034 495,124
5,000,000 Residential Asset Securities
Corporation(d) 3.250 5/25/2029 4,974,065
1,500,000 Residential Asset Securities Corporation 4.040 7/25/2030 1,493,385
981,468 Structured Asset Investment Loan Trust(g) 3.100 5/25/2005 981,343
- -------------------------------------------------------------------------------------------------------------------------
Total Asset-Backed Securities 26,270,706
=========================================================================================================================
Basic Materials (0.3%)
- -------------------------------------------------------------------------------------------------------------------------
250,000 Glencore Funding, LLC 6.000 4/15/2014 236,796
500,000 Newmont USA, Ltd. 5.875 4/1/2035 501,927
250,000 Packaging Corporation of America 4.375 8/1/2008 246,262
500,000 Precision Castparts Corporation 5.600 12/15/2013 510,928
- -------------------------------------------------------------------------------------------------------------------------
Total Basic Materials 1,495,913
=========================================================================================================================
Capital Goods (0.5%)
- -------------------------------------------------------------------------------------------------------------------------
500,000 Boeing Capital Corporation 6.500 2/15/2012 550,612
113,000 Goodrich Corporation(c) 6.450 12/15/2007 118,811
500,000 Goodrich Corporation(c) 7.625 12/15/2012 582,924
750,000 Oakmont Asset Trust 4.514 12/22/2008 748,499
500,000 Textron Financial Corporation 4.600 5/3/2010 500,592
- -------------------------------------------------------------------------------------------------------------------------
Total Capital Goods 2,501,438
=========================================================================================================================
Commercial Mortgage-Backed Securities (3.4%)
- -------------------------------------------------------------------------------------------------------------------------
750,000 Banc of America Commercial Mortgage, Inc. 4.037 11/10/2039 733,946
750,000 Banc of America Commercial Mortgage,
Inc.(d,e) 4.561 11/10/2041 746,270
500,000 Banc of America Commercial Mortgage, Inc. 5.118 7/11/2043 512,754
1,000,000 Bear Stearns Commercial Mortgage
Securities, Inc.(e) 3.869 2/11/2041 975,289
1,000,000 Bear Stearns Commercial Mortgage
Securities, Inc.(e) 4.487 2/11/2041 986,119
931,318 CAM Commercial Mortgage Corporation(d,f) 4.834 11/14/2036 939,120
1,250,000 Commercial Mortgage Pass-Through
Certificates 4.405 10/15/2037 1,231,582
1,000,000 First Union National Bank Commercial
Mortgage Trust 7.390 12/15/2031 1,113,340
119,558 First Union-Lehman Brothers-Bank of
America Commercial Mortgage Trust 6.280 11/18/2035 119,396
2,000,000 LB-UBS Commercial Mortgage Trust(e) 3.086 5/15/2027 1,932,510
1,000,000 LB-UBS Commercial Mortgage Trust(d) 6.653 11/15/2027 1,101,531
1,250,000 Merrill Lynch Mortgage Trust(e) 4.099 11/15/2010 1,248,047
1,500,000 Morgan Stanley Capital I, Inc.(d) 6.210 11/15/2031 1,582,012
500,000 Morgan Stanley Capital I, Inc. 4.809 1/14/2042 506,944
999,876 Wachovia Bank Commercial Mortgage
Trust(f,g) 3.054 5/15/2005 999,876
1,000,000 Wachovia Bank Commercial Mortgage
Trust(d,f) 4.390 2/15/2036 983,458
- -------------------------------------------------------------------------------------------------------------------------
Total Commercial Mortgage-Backed
Securities 15,712,194
=========================================================================================================================
Communications Services (1.8%)
- -------------------------------------------------------------------------------------------------------------------------
375,000 AT&T Broadband Corporation 8.375 3/15/2013 455,255
350,000 AT&T Wireless Services, Inc. 8.125 5/1/2012 413,800
750,000 Clear Channel Communications, Inc. 5.000 3/15/2012 710,152
50,000 Clear Channel Communications, Inc. 5.500 9/15/2014 47,358
1,000,000 Continental Cablevision, Inc. 8.875 9/15/2005 1,018,065
1,000,000 Cox Communications, Inc. 6.750 3/15/2011 1,080,342
500,000 Interpublic Group of Companies, Inc. 6.250 11/15/2014 477,458
750,000 New York Times Company(d,e) 5.000 3/15/2015 757,524
300,000 News America, Inc.(c) 4.750 3/15/2010 301,475
750,000 Sprint Capital Corporation 6.900 5/1/2019 838,049
750,000 Telecom Italia Capital SA 4.000 1/15/2010 724,502
250,000 Telefonos de Mexico SA 4.750 1/27/2010 244,702
550,000 Telus Corporation 8.000 6/1/2011 635,250
500,000 Verizon Global Funding Corporation 7.250 12/1/2010 561,454
- -------------------------------------------------------------------------------------------------------------------------
Total Communications Services 8,265,386
=========================================================================================================================
Consumer Cyclical (0.8%)
- -------------------------------------------------------------------------------------------------------------------------
250,000 AOL Time Warner, Inc. 7.700 5/1/2032 308,068
750,000 Caesars Entertainment, Inc. 8.500 11/15/2006 791,250
500,000 D.R. Horton, Inc. 5.000 1/15/2009 494,556
500,000 D.R. Horton, Inc.(c) 4.875 1/15/2010 485,248
1,000,000 DaimlerChrysler North American Holdings 4.750 1/15/2008 986,480
500,000 Nissan Motor Acceptance Corporation 4.625 3/8/2010 495,165
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Cyclical 3,560,767
=========================================================================================================================
Consumer Non-Cyclical (0.4%)
- -------------------------------------------------------------------------------------------------------------------------
850,000 Bunge Limited Finance Corporation 7.800 10/15/2012 1,003,195
500,000 Kraft Foods, Inc. 4.125 11/12/2009 490,997
500,000 WellPoint, Inc. 5.000 12/15/2014 503,768
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Non-Cyclical 1,997,960
=========================================================================================================================
Energy (0.1%)
- -------------------------------------------------------------------------------------------------------------------------
625,000 Kerr-McGee Corporation 6.950 7/1/2024 574,321
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 574,321
=========================================================================================================================
Financials (3.8%)
- -------------------------------------------------------------------------------------------------------------------------
500,000 ANZ Capital Trust I 4.484 1/15/2010 493,293
1,000,000 Archstone-Smith Trust 3.000 6/15/2008 958,728
375,000 Barnett Capital I 8.060 12/1/2026 409,193
700,000 Capital One Financial Corporation(d) 5.250 2/21/2017 682,870
500,000 Citigroup, Inc. 5.000 9/15/2014 503,301
1,000,000 Commercial Mortgage Pass-Through
Certificates(g) 3.054 5/15/2005 1,000,000
375,000 Corestates Capital Trust I 8.000 12/15/2026 415,566
500,000 Countrywide Home Loans, Inc.(c) 4.000 3/22/2011 478,828
1,000,000 CS First Boston Mortgage Securities
Corporation(g) 3.120 5/15/2005 999,998
750,000 Goldman Sachs Group, Inc.(c) 5.125 1/15/2015 749,009
600,000 HSBC Capital Funding, LP (i) 9.547 6/30/2010 729,692
750,000 ING Capital Funding Trust III 8.439 12/31/2010 884,274
500,000 J.P. Morgan Chase & Company 4.750 3/1/2015 491,492
500,000 Keycorp 4.700 5/21/2009 504,712
750,000 Lehman Brothers Holdings, Inc. 4.800 3/13/2014 741,797
1,848,792 Lehman Brothers, Inc. 6.539 8/15/2008 1,898,284
350,000 Metropolitan Life Global Funding(h) 4.500 5/5/2010 349,484
375,000 Montpelier Re Holdings, Ltd. 6.125 8/15/2013 390,384
500,000 Monumental Global Funding Ltd. 4.625 3/15/2010 505,098
625,000 National City Bank 4.500 3/15/2010 625,949
1,000,000 Regency Centers, LP 7.125 7/15/2005 1,007,489
450,000 Sanwa Bank, Ltd. 7.400 6/15/2011 507,325
500,000 Skandinaviska Enskilda 5.471 3/23/2015 511,408
625,000 Union Planters Corporation 7.750 3/1/2011 723,588
750,000 Wachovia Bank NA 4.875 2/1/2015 748,506
750,000 Washington Mutual Bank FA 5.125 1/15/2015 746,760
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 18,057,028
=========================================================================================================================
Foreign (0.1%)
- -------------------------------------------------------------------------------------------------------------------------
375,000 United Mexican States(c) 6.625 3/3/2015 397,125
- -------------------------------------------------------------------------------------------------------------------------
Total Foreign 397,125
=========================================================================================================================
Mortgage-Backed Securities (6.2%)
- -------------------------------------------------------------------------------------------------------------------------
8,000,000 Federal National Mortgage Association
15-Yr.Conventional(h) 5.500 5/1/2020 8,185,000
8,500,000 Federal National Mortgage Association
30-Yr.Conventional(h) 5.500 5/1/2035 8,579,688
12,000,000 Federal National Mortgage Association
30-Yr.Conventional(h) 6.000 5/1/2035 12,318,744
- -------------------------------------------------------------------------------------------------------------------------
Total Mortgage-Backed Securities 29,083,432
=========================================================================================================================
Technology (0.2%)
- -------------------------------------------------------------------------------------------------------------------------
750,000 Deluxe Corporation 3.500 10/1/2007 733,426
- -------------------------------------------------------------------------------------------------------------------------
Total Technology 733,426
=========================================================================================================================
Transportation (0.1%)
- -------------------------------------------------------------------------------------------------------------------------
500,000 Union Pacific Corporation 4.875 1/15/2015 494,417
- -------------------------------------------------------------------------------------------------------------------------
Total Transportation 494,417
=========================================================================================================================
U.S. Government (5.3%)
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 Federal National Mortgage Association 5.500 3/15/2011 2,116,174
1,175,000 U.S. Treasury Bonds(e) 6.125 8/15/2029 1,433,959
750,000 U.S. Treasury Bonds(c) 5.375 2/15/2031 847,090
3,051,420 U.S. Treasury Inflation Indexed Bonds(c) 2.375 1/15/2025 3,332,843
8,250,000 U.S. Treasury Notes(c) 3.375 2/15/2008 8,177,169
1,500,000 U.S. Treasury Notes(c) 3.250 8/15/2008 1,475,800
5,800,000 U.S. Treasury Notes(c) 5.000 2/15/2011 6,112,655
375,000 U.S. Treasury Notes(c) 4.250 11/15/2014 376,230
1,250,000 U.S. Treasury Notes(c) 4.000 2/15/2015 1,229,736
- -------------------------------------------------------------------------------------------------------------------------
Total U.S. Government 25,101,656
=========================================================================================================================
Utilities (1.7%)
- -------------------------------------------------------------------------------------------------------------------------
255,000 Alliant Energy Resources, Inc. 7.375 11/9/2009 284,866
500,000 Enterprise Products Operating, LP 4.625 10/15/2009 492,202
750,000 FirstEnergy Corporation 6.450 11/15/2011 805,496
750,000 Kinder Morgan Energy Partners, LP 5.125 11/15/2014 745,244
500,000 Magellan Midstream Partners, LP 5.650 10/15/2016 506,291
750,000 Plains All American Pipeline, LP/PAA
FinanceCorporation 7.750 10/15/2012 879,550
250,000 Plains All American Pipeline, LP/PAA
FinanceCorporation 5.875 8/15/2016 261,417
375,000 Potomac Edison Company 5.350 11/15/2014 376,855
558,744 Power Contract Financing, LLC 5.200 2/1/2006 563,907
691,483 Power Receivables Finance, LLC 6.290 1/1/2012 716,888
600,000 Public Service Company of New Mexico 4.400 9/15/2008 599,245
1,075,000 Sempra Energy(e) 6.000 2/1/2013 1,139,460
200,000 Texas-New Mexico Power Company 6.125 6/1/2008 204,914
250,000 Westar Energy, Inc. 5.150 1/1/2017 250,352
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 7,826,687
- -------------------------------------------------------------------------------------------------------------------------
Total Long-Term Fixed Income (cost
$141,893,044) 142,072,456
=========================================================================================================================
Exercise Expiration
Contracts Put Options on U.S. Treasury Bond Futures (j) Price Date Value
- -------------------------------------------------------------------------------------------------------------------------
15 U.S. Treasury Bond Futures $110 June 2005 $703
- -------------------------------------------------------------------------------------------------------------------------
Total Put Options on U.S. Treasury Bond
Futures (cost $8,717) 703
=========================================================================================================================
Shares Collateral Held for Securities Loaned
(10.2%) Interest Rate(k) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
48,022,308 Thrivent Financial Securities Lending
Trust 2.900% N/A $48,022,308
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $48,022,308) 48,022,308
=========================================================================================================================
Shares or
Principal
Amount Short-Term Investments (5.9%) Interest Rate(k) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
$8,500,000 Gannett Company, Inc. 2.930% 5/2/2005 $8,498,616
19,385,911 Thrivent Money Market Fund 2.650 N/A 19,385,911
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 27,884,527
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $471,798,370) $470,037,250
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Non-income producing security.
(c) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(d) Earmarked as collateral for long settling trades as discussed in the
notes to the financial.
(e) At April 29, 2005, all or a portion of the denoted securities, valued
at $47,225,052, were pledged as the initial margin deposit or earmarked as
collateral to cover open financial futures contracts as follows:
Notional
Number of Expiration Principal Unrealized
Type Contracts Date Position Value Amount Gain/Loss
- ---------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bond Futures 5 yr. 280 June 2005 Short $(30,366,877) $(30,086,715) $(280,159)
U.S. Treasury Bond Futures 20 yr. 56 June 2005 Long 6,431,250 6,274,268 156,982
(f) At April 29, 2005, all or a portion of the denoted securities, valued
at $2,707,405, were pledged as the initial margin deposit or earmarked as
collateral to cover put options purchased.
(g) Denotes variable rate obligations for which the current yield and next
scheduled reset date are shown.
(h) Denotes investments purchased on a when-issued basis.
(i) Denotes step coupon bonds for which the current interest rate and next
scheduled reset date are shown.
(j) The market value of the denoted categories of investments represents
less than 0.1% of the total investments of the Thrivent Balanced Fund.
(k) The interest rate shown reflects the yieldor, for securities purchased
at a discount, the discount rate at the date of purchase.
(l) Miscellaneous footnote:
ADR -- American Depository Receipts, which are certificates for shares of
an underlying foreign security's shares held by an issuing U.S. depository
bank.
The accompanying notes to the financial statements are an integral part of
this schedule.
High Yield Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Principal
Amount Long-Term Fixed Income (83.1%) Interest Rate Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
Asset-Backed Securities (1.0%)
- -------------------------------------------------------------------------------------------------------------------------
$2,900,000 CSAM Funding Corporation(b) 12.780% 10/15/2016 $2,943,500
1,950,000 Katonah, Ltd.(b) 12.015 2/20/2015 1,998,750
2,000,000 Venture CDO 2002, Ltd.(b) 13.060 3/15/2015 2,060,000
- -------------------------------------------------------------------------------------------------------------------------
Total Asset-Backed Securities 7,002,250
=========================================================================================================================
Basic Materials (11.7%)
- -------------------------------------------------------------------------------------------------------------------------
2,990,000 Abitibi-Consolidated, Inc.(c) 6.000 6/20/2013 2,451,800
1,100,000 Ainsworth Lumber Company, Ltd. 6.800 10/1/2010 1,116,500
2,440,000 Ainsworth Lumber Company, Ltd. 6.750 3/15/2014 2,196,000
1,470,000 Appleton Papers, Inc. 8.125 6/15/2011 1,484,700
1,840,000 Appleton Papers, Inc. 9.750 6/15/2014 1,876,800
2,560,000 Arch Western Finance, LLC 6.750 7/1/2013 2,566,400
1,655,000 BCP Caylux Holdings Luxembourg SCA 9.625 6/15/2014 1,824,638
1,750,000 Buckeye Technologies, Inc.(c) 8.000 10/15/2010 1,715,000
1,100,000 Buckeye Technologies, Inc. 8.500 10/1/2013 1,144,000
2,600,000 Cellu Tissue Holdings, Inc. 9.750 3/15/2010 2,665,000
2,570,000 Crystal US Holdings 3, LLC/Crystal US Sub
3 Corporation(d) Zero Coupon 10/1/2009 1,721,900
2,745,000 Equistar Chemicals, LP 10.125 9/1/2008 3,019,500
1,100,000 Equistar Chemicals, LP 7.550 2/15/2026 1,056,000
2,600,000 Georgia-Pacific Corporation 8.125 5/15/2011 2,843,750
2,250,000 Georgia-Pacific Corporation 9.375 2/1/2013 2,505,938
2,350,000 Graphic Packaging International
Corporation 9.500 8/15/2013 2,338,250
1,820,000 Hudbay Mining and Smelting Company, Ltd. 9.625 1/15/2012 1,747,200
2,146,000 Huntsman International, LLC(c) 10.125 7/1/2009 2,226,475
1,221,000 Huntsman, LLC 11.500 7/15/2012 1,404,150
2,150,000 IMCO Recycling, Inc. 10.375 10/15/2010 2,338,125
1,200,000 ISP Chemco, Inc. 10.250 7/1/2011 1,299,000
2,600,000 ISP Holdings, Inc. 10.625 12/15/2009 2,795,000
1,300,000 Ispat Inland ULC(e) 9.850 7/1/2005 1,384,500
904,000 Ispat Inland ULC 9.750 4/1/2014 1,032,820
550,000 Lyondell Chemical Company 9.875 5/1/2007 563,750
1,700,000 Lyondell Chemical Company 9.500 12/15/2008 1,812,625
3,550,000 Lyondell Chemical Company 10.500 6/1/2013 4,091,375
3,050,000 MacDermid, Inc. 9.125 7/15/2011 3,271,125
3,000,000 MDP Acquisitions plc 9.625 10/1/2012 2,970,000
2,000,000 Methanex Corporation(c) 8.750 8/15/2012 2,320,000
3,200,000 Nalco Company 7.750 11/15/2011 3,264,000
3,000,000 NOVA Chemicals Corporation 6.500 1/15/2012 3,033,750
2,380,000 Novelis, Inc. 7.250 2/15/2015 2,302,650
850,000 Polypore, Inc. 8.750 5/15/2012 718,250
2,150,000 Rockwood Specialties, Inc. 10.625 5/15/2011 2,356,938
2,560,000 Ryerson Tull, Inc.(c) 8.250 12/15/2011 2,176,000
1,400,000 Steel Dynamics, Inc. 9.500 3/15/2009 1,498,000
1,200,000 Steel Dynamics, Inc.(c) 9.500 3/15/2009 1,284,000
850,000 Stone Container Corporation 8.375 7/1/2012 839,375
1,720,000 Stone Container Finance 7.375 7/15/2014 1,582,400
- -------------------------------------------------------------------------------------------------------------------------
Total Basic Materials 80,837,684
=========================================================================================================================
Capital Goods (9.1%)
- -------------------------------------------------------------------------------------------------------------------------
3,610,000 Allied Waste North America, Inc.(c) 7.875 4/15/2013 3,510,725
3,450,000 Amsted Industries, Inc. 10.250 10/15/2011 3,691,500
1,460,000 Builders Firstsource, Inc.(e) 7.044 5/16/2005 1,416,200
3,900,000 Case New Holland, Inc.(f) 9.250 8/1/2011 3,978,000
2,920,000 Consolidated Container Company, LLC(d) Zero Coupon 6/15/2007 2,365,200
3,000,000 Crown Cork & Seal Finance plc 7.000 12/15/2006 3,045,000
1,700,000 Crown Euro Holdings SA 10.875 3/1/2013 1,942,250
2,600,000 Da-Lite Screen Company, Inc. 9.500 5/15/2011 2,840,500
2,150,000 Erico International Corporation 8.875 3/1/2012 2,171,500
3,000,000 Euramax International plc 8.500 8/15/2011 3,180,000
2,150,000 Fastentech, Inc. 11.500 5/1/2011 2,311,250
1,825,000 Graham Packaging Company, Inc. 9.875 10/15/2014 1,742,875
370,000 IMCO Recycling Escrow, Inc. 9.000 11/15/2014 377,400
1,100,000 K&F Acquisition, Inc. 7.750 11/15/2014 1,078,000
2,150,000 Legrand SA 10.500 2/15/2013 2,418,750
850,000 Legrand SA 8.500 2/15/2025 1,015,750
1,300,000 Mueller Group, Inc. 10.000 5/1/2012 1,397,500
2,550,000 Mueller Holdings, Inc.(d) Zero Coupon 4/15/2009 1,695,750
2,550,000 NationsRent, Inc.(c) 9.500 10/15/2010 2,754,000
3,000,000 Norcraft Companies, LP/Norcraft Finance
Corporation 9.000 11/1/2011 3,000,000
1,960,000 Owens-Brockway Glass Container, Inc. 8.875 2/15/2009 2,087,400
1,100,000 Owens-Brockway Glass Container, Inc. 8.250 5/15/2013 1,166,000
2,320,000 Owens-Illinois, Inc.(c) 7.500 5/15/2010 2,383,800
2,800,000 Plastipak Holdings, Inc. 10.750 9/1/2011 3,052,000
1,100,000 Standard Aero Holdings, Inc. 8.250 9/1/2014 1,127,500
2,600,000 Texas Industries, Inc. 10.250 6/15/2011 2,918,500
2,450,000 TransDigm, Inc. 8.375 7/15/2011 2,499,000
2,250,000 United Rentals North America, Inc. 6.500 2/15/2012 2,143,125
- -------------------------------------------------------------------------------------------------------------------------
Total Capital Goods 63,309,475
=========================================================================================================================
Communications Services (17.8%)
- -------------------------------------------------------------------------------------------------------------------------
1,830,000 ACC Escrow Corporation 10.000 8/1/2011 1,711,050
550,000 AirGate PCS, Inc.(e) 6.911 7/15/2005 562,375
3,000,000 Alamosa Delaware, Inc. 8.500 1/31/2012 3,105,000
2,920,000 American Tower Corporation 7.125 10/15/2012 2,898,100
1,700,000 American Towers, Inc. 7.250 12/1/2011 1,742,500
1,460,000 AT&T Corporation 9.050 11/15/2011 1,666,225
4,000,000 Block Communications, Inc.(c) 9.250 4/15/2009 4,210,000
2,671,050 CanWest Media, Inc. 8.000 9/15/2012 2,731,149
2,120,000 Charter Communications Holdings, LLC 10.750 10/1/2009 1,600,600
1,930,000 Charter Communications Holdings, LLC(c) 8.750 11/15/2013 1,857,625
2,200,000 Charter Communications Operating, LLC 8.000 4/30/2012 2,112,000
2,560,000 Citizens Communications Company 6.250 1/15/2013 2,387,200
3,000,000 Crown Castle International Corporation 9.375 8/1/2011 3,285,000
3,420,000 CSC Holdings, Inc. 7.625 4/1/2011 3,471,300
1,170,000 Dex Media East, LLC/Dex Media East Finance
Company 12.125 11/15/2012 1,376,212
1,270,000 Dex Media West, LLC/Dex Media West Finance
Company 9.875 8/15/2013 1,409,700
1,300,000 Dex Media, Inc.(c,d) Zero Coupon 11/15/2008 975,000
2,600,000 Dex Media, Inc. 8.000 11/15/2013 2,678,000
2,920,000 Dobson Cellular Systems(c) 9.875 11/1/2012 2,949,200
2,550,000 EchoStar DBS Corporation 6.375 10/1/2011 2,518,125
1,950,000 Eircom Funding 8.250 8/15/2013 2,106,000
1,459,000 Houghton Mifflin Company(c) 9.875 2/1/2013 1,473,590
2,190,000 Intelsat Bermuda, Ltd. 8.625 1/15/2015 2,222,850
2,100,000 IPCS Escrow Company 11.500 5/1/2012 2,320,500
2,940,000 Kabel Deutschland GmbH 10.625 7/1/2014 3,101,700
1,350,000 Liberty Media Corporation, Convertible 3.250 3/15/2031 1,086,750
720,000 MCI, Inc. 7.735 5/1/2014 779,400
3,050,000 Nebraska Book Company, Inc. 8.625 3/15/2012 2,897,500
3,325,000 Nexstar Finance, Inc.(c) 7.000 1/15/2014 3,042,375
3,000,000 Nextel Communications, Inc. 6.875 10/31/2013 3,150,000
1,820,000 Nextel Communications, Inc. 5.950 3/15/2014 1,842,750
2,370,000 Nextel Communications, Inc. 7.375 8/1/2015 2,524,050
3,000,000 Nextel Partners, Inc. 8.125 7/1/2011 3,225,000
2,200,000 NTL Cable plc(e) 8.141 7/15/2005 2,255,000
1,183,000 PanAmSat Corporation 9.000 8/15/2014 1,230,320
1,712,000 PanAmSat Holding Corporation(d) Zero Coupon 11/1/2009 1,095,680
2,100,000 PRIMEDIA, Inc.(e) 8.165 5/16/2005 2,205,000
1,830,000 Qwest Communications International, Inc.(e) 6.310 5/15/2005 1,816,275
3,120,000 Qwest Communications International, Inc. 7.250 2/15/2011 2,932,800
3,640,000 Qwest Corporation 7.875 9/1/2011 3,694,600
5,470,000 Qwest Services Corporation 13.500 12/15/2010 6,153,750
1,090,000 Radio One, Inc. 6.375 2/15/2013 1,060,025
1,100,000 Rainbow National Services, LLC 8.750 9/1/2012 1,177,000
2,560,000 Rainbow National Services, LLC 10.375 9/1/2014 2,892,800
1,100,000 Rogers Wireless Communications, Inc. 7.250 12/15/2012 1,124,750
1,820,000 Rogers Wireless, Inc.(c) 8.000 12/15/2012 1,865,500
730,000 Rogers Wireless, Inc. 7.500 3/15/2015 749,162
2,350,000 Spectrasite, Inc.(c) 8.250 5/15/2010 2,449,875
1,460,000 UbiquiTel Operating Company 9.875 3/1/2011 1,580,450
2,210,000 US Unwired, Inc.(c) 10.000 6/15/2012 2,425,475
2,380,000 Valor Telecommunications Enterprises, LLC 7.750 2/15/2015 2,278,850
2,920,000 Videotron Ltee 6.875 1/15/2014 2,876,200
2,360,000 WDAC Subsidiary Corporation(c) 8.375 12/1/2014 2,141,700
2,500,000 XM Satellite Radio, Inc.(e) 8.242 8/3/2005 2,525,000
2,920,000 Zues Special Subsidiary, Ltd.(d) Zero Coupon 2/1/2010 1,766,600
- -------------------------------------------------------------------------------------------------------------------------
Total Communications Services 123,315,638
=========================================================================================================================
Consumer Cyclical (15.3%)
- -------------------------------------------------------------------------------------------------------------------------
1,470,000 Allied Security Escrow Corporation 11.375 7/15/2011 1,499,400
3,200,000 American Casino & Entertainment
Properties, LLC 7.850 2/1/2012 3,320,000
2,920,000 AmeriGas Partners, LP(g) 7.250 5/20/2015 2,920,000
2,200,000 ArvinMeritor, Inc.(c) 8.750 3/1/2012 2,051,500
3,250,000 Beazer Homes USA, Inc. 8.625 5/15/2011 3,445,000
3,250,000 Blockbuster, Inc.(c) 9.000 9/1/2012 2,908,750
3,350,000 Boyd Gaming Corporation 7.750 12/15/2012 3,517,500
3,300,000 Buffets, Inc. 11.250 7/15/2010 3,250,500
2,190,000 Buhrmann US, Inc. 7.875 3/1/2015 2,135,250
2,150,000 Caesars Entertainment, Inc. 8.125 5/15/2011 2,408,000
430,000 Circus & Eldorado Joint Venture/Silver
Legacy Capital Corporation 10.125 3/1/2012 462,250
3,650,000 D.R. Horton, Inc.(c) 4.875 1/15/2010 3,542,310
2,560,000 Delphi Corporation(c) 6.550 6/15/2006 2,393,600
2,610,000 Dura Operating Corporation(c) 8.625 4/15/2012 2,218,500
2,600,000 Gaylord Entertainment Company(c) 8.000 11/15/2013 2,613,000
1,450,000 Gaylord Entertainment Company 6.750 11/15/2014 1,341,250
3,930,000 Group 1 Automotive, Inc. 8.250 8/15/2013 3,930,000
3,660,000 IAAI Finance Corporation 11.000 4/1/2013 3,709,857
1,460,000 Jean Coutu Group (PJC), Inc.(c) 8.500 8/1/2014 1,376,050
3,550,000 John Q. Hammons Hotels, LP 8.875 5/15/2012 3,780,750
4,570,000 MGM MIRAGE 5.875 2/27/2014 4,278,662
3,450,000 Mohegan Tribal Gaming Authority(c) 6.375 7/15/2009 3,441,375
3,850,000 NCL Corporation 10.625 7/15/2014 3,946,250
1,100,000 Norcraft Holdings, LP/Norcraft Capital
Corporation(c,d) Zero Coupon 9/1/2012 753,500
1,750,000 Penn National Gaming, Inc.(c) 6.875 12/1/2011 1,745,625
730,000 Penn National Gaming, Inc. 6.750 3/1/2015 698,975
2,200,000 Perry Ellis International, Inc. 8.875 9/15/2013 2,233,000
3,190,000 Poster Financial Group, Inc. 8.750 12/1/2011 3,221,900
2,250,000 Premier Entertainment Biloxi, LLC/Premier
BiloxiFinance Corporation 10.750 2/1/2012 2,283,750
4,050,000 Rent-Way, Inc. 11.875 6/15/2010 4,434,750
2,010,000 Rite Aid Corporation 7.500 1/15/2015 1,844,175
4,500,000 TravelCenters of America, Inc. 12.750 5/1/2009 4,933,350
3,840,000 TRW Automotive, Inc. 9.375 2/15/2013 3,974,400
1,825,000 Universal City Florida Holding Company
I/II(e) 7.492 8/3/2005 1,893,438
420,000 Universal City Florida Holding Company
I/II 8.375 5/1/2010 426,300
2,000,000 Vicar Operating, Inc. 9.875 12/1/2009 2,167,500
2,600,000 VICORP Restaurants, Inc. 10.500 4/15/2011 2,639,000
2,650,000 Warnaco, Inc. 8.875 6/15/2013 2,862,000
1,495,000 William Carter Company 10.875 8/15/2011 1,644,500
2,190,000 WMG Holdings Corporation(e) 7.385 6/15/2005 2,255,700
2,900,000 WMG Holdings Corporation(d) Zero Coupon 12/15/2009 1,928,500
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Cyclical 106,430,117
=========================================================================================================================
Consumer Non-Cyclical (7.4%)
- -------------------------------------------------------------------------------------------------------------------------
1,470,000 Ardent Health Services, Inc. 10.000 8/15/2013 1,780,317
2,220,000 Beverly Enterprises, Inc. 7.875 6/15/2014 2,430,900
3,830,000 CDRV Investors, Inc.(d) Zero Coupon 1/1/2015 1,991,600
1,840,000 DaVita, Inc. 6.625 3/15/2013 1,821,600
1,830,000 DaVita, Inc. 7.250 3/15/2015 1,779,675
1,820,000 Del Laboratories, Inc. 8.000 2/1/2012 1,719,900
1,460,000 Elan Finance Corporation, Ltd.(c) 7.750 11/15/2011 1,131,500
4,700,000 Fisher Scientific International, Inc. 8.000 9/1/2013 5,052,500
2,740,000 HCA, Inc. 6.300 10/1/2012 2,755,399
2,940,000 IASIS Healthcare, LLC (IASIS Capital
Corporation) 8.750 6/15/2014 3,020,850
1,596,000 Jafra Cosmetics 10.750 5/15/2011 1,795,500
4,450,000 Jostens Holding Corporation(c,d) Zero Coupon 10/1/2008 3,226,250
3,050,000 Michael Foods, Inc. 8.000 11/15/2013 3,126,250
550,000 PerkinElmer, Inc. 8.875 1/15/2013 610,500
5,130,000 Roundy's, Inc. 8.875 6/15/2012 5,309,550
1,830,000 Smithfield Foods, Inc. 8.000 10/15/2009 1,958,100
730,000 Smithfield Foods, Inc. 7.000 8/1/2011 746,425
2,940,000 Stater Brothers Holdings, Inc.(c) 8.125 6/15/2012 2,734,200
1,850,000 Tenet Healthcare Corporation 9.875 7/1/2014 1,900,875
2,740,000 US Oncology Holdings, Inc.(c,e) 8.509 9/15/2005 2,603,000
1,640,000 US Oncology, Inc. 9.000 8/15/2012 1,713,800
910,000 Vanguard Health Holding Company I,
LLC(c,d) Zero Coupon 10/1/2009 618,800
1,550,000 Warner Chilcott Corporation 8.750 2/1/2015 1,519,000
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Non-Cyclical 51,346,491
=========================================================================================================================
Energy (4.1%)
- -------------------------------------------------------------------------------------------------------------------------
2,230,000 Chesapeake Energy Corporation 9.000 8/15/2012 2,441,850
1,460,000 Chesapeake Energy Corporation 6.375 6/15/2015 1,430,800
2,000,000 Compton Petroleum Corporation 9.900 5/15/2009 2,150,000
1,700,000 EXCO Resources, Inc. 7.250 1/15/2011 1,674,500
2,560,000 Harvest Operations Corporation 7.875 10/15/2011 2,515,200
2,310,000 Hornbeck Offshore Services, Inc. 6.125 12/1/2014 2,278,238
1,332,000 Magnum Hunter Resources, Inc. 9.600 3/15/2012 1,478,520
2,620,000 Petroleum Geo-Services ASA 10.000 11/5/2010 2,921,300
2,560,000 Pogo Producing Company 6.625 3/15/2015 2,540,800
3,178,240 Port Arthur Finance Corporation 12.500 1/15/2009 3,591,411
2,580,000 Pride International, Inc.(c) 7.375 7/15/2014 2,709,000
2,700,000 Western Oil Sands, Inc. 8.375 5/1/2012 2,996,325
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 28,727,944
=========================================================================================================================
Financials (1.8%)
- -------------------------------------------------------------------------------------------------------------------------
2,558,000 American Financial Group, Inc.,
Convertible(d) 1.486 6/2/2008 1,032,792
2,150,000 Dollar Financial Group, Inc. 9.750 11/15/2011 2,257,500
2,550,000 Fairfax Financial Holdings, Ltd.(c) 7.750 4/26/2012 2,355,562
1,921,500 FINOVA Group, Inc. 7.500 11/15/2009 840,656
1,075,000 Goldman Sachs Group, Inc., Convertible(e) 1.296 9/21/2005 1,052,522
2,560,000 Refco Finance Holdings, LLC 9.000 8/1/2012 2,764,800
1,870,000 Riggs Capital Trust II 8.875 3/15/2027 2,075,700
5,000,000 SIG Capital Trust I(h) 9.500 8/15/2027 5
3,650,000 United Companies Financial Corporation (i) 8.375 7/1/2005 27,375
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 12,406,912
=========================================================================================================================
Foreign (0.2%)
- -------------------------------------------------------------------------------------------------------------------------
1,350,000 Federal Republic of Brazil(c) 11.000 1/11/2012 1,562,625
- -------------------------------------------------------------------------------------------------------------------------
Total Foreign 1,562,625
=========================================================================================================================
Technology (2.9%)
- -------------------------------------------------------------------------------------------------------------------------
1,470,000 Freescale Semiconductor, Inc. 6.875 7/15/2011 1,506,750
1,470,000 Freescale Semiconductor, Inc. 7.125 7/15/2014 1,528,800
2,120,000 Itron, Inc. 7.750 5/15/2012 2,120,000
540,000 MagnaChip Semiconductor SA/MagnaChip
Semiconductor Finance Company 6.875 12/15/2011 494,100
1,000,000 MagnaChip Semiconductor SA/MagnaChip
Semiconductor Finance Company 8.000 12/15/2014 865,000
2,000,000 Sanmina-SCI Corporation 10.375 1/15/2010 2,190,000
2,290,000 Sanmina-SCI Corporation(c) 6.750 3/1/2013 2,049,550
370,000 Telcordia Technologies, Inc. 10.000 3/15/2013 357,050
1,300,000 Thomas & Betts Corporation(c) 7.250 6/1/2013 1,405,046
3,400,000 UGS Corporation 10.000 6/1/2012 3,638,000
3,450,000 Xerox Corporation 7.625 6/15/2013 3,682,875
- -------------------------------------------------------------------------------------------------------------------------
Total Technology 19,837,171
=========================================================================================================================
Transportation (1.9%)
- -------------------------------------------------------------------------------------------------------------------------
1,460,000 H-Lines Finance Holding Corporation(d) Zero Coupon 4/1/2008 1,127,850
2,300,000 Horizon Lines, LLC 9.000 11/1/2012 2,420,750
997,721 Northwest Airlines, Inc. 8.304 9/1/2010 817,784
2,560,000 Progress Rail Services Corporation 7.750 4/1/2012 2,547,200
1,998,980 United Air Lines, Inc. (i) 7.730 7/1/2010 1,814,492
4,050,000 Windsor Petroleum Transport Corporation 7.840 1/15/2021 4,340,199
- -------------------------------------------------------------------------------------------------------------------------
Total Transportation 13,068,275
=========================================================================================================================
Utilities (9.9%)
- -------------------------------------------------------------------------------------------------------------------------
1,300,000 AES Corporation(c) 8.875 2/15/2011 1,400,750
3,100,000 AES Corporation 8.750 5/15/2013 3,355,750
2,600,000 Calpine Generating Company, LLC(e) 8.850 6/1/2005 2,431,000
4,452,250 CE Generation, LLC 7.416 12/15/2018 4,827,606
1,820,000 Consumers Energy Company 6.300 2/1/2012 1,769,955
3,000,000 Dynegy Holdings, Inc. 9.875 7/15/2010 3,030,000
1,830,000 Dynegy Holdings, Inc.(c) 6.875 4/1/2011 1,514,325
5,500,000 Edison Mission Energy(c) 9.875 4/15/2011 6,215,000
4,150,000 El Paso Corporation(c) 7.000 5/15/2011 3,921,750
2,550,000 El Paso Corporation 7.800 8/1/2031 2,314,125
3,250,000 El Paso Production Holding Company 7.750 6/1/2013 3,274,375
602,263 Midland Funding Corporation II 11.750 7/23/2005 611,056
3,550,000 Midland Funding Corporation II 13.250 7/23/2006 3,805,529
1,650,000 Midwest Generation, LLC 8.750 5/1/2034 1,798,500
3,130,000 Mission Energy Holding Company 13.500 7/15/2008 3,669,925
2,464,000 NRG Energy, Inc. 8.000 12/15/2013 2,488,640
2,600,000 Orion Power Holdings, Inc. 12.000 5/1/2010 3,107,000
1,470,000 Pacific Energy Partners, LP/Pacific Energy
Finance Corporation 7.125 6/15/2014 1,532,475
1,500,000 Southern Natural Gas Company(c) 8.875 3/15/2010 1,630,350
2,710,000 Southern Star Central Corporation 8.500 8/1/2010 2,899,700
2,000,000 Texas Genco, LLC/Texas Genco Financing 6.875 12/15/2014 1,960,000
1,730,000 TNP Enterprises, Inc. 10.250 4/1/2010 1,825,150
6,500,000 Williams Companies, Inc.(c) 8.125 3/15/2012 7,117,500
1,830,000 Williams Companies, Inc. Zero Coupon 3/15/2032 2,104,500
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 68,604,961
- -------------------------------------------------------------------------------------------------------------------------
Total Long-Term Fixed Income (cost
$573,967,190) 576,449,543
=========================================================================================================================
Shares Preferred Stock (1.7%) Value
- -------------------------------------------------------------------------------------------------------------------------
43,000 CenterPoint Energy, Inc., Convertible(e) $1,426,482
65,000 Chevy Chase Preferred Capital Corporation,
Convertible 3,789,500
29,500 PRIMEDIA, Inc. 2,917,500
2,600 Sovereign Real Estate Investment
Corporation 3,692,000
- -------------------------------------------------------------------------------------------------------------------------
Total Preferred Stock (cost $9,910,018) 11,825,482
=========================================================================================================================
Shares Common Stock (0.1%) Value
- -------------------------------------------------------------------------------------------------------------------------
3,000 Aavid Thermal Technology, Inc., Stock
Warrants (j) 30,000
2,900 ASAT Finance, LLC, Stock Warrants (b,h,j) 0
3,904 Ionex Telecommunication, Inc. (h,j) 0
2,550 Mueller Holdings, Inc., Stock Warrants (b,j) 204,000
3,000 Pliant Corporation, Stock Warrants (b,j) 30
19,360 Protection One, Inc., Stock Warrants (h,j) 2
3,000 RailAmerica, Inc., Stock Warrants (b,j) 127,500
13,500 TravelCenters of America, Inc., Stock
Warrants (h,j) 223,965
4,500 TravelCenters of America, Inc., Stock
Warrants (b,h,j) 74,655
36,330 TVMAX Holdings, Inc. (j) 36,330
1,490 USA Mobility, Inc. (j) 44,611
26,754 XO Communications, Inc., Stock Warrants (j) 4,722
13,377 XO Communications, Inc., Stock Warrants (j) 1,779
17,836 XO Communications, Inc., Stock Warrants (c,j) 6,243
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $4,991,245) 752,058
=========================================================================================================================
Shares Collateral Held for Securities Loaned
(11.8%) Interest Rate(k) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
81,872,595 Thrivent Financial Securities Lending
Trust 2.900% N/A $81,872,595
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $81,872,595) 81,872,595
=========================================================================================================================
Shares Short-Term Investments (3.3%) Interest Rate(k) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
22,649,039 Thrivent Money Market Fund 2.650% N/A $22,649,039
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 22,649,039
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $693,390,087) $693,548,717
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Denotes restricted securities. Restricted securities are investment
securities which cannot be offered for public sale without first being
registered under the Securities Act of 1933. These securities have been
valued from the date of acquisition through April 29,2005, by obtaining
quotations from brokers active with these securities. The following table
indicates the acquisition date and cost of restricted securities the Fund
owned as of April 29, 2005.
Acquisition
Security Date Cost
- -------------------------------------------------------------------------------
ASAT Finance, LLC, Stock Warrants 10/20/1999 $64,123
CSAM Funding Corporation 5/10/2002 2,886,320
Katonah, Ltd. 2/7/2003 1,869,699
Mueller Holdings, Inc., Stock Warrants (l) 4/22/2004 122,872
Pliant Corporation, Stock Warrants 8/22/2000 99,578
RailAmerica, Inc., Stock Warrants 8/9/2000 117,000
TravelCenters of America, Inc., Stock Warrants 11/9/2000 156,200
Venture CDO 2002, Ltd. 3/13/2002 2,000,000
(c) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(d) Denotes step coupon bonds for which the current interest rate and next
scheduled reset date are shown.
(e) Denotes variable rate obligations for which the current yield and next
scheduled reset date are shown.
(f) Earmarked as collateral for long settling trades as discussed in the
notes to the financial.
(g) Denotes investments purchased on a when-issued basis.
(h) Security is fair valued as discussed in the notes to the financial
statements.
(i) In bankruptcy.
(j) Non-income producing security.
(k) The interest rate shown reflects the yield.
(l) On April 22, 2004, the Fund held $1,700,000 par of Mueller Holding
Bonds valued at $497.15 per $1,000 bond.
The accompanying notes to the financial statements are an integral part of
this schedule.
High Yield Fund II
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Principal
Amount Long-Term Fixed Income (78.7%) Interest Rate Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
Basic Materials (9.7%)
- -------------------------------------------------------------------------------------------------------------------------
$650,000 Abitibi-Consolidated, Inc.(b) 8.550 8/1/2010 $625,625
250,000 Ainsworth Lumber Company, Ltd. 6.800 10/1/2010 253,750
560,000 Ainsworth Lumber Company, Ltd. 6.750 3/15/2014 504,000
170,000 Appleton Papers, Inc. 8.125 6/15/2011 171,700
210,000 Appleton Papers, Inc. 9.750 6/15/2014 214,200
580,000 Arch Western Finance, LLC 6.750 7/1/2013 581,450
75,000 ARCO Chemical Company(b) 10.250 11/1/2010 83,625
373,000 BCP Caylux Holdings Luxembourg SCA(b) 9.625 6/15/2014 411,232
310,000 Buckeye Technologies, Inc.(b) 8.000 10/15/2010 303,800
310,000 Buckeye Technologies, Inc.(b) 8.500 10/1/2013 322,400
580,000 Crystal US Holdings 3, LLC/Crystal US Sub
3Corporation(c) Zero Coupon 10/1/2009 388,600
475,000 Equistar Chemicals, LP 8.750 2/15/2009 505,875
200,000 Equistar Chemicals, LP(b) 10.625 5/1/2011 223,000
240,000 Equistar Chemicals, LP 7.550 2/15/2026 230,400
520,000 Georgia-Pacific Corporation 8.125 5/15/2011 568,750
520,000 Georgia-Pacific Corporation 9.375 2/1/2013 579,150
200,000 Georgia-Pacific Corporation 8.000 1/15/2024 213,000
410,000 Hudbay Mining and Smelting Company, Ltd. 9.625 1/15/2012 393,600
560,000 Huntsman International, LLC(b) 10.125 7/1/2009 581,000
264,000 Huntsman, LLC 11.500 7/15/2012 303,600
700,000 ISP Holdings, Inc. 10.625 12/15/2009 752,500
600,000 Ispat Inland ULC(d) 9.850 7/1/2005 639,000
104,000 Ispat Inland ULC 9.750 4/1/2014 118,820
550,000 JohnsonDiversey, Inc. 9.625 5/15/2012 558,250
700,000 Kappa Beheer BV 10.625 7/15/2009 728,000
910,000 Lyondell Chemical Company 10.500 6/1/2013 1,048,775
1,000,000 MDP Acquisitions plc 9.625 10/1/2012 990,000
700,000 Nalco Company 7.750 11/15/2011 714,000
600,000 NOVA Chemicals Corporation(b) 6.500 1/15/2012 606,750
540,000 Novelis, Inc. 7.250 2/15/2015 522,450
925,000 Peabody Energy Corporation 6.875 3/15/2013 957,375
580,000 Ryerson Tull, Inc.(b) 8.250 12/15/2011 493,000
625,000 Stone Container Corporation(b) 8.375 7/1/2012 617,188
- -------------------------------------------------------------------------------------------------------------------------
Total Basic Materials 16,204,865
=========================================================================================================================
Capital Goods (8.7%)
- -------------------------------------------------------------------------------------------------------------------------
800,000 Allied Waste North America, Inc.(b) 8.500 12/1/2008 815,000
340,000 Allied Waste North America, Inc. 7.875 4/15/2013 330,650
610,000 Amsted Industries, Inc. 10.250 10/15/2011 652,700
330,000 Builders Firstsource, Inc.(d) 7.044 5/16/2005 320,100
400,000 Building Materials Corporation 7.750 7/15/2005 400,000
810,000 Case New Holland, Inc.(e) 9.250 8/1/2011 826,200
600,000 Crown Euro Holdings SA 9.500 3/1/2011 648,000
400,000 Crown Euro Holdings SA(b) 10.875 3/1/2013 457,000
520,000 Da-Lite Screen Company, Inc. 9.500 5/15/2011 568,100
600,000 Euramax International plc 8.500 8/15/2011 636,000
610,000 Fastentech, Inc. 11.500 5/1/2011 655,750
380,000 Graham Packaging Company, Inc. 9.875 10/15/2014 362,900
80,000 IMCO Recycling Escrow, Inc. 9.000 11/15/2014 81,600
425,000 Invensys plc(b) 9.875 3/15/2011 420,750
250,000 K&F Acquisition, Inc. 7.750 11/15/2014 245,000
760,000 Legrand SA 10.500 2/15/2013 855,000
460,000 Mueller Group, Inc. 10.000 5/1/2012 494,500
610,000 NationsRent, Inc.(b) 9.500 10/15/2010 658,800
125,000 Owens-Brockway Glass Container, Inc.(b) 7.750 5/15/2011 131,875
700,000 Owens-Brockway Glass Container, Inc. 8.750 11/15/2012 763,000
350,000 Owens-Brockway Glass Container, Inc.(b) 8.250 5/15/2013 371,000
320,000 Owens-Illinois, Inc.(b) 7.500 5/15/2010 328,800
610,000 Plastipak Holdings, Inc. 10.750 9/1/2011 664,900
250,000 Standard Aero Holdings, Inc. 8.250 9/1/2014 256,250
770,000 Texas Industries, Inc. 10.250 6/15/2011 864,325
550,000 TransDigm, Inc.(b) 8.375 7/15/2011 561,000
600,000 Trinity Industries, Inc. 6.500 3/15/2014 576,000
610,000 United Rentals North America, Inc. 6.500 2/15/2012 581,025
- -------------------------------------------------------------------------------------------------------------------------
Total Capital Goods 14,526,225
=========================================================================================================================
Communications Services (19.4%)
- -------------------------------------------------------------------------------------------------------------------------
400,000 ACC Escrow Corporation 10.000 8/1/2011 374,000
130,000 AirGate PCS, Inc.(d) 6.911 7/15/2005 132,925
610,000 Alamosa Delaware, Inc.(b) 8.500 1/31/2012 631,350
660,000 American Tower Corporation 7.125 10/15/2012 655,050
380,000 American Towers, Inc. 7.250 12/1/2011 389,500
340,000 AT&T Corporation 9.050 11/15/2011 388,025
520,000 Block Communications, Inc.(b) 9.250 4/15/2009 547,300
914,491 Calpoint Receivable Structured Trust 2001 7.440 12/10/2006 909,918
1,010,000 CanWest Media, Inc. 10.625 5/15/2011 1,095,850
300,000 CF Cable TV, Inc. 9.125 7/15/2007 303,095
730,000 Charter Communications Holdings, LLC(b) 8.750 11/15/2013 702,625
175,000 Charter Communications Operating, LLC 8.000 4/30/2012 168,000
275,000 Charter Communications Operating, LLC 8.375 4/30/2014 264,000
570,000 Citizens Communications Company 6.250 1/15/2013 531,525
800,000 Crown Castle International Corporation 10.750 8/1/2011 856,000
1,210,000 CSC Holdings, Inc.(b) 7.625 4/1/2011 1,228,150
500,000 Dex Media West, LLC/Dex Media West Finance
Company(b) 8.500 8/15/2010 536,250
679,000 Dex Media West, LLC/Dex Media West Finance
Company 9.875 8/15/2013 753,690
610,000 Dex Media, Inc.(b) 8.000 11/15/2013 628,300
950,000 DIRECTV Holdings, LLC 8.375 3/15/2013 1,028,375
650,000 Dobson Cellular Systems(b) 9.875 11/1/2012 656,500
150,000 EchoStar DBS Corporation 5.750 10/1/2008 147,562
150,000 Eircom Funding 8.250 8/15/2013 162,000
345,000 General Cable Corporation 9.500 11/15/2010 365,700
338,000 Houghton Mifflin Company(b) 9.875 2/1/2013 341,380
500,000 Intelsat Bermuda, Ltd. 8.625 1/15/2015 507,500
610,000 IPCS Escrow Company 11.500 5/1/2012 674,050
1,000 MCI, Inc. 5.908 5/1/2007 1,015
1,000 MCI, Inc. 6.688 5/1/2009 1,032
180,000 MCI, Inc. 7.735 5/1/2014 194,850
610,000 Nebraska Book Company, Inc. 8.625 3/15/2012 579,500
730,000 Nexstar Finance, Inc. 7.000 1/15/2014 667,950
35,714 Nextel Communications, Inc. 9.500 2/1/2011 38,571
910,000 Nextel Communications, Inc. 6.875 10/31/2013 955,500
420,000 Nextel Communications, Inc. 5.950 3/15/2014 425,250
380,000 Nextel Communications, Inc. 7.375 8/1/2015 404,700
610,000 Nextel Partners, Inc. 8.125 7/1/2011 655,750
600,000 NTL Cable plc(d) 8.141 7/15/2005 615,000
279,000 PanAmSat Corporation 9.000 8/15/2014 290,160
376,000 PanAmSat Holding Corporation(c) Zero Coupon 11/1/2009 240,640
100,000 PRIMEDIA, Inc.(d) 8.165 5/16/2005 105,000
650,000 PRIMEDIA, Inc. 8.000 5/15/2013 653,250
700,000 Quebecor Media, Inc. 11.125 7/15/2011 770,000
420,000 Qwest Communications International, Inc.(d) 6.310 5/15/2005 416,850
430,000 Qwest Communications International, Inc. 7.250 2/15/2011 404,200
830,000 Qwest Communications International, Inc.(b) 7.500 2/15/2014 780,200
840,000 Qwest Corporation 7.875 9/1/2011 852,600
1,250,000 Qwest Services Corporation 13.500 12/15/2010 1,406,250
250,000 Radio One, Inc. 6.375 2/15/2013 243,125
250,000 Rainbow National Services, LLC 8.750 9/1/2012 267,500
590,000 Rainbow National Services, LLC 10.375 9/1/2014 666,700
240,000 Rogers Wireless Communications, Inc. 7.250 12/15/2012 245,400
420,000 Rogers Wireless, Inc.(b) 8.000 12/15/2012 430,500
165,000 Rogers Wireless, Inc. 7.500 3/15/2015 169,331
300,000 Sheridan Group, Inc. 10.250 8/15/2011 317,250
675,000 Spectrasite, Inc. 8.250 5/15/2010 703,688
450,000 Superior Essex Communications, LLC/Essex
Group, Inc. 9.000 4/15/2012 454,500
295,000 UbiquiTel Operating Company 9.875 3/1/2011 319,338
390,000 US Unwired, Inc.(b) 10.000 6/15/2012 428,025
530,000 Valor Telecommunications Enterprises, LLC 7.750 2/15/2015 507,475
670,000 Videotron Ltee 6.875 1/15/2014 659,950
540,000 WDAC Subsidiary Corporation(b) 8.375 12/1/2014 490,050
610,000 XM Satellite Radio, Inc.(d) 8.242 8/3/2005 616,100
660,000 Zues Special Subsidiary, Ltd.(c) Zero Coupon 2/1/2010 399,300
- -------------------------------------------------------------------------------------------------------------------------
Total Communications Services 32,355,120
=========================================================================================================================
Consumer Cyclical (15.2%)
- -------------------------------------------------------------------------------------------------------------------------
700,000 Aearo Company I 8.250 4/15/2012 703,500
330,000 Allied Security Escrow Corporation 11.375 7/15/2011 336,600
660,000 AmeriGas Partners, LP(f) 7.250 5/20/2015 660,000
400,000 AmeriGas Partners, LP/AmeriGas Eagle
FinanceCorporation 10.000 4/15/2006 418,000
650,000 ArvinMeritor, Inc. 6.625 6/15/2007 633,750
500,000 ArvinMeritor, Inc.(b) 8.750 3/1/2012 466,250
800,000 Beazer Homes USA, Inc. 8.625 5/15/2011 848,000
740,000 Blockbuster, Inc.(b) 9.000 9/1/2012 662,300
1,100,000 Boyd Gaming Corporation(b) 7.750 12/15/2012 1,155,000
820,000 Buffets, Inc.(b) 11.250 7/15/2010 807,700
490,000 Buhrmann US, Inc. 7.875 3/1/2015 477,750
975,000 Caesars Entertainment, Inc. 7.875 3/15/2010 1,067,625
500,000 Circus & Eldorado Joint Venture/Silver
Legacy Capital Corporation(b) 10.125 3/1/2012 537,500
830,000 D.R. Horton, Inc.(b) 4.875 1/15/2010 805,512
1,000,000 D.R. Horton, Inc. 5.625 9/15/2014 969,663
570,000 Delphi Corporation(b) 6.550 6/15/2006 532,950
725,000 Dura Operating Corporation(b) 8.625 4/15/2012 616,250
350,000 Gaylord Entertainment Company 8.000 11/15/2013 351,750
330,000 Gaylord Entertainment Company 6.750 11/15/2014 305,250
570,000 Group 1 Automotive, Inc. 8.250 8/15/2013 570,000
107,000 HMH Properties, Inc.(b) 7.875 8/1/2008 109,140
125,000 Host Marriott, LP 9.500 1/15/2007 133,125
50,000 Host Marriott, LP 9.250 10/1/2007 53,500
75,000 Host Marriott, LP 7.125 11/1/2013 75,938
820,000 IAAI Finance Corporation 11.000 4/1/2013 831,170
340,000 Jean Coutu Group (PJC), Inc.(b) 8.500 8/1/2014 320,450
920,000 John Q. Hammons Hotels, LP 8.875 5/15/2012 979,800
980,000 MGM MIRAGE 5.875 2/27/2014 917,525
840,000 NCL Corporation 10.625 7/15/2014 861,000
250,000 Norcraft Holdings, LP/Norcraft Capital
Corporation Zero Coupon 9/1/2012 171,250
390,000 Penn National Gaming, Inc.(b) 6.875 12/1/2011 389,025
160,000 Penn National Gaming, Inc. 6.750 3/1/2015 153,200
710,000 Poster Financial Group, Inc. 8.750 12/1/2011 717,100
770,000 Rent-Way, Inc. 11.875 6/15/2010 843,150
450,000 Rite Aid Corporation 7.500 1/15/2015 412,875
360,000 Seneca Gaming Corporation 7.250 5/1/2012 356,400
310,000 TravelCenters of America, Inc. 12.750 5/1/2009 339,853
1,088,000 TRW Automotive, Inc.(b) 9.375 2/15/2013 1,126,080
350,000 Universal City Development Services 11.750 4/1/2010 396,375
410,000 Universal City Florida Holding Company
I/II(d) 7.492 8/3/2005 425,375
600,000 VICORP Restaurants, Inc.(b) 10.500 4/15/2011 609,000
600,000 Warnaco, Inc. 8.875 6/15/2013 648,000
700,000 Warner Music Group 7.375 4/15/2014 700,000
480,000 WMG Holdings Corporation(d) 7.385 6/15/2005 494,400
620,000 WMG Holdings Corporation(c) Zero Coupon 12/15/2009 412,300
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Cyclical 25,401,381
=========================================================================================================================
Consumer Non-Cyclical (7.1%)
- -------------------------------------------------------------------------------------------------------------------------
330,000 Ardent Health Services, Inc. 10.000 8/15/2013 399,663
480,000 Beverly Enterprises, Inc. 7.875 6/15/2014 525,600
870,000 CDRV Investors, Inc.(b,c) Zero Coupon 1/1/2010 452,400
400,000 DaVita, Inc. 6.625 3/15/2013 396,000
410,000 DaVita, Inc. 7.250 3/15/2015 398,725
410,000 Del Laboratories, Inc. 8.000 2/1/2012 387,450
700,000 Delhaize America, Inc.(b) 8.125 4/15/2011 771,688
330,000 Elan Finance Corporation, Ltd.(b) 7.750 11/15/2011 255,750
300,000 Fisher Scientific International, Inc. 8.000 9/1/2013 322,500
310,000 Fisher Scientific International, Inc. 6.750 8/15/2014 312,325
900,000 Fresenius Medical Care Capital Trust II 7.875 2/1/2008 936,000
620,000 HCA, Inc.(b) 6.300 10/1/2012 623,484
340,000 IASIS Healthcare, LLC (IASIS Capital
Corporation) 8.750 6/15/2014 349,350
855,000 Jostens Holding Corporation(c) Zero Coupon 10/1/2008 619,875
600,000 Michael Foods, Inc. 8.000 11/15/2013 615,000
120,000 PerkinElmer, Inc. 8.875 1/15/2013 133,200
1,160,000 Roundy's, Inc. 8.875 6/15/2012 1,200,600
410,000 Smithfield Foods, Inc.(b) 8.000 10/15/2009 438,700
160,000 Smithfield Foods, Inc.(b) 7.000 8/1/2011 163,600
340,000 Stater Brothers Holdings, Inc. 8.125 6/15/2012 316,200
410,000 Tenet Healthcare Corporation 9.875 7/1/2014 421,275
620,000 US Oncology Holdings, Inc.(d) 8.509 9/15/2005 589,000
380,000 US Oncology, Inc. 9.000 8/15/2012 397,100
210,000 Vanguard Health Holding Company I,
LLC(b,c) Zero Coupon 10/1/2009 142,800
400,000 VWR International, Inc.(b) 8.000 4/15/2014 372,000
350,000 Warner Chilcott Corporation 8.750 2/1/2015 343,000
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Non-Cyclical 11,883,285
=========================================================================================================================
Energy (6.0%)
- -------------------------------------------------------------------------------------------------------------------------
570,000 Chesapeake Energy Corporation 9.000 8/15/2012 624,150
330,000 Chesapeake Energy Corporation 6.375 6/15/2015 323,400
800,000 Dresser, Inc. 9.375 4/15/2011 836,000
725,000 EXCO Resources, Inc. 7.250 1/15/2011 714,125
1,050,000 Hanover Equipment Trust 8.500 9/1/2008 1,092,000
580,000 Harvest Operations Corporation 7.875 10/15/2011 569,850
530,000 Hornbeck Offshore Services, Inc. 6.125 12/1/2014 522,712
670,000 Petroleum Geo-Services ASA 10.000 11/5/2010 747,050
575,000 Pogo Producing Company 6.625 3/15/2015 570,688
1,190,000 Premcor Refining Group, Inc. 6.750 5/1/2014 1,240,575
570,000 Pride International, Inc.(b) 7.375 7/15/2014 598,500
600,000 SESI, LLC 8.875 5/15/2011 642,000
450,000 Vintage Petroleum, Inc.(b) 7.875 5/15/2011 468,000
350,000 Vintage Petroleum, Inc. 8.250 5/1/2012 377,125
610,000 Western Oil Sands, Inc. 8.375 5/1/2012 676,948
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 10,003,123
=========================================================================================================================
Financials (1.3%)
- -------------------------------------------------------------------------------------------------------------------------
591,000 American Financial Group, Inc.,
Convertible(c) 1.486 6/2/2008 238,616
570,000 Fairfax Financial Holdings, Ltd.(b) 7.750 4/26/2012 526,538
390,600 FINOVA Group, Inc. 7.500 11/15/2009 170,888
590,000 Refco Finance Holdings, LLC 9.000 8/1/2012 637,200
625,000 Riggs Capital Trust II 8.875 3/15/2027 693,750
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 2,266,992
=========================================================================================================================
Technology (1.7%)
- -------------------------------------------------------------------------------------------------------------------------
330,000 Freescale Semiconductor, Inc. 6.875 7/15/2011 338,250
330,000 Freescale Semiconductor, Inc. 7.125 7/15/2014 343,200
110,000 MagnaChip Semiconductor SA/MagnaChip
Semiconductor Finance Company 6.875 12/15/2011 100,650
250,000 MagnaChip Semiconductor SA/MagnaChip
Semiconductor Finance Company(b) 8.000 12/15/2014 216,250
600,000 Sanmina-SCI Corporation 10.375 1/15/2010 657,000
510,000 Sanmina-SCI Corporation 6.750 3/1/2013 456,450
85,000 Telcordia Technologies, Inc. 10.000 3/15/2013 82,025
600,000 Xerox Corporation(b) 7.625 6/15/2013 640,500
- -------------------------------------------------------------------------------------------------------------------------
Total Technology 2,834,325
=========================================================================================================================
Transportation (1.3%)
- -------------------------------------------------------------------------------------------------------------------------
330,000 H-Lines Finance Holding Corporation(c) Zero Coupon 4/1/2008 254,925
520,000 Horizon Lines, LLC 9.000 11/1/2012 547,300
223,533 Northwest Airlines, Inc. 8.304 9/1/2010 183,219
580,000 Progress Rail Services Corporation 7.750 4/1/2012 577,100
582,967 United Air Lines, Inc.(b,g) 6.602 9/1/2013 549,451
- -------------------------------------------------------------------------------------------------------------------------
Total Transportation 2,111,995
=========================================================================================================================
Utilities (8.3%)
- -------------------------------------------------------------------------------------------------------------------------
475,000 AES Corporation(b) 8.875 2/15/2011 511,812
700,000 AES Corporation 8.750 5/15/2013 757,750
615,220 CE Generation, LLC 7.416 12/15/2018 667,087
508,680 Cedar Brakes II, LLC 9.875 9/1/2013 615,762
200,000 Coastal Corporation 9.625 5/15/2012 212,000
410,000 Consumers Energy Company 6.300 2/1/2012 398,726
710,000 Dynegy Holdings, Inc. 9.875 7/15/2010 717,100
420,000 Dynegy Holdings, Inc.(b) 6.875 4/1/2011 347,550
1,400,000 Edison Mission Energy(b) 9.875 4/15/2011 1,582,002
400,000 El Paso Corporation(b) 7.875 6/15/2012 391,000
1,005,000 El Paso Corporation 7.375 12/15/2012 949,725
580,000 El Paso Corporation 7.800 8/1/2031 526,350
75,000 El Paso Natural Gas Corporation 7.625 8/1/2010 78,362
150,000 Ipalco Enterprises, Inc. 8.375 11/14/2008 161,250
500,000 Ipalco Enterprises, Inc. 8.625 11/14/2011 570,000
500,000 Midwest Generation, LLC 8.750 5/1/2034 545,000
260,000 Mission Energy Holding Company 13.500 7/15/2008 304,850
998,000 NRG Energy, Inc. 8.000 12/15/2013 1,007,980
170,000 Pacific Energy Partners, LP/Pacific Energy
FinanceCorporation 7.125 6/15/2014 177,225
550,000 Sonat, Inc. 7.625 7/15/2011 533,500
610,000 Southern Star Central Corporation 8.500 8/1/2010 652,700
460,000 Texas Genco, LLC/Texas Genco Financing 6.875 12/15/2014 450,800
610,000 Williams Companies, Inc. 7.625 7/15/2019 654,225
475,000 Williams Companies, Inc. 7.875 9/1/2021 510,625
410,000 Williams Companies, Inc. Zero Coupon 3/15/2032 471,500
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 13,794,881
- -------------------------------------------------------------------------------------------------------------------------
Total Long-Term Fixed Income (cost
$130,859,302) 131,382,192
=========================================================================================================================
Shares Preferred Stock (0.8%) Value
- -------------------------------------------------------------------------------------------------------------------------
918 Sovereign Real Estate Investment
Corporation $1,303,560
- -------------------------------------------------------------------------------------------------------------------------
Total Preferred Stock (cost $1,354,050) 1,303,560
=========================================================================================================================
Shares Common Stock(h) Value
- -------------------------------------------------------------------------------------------------------------------------
1 Abraxas Petroleum Corporation (i) $2
750 Arcadia Financial, Ltd., Stock Warrants
(i,j) 0
735 ICG Communications, Inc., Stock Rights (i) 7
3 Orion Refining Corporation (i,j,k) 0
500 Unifi Communications, Inc., Stock Warrants
(i,j,k) 0
- -------------------------------------------------------------------------------------------------------------------------
Total Common Stock (cost $27,847) 9
=========================================================================================================================
Shares Collateral Held for Securities Loaned
(17.7%) Interest Rate(l) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
29,495,345 Thrivent Financial Securities Lending
Trust 2.900% N/A $29,495,345
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $29,495,345) 29,495,345
=========================================================================================================================
Shares Short-Term Investments (2.8%) Interest Rate(l) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
4,706,024 Thrivent Money Market Fund 2.650% N/A $4,706,024
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 4,706,024
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $166,442,568) $166,887,130
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(c) Denotes step coupon bonds for which the current interest rate and next
scheduled reset date are shown.
(d) Denotes variable rate obligations for which the current yield and next
scheduled reset date are shown.
(e) Earmarked as collateral for long settling trades as discussed in the
notes to the financial.
(f) Denotes investments purchased on a when-issued basis.
(g) In bankruptcy.
(h) The market value of the denoted categories of investments represents
less than 0.1% of the total investments of the Thrivent High Yield Fund II.
(i) Non-income producing security.
(j) Security is fair valued as discussed in the notes to the financial
statements.
(k) Denotes restricted securities.Restricted securities are investment
securities which cannot be offered for public sale without first being
registered under the Securities Act of 1933. These securities have been
valued from the date of acquisition through April 29, 2005, by obtaining
quotations from brokers active with these securities. The following table
indicates the acquisition date and cost of restricted securities the Fund
owned as of April 29, 2005.
Acquisition
Security Date Cost
- -------------------------------------------------------------------------------
Orion Refining Corporation 8/3/2001 $0
Unifi Communications, Inc., Stock Warrants 2/14/1997 6,525
(l) The interest rate shown reflects the yield.
The accompanying notes to the financial statements are an integral part of
this schedule.
Municipal Bond Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Principal
Amount Long-Term Fixed Income (99.4%) Interest Rate Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
Alabama (0.1%)
- -------------------------------------------------------------------------------------------------------------------------
$1,000,000 Alabama 21st Century Authority Tobacco
Settlement Revenue Bonds 5.750% 12/1/2020 $1,035,700
- -------------------------------------------------------------------------------------------------------------------------
Total Alabama 1,035,700
=========================================================================================================================
Alaska (0.5%)
- -------------------------------------------------------------------------------------------------------------------------
3,155,000 Alaska Energy Authority Power
Revenue Refunding Bonds (Bradley Lake)
(Series 5) (FSA Insured) 5.000 7/1/2021 3,330,639
3,370,000 Northern Tobacco Securitization
Corporation, Alaska Tobacco Settlement
Revenue Bonds 6.200 6/1/2022 3,449,397
- -------------------------------------------------------------------------------------------------------------------------
Total Alaska 6,780,036
=========================================================================================================================
Arizona (1.0%)
- -------------------------------------------------------------------------------------------------------------------------
780,000 Arizona Health Facilities Authority
Revenue Bonds (Arizona Healthcare Pooled
Financing) (FGIC Insured) 4.250 6/1/2006 791,630
815,000 Arizona Health Facilities Authority
Revenue Bonds (Arizona Healthcare Pooled
Financing) (FGIC Insured) 4.500 6/1/2007 840,395
975,000 Arizona Health Facilities Authority
Revenue Bonds (Arizona Healthcare Pooled
Financing) (FGIC Insured) 5.000 6/1/2011 1,063,862
1,020,000 Arizona Health Facilities Authority
Revenue Bonds (Arizona Healthcare Pooled
Financing) (FGIC Insured) 5.000 6/1/2012 1,113,789
1,000,000 Arizona Health Facilities Authority
Revenue Bonds (Blood Systems, Inc.) 5.000 4/1/2017 1,065,630
1,200,000 Arizona Health Facilities Authority
Revenue Bonds (Blood Systems, Inc.) 5.000 4/1/2018 1,254,348
500,000 Glendale, Arizona Industrial Development
Authority (Midwestern University)
(Series A) 5.750 5/15/2021 549,840
2,000,000 Phoenix, Arizona Industrial Development
Authority Government Office Lease
Revenue Bonds (Capital MallProject) (AMBAC
Insured) 5.375 9/15/2020 2,143,440
80,000 Phoenix, Arizona Industrial Development
Authority Single Family Mortgage
Revenue Bonds (Series 1A) (GNMA/FNMA/FHLMC
Insured) 5.875 6/1/2016 81,908
1,285,000 Pima County, Arizona Industrial
Development Authority Multifamily Bonds (La
Hacienda Project) (GNMA/FHA Insured) 7.000 12/20/2031 1,399,815
1,700,000 Pima County, Arizona Unified School
District #16 Catalina Foothills (Series A)
(MBIA Insured) 8.900 7/1/2005 1,716,541
1,000,000 Pinal County, Arizona Unified School
District #43 Apache Junction (Series A)
(FGIC Insured)(b) 5.800 7/1/2005 1,045,010
500,000 Yavapai County, Arizona Hospital
Revenue Bonds (Yavapai Regional Medical
Center) (Series A) 6.000 8/1/2033 533,045
- -------------------------------------------------------------------------------------------------------------------------
Total Arizona 13,599,253
=========================================================================================================================
Arkansas (0.6%)
- -------------------------------------------------------------------------------------------------------------------------
650,000 Arkansas Housing Development Agency Single
Family Mortgage Revenue Bonds (FHA
Insured)(b) 8.375 7/1/2010 737,028
2,400,000 Arkansas State Community Water System
Public Water Authority Revenue Bonds
(Series B) (MBIA Insured) 5.000 10/1/2023 2,521,056
432,500 Arkansas State Development Finance
Authority Single Family Mortgage
Revenue Bonds (Series F) (GNMA
Insured) (Subject to 'AMT') 7.450 1/1/2027 434,278
3,000,000 Jonesboro, Arkansas Residential Housing
and Health Care Facilities Revenue Bonds
(St. Bernards Regional Medical Center)
(AMBAC Insured) 5.800 7/1/2011 3,150,630
875,000 Pope County, Arkansas Pollution Control
Revenue Bonds (Arkansas Power and Light
Company Project) (FSA Insured) 6.300 12/1/2016 886,585
- -------------------------------------------------------------------------------------------------------------------------
Total Arkansas 7,729,577
=========================================================================================================================
California (10.8%)
- -------------------------------------------------------------------------------------------------------------------------
3,950,000 Anaheim, California Public Financing
Authority Lease Revenue Bonds (Public
Improvements Project) (Series A) (FSA
Insured) 6.000 9/1/2024 4,836,459
5,000,000 California Infrastructure & Economic Bank
Revenue Bonds (Bay Area Toll Bridges) (1st
Lien-A)(c) 5.000 7/1/2025 5,287,750
240,000 California Rural Home Mortgage Finance
Authority Single Family Mortgage
Revenue Bonds (Series D)(GNMA/FNMA
Insured) (Subject to 'AMT') 7.100 6/1/2031 253,046
5,000,000 California State Department of Water
Resources Supply Revenue Bonds (Series A)
(AMBAC Insured) 5.375 5/1/2018 5,514,750
5,000,000 California State General Obligation Bonds 5.250 12/1/2019 5,410,600
10,000,000 California State General Obligation Bonds 5.000 2/1/2020 10,500,800
2,000,000 California State General Obligation
Bonds (AMBAC Insured) 6.300 9/1/2010 2,310,760
3,000,000 California State Public Works Board Lease
Revenue Bonds (Department of Corrections
State Prison) 7.400 9/1/2010 3,568,530
4,000,000 California State Public Works Board Lease
Revenue Bonds (UCLA Replacement Hospital)
(Series A) (FSA Insured) 5.375 10/1/2015 4,438,760
1,500,000 California State Revenue General
Obligation Bonds 7.000 8/1/2006 1,579,095
2,000,000 California State Revenue General
Obligation Bonds 5.250 11/1/2021 2,168,000
10,000,000 California State Revenue General
Obligation Bonds 5.250 4/1/2029 10,666,000
300,000 California State Unrefunded General
Obligation Bonds (MBIA Insured) 6.000 8/1/2016 305,580
2,000,000 California State Veterans General
Obligation Revenue Bonds (FGIC) (Series AT) 9.500 2/1/2010 2,522,920
390,000 Central Valley Financing Authority,
California Cogeneration Project
Revenue Bonds (Carson Ice-Gen Project) 6.000 7/1/2009 392,500
4,030,000 Contra Costa County, California Home
Mortgage Revenue Bonds (GNMA Insured)
(Escrowed to Maturity)(b) 7.500 5/1/2014 5,300,820
5,000,000 Foothill/Eastern Transportation Corridor
Agency, California Toll Road Revenue Bonds
(Series A)(b) Zero Coupon 1/1/2009 5,733,750
5,000,000 Foothill/Eastern Transportation Corridor
Agency, California Toll Road Revenue Bonds
(Series A)(b,c) Zero Coupon 1/1/2011 5,991,200
6,000,000 Foothill/Eastern Transportation Corridor
Agency, California Toll Road Revenue Bonds
(Series A)(b,c) Zero Coupon 1/1/2013 7,202,460
7,145,000 Foothill/Eastern Transportation Corridor
Agency, California Toll Road Revenue Bonds
(Series A)(b) Zero Coupon 1/1/2014 8,576,929
420,000 Golden West Schools Financing Authority,
California Revenue Bonds (Series A) (MBIA
Insured) 5.800 2/1/2022 506,415
3,015,000 Los Angeles, California Department of
Water & Power Waterworks Revenue Bonds 5.000 7/1/2025 3,206,091
2,385,000 Orange County, California Recovery
Certificates Of Participation Bonds
(Series A) (MBIA Insured) 5.800 7/1/2016 2,512,645
5,000,000 Pittsburg, California Redevelopment Agency
Tax Allocation Bonds (Los Medanos Community
Development Project) (AMBAC Insured) Zero Coupon 8/1/2024 1,936,850
4,200,000 Pomona, California Single Family Mortgage
Revenue Bonds (Series A) (GNMA/FNMA
Insured)(b) 7.600 5/1/2023 5,539,842
500,000 Sacramento, California Cogeneration
Authority Bonds (Procter and Gamble
Project)(b) 6.375 7/1/2010 513,180
500,000 Sacramento, California Cogeneration
Authority Revenue Bonds (Procter and
Gamble Project) 6.375 7/1/2010 512,880
1,500,000 San Bernardino County, California Single
Family Mortgage Revenue Bonds (Series A)
(GNMA Insured)(b) 7.500 5/1/2023 1,964,250
1,500,000 San Francisco, California Bay Area Rapid
Transit District Sales Tax Revenue Bonds
(AMBAC Insured) 6.750 7/1/2010 1,770,030
15,000,000 San Joaquin Hills Transportation Corridor
Agency, California Toll Road
Revenue Bonds(b) 7.650 1/1/2013 17,170,800
10,000,000 Southern California Public Power Authority
Power Project Revenue Bonds (Magnolia Power
Project) (Series A) (2003-1) (AMBAC
Insured) 5.000 7/1/2036 10,469,800
- -------------------------------------------------------------------------------------------------------------------------
Total California 138,663,492
=========================================================================================================================
Colorado (4.7%)
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 Colorado Educational and Cultural
Facilities Authority Revenue Bonds
(Bromley East Project) (Series A) 7.250 9/15/2030 2,071,940
570,000 Colorado Educational and Cultural
Facilities Authority Revenue Bonds (Cherry
Creek Academy Facility, Inc.) 6.000 4/1/2021 583,332
1,280,000 Colorado Educational and Cultural
Facilities Authority Revenue Bonds (Cherry
Creek Academy Facility, Inc.) 6.000 4/1/2030 1,308,634
2,825,000 Colorado Educational and Cultural
Facilities Authority Revenue Bonds
(Classical Academy)(b) 7.250 12/1/2030 3,485,259
750,000 Colorado Educational and Cultural
Facilities Authority Revenue Bonds
(Pinnacle Charter School Project)(b) 5.250 12/1/2011 $798,210
1,000,000 Colorado Educational and Cultural
Facilities Authority Revenue Bonds
(University Lab School Project)(b) 5.750 6/1/2016 1,136,200
750,000 Colorado Educational and Cultural
Facilities Authority Revenue Bonds
(University Lab School Project)(b) 6.125 6/1/2021 867,532
6,250,000 Colorado Educational and Cultural
Facilities Authority Revenue Bonds
(University Lab School Project)(b) 6.250 6/1/2031 7,272,188
1,000,000 Colorado Health Facilities Authority
Revenue Bonds (Evangelical Lutheran Good
Samaritan) 6.250 12/1/2010 1,121,480
5,000,000 Colorado Health Facilities Authority
Revenue Bonds (Evangelical Lutheran Good
Samaritan) 6.800 12/1/2020 5,789,750
2,000,000 Colorado Health Facilities Authority
Revenue Bonds (Evangelical Lutheran)
(Series B) 3.750 6/1/2034 1,991,740
1,000,000 Colorado Health Facilities Authority
Revenue Bonds (Parkview Medical Center
Project) 6.500 9/1/2020 1,115,940
500,000 Colorado Health Facilities Authority
Revenue Bonds (Parkview Medical Center
Project) 6.600 9/1/2025 554,880
230,000 Colorado Housing and Finance Authority
Revenue Bonds (Single Family Program)
(Series A-2) (Subject to 'AMT') 7.450 10/1/2016 236,746
145,000 Colorado Housing and Finance Authority
Revenue Bonds (Single Family Program)
(Series A-3) 7.250 4/1/2010 149,991
970,000 Colorado Housing and Finance Authority
Revenue Bonds (Single Family Program)
(Series B-3) 6.700 8/1/2017 1,004,784
135,000 Colorado Housing and Finance Authority
Revenue Bonds (Single Family Program)
(Series C-3) (FHA/VA Insured) 7.150 10/1/2030 139,505
115,000 Colorado Housing and Finance Authority
Single Family Revenue Bonds (Series A-3) 7.000 11/1/2016 117,156
1,195,000 Colorado Housing and Finance Authority
Single Family Revenue Bonds (Series D-2)
(Subject to 'AMT') 6.350 11/1/2029 1,251,464
70,000 Colorado Water Resources and Power
Development Authority Clean Water
Revenue Unrefunded Bonds (Series A) (FSA
Insured) 6.250 9/1/2013 70,293
3,525,000 Colorado Water Resources and Power
Development Authority Small Water Resources
Revenue Bonds (Series A) (FGIC Insured) 5.250 11/1/2021 3,822,052
6,000,000 Denver, Colorado City & County Bonds 5.600 10/1/2029 6,700,860
200,000 Denver, Colorado Health and Hospital
Authority Healthcare Revenue Bonds
(Series A) 5.250 12/1/2010 209,726
200,000 Denver, Colorado Health and Hospital
Authority Healthcare Revenue Bonds
(Series A) 5.250 12/1/2011 208,680
2,000,000 Denver, Colorado Health and Hospital
Authority Healthcare Revenue Bonds
(Series A) (ACA/CBI Insured) 6.250 12/1/2016 2,164,120
1,890,000 Goldsmith, Colorado Metropolitan District
Capital Appreciation General Obligation
Bonds (MBIA Insured) Zero Coupon 6/1/2007 1,778,206
1,890,000 Goldsmith, Colorado Metropolitan District
Capital Appreciation General Obligation
Bonds (MBIA Insured) Zero Coupon 6/1/2008 1,706,462
1,885,000 Goldsmith, Colorado Metropolitan District
Capital Appreciation General Obligation
Bonds (MBIA Insured) Zero Coupon 12/1/2008 1,671,543
3,000,000 Larimer County, Colorado School District
# R 1 Poudre Valley (MBIA/IBC Insured) 7.000 12/15/2016 3,881,370
4,000,000 Northwest Parkway Public Highway
Authority, Colorado Capital Appreciation
Revenue Bonds (Series C) (AMBAC
Insured)(d) Zero Coupon 6/15/2011 3,276,240
3,500,000 Regional Transportation District, Colorado
Sales Tax Revenue Bonds (Series B) (AMBAC
Insured)(b) 5.500 11/1/2021 3,999,905
- -------------------------------------------------------------------------------------------------------------------------
Total Colorado 60,486,188
=========================================================================================================================
Connecticut (0.5%)
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 Connecticut State Health and Educational
Facilities Authority Revenue Bonds (Yale
University) (Series W)(e) 4.936 5/2/2005 2,076,760
4,000,000 Connecticut State Special Tax Obligation
Revenue Bonds (Transportation
Infrastructure) (Series B) 6.500 10/1/2010 4,626,960
- -------------------------------------------------------------------------------------------------------------------------
Total Connecticut 6,703,720
=========================================================================================================================
District of Columbia (0.6%)
- -------------------------------------------------------------------------------------------------------------------------
7,895,000 District of Columbia Tobacco Settlement
Financing Corporation Revenue Bonds 6.250 5/15/2024 8,073,980
- -------------------------------------------------------------------------------------------------------------------------
Total District of Columbia 8,073,980
=========================================================================================================================
Florida (1.6%)
- -------------------------------------------------------------------------------------------------------------------------
708,000 Brevard County, Florida Housing Finance
Authority Homeowner Mortgage Revenue Bonds
(Series B) (GNMA Insured) 6.500 9/1/2022 709,097
1,565,000 Clay County, Florida Housing Finance
Authority Single Family Mortgage
Revenue Bonds (GNMA/FNMA Insured) (Subject
to 'AMT') 6.000 4/1/2029 1,604,861
750,000 Florida Intergovernmental Finance
Commission Capital Revenue Bonds(b) 5.125 5/1/2021 829,875
620,000 Florida State Board of Education Capital
Outlay Unrefunded General Obligation Bonds
(MBIA Insured) 9.125 6/1/2014 878,428
1,520,000 Florida State Revenue Bonds
(Jacksonville Transportation) 5.000 7/1/2019 1,593,036
2,000,000 Highlands County, Florida Health
Facilities Authority Revenue Bonds
(Adventist Health System/Sunbelt,
Inc.) (Series A) 6.000 11/15/2031 2,180,680
1,500,000 Jacksonville, Florida Health Facilities
Authority Revenue Bonds (Series C)(b) 5.750 8/15/2015 1,682,235
1,145,000 Leon County, Florida Educational
Facilities Authority Certificates of
Participation(b) 8.500 9/1/2017 1,647,987
305,000 Manatee County, Florida Housing Finance
Authority Single Family Mortgage
Revenue Bonds (Series 1) (GNMA/FNMA/FHLMC
Insured) (Subject to 'AMT') 7.200 5/1/2028 313,692
1,320,000 Orange County, Florida Health Facilities
Authority Revenue Bonds (Adventist Health
Systems) 5.750 11/15/2008 1,428,755
1,000,000 Orange County, Florida Health Facilities
Authority Revenue Bonds (Adventist Health
Systems) 5.850 11/15/2010 1,112,970
2,000,000 Orange County, Florida Health Facilities
Authority Revenue Bonds (Orlando Regional
Healthcare System) (Series A) (MBIA
Insured) 6.250 10/1/2018 2,442,380
975,000 Orange County, Florida Housing Finance
Authority Homeowner Revenue Bonds
(Series B-1) (GNMA/FNMA Insured) (Subject
to 'AMT') 5.900 9/1/2028 997,718
2,500,000 Orlando, Florida Utilities Community Water
& Electric Revenue Bonds 5.250 10/1/2019 2,743,475
300,000 Palm Beach County, Florida Housing Finance
Authority Single Family Homeowner
Revenue Bonds (Series A-1) (GNMA/FNMA
Insured) (Subject to 'AMT') 5.900 10/1/2027 306,990
280,000 Pinellas County, Florida Housing Finance
Authority Single Family Housing
Revenue Bonds (Multi-CountyProgram)
(Series B-1) (Subject to 'AMT') 7.250 9/1/2029 283,094
285,000 Pinellas County, Florida Housing Finance
Authority Single Family Housing
Revenue Bonds (Series A-1) (GNMA/FNMA
Insured) (Subject to 'AMT') 7.200 9/1/2029 291,683
- -------------------------------------------------------------------------------------------------------------------------
Total Florida 21,046,956
=========================================================================================================================
Georgia (3.1%)
- -------------------------------------------------------------------------------------------------------------------------
6,900,000 Bibb County, Georgia Authority
Environmental Imput Revenue Bonds 4.850 12/1/2009 7,177,725
2,000,000 Brunswick, Georgia Water and Sewer
Revenue Refunding Bonds (MBIA Insured) 6.000 10/1/2011 2,215,520
1,500,000 Brunswick, Georgia Water and Sewer
Revenue Refunding Bonds (MBIA Insured) 6.100 10/1/2019 1,862,955
1,560,000 Chatham County, Georgia Hospital Authority
C/O Memorial Medical Center 5.750 1/1/2029 1,684,519
1,000,000 Chatham County, Georgia Hospital Authority
Revenue Bonds (Memorial Health University
Medical Center) 6.125 1/1/2024 1,096,920
5,000,000 Cherokee County, Georgia Water and Sewer
Authority Revenue Refunding Bonds (MBIA
Insured) 5.500 8/1/2018 5,866,300
1,000,000 Georgia State General Obligation Bonds
(Series B) 6.300 3/1/2009 1,120,280
1,000,000 Georgia State General Obligation Bonds
(Series B) 6.300 3/1/2010 1,144,740
2,000,000 Georgia State General Obligation Bonds
(Series B) 5.650 3/1/2012 2,287,640
3,500,000 Georgia State General Obligation Bonds
(Series D) 5.000 8/1/2012 3,873,170
1,000,000 McDuffie County, Georgia Development
Authority Waste Disposal Revenue Bonds
(Adj-Temple-Inland Forest Products) 6.950 12/1/2023 1,123,890
2,500,000 Milledgeville-Balswin County, Georgia
Development Authority Revenue Bonds 5.500 9/1/2024 2,609,100
5,000,000 Rockdale County, Georgia Water and Sewer
Authority Revenue Bonds (Series A) (MBIA
Insured)(b) 5.500 7/1/2025 5,428,250
1,500,000 Savannah, Georgia Economic Development
Authority Student Housing Revenue Bonds
(State University Project) (Series A) (ACA
Insured) 6.750 11/15/2020 1,674,525
- -------------------------------------------------------------------------------------------------------------------------
Total Georgia 39,165,534
=========================================================================================================================
Hawaii (1.8%)
- -------------------------------------------------------------------------------------------------------------------------
7,330,000 Hawaii State Highway Revenue Bonds 5.500 7/1/2018 8,560,780
1,000,000 Honolulu, Hawaii City & County
Revenue Bonds (Series A) (FSA Insured)(b) 5.250 9/1/2024 1,115,890
10,000,000 Honolulu, Hawaii City & County
Revenue Bonds (Series A) (FSA Insured) 5.250 3/1/2027 10,748,700
2,555,000 Honolulu, Hawaii City & County
Revenue Bonds (Unrefunded Balance)
(Series A) (FGIC Insured) 6.250 4/1/2014 3,071,314
- -------------------------------------------------------------------------------------------------------------------------
Total Hawaii 23,496,684
=========================================================================================================================
Idaho (0.4%)
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 Idaho Falls, Idaho General Obligation
Bonds (FGIC Insured) Zero Coupon 4/1/2007 943,520
3,115,000 Idaho Falls, Idaho General Obligation
Bonds (FGIC Insured) Zero Coupon 4/1/2010 2,601,991
2,000,000 Idaho Falls, Idaho General Obligation
Bonds (FGIC Insured) Zero Coupon 4/1/2011 1,601,180
- -------------------------------------------------------------------------------------------------------------------------
Total Idaho 5,146,691
=========================================================================================================================
Illinois (8.8%)
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 Broadview, Illinois Tax Increment Tax
Allocation Bonds 5.250 7/1/2012 2,083,560
1,000,000 Broadview, Illinois Tax Increment Tax
Allocation Revenue Bonds 5.375 7/1/2015 1,037,200
10,000,000 Chicago, Illinois Capital Appreciation
City Colleges General Obligation Bonds
(FGIC Insured) Zero Coupon 1/1/2024 4,134,600
3,000,000 Chicago, Illinois Lakefront Millennium
Project General Obligation Bonds (MBIA
Insured) Zero Coupon 1/1/2029 3,035,400
95,000 Chicago, Illinois Single Family Mortgage
Revenue Bonds (Series A) (GNMA/FNMA/FHLMC
Insured) (Subject to 'AMT') 7.250 9/1/2028 96,818
430,000 Chicago, Illinois Single Family Mortgage
Revenue Bonds (Series C) (GNMA/FNMA/FHLMC
Insured) (Subject to 'AMT') 7.050 10/1/2030 431,002
225,000 Chicago, Illinois Single Family Mortgage
Revenue Bonds (Series C) (GNMA/FNMA/FHLMC
Insured) 7.000 3/1/2032 227,293
7,200,000 Chicago, Illinois Tax Increment Capital
Appreciation Tax Allocation Bonds
(Series A) (ACA Insured) Zero Coupon 11/15/2014 4,518,000
1,000,000 Cook County, Illinois Community
Consolidated School District #15 Palatine
Capital Appreciation General Obligation
Bonds (FGIC Insured) Zero Coupon 12/1/2014 667,280
2,500,000 Cook County, Illinois General Obligation
Bonds(Series A) (MBIA Insured) 6.250 11/15/2011 2,920,475
1,250,000 Cook County, Illinois School District #99
Cicero General Obligation Bonds (FGIC
Insured) 8.500 12/1/2011 1,613,350
1,565,000 Cook County, Illinois School District #99
Cicero General Obligation Bonds (FGIC
Insured) 8.500 12/1/2014 2,158,323
1,815,000 Cook County, Illinois School District #99
Cicero General Obligation Bonds (FGIC
Insured) 8.500 12/1/2016 2,576,175
1,000,000 DuPage County, Illinois General Obligation
Bonds (Stormwater Project) 5.600 1/1/2021 1,167,200
1,710,000 DuPage, Cook & Will Counties, Illinois
Community College District Number 502 5.000 1/1/2017 1,852,255
1,000,000 Illinois Development Finance Authority
Revenue Bonds (Midwestern University)
(Series B) 6.000 5/15/2021 1,109,550
1,000,000 Illinois Development Finance Authority
Revenue Bonds (Midwestern University)
(Series B) 6.000 5/15/2026 1,096,630
2,365,000 Illinois Development Finance Authority
Revenue Bonds (School District #304)
(Series A) (FSA Insured) Zero Coupon 1/1/2021 1,139,150
4,900,000 Illinois Educational Facilities Authority
Revenue Bonds (Northwestern University) 5.250 11/1/2032 5,442,822
1,000,000 Illinois Educational Facilities Authority
Student Housing Revenue Bonds (University
Center Project) 6.625 5/1/2017 1,115,750
380,000 Illinois Health Facilities Authority
Prerefunded Revenue Bonds (Series B)
(MBIA/IBC Insured) 5.250 8/15/2018 411,069
1,600,000 Illinois Health Facilities Authority
Revenue Bonds (Bethesda Home and
Retirement) (Series A) 6.250 9/1/2014 1,702,416
2,000,000 Illinois Health Facilities Authority
Revenue Bonds (Centegra Health Systems) 5.250 9/1/2018 2,048,320
2,000,000 Illinois Health Facilities Authority
Revenue Bonds (Lutheran General Health Care
Facilities) (FSA Insured) 6.000 4/1/2018 2,395,680
2,500,000 Illinois Health Facilities Authority
Revenue Bonds (Passavant Memorial Area
Hospital Association) 6.000 10/1/2024 2,736,825
1,000,000 Illinois Health Facilities Authority
Revenue Bonds (Riverside Health System)(b) 6.850 11/15/2029 1,192,610
4,180,000 Illinois Health Facilities Authority
Revenue Bonds (Rush-Presbyterian-St. Lukes)
(Series A) (MBIA Insured) 5.250 11/15/2014 4,499,812
3,985,000 Illinois Health Facilities Authority
Revenue Bonds (Swedish American
Hospital)(b) 6.875 11/15/2030 4,662,888
4,655,000 Illinois Health Facilities Authority
Revenue Bonds (Thorek Hospital and Medical
Center) 5.250 8/15/2018 4,790,693
2,120,000 Illinois Health Facilities Authority
Unrefunded Revenue Bonds (Series B)
(MBIA/IBC Insured) 5.250 8/15/2018 2,250,804
2,000,000 Illinois Sports Facilities Authority State
Tax Supported Capital Appreciation
Revenue Bonds (AMBAC Insured) Zero Coupon 6/15/2017 1,166,560
1,500,000 Illinois Sports Facilities Authority State
Tax Supported Capital Appreciation
Revenue Bonds (AMBAC Insured) Zero Coupon 6/15/2018 831,495
1,500,000 Illinois Sports Facilities Authority State
Tax Supported Capital Appreciation
Revenue Bonds (AMBAC Insured) Zero Coupon 6/15/2019 788,355
7,925,000 Illinois State Sales Tax Revenue Bonds
(Second Series) 5.750 6/15/2018 9,400,635
3,065,000 Illinois State Sales Tax Revenue Bonds
(Series L) 7.450 6/15/2012 3,828,001
3,035,000 McHenry County, Illinois Community High
School District #157 General Obligation
Bonds (FSA Insured) 9.000 12/1/2017 4,542,363
4,000,000 McLean County, Illinois Bloomington -
Normal Airport Central Illinois Regional
Authority Revenue Bonds (Subject to 'AMT') 6.050 12/15/2019 4,037,440
1,410,000 Metropolitan Pier and Exposition
Authority, Illinois State Tax Revenue Bonds
(McCormick Place Exposition Project) (FGIC
Insured) 5.250 12/15/2028 1,479,457
1,115,000 Metropolitan Pier and Exposition
Authority, Illinois State Tax Revenue Bonds
(McCormick Place Exposition Project)
(Series A)(b) 5.500 6/15/2015 1,288,093
885,000 Metropolitan Pier and Exposition
Authority, Illinois State Tax Revenue Bonds
(McCormick Place Exposition Project)
(Series A) (FGIC Insured) 5.500 6/15/2015 1,013,520
17,505,000 Metropolitan Pier and Exposition
Authority, Illinois State Tax Revenue Bonds
(McCormick Place Exposition Project)
(Series A) (FGIC Insured) Zero Coupon 6/15/2020 8,712,764
3,100,000 Metropolitan Pier and Exposition
Authority, Illinois State Tax
Revenue Bonds (McCormick Place Exposition
Project) (Series A) (MBIA Insured) Zero Coupon 6/15/2024 1,235,784
2,000,000 Metropolitan Pier and Exposition
Authority, Illinois State Tax
Revenue Bonds (McCormick Place Exposition
Project) (Series A) (MBIA Insured) Zero Coupon 12/15/2024 778,320
7,000,000 Metropolitan Pier and Exposition
Authority, Illinois State Tax
Revenue Bonds (McCormick Place Exposition
Project) (Series B) (MBIA Insured)(d) Zero Coupon 6/15/2012 5,397,840
3,000,000 Regional Transportation Authority,
Illinois Revenue Bonds (Series A) (FGIC
Insured) 6.700 11/1/2021 3,777,810
- -------------------------------------------------------------------------------------------------------------------------
Total Illinois 113,392,387
=========================================================================================================================
Indiana (1.4%)
- -------------------------------------------------------------------------------------------------------------------------
1,335,000 Avon, Indiana Community School Building
Corporation Revenue Bonds Pre-refunded
(First Mortgage) (AMBAC Insured)(b) 5.250 1/1/2022 1,399,721
2,665,000 Avon, Indiana Community School Building
Corporation Revenue Bonds Unrefunded
Balance (First Mortgage) (AMBAC Insured) 5.250 1/1/2022 2,777,596
700,000 Ball State University, Indiana University
Student Fee Revenue Bonds (Series K) (FGIC
Insured) 5.750 7/1/2020 781,340
1,250,000 East Chicago, Indiana Elementary School
Building 6.250 1/5/2016 1,450,838
215,000 Indiana State Housing Authority Single
Family Mortgage Revenue Bonds (Series C-2)
(GNMA Insured) 5.250 7/1/2017 220,050
510,000 Indiana Transportation Finance Authority
Airport Facilities Lease Revenue Bonds
(Series A)(b) 5.400 11/1/2006 527,386
250,000 Indiana Transportation Finance Authority
Highway Revenue Bonds (Series A) 6.800 12/1/2016 304,048
570,000 Indiana Transportation Finance Authority
Highway Revenue Bonds (Series A) (AMBAC
Insured)(b) 5.750 6/1/2012 649,316
985,000 Indiana Transportation Finance Authority
Highway Revenue Bonds (Series A) (MBIA/IBC
Insured)(b) 7.250 6/1/2015 1,165,688
3,565,000 Indiana Transportation Finance Authority
Highway Unrefunded Revenue Bonds (Series A)
(MBIA/IBC Insured) 7.250 6/1/2015 4,432,828
2,500,000 Petersburg, Indiana Industrial Pollution
ControlRevenue Bonds (Indianapolis Power
and Light Company) (Series A) (MBIA/IBC
Insured) 6.100 1/1/2016 2,503,200
2,120,000 Purdue University, Indiana Revenue Bonds
(Student Fees) (Series L) 5.000 7/1/2020 2,238,932
- -------------------------------------------------------------------------------------------------------------------------
Total Indiana 18,450,943
=========================================================================================================================
Iowa (0.8%)
- -------------------------------------------------------------------------------------------------------------------------
2,085,000 Coralville, Iowa Urban Renewal
Revenue Bonds Annual Appropriation (Tax
Increment-H2) 5.000 6/1/2011 2,197,548
3,125,000 Coralville, Iowa Urban Renewal
Revenue Bonds Annual Appropriation (Tax
Increment-H2) 5.000 6/1/2021 3,213,844
4,500,000 Iowa Finance Authority Health Care
Facilities Revenue Bonds (Genesis Medical
Center) 6.250 7/1/2025 4,899,600
- -------------------------------------------------------------------------------------------------------------------------
Total Iowa 10,310,992
=========================================================================================================================
Kansas (0.7%)
- -------------------------------------------------------------------------------------------------------------------------
1,255,000 Kansas City, Kansas Utility System Capital
Appreciation Revenue Bonds (AMBAC
Insured)(b) Zero Coupon 3/1/2007 1,189,903
920,000 Kansas City, Kansas Utility System Capital
Appreciation Unrefunded Revenue Bonds
(AMBAC Insured) Zero Coupon 3/1/2007 872,436
1,000,000 Kansas State Development Finance Authority
Health Facilities Revenue Bonds (Stormont
Vail Healthcare) (Series K) 5.375 11/15/2024 1,073,570
2,000,000 Olathe, Kansas Health Facilities
Revenue Bonds (Olathe Medical Center
Project) (Series A) (AMBAC Insured) 5.500 9/1/2025 2,142,480
550,000 Sedgwick and Shawnee Counties, Kansas
Single Family Mortgage Revenue Bonds
(Series A-2) (GNMA Insured) 6.700 6/1/2029 565,570
2,300,000 University of Kansas Hospital Authority
Health Facilities Revenue Bonds 5.500 9/1/2022 2,424,407
- -------------------------------------------------------------------------------------------------------------------------
Total Kansas 8,268,366
=========================================================================================================================
Kentucky (0.6%)
- -------------------------------------------------------------------------------------------------------------------------
5,345,000 Kentucky State Turnpike Authority Economic
Development Revenue Bonds (Revitalization
Project) (FGIC Insured)(c) Zero Coupon 1/1/2010 4,536,889
3,000,000 Maysville, Kentucky Solid Waste Disposal
Facility Revenue Bonds (Adj-Inland
Container Corporation Project) 6.900 9/1/2022 3,361,560
- -------------------------------------------------------------------------------------------------------------------------
Total Kentucky 7,898,449
=========================================================================================================================
Louisiana (1.7%)
- -------------------------------------------------------------------------------------------------------------------------
965,000 Jefferson Parish, Louisiana Home Mortgage
Authority Single Family Mortgage
Revenue Bonds (Series A-2) (GNMA/FNMA
Insured) (Subject to 'AMT') 7.500 12/1/2030 1,006,630
440,000 Jefferson Parish, Louisiana Home Mortgage
Authority Single Family Mortgage
Revenue Bonds (Series D-1) (GNMA/FNMA
Insured) (Subject to 'AMT') 7.500 6/1/2026 459,122
690,000 Louisiana Housing Finance Agency Single
Family Mortgage Revenue Bonds (Series A-2)
(GNMA/FNMA/FHLMC Insured) (Subject to
'AMT') 7.800 12/1/2026 725,142
550,000 Louisiana Housing Finance Agency Single
Family Mortgage Revenue Bonds (Series D-2)
(GNMA/FNMA Insured) (Subject to 'AMT') 7.050 6/1/2031 598,956
3,000,000 Louisiana Public Facilities Authority
Hospital Revenue Bonds (Lake Charles
Memorial) (AMBAC/TCRS Insured) 8.625 12/1/2030 3,864,420
6,500,000 New Orleans, Louisiana General Obligation
Bonds (AMBAC Insured) Zero Coupon 9/1/2012 4,859,725
3,000,000 Orleans Parish, Louisiana School Board
Administration Offices Revenue Bonds (MBIA
Insured)(b) 8.950 2/1/2008 3,470,490
2,605,000 Regional Transportation Authority,
Louisiana Sales Tax Revenue Bonds
(Series A) (FGIC Insured) 8.000 12/1/2012 3,366,936
4,200,000 Tobacco Settlement Financing Corporation,
Louisiana Revenue Bonds (Series 2001-B) 5.500 5/15/2030 4,138,470
- -------------------------------------------------------------------------------------------------------------------------
Total Louisiana 22,489,891
=========================================================================================================================
Maryland (0.9%)
- -------------------------------------------------------------------------------------------------------------------------
1,250,000 Frederick County, Maryland Educational
Facilities Revenue Bonds (Mount Saint
Mary's College) (Series A) 5.750 9/1/2025 1,320,400
1,890,000 Maryland State Economic Development
Corporation Revenue Bonds (Lutheran World
Relief) 7.200 4/1/2025 2,085,105
1,550,000 Maryland State Economic Development
Corporation Student Housing Revenue Bonds
(Sheppard Pratt) (ACA Insured) 6.000 7/1/2033 1,651,076
1,000,000 Maryland State Health and Higher
Educational Facilities Authority
Revenue Bonds (University of Maryland
Medical System) 6.000 7/1/2022 1,104,370
4,500,000 Morgan State University, Maryland Academic
and Auxiliary Facilities Fees Revenue Bonds
(MBIA Insured) 6.050 7/1/2015 5,245,470
85,000 Prince Georges County, Maryland Housing
Authority Single Family Mortgage
Revenue Bonds (Series A) (GNMA/FNMA/ FHLMC
Insured) (Subject to 'AMT') 7.400 8/1/2032 85,447
425,000 Westminster, Maryland Education Facilities
Revenue Bonds (McDaniel College) 5.500 4/1/2027 446,858
- -------------------------------------------------------------------------------------------------------------------------
Total Maryland 11,938,726
=========================================================================================================================
Massachusetts (1.1%)
- -------------------------------------------------------------------------------------------------------------------------
4,935,000 Massachusetts State Construction Lien
General Obligation Bonds (Series A)
(FGIC-TCRS) 5.250 1/1/2013 5,528,138
725,000 Massachusetts State Development Finance
Agency Revenue Bonds (Devens Electric
Systems) 5.625 12/1/2016 784,414
2,000,000 Massachusetts State General Obligation
Bonds (Series B)(b) 6.500 8/1/2008 2,203,800
2,500,000 Massachusetts State Health and Educational
Facilities Authority Revenue Bonds
(Daughters of Charity) (Series D)(b) 6.100 7/1/2014 2,588,075
1,000,000 Massachusetts State Health and Educational
Facilities Authority Revenue Bonds
(Partners Healthcare System) (Series C) 6.000 7/1/2016 1,128,250
1,170,000 Westfield, Massachusetts General
Obligation Bonds (FGIC Insured)(b) 6.500 5/1/2014 1,364,466
- -------------------------------------------------------------------------------------------------------------------------
Total Massachusetts 13,597,143
=========================================================================================================================
Michigan (3.7%)
- -------------------------------------------------------------------------------------------------------------------------
515,000 Chelsea, Michigan Economic Development
Corporation Obligation Revenue Bonds
(United Methodist Retirement) 4.800 11/15/2005 513,980
545,000 Chelsea, Michigan Economic Development
Corporation Obligation Revenue Bonds
(United Methodist Retirement) 4.900 11/15/2006 541,196
2,000,000 East Lansing, Michigan Building Authority
General Obligation Bonds 5.700 4/1/2020 2,388,940
1,000,000 Grand Valley, Michigan State University
Revenue Bonds (MBIA Insured)(b) 5.250 10/1/2017 1,058,300
2,355,000 John Tolfree Health System Corporation,
Michigan Mortgage Revenue Bonds 5.850 9/15/2013 2,414,252
1,500,000 Livonia, Michigan Public Schools School
District General Obligation Bonds (FGIC
Insured)(b) Zero Coupon 5/1/2009 1,306,500
2,460,000 Michigan Municipal Board Authority
Revenue Bonds (Local Government Loan
Program) (FGIC Insured) Zero Coupon 12/1/2005 2,422,903
1,380,000 Michigan Public Power Agency Revenue Bonds
(Combustion Turbine #1 Project)
(Series A) (AMBAC Insured) 5.250 1/1/2016 1,511,969
45,000 Michigan State Hospital Finance Authority
Revenue Bonds (Detroit Medical Center) 8.125 8/15/2012 45,307
2,825,000 Michigan State Hospital Finance Authority
Revenue Bonds (MBIA Insured) 5.375 8/15/2014 3,200,782
6,580,000 Michigan State Hospital Finance Authority
Revenue Bonds (Oakwood Obligated Group) 5.000 11/1/2009 6,961,706
175,000 Michigan State Hospital Finance Authority
Revenue Bonds (Series P) (MBIA Insured)(b) 5.375 8/15/2014 186,562
2,750,000 Michigan State Hospital Finance Authority
Revenue Refunding Bonds (Crittenton
Hospital) (Series A) 5.500 3/1/2022 2,922,068
5,000,000 Michigan State Trunk Line Fund
Revenue Bonds (FSA Insured)(f) 5.000 11/1/2022 5,393,850
4,500,000 Rochester, Michigan Community School
District (MBIA Insured) 5.000 5/1/2019 4,999,050
3,320,000 Sault Ste Marie, Michigan Chippewa Indians
Housing Authority (Tribal Health and Human
Services Center) 7.750 9/1/2012 3,338,094
2,000,000 St. Clair County, Michigan Economic
Development Corporation Revenue Bonds
(Detroit Edison) (Series AA) (AMBAC
Insured) 6.400 8/1/2024 2,226,940
990,000 Summit Academy North, Michigan Public
School Academy Certificates of
Participation 6.550 7/1/2014 1,016,572
690,000 Summit Academy North, Michigan Public
School Academy Certificates of
Participation 8.375 7/1/2030 726,529
1,000,000 Trenton, Michigan Building Authority
General Obligation Bonds (AMBAC Insured) 5.600 10/1/2019 1,111,960
3,560,000 Wayne State University, Michigan
University Revenues (FGIC Insured)(c) 5.125 11/15/2029 3,795,992
- -------------------------------------------------------------------------------------------------------------------------
Total Michigan 48,083,452
=========================================================================================================================
Minnesota (4.0%)
- -------------------------------------------------------------------------------------------------------------------------
375,000 Chaska, Minnesota Economic Development
Authority School Facilities Lease
Revenue Bonds (Independent School District
#112) (Series A) 5.125 12/1/2010 398,752
750,000 Chaska, Minnesota Electric
Revenue Refining Generating Facilities
(Series A) 5.250 10/1/2025 807,292
800,000 Minneapolis and St. Paul, Minnesota
Housing & Redevelopment Authority
Healthcare System (Healthpartners
Obligation Group Project) 6.000 12/1/2021 894,824
1,000,000 Minneapolis and St. Paul, Minnesota
Metropolitan Airports Commission Airport
Revenue Bonds (Series C) (FGIC Insured) 5.125 1/1/2020 1,064,220
7,685,000 Minneapolis, Minnesota Community
Development Agency Tax Increment
Revenue Bonds (MBIA Insured) Zero Coupon 3/1/2009 6,737,440
5,000,000 Minnesota Agricultural and Economic
Development Board Health Care System
Revenue Bonds (Fairview Hospital)
(Series A) (MBIA Insured) 5.750 11/15/2026 5,399,800
3,750,000 Minnesota Higher Education Facilities
Authority Revenue Bonds (Augsburg College)
(Series 4-F1)(b) 6.250 5/1/2023 3,896,625
1,000,000 Minnesota Higher Education Facilities
Authority Revenue Bonds (College of Art
and Design) (Series 5-D) 6.625 5/1/2020 1,094,520
530,000 Minnesota Higher Education Facilities
Authority Revenue Bonds (University of St.
Thomas) (Series 5-Y) 5.250 10/1/2019 580,631
3,620,000 Minnesota State General Obligation Bonds 5.250 8/1/2017 3,929,944
1,000,000 Northfield, Minnesota Hospital
Revenue Bonds (Series C) 6.000 11/1/2021 1,082,890
1,300,000 Northfield, Minnesota Hospital
Revenue Bonds (Series C) 6.000 11/1/2026 1,392,456
2,040,000 Northfield, Minnesota Hospital
Revenue Bonds (Series C) 6.000 11/1/2031 2,180,617
300,000 Scott County, Minnesota Housing and
RedevelopmentAuthority Facilities Lease
Revenue Bonds (Workforce Center Project) 5.000 2/1/2017 310,062
525,000 Scott County, Minnesota Housing and
Redevelopment Authority Facilities Lease
Revenue Bonds (Workforce Center Project) 5.000 2/1/2018 541,779
10,530,000 Southern Minnesota Municipal Power Agency
Power Supply System Revenue Bonds
(Series A) (AMBAC Insured) 5.000 1/1/2011 11,509,185
2,000,000 St. Louis Park, Minnesota Health Care
Facilities Revenue Bonds 5.250 7/1/2030 2,082,480
1,690,000 St. Paul, Minnesota Housing and
Redevelopment Authority Lease Parking
Facilities Revenue Bonds (Rivercentre
Parking Ramp) 6.000 5/1/2013 1,847,440
5,000,000 White Earth Band of Chippewa Indians,
Minnesota Revenue Bonds (Series A) (ACA
Insured) 7.000 12/1/2011 5,475,800
- -------------------------------------------------------------------------------------------------------------------------
Total Minnesota 51,226,757
=========================================================================================================================
Missouri (1.3%)
- -------------------------------------------------------------------------------------------------------------------------
785,000 Missouri State Development Finance Board
Infrastructure Facilities Revenue Bonds
(Eastland Center Project Phase II)
(Series B) 5.875 4/1/2017 836,276
500,000 Missouri State Development Finance Board
Infrastructure Facilities Revenue Bonds
(Eastland Center Project Phase II)
(Series B) 6.000 4/1/2021 536,390
1,000,000 Missouri State Environmental Improvement
and Energy Resources Authority Water
Pollution Revenue Bonds (Series A) 5.250 1/1/2018 1,094,120
2,500,000 Missouri State Health & Educational
Facilities Authority Health Facilities
Revenue Bonds 5.000 5/15/2020 2,651,800
1,500,000 Missouri State Health & Educational
Facilities Authority Health Facilities
Revenue Bonds (Lake Regional Health
Securities Project) 5.600 2/15/2025 1,577,355
3,000,000 Missouri State Health and Educational
Facilities Authority Health Facilities
Revenue Bonds (Barnes Jewish, Inc.
Christian) (Series A) 5.250 5/15/2014 3,323,070
1,000,000 Missouri State Health and Educational
Facilities Authority Health Facilities
Revenue Bonds (Saint Anthony's Medical
Center) 6.250 12/1/2030 1,078,330
1,345,000 Missouri State Health and Educational
Facilities Authority Revenue Bonds (Lake of
the Ozarks)(b) 6.500 2/15/2021 1,411,026
655,000 Missouri State Health and Educational
Facilities Authority Revenue Bonds (Lake of
the Ozarks) 6.500 2/15/2021 674,866
265,000 Missouri State Housing Development
Commission Single Family Mortgage
Revenue Bonds (Series B-1) (GNMA/FNMA
Insured) (Subject to 'AMT') 7.450 9/1/2031 274,972
300,000 Missouri State Housing Development
Commission Single Family Mortgage
Revenue Bonds (Series C-1) (GNMA/FNMA
Insured) 6.550 9/1/2028 316,818
470,000 Missouri State Housing Development
Commission Single Family Mortgage
Revenue Bonds (Series C-1) (GNMA/FNMA
Insured) (Subject to 'AMT') 7.150 3/1/2032 486,403
2,000,000 St. Charles County, Missouri Francis
Howell School District General Obligation
Bonds (Series A) 5.250 3/1/2018 2,268,160
- -------------------------------------------------------------------------------------------------------------------------
Total Missouri 16,529,586
=========================================================================================================================
Montana (1.1%)
- -------------------------------------------------------------------------------------------------------------------------
65,000 Montana State Board of Housing Single
Family Mortgage Revenue Bonds (Series A-1) 6.000 6/1/2016 66,573
235,000 Montana State Board of Housing Single
Family Mortgage Revenue Bonds (Series A-2)
(Subject to 'AMT') 6.250 6/1/2019 241,573
2,385,000 Montana State Board of Investment Refunded
Balance 1996 Payroll Tax Revenue Bonds
(MBIA Insured)(b) 6.875 6/1/2020 2,615,820
775,000 Montana State Board of Investment Refunded
Revenue Bonds (1996 Payroll Tax) (MBIA
Insured)(b) 6.875 6/1/2020 850,004
1,240,000 Montana State Board of Investment Refunded
Revenue Bonds (Payroll Tax) (MBIA
Insured)(b) 6.875 6/1/2020 1,360,007
1,340,000 Montana State Board of Regents
Revenue Bonds (Higher Education-University
of Montana) (Series F) (MBIA Insured) 5.750 5/15/2016 1,510,408
3,000,000 Montana State Health Facilities Authority
Revenue Bonds (Hillcrest Senior Living
Project) 7.375 6/1/2030 3,233,640
3,860,000 Montana State Hospital Finance Authority
Revenue Refunding Bonds 5.250 6/1/2018 4,151,005
- -------------------------------------------------------------------------------------------------------------------------
Total Montana 14,029,030
=========================================================================================================================
Nebraska (1.2%)
- -------------------------------------------------------------------------------------------------------------------------
2,500,000 Nebraska Public Power District
Revenue Bonds (Series B) (AMBAC Insured) 5.000 1/1/2013 2,746,375
3,455,000 Omaha, Nebraska Public Power District
Revenue Bonds (Series B)(b) 6.150 2/1/2012 3,910,438
1,675,000 Omaha, Nebraska Special Assessment Bonds
(Riverfront Redevelopment Project)
(Series A) 5.500 2/1/2015 1,879,216
6,000,000 University of Nebraska Revenue Bonds
(Lincoln Student Fees & Facilities)
(Series B) 5.000 7/1/2023 6,364,080
- -------------------------------------------------------------------------------------------------------------------------
Total Nebraska 14,900,109
=========================================================================================================================
Nevada (0.2%)
- -------------------------------------------------------------------------------------------------------------------------
2,500,000 Washoe County, Nevada General Obligation
Bonds (Reno-Sparks Convention) (Series A)
(FSA Insured)(b) 6.400 7/1/2029 2,858,675
- -------------------------------------------------------------------------------------------------------------------------
Total Nevada 2,858,675
=========================================================================================================================
New Hampshire (0.1%)
- -------------------------------------------------------------------------------------------------------------------------
1,100,000 New Hampshire State Turnpike System
Revenue Bonds (Series C) (FGIC Insured)(e) 10.793 5/12/2005 1,266,298
- -------------------------------------------------------------------------------------------------------------------------
Total New Hampshire 1,266,298
=========================================================================================================================
New Jersey (2.4%)
- -------------------------------------------------------------------------------------------------------------------------
1,250,000 East Orange, New Jersey General Obligation
Bonds (FSA Insured) 8.400 8/1/2006 1,334,750
2,000,000 Hudson County, New Jersey Certificate Of
Participation Department of Finance and
Administration (MBIA Insured) 6.250 12/1/2015 2,405,960
4,000,000 New Jersey State Highway Authority
Revenue Bonds (Series L) 5.250 7/15/2017 4,528,280
1,000,000 New Jersey State Highway Authority
Revenue Bonds (Series L) 5.250 7/15/2018 1,137,070
1,585,000 New Jersey State Transit Corporation
Certificate ofParticipation Bonds (FSA
Insured)(b) 6.375 10/1/2006 1,632,661
3,695,000 New Jersey State Turnpike Authority
Revenue Bonds (Series C) (AMBAC-TCRS
Insured)(b) 6.500 1/1/2016 4,454,544
1,005,000 New Jersey State Turnpike Authority
Revenue Bonds (Series C) (AMBAC-TCRS
Insured) 6.500 1/1/2016 1,220,211
5,000,000 New Jersey Transportation Trust Fund
Authority Revenue Bonds (Transportation
System) (Series A) (FSA Insured)(c) 5.500 12/15/2016 5,746,300
4,570,000 Tobacco Settlement Authority, New Jersey
Tobacco Settlement Revenue Bonds 5.375 6/1/2018 4,561,957
2,195,000 West New York, New Jersey Municipal
Utilities Authority Revenue Bonds (FGIC
Insured)(b) Zero Coupon 12/15/2007 2,029,058
2,595,000 West New York, New Jersey Municipal
Utilities Authority Revenue Bonds (FGIC
Insured)(b) Zero Coupon 12/15/2009 2,231,259
- -------------------------------------------------------------------------------------------------------------------------
Total New Jersey 31,282,050
=========================================================================================================================
New Mexico (1.4%)
- -------------------------------------------------------------------------------------------------------------------------
3,315,000 Alamogordo, New Mexico Hospital
Revenue Bonds (Gerald Champion Memorial
Hospital Project) 5.300 1/1/2013 3,447,932
4,335,000 Farmington, New Mexico Power
Revenue Bonds(b) 9.875 1/1/2013 4,385,199
2,080,000 Farmington, New Mexico Utility System
Revenue Bonds (AMBAC Insured)(b) 9.875 1/1/2008 2,280,928
3,500,000 Jicarilla, New Mexico Apache Nation
Revenue Bonds (Series A) 5.500 9/1/2023 3,792,635
1,890,000 New Mexico Mortgage Finance Authority
Revenue Bonds (Series F) (GNMA/FNMA
Insured) 7.000 1/1/2026 1,982,421
310,000 New Mexico Mortgage Finance Authority
Single Family Mortgage Capital
Appreciation Revenue Bonds (Series D-2)
(Subject to 'AMT') Zero Coupon 9/1/2019 250,275
1,135,000 New Mexico Mortgage Finance Authority
Single Family Mortgage Revenue Bonds
(Series C-2) (GNMA/FNMA Insured) (Subject
to 'AMT') 6.950 9/1/2031 1,190,581
- -------------------------------------------------------------------------------------------------------------------------
Total New Mexico 17,329,971
=========================================================================================================================
New York (9.2%)
- -------------------------------------------------------------------------------------------------------------------------
6,500,000 Metropolitan Transportation Authority, New
York Revenue Bonds (Series A) (FGIC
Insured) 5.000 11/15/2025 6,841,250
5,000,000 Metropolitan Transportation Authority, New
York Transportation Facilities
Revenue Bonds (Series A) 5.500 7/1/2017 5,726,650
4,225,000 Metropolitan Transportation Authority, New
York Transportation Facilities
Revenue Bonds (Series O)(b) 5.750 7/1/2013 4,770,659
845,000 New York Counties Tobacco Trust Settlement
Revenue Bonds 5.800 6/1/2023 849,056
4,000,000 New York State Dormitory Authority
Revenue Bonds (Series B) 5.250 5/15/2012 4,393,680
2,000,000 New York State Dormitory Authority
Revenue Bonds (State University
Educational Facilities) (Series A) 7.500 5/15/2013 2,522,220
5,000,000 New York State Dormitory Authority
Revenue Bonds (State University
Educational Facilities) (Series A) 5.875 5/15/2017 5,925,100
2,000,000 New York State Local Government Assistance
Corporation Revenue Bonds (Series E)
(MBIA/IBC Insured) 5.250 4/1/2016 2,266,500
1,395,000 New York State Mortgage Agency
Revenue Bonds (Series 26) 5.350 10/1/2016 1,397,874
395,000 New York State Thruway Authority General
Revenue Bonds Prerefunded (Series E)(b) 5.000 1/1/2016 420,766
2,605,000 New York State Thruway Authority General
Revenue Bonds Unrefunded Balance
(Series E) 5.000 1/1/2016 2,754,266
20,000,000 New York State Urban Development
Corporation Revenue Bonds (Correctional
and Youth Facilities) (Series A) 5.000 1/1/2017 21,495,196
1,620,000 New York State Urban Development
Corporation Revenue Bonds (Syracuse
University Center) 6.000 1/1/2009 1,775,342
1,720,000 New York State Urban Development
Corporation Revenue Bonds (Syracuse
University Center) 6.000 1/1/2010 1,918,127
1,750,000 New York, New York General Obligation
Bonds (Series A) 5.500 8/1/2022 1,900,640
12,000,000 New York, New York General Obligation
Bonds (Series B) 5.250 8/1/2017 13,032,720
1,000,000 New York, New York General Obligation
Bonds (Series G) 5.000 12/1/2026 1,040,880
3,000,000 New York, New York General Obligation
Bonds (Series H) (FSA/CR Insured) 5.250 3/15/2016 3,236,910
5,000,000 New York, New York General Obligation
Bonds (Series I) 5.000 8/1/2016 5,366,850
13,000,000 New York, New York Municipal Transitional
Finance Authority (Future Tax Secured)
(Series B) 5.250 2/1/2029 14,116,960
8,940,000 New York, New York Municipal Transitional
Finance Authority Revenue Bonds
(Series A)(d,g) 5.500 11/1/2011 9,899,173
3,000,000 New York, New York Municipal Transitional
Finance Authority Revenue Bonds (Series A) 5.375 11/15/2021 3,306,870
2,000,000 New York, New York Municipal Water and
Sewer System Revenue Bonds (Series A)
(AMBAC Insured) 5.875 6/15/2012 2,310,380
1,000,000 Triborough, New York Bridge and Tunnel
Authority Revenue Bonds (Series Q)(b) 6.750 1/1/2009 1,082,930
- -------------------------------------------------------------------------------------------------------------------------
Total New York 118,350,999
=========================================================================================================================
North Carolina (2.0%)
- -------------------------------------------------------------------------------------------------------------------------
1,170,000 Fayetteville, North Carolina Public Works
Commission Revenue Bonds (FSA Insured)(b) 5.125 3/1/2017 1,230,430
1,475,000 North Carolina Eastern Municipal Power
Agency Power System Prerefunded
Revenue Bonds (Series A)(b) 6.000 1/1/2026 1,808,940
4,000,000 North Carolina Eastern Municipal Power
Agency Power System Revenue Bonds 5.375 1/1/2017 4,264,360
175,000 North Carolina Eastern Municipal Power
Agency Power System Revenue Bonds
(Series B) 6.000 1/1/2006 178,182
2,375,000 North Carolina Eastern Municipal Power
Agency Power System Revenue Bonds
(Series B) 5.500 1/1/2021 2,380,771
5,000,000 North Carolina Eastern Municipal Power
Agency Power System Revenue Bonds
(Series D) 5.500 1/1/2014 5,456,050
2,000,000 North Carolina Eastern Municipal Power
Agency Power System Revenue Bonds
(Series D) 6.750 1/1/2026 2,239,080
1,250,000 North Carolina Municipal Power Agency #1
Catawba Electric Revenue Bonds (Series B) 6.250 1/1/2007 1,308,550
250,000 North Carolina Municipal Power Agency #1
Catawba Electric Revenue Bonds (Series B) 6.500 1/1/2009 275,800
610,000 North Carolina Municipal Power Agency #1
Catawba Electric Revenue Bonds (Series B) 6.375 1/1/2013 684,896
4,000,000 North Carolina Municipal Power Agency #1
Catawba Electric Revenue Bonds (Series B)
(MBIA Insured)(c) 6.000 1/1/2011 4,553,080
1,000,000 Wake County, North Carolina Industrial,
Facilities, and Pollution Control
Revenue Bonds (Carolina Power and Light
Company Project) 5.375 2/1/2017 1,083,760
- -------------------------------------------------------------------------------------------------------------------------
Total North Carolina 25,463,899
=========================================================================================================================
North Dakota (1.1%)
- -------------------------------------------------------------------------------------------------------------------------
3,500,000 Grand Forks, North Dakota Health Care
System Revenue Bonds (Altru Health Systems
Group) 7.125 8/15/2024 3,842,440
2,000,000 North Dakota State Municipal Bond Bank
(State Revolving Fund Program)
(Series A)(b) 6.300 10/1/2015 2,050,820
1,340,000 North Dakota State Water Commission
Revenue Bonds (Southwest Pipeline)
(Series A) (AMBAC Insured) 5.750 7/1/2027 1,415,241
2,945,000 South Central Regional Water District,
North Dakota Utility System Revenue Bonds
(Northern Burleigh County) (Series A) 5.650 10/1/2029 3,069,161
3,250,000 Ward County, North Dakota Health Care
Facilities Revenue Bonds (Trinity Medical
Center) (Series B) 6.250 7/1/2021 3,368,495
- -------------------------------------------------------------------------------------------------------------------------
Total North Dakota 13,746,157
=========================================================================================================================
Ohio (2.3%)
- -------------------------------------------------------------------------------------------------------------------------
2,500,000 Akron, Ohio Certificates of Participation
(Akron Municipal Baseball Stadium Project) 6.900 12/1/2016 2,674,800
875,000 Akron, Ohio Economic Development (MBIA
Insured) 6.000 12/1/2012 1,021,326
1,700,000 Cincinnati, Ohio General Obligation Bonds 5.375 12/1/2019 1,872,788
2,000,000 Lorain County, Ohio Hospital Revenue Bonds
(Catholic Healthcare Partners) 5.400 10/1/2021 2,114,200
2,000,000 Lucas County, Ohio Health Care Facilities
Revenue Bonds (Sunset Retirement)
(Series A) 6.550 8/15/2024 2,114,620
2,000,000 Montgomery County, Ohio Hospital
Revenue Bonds (Kettering Medical Center) 6.750 4/1/2018 2,212,180
2,500,000 Montgomery County, Ohio Hospital
Revenue Bonds (Kettering Medical Center) 6.750 4/1/2022 2,736,350
920,000 Ohio Housing Finance Agency Mortgage
Residential Revenue Bonds (Series A-1)
(GNMA Insured) (Subject to 'AMT') 5.750 9/1/2026 938,612
2,000,000 Ohio State Higher Education Faculty
Revenue Bonds (Case Western Reserve
University) 6.500 10/1/2020 2,501,560
4,000,000 Ohio State Infrastructure Improvement
(Series B)(b) 5.250 3/1/2014 4,462,640
2,000,000 Ohio State Turnpike Commission Turnpike
Revenue Bonds (Series A) (FGIC Insured) 5.500 2/15/2024 2,361,220
1,610,000 Reynoldsburg, Ohio City School District
(FSA Insured) 5.000 12/1/2028 1,698,936
2,115,000 University of Akron, Ohio General Receipts
Revenue Bonds (FGIC Insured)(b) 5.500 1/1/2020 2,354,756
- -------------------------------------------------------------------------------------------------------------------------
Total Ohio 29,063,988
=========================================================================================================================
Oklahoma (0.8%)
- -------------------------------------------------------------------------------------------------------------------------
3,125,000 Bass, Oklahoma Memorial Baptist Hospital
Authority Hospital Revenue Bonds (Bass
Memorial Hospital Project)(b) 8.350 5/1/2009 3,445,906
1,040,000 Oklahoma Development Finance Authority
Hospital Revenue Bonds (Unity Health
Center Project) 5.000 10/1/2011 1,086,280
200,000 Oklahoma Housing Finance Agency Single
Family Mortgage Revenue Bonds (Series C-2)
(Subject to 'AMT') 7.550 9/1/2028 214,950
305,000 Oklahoma Housing Finance Agency Single
Family Mortgage Revenue Bonds (Series D-2)
(GNMA/FNMA Insured) (Subject to 'AMT') 7.100 9/1/2028 318,777
1,500,000 Oklahoma State Municipal Power Authority
(Series B) (MBIA Insured) 5.875 1/1/2012 1,722,360
2,900,000 Payne County, Oklahoma Economic
Development Authority Student Housing
Revenue Bonds (Collegiate Housing
Foundation) (Series A)(b) 6.375 6/1/2030 3,368,118
- -------------------------------------------------------------------------------------------------------------------------
Total Oklahoma 10,156,391
=========================================================================================================================
Oregon (0.1%)
- -------------------------------------------------------------------------------------------------------------------------
550,000 Forest Grove, Oregon Revenue Bonds (Campus
Improvement - Pacific University) 6.000 5/1/2015 612,474
- -------------------------------------------------------------------------------------------------------------------------
Total Oregon 612,474
=========================================================================================================================
Pennsylvania (2.1%)
- -------------------------------------------------------------------------------------------------------------------------
1,600,000 Allegheny County, Pennsylvania Hospital
Development Authority Revenue Bonds
(Allegheny General Hospital Project)
(Series A) (MBIA Insured)(b) 6.200 9/1/2015 1,722,304
2,480,000 Allegheny County, Pennsylvania
Redevelopment Authority Tax Increment Tax
Allocation Bonds (Waterfront Project)
(Series B) 6.000 12/15/2010 2,688,171
2,240,000 Allegheny County, Pennsylvania
Redevelopment Authority Tax Increment Tax
Allocation Bonds (Waterfront Project)
(Series C) 6.550 12/15/2017 2,513,661
2,575,000 Allegheny County, Pennsylvania Sanitation
Authority Sewer Revenue Interest
Compensatory (Series A) (FGIC Insured) Zero Coupon 6/1/2008 2,328,444
3,540,000 Carbon County, Pennsylvania Industrial
Development Authority Revenue Bonds
(Panther Creek Partners Project) (Subject
to 'AMT') 6.650 5/1/2010 3,817,642
2,000,000 Cornwall Lebanon, Pennsylvania School
District Capital Appreciation General
Obligation Bonds (FSA Insured) Zero Coupon 3/15/2016 1,265,160
1,520,000 Cornwall Lebanon, Pennsylvania School
District Capital Appreciation General
Obligation Bonds (FSA Insured) Zero Coupon 3/15/2017 914,371
2,000,000 Lancaster County, Pennsylvania Hospital
Authority Revenue Bonds 5.500 3/15/2026 2,115,140
3,170,000 Millcreek Township, Pennsylvania School
District General Obligation Bonds (FGIC
Insured)(b) Zero Coupon 8/15/2009 2,761,387
435,000 Montgomery County, Pennsylvania Higher
Education and Health Authority
Revenue Bonds (Foulkeways at Gwynedd
Project) 6.750 11/15/2024 464,798
1,880,000 Montgomery County, Pennsylvania Higher
Education and Health Authority
Revenue Bonds (Foulkeways at Gwynedd
Project) 6.750 11/15/2030 2,005,659
3,000,000 Pennsylvania State General Obligation
Bonds (Second Series) (AMBAC Insured) Zero Coupon 7/1/2006 2,902,920
1,000,000 York County, Pennsylvania Solid Waste &
Refuse Authority Solid Waste System
Revenue Bonds (FGIC Insured) 5.500 12/1/2012 1,137,750
- -------------------------------------------------------------------------------------------------------------------------
Total Pennsylvania 26,637,407
=========================================================================================================================
Puerto Rico (0.6%)
- -------------------------------------------------------------------------------------------------------------------------
2,365,000 Puerto Rico Commonwealth Aqueduct and
Sewer Authority Revenue Bonds (Series A)
(FSA Insured)(b) 9.000 7/1/2009 2,389,336
4,955,000 Puerto Rico Industrial Tourist Educational
Medical and Environmental Central
Facilities Revenue Bonds (AES Cogen
Facilities Project) (Subject to 'AMT') 6.625 6/1/2026 5,417,797
- -------------------------------------------------------------------------------------------------------------------------
Total Puerto Rico 7,807,133
=========================================================================================================================
South Carolina (2.0%)
- -------------------------------------------------------------------------------------------------------------------------
735,000 Beaufort-Jasper, South Carolina Water and
Sewer Authority Waterworks and Sewer
Systems Refunding Revenue Bonds (FSA
Insured) 5.000 3/1/2021 782,996
1,000,000 Greenwood County, South Carolina Hospital
Revenue Bonds (Self Memorial Hospital) 5.500 10/1/2026 1,046,590
4,000,000 Piedmont, South Carolina Municipal Power
Agency Electric Revenue Bonds (FGIC
Insured) 6.250 1/1/2021 5,018,160
5,000,000 Piedmont, South Carolina Municipal Power
Agency Electric Revenue Bonds (FGIC
Insured)(c) 5.000 1/1/2022 5,021,800
5,500,000 South Carolina Jobs Economic Development
Authority Hospital Facilities Revenue Bonds
(Palmetto Health Alliance) (Series C) 6.875 8/1/2027 6,256,745
5,000,000 South Carolina State Public Service
Authority Revenue Referendum (Series D)
(FSA Insured) 5.000 1/1/2020 5,320,000
500,000 South Carolina Transportation
Infrastructure Bank Revenue Bonds
(Series A) (MBIA Insured) 5.500 10/1/2007 531,455
2,000,000 Spartanburg, South Carolina Waterworks
Revenue Bonds (FGIC Insured) 5.250 6/1/2028 2,158,600
- -------------------------------------------------------------------------------------------------------------------------
Total South Carolina 26,136,346
=========================================================================================================================
South Dakota (0.7%)
- -------------------------------------------------------------------------------------------------------------------------
5,000,000 South Dakota Educational Enhancement
Funding Corporation Tobacco Settlement
(Series B) 6.500 6/1/2032 5,168,750
1,170,000 South Dakota Health and Educational
Facilities Authority Revenue Bonds (Prairie
Lakes Health Care System) 5.625 4/1/2032 1,211,816
2,000,000 South Dakota State Health and Educational
Facilities Authority Revenue Bonds (Prairie
Lakes Health CareSystem, Inc.) (ACA/CBI
Insured) 5.650 4/1/2022 2,085,000
- -------------------------------------------------------------------------------------------------------------------------
Total South Dakota 8,465,566
=========================================================================================================================
Tennessee (1.6%)
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 Carter County, Tennessee Industrial
Development Board Revenue Bonds 4.150 10/1/2007 2,036,200
965,000 Dickson County, Tennessee General
Obligation Bonds (FGIC Insured) 5.000 3/1/2020 1,042,036
2,000,000 Memphis-Shelby County, Tennessee Airport
Authority Special Facilities and Project
Revenue Bonds (Federal Express
Corporation) 5.350 9/1/2012 2,164,580
4,500,000 Memphis-Shelby County, Tennessee Airport
Authority Special Facilities Revenue Bonds
(Federal Express Corporation) 5.050 9/1/2012 4,785,435
4,155,000 Metropolitan Government Nashville and
Davidson County, Tennessee Industrial
Development Board Revenue Bonds (Series A)
(GNMA Insured) 6.625 3/20/2036 4,622,022
5,000,000 Shelby County, Tennessee Health
Educational and Housing Facilities Board
Revenue Bonds (St. Jude Children's
Research Project) 5.375 7/1/2024 5,243,700
640,000 Tennergy Corporation, Tennessee Gas
Revenue Bonds (MBIA Insured) 4.125 6/1/2009 664,922
150,000 Tennessee Energy Acquisition Corporation
Gas Revenue Bonds (Series A) (AMBAC
Insured) 5.000 9/1/2007 156,924
- -------------------------------------------------------------------------------------------------------------------------
Total Tennessee 20,715,819
=========================================================================================================================
Texas (11.2%)
- -------------------------------------------------------------------------------------------------------------------------
11,000,000 Alliance Airport, Texas Income Authority
Special Facilities Revenue Bonds (Federal
Express Corporation Project) (Subject to
'AMT') 6.375 4/1/2021 11,556,270
2,000,000 Amarillo, Texas Health Facilities
Corporation Revenue Bonds (Baptist St.
Anthony's Hospital Corporation) (FSA
Insured) 5.500 1/1/2017 2,277,240
750,000 Arlington, Texas General Obligation
Bonds(b,c) 5.375 8/15/2016 832,485
1,055,000 Arlington, Texas General Obligation
Bonds(b) 5.500 8/15/2019 1,177,412
2,165,000 Arlington, Texas Independent School
District Capital Appreciation Refunding
General Obligation Bonds (PSF/GTD Insured) Zero Coupon 2/15/2009 1,905,200
2,500,000 Austin, Texas Higher Education Authority,
Inc. University Revenue Bonds (St. Edwards
University Project) 5.750 8/1/2031 2,604,000
2,250,000 Austin, Texas Utility System
Revenue Bonds (FGIC Insured) 6.000 11/15/2013 2,604,915
7,000,000 Austin, Texas Utility System
Revenue Capital Appreciation Refunding
Bonds (Financial Services Department)
(Series A) (MBIA Insured)(c) Zero Coupon 11/15/2008 6,229,580
8,100,000 Austin, Texas Utility System
Revenue Capital Appreciation Refunding
Bonds (Financial Services Department)
(Series A) (MBIA Insured) Zero Coupon 11/15/2009 6,946,398
1,575,000 Bexar County, Texas General Obligation
Bonds(b) 5.000 6/15/2015 1,579,930
2,265,000 Bexar County, Texas Housing Finance
Corporation Multi-Family Housing
Revenue Bonds (American Opty-Waterford
Apartments) (Series A1) 7.000 12/1/2036 2,304,184
1,930,000 Bexar County, Texas Housing Finance
Corporation Multi-Family Housing
Revenue Bonds (Dymaxion and Marrach Park
Apartments) (Series A) (MBIA Insured) 6.000 8/1/2023 2,067,069
1,720,000 Bexar County, Texas Housing Finance
Corporation Multi-Family Housing
Revenue Bonds (Pan American Apartments)
(Series A-1) (GNMA Insured) 7.000 3/20/2031 1,959,441
1,000,000 Bluebonnet Trails Community Mental Health
and Mental Retardation Revenue Bonds 6.125 12/1/2016 1,064,060
3,950,000 Colorado River, Texas Municipal Water
District Revenue Bonds (MBIA Insured) 5.000 1/1/2014 4,071,542
500,000 Corpus Christi, Texas General Obligation
Bonds(Series A) (FSA Insured) 5.000 3/1/2012 548,660
1,000,000 Dallas-Fort Worth, Texas International
Airport Revenue Bonds (Series A) (MBIA
Insured) (Subject to 'AMT') 5.500 11/1/2016 1,092,210
500,000 Dallas-Fort Worth, Texas International
Airport Revenue Bonds (Series A) (MBIA
Insured) (Subject to 'AMT') 5.500 11/1/2017 544,085
4,000,000 Dallas-Fort Worth, Texas Regional Airport
Revenue Refunding Bonds (Series A) (MBIA
Insured) 6.000 11/1/2012 4,010,400
1,375,000 Deer Park, Texas Independent School
District General Obligation Bonds (PSF/GTD
Insured) 5.000 2/15/2013 1,513,366
2,285,000 Denton, Texas Independent School District
General Obligation Bonds (PSF/GTD Insured) 6.250 2/15/2009 2,546,701
3,210,000 Denton, Texas Utility System Revenue Bonds
(Series A) (FSA Insured) 5.250 12/1/2015 3,551,608
1,445,000 Frisco, Texas Independent School District
General Obligation Bonds (PSF/GTD Insured) 6.250 8/15/2017 1,651,447
7,000,000 Harris County, Houston, Texas General
Obligation Bonds (MBIA Insured) Zero Coupon 8/15/2024 2,799,650
2,000,000 Harris County, Texas Health Facilities
Development Authority Hospital
Revenue Bonds (Memorial Hermann Healthcare
Project) (Series A) 6.375 6/1/2029 2,222,700
8,470,000 Houston, Texas Airport System
Revenue Bonds (FSA Insured) 5.000 7/1/2027 8,783,983
2,000,000 Houston, Texas Airport System
Revenue Bonds (Series A) (FSA Insured)
(Subject to 'AMT') 5.625 7/1/2030 2,129,860
5,000,000 Houston, Texas Water and Sewer System
Revenue Bonds (Series A)(b) 5.250 12/1/2022 5,344,850
5,000,000 Houston, Texas Water and Sewer System
Revenue Bonds (Series A) (FSA Insured)(b) 5.750 12/1/2032 6,164,200
5,315,000 Lewisville, Texas Independent School
District General Obligation Bonds (PSF/GTD
Insured) Zero Coupon 8/15/2019 2,811,263
1,000,000 Lower Colorado River Authority, Texas
Revenue Bonds(Series A) 5.875 5/15/2015 1,108,390
370,000 Mesquite, Texas Independent School
District General Obligation Bonds
(Series A) (PSF/GTD Insured) 6.000 2/15/2020 397,739
3,400,000 Mesquite, Texas Independent School
District General Obligation Bonds
(Series A) (PSF/GTD Insured)(b) 6.000 2/15/2020 3,684,172
2,600,000 North Texas Health Facilities Development
Corporation Hospital Revenue Bonds (United
Regional Healthcare System, Inc.) 6.000 9/1/2023 2,791,542
575,000 Nueces County, Texas Housing Finance
Corporation Multi-Family Housing
Revenue Bonds (Dolphins Landing Apartments
Project) (Series A) 6.250 7/1/2010 576,236
1,865,000 Nueces County, Texas Housing Finance
Corporation Multi-Family Housing
Revenue Bonds (Dolphins Landing Apartments
Project) (Series A) 6.875 7/1/2030 1,890,476
1,000,000 Ridge Parc Development Corporation, Texas
Multifamily Revenue Bonds (GNMA Insured) 6.100 6/20/2033 1,113,780
2,795,000 Ridge Parc Development Corporation, Texas
Multifamily Revenue Bonds (GNMA Insured) 6.150 11/20/2041 3,064,773
1,365,000 San Antonio, Texas General Obligation
Bonds (General Improvement) 5.250 2/1/2014 1,483,769
1,000,000 San Antonio, Texas Water Revenue Bonds
(FSA Insured) 5.500 5/15/2018 1,113,140
1,000,000 San Antonio, Texas Water Revenue Bonds
(FSA Insured) 5.500 5/15/2019 1,112,480
1,000,000 San Antonio, Texas Water Revenue Bonds
(FSA Insured) 5.500 5/15/2020 1,104,660
85,000 South San Antonio, Texas Independent
School District General Obligation Bonds
(PSF/GTD Insured) 6.000 8/15/2017 94,878
1,095,000 South San Antonio, Texas Independent
School District General Obligation Bonds
(PSF/GTD Insured)(b) 6.000 8/15/2017 1,225,984
1,160,000 South San Antonio, Texas Independent
School District General Obligation Bonds
(PSF/GTD Insured)(b) 6.000 8/15/2018 1,298,759
90,000 South San Antonio, Texas Independent
School District General Obligation Bonds
(PSF/GTD Insured) 6.000 8/15/2018 100,382
1,180,000 South San Antonio, Texas Independent
School District General Obligation Bonds
(PSF/GTD Insured)(b) 6.000 8/15/2019 1,321,152
95,000 South San Antonio, Texas Independent
School District General Obligation Bonds
(PSF/GTD Insured) 6.000 8/15/2019 105,878
11,615,000 Southeast Texas Housing Finance
Corporation(MBIA Insured)(b) Zero Coupon 9/1/2017 6,743,901
1,410,000 Tarrant County, Texas College District
General Obligation Bonds 5.375 2/15/2013 1,585,559
4,315,000 Texas State Veterans Land Board General
Obligation Bonds(b) 0.050 7/1/2010 3,627,146
1,000,000 Texas State Water Development Board
Revenue Bonds (State Revolving) (Series A) 5.250 7/15/2017 1,026,580
2,000,000 Travis County, Texas Health Facilities
Development Corporation Revenue Bonds
(Ascension Health Credit)(Series A) (MBIA
Insured)(b) 6.250 11/15/2017 2,281,760
315,000 Westlake, Texas General Obligation Bonds 6.500 5/1/2013 363,986
350,000 Westlake, Texas General Obligation Bonds 6.500 5/1/2015 401,016
335,000 Westlake, Texas General Obligation Bonds 6.500 5/1/2017 384,366
1,650,000 Westlake, Texas General Obligation Bonds 5.750 5/1/2024 1,793,500
2,000,000 Westlake, Texas General Obligation Bonds 5.800 5/1/2032 2,149,200
430,000 Wylie, Texas Independent School District
General Obligation Bonds (PSF/GTD Insured) 6.875 8/15/2014 515,720
745,000 Wylie, Texas Independent School District
General Obligation Bonds (PSF/GTD
Insured)(b) 6.875 8/15/2014 894,447
3,280,000 Wylie, Texas Independent School District
Unrefunded General Obligation Bonds
(PSF/GTD Insured) 7.000 8/15/2024 3,963,126
- -------------------------------------------------------------------------------------------------------------------------
Total Texas 144,213,206
=========================================================================================================================
Utah (0.8%)
- -------------------------------------------------------------------------------------------------------------------------
440,000 Intermountain Power Agency, Utah Power
Supply Revenue Bonds (Series B)(b) 5.250 7/1/2017 441,822
5,000,000 Intermountain Power Agency, Utah Power
Supply Revenue Bonds (Series B) (MBIA
Insured)(c) 5.750 7/1/2019 5,374,450
585,000 Intermountain Power Agency, Utah Power
Supply Revenue Bonds (Series B) (MBIA/IBC
Insured)(b) 5.000 7/1/2016 586,890
3,405,000 Timpanogos, Utah Special Service District
Sewer Revenue Bonds (Series A) (AMBAC
Insured)(b) 6.100 6/1/2019 3,560,608
- -------------------------------------------------------------------------------------------------------------------------
Total Utah 9,963,770
=========================================================================================================================
Vermont (0.3%)
- -------------------------------------------------------------------------------------------------------------------------
3,500,000 Vermont Educational and Health Buildings
Financing Agency Revenue Bonds (Norwich
University Project) 5.500 7/1/2021 3,668,000
- -------------------------------------------------------------------------------------------------------------------------
Total Vermont 3,668,000
=========================================================================================================================
Virginia (0.8%)
- -------------------------------------------------------------------------------------------------------------------------
3,000,000 Fairfax County, Virginia Industrial
Development Authority Revenue Bonds (Inova
Health Systems Project) 5.875 8/15/2016 3,194,700
2,500,000 Fairfax County, Virginia Industrial
Development Authority Revenue Bonds (Inova
Health Systems Project) 5.250 8/15/2019 2,724,000
3,625,000 Fairfax County, Virginia Water Authority
Water Revenue Bonds 5.000 4/1/2021 4,066,706
- -------------------------------------------------------------------------------------------------------------------------
Total Virginia 9,985,406
=========================================================================================================================
Washington (5.0%)
- -------------------------------------------------------------------------------------------------------------------------
2,060,000 Clark and Skamania Counties, Washington
School District # 112-6 Washougal General
Obligation Bonds (FGIC Insured)(b) 6.000 12/1/2019 2,359,112
1,655,000 Douglas County, Washington Public Utility
District # 1 Wells Hydroelectric Bonds(b) 8.750 9/1/2018 1,879,468
1,395,000 Douglas County, Washington Public Utility
District # 1 Wells Hydroelectric
Revenue Bonds 8.750 9/1/2018 1,578,401
1,000,000 Energy Northwest, Washington Electric
Revenue Bonds (Columbia Generating)
(Series A) (MBIA Insured) 5.750 7/1/2018 1,130,520
1,000,000 Grant County, Washington Public Utilities
District # 2 Priest Rapids Hydro Electric
Revenue Bonds (Series A) (MBIA Insured) 5.250 1/1/2017 1,070,150
2,000,000 Grant County, Washington Public Utility
District # 2 Revenue Bonds (Second Series A)
(AMBAC Insured) 5.000 1/1/2023 2,008,240
10,000,000 King County, Washington Sewer
Revenue Bonds (Series B) (FSA Insured)(c) 5.500 1/1/2013 11,190,800
8,935,000 Tobacco Settlement Authority, Washington
Tobacco Settlement Revenue Bonds 6.500 6/1/2026 9,336,718
45,000 Washington State Bonds (Series 93A)(b) 5.750 10/1/2012 50,040
2,000,000 Washington State General Obligation Bonds
(Motor Vehicle Fuel Tax) 5.000 9/1/2007 2,091,860
2,955,000 Washington State General Obligation Bonds
(Series 93A) 5.750 10/1/2012 3,276,534
1,500,000 Washington State General Obligation Bonds
(Series A and AT-6) 6.250 2/1/2011 1,663,470
5,000,000 Washington State General Obligation Bonds
(Series A) 6.750 2/1/2015 6,027,050
2,500,000 Washington State General Obligation Bonds
(Series B and AT-7) 6.250 6/1/2010 2,849,475
2,000,000 Washington State General Obligation Bonds
(Series B and AT-7) 6.000 6/1/2012 2,309,540
1,000,000 Washington State Health Care Facilities
Authority Revenue Bonds (Central Washington
Health Services Association) (AMBAC
Insured) 5.000 10/1/2018 1,049,080
1,700,000 Washington State Health Care Facilities
Authority Revenue Bonds (Kadlec Medical
Center) 6.000 12/1/2030 1,863,013
2,000,000 Washington State Health Care Facilities
Authority Revenue Bonds (Swedish Health
Services) (AMBAC Insured) 5.125 11/15/2018 2,106,300
1,000,000 Washington State Higher Education
Facilities Authority (Whitman College)(b) 5.875 10/1/2029 1,115,670
2,975,000 Washington State Housing Finance
Commission Multi-Family Mortgage
Revenue Bonds (Pooled Loan Program)
(Subject to 'AMT') 6.300 1/1/2021 3,171,618
1,000,000 Washington State Housing Finance
Commission Nonprofit Housing Revenue Bonds
(Crista Ministries Projects) (Series A) 5.350 7/1/2014 1,030,340
3,000,000 Washington State Public Power Supply
System Refunding Revenue Bonds (Nuclear
Project #1) (Series A) (MBIA Insured) 5.750 7/1/2012 3,153,900
2,000,000 Washington State Public Power Supply
System Revenue Bonds (Nuclear Project)
(Series A) (MBIA Insured) 5.750 7/1/2011 2,102,600
- -------------------------------------------------------------------------------------------------------------------------
Total Washington 64,413,899
=========================================================================================================================
Wisconsin (1.2%)
- -------------------------------------------------------------------------------------------------------------------------
1,105,000 Monroe, Wisconsin School District General
Obligation Bonds (AMBAC Insured)(b) 6.875 4/1/2014 1,295,182
1,500,000 Wisconsin State Health and Educational
Facilities Authority Revenue Bonds (Aurora
Health Care) (Series B) 5.500 2/15/2015 1,537,185
1,000,000 Wisconsin State Health and Educational
Facilities Authority Revenue Bonds (Eagle
River Memorial Hospital, Inc. Project) 5.750 8/15/2020 1,091,110
1,000,000 Wisconsin State Health and Educational
Facilities Authority Revenue Bonds
(Franciscan Sisters Christian) (Series A) 5.500 2/15/2018 1,026,700
2,000,000 Wisconsin State Health and Educational
Facilities Authority Revenue Bonds
(Marshfield Ctobaclinic) (Series B) 6.000 2/15/2025 2,145,700
2,000,000 Wisconsin State Health and Educational
Facilities Authority Revenue Bonds
(Watertown Memorial Hospital, Inc.) 5.500 8/15/2029 2,132,380
6,000,000 Wisconsin State Health and Educational
Facilities Authority Revenue Bonds (Wheaton
Franciscan Services)(c) 5.750 8/15/2025 6,423,540
- -------------------------------------------------------------------------------------------------------------------------
Total Wisconsin 15,651,797
=========================================================================================================================
Wyoming (0.5%)
- -------------------------------------------------------------------------------------------------------------------------
5,825,000 Wyoming State Farm Loan Board Capital
Facilities Revenue Bonds 5.750 10/1/2020 6,756,476
- -------------------------------------------------------------------------------------------------------------------------
Total Wyoming 6,756,476
- -------------------------------------------------------------------------------------------------------------------------
Total Long-Term Fixed Income (cost
$1,164,863,709) 1,277,589,369
=========================================================================================================================
Principal
Amount Short-Term Investments (0.6%) Interest Rate(h) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
$1,100,000 Harris County, Texas Health Facilities
Development Authority Revenue Bonds (Texas
Childrens Hospital) (MBIA Insured)
(Series B-1)(e) 2.940% 5/2/2005 $1,100,000
300,000 Harris County, Texas Industrial
Development (Pollution Control)(e) 2.600 5/2/2005 300,000
1,000,000 Joliet, Illinois Regional Port District
Marine Term Revenue Bonds(e) 2.830 5/2/2005 1,000,000
500,000 Kemmerer, Wyoming Pollution Control Term
Revenue Bonds(e) 2.830 5/2/2005 500,000
225,000 Lincoln County, Wyoming Pollution Control
Revenue Bonds(e) 2.600 5/2/2005 225,000
750,000 Southwest Higher Education Authority
Revenue Bonds (Southern Methodist
University)(e) 2.930 5/2/2005 750,000
1,860,000 West Ottawa, Michigan Public School
District General Obligation Bonds (MBIA
Insured) 7.930 5/1/2005 1,859,181
750,000 Arizona Health Facilities Authority
Revenue Bonds (Arizona Healthcare Pooled
Financing) (FGIC Insured) 4.000 6/1/2005 750,226
135,000 Hillsdale, Michigan Hospital Finance
Authority Revenue Bonds (Hillsdale
Community Health Center) 4.800 5/15/2005 134,946
950,000 Michigan State Hospital Finance Authority
Revenue Bonds (Hackley Hospital)
(Series A) 4.800 5/1/2005 949,960
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 7,569,313
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $1,172,433,022) $1,285,158,682
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) 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.
(c) At April 29, 2005, all or a portion of the denoted securities, valued
at $72,186,326, were pledged as the initial margin deposit or earmarked as
collateral to cover open financial futures contracts as follows:
Notional
Number of Expiration Principal Unrealized
Type Contracts Date Position Value Amount Loss
- ------------------------------------------------------------------------------------------------------
U.S. Treasury Bond
Futures 5 yr. 600 June 2005 Short $(65,071,879) $(64,569,941) $501,938
(d) Denotes step coupon bonds for which the current interest rate and next
scheduled reset date are shown.
(e) Denotes variable rate obligations for which the current yield and next
scheduled reset date are shown.
(f) Denotes investments purchased on a when-issued basis.
(g) Earmarked as collateral for long settling trades as discussed in the
notes to the financial statements.
(h) The interest rate shown reflects the yieldor, for securities purchased
at a discount, the discount rate at the date of purchase.
The accompanying notes to the financial statements are an integral part of
this schedule.
Income Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Principal
Amount Long-Term Fixed Income (82.8%) Interest Rate Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
Asset-Backed Securities (11.4%)
- -------------------------------------------------------------------------------------------------------------------------
$3,000,000 Bank One Issuance Trust(b,c) 3.004% 5/15/2005 $3,001,074
5,500,000 Chase Funding Mortgage Loan Asset
Backed Certificates(c) 2.734 9/25/2024 5,454,520
5,000,000 Countrywide Asset-Backed Certificates(c) 3.903 1/25/2031 4,955,650
8,000,000 CPL Transition Funding, LLC(d) 5.010 1/15/2010 8,103,480
1,500,000 Credit Based Asset Servicing and
Securitization 3.887 10/25/2034 1,483,365
4,000,000 DaimlerChrysler Master Owner Trust(b,c) 3.004 5/15/2005 4,001,432
6,000,000 DaimlerChrysler Master Owner Trust(b) 3.004 5/15/2005 6,000,000
3,000,000 First National Master Note Trust(b,c) 3.054 5/15/2005 3,002,247
5,000,000 Ford Credit Floorplan Master Owner
Trust(b,c) 3.094 5/15/2005 5,007,700
6,000,000 GE Dealer Floorplan Master Note Trust(b,e) 3.030 6/20/2005 5,998,800
6,000,000 GMAC Mortgage Corporation Loan Trust(b) 3.110 5/25/2005 5,996,400
2,750,000 GMAC Mortgage Corporation Loan Trust(b) 3.150 5/25/2005 2,754,991
1,500,000 Honda Auto Receivables Owner Trust(c) 2.960 4/20/2009 1,469,008
3,250,000 Honda Auto Receivables Owner Trust 4.150 10/15/2010 3,246,588
5,250,000 MBNA Credit Card Master Note Trust(b,d) 3.064 5/15/2005 5,259,608
4,500,000 Nissan Auto Lease Trust(d) 3.180 6/15/2010 4,424,337
5,000,000 PG&E Energy Recovery Funding, LLC 3.870 6/25/2011 4,983,125
2,250,000 Popular ABS Mortgage Pass-Through Trust 4.000 12/25/2034 2,228,060
3,000,000 Renaissance Home Equity Loan Trust 3.856 1/25/2035 2,978,352
2,250,000 Residential Asset Securities
Corporation(d) 3.250 5/25/2029 2,238,329
4,907,342 Structured Asset Investment Loan Trust(b) 3.100 5/25/2005 4,906,714
- -------------------------------------------------------------------------------------------------------------------------
Total Asset-Backed Securities 87,493,780
=========================================================================================================================
Basic Materials (2.1%)
- -------------------------------------------------------------------------------------------------------------------------
3,500,000 Georgia-Pacific Corporation 8.875 2/1/2010 3,885,000
5,250,000 Glencore Funding, LLC(d) 6.000 4/15/2014 4,972,706
2,000,000 Newmont USA, Ltd. 5.875 4/1/2035 2,007,708
1,750,000 NOVA Chemicals Corporation 6.500 1/15/2012 1,769,688
1,285,000 Peabody Energy Corporation 6.875 3/15/2013 1,329,975
2,000,000 Precision Castparts Corporation 5.600 12/15/2013 2,043,712
- -------------------------------------------------------------------------------------------------------------------------
Total Basic Materials 16,008,789
=========================================================================================================================
Capital Goods (3.2%)
- -------------------------------------------------------------------------------------------------------------------------
2,500,000 Boeing Capital Corporation 6.500 2/15/2012 2,753,060
1,600,000 Crown Euro Holdings SA 9.500 3/1/2011 1,728,000
3,000,000 Goodrich Corporation 7.625 12/15/2012 3,497,547
2,000,000 Hutchison Whampoa International, Ltd. 6.500 2/13/2013 2,144,134
2,320,000 L-3 Communications Holdings, Inc.,
Convertible 5.875 1/15/2015 2,209,800
3,000,000 Lockheed Martin Corporation 7.650 5/1/2016 3,643,188
3,250,000 Oakmont Asset Trust 4.514 12/22/2008 3,243,497
2,926,834 Systems 2001 Asset Trust, LLC 6.664 9/15/2013 3,194,317
2,250,000 Textron Financial Corporation 4.600 5/3/2010 2,252,664
- -------------------------------------------------------------------------------------------------------------------------
Total Capital Goods 24,666,207
=========================================================================================================================
Commercial Mortgage-Backed Securities (4.6%)
- -------------------------------------------------------------------------------------------------------------------------
3,250,000 Banc of America Commercial Mortgage,
Inc.(f) 4.037 11/10/2039 3,180,430
3,250,000 Banc of America Commercial Mortgage,
Inc.(d) 4.561 11/10/2041 3,233,838
908,895 Banc of America Commercial Mortgage,
Inc.(c) 3.366 7/11/2043 900,702
2,000,000 Banc of America Commercial Mortgage,
Inc.(d) 5.118 7/11/2043 2,051,014
6,000,000 Credit Suisse First Boston Mortgage
Securities Corporation(c,d) 2.843 5/15/2038 5,767,590
1,381,345 J.P. Morgan Chase Commercial Mortgage
Securities Corporation(b,d) 3.300 5/14/2005 1,381,573
2,750,000 J.P. Morgan Chase Commercial Mortgage
Securities Corporation(c) 4.302 1/15/2038 2,699,708
4,000,000 LB-UBS Commercial Mortgage Trust(c) 3.323 3/15/2027 3,900,368
2,000,000 LB-UBS Commercial Mortgage Trust(c) 6.653 11/15/2027 2,203,062
3,811,136 Lehman Brothers "CALSTRS" Mortgage
Trust(c) 3.988 11/20/2012 3,800,762
5,999,256 Wachovia Bank Commercial Mortgage Trust(b) 3.054 5/15/2005 5,999,256
- -------------------------------------------------------------------------------------------------------------------------
Total Commercial Mortgage-Backed
Securities 35,118,303
=========================================================================================================================
Communications Services (6.9%)
- -------------------------------------------------------------------------------------------------------------------------
2,500,000 America Movil SA de CV(c,d) 6.375 3/1/2035 2,322,765
2,500,000 AT&T Wireless Services, Inc. 8.125 5/1/2012 2,955,715
2,000,000 Citizens Communications Company 6.250 1/15/2013 1,865,000
2,500,000 Clear Channel Communications, Inc. 4.500 1/15/2010 2,392,975
2,000,000 Clear Channel Communications, Inc. 5.000 3/15/2012 1,893,740
200,000 Clear Channel Communications, Inc. 5.500 9/15/2014 189,430
4,250,000 Cox Communications, Inc. 6.750 3/15/2011 4,591,454
1,500,000 EchoStar DBS Corporation 5.750 10/1/2008 1,475,625
2,250,000 Interpublic Group of Companies, Inc. 6.250 11/15/2014 2,148,559
5,000,000 New York Times Company 5.000 3/15/2015 5,050,160
2,700,000 Nextel Communications, Inc. 5.950 3/15/2014 2,733,750
2,000,000 Qwest Corporation 8.875 3/15/2012 2,120,000
6,000,000 Sprint Capital Corporation(c) 6.900 5/1/2019 6,704,394
3,000,000 TCI Communications, Inc. 8.750 8/1/2015 3,825,999
3,000,000 Telecom Italia Capital SA(c) 4.000 1/15/2010 2,898,009
2,000,000 Telecom Italia Capital SA(d) 5.250 11/15/2013 2,003,640
1,500,000 Telefonos de Mexico SA 4.750 1/27/2010 1,468,212
2,700,000 Telus Corporation 8.000 6/1/2011 3,118,500
3,000,000 Verizon Global Funding Corporation(c) 4.375 6/1/2013 2,916,747
- -------------------------------------------------------------------------------------------------------------------------
Total Communications Services 52,674,674
=========================================================================================================================
Consumer Cyclical (2.6%)
- -------------------------------------------------------------------------------------------------------------------------
2,500,000 AOL Time Warner, Inc. 7.700 5/1/2032 3,080,680
2,130,000 Caesars Entertainment, Inc. 8.125 5/15/2011 2,385,600
4,180,000 D.R. Horton, Inc.(c) 4.875 1/15/2010 4,056,673
3,000,000 DaimlerChrysler North American Holdings
Corporation 4.750 1/15/2008 2,959,440
2,400,000 Host Marriott, LP 6.375 3/15/2015 2,283,000
250,000 ITT Corporation 7.375 11/15/2015 268,125
1,600,000 Mohegan Tribal Gaming Authority 6.375 7/15/2009 1,596,000
2,000,000 Nissan Motor Acceptance Corporation(f) 4.625 3/8/2010 1,980,660
1,400,000 Royal Caribbean Cruises, Ltd.(g) 8.000 5/15/2010 1,526,000
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Cyclical 20,136,178
=========================================================================================================================
Consumer Non-Cyclical (2.1%)
- -------------------------------------------------------------------------------------------------------------------------
4,000,000 Bunge Limited Finance Corporation 7.800 10/15/2012 4,720,916
1,690,000 Fisher Scientific International, Inc. 8.125 5/1/2012 1,874,109
3,000,000 Hospira, Inc. 4.950 6/15/2009 3,044,415
2,000,000 Kraft Foods, Inc. 4.125 11/12/2009 1,963,988
1,500,000 Smithfield Foods, Inc. 7.750 5/15/2013 1,605,000
1,150,000 Ventas Realty, LP/Ventas Capital
Corporation 8.750 5/1/2009 1,237,688
1,500,000 WellPoint, Inc. 5.000 12/15/2014 1,511,304
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Non-Cyclical 15,957,420
=========================================================================================================================
Energy (5.4%)
- -------------------------------------------------------------------------------------------------------------------------
1,500,000 ANR Pipeline Company 8.875 3/15/2010 1,627,124
2,250,000 Chesapeake Energy Corporation 7.000 8/15/2014 2,306,250
1,750,000 Consolidated Natural Gas Company(c) 5.000 12/1/2014 1,742,958
3,000,000 Enterprise Products Operating, LP 5.600 10/15/2014 3,017,376
4,500,000 Gazprom International SA(c) 7.201 2/1/2020 4,680,000
2,500,000 Kerr-McGee Corporation 6.950 7/1/2024 2,297,285
2,250,000 Kinder Morgan Energy Partners, LP 7.500 11/1/2010 2,540,750
2,000,000 LG-Caltex Oil Corporation 5.500 8/25/2014 2,028,482
4,000,000 Magellan Midstream Partners, LP 5.650 10/15/2016 4,050,328
1,750,000 Newfield Exploration Company 6.625 9/1/2014 1,732,500
2,000,000 Plains All American Pipeline, LP/PAA
FinanceCorporation 7.750 10/15/2012 2,345,468
2,500,000 Plains All American Pipeline, LP/PAA
FinanceCorporation 5.875 8/15/2016 2,614,168
1,500,000 Premcor Refining Group, Inc. 6.125 5/1/2011 1,548,750
2,600,000 Sempra Energy 6.000 2/1/2013 2,755,904
1,150,000 Southern Natural Gas Company(g) 8.875 3/15/2010 1,249,935
750,000 TGT Pipeline, LLC 5.500 2/1/2017 765,535
2,000,000 Transcontinental Gas Pipe Corporation(c) 8.875 7/15/2012 2,330,000
1,500,000 XTO Energy, Inc. 5.000 1/31/2015 1,483,948
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 41,116,761
=========================================================================================================================
Financials (14.3%)
- -------------------------------------------------------------------------------------------------------------------------
1,500,000 Barnett Capital I(c) 8.060 12/1/2026 1,636,773
1,500,000 Capital One Financial Corporation(c) 6.250 11/15/2013 1,600,104
3,500,000 Capital One Financial Corporation 5.250 2/21/2017 3,414,348
6,000,000 Commercial Mortgage Pass-Through
Certificates(b) 3.054 5/15/2005 6,000,000
1,000,000 Corestates Capital Trust I 8.000 12/15/2026 1,108,176
2,755,000 Countrywide Home Loans, Inc.(c) 4.000 3/22/2011 2,638,342
6,000,000 CS First Boston Mortgage Securities
Corporation(b) 3.120 5/15/2005 5,999,988
7,000,000 Equitable Life Assurance Society USA(d) 6.950 12/1/2005 7,126,539
6,000,000 General Electric Capital Corporation(b,d) 2.100 6/2/2005 5,880,000
3,000,000 Goldman Sachs Group, Inc. 5.125 1/15/2015 2,996,037
4,500,000 HSBC Capital Funding, LP(h) 9.547 6/30/2010 5,472,693
1,500,000 ING Capital Funding Trust III 8.439 12/31/2010 1,768,548
2,750,000 International Lease Finance Corporation 5.625 6/1/2007 2,823,997
3,000,000 iStar Financial, Inc.(g) 5.125 4/1/2011 2,952,912
27,526,456 Lehman Brothers, Inc., TRAINS(c,d,f) 6.539 8/15/2008 28,263,338
1,500,000 Metropolitan Life Global Funding(e) 4.500 5/5/2010 1,497,788
5,000,000 Montpelier Re Holdings, Ltd.(c) 6.125 8/15/2013 5,205,120
2,000,000 Monumental Global Funding Ltd. 4.625 3/15/2010 2,020,390
2,000,000 Morgan Stanley and Company(c) 4.750 4/1/2014 1,933,092
2,500,000 National City Bank(c) 4.500 3/15/2010 2,503,795
2,300,000 Sanwa Bank, Ltd.(d) 7.400 6/15/2011 2,592,995
2,500,000 Skandinaviska Enskilda(c) 5.471 3/23/2015 2,557,040
1,000,000 Stingray Pass-Through Trust 5.902 1/12/2015 1,008,920
3,500,000 Wachovia Bank NA(c) 4.875 2/1/2015 3,493,028
2,500,000 Washington Mutual Bank FA 5.125 1/15/2015 2,489,200
4,500,000 Wells Fargo Capital(c) 7.730 12/1/2026 4,905,495
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 109,888,658
=========================================================================================================================
Foreign (1.2%)
- -------------------------------------------------------------------------------------------------------------------------
666,667 Pemex Finance, Ltd. 8.450 2/15/2007 689,613
4,000,000 Pemex Finance, Ltd. 9.030 2/15/2011 4,549,680
2,500,000 United Mexican States 9.875 2/1/2010 2,982,500
1,000,000 United Mexican States 6.375 1/16/2013 1,043,000
- -------------------------------------------------------------------------------------------------------------------------
Total Foreign 9,264,793
=========================================================================================================================
Mortgage-Backed Securities (6.4%)
- -------------------------------------------------------------------------------------------------------------------------
15,750,000 Federal National Mortgage Association
15-Yr.Conventional(e) 5.500 5/1/2020 16,114,219
16,000,000 Federal National Mortgage Association
30-Yr.Conventional(e) 5.500 5/1/2035 16,150,000
16,250,000 Federal National Mortgage Association
30-Yr.Conventional(e) 6.000 5/1/2035 16,681,632
- -------------------------------------------------------------------------------------------------------------------------
Total Mortgage-Backed Securities 48,945,851
=========================================================================================================================
Technology (0.2%)
- -------------------------------------------------------------------------------------------------------------------------
1,500,000 Anixter International, Inc. 5.950 3/1/2015 1,459,358
- -------------------------------------------------------------------------------------------------------------------------
Total Technology 1,459,358
=========================================================================================================================
Transportation (2.0%)
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 FedEx Corporation 3.500 4/1/2009 968,565
3,344,205 FedEx Corporation 6.720 1/15/2022 3,745,342
2,500,000 MISC Capital, Ltd. 5.000 7/1/2009 2,532,962
4,000,000 Southwest Airlines Company(d) 5.496 11/1/2006 4,084,924
2,500,000 Union Pacific Corporation 4.875 1/15/2015 2,472,085
1,485,526 United Air Lines, Inc. (i) 7.186 4/1/2011 1,366,090
- -------------------------------------------------------------------------------------------------------------------------
Total Transportation 15,169,968
=========================================================================================================================
U.S. Government (15.9%)
- -------------------------------------------------------------------------------------------------------------------------
10,000,000 Federal Home Loan Mortgage
Corporation(b,c) 2.925 6/9/2005 9,999,350
11,550,000 U.S. Treasury Bonds(g) 6.125 8/15/2029 14,095,516
15,765,670 U.S. Treasury Inflation Indexed Bonds(g) 2.375 1/15/2025 17,219,690
23,150,000 U.S. Treasury Notes(g) 3.375 2/15/2008 22,945,632
7,500,000 U.S. Treasury Notes(g) 3.250 8/15/2008 7,379,002
16,600,000 U.S. Treasury Notes(g) 5.000 2/15/2011 17,494,840
13,350,000 U.S. Treasury Notes(g) 4.250 11/15/2014 13,393,801
4,600,000 U.S. Treasury Notes(g) 4.000 2/15/2015 4,525,429
17,000,000 U.S. Treasury Principal Strips Zero Coupon 11/15/2022 7,450,437
10,250,000 U.S. Treasury Strips(g) Zero Coupon 2/15/2013 7,410,402
- -------------------------------------------------------------------------------------------------------------------------
Total U.S. Government 121,914,099
=========================================================================================================================
Utilities (4.5%)
- -------------------------------------------------------------------------------------------------------------------------
1,250,000 Carolina Power & Light, Inc.(c) 5.150 4/1/2015 1,264,160
4,500,000 FirstEnergy Corporation(c) 6.450 11/15/2011 4,832,973
2,500,000 MidAmerican Energy Holdings Company 7.630 10/15/2007 2,676,452
2,500,000 NiSource Finance Corporation 7.875 11/15/2010 2,886,732
1,500,000 Potomac Edison Company 5.350 11/15/2014 1,507,420
558,744 Power Contract Financing, LLC 5.200 2/1/2006 563,907
2,000,000 Power Contract Financing, LLC 6.256 2/1/2010 2,075,880
2,765,932 Power Receivables Finance, LLC 6.290 1/1/2012 2,867,553
5,500,000 PSEG Power, LLC 5.500 12/1/2015 5,631,329
2,000,000 Public Service Company of New Mexico 4.400 9/15/2008 1,997,484
1,900,000 TECO Energy, Inc. 7.200 5/1/2011 2,009,250
1,500,000 Texas Genco, LLC/Texas Genco Financing
Corporation 6.875 12/15/2014 1,470,000
3,450,000 Texas-New Mexico Power Company(c) 6.125 6/1/2008 3,534,763
1,000,000 Westar Energy, Inc. 5.150 1/1/2017 1,001,407
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 34,319,310
- -------------------------------------------------------------------------------------------------------------------------
Total Long-Term Fixed Income (cost
$628,755,283) 634,134,149
=========================================================================================================================
Exercise Expiration
Contracts Put Options on U.S. Treasury Bond Futures(j) Price Date Value
- -------------------------------------------------------------------------------------------------------------------------
45 U.S. Treasury Bond Futures $110 June 2005 $2,110
- -------------------------------------------------------------------------------------------------------------------------
Total Put Options on U.S. Treasury Bond
Futures (cost $26,151) 2,110
=========================================================================================================================
Shares Collateral Held for Securities Loaned (13.4%) Interest Rate(k) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
102,226,320 Thrivent Financial Securities Lending
Trust 2.900% N/A $102,226,320
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $102,226,320) 102,226,320
=========================================================================================================================
Shares or
Principal
Amount Short-Term Investments (3.8%) Interest Rate(k) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
$1,995,000 New Center Asset Trust 2.950% 5/2/2005 $1,994,673
27,012,707 Thrivent Money Market Fund 2.650 N/A 27,012,707
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 29,007,380
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $760,015,134) $765,369,959
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Denotes variable rate obligations for which the current yield and next
scheduled reset date are shown.
(c) At April 29, 2005, all or a portion of the denoted securities, valued
at $126,773,360, were pledged as the initial margin deposit or earmarked
as collateral to cover open financial futures contracts as follows:
Number of Expiration Principal Unrealized
Type Contracts Date Position Value Amount Gain/ Loss
- ------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bond Futures 10 yr. 675 June 2005 Short $(75,209,769) $(74,122,472) $(1,087,297)
U.S. Treasury Bond Futures 20 yr. 193 June 2005 Long $22,164,844 $21,623,817 $541,027
(d) Earmarked as collateral for long settling trades as discussed in the
notes to the financial statements.
(e) Denotes investments purchased on a when-issued basis.
(f) At April 29, 2005, all or a portion of the denoted securities, valued
at $6,187,860, were pledged as the initial margin deposit or earmarked as
collateral to cover put options purchased.
(g) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(h) Denotes step coupon bonds for which the current interest rate and next
scheduled reset date are shown.
(i) In bankruptcy.
(j) The market value of the denoted categories of investments represents
less than 0.1% of the total investments of the Thrivent Income Fund.
(k) The interest rate shown reflects the yieldor, for securities purchased
at a discount, the discount rate at the date of purchase.
The accompanying notes to the financial statements are an integral part of
this schedule.
Core Bond Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Principal
Amount Long-Term Fixed Income (73.5%) Interest Rate Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
Asset-Backed Securities (11.4%)
- -------------------------------------------------------------------------------------------------------------------------
$5,000,000 ARG Funding Corporation(b) 4.290% 4/20/2010 $4,959,375
3,000,000 Associates Manufactured Housing Contract
Pass-Through Certificates(b,c) 7.900 3/15/2027 3,116,841
2,750,000 Capital Auto Receivables Asset Trust(c) 3.350 2/15/2008 2,721,978
12,500,000 Chase Credit Card Master Trust(c,d) 3.084 5/15/2005 12,522,650
6,000,000 Countrywide Asset Backed Certificates(c) 4.905 8/25/2032 6,018,360
4,000,000 Countrywide Asset-Backed Certificates(b) 3.903 1/25/2031 3,964,520
1,157,000 Credit Based Asset Servicing and
Securitization(b) 3.887 10/25/2034 1,144,169
5,000,000 DaimlerChrysler Master Owner Trust(b,c,d) 3.004 5/15/2005 5,000,000
5,000,000 GE Dealer Floorplan Master Note Trust(d,e) 3.030 6/20/2005 4,999,000
5,000,000 GMAC Mortgage Corporation Loan Trust(c,d) 3.110 5/25/2005 4,997,000
11,000,000 GMAC Mortgage Corporation Loan Trust(c,d) 3.150 5/25/2005 11,019,965
2,230,313 Green Tree Financial Corporation(b) 7.650 10/15/2027 2,367,339
5,000,000 Harley Davidson Motorcycle Trust(b) 3.200 5/15/2012 4,899,990
1,125,000 PG&E Energy Recovery Funding, LLC(b) 3.870 6/25/2011 1,121,203
2,000,000 Popular ABS Mortgage Pass-Through Trust(b) 4.000 12/25/2034 1,980,498
1,000,000 Residential Asset Securities
Corporation(b) 3.250 5/25/2029 994,813
2,000,000 Residential Asset Securities
Corporation(c) 4.040 7/25/2030 1,991,180
4,907,342 Structured Asset Investment Loan
Trust(b,c,d,f) 3.100 5/25/2005 4,906,714
- -------------------------------------------------------------------------------------------------------------------------
Total Asset-Backed Securities 78,725,595
=========================================================================================================================
Basic Materials (1.0%)
- -------------------------------------------------------------------------------------------------------------------------
1,500,000 Glencore Funding, LLC(b,c) 6.000 4/15/2014 1,420,773
2,000,000 Newmont USA, Ltd. 5.875 4/1/2035 2,007,708
1,500,000 Packaging Corporation of America(b) 4.375 8/1/2008 1,477,569
2,000,000 Precision Castparts Corporation(c) 5.600 12/15/2013 2,043,712
- -------------------------------------------------------------------------------------------------------------------------
Total Basic Materials 6,949,762
=========================================================================================================================
Capital Goods (1.2%)
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 Boeing Capital Corporation 6.500 2/15/2012 2,202,448
1,578,000 Goodrich Corporation 6.450 12/15/2007 1,659,155
2,750,000 Oakmont Asset Trust(b) 4.514 12/22/2008 2,744,497
1,750,000 Textron Financial Corporation 4.600 5/3/2010 1,752,072
- -------------------------------------------------------------------------------------------------------------------------
Total Capital Goods 8,358,172
=========================================================================================================================
Commercial Mortgage-Backed Securities (8.2%)
- -------------------------------------------------------------------------------------------------------------------------
5,000,000 Banc of America Commercial Mortgage, Inc.(b) 6.085 6/11/2035 5,347,125
2,750,000 Banc of America Commercial Mortgage, Inc.(c) 4.037 11/10/2039 2,691,134
2,750,000 Banc of America Commercial Mortgage, Inc.(b,c) 4.561 11/10/2041 2,736,324
3,000,000 Banc of America Commercial Mortgage, Inc.(b,c) 5.118 7/11/2043 3,076,521
3,000,000 Bear Stearns Commercial Mortgage
Securities, Inc.(c) 3.869 2/11/2041 2,925,867
724,359 CAM Commercial Mortgage Corporation(b) 4.834 11/14/2036 730,427
4,000,000 Commercial Mortgage Pass-Through
Certificates(b) 4.405 10/15/2037 3,941,064
4,000,000 First Union National Bank Commercial
Mortgage Trust(b) 7.390 12/15/2031 4,453,360
327,679 First Union-Lehman Brothers-Bank of
America Commercial Mortgage Trust 6.280 11/18/2035 327,233
8,000,000 LB-UBS Commercial Mortgage Trust(c) 3.086 5/15/2027 7,730,040
3,250,000 LB-UBS Commercial Mortgage Trust(b) 6.653 11/15/2027 3,579,976
5,500,000 LB-UBS Commercial Mortgage Trust(c) 4.187 8/15/2029 5,442,970
5,500,000 Morgan Stanley Capital I, Inc.(b) 6.210 11/15/2031 5,800,712
4,999,380 Wachovia Bank Commercial Mortgage
Trust(b,d) 3.054 5/15/2005 4,999,380
3,000,000 Wachovia Bank Commercial Mortgage Trust(b) 4.390 2/15/2036 2,950,374
- -------------------------------------------------------------------------------------------------------------------------
Total Commercial Mortgage-Backed
Securities 56,732,507
=========================================================================================================================
Communications Services (4.2%)
- -------------------------------------------------------------------------------------------------------------------------
1,750,000 AT&T Broadband Corporation(b,c) 8.375 3/15/2013 2,124,523
2,150,000 AT&T Wireless Services, Inc.(b) 8.125 5/1/2012 2,541,915
2,750,000 Clear Channel Communications, Inc.(b) 5.000 3/15/2012 2,603,892
250,000 Clear Channel Communications, Inc. 5.500 9/15/2014 236,788
4,000,000 Continental Cablevision, Inc.(b,c) 8.875 9/15/2005 4,072,260
3,250,000 Cox Communications, Inc.(c) 6.750 3/15/2011 3,511,112
2,000,000 Interpublic Group of Companies, Inc.(b) 6.250 11/15/2014 1,909,830
2,500,000 New York Times Company(b) 5.000 3/15/2015 2,525,080
3,000,000 Sprint Capital Corporation(c) 6.900 5/1/2019 3,352,197
2,500,000 Telecom Italia Capital SA(b) 4.000 1/15/2010 2,415,008
1,450,000 Telus Corporation(b) 8.000 6/1/2011 1,674,750
2,000,000 Verizon Global Funding Corporation(b) 7.250 12/1/2010 2,245,818
- -------------------------------------------------------------------------------------------------------------------------
Total Communications Services 29,213,173
=========================================================================================================================
Consumer Cyclical (1.6%)
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 AOL Time Warner, Inc. 7.700 5/1/2032 1,232,272
1,500,000 Caesars Entertainment, Inc.(g) 8.500 11/15/2006 1,582,500
1,750,000 D.R. Horton, Inc.(b) 5.000 1/15/2009 1,730,944
2,000,000 D.R. Horton, Inc. 4.875 1/15/2010 1,940,992
2,000,000 DaimlerChrysler North American Holdings
Corporation(b) 4.750 1/15/2008 1,972,960
1,500,000 Nissan Motor Acceptance Corporation(b) 4.625 3/8/2010 1,485,495
1,000,000 Ryland Group, Inc.(c) 8.000 8/15/2006 1,047,703
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Cyclical 10,992,866
=========================================================================================================================
Consumer Non-Cyclical (0.9%)
- -------------------------------------------------------------------------------------------------------------------------
3,500,000 Bunge Limited Finance Corporation(b) 7.800 10/15/2012 4,130,802
2,000,000 Kraft Foods, Inc.(b) 4.125 11/12/2009 1,963,988
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Non-Cyclical 6,094,790
=========================================================================================================================
Energy (1.9%)
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 Enterprise Products Operating, LP(f) 4.625 10/15/2009 1,968,806
2,100,000 Kerr-McGee Corporation(b) 6.950 7/1/2024 1,929,719
3,000,000 Magellan Midstream Partners, LP(b) 5.650 10/15/2016 3,037,746
2,500,000 Plains All American Pipeline, LP/PAA
Finance Corporation(b) 7.750 10/15/2012 2,931,835
500,000 Plains All American Pipeline, LP/PAA
Finance Corporation 5.875 8/15/2016 522,834
1,750,000 Sempra Energy(b) 6.000 2/1/2013 1,854,935
750,000 TGT Pipeline, LLC 5.500 2/1/2017 765,535
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 13,011,410
=========================================================================================================================
Financials (8.8%)
- -------------------------------------------------------------------------------------------------------------------------
3,000,000 ANZ Capital Trust I(c) 4.484 1/15/2010 2,959,758
2,000,000 Archstone-Smith Trust(b) 3.000 6/15/2008 1,917,456
1,250,000 Barnett Capital I(b) 8.060 12/1/2026 1,363,978
2,500,000 Capital One Financial Corporation(c) 5.250 2/21/2017 2,438,820
2,000,000 Citigroup, Inc. 5.000 9/15/2014 2,013,204
5,000,000 Commercial Mortgage Pass-Through
Certificates(b,c,d) 3.054 5/15/2005 5,000,000
1,250,000 Corestates Capital Trust I(c) 8.000 12/15/2026 1,385,220
2,000,000 Countrywide Home Loans, Inc.(c) 4.000 3/22/2011 1,915,312
5,000,000 CS First Boston Mortgage Securities
Corporation(b,d,f) 3.120 5/15/2005 4,999,990
2,500,000 Goldman Sachs Group, Inc.(b) 5.125 1/15/2015 2,496,698
2,000,000 HSBC Capital Funding, LP(b,h) 9.547 6/30/2010 2,432,308
2,500,000 ING Capital Funding Trust III(b) 8.439 12/31/2010 2,947,580
2,000,000 J.P. Morgan Chase & Company 4.750 3/1/2015 1,965,966
2,000,000 Keycorp 4.700 5/21/2009 2,018,848
2,500,000 Lehman Brothers Holdings, Inc. 4.800 3/13/2014 2,472,658
1,250,000 Metropolitan Life Global Funding(e) 4.500 5/5/2010 1,248,156
1,750,000 Montpelier Re Holdings, Ltd.(b) 6.125 8/15/2013 1,821,792
1,500,000 Monumental Global Funding Ltd. 4.625 3/15/2010 1,515,292
2,125,000 National City Bank 4.500 3/15/2010 2,128,226
4,000,000 Regency Centers, LP(c) 7.125 7/15/2005 4,029,956
1,300,000 Sanwa Bank, Ltd.(b) 7.400 6/15/2011 1,465,606
2,000,000 Skandinaviska Enskilda(b) 5.471 3/23/2015 2,045,632
3,000,000 Union Planters Corporation(c) 7.750 3/1/2011 3,473,220
2,500,000 Wachovia Bank NA(b) 4.875 2/1/2015 2,495,020
2,500,000 Washington Mutual Bank FA(b) 5.125 1/15/2015 2,489,200
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 61,039,896
=========================================================================================================================
Foreign (0.3%)
- -------------------------------------------------------------------------------------------------------------------------
2,250,000 United Mexican States(g) 6.625 3/3/2015 2,382,750
- -------------------------------------------------------------------------------------------------------------------------
Total Foreign 2,382,750
=========================================================================================================================
Mortgage-Backed Securities (15.0%)
- -------------------------------------------------------------------------------------------------------------------------
27,500,000 Federal National Mortgage Association
15-Yr. Conventional(e) 5.500 5/1/2020 28,135,938
35,000,000 Federal National Mortgage Association
30-Yr. Conventional(e) 5.500 5/1/2035 35,328,125
39,500,000 Federal National Mortgage Association
30-Yr. Conventional(e) 6.000 5/1/2035 40,549,198
- -------------------------------------------------------------------------------------------------------------------------
Total Mortgage-Backed Securities 104,013,261
=========================================================================================================================
Technology (0.4%)
- -------------------------------------------------------------------------------------------------------------------------
2,500,000 Deluxe Corporation(b) 3.500 10/1/2007 2,444,752
- -------------------------------------------------------------------------------------------------------------------------
Total Technology 2,444,752
=========================================================================================================================
Transportation (0.3%)
- -------------------------------------------------------------------------------------------------------------------------
2,000,000 Union Pacific Corporation 4.875 1/15/2015 1,977,668
- -------------------------------------------------------------------------------------------------------------------------
Total Transportation 1,977,668
=========================================================================================================================
U.S. Government (16.4%)
- -------------------------------------------------------------------------------------------------------------------------
10,000,000 Federal Home Loan Mortgage
Corporation(c,d) 2.925 6/9/2005 9,999,350
5,000,000 Federal National Mortgage Association(c) 5.500 3/15/2011 5,290,435
7,670,000 U.S. Treasury Bonds 6.125 8/15/2029 9,360,399
2,500,000 U.S. Treasury Bonds(g) 5.375 2/15/2031 2,823,632
10,171,400 U.S. Treasury Inflation Indexed Bonds(g) 2.375 1/15/2025 11,109,478
30,600,000 U.S. Treasury Notes(g) 3.375 2/15/2008 30,329,861
5,600,000 U.S. Treasury Notes(g) 3.250 8/15/2008 5,509,655
5,000,000 U.S. Treasury Notes(g) 4.000 6/15/2009 5,030,860
2,000,000 U.S. Treasury Notes(g) 5.750 8/15/2010 2,173,282
20,350,000 U.S. Treasury Notes(g) 5.000 2/15/2011 21,446,987
2,750,000 U.S. Treasury Notes(g) 4.250 11/15/2014 2,759,023
7,350,000 U.S. Treasury Notes(g) 4.000 2/15/2015 7,230,849
- -------------------------------------------------------------------------------------------------------------------------
Total U.S. Government 113,063,811
=========================================================================================================================
Utilities (1.9%)
- -------------------------------------------------------------------------------------------------------------------------
1,529,000 Alliant Energy Resources, Inc.(b,c) 7.375 11/9/2009 1,708,078
1,250,000 Carolina Power & Light, Inc.(c) 5.150 4/1/2015 1,264,160
3,250,000 FirstEnergy Corporation(c) 6.450 11/15/2011 3,490,480
1,250,000 Potomac Edison Company(b) 5.350 11/15/2014 1,256,184
1,564,483 Power Contract Financing, LLC(b) 5.200 2/1/2006 1,578,939
1,382,966 Power Receivables Finance, LLC(c) 6.290 1/1/2012 1,433,776
2,500,000 Texas-New Mexico Power Company(b) 6.125 6/1/2008 2,561,422
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 13,293,039
- -------------------------------------------------------------------------------------------------------------------------
Total Long-Term Fixed Income (cost
$506,533,257) 508,293,452
=========================================================================================================================
Exercise Expiration
Contracts Put Options on U.S. Treasury Bond Futures(j) Price Date Value
- -------------------------------------------------------------------------------------------------------------------------
54 U.S. Treasury Bond Futures $110 June 2005 $2,532
- -------------------------------------------------------------------------------------------------------------------------
Total Put Options on U.S. Treasury Bond
Futures (cost $31,381) 2,532
=========================================================================================================================
Shares Collateral Held for Securities Loaned
(13.3%) Interest Rate(j) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
91,581,453 Thrivent Financial Securities Lending
Trust 2.90% N/A $91,581,453
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $91,581,453) 91,581,453
=========================================================================================================================
Shares or
Principal
Amount Short-Term Investments (13.2%) Interest Rate(j) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
$10,030,000 Amsterdam Funding Corporation(b) 2.890% 5/17/2005 $10,016,312
9,000,000 BP Capital Markets plc 2.940 5/2/2005 8,998,535
9,500,000 Delaware Funding Corporation 3.020 5/20/2005 9,484,167
9,040,000 Gannett Company, Inc. 2.930 5/2/2005 9,038,528
10,000,000 Kitty Hawk Funding Corporation 2.830 5/3/2005 9,997,642
9,500,000 Park Avenue Receivables Corporation 2.970 5/19/2005 9,485,109
24,076,170 Thrivent Money Market Fund 2.650 N/A 24,076,170
10,000,000 Total Capital SA 3.000 5/4/2005 9,996,778
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 91,093,241
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $689,239,332) $690,970,678
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) At April 29, 2005, all or a portion of the denoted securities, valued
at $138,599,070, were pledged as the initial margin deposit or earmarked
as collateral to cover open financial futures contracts as follows:
Notional
Number of Expiration Principal Unrealized
Type Contracts Date Position Value Amount Gain/Loss
- ----------------------------------------------------------------------------------------------------------
U.S. Treasury Bond
Futures 5 yr. 1,045 June 2005 Short $(113,333,521) $(112,292,69) $(1,040,824)
U.S. Treasury Bond
Futures 20 yr. 205 June 2005 Long $23,542,969 $22,968,303 $574,666
(c) Earmarked as collateral for long settling trades as discussed in the
notes to the financial statements
(d) Denotes variable rate obligations for which the current yield and next
scheduled reset date are shown.
(e) Denotes investments purchased on a when-issued basis.
(f) At April 29, 2005, all or a portion of the denoted securities, valued
at $6,618,753 were pledged as the initial margin deposit or earmarked as
collateral to cover put options purchased.
(g) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(h) Denotes step coupon bonds for which the current interest rate and next
scheduled reset date are shown.
(i) The market value of the denoted categories of investments represents
less than 0.1% of the total investments of the Thrivent Core Bond Fund.
(j) The interest rate shown reflects the yieldor, for securities purchased
at a discount, the discount rate at the date of purchase.
The accompanying notes to the financial statements are an integral part of
this schedule.
Bond Index Fund-I
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Principal
Amount Long-Term Fixed Income (66.6%) Interest Rate Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
Asset-Backed Securities (1.3%)
- -------------------------------------------------------------------------------------------------------------------------
$11,045 Advanta Mortgage Loan Trust 7.750% 10/25/2026 $11,268
250,000 Honda Auto Receivables Owner Trust(b) 3.820 5/21/2010 247,324
100,000 Massachusetts RRB Special Purpose Trust 3.780 9/15/2010 99,348
- -------------------------------------------------------------------------------------------------------------------------
Total Asset-Backed Securities 357,940
=========================================================================================================================
Basic Materials (0.4%)
- -------------------------------------------------------------------------------------------------------------------------
100,000 Dow Chemical Company(b) 5.750 11/15/2009 106,350
- -------------------------------------------------------------------------------------------------------------------------
Total Basic Materials 106,350
=========================================================================================================================
Capital Goods (1.4%)
- -------------------------------------------------------------------------------------------------------------------------
100,000 Boeing Capital Corporation(c) 6.100 3/1/2011 107,332
100,000 General Electric Company(b) 5.000 2/1/2013 101,772
50,000 Hutchison Whampoa International, Ltd.(b) 5.450 11/24/2010 51,210
75,000 Northrop Grumman Corporation 7.125 2/15/2011 84,356
50,000 Raytheon Company 5.500 11/15/2012 52,413
- -------------------------------------------------------------------------------------------------------------------------
Total Capital Goods 397,083
=========================================================================================================================
Commercial Mortgage-Backed Securities (2.6%)
- -------------------------------------------------------------------------------------------------------------------------
200,000 Bear Stearns Commercial Mortgage
Securities, Inc.(b) 3.869 2/11/2041 195,058
100,000 First Union National Bank Commercial
Mortgage Trust(b) 7.390 12/15/2031 111,334
200,000 General Electric Commercial Mortgage
Corporation(b) 4.641 9/10/2013 199,371
100,000 J.P. Morgan Chase Commercial Mortgage
SecuritiesCorporation 4.654 1/12/2037 99,626
110,000 Morgan Stanley Capital I, Inc.(b) 6.210 11/15/2031 116,014
- -------------------------------------------------------------------------------------------------------------------------
Total Commercial Mortgage-Backed
Securities 721,403
=========================================================================================================================
Communications Services (1.7%)
- -------------------------------------------------------------------------------------------------------------------------
100,000 AT&T Wireless Services, Inc.(b) 7.875 3/1/2011 115,055
75,000 Deutsche Telekom International Finance BV 5.250 7/22/2013 76,584
100,000 Sprint Capital Corporation(b) 7.625 1/30/2011 112,876
100,000 Tele-Communications, Inc. (TCI Group)(b) 7.875 8/1/2013 117,990
50,000 Telecom Italia Capital SA 5.250 11/15/2013 50,091
- -------------------------------------------------------------------------------------------------------------------------
Total Communications Services 472,596
=========================================================================================================================
Consumer Cyclical (1.8%)
- -------------------------------------------------------------------------------------------------------------------------
100,000 AOL Time Warner, Inc.(b) 6.875 5/1/2012 111,366
100,000 DaimlerChrysler North American Holdings
Corporation(b) 4.750 1/15/2008 98,648
150,000 Ford Motor Credit Company(b) 5.800 1/12/2009 139,575
100,000 General Motors Acceptance Corporation(b) 5.625 5/15/2009 90,520
50,000 Wal-Mart Stores, Inc. 7.550 2/15/2030 65,683
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Cyclical 505,792
=========================================================================================================================
Consumer Non-Cyclical (1.5%)
- -------------------------------------------------------------------------------------------------------------------------
100,000 Bunge Limited Finance Corporation(b) 7.800 10/15/2012 118,023
50,000 Coca-Cola HBC Finance BV(b) 5.125 9/17/2013 51,072
100,000 ConAgra Foods, Inc.(b) 6.000 9/15/2006 102,435
64,000 General Mills, Inc. 6.000 2/15/2012 68,863
75,000 Safeway, Inc. 4.125 11/1/2008 73,332
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Non-Cyclical 413,725
=========================================================================================================================
Energy (1.1%)
- -------------------------------------------------------------------------------------------------------------------------
100,000 ConocoPhillips(b) 4.750 10/15/2012 100,758
100,000 Union Oil Company of California(b) 6.700 10/15/2007 104,916
100,000 ENSERCH Corporation 6.564 7/1/2005 100,397
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 306,071
=========================================================================================================================
Financials (4.7%)
- -------------------------------------------------------------------------------------------------------------------------
50,000 Allstate Corporation 5.000 8/15/2014 50,648
100,000 Bank of America Corporation(b) 3.875 1/15/2008 99,293
50,000 Citigroup, Inc.(b) 3.500 2/1/2008 49,098
100,000 Countrywide Home Loans, Inc.(b) 4.000 3/22/2011 95,766
75,000 EOP Operating, LP 4.750 3/15/2014 72,011
150,000 Goldman Sachs Group, Inc. 6.600 1/15/2012 164,897
75,000 Household Finance Corporation(b) 6.375 11/27/2012 82,164
75,000 International Lease Finance Corporation(b) 5.875 5/1/2013 78,322
150,000 J.P. Morgan Chase & Company(b,c) 4.500 11/15/2010 149,727
75,000 Lehman Brothers Holdings, Inc. 3.950 11/10/2009 73,182
50,000 Merrill Lynch & Company, Inc. 5.000 2/3/2014 50,242
100,000 RBS Capital Trust I(d) 4.709 7/1/2013 96,422
75,000 Union Planters Corporation 4.375 12/1/2010 73,801
75,000 Wachovia Bank NA 4.875 2/1/2015 74,851
100,000 Wells Fargo & Company(b) 4.200 1/15/2010 98,983
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 1,309,407
=========================================================================================================================
Foreign (2.6%)
- -------------------------------------------------------------------------------------------------------------------------
150,000 European Investment Bank(b) 3.000 6/16/2008 145,992
75,000 Export-Import Bank of Korea 4.125 2/10/2009 73,786
150,000 International Bank for Reconstruction and
Development(b) 5.000 3/28/2006 152,041
100,000 Province of Quebec(b) 7.500 7/15/2023 128,520
100,000 Republic of Italy 6.000 2/22/2011 108,659
100,000 United Mexican States(c) 7.500 1/14/2012 111,000
- -------------------------------------------------------------------------------------------------------------------------
Total Foreign 719,998
=========================================================================================================================
Mortgage-Backed Securities (24.1%)
- -------------------------------------------------------------------------------------------------------------------------
63,049 Federal Home Loan Mortgage Corporation
30-Yr. Gold Conventional 8.500 7/1/2021 68,198
1,100,000 Federal Home Loan Mortgage Corporation
30-Yr. Gold Conventional(e) 5.000 5/1/2035 1,089,000
550,000 Federal Home Loan Mortgage Corporation
30-Yr. Gold Conventional(e) 6.000 5/1/2035 564,438
16,492 Federal Home Loan Mortgage Corporation
Gold 15-Yr. Pass Through 9.000 4/1/2010 17,750
17,303 Federal Home Loan Mortgage Corporation
Gold 15-Yr. Pass Through 6.000 3/1/2014 17,960
70,184 Federal Home Loan Mortgage Corporation
Gold 15-Yr. Pass Through 7.500 1/1/2015 73,938
75,922 Federal Home Loan Mortgage Corporation
Gold 15-Yr. Pass Through(b) 6.500 7/1/2016 79,074
50,817 Federal Home Loan Mortgage Corporation
Gold 15-Yr. Pass Through 6.500 10/1/2016 52,926
88,201 Federal Home Loan Mortgage Corporation
Gold 30-Yr. Pass Through 8.000 5/1/2027 96,246
115,051 Federal Home Loan Mortgage Corporation
Gold 30-Yr. Pass Through 7.500 1/1/2028 123,857
4,691 Federal Home Loan Mortgage Corporation
Gold 30-Yr. Pass Through 8.000 10/1/2029 5,131
10,216 Federal Home Loan Mortgage Corporation
Gold 30-Yr. Pass Through 8.000 2/1/2030 11,173
181,465 Federal Home Loan Mortgage Corporation
Gold 30-Yr. Pass Through(b) 7.000 8/1/2032 191,616
2,411 Federal National Mortgage Association
15-Yr. Conventional 7.500 8/1/2006 2,475
800,000 Federal National Mortgage Association
15-Yr. Conventional(e) 4.500 5/1/2020 791,250
500,000 Federal National Mortgage Association
15-Yr. Conventional(e) 5.000 5/1/2020 503,438
1,600,000 Federal National Mortgage Association
30-Yr. Conventional(e) 5.500 5/1/2035 1,615,000
176,952 Federal National Mortgage
Association 30-Yr. Pass Through(b) 6.500 8/1/2032 184,197
102,553 Federal National Mortgage
Association 30-Yr. Pass Through 6.000 10/1/2032 105,420
199,504 Federal National Mortgage
Association 30-Yr. Pass Through(b) 6.500 12/1/2032 207,672
11,614 Federal National Mortgage Association
Conventional 15-Yr. Pass Through 6.000 4/1/2011 12,046
62,730 Federal National Mortgage Association
Conventional 15-Yr. Pass Through 6.000 1/1/2014 65,096
10,650 Federal National Mortgage Association
Conventional 15-Yr. Pass Through 5.500 4/1/2014 10,929
44,591 Federal National Mortgage Association
Conventional 15-Yr. Pass Through 6.000 11/1/2014 46,272
38,405 Federal National Mortgage Association
Conventional 15-Yr. Pass Through(b) 6.000 9/1/2016 39,819
8,087 Federal National Mortgage Association
Conventional 30-Yr. Pass Through 6.000 6/1/2008 8,233
34,381 Federal National Mortgage Association
Conventional 30-Yr. Pass Through 6.000 12/1/2028 35,415
55,497 Federal National Mortgage Association
Conventional 30-Yr. Pass Through 6.000 4/1/2031 57,064
28,344 Federal National Mortgage Association
Conventional 30-Yr. Pass Through 6.000 5/1/2031 29,144
116,398 Federal National Mortgage Association
Conventional 30-Yr. Pass Through(b) 6.500 7/1/2032 121,164
12,619 Government National Mortgage
Association 30-Yr. Pass Through 8.500 1/15/2017 13,771
12,965 Government National Mortgage
Association 30-Yr. Pass Through 8.000 1/15/2025 14,071
15,598 Government National Mortgage
Association 30-Yr. Pass Through 8.000 7/15/2026 16,928
2,137 Government National Mortgage
Association 30-Yr. Pass Through 8.000 10/15/2028 2,318
47,098 Government National Mortgage
Association 30-Yr. Pass Through 7.000 1/15/2029 49,974
12,753 Government National Mortgage
Association 30-Yr. Pass Through 8.000 12/15/2029 13,830
4,724 Government National Mortgage
Association 30-Yr. Pass Through 8.500 12/15/2029 5,149
3,805 Government National Mortgage
Association 30-Yr. Pass Through 8.000 5/15/2030 4,125
2,656 Government National Mortgage
Association 30-Yr. Pass Through 8.000 7/15/2030 2,879
9,909 Government National Mortgage
Association 30-Yr. Pass Through 7.000 3/15/2031 10,502
58,220 Government National Mortgage
Association 30-Yr. Pass Through(b) 6.000 6/15/2031 60,126
48,605 Government National Mortgage
Association 30-Yr. Pass Through 6.500 7/15/2031 50,918
41,070 Government National Mortgage
Association 30-Yr. Pass Through 7.000 9/15/2031 43,530
167,771 Government National Mortgage
Association 30-Yr. Pass Through 6.500 7/15/2032 175,745
- -------------------------------------------------------------------------------------------------------------------------
Total Mortgage-Backed Securities 6,689,807
=========================================================================================================================
Transportation (0.3%)
- -------------------------------------------------------------------------------------------------------------------------
75,000 FedEx Corporation 3.500 4/1/2009 72,642
- -------------------------------------------------------------------------------------------------------------------------
Total Transportation 72,642
=========================================================================================================================
U.S. Government (21.9%)
- -------------------------------------------------------------------------------------------------------------------------
160,000 Federal Home Loan Bank 6.900 2/7/2007 168,230
200,000 Federal Home Loan Bank(b) 5.625 2/15/2008 208,498
100,000 Federal Home Loan Bank 6.640 12/13/2016 116,874
550,000 Federal Home Loan Mortgage Corporation(c) 2.875 12/15/2006 541,784
75,000 Federal Home Loan Mortgage Corporation(c) 5.750 4/15/2008 78,608
150,000 Federal National Mortgage Association 6.660 3/5/2007 157,370
100,000 Federal National Mortgage Association 5.250 1/15/2009 103,812
100,000 Federal National Mortgage Association 6.210 8/6/2038 120,066
200,000 Tennessee Valley Authority(b) 6.150 1/15/2038 236,139
300,000 U.S. Treasury Bonds(c) 6.250 8/15/2023 360,539
100,000 U.S. Treasury Bonds(c) 6.625 2/15/2027 127,402
825,000 U.S. Treasury Bonds(c) 5.250 11/15/2028 899,892
150,000 U.S. Treasury Bonds(c) 6.125 8/15/2029 183,059
300,000 U.S. Treasury Notes(c) 2.750 7/31/2006 297,340
450,000 U.S. Treasury Notes(c) 6.500 10/15/2006 468,721
525,000 U.S. Treasury Notes(c) 3.500 11/15/2006 524,651
675,000 U.S. Treasury Notes(c) 4.375 5/15/2007 684,519
700,000 U.S. Treasury Notes(c) 5.500 5/15/2009 744,133
50,000 U.S. Treasury Notes(c) 6.000 8/15/2009 54,217
- -------------------------------------------------------------------------------------------------------------------------
Total U.S. Government 6,075,854
=========================================================================================================================
Utilities (1.2%)
- -------------------------------------------------------------------------------------------------------------------------
75,000 FirstEnergy Corporation 6.450 11/15/2011 80,550
75,000 Niagara Mohawk Power Corporation 7.750 10/1/2008 83,218
100,000 Oncor Electric Delivery Company(b) 6.375 1/15/2015 109,545
50,000 Southern California Edison Company 5.000 1/15/2014 50,619
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 323,932
- -------------------------------------------------------------------------------------------------------------------------
Total Long-Term Fixed Income (cost
$18,184,017) 18,472,600
=========================================================================================================================
Shares Collateral Held for Securities Loaned
(16.0%) Interest Rate(f) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
4,439,911 Thrivent Financial Securities Lending
Trust 2.900% N/A $4,439,911
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $4,439,911) 4,439,911
=========================================================================================================================
Shares or
Principal
Amount Short-Term Investments (17.4%) Interest Rate(f) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
$3,925,000 Federal National Mortgage Association 1.858% 5/2/2005 $3,924,401
911,460 Thrivent Money Market Fund 2.650 N/A 911,460
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 4,835,861
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $27,459,789) $27,748,372
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Earmarked as collateral for long settling trades as discussed in the
notes to the financial statements.
(c) All or a portion of the security is on loan as discussed in item 2(L)
of the Notes to Financial Statements.
(d) Denotes step coupon bonds for which the current interest rate and next
scheduled reset date are shown.
(e) Denotes investments purchased on a when-issued basis.
(f) The interest rate shown reflects the yieldor, for securities purchased
at a discount, the discount rate at the date of purchase.
The accompanying notes to the financial statements are an integral part of
this schedule.
Limited Maturity Bond Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Principal
Amount Long-Term Fixed Income (76.5%) Interest Rate Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
Asset-Backed Securities (18.9%)
- -------------------------------------------------------------------------------------------------------------------------
$1,000,000 American Express Credit Account Master
Trust(b,c,d) 3.074% 5/15/2005 $1,001,298
1,000,000 Americredit Automobile Receivables
Trust(d) 3.430 7/6/2011 973,517
1,500,000 ARG Funding Corporation(b,d,e) 4.290 4/20/2010 1,487,812
500,000 Bank One Issuance Trust(b,c) 3.004 5/15/2005 500,179
1,399 Capital Auto Receivables Asset Trust(c) 3.044 5/15/2005 1,399
1,000,000 Capital Auto Receivables Asset Trust(d) 3.350 2/15/2008 989,810
1,500,000 Caterpillar Financial Asset Trust 3.900 2/25/2009 1,496,719
1,500,000 Chase Funding Mortgage Loan Asset Backed
Certificates(d) 2.734 9/25/2024 1,487,596
1,500,000 Countrywide Asset-Backed Certificates(b) 3.683 8/25/2024 1,484,390
2,000,000 Countrywide Asset-Backed Certificates(b) 3.903 1/25/2031 1,982,260
500,000 CPL Transition Funding, LLC 5.010 1/15/2010 506,468
1,000,000 Credit Based Asset Servicing and
Securitization(d) 3.887 10/25/2034 988,910
2,000,000 DaimlerChrysler Master Owner Trust(c) 3.004 5/15/2005 2,000,179
750,000 First National Master Note Trust(c) 3.054 5/15/2005 750,562
1,000,000 Ford Credit Auto Owner Trust 4.110 1/15/2009 1,001,614
500,000 Ford Credit Floorplan Master Owner
Trust(c) 3.094 5/15/2005 500,770
1,500,000 GE Dealer Floorplan Master Note Trust(c,f) 3.030 6/20/2005 1,499,700
1,500,000 GMAC Mortgage Corporation Loan Trust(b,c) 3.110 5/25/2005 1,499,100
1,000,000 GMAC Mortgage Corporation Loan Trust(b,c) 3.150 5/25/2005 1,001,815
1,000,000 Harley Davidson Motorcycle Trust 3.200 5/15/2012 979,998
1,000,000 Honda Auto Receivables Owner Trust(b) 2.910 10/20/2008 982,699
1,000,000 Honda Auto Receivables Owner Trust(b) 2.790 3/16/2009 980,460
1,000,000 Honda Auto Receivables Owner Trust(b) 2.960 4/20/2009 979,339
500,000 MBNA Credit Card Master Note Trust(b,c) 3.064 5/15/2005 500,915
750,000 MBNA Credit Card Master Note Trust 4.950 6/15/2009 764,203
1,000,000 National City Credit Card Master
Trust(b,c) 3.104 5/15/2005 1,000,424
1,500,000 Nissan Auto Lease Trust(b) 3.180 6/15/2010 1,474,779
1,250,000 PG&E Energy Recovery Funding, LLC 3.870 6/25/2011 1,245,781
500,000 Popular ABS Mortgage Pass-Through Trust 4.000 12/25/2034 495,124
1,500,000 Renaissance Home Equity Loan Trust(b) 3.856 1/25/2035 1,489,176
1,000,000 Residential Asset Securities
Corporation(b) 3.250 5/25/2029 994,813
1,472,203 Structured Asset Investment Loan
Trust(b,c) 3.100 5/25/2005 1,472,014
- -------------------------------------------------------------------------------------------------------------------------
Total Asset-Backed Securities 34,513,823
=========================================================================================================================
Basic Materials (0.4%)
- -------------------------------------------------------------------------------------------------------------------------
500,000 E.I. du Pont de Nemours and Company 4.125 4/30/2010 494,998
250,000 Precision Castparts Corporation 5.600 12/15/2013 255,464
- -------------------------------------------------------------------------------------------------------------------------
Total Basic Materials 750,462
=========================================================================================================================
Capital Goods (1.0%)
- -------------------------------------------------------------------------------------------------------------------------
250,000 Goodrich Corporation 7.625 12/15/2012 291,462
750,000 Oakmont Asset Trust(d) 4.514 12/22/2008 748,499
325,204 Systems 2001 Asset Trust, LLC 6.664 9/15/2013 354,924
500,000 Textron Financial Corporation 4.600 5/3/2010 500,592
- -------------------------------------------------------------------------------------------------------------------------
Total Capital Goods 1,895,477
=========================================================================================================================
Commercial Mortgage-Backed Securities (3.7%)
- -------------------------------------------------------------------------------------------------------------------------
750,000 Banc of America Commercial Mortgage,
Inc.(d) 4.037 11/10/2039 733,946
750,000 Banc of America Commercial Mortgage,
Inc.(d) 4.561 11/10/2041 746,270
242,372 Banc of America Commercial Mortgage,
Inc.(d) 3.366 7/11/2043 240,187
700,000 Bear Stearns Commercial Mortgage
Securities, Inc.(b) 3.869 2/11/2041 682,702
118,064 J.P. Morgan Chase Commercial Mortgage
Securities Corporation(b,c) 3.300 5/14/2005 118,083
250,000 LB-UBS Commercial Mortgage Trust(b) 3.323 3/15/2027 243,773
500,000 LB-UBS Commercial Mortgage Trust(d) 6.653 11/15/2027 550,766
750,000 LB-UBS Commercial Mortgage Trust(d) 4.187 8/15/2029 742,223
571,670 Lehman Brothers "CALSTRS" Mortgage Trust 3.988 11/20/2012 570,114
600,000 Morgan Stanley Capital I, Inc. 4.809 1/14/2042 608,332
1,499,814 Wachovia Bank Commercial Mortgage
Trust(c,d) 3.054 5/15/2005 1,499,814
- -------------------------------------------------------------------------------------------------------------------------
Total Commercial Mortgage-Backed
Securities 6,736,210
=========================================================================================================================
Communications Services (4.7%)
- -------------------------------------------------------------------------------------------------------------------------
600,000 ALLTEL Corporation 4.656 5/17/2007 605,098
200,000 AT&T Wireless Services, Inc. 8.125 5/1/2012 236,457
600,000 CenturyTel, Inc. 4.628 5/15/2007 601,072
1,000,000 Clear Channel Communications, Inc. 4.500 1/15/2010 957,190
1,000,000 Comcast Cable Communications, Inc.(d) 6.200 11/15/2008 1,055,708
1,000,000 Cox Communications, Inc.(d) 6.750 3/15/2011 1,080,342
700,000 Interpublic Group of Companies, Inc. 5.400 11/15/2009 677,995
400,000 News America, Inc.(g) 4.750 3/15/2010 401,966
750,000 Sprint Capital Corporation(b) 7.625 1/30/2011 846,569
1,000,000 Telecom Italia Capital SA 4.000 1/15/2010 966,003
500,000 Telefonos de Mexico SA 4.750 1/27/2010 489,404
550,000 Telus Corporation 8.000 6/1/2011 635,250
- -------------------------------------------------------------------------------------------------------------------------
Total Communications Services 8,553,054
=========================================================================================================================
Consumer Cyclical (1.5%)
- -------------------------------------------------------------------------------------------------------------------------
500,000 AOL Time Warner, Inc.(b) 6.150 5/1/2007 518,074
750,000 Carnival Corporation 3.750 11/15/2007 740,939
700,000 DaimlerChrysler North American Holdings
Corporation 4.750 1/15/2008 690,536
500,000 Nissan Motor Acceptance Corporation 4.625 3/8/2010 495,165
250,000 Starwood Hotels & Resorts Worldwide,
Inc.(h) 7.875 5/1/2007 258,750
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Cyclical 2,703,464
=========================================================================================================================
Consumer Non-Cyclical (1.7%)
- -------------------------------------------------------------------------------------------------------------------------
$400,000 Bunge Limited Finance Corporation 7.800 10/15/2012 $472,092
750,000 Eli Lilly and Company(c,g) 2.670 5/24/2005 750,150
250,000 Gillette Company(d) 3.500 10/15/2007 248,745
750,000 Harvard University 8.125 4/15/2007 809,865
750,000 Kraft Foods, Inc. 4.125 11/12/2009 736,496
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Non-Cyclical 3,017,348
=========================================================================================================================
Energy (1.7%)
- -------------------------------------------------------------------------------------------------------------------------
500,000 Enterprise Products Operating, LP 4.625 10/15/2009 492,202
1,000,000 KeySpan Corporation 4.900 5/16/2008 1,014,688
500,000 Kinder Morgan Energy Partners, LP 7.500 11/1/2010 564,611
600,000 Plains All American Pipeline, LP/PAA
Finance Corporation 4.750 8/15/2009 600,189
500,000 Premcor Refining Group, Inc.(d) 6.125 5/1/2011 516,250
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 3,187,940
=========================================================================================================================
Financials (14.3%)
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 Allstate Life Global Funding Trusts 4.250 2/26/2010 990,857
1,000,000 American General Finance Corporation(b,c) 3.270 7/18/2005 996,587
600,000 ANZ Capital Trust I(b) 4.484 1/15/2010 591,952
300,000 Barnett Capital I(d) 8.060 12/1/2026 327,355
700,000 Bear Stearns Companies, Inc. 4.500 10/28/2010 695,147
250,000 Capital One Financial Corporation(d) 4.738 5/17/2007 251,142
500,000 Citigroup, Inc. 4.125 2/22/2010 492,631
1,500,000 Commercial Mortgage Pass-Through
Certificates(c,d) 3.054 5/15/2005 1,500,000
300,000 Corestates Capital Trust I 8.000 12/15/2026 332,453
500,000 Countrywide Home Loans, Inc.(b) 4.000 3/22/2011 478,828
1,500,000 CS First Boston Mortgage Securities
Corporation(c,e) 3.120 5/15/2005 1,499,997
500,000 First Chicago Corporation 6.375 1/30/2009 534,268
1,000,000 General Electric Capital Corporation(c,d) 2.100 6/2/2005 980,000
1,000,000 Goldman Sachs Group, Inc. 6.875 1/15/2011 1,105,193
500,000 HSBC Capital Funding, LP(h) 9.547 6/30/2010 608,077
600,000 ING Capital Funding Trust III 8.439 12/31/2010 707,419
600,000 International Lease Finance Corporation 3.300 1/23/2008 582,751
600,000 John Hancock Global Funding II 3.750 9/30/2008 587,960
500,000 Keycorp 4.700 5/21/2009 504,712
1,000,000 M&I Marshall & Illsley Bank 4.400 3/15/2010 997,071
1,000,000 Merrill Lynch & Company, Inc.(b,c) 3.480 7/21/2005 1,004,683
325,000 Metropolitan Life Global Funding(f) 4.500 5/5/2010 324,521
500,000 Monumental Global Funding II 3.850 3/3/2008 497,466
800,000 Morgan Stanley Dean Witter & Company 6.750 4/15/2011 883,621
625,000 National City Bank 4.500 3/15/2010 625,949
700,000 Pacific Life Global Funding(d) 3.750 1/15/2009 686,398
600,000 Pricoa Global Funding I(d) 4.350 6/15/2008 603,083
1,000,000 Protective Life Secured Trust(b) 4.000 10/7/2009 983,505
450,000 Sanwa Bank, Ltd. 7.400 6/15/2011 507,325
750,000 SLM Corporation(b) 4.000 1/15/2009 740,861
750,000 Union Planters Bank(d) 5.125 6/15/2007 764,116
700,000 Washington Mutual, Inc. 8.250 4/1/2010 801,893
1,000,000 Wells Fargo & Company(b,c) 3.110 6/15/2005 1,000,279
1,000,000 Westpac Banking Corporation(b,c) 2.933 5/25/2005 1,000,704
1,000,000 World Savings Bank FSB(c,g) 2.970 6/1/2005 1,000,452
- -------------------------------------------------------------------------------------------------------------------------
Total Financials 26,189,256
=========================================================================================================================
Foreign (0.9%)
- -------------------------------------------------------------------------------------------------------------------------
600,000 European Investment Bank 2.700 4/20/2007 587,102
125,000 Export Development Canada 2.750 12/12/2005 124,597
250,000 Nordic Investment Bank 2.750 1/11/2006 248,802
166,667 Pemex Finance, Ltd. 8.450 2/15/2007 172,403
500,000 United Mexican States 9.875 2/1/2010 596,500
- -------------------------------------------------------------------------------------------------------------------------
Total Foreign 1,729,404
=========================================================================================================================
Mortgage-Backed Securities (12.6%)
- -------------------------------------------------------------------------------------------------------------------------
11,000,000 Federal National Mortgage Association
15-Yr. Conventional(f) 5.500 5/1/2020 11,254,375
11,500,000 Federal National Mortgage Association
30-Yr. Conventional(f) 6.000 5/1/2035 11,805,466
- -------------------------------------------------------------------------------------------------------------------------
Total Mortgage-Backed Securities 23,059,841
=========================================================================================================================
Municipal Bonds (0.9%)
- -------------------------------------------------------------------------------------------------------------------------
500,000 Minneapolis & St. Paul Metropolitan
Airports Commission 4.850 1/1/2006 503,455
750,000 Washington State Office of the State
Treasurer(b,d) 4.500 7/1/2007 757,958
400,000 Oregon School Boards Association Taxable
Pension Bonds Zero Coupon 6/30/2005 397,864
- -------------------------------------------------------------------------------------------------------------------------
Total Municipal Bonds 1,659,277
=========================================================================================================================
Technology (0.5%)
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 Deluxe Corporation(b) 3.500 10/1/2007 977,901
- -------------------------------------------------------------------------------------------------------------------------
Total Technology 977,901
=========================================================================================================================
Transportation (1.2%)
- -------------------------------------------------------------------------------------------------------------------------
700,000 FedEx Corporation 3.500 4/1/2009 677,996
500,000 MISC Capital, Ltd. 5.000 7/1/2009 506,592
500,000 Southwest Airlines Company 5.496 11/1/2006 510,616
500,000 Union Pacific Corporation(d) 3.625 6/1/2010 476,246
- -------------------------------------------------------------------------------------------------------------------------
Total Transportation 2,171,450
=========================================================================================================================
U.S. Government (10.7%)
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 U.S. Department of Housing and Urban
Development(d) 3.450 8/1/2006 996,494
7,450,000 U.S. Treasury Notes(g) 3.375 2/15/2008 7,384,231
2,750,000 U.S. Treasury Notes(g) 3.250 8/15/2008 2,705,634
720,000 U.S. Treasury Notes(g) 4.000 4/15/2010 723,318
3,580,168 U.S. Treasury Notes(g) 3.500 1/15/2011 4,027,688
3,500,000 U.S. Treasury Notes(g) 5.000 2/15/2011 3,688,671
- -------------------------------------------------------------------------------------------------------------------------
Total U.S. Government 19,526,036
=========================================================================================================================
Utilities (1.8%)
- -------------------------------------------------------------------------------------------------------------------------
500,000 FirstEnergy Corporation 6.450 11/15/2011 536,997
500,000 Indiana Michigan Power Company 6.125 12/15/2006 514,856
250,000 MidAmerican Energy Holdings Company 3.500 5/15/2008 242,232
1,000,000 Pacific Gas & Electric Company 3.600 3/1/2009 972,553
201,148 Power Contract Financing, LLC 5.200 2/1/2006 203,006
460,989 Power Receivables Finance, LLC(d) 6.290 1/1/2012 477,925
400,000 Texas-New Mexico Power Company 6.125 6/1/2008 409,828
- -------------------------------------------------------------------------------------------------------------------------
Total Utilities 3,357,397
- -------------------------------------------------------------------------------------------------------------------------
Total Long-Term Fixed Income (cost
$140,453,720) 140,028,340
=========================================================================================================================
Exercise Expiration
Contracts Put Options on U.S. Treasury Bond Futures(j) Price Date Value
- -------------------------------------------------------------------------------------------------------------------------
7 U.S. Treasury Bond Futures $110 June 2005 $328
- -------------------------------------------------------------------------------------------------------------------------
Total Put Options on U.S. Treasury Bond
Futures (cost $4,068) 328
=========================================================================================================================
Shares Collateral Held for Securities Loaned (10.9%) Interest Rate(j) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
19,991,350 Thrivent Financial Securities Lending
Trust 2.90% N/A $19,991,350
- -------------------------------------------------------------------------------------------------------------------------
Total Collateral Held for Securities
Loaned (cost $19,991,350) 19,991,350
=========================================================================================================================
Shares or
Principal
Amount Short-Term Investments (12.6%) Interest Rate(j) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
$2,908,000 Dover Corporation(d) 2.780% 5/4/2005 $2,907,102
3,000,000 Harley-Davidson Funding Corporation 2.760 5/2/2005 2,999,540
4,000,000 New Center Asset Trust 2.950 5/2/2005 3,999,344
6,865,562 Thrivent Money Market Fund 2.650 N/A 6,865,562
3,360,000 Total Capital SA 2.950 5/2/2005 3,359,451
3,000,000 Wal-Mart Stores, Inc.(d) 2.770 5/3/2005 2,999,307
- -------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (at amortized cost) 23,130,306
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $183,579,444) $183,150,324
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) Earmarked as collateral for long settling trades as discussed in the
notes to the financial statements.
(c) Denotes variable rate obligations for which the current yield and next
scheduled reset date are shown.
(d) At April 29, 2005, all or a portion of the denoted securities, valued
at $24,824,254, were pledged as the initial margin deposit or earmarked as
collateral to cover open financial futures contracts as follows:
Notional
Number of Expiration Principal Unrealized
Type Contracts Date Position Value Amount Gain/Loss
- ---------------------------------------------------------------------------------------------------------
U.S. Treasury Bond
Futures 5 yr. 170 June 2005 Short $(18,437,032) $(18,247,376) $(189,656)
U.S. Treasury Bond
Futures 20 yr. 20 June 2005 Long $2,296,875 2,240,810 56,065
(e) At April 29, 2005, all or a portion of the denoted securities, valued
at $1,295,936, were pledged as the initial margin deposit or earmarked as
collateral to cover put options purchased.
(f) Denotes investments purchased on a when-issued basis.
(g) All or a portion of the security is on loan as discussed in item 2(f)
of the Notes to Financial Statements.
(h) Denotes step coupon bonds for which the current interest rate and next
scheduled reset date are shown.
(i) The market value of the denoted categories of investments represents
less than 0.1% of the total investments of the Thrivent Limited Maturity
Bond Fund.
(j) The interest rate shown reflects the yieldor, for securities purchased
at a discount, the discount rate at the date of purchase.
Money Market Fund
Schedule of Investments as of April 29, 2005 (unaudited)(a)
Principal
Amount Commercial Paper (57.2%) Interest Rate(b) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
Asset-Backed Commercial Paper (2.0%)
- -------------------------------------------------------------------------------------------------------------------------
$18,440,000 GOVCO, Inc. 2.930% 6/14/2005 $18,372,463
- -------------------------------------------------------------------------------------------------------------------------
Total Asset-Backed Commercial Paper 18,372,463
=========================================================================================================================
Banking-Domestic (5.8%)
- -------------------------------------------------------------------------------------------------------------------------
2,600,000 Barclays US Funding, LLC 2.620 5/3/2005 2,599,432
11,100,000 Blue Spice, LLC 2.800 5/23/2005 11,080,143
13,975,000 Rabobank USA Finance Corporation 3.000 5/2/2005 13,972,710
1,577,000 River Fuel Company No. 2, Inc. 2.950 6/1/2005 1,572,865
7,923,000 River Fuel Company No. 2, Inc. 3.050 7/1/2005 7,881,382
6,123,000 River Fuel Trust No. 1 2.850 5/2/2005 6,122,031
2,800,000 UBS Finance Corporation 3.000 5/3/2005 2,799,358
6,860,000 UBS Finance Corporation 2.830 6/15/2005 6,835,193
- -------------------------------------------------------------------------------------------------------------------------
Total Banking-Domestic 52,863,114
=========================================================================================================================
Consumer Cyclical (3.6%)
- -------------------------------------------------------------------------------------------------------------------------
14,800,000 Toyota Credit Puerto Rico 3.040 6/28/2005 14,726,263
18,500,000 Toyota Motor Credit 3.000 6/30/2005 18,405,958
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Cyclical 33,132,221
=========================================================================================================================
Consumer Non-Cyclical (1.2%)
- -------------------------------------------------------------------------------------------------------------------------
11,300,000 Baystate Health Systems, Inc. 3.000 6/14/2005 11,257,625
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Non-Cyclical 11,257,625
=========================================================================================================================
Education (4.7%)
- -------------------------------------------------------------------------------------------------------------------------
7,286,000 Duke University 2.780 5/9/2005 7,280,936
1,640,000 Northwestern University 2.740 5/17/2005 1,637,878
5,000,000 Northwestern University 2.740 5/19/2005 4,992,770
3,700,000 Northwestern University 3.050 7/6/2005 3,678,997
3,700,000 Northwestern University 3.080 7/19/2005 3,674,676
3,000,000 Northwestern University 3.105 7/21/2005 2,978,782
3,730,000 Northwestern University 3.150 8/11/2005 3,696,383
14,800,000 Yale University 2.750 5/2/2005 14,797,739
- -------------------------------------------------------------------------------------------------------------------------
Total Education 42,738,161
=========================================================================================================================
Energy (0.3%)
- -------------------------------------------------------------------------------------------------------------------------
2,500,000 Shell Finance (UK) plc 3.100 8/9/2005 2,478,257
- -------------------------------------------------------------------------------------------------------------------------
Total Energy 2,478,257
=========================================================================================================================
Finance (31.8%)
- -------------------------------------------------------------------------------------------------------------------------
1,000,000 ABN Amro NA Finance 3.000 5/9/2005 999,250
5,758,000 Amsterdam Funding Corporation 2.910 5/23/2005 5,747,295
3,788,000 Chariot Funding, LLC 2.820 5/3/2005 3,787,110
3,560,000 Chariot Funding, LLC 3.080 7/15/2005 3,536,852
22,200,000 Edison Asset Securitization, LLC 2.600 5/10/2005 22,183,966
17,900,000 Falcon Asset Securitization Corporation 2.930 5/17/2005 17,875,233
11,498,000 Falcon Asset Securitization Corporation 2.950 5/19/2005 11,480,098
7,000,000 Falcon Asset Securitization Corporation 2.950 5/20/2005 6,988,528
8,720,000 Galaxy Funding, Inc. 2.980 5/2/2005 8,718,702
22,200,000 Galaxy Funding, Inc. 3.010 6/6/2005 22,131,322
11,100,000 Galaxy Funding, Inc. 3.000 6/17/2005 11,055,600
18,500,000 Galaxy Funding, Inc. 3.020 6/24/2005 18,414,643
1,730,000 General Electric Capital Corporation 2.890 5/16/2005 1,727,778
18,500,000 General Electric Capital Corporation 3.000 8/22/2005 18,324,250
11,100,000 General Electric Capital Corporation 3.090 9/6/2005 10,977,095
11,100,000 Grampian Funding, LLC 2.950 7/26/2005 11,020,866
18,500,000 HSBC Finance Corporation 3.000 6/29/2005 18,407,500
12,117,000 Jupiter Securitization Corporation 3.150 8/1/2005 12,020,518
9,872,000 Nieuw Amsterdam Receivables 3.120 7/25/2005 9,798,421
7,146,000 Old Line Funding Corporation 2.840 5/10/2005 7,140,363
18,500,000 Old Line Funding Corporation 2.980 6/7/2005 18,441,807
3,090,000 Solitaire Funding, LLC 2.860 5/9/2005 3,087,791
7,400,000 Solitaire Funding, LLC 2.870 5/10/2005 7,394,100
10,200,000 Three Pillars, Inc. 2.870 5/10/2005 10,191,868
8,000,000 Three Pillars, Inc. 2.880 5/12/2005 7,992,320
2,177,000 Three Pillars, Inc. 3.000 6/14/2005 2,168,836
3,000,000 Thunder Bay Funding, Inc. 2.900 5/9/2005 2,997,825
1,038,000 Triple A-1 Funding Corporation 2.880 5/9/2005 1,037,253
14,800,000 Triple A-1 Funding Corporation 3.030 5/27/2005 14,766,367
- -------------------------------------------------------------------------------------------------------------------------
Total Finance 290,413,557
=========================================================================================================================
Insurance (7.8%)
- -------------------------------------------------------------------------------------------------------------------------
7,400,000 American Family Financial Services, Inc. 3.100 8/8/2005 7,336,278
15,500,000 Nyala Funding, LLC 2.950 6/15/2005 15,441,574
18,500,000 Swiss Reinsurance Company 2.850 5/27/2005 18,460,456
12,000,000 Torchmark Corporation 2.860 5/4/2005 11,996,200
2,000,000 Torchmark Corporation 2.950 5/11/2005 1,998,197
7,400,000 Torchmark Corporation 3.040 5/20/2005 7,387,502
8,200,000 Torchmark Corporation 3.040 5/26/2005 8,181,996
- -------------------------------------------------------------------------------------------------------------------------
Total Insurance 70,802,203
- -------------------------------------------------------------------------------------------------------------------------
Total Commercial Paper 522,057,601
=========================================================================================================================
Principal
Amount Other(c) Interest Rate(b) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
$85,000 Barclays Prime Money Market Fund 2.840% N/A $85,000
- -------------------------------------------------------------------------------------------------------------------------
Total Other 85,000
=========================================================================================================================
Principal
Amount Public Corporate (1.1%) Interest Rate(b) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
$10,140,000 Citigroup, Inc. 4.125% 6/30/2005 $10,159,420
- -------------------------------------------------------------------------------------------------------------------------
Total Public Corporate 10,159,420
=========================================================================================================================
Principal
Amount U.S. Government (3.4%) Interest Rate(b) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
$19,325,000 Federal Home Loan Bank 1.500% 5/4/2005 $19,324,902
11,600,000 Federal Home Loan Bank 2.020 6/8/2005 11,600,000
- -------------------------------------------------------------------------------------------------------------------------
Total U.S. Government 30,924,902
=========================================================================================================================
Principal
Amount Variable Rate Notes (38.3%)(d) Interest Rate(b) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
Banking-Domestic (17.8%)
- -------------------------------------------------------------------------------------------------------------------------
$14,800,000 Bank of America Corporation 3.170% 6/1/2005 $14,822,369
7,400,000 Bank of New York Company, Inc. 3.030 5/27/2005 7,404,633
18,420,000 Credit Suisse First Boston NY 2.970 6/9/2005 18,422,249
19,225,000 Credit Suisse First Boston NY 3.153 7/8/2005 19,227,614
18,500,000 Fifth Third Bancorp 2.980 5/23/2005 18,500,000
18,500,000 HBOS Treasury Services plc 3.200 7/27/2005 18,507,549
9,250,000 Royal Bank of Scotland NY 2.874 5/16/2005 9,246,391
18,460,000 U.S. Bancorp 3.170 6/16/2005 18,472,711
19,225,000 Wells Fargo & Company 2.940 5/16/2005 19,225,000
18,500,000 Wells Fargo & Company 3.030 6/3/2005 18,523,992
- -------------------------------------------------------------------------------------------------------------------------
Total Banking-Domestic 162,352,508
=========================================================================================================================
Banking-Foreign (1.3%)
- -------------------------------------------------------------------------------------------------------------------------
11,500,000 Royal Bank of Scotland plc 2.970 5/23/2005 11,500,000
- -------------------------------------------------------------------------------------------------------------------------
Total Banking-Foreign 11,500,000
=========================================================================================================================
Brokerage (6.0%)
- -------------------------------------------------------------------------------------------------------------------------
22,200,000 Goldman Sachs Group, Inc. 3.250 6/21/2005 22,245,929
19,325,000 Lehman Brothers Holdings, Inc. 2.950 5/16/2005 19,325,000
8,650,000 Merrill Lynch & Company, Inc. 3.590 7/13/2005 8,679,909
4,310,000 Morgan Stanley and Company 3.050 5/27/2005 4,311,566
- -------------------------------------------------------------------------------------------------------------------------
Total Brokerage 54,562,404
=========================================================================================================================
Consumer Cyclical (2.0%)
- -------------------------------------------------------------------------------------------------------------------------
18,500,000 American Honda Finance Corporation 3.170 6/7/2005 18,542,122
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Cyclical 18,542,122
=========================================================================================================================
Consumer Non-Cyclical (1.7%)
- -------------------------------------------------------------------------------------------------------------------------
15,460,000 Procter & Gamble Company 2.930 6/9/2005 15,460,000
- -------------------------------------------------------------------------------------------------------------------------
Total Consumer Non-Cyclical 15,460,000
=========================================================================================================================
Finance (1.6%)
- -------------------------------------------------------------------------------------------------------------------------
15,380,000 American Express Credit Corporation 2.980 5/16/2005 15,381,211
- -------------------------------------------------------------------------------------------------------------------------
Total Finance 15,381,211
=========================================================================================================================
Insurance (4.9%)
- -------------------------------------------------------------------------------------------------------------------------
6,000,000 Allstate Financial Global Funding 3.170 6/20/2005 6,005,997
19,325,000 Allstate Life Global Funding II 2.911 5/9/2005 19,325,000
19,225,000 Allstate Life Global Funding II 2.960 5/16/2005 19,225,000
- -------------------------------------------------------------------------------------------------------------------------
Total Insurance 44,555,997
=========================================================================================================================
U.S. Municipal (3.0%)
- -------------------------------------------------------------------------------------------------------------------------
5,485,000 California Housing Finance Agency
Revenue Bonds 3.030 5/2/2005 5,485,000
3,730,000 California Housing Finance Agency
Revenue Bonds Home Mortgage (Series U) 3.030 5/2/2005 3,730,000
8,000,000 Illinois Student Assistance Commission 3.000 5/4/2005 8,000,000
10,000,000 Ohio State Air Quality Development
Authority RevenueBonds (Columbus and
Southern) (Series B) 3.030 5/4/2005 10,000,000
- -------------------------------------------------------------------------------------------------------------------------
Total U.S. Municipal 27,215,000
- -------------------------------------------------------------------------------------------------------------------------
Total Variable Rate Notes 349,569,242
- -------------------------------------------------------------------------------------------------------------------------
Total Investments (at amortized cost) $912,796,165
=========================================================================================================================
(a) The categories of investments are shown as a percentage of total
investments.
(b) The interest rate shown reflects the yield.
(c) The market value of the denoted categories of investments represents
less than 0.1% of the total Investments of the Thrivent Money Market Fund.
(d) Denotes variable rate obligations for which the current yield and next
scheduled reset date are shown.
The accompanying notes to the financial statements are an integral part of
this schedule.
Thrivent Mutual Funds
Statement of Assets and Liabilities
Technology Partner Small Small Cap Small Cap
As of April 29, 2005 (unaudited) Fund Cap Value Fund Stock Fund Index Fund
- -----------------------------------------------------------------------------------------------------------------------------------
Assets
Investments at cost $58,008,439 $104,263,290 $450,886,367 $42,698,713
Investments at value 50,188,772 106,483,912 509,944,768 50,341,892
Cash -- -- 86 --
Initial margin deposit on open
futures contracts -- -- -- 56,700
Dividends and interest receivable 10,417 52,724 167,181 24,620
Receivable for investments sold 319,704 11,873 22,847,971 1,884
Receivable for fund shares sold 8,185 26,182 212,170 96,878
Receivable for forward contracts -- -- -- --
Receivable for variation margin -- -- -- 13,467
Receivable from affiliate -- -- -- 1,859
Total Assets 50,527,078 106,574,691 533,172,176 50,537,300
Liabilities
Accrued expenses 53,563 38,558 189,225 26,893
Payable for investments purchased 45,322 92,533 21,734,118 47,458
Payable upon return of collateral
for securities loaned 3,458,634 13,716,823 69,042,370 8,473,924
Payable for fund shares redeemed 23,860 116,427 251,233 2,222
Payable for forward contracts -- -- -- --
Open options written, at value -- -- -- --
Payable to affiliate 32,274 36,143 334,079 --
Payable for Initial Margin -- -- -- 2,700
Total Liabilities 3,613,653 14,000,484 91,551,025 8,553,197
Net Assets
Capital stock (beneficial interest) 84,754,524 86,454,958 359,122,073 34,240,372
Accumulated undistributed net
investment income/(loss) 16,668 135,082 (1,275,377) 20,962
Accumulated undistributed net realized
gain/(loss) on investments and foreign
currency transactions (30,038,100) 3,763,545 24,716,054 122,738
Net unrealized
appreciation/(depreciation) on:
Written Options contracts -- -- -- --
Futures contracts -- -- -- (43,148)
Foreign currency forward contracts -- -- -- --
Foreign currency transactions -- -- -- --
Total Net Assets $46,913,425 $92,574,207 $441,621,151 $41,984,103
Class A Share Capital $40,622,905 $70,411,108 $408,263,011 $41,984,103
Shares of beneficial interest outstanding
(class A) 13,021,257 5,605,067 25,514,926 3,290,078
Net asset value per share $3.12 $12.56 $16.00 $12.76
Maximum public offering price $3.30 $13.29 $16.93 $13.50
Class B Share Capital $3,523,354 $5,190,981 $21,789,472 N/A
Shares of beneficial interest outstanding
(class B) 1,174,797 428,178 1,489,962 N/A
Net asset value per share $3.00 $12.12 $14.62 N/A
Class I Share Capital $2,767,166 $16,972,118 $11,568,668 N/A
Shares of beneficial interest outstanding
(class I) 848,291 1,308,436 684,466 N/A
Net asset value per share $3.26 $12.97 $16.90 N/A
a) Includes foreign currency holdings of $458,543.
b) Premium received on written options $664.
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Assets and Liabilities - continued
Mid Cap Mid Cap Mid Cap Mid Cap
As of April 29, 2005 (unaudited) Growth Fund Stock Fund Index Fund Index Fund-I
- -----------------------------------------------------------------------------------------------------------------------------------
Assets
Investments at cost $341,365,851 $925,164,961 $55,816,067 $14,447,681
Investments at value 346,382,069 999,759,255 62,785,038 18,660,318
Cash -- 5,118 -- --
Initial margin deposit on open
futures contracts -- -- 54,000 27,000
Dividends and interest receivable 94,672 492,750 36,033 10,954
Receivable for investments sold 2,268,285 24,742,704 60,823 18,053
Receivable for fund shares sold 97,742 526,883 73,297 220,238
Receivable for forward contracts -- -- -- --
Receivable for variation margin -- -- 13,500 6,197
Receivable from affiliate -- -- -- --
Total Assets 348,842,768 1,025,526,710 63,022,691 18,942,760
Liabilities
Accrued expenses 199,887 269,322 24,113 10,312
Payable for investments purchased 662,804 10,275,559 66,896 20,905
Payable upon return of collateral
for securities loaned 51,274,913 123,664,645 6,852,091 1,375,893
Payable for fund shares redeemed 337,116 245,670 7,563 --
Payable for forward contracts -- -- -- --
Open options written, at value -- -- -- --
Payable to affiliate 192,511 619,663 7,990 3,409
Payable for Initial Margin -- -- -- 2,700
Total Liabilities 52,667,231 135,074,859 6,958,653 1,413,219
Net Assets
Capital stock (beneficial interest) 335,782,018 771,052,196 47,608,979 13,194,712
Accumulated undistributed net
investment income/(loss) (1,390,983) (361,833) 130,356 41,759
Accumulated undistributed net realized
gain/(loss) on investments and foreign
currency transactions (43,231,716) 45,167,194 1,386,332 98,786
Net unrealized
appreciation/(depreciation) on:
Written Options contracts -- -- -- --
Futures contracts -- -- (30,600) (18,353)
Foreign currency forward contracts -- -- -- --
Foreign currency transactions -- -- -- --
Total Net Assets $296,175,537 $890,451,851 $56,064,038 $17,529,541
Class A Share Capital $248,381,367 $833,626,369 $56,064,038 N/A
Shares of beneficial interest outstanding
(class A) 19,185,130 53,607,678 4,520,704 N/A
Net asset value per share $12.95 $15.55 $12.40 N/A
Maximum public offering price $13.70 $16.46 $13.12 N/A
Class B Share Capital $38,041,224 $24,445,422 N/A N/A
Shares of beneficial interest outstanding
(class B) 3,124,532 1,735,605 N/A N/A
Net asset value per share $12.18 $14.08 N/A N/A
Class I Share Capital $9,752,946 $32,380,060 N/A $17,529,541
Shares of beneficial interest outstanding
(class I) 714,275 2,000,242 N/A 1,460,712
Net asset value per share $13.65 $16.19 N/A $12.00
a) Includes foreign currency holdings of $458,543.
b) Premium received on written options $664.
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Assets and Liabilities - continued
Partner
International Large Cap Large Cap
As of April 29, 2005 (unaudited) Stock Fund Growth Fund Value Fund
- -------------------------------------------------------------------------------------------------------------
Assets
Investments at cost $369,733,165 $141,891,735 $323,746,026
Investments at value 394,289,540 139,475,583 367,413,232
Cash 464,940(a) -- --
Initial margin deposit on open
futures contracts -- -- ---
Dividends and interest receivable 1,552,193 79,985 470,751
Receivable for investments sold 3,846,000 1,336,418 5,128,742
Receivable for fund shares sold 181,588 202,887 420,550
Receivable for forward contracts 207,844 -- --
Receivable for variation margin -- -- --
Receivable from affiliate -- -- --
Total Assets 400,542,105 141,094,873 373,433,275
Liabilities
Accrued expenses 118,078 61,504 91,562
Payable for investments purchased 2,744,408 1,887,449 --
Payable upon return of collateral
for securities loaned 80,569,478 5,164,608 13,313,900
Payable for fund shares redeemed 96,664 60,077 126,394
Payable for forward contracts 200,580 -- --
Open options written, at value -- 1,840(b) --
Payable to affiliate 247,295 44,294 187,830
Payable for Initial Margin -- -- --
Total Liabilities 83,976,503 7,219,772 13,719,686
Net Assets
Capital stock (beneficial interest) 365,492,113 163,186,987 325,005,309
Accumulated undistributed net
investment income/(loss) 838,268 314,036 1,720,006
Accumulated undistributed net realized
gain/(loss) on investments and foreign
currency transactions (74,329,435) (27,208,594) (10,678,932)
Net unrealized
appreciation/(depreciation) on:
Written Options contracts -- (1,176) --
Futures contracts -- -- --
Foreign currency forward contracts 7,264 -- --
Foreign currency transactions 1,017 -- --
Total Net Assets $316,565,602 $133,875,101 $359,713,589
Class A Share Capital $282,492,057 $111,708,323 $316,007,594
Shares of beneficial interest outstanding
(class A) 29,070,824 24,979,961 22,826,937
Net asset value per share $9.72 $4.47 $13.84
Maximum public offering price $10.28 $4.73 $14.65
Class B Share Capital $17,645,550 $16,193,548 $17,906,595
Shares of beneficial interest outstanding
(class B) 1,877,134 3,807,501 1,307,343
Net asset value per share $9.40 $4.25 $13.70
Class I Share Capital $16,427,995 $5,973,230 $25,799,400
Shares of beneficial interest outstanding
(class I) 1,664,023 1,263,421 1,854,296
Net asset value per share $9.87 $4.73 $13.91
a) Includes foreign currency holdings of $458,543.
b) Premium received on written options $664.
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Assets and Liabilities - continued
Large Cap Large Cap Large Cap Balanced
As of April 29, 2005 (unaudited) Stock Fund Index Fund Index Fund-I Fund
- -----------------------------------------------------------------------------------------------------------------------------------
Assets
Investments at cost $3,052,360,989 $93,763,367 $30,572,515 $471,798,370
Investments at value 3,693,671,427 91,743,628 30,732,627 470,037,250
Cash 4,897 -- -- 2,075
Initial margin deposit on open
futures contracts -- 110,250 18,900 --
Dividends and interest receivable 3,175,862 116,621 39,317 1,248,823
Receivable for investments sold 13,057,286 -- 671 21,918,483
Receivable for fund shares sold 699,326 112,789 110,720 155,378
Receivable for variation margin -- 25,557 4,620 59,500
Total Assets 3,710,608,798 92,108,845 30,906,855 493,421,509
Liabilities
Distributions payable -- -- -- --
Accrued expenses 830,305 25,404 10,237 76,337
Payable for investments purchased -- -- 2,410 51,094,896
Payable upon return of collateral
for securities loaned 117,842,235 1,773,570 294,526 48,022,308
Payable for fund shares redeemed 2,057,420 49,486 -- 540,390
Open options written, at value -- -- -- --
Payable to affiliate 1,934,620 5,138 6,055 212,121
Payable for Initial Margin -- 12,600 -- --
Mortgage dollar roll deferred revenue -- -- -- 23,837
Total Liabilities 122,664,580 1,866,198 313,228 99,969,889
Net Assets
Capital stock (beneficial interest) 3,157,493,488 92,139,001 35,172,034 390,986,806
Accumulated undistributed net
investment income/(loss) 5,422,597 335,724 117,477 155,547
Accumulated undistributed net realized
gain/(loss) on investments and foreign
currency transactions (216,282,305) (198,488) (4,850,801) 4,193,564
Net unrealized appreciation/(depreciation) on:
Investments 641,310,438 (2,019,739) 160,112 (1,761,120)
Futures contracts -- (13,851) (5,195) (123,177)
Total Net Assets $3,587,944,218 $90,242,647 $30,593,627 $393,451,620
Class A Share Capital $3,368,731,765 $90,242,647 N/A $277,657,795
Shares of beneficial interest outstanding
(class A) 137,610,461 11,350,771 N/A 23,956,994
Net asset value per share $24.48 $7.95 N/A $11.59
Maximum public offering price $25.90 $8.41 N/A $12.26
Class B Share Capital $101,985,038 N/A N/A $14,535,373
Shares of beneficial interest outstanding
(class B) 4,479,900 N/A N/A 1,259,656
Net asset value per share $22.77 N/A N/A $11.54
Class I Share Capital $117,227,415 N/A $30,593,627 $101,258,452
Shares of beneficial interest outstanding
(class I) 4,761,561 N/A 3,878,954 8,743,330
Net asset value per share $24.62 N/A $7.89 $11.58
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Assets and Liabilities - continued
High Yield High Yield Municipal Income
As of April 29, 2005 (unaudited) Fund Fund II Bond Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
Assets
Investments at cost $693,390,087 $166,442,568 $1,172,433,022 $760,015,134
Investments at value 693,548,717 166,887,130 1,285,158,682 765,369,959
Cash -- -- 4,478 3,290
Initial margin deposit on open
futures contracts -- -- -- --
Dividends and interest receivable 13,425,912 3,032,046 19,477,248 6,987,021
Receivable for investments sold 1,525,837 1,014,006 -- 6,724,334
Receivable for fund shares sold 132,039 5,850 339,155 161,970
Receivable for variation margin -- -- 150,000 132,563
Total Assets 708,632,505 170,939,032 1,305,129,563 779,379,137
Liabilities
Distributions payable 1,127,481 247,377 876,909 385,254
Accrued expenses 110,064 36,225 125,066 93,625
Payable for investments purchased 5,774,365 1,812,710 5,358,000 63,741,723
Payable upon return of collateral
for securities loaned 81,872,595 29,495,345 -- 102,226,320
Payable for fund shares redeemed 314,546 138,231 363,859 378,981
Open options written, at value -- -- -- --
Payable to affiliate 260,377 63,380 467,410 219,911
Payable for Initial Margin -- -- -- --
Mortgage dollar roll deferred revenue -- -- -- 41,848
Total Liabilities 89,459,428 31,793,268 7,191,244 167,087,662
Net Assets
Capital stock (beneficial interest) 1,106,617,120 203,306,524 1,197,505,653 633,373,123
Accumulated undistributed net
investment income/(loss) (192,649) 8,656 (14,026) (140,466)
Accumulated undistributed net realized gain/(loss) on
investments and foreign
currency transactions (487,410,024) (64,613,978) (11,777,030) (25,749,737)
Net unrealized appreciation/(depreciation) on:
Investments 158,630 444,562 112,725,660 5,354,825
Futures contracts -- -- (501,938) (546,270)
Total Net Assets $619,173,077 $139,145,764 $1,297,938,319 $612,291,475
Class A Share Capital $581,532,339 $130,456,852 $1,262,440,550 $557,732,048
Shares of beneficial interest outstanding
(class A) 115,426,641 20,257,127 109,724,175 63,878,948
Net asset value per share $5.04 $6.44 $11.51 $8.73
Maximum public offering price $5.28 $6.74 $12.05 $9.14
Class B Share Capital $27,637,384 $4,632,305 $31,344,305 $21,986,335
Shares of beneficial interest outstanding
(class B) 5,487,589 719,294 2,725,224 2,523,791
Net asset value per share $5.04 $6.44 $11.50 $8.71
Class I Share Capital $10,003,354 $4,056,607 $4,153,464 $32,573,092
Shares of beneficial interest outstanding
(class I) 1,984,007 630,109 361,017 3,733,763
Net asset value per share $5.04 $6.44 $11.50 $8.72
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Assets and Liabilities - continued
Core Bond Bond Index Limited Maturity
As of April 29, 2005 (unaudited) Fund Fund-I Bond Fund
- -----------------------------------------------------------------------------------------------------------------------------------
Assets
Investments at cost $689,239,332 $27,459,789 $183,579,444
Investments at value 690,970,678 27,748,372 183,150,324
Cash 7,082 1,857 5,090
Initial margin deposit on open
futures contracts -- -- --
Dividends and interest receivable 3,488,904 178,400 904,078
Receivable for investments sold 6,850,522 1,492 958,458
Receivable for fund shares sold 398,635 11,944 257,560
Receivable for variation margin 222,813 -- 38,750
Total Assets 701,938,634 27,942,065 185,314,260
Liabilities
Distributions payable 198,564 4,120 28,210
Accrued expenses 81,428 9,772 27,851
Payable for investments purchased 117,202,093 4,515,863 25,190,695
Payable upon return of collateral
for securities loaned 91,581,453 4,439,911 19,991,350
Payable for fund shares redeemed 297,461 -- 302,133
Open options written, at value -- -- --
Payable to affiliate 222,451 4,062 50,616
Payable for Initial Margin -- -- --
Mortgage dollar roll deferred revenue 85,283 3,580 19,681
Total Liabilities 209,668,733 8,977,308 45,610,536
Net Assets
Capital stock (beneficial interest) 492,491,429 19,079,996 140,620,902
Accumulated undistributed net
investment income/(loss) (697,977) (55,635) 26,310
Accumulated undistributed net realized gain/(loss) on
investments and foreign
currency transactions (788,739) (348,187) (380,777)
Net unrealized appreciation/(depreciation) on:
Investments 1,731,346 288,583 (429,120)
Futures contracts (466,158) -- (133,591)
Total Net Assets $492,269,901 $18,964,757 $139,703,724
Class A Share Capital $446,241,715 N/A $130,843,221
Shares of beneficial interest outstanding
(class A) 44,132,629 N/A 10,307,086
Net asset value per share $10.11 N/A $12.69
Maximum public offering price $10.59 N/A $12.69
Class B Share Capital $11,826,193 N/A $2,007,125
Shares of beneficial interest outstanding
(class B) 1,168,993 N/A 157,977
Net asset value per share $10.12 N/A $12.71
Class I Share Capital $34,201,993 $18,964,757 $6,853,378
Shares of beneficial interest outstanding
(class I) 3,381,518 1,879,667 539,996
Net asset value per share $10.11 $10.09 $12.69
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Assets and Liabilities - continued
Money Market
As of April 29, 2005 (unaudited) Fund
- -----------------------------------------------------------------
Assets
Investments at cost $912,796,165
Investments at value 912,796,165
Cash 6,057
Dividends and interest receivable 1,158,274
Receivable for fund shares sold 4,761,766
Total Assets
Liabilities
Distributions payable 37,635
Accrued expenses 284,502
Payable for investments purchased 12,020,518
Payable for fund shares redeemed 6,509,232
Payable to affiliate 385,464
Total Liabilities
Net Assets
Capital stock (beneficial interest) 899,493,900
Accumulated undistributed net
investment income/(loss) (8,989)
Total Net Assets
Class A Share Capital $651,996,142
Shares of beneficial interest outstanding
(class A) 651,996,142
Net asset value per share $1.00
Maximum public offering price $1.00
Class B Share Capital $2,247,469
Shares of beneficial interest outstanding
(class B) 2,247,469
Net asset value per share $1.00
Class I Share Capital $245,241,300
Shares of beneficial interest outstanding
(class I) 245,241,300
Net asset value per share $1.00
The accompanying notes to the financial statements are an integral
part of this statement.
Thrivent Mutual Funds
Statement of Operations
Partner
For the six months ended Technology Small Cap Small Cap Small Cap
April 29, 2005 (unaudited) Fund Value Fund Stock Fund Index Fund
- -----------------------------------------------------------------------------------------------------------------------------------
Investment Income
Dividends $432,902 $659,810 $1,893,521 $207,016
Taxable interest 1,666 225 6,889 867
Income from securities loaned 5,154 14,340 71,743 8,673
Foreign dividend tax withholding (2,382) -- (3,688) (78)
Total Investment Income 437,340 674,375 1,968,465 216,478
Expenses
Adviser fees 188,411 45,808 1,537,697 50,632
Sub-Adviser fees -- 274,850 -- --
Accounting and pricing fees 9,628 10,409 22,389 11,293
Administrative service fees 5,024 9,162 45,796 4,051
Custody fees 4,304 7,181 18,172 14,923
Distribution Expense Class A 54,181 87,077 526,544 50,632
Distribution Expense Class B 19,570 27,815 123,639 --
Printing and Postage Expense Class A 79,804 62,341 307,115 31,887
Printing and Postage Expense Class B 9,651 7,868 25,352 --
Printing and Postage Expense Class I 47 116 311 --
Transfer Agent Fee Class A 130,444 116,199 551,129 69,569
Transfer Agent Fee Class B 16,319 14,262 57,244 --
Transfer Agent Fee Class I 53 69 271 --
Audit and legal fees 9,250 9,262 11,794 9,250
SEC and state registration expenses 14,879 17,833 25,693 5,999
Trustees' fees and insurance expenses 3,245 3,644 10,617 2,974
Other Expenses 4,207 4,285 6,937 3,375
Total Expenses Before Reimbursement 549,017 698,181 3,270,700 254,585
Less:
Reimbursement from adviser (132,900) (235,992) (47,923) (62,334)
Custody Earnings Credit (7) (26) (43) (51)
Total Net Expenses 416,110 462,163 3,222,734 192,200
Net Investment Income/(Loss) 21,230 212,212 (1,254,269) 24,278
Realized and Unrealized Gains/(Losses) on
Investments and Foreign Currency Transactions
Net realized gains/(losses) on:
Investments 1,405,421 3,807,809 29,812,747 290,270
Futures contracts -- -- -- 43,885
Change in net unrealized appreciation/
(depreciation) on:
Investments (3,828,571) (4,623,072) (18,081,089) 74,604
Futures contracts -- -- -- (54,803)
Net Realized and Unrealized Gains/(Losses) on
Investments and Foreign
Currency Transactions (2,423,150) (815,263) 11,731,658 353,956
Net Increase/(Decrease) in Net Assets Resulting
From Operations $(2,401,920) $(603,051) $10,477,389 $378,234
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Operations - continued
For the six months ended Mid Cap Mid Cap Mid Cap Mid Cap
April 29, 2005 (unaudited) Growth Fund Stock Fund Index Fund Index Fund-I
- -----------------------------------------------------------------------------------------------------------------------------------
Investment Income
Dividends $868,859 $5,194,716 $424,975 $138,641
Taxable interest 457 142,968 471 428
Income from mortgage dollar rolls -- -- -- --
Income from securities loaned 47,302 100,495 4,471 1,096
Foreign dividend tax withholding (693) (9,697) -- --
Total Investment Income 915,925 5,428,482 429,917 140,165
Expenses
Adviser fees 633,997 3,009,450 67,625 22,367
Sub-Adviser fees -- -- -- --
Accounting and pricing fees 23,554 41,778 10,577 8,709
Administrative service fees 31,297 91,081 5,410 1,789
Custody fees 11,351 12,110 10,120 11,914
Distribution Expense Class A 323,667 1,064,663 67,625 --
Distribution Expense Class B 216,839 134,822 -- --
Printing and Postage Expense Class A 293,940 429,782 27,961 --
Printing and Postage Expense Class B 86,459 25,451 -- --
Printing and Postage Expense Class I 330 315 -- 210
Transfer Agent Fee Class A 541,203 868,525 87,650 --
Transfer Agent Fee Class B 161,224 63,105 -- --
Transfer Agent Fee Class I 598 318 -- 234
Audit and legal fees 15,963 14,326 9,250 9,247
SEC and state registration expenses 27,839 27,786 6,383 12,858
Trustees' fees and insurance expenses 7,384 19,017 3,227 2,347
Other Expenses 6,048 9,984 3,434 3,306
Total Expenses Before Reimbursement 2,381,693 5,812,513 299,262 72,981
Less:
Reimbursement from adviser (84,049) (63,937) (57,299) (685)
Custody Earnings Credit (137) (37) (7) (9)
Total Net Expenses 2,297,507 5,748,539 241,956 72,287
Net Investment Income/(Loss) (1,381,582) (320,057) 187,961 67,878
Realized and Unrealized Gains/(Losses) on
Investments and Foreign Currency Transactions
Net realized gains/(losses) on:
Investments 23,328,293 74,697,143 1,861,116 534,960
Written option contracts -- -- -- --
Futures contracts -- -- 86,724 59,623
Foreign currency transactions -- -- -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments (16,831,853) (26,018,002) 373,627 317,202
Written option contracts -- -- -- --
Futures contracts -- -- (44,735) (33,521)
Foreign currency forward contracts -- -- -- --
Foreign currency transactions -- -- -- --
Net Realized and Unrealized Gains/(Losses) on
Investments and Foreign
Currency Transactions 6,496,440 48,679,141 2,276,732 878,264
Net Increase/(Decrease) in Net Assets Resulting
From Operations $5,114,858 $48,359,084 $2,464,693 $946,142
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Operations - continued
Partner
For the six months ended International Large Cap Large Cap Large Cap
April 29, 2005 (unaudited) Stock Fund Growth Fund Value Fund Stock Fund
- -----------------------------------------------------------------------------------------------------------------------------------
Investment Income
Dividends $3,692,799 $1,031,394 $4,225,944 $42,816,320
Taxable interest 75,408 4 545 1,642,985
Income from mortgage dollar rolls -- -- -- --
Income from securities loaned 117,742 7,554 11,222 49,097
Foreign dividend tax withholding (302,328) (3,216) (57,533) 5,147
Total Investment Income 3,583,621 1,035,736 4,180,178 44,513,549
Expenses
Adviser fees 207,510 454,879 792,324 9,488,616
Sub-Adviser fees 712,276 -- -- --
Accounting and pricing fees 48,220 17,159 23,960 148,793
Administrative service fees 30,249 12,130 35,214 372,401
Custody fees 76,563 16,274 5,921 26,064
Distribution Expense Class A 335,815 121,791 385,274 4,363,861
Distribution Expense Class B 96,991 87,125 95,069 579,161
Printing and Postage Expense Class A 155,455 71,813 126,420 1,262,077
Printing and Postage Expense Class B 23,453 27,893 20,937 115,791
Printing and Postage Expense Class I 313 176 326 1,153
Transfer Agent Fee Class A 504,766 238,096 332,400 2,758,812
Transfer Agent Fee Class B 70,355 68,459 53,671 303,645
Transfer Agent Fee Class I 377 170 286 1,194
Audit and legal fees 15,662 14,186 15,826 36,379
SEC and state registration expenses 25,878 20,236 34,164 34,143
Trustees' fees and insurance expenses 7,743 4,353 8,866 71,692
Other Expenses 5,296 4,634 6,254 31,158
Total Expenses Before Reimbursement 2,316,922 1,159,374 1,936,912 19,594,940
Less:
Reimbursement from adviser (8,833) (492,528) (25,027) (278,594)
Custody Earnings Credit (372) (7) (60) (1,229)
Total Net Expenses 2,307,717 666,839 1,911,825 19,315,117
Net Investment Income/(Loss) 1,275,904 368,897 2,268,353 25,198,432
Realized and Unrealized Gains/(Losses) on
Investments and Foreign Currency Transactions
Net realized gains/(losses) on:
Investments 5,905,095 4,639,071 10,321,799 31,812,675
Written option contracts -- 10,248 -- --
Futures contracts -- -- -- --
Foreign currency transactions (1,402) -- -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments 10,862,189 (5,221,110) 6,193,918 54,730,528
Written option contracts -- (958) -- --
Futures contracts -- -- -- --
Foreign currency forward contracts 7,232 -- -- --
Foreign currency transactions (22,223) -- -- --
Net Realized and Unrealized Gains/(Losses) on
Investments and Foreign
Currency Transactions 16,750,891 (572,749) 16,515,717 86,543,203
Net Increase/(Decrease) in Net Assets Resulting
From Operations $18,026,795 $(203,852) $18,784,070 $111,741,635
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Operations - continued
For the six months ended Large Cap Large Cap Balanced
April 29, 2005 (unaudited) Index Fund Index Fund-I Fund
- -----------------------------------------------------------------------------------------------------------------------------------
Investment Income
Dividends $1,015,098 $377,169 $2,864,478
Taxable interest 377 -- 2,712,508
Income from mortgage dollar rolls -- -- 325,527
Income from securities loaned 762 251 54,936
Foreign dividend tax withholding -- -- (2,285)
Total Investment Income 1,016,237 377,420 5,955,164
Expenses
Adviser fees 105,738 38,723 1,113,390
Sub-Adviser fees -- -- --
Accounting and pricing fees 13,360 10,326 25,075
Administrative service fees 8,459 3,098 40,487
Custody fees 12,746 5,851 13,499
Distribution Expense Class A 105,738 -- 352,303
Distribution Expense Class B -- -- 82,175
Printing and Postage Expense Class A 30,653 -- 88,306
Printing and Postage Expense Class B -- -- 10,301
Printing and Postage Expense Class I -- 168 121
Transfer Agent Fee Class A 104,107 -- 246,555
Transfer Agent Fee Class B -- -- 26,835
Transfer Agent Fee Class I -- 199 107
Audit and legal fees 9,250 9,247 11,782
SEC and state registration expenses 8,467 13,090 36,224
Trustees' fees and insurance expenses 3,707 2,875 10,152
Other Expenses 3,540 3,337 6,972
Total Expenses Before Reimbursement 405,765 86,914 2,064,284
Less:
Reimbursement from adviser (152,165) (796) (44,792)
Custody Earnings Credit (27) (2) (170)
Total Net Expenses 253,573 86,116 2,019,322
Net Investment Income/(Loss) 762,664 291,304 3,935,842
Realized and Unrealized Gains/(Losses) on
Investments and Foreign Currency Transactions
Net realized gains/(losses) on:
Investments 1,066,386 415,479 4,321,317
Written option contracts -- -- 59,850
Futures contracts 7,844 9,820 457,355
Foreign currency transactions -- -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments 344,411 227,163 (5,570,957)
Written option contracts -- -- --
Futures contracts (43,470) (11,378) (123,177)
Foreign currency forward contracts -- -- --
Foreign currency transactions -- -- --
Net Realized and Unrealized Gains/(Losses) on
Investments and Foreign
Currency Transactions 1,375,171 641,084 (855,612)
Net Increase/(Decrease) in Net Assets Resulting
From Operations $2,137,835 $932,388 $3,080,230
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Operations - continued
Limited
For the six months ended High Yield High Yield Municipal Income
April 29, 2005 (unaudited) Fund Fund II Bond Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
Investment Income
Dividends $714,330 $97,831 $-- $307,679
Taxable interest 25,321,222 5,487,773 1,891,450 14,272,964
Tax exempt interest -- -- 30,748,300 --
Income from mortgage dollar rolls -- -- -- 573,340
Income from securities loaned 70,606 19,696 -- 34,686
Foreign dividend tax withholding -- -- -- --
Total Investment Income 26,106,158 5,605,300 32,639,750 15,188,669
Expenses
Adviser fees 1,236,191 397,893 2,607,472 1,055,829
Accounting and pricing fees 40,800 16,961 92,769 36,988
Administrative service fees 63,594 14,469 127,863 61,181
Custody fees 7,578 4,624 9,018 9,618
Distribution Expense Class A 744,396 169,293 1,552,239 697,306
Distribution Expense Class B 151,470 26,193 160,352 116,149
Printing and Postage Expense Class A 166,582 34,268 132,500 131,119
Printing and Postage Expense Class B 19,462 3,052 8,291 17,720
Printing and Postage Expense Class I 835 168 177 1,021
Transfer Agent Fee Class A 429,808 118,480 315,448 354,149
Transfer Agent Fee Class B 55,634 9,266 16,848 50,366
Transfer Agent Fee Class I 824 139 199 984
Audit and legal fees 15,344 9,513 22,224 15,039
SEC and state registration expenses 30,057 30,066 26,445 25,346
Trustees' fees and insurance expenses 12,970 5,340 25,727 12,740
Other Expenses 6,732 3,542 12,013 7,302
Total Expenses Before Reimbursement 2,982,277 843,267 5,109,585 2,592,857
Less:
Reimbursement from adviser (70,760) (124,016) (23,050) (84,858)
Custody Earnings Credit (961) (378) (1,206) (562)
Total Net Expenses 2,910,556 718,873 5,085,329 2,507,437
Net Investment Income/(Loss) 23,195,602 4,886,427 27,554,421 12,681,232
Realized and Unrealized Gains/(Losses) on
Investments and Foreign Currency Transactions
Net realized gains/(losses) on:
Investments 10,742,087 1,383,599 358,076 3,880,157
Written option contracts -- -- -- 137,296
Futures contracts -- -- 501,473 1,162,220
Change in net unrealized appreciation/
(depreciation) on:
Investments (34,439,654) (6,978,027) (6,311,347) (13,483,136)
Written option contracts -- -- -- --
Futures contracts -- -- 100,199 (546,270)
Net Realized and Unrealized Gains/(Losses) on
Investments and Foreign
Currency Transactions (23,697,567) (5,594,428) (5,351,599) (8,849,733)
Net Increase/(Decrease) in Net Assets Resulting
From Operations $(501,965) $(708,001) $22,202,822 $3,831,499
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Operations - continued
Limited
For the six months ended Core Bond Bond Index Maturity Money Market
April 29, 2005 (unaudited) Fund Fund-I Bond Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
Investment Income
Dividends $241,461 $11,467 $68,433 $105,395
Taxable interest 9,981,675 484,971 2,343,152 10,622,099
Tax exempt interest -- -- 28,839 238,263
Income from mortgage dollar rolls 1,189,258 88,606 242,012 --
Income from securities loaned 25,773 2,665 6,775 --
Foreign dividend tax withholding -- -- -- --
Total Investment Income 11,438,167 587,709 2,689,211 10,965,757
Expenses
Adviser fees 1,104,332 31,881 203,850 2,023,855
Accounting and pricing fees 30,444 7,988 12,559 45,028
Administrative service fees 49,091 2,550 13,590 90,991
Custody fees 9,862 5,314 7,064 10,319
Distribution Expense Class A 555,361 -- 155,478 413,290
Distribution Expense Class B 62,224 -- 2,571 10,396
Printing and Postage Expense Class A 90,885 -- 40,071 379,957
Printing and Postage Expense Class B 6,387 -- 749 1,880
Printing and Postage Expense Class I 456 146 271 1,420
Transfer Agent Fee Class A 317,727 -- 108,216 821,950
Transfer Agent Fee Class B 20,957 -- 2,113 5,138
Transfer Agent Fee Class I 510 206 314 1,037
Audit and legal fees 12,353 8,972 11,131 19,439
SEC and state registration expenses 26,549 12,051 20,444 99,758
Trustees' fees and insurance expenses 12,034 2,824 4,426 20,403
Other Expenses 6,293 2,160 3,376 9,337
Total Expenses Before Reimbursement 2,305,465 74,092 586,223 3,954,198
Less:
Reimbursement from adviser (55,058) (1,450) (10,205) (465,259)
Custody Earnings Credit (409) (42) (219) (184)
Total Net Expenses 2,249,998 72,600 575,799 3,488,755
Net Investment Income/(Loss) 9,188,169 515,109 2,113,412 7,477,002
Realized and Unrealized Gains/(Losses) on
Investments and Foreign Currency Transactions
Net realized gains/(losses) on:
Investments 848,196 45,097 (547,262) --
Written option contracts 186,633 -- 26,739 --
Futures contracts 1,740,212 -- 201,971 --
Change in net unrealized appreciation/
(depreciation) on:
Investments (9,018,394) (426,214) (1,565,427) --
Written option contracts -- -- -- --
Futures contracts (466,158) -- (133,591) --
Net Realized and Unrealized Gains/(Losses) on
Investments and Foreign
Currency Transactions (6,709,511) (381,117) (2,017,570) --
Net Increase/(Decrease) in Net Assets Resulting
From Operations $2,478,658 $133,992 $95,842 $7,477,002
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Changes in Net Assets
Technology
Fund
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- --------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $21,230 $(321,149) $(473,618)
Net realized gains/(losses) on:
Investments 1,405,421 (700,853) (122,595)
Change in net unrealized appreciation/
(depreciation) on:
Investments (3,828,571) 2,256,689 10,037,498
Net Change in Net Assets Resulting
From Operations (2,401,920) 1,234,687 9,441,285
Distributions to Shareholders
From net investment income -- -- --
From net realized gains -- -- --
Total Distributions to Shareholders -- -- --
Capital Stock Transactions (161,952) 2,667 4,685,272
Net Increase/(Decrease) in Net Assets (2,563,872) 1,237,354 14,126,557
Net Assets, Beginning of Period 49,477,297 48,239,943 34,113,386
Net Assets, End of Period $46,913,425 $49,477,297 $48,239,943
Partner Small Cap
Value Fund
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $212,212 $46,021 $(217,571)
Net realized gains/(losses) on:
Investments 3,807,809 11,568,791 6,913,295
Change in net unrealized appreciation/
(depreciation) on:
Investments (4,623,072) (6,157,476) 10,278,285
Net Change in Net Assets Resulting
From Operations (603,051) 5,457,336 16,974,009
Distributions to Shareholders
From net investment income (121,714) -- --
From net realized gains (10,871,080) (1,649,048) --
Total Distributions to Shareholders (10,992,794) (1,649,048) --
Capital Stock Transactions 24,120,434 9,599,488 15,224,395
Net Increase/(Decrease) in Net Assets 12,524,589 13,407,776 32,198,404
Net Assets, Beginning of Period 80,049,618 66,641,842 34,443,438
Net Assets, End of Period $92,574,207 $80,049,618 $66,641,842
Small Cap
Stock Fund
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $(1,254,269) $(1,139,098) $(2,878,050)
Net realized gains/(losses) on:
Investments 29,812,747 18,480,995 57,134,227
Change in net unrealized appreciation/
(depreciation) on:
Investments (18,081,089) 6,630,233 68,283,187
Net Change in Net Assets Resulting
From Operations 10,477,389 23,972,130 122,539,364
Distributions to Shareholders
From net investment income -- -- --
From net realized gains (21,956,221) (24,140,171) --
Total Distributions to Shareholders (21,956,221) (24,140,171) --
Capital Stock Transactions 19,045,210 18,416,279 (1,267,655)
Net Increase/(Decrease) in Net Assets 7,566,378 18,248,238 121,271,709
Net Assets, Beginning of Period 434,054,773 415,806,535 294,534,826
Net Assets, End of Period $441,621,151 $434,054,773 $415,806,535
Small Cap
Index Fund
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $24,278 $69,417 $(70,412)
Net realized gains/(losses) on:
Investments 290,270 180,649 1,339,184
Futures contracts 43,885 (28,682) 275,314
Change in net unrealized appreciation/
(depreciation) on:
Investments 74,604 2,155,228 7,581,438
Futures contracts (54,803) 83,020 (71,365)
Net Change in Net Assets Resulting
From Operations 378,234 2,459,632 9,054,159
Distributions to Shareholders
From net investment income (69,683) -- --
From net realized gains (276,597) (1,238,820) (116,288)
Total Distributions to Shareholders (346,280) (1,238,820) (116,288)
Capital Stock Transactions 6,570,916 (4,657,134) 7,157,605
Net Increase/(Decrease) in Net Assets 6,602,870 (3,436,322) 16,095,476
Net Assets, Beginning of Period 35,381,233 38,817,555 22,722,079
Net Assets, End of Period $41,984,103 $35,381,233 $38,817,555
Mid Cap
Growth Fund
---------------------------------
For the periods ended 4/29/2005 10/31/2004
(unaudited)
- ---------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $(1,381,582) $(2,236,814)
Net realized gains/(losses) on:
Investments 23,328,293 19,790,800
Futures contracts -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments (16,831,853) (4,373,665)
Futures contracts -- --
Net Change in Net Assets Resulting
From Operations 5,114,858 13,180,321
Distributions to Shareholders
From net investment income -- --
From net realized gains -- --
Total Distributions to Shareholders -- --
Capital Stock Transactions (14,780,515) 135,052,295
Net Increase/(Decrease) in Net Assets (9,665,657) 148,232,616
Net Assets, Beginning of Period 305,841,194 157,608,578
Net Assets, End of Period $296,175,537 $305,841,194
Mid Cap
Stock Fund
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $(320,057) $(1,363,418) $(3,091,481)
Net realized gains/(losses) on:
Investments 74,697,143 21,612,698 101,122,677
Futures contracts -- -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments (26,018,002) 25,354,479 103,766,562
Futures contracts -- -- --
Net Change in Net Assets Resulting
From Operations 48,359,084 45,603,759 201,797,758
Distributions to Shareholders
From net investment income -- -- --
From net realized gains -- -- --
Total Distributions to Shareholders -- -- --
Capital Stock Transactions (23,589,701) (25,032,465) (43,982,250)
Net Increase/(Decrease) in Net Assets 24,769,383 20,571,294 157,815,508
Net Assets, Beginning of Period 865,682,468 845,111,174 687,295,666
Net Assets, End of Period $890,451,851 $865,682,468 $845,111,174
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Changes in Net Assets - continued
Mid Cap
Index Fund
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $187,961 $54,385 $10,879
Net realized gains/(losses) on:
Investments 1,861,116 1,353,353 (1,285,672)
Futures contracts 86,724 (58,153) 340,280
Foreign currency transactions -- -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments 373,627 156,219 10,510,433
Futures contracts (44,735) 91,365 (117,845)
Foreign currency forward contracts -- -- --
Foreign currency transactions -- -- --
Net Change in Net Assets Resulting
From Operations 2,464,693 1,597,169 9,458,075
Distributions to Shareholders
From net investment income (108,546) (6,127) --
From net realized gains (213,705) -- --
Distributions to Shareholders (322,251) (6,127) --
Capital Stock Transactions 4,719,948 3,710,149 2,482,345
Net Increase/(Decrease) in Net Assets 6,862,390 5,301,191 11,940,420
Net Assets, Beginning of Period 49,201,648 43,900,457 31,960,037
Net Assets, End of Period $56,064,038 49,201,648 43,900,457
Mid Cap
Index Fund-I
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $67,878 $44,578 $187,304
Net realized gains/(losses) on:
Investments 534,960 677,677 506,682
Futures contracts 59,623 (84,037) 331,186
Foreign currency transactions -- -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments 317,202 (102,653) 6,378,198
Futures contracts (33,521) 62,055 (79,901)
Foreign currency forward contracts -- -- --
Foreign currency transactions -- -- --
Net Change in Net Assets Resulting
From Operations 946,142 597,620 7,323,469
Distributions to Shareholders
From net investment income (141,843) -- (154,805)
From net realized gains (571,863) (467,289) (157,900)
Distributions to Shareholders (713,706) (467,289) (312,705)
Capital Stock Transactions (6,986) (14,551,273) 3,952,019
Net Increase/(Decrease) in Net Assets 225,450 (14,420,942) 10,962,783
Net Assets, Beginning of Period 17,304,091 31,725,033 20,762,250
Net Assets, End of Period $17,529,541 $17,304,091 $31,725,033
Partner International
Stock Fund
--------------------------------
For the periods ended 4/29/2005 10/31/2004
(unaudited)
- ---------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $1,275,904 $372,965
Net realized gains/(losses) on:
Investments 5,905,095 13,990,559
Futures contracts -- (301,535)
Foreign currency transactions (1,402) --
Change in net unrealized appreciation/
(depreciation) on:
Investments 10,862,189 15,758,984
Futures contracts -- --
Foreign currency forward contracts 7,232 32
Foreign currency transactions (22,223) 24,368
Net Change in Net Assets Resulting
From Operations 18,026,795 29,845,373
Distributions to Shareholders
From net investment income (70,182) (443,729)
From net realized gains -- --
Distributions to Shareholders (70,182) (443,729)
Capital Stock Transactions 22,258,037 166,050,634
Net Increase/(Decrease) in Net Assets 40,214,650 195,452,278
Net Assets, Beginning of Period 276,350,952 80,898,674
Net Assets, End of Period $316,565,602 $276,350,952
Large Cap
Growth Fund
--------------------------------
For the periods ended 4/29/2005 10/31/2004
(unaudited)
- --------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $368,897 $160,019
Net realized gains/(losses) on:
Investments 4,639,071 5,125,171
Written option contracts 10,248 (1,234)
Change in net unrealized appreciation/
(depreciation) on:
Investments (5,221,110) 915,659
Written option contracts (958) (254)
Net Change in Net Assets Resulting
From Operations (203,852) 6,199,361
Distributions to Shareholders
From net investment income (48,823) (174,138)
From net realized gains -- --
Distributions to Shareholders (48,823) (174,138)
Capital Stock Transactions 23,927,900 62,352,317
Net Increase/(Decrease) in Net Assets 23,675,225 68,377,540
Net Assets, Beginning of Period 110,199,876 41,822,336
Net Assets, End of Period $133,875,101 $110,199,876
Large Cap
Value Fund
--------------------------------
For the periods ended 4/29/2005 10/31/2004
(unaudited)
- --------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $2,268,353 $1,251,638
Net realized gains/(losses) on:
Investments 10,321,799 9,791,413
Written option contracts -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments 6,193,918 34,221,215
Written option contracts -- --
Net Change in Net Assets Resulting
From Operations 18,784,070 45,264,266
Distributions to Shareholders
From net investment income (1,412,596) (593,663)
From net realized gains -- --
Distributions to Shareholders (1,412,596) (593,663)
Capital Stock Transactions 13,273,597 243,757,165
Net Increase/(Decrease) in Net Assets 30,645,071 288,427,768
Net Assets, Beginning of Period 329,068,518 40,640,750
Net Assets, End of Period $359,713,589 $329,068,518
Large Cap
Stock Fund
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $25,198,432 $6,573,127 $10,386,310
Net realized gains/(losses) on:
Investments 31,812,675 286,553,358 219,961,752
Written option contracts -- -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments 54,730,528 (236,804,674) 180,157,821
Written option contracts -- -- --
Net Change in Net Assets Resulting
From Operations 111,741,635 56,321,811 410,505,883
Distributions to Shareholders
From net investment income (22,365,685) (3,389,488) (10,819,813)
From net realized gains -- (542,690,797) --
Distributions to Shareholders (22,365,685) (546,080,285) (10,819,813)
Capital Stock Transactions (171,787,038) 1,192,614,013 (179,757,383)
Net Increase/(Decrease) in Net Assets (82,411,088) 702,855,539 219,928,687
Net Assets, Beginning of Period 3,670,355,306 2,967,499,767 2,747,571,080
Net Assets, End of Period $3,587,944,218 $3,670,355,306 $2,967,499,767
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Changes in Net Assets - continued
Large Cap
Index Fund
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $762,664 $389,002 $503,434
Net realized gains/(losses) on:
Investments 1,066,386 492,596 246,671
Written option contracts -- -- --
Futures contracts 7,844 19,391 286,596
Change in net unrealized appreciation/
(depreciation) on:
Investments 344,411 904,766 6,407,598
Futures contracts (43,470) 54,931 (109,107)
Net Change in Net Assets Resulting
From Operations 2,137,835 1,860,686 7,335,192
Distributions to Shareholders
From net investment income (794,013) (188,833) (450,406)
From net realized gains -- -- --
Total Distributions to Shareholders (794,013) (188,833) (450,406)
Capital Stock Transactions 12,556,589 17,156,772 19,470,000
Net Increase/(Decrease) in Net Assets 13,900,411 18,828,625 26,354,786
Net Assets, Beginning of Period 76,342,236 57,513,611 31,158,825
Net Assets, End of Period $90,242,647 $76,342,236 $57,513,611
Large Cap
Index Fund-I
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $291,304 $176,641 $345,673
Net realized gains/(losses) on:
Investments 415,479 245,771 (6,745,287)
Written option contracts -- -- --
Futures contracts 9,820 (29,293) 349,276
Change in net unrealized appreciation/
(depreciation) on:
Investments 227,163 358,709 12,547,918
Futures contracts (11,378) 20,698 (158,007)
Net Change in Net Assets Resulting
From Operations 932,388 772,526 6,339,573
Distributions to Shareholders
From net investment income (457,553) -- (515,759)
From net realized gains -- -- --
Total Distributions to Shareholders (457,553) -- (515,759)
Capital Stock Transactions 687,258 (60,297) (39,171,034)
Net Increase/(Decrease) in Net Assets 1,162,093 712,229 (33,347,220)
Net Assets, Beginning of Period 29,431,534 28,719,305 62,066,525
Net Assets, End of Period $30,593,627 $29,431,534 $28,719,305
Balanced
Fund
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $3,935,842 $3,188,375 $6,411,193
Net realized gains/(losses) on:
Investments 4,321,317 15,642,140 8,335,406
Written option contracts 59,850 -- --
Futures contracts 457,355 -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments (5,570,957) (9,983,878) 24,974,274
Futures contracts (123,177) -- --
Net Change in Net Assets Resulting
From Operations 3,080,230 8,846,637 39,720,873
Distributions to Shareholders
From net investment income (4,339,850) (3,487,872) (7,235,059)
From net realized gains (6,139,893) -- --
Total Distributions to Shareholders (10,479,743) (3,487,872) (7,235,059)
Capital Stock Transactions (3,693,124) (8,558,260) (12,720,369)
Net Increase/(Decrease) in Net Assets (11,092,637) (3,199,495) 19,765,445
Net Assets, Beginning of Period 404,544,257 407,743,752 387,978,307
Net Assets, End of Period $393,451,620 $404,544,257 $407,743,752
<CAPTION
High Yield
Fund
--------------------------------
For the periods ended 4/29/2005 10/31/2004
(unaudited)
- ---------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $23,195,602 $49,088,055
Net realized gains/(losses) on:
Investments 10,742,087 (11,835,388)
Futures contracts -- --
Foreign currency transactions -- 191
Change in net unrealized appreciation/
(depreciation) on:
Investments (34,439,654) 31,248,076
Futures contracts -- --
Net Change in Net Assets Resulting
From Operations (501,965) 68,500,934
Distributions to Shareholders
From net investment income (24,015,213) (48,131,067)
From net realized gains -- --
Total Distributions to Shareholders (24,015,213) (48,131,067)
Capital Stock Transactions (2,548,767) (989,129)
Net Increase/(Decrease) in Net Assets (27,065,945) 19,380,738
Net Assets, Beginning of Period 646,239,022 626,858,284
Net Assets, End of Period $619,173,077 $646,239,022
High Yield
Fund II
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $4,886,427 $4,942,828 $9,535,903
Net realized gains/(losses) on:
Investments 1,383,599 (149,174) 6,892,386
Futures contracts -- -- --
Foreign currency transactions -- -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments (6,978,027) 4,209,626 (1,159,062)
Futures contracts -- -- --
Net Change in Net Assets Resulting
From Operations (708,001) 9,003,280 15,269,227
Distributions to Shareholders
From net investment income (5,237,738) (5,153,432) (9,847,328)
From net realized gains -- -- --
Total Distributions to Shareholders (5,237,738) (5,153,432) (9,847,328)
Capital Stock Transactions (3,955,240) 163,613 13,020,493
Net Increase/(Decrease) in Net Assets (9,900,979) 4,013,461 18,442,392
Net Assets, Beginning of Period 149,046,743 145,033,282 126,590,890
Net Assets, End of Period $139,145,764 $149,046,743 $145,033,282
Municipal
Bond Fund
---------------------------------
For the periods ended 4/29/2005 10/31/2004
(unaudited)
- ---------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $27,554,421 $38,240,406
Net realized gains/(losses) on:
Investments 358,076 2,623,814
Futures contracts 501,473 (1,917,486)
Foreign currency transactions -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments (6,311,347) 54,200,778
Futures contracts 100,199 (602,136)
Net Change in Net Assets Resulting
From Operations 22,202,822 92,545,376
Distributions to Shareholders
From net investment income (27,856,301) (38,169,175)
From net realized gains -- (3,391,003)
Total Distributions to Shareholders (27,856,301) (41,560,178)
Capital Stock Transactions 315,746 583,808,626
Net Increase/(Decrease) in Net Assets (5,337,733) 634,793,824
Net Assets, Beginning of Period 1,303,276,052 668,482,228
Net Assets, End of Period $1,297,938,319 $1,303,276,052
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Statement of Changes in Net Assets - continued
Income
Fund
---------------------------------
For the periods ended 4/29/2005 10/31/2004
(unaudited)
- ---------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $12,681,232 $25,898,825
Net realized gains/(losses) on:
Investments 3,880,157 12,124,623
Written option contracts 137,296 21,701
Futures contracts 1,162,220 (3,338,468)
Change in net unrealized appreciation/
(depreciation) on:
Investments (13,483,136) (670,321)
Futures contracts (546,270) 941,051
Net Change in Net Assets Resulting
From Operations 3,831,499 34,977,411
Distributions to Shareholders
From net investment income (12,993,641) (25,789,927)
From net realized gains -- --
Distributions to Shareholders (12,993,641) (25,789,927)
Capital Stock Transactions (8,158,325) (43,759,117)
Net Increase/(Decrease) in Net Assets (17,320,467) (34,571,633)
Net Assets, Beginning of Period 629,611,942 664,183,575
Net Assets, End of Period $612,291,475 $629,611,942
Core Bond
Fund
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $9,188,169 $9,725,493 $20,621,761
Net realized gains/(losses) on:
Investments 848,196 (356,071) 10,761,715
Written option contracts 186,633 -- --
Futures contracts 1,740,212 -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments (9,018,394) 7,999,604 (16,685,506)
Futures contracts (466,158) -- --
Net Change in Net Assets Resulting
From Operations 2,478,658 17,369,026 14,697,970
Distributions to Shareholders
From net investment income (10,094,361) (10,815,460) (23,322,039)
From net realized gains -- (493,832) --
Distributions to Shareholders (10,094,361) (11,309,292) (23,322,039)
Capital Stock Transactions (6,833,381) (7,810,442) (51,820,503)
Net Increase/(Decrease) in Net Assets (14,449,084) (1,750,708) (60,444,572)
Net Assets, Beginning of Period 506,718,985 508,469,693 568,914,265
Net Assets, End of Period $492,269,901 $506,718,985 $508,469,693
Bond Index
Fund-I
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $515,109 $630,308 $1,798,365
Net realized gains/(losses) on:
Investments 45,097 (50,717) 2,235,197
Written option contracts -- -- --
Futures contracts -- -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments (426,214) 345,924 (2,921,884)
Futures contracts -- -- --
Net Change in Net Assets Resulting
From Operations 133,992 925,515 1,111,678
Distributions to Shareholders
From net investment income (595,790) (734,285) (2,237,415)
From net realized gains -- (35,615) (1,904,220)
Distributions to Shareholders (595,790) (769,900) (4,141,635)
Capital Stock Transactions (8,062,618) (13,323,305) (37,331,578)
Net Increase/(Decrease) in Net Assets (8,524,416) (13,167,690) (40,361,535)
Net Assets, Beginning of Period 27,489,173 40,656,863 81,018,398
Net Assets, End of Period $18,964,757 $27,489,173 $40,656,863
Limited Maturity
Bond Fund
--------------------------------
For the periods ended 4/29/2005 10/31/2004
(unaudited)
- ---------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $2,113,412 $3,350,998
Net realized gains/(losses) on:
Investments (547,262) 637,481
Written option contracts 26,739 (8,955)
Futures contracts 201,971 (396,237)
Change in net unrealized appreciation/
(depreciation) on:
Investments (1,565,427) (602,983)
Futures contracts (133,591) --
Net Change in Net Assets Resulting
From Operations 95,842 2,980,304
Distributions to Shareholders
From net investment income (2,124,363) (3,321,608)
From net realized gains (309,278) (1,091,859)
Distributions to Shareholders (2,433,641) (4,413,467)
Capital Stock Transactions 10,703,963 21,455,995
Net Increase/(Decrease) in Net Assets 8,366,164 20,022,832
Net Assets, Beginning of Period 131,337,560 111,314,728
Net Assets, End of Period $139,703,724 $131,337,560
Money Market Fund
-------------------------------------------------------
For the periods ended 4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -------------------------------------------------------------------------------------------------------------
Operations
Net investment income/(loss) $7,477,002 $2,376,657 $1,596,921
Net realized gains/(losses) on:
Investments -- -- --
Written option contracts -- -- --
Futures contracts -- -- --
Change in net unrealized appreciation/
(depreciation) on:
Investments -- -- --
Futures contracts -- -- --
Net Change in Net Assets Resulting
From Operations 7,477,002 2,376,657 1,596,921
Distributions to Shareholders
From net investment income (7,526,234) (2,327,425) (1,596,919)
From net realized gains -- -- --
Distributions to Shareholders (7,526,234) (2,327,425) (1,596,919)
Capital Stock Transactions (35,838,636) 556,713,345 (65,252,943)
Net Increase/(Decrease) in Net Assets (35,887,868) 556,762,577 (65,252,941)
Net Assets, Beginning of Period 935,372,779 378,610,202 443,863,143
Net Assets, End of Period $899,484,911 $935,372,779 $378,610,202
The accompanying notes to the financial statements are an integral part of this statement.
Thrivent Mutual Funds
Notes to Financial Statements
April 29, 2005 (unaudited)
(1) ORGANIZATION
The 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 Trust is divided into twenty-four separate series (the "Fund(s)"),
each with its own investment objective and policies. The Trust currently
consists of fifteen equity funds, eight fixed-income funds, and one money
market fund. The Trust commenced operations on July 16, 1987.
The U.S. Government Zero Coupon Target Fund, Series 2006 of the Trust is
presented under a separate semi-annual report.
Effective October 31, 2004, the Trust changed its year end from April 30
to October 31. The Trust offers three classes of shares: Class A, Class B
and Institutional Class. The three classes of shares differ principally in
their respective distribution expenses and arrangements. Class A shares
have a 0.25% annual 12b-1 fee (0.125% for the Money Market Fund) and a
maximum front-end sales load of 5.50% for equity funds and 4.50% for
fixed-income funds, excluding the Limited Maturity Bond Fund and the Money
Market Fund. Class B shares were offered at net asset value and a 1.00%
annual 12b-1 fee (0.25% for the Limited Maturity Bond Fund and 0.875% for
the Money Market Fund). In addition, Class B shares have a maximum
contingent deferred sales charge of 5.00%. The contingent deferred sales
charge declines by 1.00% per year through the fifth year. Class B shares
convert to Class A shares at the end of the fifth year. Institutional
Class shares are offered at net asset value and have no annual 12b-1 fees.
All three classes of shares 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. Effective October
16, 2004, the Trust no longer offers Class B shares for sale.
The following Funds have all three classes of shares: Technology Fund,
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, High Yield Fund II, Municipal Bond Fund, Income Fund, Core
Bond Fund, Limited Maturity Bond Fund and Money Market Fund. Small Cap
Index Fund, Mid Cap Index Fund and Large Cap Index Fund offer Class A
shares only. Mid Cap Index Fund-I, Large Cap Index Fund-I and Bond Index
Fund-I offer only Institutional Class shares.
At a meeting held on May 23, 2005, the Board of Trustees of Thrivent
Mutual Funds voted to liquidate the Thrivent Bond Index Fund-I, effective
August 31, 2005. The Fund will be closed to new investors after the close
of business on May 27, 2005. The Fund's investment adviser has agreed to
pay for all expenses related to the liquidation and to reimburse certain
expenses associated with operating the Fund to the extent necessary to
limit net fund operating expenses to 0.58% of the average daily net assets
of the Fund. Prior to the liquidation, shareholders may exchange their
shares of the Fund for Institutional Class shares of another series of
Thrivent Mutual Funds. In anticipation of the liquidation on August 31,
2005, the Fund may begin selling its assets several days prior to the
liquidation.
Under the Trust's organizational documents, its officers and trustees are
indemnified against certain liabilities arising out of the performance of
their duties to the Trust. In addition, in the normal course of business,
the Trust enters into contracts with vendors and others that provide
general damage clauses. The Trust's maximum exposure under these contracts
is unknown, as this would involve future claims that may be made against
the Trust. However, based on experience, the Trust expects the risk of
loss to be remote.
(2) SIGNIFICANT ACCOUNTING POLICIES
(A) Valuation of Investments -- Securities traded on U.S. or foreign
securities exchanges or included in a national market system are valued at
the official closing price at the close of each business day.
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. 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.
For all Funds other than the Money Market Fund, short-term securities with
maturities of 60 days or less are valued at amortized cost. Securities
held by the Money Market Fund are valued on the basis of amortized cost
(which approximates market value), whereby a portfolio security is valued
at its cost initially, and thereafter valued to reflect a constant
amortization to maturity of any discount or premium. The Money Market Fund
follows procedures necessary to maintain a constant net asset value of
$1.00 per share.
All securities for which market values are not readily available are
appraised at fair value as determined in good faith under the direction of
the Board of Trustees. As of April 29, 2005, six securities in the High
Yield Fund and three securities in the High Yield Fund II were valued at
fair value, which represents 0.05% and 0.00%, respectively, of each Fund's
net assets.
Fair valuation of international securities -- Because many foreign markets
close before the U.S. markets, events may occur between the close of the
foreign market and the close of the U.S. markets that could have a
material impact on the valuation of foreign securities. The Fund, under
the supervision of the Board of Trustees, evaluates the impacts of these
events and may adjust the valuation of foreign securities to reflect the
fair value as of the close of the U.S. markets. The Board of Trustees has
authorized the investment adviser to make fair valuation determinations
pursuant to policies approved by the Board of Trustees.
(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 dates 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.
For federal income tax purposes, the Trust treats 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 Contracts -- In connection with purchases and sales
of securities denominated in foreign currencies, all Funds except the
Money Market Fund may enter into forward currency 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. During the
period ended April 29, 2005, the Partner International Stock Fund engaged
in this type of investment.
(D) Foreign Denominated Investments -- Foreign denominated assets and
currency contracts may involve more risks than domestic transactions,
including currency risk, political and economic risk, regulatory risk, and
market risk. Certain Funds may also invest in securities of companies
located in emerging markets. Future economic or political developments
could adversely affect the liquidity or value, or both, of such
securities.
(E) Federal Income Taxes -- No provision has been made for income taxes
because the Funds' policy is to qualify as regulated investment companies
under the Internal Revenue Code and distribute substantially all taxable
income on a timely basis. It is also the intention of the Funds 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 required. 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 dividend paid deduction.
(F) Income and Expenses -- 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.
Dividend income is recorded on the ex-dividend date. For preferred stock
payment-in-kind securities, income is recorded on the ex-dividend date in
the amount of the value received.
(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.
(H) Distributions to Shareholders -- Dividend and capital gain
distributions are recorded on the ex-dividend date. With the exception of
the Money Market Fund, net realized gains from securities transactions, if
any, are paid at least annually after the close of the fiscal year.
Dividends from the High Yield, High Yield Fund II, Municipal Bond Fund,
Income Fund, Core Bond Fund, Bond Index Fund-I, Limited Maturity Bond Fund
and Money Market Fund are declared daily and paid monthly. Dividends from
the Money Market Fund also include any short-term net realized gains or
losses on the sale of securities. Dividends from the Balanced Fund are
declared and paid quarterly. Dividends from the following funds are
declared and paid annually: Technology Fund, Partner Small Cap Value Fund,
Small Cap Stock Fund, Small Cap Index Fund, Mid Cap Growth Fund, Mid Cap
Stock Fund, Mid Cap Index Fund, Mid Cap Index Fund-I, Partner
International Stock Fund, Large Cap Growth Fund, Large Cap Value Fund,
Large Cap Stock Fund, Large Cap Index Fund and Large Cap Index Fund-I.
(I) Options -- All Funds except the Money Market Fund may buy put and call
options and write 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. During the period ended April 29, 2005, the
Large Cap Growth, Balanced, Income, Core Bond, and Limited Maturity Bond
Funds engaged in this type of investment.
(J) Financial Futures Contracts -- Certain Funds may use futures contracts
to manage the exposure to interest rate and market 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 pledged to the broker. Additional
securities held by the Funds may be earmarked as collateral for open
futures contracts. The futures contract's daily change in value
("variation margin") is either paid to or received from the broker, and is
recorded as an unrealized gain or loss. When the contract is closed, the
realized gain or loss is recorded equal to the difference between the
value of the contract when opened and the value of the contract when
closed. During the period ended April 29, 2005, the Small Cap Index Fund,
Mid Cap Index Fund, Mid Cap Index Fund-I, Large Cap Index Fund, Large Cap
Index Fund-I, Balanced, Municipal Bond Fund, Income Fund, Core Bond and
Limited Maturity Bond Fund engaged in this type of investment.
(K) Mortgage Dollar Roll Transactions -- Certain of the Funds enter into
dollar roll transactions issued by GNMA, FNMA and FHLMC, in which the
Funds sell mortgage securities and simultaneously agree to repurchase
similar (same type, coupon and maturity) securities at a later date at an
agreed upon price. During the period between the sale and repurchase, the
Funds forgo principal and interest paid on the mortgage securities sold.
The Funds are compensated by the interest earned on the cash proceeds of
the initial sale and from negotiated fees paid by brokers offered as an
inducement to the Funds to "roll over" their purchase commitments. The
Balanced Fund, Income Fund, Core Bond Fund, Bond Index Fund-I and Limited
Maturity Bond Fund earned $325,527, $573,340, $1,189,258, $88,606 and
$242,012, respectively, from such fees for the period ended April 29,
2005.
(L) Securities Lending -- The Trust has entered into a Securities Lending
Agreement (the "Agreement") with State Street Bank and Trust Company
("State Street Bank"). The Agreement authorizes State Street Bank to lend
securities to authorized borrowers on behalf of the Funds. Pursuant to the
Agreement, all loaned securities are collateralized by cash, U.S.
Government securities, letters of credit and other types of collateral
that are equal to at least 102% of the value of the loaned securities,
plus any accrued interest. All cash collateral received is invested in the
Thrivent Financial Securities Lending Trust. As of April 29, 2005, all
Funds except the Municipal Bond Fund and the Money Market Fund had
securities on loan. The value of securities on loan is as follows:
Securities
Portfolio on Loan
- --------------------------------------------------------
Technology Fund $3,066,965
Partner Small Cap Value Fund 11,810,751
Small Cap Stock Fund 59,698,356
Small Cap Index Fund 7,594,521
Mid Cap Growth Fund 45,112,073
Mid Cap Stock Fund 111,549,106
Mid Cap Index Fund 6,344,419
Mid Cap Index Fund-I 1,329,157
Partner International Stock Fund 28,023,087
Large Cap Growth Fund 4,509,273
Large Cap Value Fund 12,392,439
Large Cap Stock Fund 108,630,313
Large Cap Index Fund 1,447,240
Large Cap Index Fund-I 230,827
Balanced Fund 43,775,111
High Yield Fund 77,786,215
High Yield Fund II 28,195,157
Income Fund 98,829,350
Core Bond Fund 88,661,245
Bond Index Fund-I 4,284,794
Limited Maturity Bond Fund 19,047,527
(M) When-Issued and Delayed Delivery Transactions -- The Funds may engage
in when-issued or delayed delivery transactions. To the extent that a Fund
engages in such transactions, it will do so for the purpose of acquiring
securities consistent with its investment objectives and policies and not
for the purpose of investment leverage or to speculate on interest rate
changes. To ensure there is no investment leverage, assets of the Fund are
earmarked on the trade date on the Fund's records in a dollar amount
sufficient to make payment for the securities to be purchased. Income is
not accrued until settlement date.
(N) Credit Risk -- The Funds may be susceptible to credit risk to the
extent an issuer defaults on its payment obligation. The Funds' policy is
to monitor the creditworthiness of issuers. Interest receivables on
defaulted securities are monitored for ability to collect payments in
default and are adjusted accordingly.
(O) Accounting Estimates -- The preparation of financial statements in
conformity with accounting principles generally accepted in the United
States of America require 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.
(P) Other -- For financial statement purposes, investment security
transactions are accounted for on the trade date. Realized gains and
losses from investment transactions are determined on a specific cost
identification basis, which is the same basis used for federal income tax
purposes.
(3) FEES AND COMPENSATION PAID TO AFFILIATES
(A) Investment Advisory Fees -- The Trust has entered into an Investment
Advisory Agreement with Thrivent Investment Management Inc. ("Thrivent
Investment Mgt."), ("the Adviser"). Thrivent Investment Mgt. is a wholly
owned subsidiary of Thrivent Financial for Lutherans (Thrivent Financial).
Under the Advisory Agreement, each of the Funds pays a fee for investment
advisory services. The fees are accrued daily and paid monthly. The annual
rates of fees as a percent of average daily net assets under the
investment advisory agreement were as follows:
(M - Millions) $0 to $50 to $100 to $200 to $250 to $500 to
Thrivent Funds $50M $100M $200M $250M $500M $750M
Technology Fund 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
Partner Small Cap
Value Fund 0.70% 0.70% 0.70% 0.70% 0.70% 0.70%
Small Cap Stock Fund 0.70% 0.70% 0.70% 0.65% 0.65% 0.65%
Small Cap Index Fund 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Mid Cap Growth Fund 0.45% 0.45% 0.40% 0.40% 0.35% 0.30%
Mid Cap Stock Fund 0.70% 0.70% 0.70% 0.65% 0.65% 0.65%
Mid Cap Index Fund 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Mid Cap Index Fund-I 0.25% 0.20% 0.20% 0.20% 0.20% 0.20%
Partner International
Stock Fund 0.65% 0.60% 0.60% 0.60% 0.60% 0.60%
(M - Millions) $750 to $1,000 to $2,000 to $2,500 to Over
Thrivent Funds $1,000M $2,000M $2,500M $5,000M $5,000M
Technology Fund 0.75% 0.75% 0.75% 0.75% 0.75%
Partner Small Cap
Value Fund 0.70% 0.70% 0.70% 0.70% 0.70%
Small Cap Stock Fund 0.65% 0.60% 0.60% 0.55% 0.525%
Small Cap Index Fund 0.25% 0.25% 0.25% 0.25% 0.25%
Mid Cap Growth Fund 0.30% 0.25% 0.25% 0.25% 0.25%
Mid Cap Stock Fund 0.65% 0.60% 0.60% 0.55% 0.525%
Mid Cap Index Fund 0.25% 0.25% 0.25% 0.25% 0.25%
Mid Cap Index Fund-I 0.20% 0.20% 0.20% 0.20% 0.20%
Partner International
Stock Fund 0.60% 0.60% 0.60% 0.60% 0.60%
Thrivent Mutual Funds
Notes to Financial Statements
As of April 29, 2005 (unaudited)
(3) FEES AND COMPENSATION PAID TO AFFILIATES -- continued
(M - Millions) $0 to $50 to $100 to $200 to $250 to $500 to
Thrivent Funds $50M $100M $200M $250M $500M $750M
Large Cap Growth Fund 0.75% 0.75% 0.75% 0.75% 0.75% 0.70%
Large Cap Value Fund 0.45% 0.45% 0.45% 0.45% 0.45% 0.45%
Large Cap Stock Fund 0.65% 0.65% 0.65% 0.65% 0.65% 0.575%
Large Cap Index Fund 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Large Cap Index Fund-I 0.25% 0.175% 0.175% 0.175% 0.175% 0.175%
Balanced Fund 0.55% 0.55% 0.55% 0.55% 0.55% 0.50%
High Yield Fund 0.40% 0.40% 0.40% 0.40% 0.40% 0.35%
High Yield Fund II 0.55% 0.55% 0.55% 0.55% 0.55% 0.55%
Municipal Bond Fund 0.45% 0.45% 0.45% 0.45% 0.45% 0.40%
Income Fund 0.35% 0.35% 0.35% 0.35% 0.35% 0.325%
Core Bond Fund 0.45% 0.45% 0.45% 0.45% 0.45% 0.40%
Bond Index Fund-I 0.25% 0.175% 0.175% 0.175% 0.175% 0.175%
Limited Maturity
Bond Fund 0.30% 0.30% 0.30% 0.30% 0.30% 0.275%
Money Market Fund 0.50% 0.50% 0.50% 0.50% 0.50% 0.40%
(M - Millions) $750 to $1,000 to $2,000 to $2,500 to Over
Thrivent Funds $1,000M $2,000M $2,500M $5,000M $5,000M
Large Cap Growth Fund 0.70% 0.65% 0.65% 0.60% 0.575%
Large Cap Value Fund 0.45% 0.45% 0.45% 0.45% 0.45%
Large Cap Stock Fund 0.575% 0.50% 0.475% 0.45% 0.425%
Large Cap Index Fund 0.25% 0.25% 0.25% 0.25% 0.25%
Large Cap Index Fund-I 0.175% 0.175% 0.175% 0.175% 0.175%
Balanced Fund 0.50% 0.475% 0.475% 0.45% 0.425%
High Yield Fund 0.35% 0.30% 0.30% 0.30% 0.30%
High Yield Fund II 0.55% 0.55% 0.55% 0.55% 0.55%
Municipal Bond Fund 0.40% 0.35% 0.35% 0.325% 0.30%
Income Fund 0.325% 0.30% 0.30% 0.30% 0.30%
Core Bond Fund 0.40% 0.375% 0.375% 0.35% 0.325%
Bond Index Fund-I 0.175% 0.175% 0.175% 0.175% 0.175%
Limited Maturity
Bond Fund 0.275% 0.25% 0.25% 0.25% 0.25%
Money Market Fund 0.35% 0.325% 0.325% 0.30% 0.275%
The Adviser has entered into a subadvisory agreement with T. Rowe Price
Associates, Inc. for performance of subadvisory services for the Partner
Small Cap Value Fund. The subadvisory fee, which is paid by the Adviser
from its advisory fee, is 0.60% of average daily net assets.
The Adviser has entered into a subadvisory agreement with Mercator Asset
Management, LP ("Mercator") and T. Rowe Price International, Inc. ("Price
International") for the performance of subadvisory services for the
Partner International Stock Fund. The fee payable is equal to 0.47% of
average daily net assets subadvised by Mercator. For assets subadvised by
Price International, the fee payable is equal to 0.75% of the first $20
million, 0.60% of the next $30 million, and 0.50% of the next $150 million
of average daily net assets, with the fee for all of the assets subadvised
by Price International 0.50% and 0.45% when assets exceed $200 million and
$500 million, respectively. For purposes of determining breakpoints for
the assets managed by Price International, assets managed by Price
International in the Partner International Stock Portfolio will be
included in determining average daily net assets.
As of April 29, 2005, the following voluntary expense reimbursements were
in effect: the Technology Fund, 0.50% and 1.00% of the average daily net
assets of Class A and Class B shares, respectively; the Partner Small Cap
Value Fund, 0.50% of the average daily net assets of Class A, Class B and
Institutional Class shares; Additionally, Class B share expenses were
voluntarily reimbursed to limit expenses to 2.75% of average daily net
assets for the Technology Fund and Partner International Stock Fund. These
voluntary expense reimbursements may be discontinued at any time.
As of April 29, 2005, the following contractual expense reimbursements
were in effect: the Small Cap Index Fund, an amount sufficient to limit
the net operating expenses to an annual rate of 0.95% of the average daily
net assets of the Fund; the Mid Cap Index Fund, an amount sufficient to
limit the net operating expenses to an annual rate of 0.90% of the average
daily net assets of the Fund; the Large Cap Index Fund, an amount
sufficient to limit the net operating expenses to an annual rate of 0.60%
of the average daily net assets of the Fund; the Large Cap Growth Fund,
0.80% of the average daily net assets of the Fund; the High Yield Fund II,
0.16% of the average daily net assets of the Fund; and the Money Market
Fund, 0.10% of the average daily net assets of the Fund. The expiration
dates for the above mentioned contractual expense reimbursements are as
follows; through at least February 28, 2006 for the Small Cap Index Fund,
the Mid Cap Index Fund and the Large Cap Index Fund; through at least
December 31, 2005 for the Large Cap Growth Fund, High Yield Fund II, and
the Money Market Fund. In addition, as of October 15, 2004 all Class B
shares net operating expenses are limited to the following percentage of
daily net assets of Class B shares: the Technology Fund, 3.34%; the
Partner Small Cap Value Fund, 2.63%; the Small Cap Stock Fund, 2.43%; the
Mid Cap Growth Fund, 2.31%; the Mid Cap Stock Fund, 2.39%; the Partner
International Stock Fund, 2.79%; the Large Cap Growth Fund, 2.55%; the
Large Cap Value Fund, 2.21%; the Large Cap Stock Fund, 2.24%; the Balanced
Fund, 2.06%; the High Yield Fund, 1.73%; the High Yield Fund II, 2.30%;
the Municipal Bond Fund, 1.50%; the Income Fund, 1.67%; the Core Bond
Fund, 1.95%; the Limited Maturity Bond Fund, 0.89%; and the Money Market
Fund, 1.95%. These reimbursements will be in effect as long as assets
remain in the B shares.
Each non-money market Fund may invest cash in the Money Market Fund,
subject to certain limitations. During the period ended April 29, 2005 all
funds with the exception of the Municipal Bond Fund invested in the 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 Investment Mgt. reimburses an amount
equal to the smaller of the amount of the advisory fee for that Fund or
the amount of the advisory fee which is charged to the Fund for its
investment in Thrivent Money Market Fund.
(B) Distribution Plan -- Thrivent Investment Mgt. is also the Trust's
distributor. The Trust has adopted a Distribution Plan ("the Plan")
pursuant to Rule 12b-1 under the Investment Company Act of 1940. Class A
shares have a Rule 12b-1 fee of 0.25% (0.125% for the Money Market Fund)
of average net assets. Class B Shares have a Rule 12b-1 fee of 1.0% (0.25%
for the Limited Maturity Bond Fund and 0.875% for the Money Market Fund)
of average net assets.
(C) Sales Charges and Other Fees -- For the period ended April 29, 2005,
Thrivent Investment Mgt. received $6,674,134 of aggregate underwriting
concessions from the sales of the Trust's Class A and B shares and
aggregate contingent deferred sales charges of $372,658 from redemptions
of Class A and Class B shares. Sales charges are not an expense of the
Trust and are not reflected in the financial statement of any of the
Funds.
The Trust has entered into an accounting services agreement with Thrivent
Financial pursuant to which Thrivent Financial provides certain accounting
personnel and services. For the period ended April 29, 2005, Thrivent
Financial received aggregate fees for accounting personnel and services of
$619,248 from the Trust.
The Trust has entered into an agreement with Thrivent Investment Mgt. to
provide certain administrative personnel and services to the Funds. For
the period ended April 29, 2005, Thrivent Investment Mgt. received
aggregate fees for administrative personnel and services of $1,118,834,
respectively, 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 period ended April 29, 2005, Thrivent
Investor Services received $9,946,251 for transfer agent services from the
Trust.
Each Trustee of the Funds who is not affiliated with Thrivent Financial or
the Adviser receives an annual fee of $80,000 from the Funds for services
as a Trustee of the Funds and Thrivent Financial Securities Lending Trust
and a Director of Thrivent Series Funds, Inc. In addition, the lead
independent Trustee and independent chairman each receive an additional
fee of $10,000. Each Trustee is eligible to participate in a deferred
compensation plan with respect to these fees. Participants in the plan may
designate their deferred Trustee's fees as if invested in any one of the
Funds. The value of each Trustee's deferred compensation account will
increase or decrease as if it were invested in shares of the selected
Funds. The deferred fees remain in the appropriate Fund until distribution
in accordance with the plan. The deferred fee liability is an unsecured
liability.
Those Trustees not participating in the above plan received $100,327 in
fees from the Trust for the period ended April 29, 2005. No remuneration
has been paid by the Trust to any of the officers or affiliated Trustees
of the Trust. In addition, the Trust reimbursed certain reasonable
expenses incurred in relation to attendance at the meetings.
Certain officers and non-independent trustees of the Funds are officers
and directors of Thrivent Investment Mgt. and Thrivent Investor Services;
however, they receive no compensation from the Funds.
(4) TAX INFORMATION
At October 31, 2004, the following Funds had accumulated net realized
capital loss carryovers expiring as follows:
Capital Loss Expiration
Fund Carryover Year
- ----------------------------------------------------------------------
Technology $570,441 2008
13,587,499 2009
13,695,973 2010
1,279,762 2011
1,471,537 2012
----------------
$30,605,212
================
Mid Cap Growth $7,668,327 2008
25,424,814 2009
23,350,675 2010
8,767,898 2011
----------------
$65,211,714
================
Mid Cap Stock $29,154,968 2010
================
Partner International Stock $23,741,354 2009
55,324,117 2010
----------------
$79,065,471
================
Large Cap Growth $22,494,191 2009
7,054,293 2010
----------------
$29,548,484
================
Large Cap Value $2,365,296 2009
12,618,744 2010
5,864,750 2011
----------------
$20,848,790
================
Large Cap Stock $17,288,380 2008
125,280,540 2009
45,072,180 2010
----------------
$187,641,100
================
Large Cap Index $419,732 2010
505,544 2011
----------------
$925,276
================
Large Cap Index - I $3,141,169 2010
1,730,425 2011
----------------
$4,871,594
================
High Yield $18,998,975 2007
15,133,980 2008
125,418,013 2009
223,628,596 2010
90,973,334 2011
11,792,481 2012
----------------
$485,945,379
================
High Yield II $38,563,635 2008
14,003,544 2009
12,668,032 2010
324,797 2012
----------------
$65,560,008
================
Municipal Bond $9,591,235 2007
328,490 2009
545,473 2012
----------------
$10,465,198
================
Income $12,085,418 2008
17,362,752 2010
----------------
$29,448,170
================
Core Bond $1,246,299 2012
================
Bond Index - I $203,398 2012
================
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 Mid Cap Growth Fund,
Partner International Stock Fund, Large Cap Growth Fund, Large Cap Value
Fund, and Large Cap Stock Fund, the following amounts were obtained as a
result of the reorganization with LB Opportunity Growth Fund, LB World
Growth Fund, LB Growth Fund, LB Value Fund, and LB Fund, respectively:
Capital Loss Expiration
Fund Carryover Year
- ----------------------------------------------------------------------
Mid Cap Growth $7,668,327 2008
25,424,814 2009
6,613,531 2010
----------------
$39,706,672
================
Partner International Stock $10,283,536 2009
8,815,509 2010
----------------
$19,099,045
================
Large Cap Growth $11,207,922 2009
4,875,278 2010
----------------
$16,083,200
================
Large Cap Value $2,365,296 2009
4,140,620 2010
----------------
$6,505,916
================
Large Cap Stock $17,288,380 2008
125,280,540 2009
45,072,180 2010
----------------
$187,641,100
================
Thrivent Mutual Funds
Notes to Financial Statements
As of April 29, 2005 (unaudited)
At April 29, 2005, the gross unrealized appreciation and depreciation of
investments were as follows:
Net Unrealized
Federal Unrealized Unrealized Appreciation
Fund Tax Cost Appreciation (Depreciation) (Depreciation)
- -------------------------------------------------------------------------------------------------------------
Technology $58,008,439 $3,969,049 $(11,788,716) $(7,819,667)
Partner Small Cap Value 104,263,290 8,074,127 (5,853,505) 2,220,622
Small Cap Stock 450,886,367 77,233,737 (18,175,336) 59,058,401
Small Cap Index 42,698,713 10,701,715 (3,058,536) 7,643,179
Mid Cap Growth 341,365,851 21,897,433 (16,881,215) 5,016,218
Mid Cap Stock 925,164,961 106,839,940 (32,245,646) 74,594,294
Mid Cap Index 55,816,067 10,836,025 (3,867,054) 6,968,971
Mid Cap Index - I 14,447,681 5,181,115 (968,478) 4,212,637
Partner International Stock 369,733,165 31,600,918 (7,044,543) 24,556,375
Large Cap Growth 141,891,735 6,034,203 (8,450,355) (2,416,152)
Large Cap Value 323,746,026 54,033,880 (10,366,674) 43,667,206
Large Cap Stock 3,052,360,989 724,998,742 (83,688,304) 641,310,438
Large Cap Index 93,763,367 8,162,204 (10,181,943) (2,019,739)
Large Cap Index - I 30,572,515 4,314,939 (4,154,827) 160,112
Balanced 471,798,370 16,640,610 (18,401,730) (1,761,120)
High Yield 693,390,087 26,048,566 (25,889,936) 158,630
High Yield II 166,442,568 3,398,940 (2,954,378) 444,562
Municipal Bond 1,172,433,022 113,827,353 (1,101,693) 112,725,660
Income 760,015,134 10,413,034 (5,058,209) 5,354,825
Core Bond 689,239,332 5,392,714 (3,661,368) 1,731,346
Bond Index - I 27,459,789 397,650 (109,067) 288,583
Limited Maturity Bond 183,579,444 677,369 (1,106,489) (429,120)
Money Market 912,796,165 -- -- --
(5) DISTRIBUTIONS BY CLASS
Distributions to shareholder, by class, for the period ended April 29,
2005 and year ended October 31, 2004 were as follows:
Net Investment Income
---------------------------------------------------------------------------------------------
April 29, 2005 October 31, 2004
------------------------------------------- --------------------------------------------
Institutional Institutional
Fund Class A Class B Class Class A Class B Class
- -------------------------------- ---------------------------------------------------------------------------------------------
Partner Small Cap Value Fund $60,956 $-- $60,758 $-- $-- $--
Small Cap Index Fund 69,683 -- -- -- -- --
Mid Cap Index Fund 108,546 -- -- 6,127 -- --
Mid Cap Index Fund-I -- -- 141,843 -- -- --
Partner International Stock Fund 52,742 -- 17,440 303,032 -- 140,697
Large Cap Growth Fund 41,063 -- 7,760 141,682 -- 32,456
Large Cap Value Fund 1,266,086 -- 146,510 476,584 33,419 83,660
Large Cap Stock Fund 21,399,610 -- 966,075 3,233,249 -- 156,199
Large Cap Index Fund 794,013 -- -- 188,833 -- --
Large Cap Index Fund-I -- -- 457,553 -- -- --
Balanced Fund 2,914,614 87,224 1,338,012 2,267,009 59,233 1,161,630
High Yield Fund 22,591,296 1,018,053 405,864 44,927,119 2,384,261 819,687
High Yield Fund II 4,918,350 164,181 155,207 4,825,734 180,843 146,855
Municipal Bond Fund 27,155,385 589,145 111,771 36,988,547 1,019,225 161,403
Income Fund 11,877,331 397,441 718,869 23,668,888 892,216 1,228,823
Thrivent Mutual Funds
Notes to Financial Statements
As of April 29, 2005 (unaudited)
(5) DISTRIBUTIONS BY CLASS -- continued
Net Investment Income
---------------------------------------------------------------------------------------------
April 29, 2005 October 31, 2004
------------------------------------------- --------------------------------------------
Institutional Institutional
Fund Class A Class B Class Class A Class B Class
- -------------------------------- ---------------------------------------------------------------------------------------------
Core Bond Fund $9,125,373 $193,415 $775,573 $9,763,845 $220,552 $831,063
Bond Index Fund-I -- -- 595,790 -- -- 734,285
Limited Maturity Bond Fund 1,924,162 31,874 168,327 2,809,251 118,669 393,688
Money Market Fund 5,017,229 16,453 2,492,552 1,569,788 4,887 752,750
Net Investment Income
-------------------------------------------
April 30, 2004
-------------------------------------------
Institutional
Fund Class A Class B Class
- -------------------------------- -------------------------------------------
Large Cap Stock Fund $10,195,390 $-- $624,423
Large Cap Index Fund 450,406 -- --
Balanced Fund 4,643,481 143,357 2,448,221
High Yield Fund II 9,192,442 384,178 270,708
Core Bond Fund 21,399,539 454,489 1,468,011
Money Market Fund 976,431 1,593 618,895
Net Realized Gains
---------------------------------------------------------------------------------------------
April 29, 2005 October 31, 2004
------------------------------------------- --------------------------------------------
Institutional Institutional
Fund Class A Class B Class Class A Class B Class
- -------------------------------- ---------------------------------------------------------------------------------------------
CorePartner Small Cap Value Fund $8,343,475 $713,424 $1,814,181 $1,273,313 $115,143 $260,592
Small Cap Stock Fund 20,078,791 1,326,981 550,449 21,984,118 1,544,318 611,735
Small Cap Index Fund 276,597 -- -- 1,238,820 -- --
Mid Cap Index Fund 213,705 -- -- -- -- --
Mid Cap Index Fund-I -- -- 571,863 -- -- 467,289
Large Cap Stock Fund -- -- -- 513,070,734 14,025,778 15,594,285
Balanced Fund 4,255,139 257,863 1,626,891 -- -- --
Municipal Bond Fund -- -- -- 3,259,485 118,588 12,930
Core Bond Fund -- -- -- 446,614 13,140 34,078
Bond Index Fund-I -- -- -- -- -- 35,615
Limited Maturity Bond 282,528 4,817 21,933 891,977 58,322 141,560
Net Realized Gains
-------------------------------------------
April 30, 2004
-------------------------------------------
Institutional
Fund Class A Class B Class
- -------------------------------- -------------------------------------------
Small Cap Index Fund $103,953 $12,335 $--
Thrivent Mutual Funds
Notes to Financial Statements
As of April 29, 2005 (unaudited)
(6) SECURITY TRANSACTIONS
(A) Purchases and Sales of Investment Securities -- For the period ended
April 29, 2005, 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
- -----------------------------------------------------------------------
Technology Fund $11,129 $10,960
Partner Small Cap Value Fund 42,990 26,519
Small Cap Stock Fund 228,450 233,267
Small Cap Index Fund 9,372 3,645
Mid Cap Growth Fund 249,265 265,020
Mid Cap Stock Fund 401,886 444,386
Mid Cap Index Fund 10,161 6,043
Mid Cap Index Fund-I 4,082 4,791
Partner International Stock Fund 72,527 56,320
Large Cap Growth Fund 94,561 68,974
Large Cap Value Fund 90,098 75,672
Large Cap Stock Fund 647,112 785,701
Large Cap Index Fund 17,319 4,835
Large Cap Index Fund-I 2,162 1,831
Balanced Fund 458,563 456,122
High Yield Fund 175,399 177,402
In thousands
----------------------------
Fund Purchases Sales
- -----------------------------------------------------------------------
High Yield Fund II $40,231 $43,754
Municipal Bond Fund 39,526 32,594
Income Fund 605,196 615,057
Core Bond Fund 875,221 894,153
Bond Index Fund-I 41,114 45,263
Limited Maturity Bond Fund 199,846 182,634
Purchases and sales of U.S. Government securities were:
In thousands
----------------------------
Fund Purchases Sales
- -----------------------------------------------------------------------
Large Cap Growth Fund $829 $1,205
Large Cap Value Fund 113 2,664
Large Cap Stock Fund 680 9,488
Large Cap Index Fund 155 --
Large Cap Index Fund-I 27 --
Balanced Fund 28,926 32,920
Income Fund 113,874 83,514
Core Bond Fund 114,246 91,610
Bond Index Fund-I 4,127 8,320
Limited Maturity Bond Fund 31,855 35,765
(B) Investments in Restricted Securities -- The High Yield Fund and High
Yield Fund II own restricted securities that 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. The aggregate value of restricted securities
was $6,874,950 and $500 at April 29, 2005, which represented 1.12% and
0.00% of the net assets of the High Yield Fund and High Yield Fund II,
respectively. The Funds have no right to require registration of
unregistered securities.
(C) Investments in High-Yielding Securities -- The High Yield Fund and the
High Yield Fund II invest primarily in high-yielding fixed-income
securities. Each of the other Funds except the Municipal Bond Fund and the
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 period
ended April 29, 2005, were as follows:
Large Cap Growth Fund
---------------------------------
Number of Premium
Contracts Amount
- -----------------------------------------------------------------------
Balance at October 31, 2004 14 $629
Opened 352 42,625
Closed (260) (30,696)
Expired (82) (10,114)
Exercised (22) (1,780)
-------------- ------------
Balance at April 29, 2005 2 $664
============== ============
Thrivent Mutual Funds
Notes to Financial Statements
As of April 29, 2005 (unaudited)
(6) SECURITY TRANSACTIONS -- continued
(E) Written Option Contracts -- continued
Balanced Fund
---------------------------------
Number of Premium
Contracts Amount
- -----------------------------------------------------------------------
Balance at October 31, 2004 -- $--
Opened 357 148,302
Closed (325) (138,382)
Expired (32) (9,920)
Exercised -- --
-------------- ------------
Balance at April 29, 2005 -- $--
============== ============
Income Fund
---------------------------------
Number of Premium
Contracts Amount
- -----------------------------------------------------------------------
Balance at October 31, 2004 -- $--
Opened 1,107 460,176
Closed (1,020) (433,206)
Expired (87) (26,970)
Exercised -- --
-------------- ------------
Balance at April 29, 2005 -- $--
============== ============
Core Bond Fund
---------------------------------
Number of Premium
Contracts Amount
- -----------------------------------------------------------------------
Balance at October 31, 2004 -- $--
Opened 1,344 558,828
Closed (1,234) (524,728)
Expired (110) (34,100)
Exercised -- --
-------------- ------------
Balance at April 29, 2005 -- $--
============== ============
Limited Maturity Bond Fund
---------------------------------
Number of Premium
Contracts Amount
- -----------------------------------------------------------------------
Balance at October 31, 2004 -- $ --
Opened 157 65,136
Closed (142) (60,486)
Expired (15) (4,650)
Exercised -- --
-------------- ------------
Balance at April 29, 2005 -- $--
============== ============
(7) INVESTMENTS 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 period ended April 29,
2005, in the Money Market Fund, is as follows:
Gross Gross Balance of Shares Dividend Income
Purchases and Sales and Held April 29, Value Period Ending
Additions Reductions 2005 April 29, 2005 April 29, 2005
- ------------------------------------------------------------------------------------------------------------------------------
Technology Fund $8,720,869 $8,329,647 2,117,112 $2,117,112 $19,114
Partner Small Cap Value Fund 13,008,133 15,816,348 1,132,135 1,132,135 26,732
Small Cap Stock Fund 40,560,296 40,241,429 21,223,378 21,223,378 200,813
Small Cap Index Fund 5,921,111 5,492,303 1,226,761 1,226,761 13,385
Mid Cap Growth Fund 56,828,634 59,167,095 9,479,298 9,479,298 90,888
Mid Cap Stock Fund 2,379,221 1,222,253 26,744,329 26,744,329 264,811
Mid Cap Index Fund 6,170,006 5,853,493 1,304,483 1,304,483 15,865
Mid Cap Index Fund-I 4,510,315 4,616,281 669,235 669,235 5,593
Partner International Stock Fund 14,991,111 13,294,533 5,896,219 5,896,219 40,307
Large Cap Growth Fund 18,727,146 18,667,496 2,016,091 2,016,091 28,666
Large Cap Value Fund 46,598,533 48,119,141 1,982,359 1,982,359 78,750
Large Cap Stock Fund 1,454,334 858,166 27,022,743 27,022,743 266,099
Large Cap Index Fund 11,774,073 12,082,285 1,947,688 1,947,688 27,516
Large Cap Index Fund-I 3,554,624 3,511,438 365,261 365,261 6,393
Balanced Fund 178,405 506,282 19,385,911 19,385,911 194,623
High Yield Fund 89,534,255 87,642,084 22,649,039 22,649,039 214,408
High Yield Fund II 22,110,913 23,235,659 4,706,024 4,706,024 42,751
Income Fund 12,273,553 12,138,990 27,012,707 27,012,707 261,257
Core Bond Fund 319,690 980,147 24,076,170 24,076,170 241,461
Bond Index Fund-I 1,417,851 1,705,437 911,460 911,460 11,467
Limited Maturity Bond Fund 1,152,344 -- 6,865,562 6,865,562 64,714
Thrivent Mutual Funds
Notes to Financial Statements
As of April 29, 2005 (unaudited)
A summary of transactions for the period ended April 29, 2005, in the
Thrivent Financial Securities Lending Trust, is as follows:
Gross Gross Balance of Shares
Purchases and Sales and Held April 29, Value
Additions Reductions 2005 April 29, 2005
- -----------------------------------------------------------------------------------------------------------
Technology Fund $10,601,559 $10,403,431 3,458,634 $3,458,634
Partner Small Cap Value Fund 32,165,893 29,869,196 13,716,823 13,716,823
Small Cap Stock Fund 250,887,307 249,572,075 69,042,370 69,042,370
Small Cap Index Fund 12,984,044 11,769,196 8,470,325 8,470,325
Mid Cap Growth Fund 140,678,037 122,462,710 51,267,517 51,267,517
Mid Cap Stock Fund 420,984,207 438,186,655 123,664,645 123,664,645
Mid Cap Index Fund 15,513,493 14,664,487 6,850,864 6,850,864
Mid Cap Index Fund-I 3,694,879 3,620,953 1,370,540 1,370,540
Partner International Stock Fund 130,374,732 98,131,111 80,222,710 80,222,710
Large Cap Growth Fund 20,437,556 16,927,082 5,164,608 5,164,608
Large Cap Value Fund 58,916,917 51,439,248 13,313,900 13,313,900
Large Cap Stock Fund 916,903,774 837,950,057 117,842,235 117,842,235
Large Cap Index Fund 6,242,364 5,290,557 1,773,570 1,773,570
Large Cap Index Fund-I 2,177,835 2,206,282 294,526 294,526
Balanced Fund 119,223,342 106,381,293 48,022,308 48,022,308
High Yield Fund 153,175,536 168,364,025 81,872,595 81,872,595
High Yield Fund II 56,217,414 51,473,232 29,495,345 29,495,345
Income Fund 219,651,998 235,479,829 102,226,320 102,226,320
Core Bond Fund 219,105,758 176,492,713 91,581,453 91,581,453
Bond Index Fund-I 15,779,999 18,333,970 4,439,911 4,439,911
Limited Maturity Bond Fund 79,855,748 77,816,871 19,991,350 19,991,350
(8) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trust to issue an unlimited number of
full and fractional shares of beneficial interest of all of the Funds.
Transactions in Fund shares were as follows:
Technology Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended April 30, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 4,806,864 $15,567,018 478,699 $1,515,638 15,237 $52,999
Dividends and distributions reinvested -- -- -- -- -- --
Redeemed (3,544,283) (11,544,431) (290,521) (892,403) (3,779) (13,549)
------------- ------------- ------------- ------------- ------------- -------------
Net change 1,262,581 $4,022,587 188,178 $623,235 11,458 $ 9,450
============= ============= ============= ============= ============= =============
Period Ended October 31, 2004
- ------------------------------
Sold 1,101,807 $3,480,815 122,735 $372,864 -- $--
Dividends and distributions reinvested -- -- -- -- -- --
Redeemed (1,107,219) (3,504,722) (111,412) (338,348) (2,434) (7,942)
------------- ------------- ------------- ------------- ------------- -------------
Net change (5,412) $(23,907) 11,323 $34,516 (2,434) $(7,942)
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 1,409,483 $4,745,872 14,263 $46,147 3,449 $12,581
Dividends and distributions reinvested -- -- -- -- -- --
Redeemed (1,350,449) (4,540,166) (108,556) (352,777) (20,822) (73,609)
------------- ------------- ------------- ------------- ------------- -------------
Net change 59,034 $205,706 (94,293) $(306,630) (17,373) $(61,028)
============= ============= ============= ============= ============= =============
Partner Small Cap Value Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended April 30, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 1,231,692 $15,453,286 133,641 $1,636,852 401,305 $4,993,888
Dividends and distributions reinvested -- -- -- -- -- --
Redeemed (472,176) (5,830,858) (22,832) (280,334) (62,832) (748,439)
------------- ------------- ------------- ------------- ------------- -------------
Net change 759,516 $9,622,428 110,809 $1,356,518 338,473 $4,245,449
============= ============= ============= ============= ============= =============
Period Ended October 31, 2004
- ------------------------------
Sold 742,406 $10,112,865 65,575 $871,219 195,176 $2,747,242
Dividends and distributions reinvested 90,752 1,266,898 8,403 114,535 18,210 260,592
Redeemed (259,660) (3,526,731) (115,284) (1,578,984) (48,458) (668,148)
------------- ------------- ------------- ------------- ------------- -------------
Net change 573,498 $7,853,032 (41,306) $(593,230) 164,928 $2,339,686
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 1,112,149 $15,329,854 20,408 $277,021 333,047 $4,757,986
Dividends and distributions reinvested 619,578 8,353,114 54,502 711,264 134,623 1,874,938
Redeemed (427,129) (5,796,100) (32,626) (433,122) (67,834) (954,521)
------------- ------------- ------------- ------------- ------------- -------------
Net change 1,304,598 $17,886,868 42,284 $555,163 399,836 $5,678,403
============= ============= ============= ============= ============= =============
Small Cap Stock Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended April 30, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 3,342,207 $50,108,302 342,789 $4,814,140 104,729 $1,652,803
Dividends and distributions reinvested -- -- -- -- -- --
Redeemed (3,279,853) (48,832,120) (621,536) (8,523,200) (29,772) (487,580)
------------- ------------- ------------- ------------- ------------- -------------
Net change 62,354 $1,276,182 (278,747) $(3,709,060) 74,957 $1,165,223
============= ============= ============= ============= ============= =============
Period Ended October 31, 2004
- ------------------------------
Sold 1,260,434 $19,945,439 126,878 $1,847,151 5,319 $88,882
Dividends and distributions reinvested 1,347,313 21,853,599 102,365 1,536,504 31,839 541,258
Redeemed (1,512,435) (23,934,542) (227,849) (3,338,952) (7,213) (123,060)
------------- ------------- ------------- ------------- ------------- -------------
Net change 1,095,312 $17,864,496 1,394 $44,703 29,945 $507,080
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 1,851,663 $31,369,678 31,346 $ 488,596 23,967 $434,108
Dividends and distributions reinvested 1,169,383 19,951,385 84,623 1,324,913 27,428 493,052
Redeemed (1,756,267) (29,797,276) (288,158) (4,498,552) (40,328) (720,694)
------------- ------------- ------------- ------------- ------------- -------------
Net change 1,264,779 $21,523,787 (172,189) $(2,685,043) 11,067 $206,466
============= ============= ============= ============= ============= =============
Small Cap Index Fund
----------------------------------------------------------
Class A Class B
---------------------------- ----------------------------
Year Ended April 30, 2004 Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- -------------
Sold 759,328 $8,765,026 125,231 $1,438,820
Dividends and distributions reinvested 8,435 102,742 1,040 12,300
Redeemed (264,570) (3,014,785) (13,264) (146,498)
------------- ------------- ------------- -------------
Net change 503,193 $5,852,983 113,007 $1,304,622
============= ============= ============= =============
Period Ended October 31, 2004
- ------------------------------
Sold 1,404,271 $17,285,116 (5,828) $(70,292)
Dividends and distributions reinvested 97,161 1,225,204 -- --
Redeemed (1,504,389) (18,810,175) (366,594) (4,286,987)
------------- ------------- ------------- -------------
Net change (2,957) $(299,855) (372,422) $(4,357,279)
============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 707,088 $9,512,663 -- $--
Dividends and distributions reinvested 25,107 342,605 -- --
Redeemed (243,675) (3,284,352) -- --
------------- ------------- ------------- -------------
Net change 488,520 $6,570,916 -- $--
============= ============= ============= =============
Mid Cap Growth Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended October 31, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 2,055,600 $24,128,164 571,582 $6,410,188 278,617 $3,428,236
Issued in connection with merger 10,611,233 129,278,193 892,327 10,310,007 41,441 528,975
Dividends and distributions reinvested -- -- -- -- -- --
Redeemed (2,161,125) (26,804,122) (889,797) (10,565,737) (128,402) (1,661,609)
------------- ------------- ------------- ------------- ------------- -------------
Net change 10,505,708 $126,602,235 574,112 $6,154,458 191,656 $2,295,602
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 1,567,778 $21,280,838 21,044 $264,798 32,050 $452,712
Dividends and distributions reinvested -- -- -- -- -- --
Redeemed (2,044,581) (27,671,385) (631,559) (8,081,502) (73,153) (1,025,976)
------------- ------------- ------------- ------------- ------------- -------------
Net change (476,803) $(6,390,547) (610,515) $(7,816,704) (41,103) $(573,264)
============= ============= ============= ============= ============= =============
Mid Cap Stock Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended April 30, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 4,574,691 $60,126,709 427,350 $5,204,771 375,149 $5,057,016
Dividends and distributions reinvested -- -- -- -- -- --
Redeemed (7,956,658) (103,176,578) (620,611) (7,370,345) (280,523) (3,823,823)
------------- ------------- ------------- ------------- ------------- -------------
Net change (3,381,967) $(43,049,869) (193,261) $(2,165,574) 94,626 $1,233,193
============= ============= ============= ============= ============= =============
Period Ended October 31, 2004
- ------------------------------
Sold 1,633,396 $23,020,155 145,769 $1,877,243 145,257 $2,131,966
Dividends and distributions reinvested -- -- -- -- -- --
Redeemed (3,311,971) (46,730,644) (231,560) (2,975,557) (161,084) (2,355,628)
------------- ------------- ------------- ------------- ------------- -------------
Net change (1,678,575) $(23,710,489) (85,791) $(1,098,314) (15,827) $(223,662)
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 2,271,746 $36,232,912 38,790 $557,522 187,974 $3,129,577
Dividends and distributions reinvested -- -- -- -- -- --
Redeemed (3,553,228) (56,623,447) (315,180) (4,589,208) (138,920) (2,297,057)
------------- ------------- ------------- ------------- ------------- -------------
Net change (1,281,482) $(20,390,535) (276,390) $(4,031,686) 49,054 $832,520
============= ============= ============= ============= ============= =============
Mid Cap Index Fund Mid Cap Index Fund-I
---------------------------------------------------------- ----------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended April 30, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 1,077,267 $11,716,850 163,505 $1,744,648 786,601 $8,854,724
Dividends and distributions reinvested -- -- -- -- 25,553 298,459
Redeemed (1,079,523) (10,697,111) (26,853) (282,042) (449,628) (5,201,164)
------------- ------------- ------------- ------------- ------------- -------------
Net change (2,256) $1,019,739 136,652 $1,462,606 362,526 $3,952,019
============= ============= ============= ============= ============= =============
Period Ended October 31, 2004
- ------------------------------
Sold 1,021,029 $11,631,612 289 $3,191 2,151,007 $25,620,513
Dividends and distributions reinvested 546 6,053 -- -- 36,279 433,175
Redeemed (225,256) (2,592,956) (487,318) (5,337,751) (3,419,569) (40,604,961)
------------- ------------- ------------- ------------- ------------- -------------
Net change 796,319 $9,044,709 (487,029) $(5,334,560) (1,232,283) $(14,551,273)
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 709,614 $9,016,011 -- $-- 254,341 $3,146,697
Dividends and distributions reinvested 24,918 319,435 -- -- 55,097 684,234
Redeemed (362,914) (4,615,498) -- -- (308,421) (3,837,917)
------------- ------------- ------------- ------------- ------------- -------------
Net change 371,618 $4,719,948 -- $-- 1,017 $(6,986)
============= ============= ============= ============= ============= =============
Partner International Stock Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended October 31, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 2,364,771 $21,071,170 313,189 $2,714,013 65,475 $623,973
Issued in connection with merger 19,027,683 152,596,813 971,614 7,660,968 434,570 3,134,815
Dividends and distributions reinvested 32,978 298,809 -- -- 14,909 140,291
Redeemed (1,782,300) (15,887,045) (427,424) (3,701,765) (275,228) (2,601,408)
------------- ------------- ------------- ------------- ------------- -------------
Net change 19,643,132 $158,079,747 857,379 $6,673,216 239,726 $1,297,671
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 4,026,221 $39,949,210 58,613 $561,404 268,268 $2,724,605
Dividends and distributions reinvested 5,166 52,042 -- -- 1,557 15,897
Redeemed (1,733,443) (17,089,383) (382,532) (3,684,673) (26,865) (271,065)
------------- ------------- ------------- ------------- ------------- -------------
Net change 2,297,944 $22,911,869 (323,919) $ (3,123,269) 242,960 $2,469,437
============= ============= ============= ============= ============= =============
Large Cap Growth Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended October 31, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 3,550,500 $21,959,403 553,914 $4,118,996 391,031 $ 4,562,413
Issued in connection with merger 13,812,952 36,025,360 2,809,120 3,733,228 1,442,515 3,114,548
Dividends and distributions reinvested 12,690 139,340 -- -- 2,580 29,721
Redeemed (1,191,736) (7,461,718) (231,562) (1,497,423) (208,611) (2,371,551)
------------- ------------- ------------- ------------- ------------- -------------
Net change 16,184,406 $50,662,385 3,131,472 $6,354,801 1,627,515 $5,335,131
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 7,798,762 $36,084,040 116,913 $515,880 46,182 $227,090
Dividends and distributions reinvested 8,450 40,643 -- -- 1,389 7,042
Redeemed (1,621,144) (7,505,232) (460,563) (2,039,137) (690,322) (3,402,426)
------------- ------------- ------------- ------------- ------------- -------------
Net change 6,186,068 $28,619,451 (343,650) $(1,523,257) (642,751) $(3,168,294)
============= ============= ============= ============= ============= =============
Large Cap Value Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended October 31, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 1,699,605 $22,129,671 265,199 $3,456,925 202,382 $2,611,219
Issued in connection with merger 19,232,539 214,351,706 620,825 6,447,542 1,147,248 12,769,293
Dividends and distributions reinvested 34,922 467,277 2,498 $33,179 653 8,762
Redeemed (1,183,749) (15,305,346) (155,690) (2,001,228) (92,416) (1,211,835)
------------- ------------- ------------- ------------- ------------- -------------
Net change 19,783,317 $221,643,308 732,832 $7,936,418 1,257,867 $14,177,439
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 2,315,555 $32,380,636 40,770 $563,844 677,710 $9,504,833
Dividends and distributions reinvested 86,768 1,230,371 -- -- 8,810 125,281
Redeemed (1,636,504) (22,876,164) (211,371) (2,928,478) (331,918) (4,726,726)
------------- ------------- ------------- ------------- ------------- -------------
Net change 765,819 $10,734,843 (170,601) $(2,364,634) 354,602 $4,903,388
============= ============= ============= ============= ============= =============
Large Cap Stock Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended April 30, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 6,751,343 $191,018,783 562,079 $15,122,456 633,557 $17,877,502
Dividends and distributions reinvested 359,246 10,051,966 -- -- 20,616 577,002
Redeemed (13,157,567) (370,317,835) (1,187,337) (31,754,804) (430,599) (12,332,453)
------------- ------------- ------------- ------------- ------------- -------------
Net change (6,046,978) $(169,247,086) (625,258) $(16,632,348) 223,574 $6,122,051
============= ============= ============= ============= ============= =============
Period Ended October 31, 2004
- ------------------------------
Sold 3,051,135 $78,745,630 287,566 $6,852,937 233,966 $5,999,754
Issued in connection with merger 31,412,345 729,068,165 2,655,938 57,377,788 1,215,070 28,316,042
Dividends and distributions reinvested 21,708,014 508,624,786 641,473 13,990,530 631,690 14,863,662
Redeemed (8,896,997) (224,972,207) (782,350) (18,324,778) (312,239) (7,928,296)
------------- ------------- ------------- ------------- ------------- -------------
Net change 47,274,497 $1,091,466,374 2,802,627 $59,896,477 1,768,487 $41,251,162
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 4,248,864 $106,827,911 27,228 $632,336 414,921 $10,526,805
Dividends and distributions reinvested 825,463 21,106,165 52 1,138 35,618 914,311
Redeemed (11,035,574) (277,327,079) (1,081,573) (25,381,985) (359,243) (9,086,640)
------------- ------------- ------------- ------------- ------------- -------------
Net change (5,961,247) $(149,393,003) (1,054,293) $(24,748,511) 91,296 $2,354,476
============= ============= ============= ============= ============= =============
Large Cap Index Large Cap Index Fund-I
---------------------------------------------------------- ----------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended April 30, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 1,392,569 $9,982,529 2,957,536 $21,872,449 454,015 $3,314,531
Dividends and distributions reinvested 66,171 498,930 58,659 445,806 -- --
Redeemed (7,488,824) (49,652,493) (707,716) (5,182,368) (144,682) (980,418)
------------- ------------- ------------- ------------- ------------- -------------
Net change (6,030,084) $(39,171,034) 2,308,479 $17,135,887 309,333 $2,334,113
============= ============= ============= ============= ============= =============
Period Ended October 31, 2004
- ------------------------------
Sold 3,656,440 $27,808,082 (106) $266 379,803 $2,892,903
Dividends and distributions reinvested 25,088 186,653 -- -- -- --
Redeemed (595,096) (4,545,027) (855,054) (6,293,202) (387,829) (2,953,200)
------------- ------------- ------------- ------------- ------------- -------------
Net change 3,086,432 $23,449,708 (855,160) $(6,292,936) (8,026) $(60,297)
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 2,242,165 $18,237,177 -- $-- 448,054 $3,642,064
Dividends and distributions reinvested 94,993 788,440 -- -- 54,311 446,979
Redeemed (796,012) (6,469,028) -- -- (418,421) (3,401,785)
------------- ------------- ------------- ------------- ------------- -------------
Net change 1,541,146 $12,556,589 -- $-- 83,944 $687,258
============= ============= ============= ============= ============= =============
Balanced Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended April 30, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 3,776,828 $43,526,295 463,346 $5,319,971 514,280 $5,834,784
Dividends and distributions reinvested 395,804 4,525,726 12,555 142,480 214,186 2,445,230
Redeemed (4,583,294) (52,689,198) (677,332) (7,751,445) (1,219,918) (14,074,212)
-------------------------------------------------------------------------------------------
Net change (410,662) $(4,637,177) (201,431) $(2,288,994) (491,452) $(5,794,198)
============= ============= ============= ============= ============= =============
Period Ended October 31, 2004
- ------------------------------
Sold 1,816,992 $21,021,555 161,973 $1,865,064 131,304 $1,518,211
Dividends and distributions reinvested 189,492 2,213,531 5,064 58,887 99,438 1,160,233
Redeemed (2,284,043) (26,471,724) (275,708) (3,172,804) (585,322) (6,751,213)
------------- ------------- ------------- ------------- ------------- -------------
Net change (277,559) $(3,236,638) (108,671) $(1,248,853) (354,580) $(4,072,769)
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 2,011,613 $24,153,478 9,517 $114,385 70,381 $845,875
Dividends and distributions reinvested 584,092 7,030,611 28,544 342,119 246,222 2,961,299
Redeemed (2,218,896) (26,630,373) (276,302) (3,302,602) (766,906) (9,207,916)
------------- ------------- ------------- ------------- ------------- -------------
Net change 376,809 $4,553,716 (238,241) $(2,846,098) (450,303) $(5,400,742)
============= ============= ============= ============= ============= =============
High Yield Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended October 31, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 12,967,036 $66,613,441 1,277,916 $6,562,757 193,689 $996,646
Dividends and distributions reinvested 6,162,299 31,656,410 346,863 1,781,502 87,153 447,945
Redeemed (18,317,905) (93,891,744) (2,462,908) (12,641,951) (491,310) (2,514,135)
------------- ------------- ------------- ------------- ------------- -------------
Net change 811,430 $4,378,107 (838,129) $(4,297,692) (210,468) $(1,069,544)
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 7,274,814 $38,024,311 57,192 $299,631 125,997 $658,689
Dividends and distributions reinvested 3,094,519 16,073,249 146,493 761,296 43,698 227,175
Redeemed (10,096,116) (52,614,793) (1,034,994) (5,414,779) (107,187) (563,546)
------------- ------------- ------------- ------------- ------------- -------------
Net change 273,217 $1,482,767 (831,309) $(4,353,852) 62,508 $322,318
============= ============= ============= ============= ============= =============
High Yield Fund II
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended April 30, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 5,669,568 $37,096,535 367,922 $2,408,588 90,909 $601,573
Dividends and distributions reinvested 944,456 6,171,574 37,212 243,215 30,328 198,104
Redeemed (4,676,650) (30,579,003) (417,293) (2,720,137) (60,672) (399,956)
------------- ------------- ------------- ------------- ------------- -------------
Net change 1,937,374 $12,689,106 (12,159) $(68,334) 60,565 $399,721
============= ============= ============= ============= ============= =============
Period Ended October 31, 2004
- ------------------------------
Sold 1,533,085 $9,966,887 91,413 $594,958 54,640 $364,301
Dividends and distributions reinvested 512,210 3,352,223 19,893 130,190 15,753 103,030
Redeemed (2,016,152) (13,123,612) (175,041) (1,138,997) (13,071) (85,367)
------------- ------------- ------------- ------------- ------------- -------------
Net change 29,143 $195,498 (63,735) $(413,849) 57,322 $381,964
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 1,028,470 $6,884,864 6,774 $45,231 43,398 $289,606
Dividends and distributions reinvested 519,276 3,450,924 18,224 121,185 16,553 109,909
Redeemed (1,972,009) (13,172,573) (179,882) (1,203,835) (71,363) (480,551)
------------- ------------- ------------- ------------- ------------- -------------
Net change (424,263) $(2,836,785) (154,884) $(1,037,419) (11,412) $(81,036)
============= ============= ============= ============= ============= =============
Municipal Bond Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended October 31, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 5,283,299 $52,498,243 373,718 $3,555,759 45,330 $469,448
Issued in connection with merger 40,830,245 593,690,801 594,393 11,997,514 186,112 2,600,492
Dividends and distributions reinvested 3,255,331 32,523,962 104,651 1,022,731 13,318 129,681
Redeemed (10,602,532) (106,080,699) (793,867) (7,713,169) (87,338) (886,137)
------------- ------------- ------------- ------------- ------------- -------------
Net change 38,766,343 $572,632,307 278,895 $8,862,835 157,422 $2,313,484
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 4,410,808 $50,713,004 10,458 $119,589 28,515 $326,387
Dividends and distributions reinvested 1,884,096 21,623,852 44,414 509,679 5,068 58,155
Redeemed (5,967,418) (68,535,330) (276,990) (3,182,914) (115,361) (1,316,676)
------------- ------------- ------------- ------------- ------------- -------------
Net change 327,486 $3,801,526 (222,118) $(2,553,646) (81,778) $(932,134)
============= ============= ============= ============= ============= =============
Income Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended October 31, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 3,887,866 $34,112,612 542,851 $4,763,702 1,157,800 $10,116,173
Dividends and distributions reinvested 2,169,580 19,032,301 90,647 793,369 108,872 954,061
Redeemed (10,849,302) (95,065,549) (1,234,123) (10,800,307) (874,855) (7,665,479)
------------- ------------- ------------- ------------- ------------- -------------
Net change (4,791,856) $(41,920,636) (600,625) $(5,243,236) 391,817 $3,404,755
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 2,534,366 $22,270,348 20,456 $180,354 597,516 $5,263,192
Dividends and distributions reinvested 1,097,584 9,623,666 40,698 356,052 67,617 592,221
Redeemed (4,673,487) (41,059,130) (409,537) (3,592,173) (203,657) (1,792,855)
------------- ------------- ------------- ------------- ------------- -------------
Net change (1,041,537) $(9,165,116) (348,383) $(3,055,767) 461,476 $4,062,558
============= ============= ============= ============= ============= =============
Core Bond Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended April 30, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 5,653,487 $58,308,498 383,777 $3,959,757 1,378,445 $14,193,753
Dividends and distributions reinvested 1,812,181 18,654,274 39,732 409,278 113,584 1,169,915
Redeemed (13,119,716) (135,051,219) (380,664) (3,925,602) (925,273) (9,539,157)
------------- ------------- ------------- ------------- ------------- -------------
Net change (5,654,048) $(58,088,447) 42,845 $443,433 566,756 $ 5,824,511
============= ============= ============= ============= ============= =============
Period Ended October 31, 2004
- ------------------------------
Sold 2,865,571 $29,002,899 113,437 $1,145,892 290,180 $2,925,806
Dividends and distributions reinvested 841,258 8,942,614 20,091 216,618 64,941 687,894
Redeemed (4,633,806) (46,858,735) (162,999) (1,648,832) (220,235) (2,224,598)
------------- ------------- ------------- ------------- ------------- -------------
Net change (926,977) $(8,913,222) (29,471) $(286,322) 134,886 $1,389,102
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 2,923,128 $29,714,803 13,944 $141,939 251,336 $2,557,395
Dividends and distributions reinvested 790,364 8,020,084 17,756 180,338 59,305 601,879
Redeemed (4,101,537) (41,683,507) (157,508) (1,600,347) (468,089) (4,765,965)
------------- ------------- ------------- ------------- ------------- -------------
Net change (388,045) $(3,948,620) (125,808) $(1,278,070) (157,448) $(1,606,691)
============= ============= ============= ============= ============= =============
Bond Index Fund-I
-----------------------------
Institutional Class
-----------------------------
Year Ended April 30, 2004 Shares Amount
- ------------------------------ ------------- -------------
Sold 288,268 $3,085,266
Dividends and distributions reinvested 343,233 3,576,837
Redeemed (3,999,283) (43,993,681)
------------- -------------
Net change (3,367,782) $(37,331,578)
============= =============
Period Ended October 31, 2004
- ------------------------------
Sold 92,888 $938,552
Dividends and distributions reinvested 66,095 667,845
Redeemed (1,496,977) (14,929,702)
------------- -------------
Net change (1,337,994) $(13,323,305)
============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 80,841 $816,560
Dividends and distributions reinvested 54,968 555,392
Redeemed (941,627) (9,434,570)
-----------------------------
Net change (805,818) $(8,062,618)
============= =============
Limited Maturity Bond Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended October 31, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 5,568,801 $72,051,989 47,393 $610,409 107,663 $1,399,167
Dividends and distributions reinvested 274,005 3,545,407 2,733 35,373 11,666 150,913
Redeemed (3,518,146) (45,476,073) (358,634) (4,579,334) (490,310) (6,281,856)
------------- ------------- ------------- ------------- ------------- -------------
Net change 2,324,660 $30,121,323 (308,508) $(3,933,552) (370,981) $(4,731,776)
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 2,860,083 $36,529,445 4,981 $62,516 55,508 $710,630
Dividends and distributions reinvested 165,645 2,112,464 1,392 17,748 5,943 75,781
Redeemed (1,969,083) (25,118,566) (12,028) (152,877) (278,569) (3,533,178)
------------- ------------- ------------- ------------- ------------- -------------
Net change 1,056,645 $13,523,343 (5,655) $(72,613) (217,118) $(2,746,767)
============= ============= ============= ============= ============= =============
Money Market Fund
----------------------------------------------------------------------------------------
Class A Class B Institutional Class
---------------------------- ---------------------------- ----------------------------
Year Ended April 30, 2004 Shares Amount Shares Amount Shares Amount
- ------------------------------ ------------- ------------- ------------- ------------- ------------- -------------
Sold 269,520,767 $269,520,767 1,422,984 $1,422,984 480,119,771 $480,119,771
Dividends and distributions reinvested 956,917 956,917 1,462 1,462 538,327 538,327
Redeemed (357,898,855) (357,898,855) (2,453,006) (2,453,006) (457,461,310) (457,461,310)
------------- ------------- ------------- ------------- ------------- -------------
Net change (87,421,171) $(87,421,171) (1,028,560) $(1,028,560) 23,196,788 $23,196,788
============= ============= ============= ============= ============= =============
Period Ended October 31, 2004
- ------------------------------
Sold 273,485,180 $273,485,177 1,426,695 $1,426,696 332,158,782 $332,158,782
Issued in connection with merger 450,318,699 450,318,699 853,031 853,031 6,797,312 6,797,312
Dividends and distributions reinvested 1,644,396 1,644,396 4,933 4,933 688,399 688,399
Redeemed (300,865,031) (300,865,031) (1,220,775) (1,220,775) (208,578,274) (208,578,274)
------------- ------------- ------------- ------------- ------------- -------------
Net change 424,583,244 $424,583,241 1,063,884 $1,063,885 131,066,219 $131,066,219
============= ============= ============= ============= ============= =============
Six Months Ended April 29, 2005 (unaudited)
- -------------------------------------------
Sold 387,734,513 $387,734,514 375,550 $375,549 414,045,950 $414,045,950
Dividends and distributions reinvested 4,936,765 4,936,763 16,079 16,079 2,349,403 2,349,403
Redeemed (427,480,348) (427,480,346) (1,013,243) (1,013,243) (416,803,305) (416,803,305)
------------- ------------- ------------- ------------- ------------- -------------
Net change (34,809,070) $(34,809,069) (621,614) $(621,615) (407,952) $(407,952)
============= ============= ============= ============= ============= =============
Thrivent Mutual Funds
Financial Highlights
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $3.28 $-- $(0.16) $(0.16)
Period Ended 10/31/2004(e) 3.20 (0.02) 0.10 0.08
Year Ended 4/30/2004 2.50 (0.03) 0.73 0.70
Year Ended 4/30/2003 3.15 (0.05) (0.60) (0.65)
Year Ended 4/30/2002 5.13 (0.06) (1.92) (1.98)
Period Ended 4/30/2001(f) 10.00 (0.05) (4.82) (4.87)
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 3.16 (0.01) (0.15) (0.16)
Period Ended 10/31/2004(e) 3.09 (0.03) 0.10 0.07
Year Ended 4/30/2004 2.43 (0.04) 0.70 0.66
Year Ended 4/30/2003 3.09 (0.06) (0.60) (0.66)
Year Ended 4/30/2002 5.10 (0.09) (1.92) (2.01)
Period Ended 4/30/2001(f) 10.00 (0.09) (4.81) (4.90)
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 3.42 0.01 (0.17) (0.16)
Period Ended 10/31/2004(e) 3.32 (0.01) 0.11 0.10
Year Ended 4/30/2004 2.59 (0.02) 0.75 0.73
Year Ended 4/30/2003 3.22 (0.02) (0.61) (0.63)
Year Ended 4/30/2002 5.19 (0.03) (1.94) (1.97)
Period Ended 4/30/2001(f) 10.00 (0.02) (4.79) (4.81)
- ---------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $-- $-- $-- $3.12
Period Ended 10/31/2004(e) -- -- -- 3.28
Year Ended 4/30/2004 -- -- -- 3.20
Year Ended 4/30/2003 -- -- -- 2.50
Year Ended 4/30/2002 -- -- -- 3.15
Period Ended 4/30/2001(f) -- -- -- 5.13
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- -- -- 3.00
Period Ended 10/31/2004(e) -- -- -- 3.16
Year Ended 4/30/2004 -- -- -- 3.09
Year Ended 4/30/2003 -- -- -- 2.43
Year Ended 4/30/2002 -- -- -- 3.09
Period Ended 4/30/2001(f) -- -- -- 5.10
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- -- -- 3.26
Period Ended 10/31/2004(e) -- -- -- 3.42
Year Ended 4/30/2004 -- -- -- 3.32
Year Ended 4/30/2003 -- -- -- 2.59
Year Ended 4/30/2002 -- -- -- 3.22
Period Ended 4/30/2001(f) -- -- -- 5.19
- ---------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (4.88)% $40.6 1.65% 0.08%
Period Ended 10/31/2004(e) 2.50% 42.5 1.70% (1.32)%
Year Ended 4/30/2004 28.00% 41.5 1.36% (1.02)%
Year Ended 4/30/2003 (20.63)% 29.3 2.39% (2.09)%
Year Ended 4/30/2002 (38.60)% 31.4 2.29% (2.05)%
Period Ended 4/30/2001(f) (48.70)% 27.8 2.40% (1.70)%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (5.06)% 3.5 2.23% (0.47)%
Period Ended 10/31/2004(e) 2.27% 4.0 2.32% (1.94)%
Year Ended 4/30/2004 27.16% 3.9 1.85% (1.51)%
Year Ended 4/30/2003 (21.36)% 2.6 3.50% (3.20)%
Year Ended 4/30/2002 (39.41)% 2.6 3.25% (3.01)%
Period Ended 4/30/2001(f) (49.00)% 2.6 3.40% (2.68)%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (4.68)% 2.8 0.94% 0.82%
Period Ended 10/31/2004(e) 3.01% 3.0 1.00% (0.62)%
Year Ended 4/30/2004 28.19% 2.9 1.00% (0.66)%
Year Ended 4/30/2003 (19.57)% 2.2 1.06% (0.76)%
Year Ended 4/30/2002 (37.96)% 7.9 1.10% (0.86)%
Period Ended 4/30/2001(f) (48.10)% 9.3 1.32% (0.59)%
- ---------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (d)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
TECHNOLOGY FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 2.17% (0.44)% 23%
Period Ended 10/31/2004(e) 2.22% (1.84)% 23%
Year Ended 4/30/2004 2.19% (1.85)% 67%
Year Ended 4/30/2003 2.75% (2.45)% 67%
Year Ended 4/30/2002 2.33% (2.09)% 57%
Period Ended 4/30/2001(f) 2.40% (1.71)% 44%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 3.28% (1.52)% 23%
Period Ended 10/31/2004(e) 3.34% (2.96)% 23%
Year Ended 4/30/2004 3.36% (3.02)% 67%
Year Ended 4/30/2003 4.12% (3.82)% 67%
Year Ended 4/30/2002 3.29% (3.05)% 57%
Period Ended 4/30/2001(f) 3.41% (2.69)% 44%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.96% 0.80% 23%
Period Ended 10/31/2004(e) 1.02% (0.64)% 23%
Year Ended 4/30/2004 1.02% (0.68)% 67%
Year Ended 4/30/2003 1.08% (0.78)% 67%
Year Ended 4/30/2002 1.14% (0.90)% 57%
Period Ended 4/30/2001(f) 1.33% (0.60)% 44%
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
----------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
PARTNER SMALL CAP VALUE FUND
- ----------------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 14.27 0.02 0.13 0.15
Period Ended 10/31/2004(e) 13.58 0.01 1.02 1.03
Year Ended 4/30/2004 9.33 (0.05) 4.30 4.25
Year Ended 4/30/2003 11.65 (0.07) (2.18) (2.25)
Period Ended 4/30/2002(g) 10.00 (0.05) 1.70 1.65
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 13.88 (0.03) 0.12 0.09
Period Ended 10/31/2004(e) 13.29 (0.06) 0.99 0.93
Year Ended 4/30/2004 9.21 (0.14) 4.22 4.08
Year Ended 4/30/2003 11.59 (0.12) (2.19) (2.31)
Period Ended 4/30/2002(g) 10.00 (0.11) 1.70 1.59
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 14.67 0.06 0.14 0.20
Period Ended 10/31/2004(e) 13.90 0.05 1.06 1.11
Year Ended 4/30/2004 9.47 0.03 4.40 4.43
Year Ended 4/30/2003 11.71 -- (2.17) (2.17)
Period Ended 4/30/2002(g) 10.00 (0.05) 1.76 1.71
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
-------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
PARTNER SMALL CAP VALUE FUND
- -----------------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.01) (1.85) (1.86) 12.56
Period Ended 10/31/2004(e) -- (0.34) (0.34) 14.27
Year Ended 4/30/2004 -- -- -- 13.58
Year Ended 4/30/2003 -- (0.07) (0.07) 9.33
Period Ended 4/30/2002(g) -- -- -- 11.65
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- (1.85) (1.85) 12.12
Period Ended 10/31/2004(e) -- (0.34) (0.34) 13.88
Year Ended 4/30/2004 -- -- -- 13.29
Year Ended 4/30/2003 -- (0.07) (0.07) 9.21
Period Ended 4/30/2002(g) -- -- -- 11.59
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.05) (1.85) (1.90) 12.97
Period Ended 10/31/2004(e) -- (0.34) (0.34) 14.67
Year Ended 4/30/2004 -- -- -- 13.90
Year Ended 4/30/2003 -- (0.07) (0.07) 9.47
Period Ended 4/30/2002(g) -- -- -- 11.71
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
PARTNER SMALL CAP VALUE FUND
- -----------------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.17% 70.4 1.08% 0.38%
Period Ended 10/31/2004(e) 7.60% 61.4 1.10% 0.61%
Year Ended 4/30/2004 45.55% 50.6 1.32% (0.46)%
Year Ended 4/30/2003 ( 19.38)% 27.7 1.86% (0.88)%
Period Ended 4/30/2002(g) 16.50% 22.3 2.12% (1.19)%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.39)% 5.2 2.08% (0.63)%
Period Ended 10/31/2004(e) 7.01% 5.4 2.10% (0.41)%
Year Ended 4/30/2004 44.30% 5.7 2.20% (1.33)%
Year Ended 4/30/2003 (20.00)% 2.9 2.71% (1.73)%
Period Ended 4/30/2002(g) 15.90% 2.3 2.86% (1.93)%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.52% 17.0 0.32% 1.17%
Period Ended 10/31/2004(e) 8.01% 13.3 0.40% 1.32%
Year Ended 4/30/2004 46.78% 10.3 0.52% 0.34%
Year Ended 4/30/2003 (18.59)% 3.8 0.87% 0.10%
Period Ended 4/30/2002(g) 17.10% 3.5 1.59% (0.66)%
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (d)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
PARTNER SMALL CAP VALUE FUND
- -----------------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.60% (0.14)% 30%
Period Ended 10/31/2004(e) 1.61% 0.10% 100%
Year Ended 4/30/2004 1.84% (0.98)% 80%
Year Ended 4/30/2003 2.05% (1.07)% 147%
Period Ended 4/30/2002(g) 2.16% (1.23)% 50%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 2.63% (1.18)% 30%
Period Ended 10/31/2004(e) 2.61% (0.92)% 100%
Year Ended 4/30/2004 2.73% (1.86)% 80%
Year Ended 4/30/2003 2.91% (1.93)% 147%
Period Ended 4/30/2002(g) 2.90% (1.97)% 50%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.84% 0.65% 30%
Period Ended 10/31/2004(e) 0.91% 0.81% 100%
Year Ended 4/30/2004 1.04% (0.18)% 80%
Year Ended 4/30/2003 1.07% (0.10)% 147%
Period Ended 4/30/2002(g) 1.63% (0.70)% 50%
(a) All per share amounts have been rounded to the nearest cent.
(b) 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) Total investment return assumes dividend reinvestment and does not
reflect any deduction for sales charges. Not annualized for periods less
than one year.
(d) Computed on an annualized basis for periods less than one year.
(e) For the period from May 1, 2004 to October 31, 2004.
(f) Since Fund inception, July 1, 2000.
(g) Since Fund inception, July 17, 2001.
The accompanying notes to the financial statements are an integral part of
this schedule.
CAPTION>
Thrivent Mutual Funds
Financial Highlights - continued
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
----------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
SMALL CAP STOCK FUND
- --------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $16.39 $(0.04) $0.47 $0.43
Period Ended 10/31/2004(e) 16.39 (0.04) 0.99 0.95
Year Ended 4/30/2004 11.55 (0.11) 4.95 4.84
Year Ended 4/30/2003 14.82 (0.09) (3.18) (3.27)
Year Ended 4/30/2002 13.39 (0.09) 1.60 1.51
Year Ended 4/30/2001 14.60 (0.06) 1.05 0.99
Year Ended 4/30/2000 10.89 (0.08) 3.79 3.71
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 15.11 (0.12) 0.45 0.33
Period Ended 10/31/2004(e) 15.26 (0.11) 0.91 0.80
Year Ended 4/30/2004 10.86 (0.26) 4.66 4.40
Year Ended 4/30/2003 14.08 (0.26) (2.96) (3.22)
Year Ended 4/30/2002 12.86 (0.24) 1.54 1.30
Year Ended 4/30/2001 14.24 (0.18) 1.00 0.82
Year Ended 4/30/2000 10.74 (0.19) 3.69 3.50
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 17.21 0.01 0.50 0.51
Period Ended 10/31/2004(e) 17.12 (0.02) 1.06 1.04
Year Ended 4/30/2004 11.98 (0.01) 5.15 5.14
Year Ended 4/30/2003 15.26 (0.06) (3.22) (3.28)
Year Ended 4/30/2002 13.71 (0.01) 1.64 1.63
Year Ended 4/30/2001 14.80 0.01 1.10 1.11
Year Ended 4/30/2000 10.95 0.01 3.84 3.85
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
SMALL CAP STOCK FUND
- --------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $-- $(0.82) $(0.82) $16.00
Period Ended 10/31/2004(e) -- (0.95) (0.95) 16.39
Year Ended 4/30/2004 -- -- -- 16.39
Year Ended 4/30/2003 -- -- -- 11.55
Year Ended 4/30/2002 -- (0.08) (0.08) 14.82
Year Ended 4/30/2001 -- (2.20) (2.20) 13.39
Year Ended 4/30/2000 -- -- -- 14.60
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- (0.82) (0.82) 14.62
Period Ended 10/31/2004(e) -- (0.95) (0.95) 15.11
Year Ended 4/30/2004 -- -- -- 15.26
Year Ended 4/30/2003 -- -- -- 10.86
Year Ended 4/30/2002 -- (0.08) (0.08) 14.08
Year Ended 4/30/2001 -- (2.20) (2.20) 12.86
Year Ended 4/30/2000 -- -- -- 14.24
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- (0.82) (0.82) 16.90
Period Ended 10/31/2004(e) -- (0.95) (0.95) 17.21
Year Ended 4/30/2004 -- -- -- 17.12
Year Ended 4/30/2003 -- -- -- 11.98
Year Ended 4/30/2002 -- (0.08) (0.08) 15.26
Year Ended 4/30/2001 -- (2.20) (2.20) 13.71
Year Ended 4/30/2000 -- -- -- 14.80
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
SMALL CAP STOCK FUND
- ---------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 2.36% $408.3 1.37% (0.51)%
Period Ended 10/31/2004(e) 5.88% 397.3 1.36% (0.49)%
Year Ended 4/30/2004 41.90% 379.5 1.38% (0.71)%
Year Ended 4/30/2003 (22.06)% 266.7 1.47% (0.78)%
Year Ended 4/30/2002 11.29% 344.3 1.36% (0.69)%
Year Ended 4/30/2001 7.77% 258.6 1.40% (0.54)%
Year Ended 4/30/2000 34.07% 191.3 1.53% (0.72)%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.88% 21.8 2.36% (1.50)%
Period Ended 10/31/2004(e) 5.31% 25.1 2.39% (1.52)%
Year Ended 4/30/2004 40.52% 25.3 2.42% (1.75)%
Year Ended 4/30/2003 (22.87)% 21.1 2.45% (1.75)%
Year Ended 4/30/2002 10.11% 33.8 2.39% (1.72)%
Year Ended 4/30/2001 6.72% 31.2 2.39% (1.52)%
Year Ended 4/30/2000 32.71% 24.6 2.56% (1.76)%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 2.72% 11.6 0.72% 0.13%
Period Ended 10/31/2004(e) 6.17% 11.6 0.73% (0.24)%
Year Ended 4/30/2004 42.90% 11.0 0.73% (0.06)%
Year Ended 4/30/2003 (21.49)% 6.8 0.73% (0.03)%
Year Ended 4/30/2002 11.90% 5.3 0.74% (0.07)%
Year Ended 4/30/2001 8.53% 3.8 0.78% 0.11%
Year Ended 4/30/2000 35.16% 1.0 0.72% 0.08%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (d)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
SMALL CAP STOCK FUND
- ---------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.39% (0.53)% 52%
Period Ended 10/31/2004(e) 1.37% (0.51)% 52%
Year Ended 4/30/2004 1.40% (0.73)% 1.06%
Year Ended 4/30/2003 1.49% (0.80)% 97%
Year Ended 4/30/2002 1.37% (0.70)% 59%
Year Ended 4/30/2001 1.41% (0.54)% 123%
Year Ended 4/30/2000 1.65% (0.85)% 147%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 2.40% (1.54)% 52%
Period Ended 10/31/2004(e) 2.41% (1.54)% 52%
Year Ended 4/30/2004 2.44% (1.77)% 106%
Year Ended 4/30/2003 2.47% (1.77)% 97%
Year Ended 4/30/2002 2.41% (1.74)% 59%
Year Ended 4/30/2001 2.40% (1.53)% 123%
Year Ended 4/30/2000 2.68% (1.88)% 147%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.74% 0.11% 52%
Period Ended 10/31/2004(e) 0.75% (0.26)% 52%
Year Ended 4/30/2004 0.75% (0.08)% 106%
Year Ended 4/30/2003 0.75% (0.05)% 97%
Year Ended 4/30/2002 0.75% (0.08)% 59%
Year Ended 4/30/2001 0.78% 0.10% 123%
Year Ended 4/30/2000 0.84% (0.04)% 147%
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
SMALL CAP INDEX FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 12.63 0.01 0.24 0.25
Period Ended 10/31/2004(e) 12.26 0.02 0.85 0.87
Year Ended 4/30/2004 8.89 (0.01) 3.42 3.41
Year Ended 4/30/2003 11.42 (0.04) (2.43) (2.47)
Year Ended 4/30/2002 10.03 (0.07) 1.52 1.45
Period Ended 4/30/2001(f) 10.00 (0.07) 0.21 0.14
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
SMALL CAP INDEX FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.02) (0.10) (0.12) 12.76
Period Ended 10/31/2004(e) -- (0.50) (0.50) 12.63
Year Ended 4/30/2004 -- (0.04) (0.04) 12.26
Year Ended 4/30/2003 -- (0.06) (0.06) 8.89
Year Ended 4/30/2002 -- (0.06) (0.06) 11.42
Period Ended 4/30/2001(f) -- (0.11) (0.11) 10.03
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
SMALL CAP INDEX FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.91% 42.0 0.95% 0.12%
Period Ended 10/31/2004(e) 7.11% 35.4 0.95% 0.43%
Year Ended 4/30/2004 38.37% 34.4 1.04% (0.13)%
Year Ended 4/30/2003 (21.69)% 20.5 1.35% (0.44)%
Year Ended 4/30/2002 14.53% 21.6 1.51% (0.77)%
Period Ended 4/30/2001(f) 1.43% 13.3 1.86% (1.03)%
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (d)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
SMALL CAP INDEX FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.26% (0.19)% 9%
Period Ended 10/31/2004(e) 1.37% 0.01% 17%
Year Ended 4/30/2004 1.25% (0.34)% 18%
Year Ended 4/30/2003 1.40% (0.49)% 18%
Year Ended 4/30/2002 1.51% (0.77)% 18%
Period Ended 4/30/2001(f) 1.86% (1.03)% 36%
(a) All per share amounts have been rounded to the nearest cent.
(b) 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) Total investment return assumes dividend reinvestment and does not
reflect any deduction for sales charges. Not annualized for periods less
than one year.
(d) Computed on an annualized basis for periods less than one year.
(e) For the period from May 1, 2004 to October 31, 2004.
(f) Since Fund inception, July 1, 2000.
The accompanying notes to the financial statements are an integral part of
this schedule.
Thrivent Mutual Funds
Financial Highlights - continued
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
MID CAP GROWTH FUND
- -------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $12.75 $(0.05) $0.25 $0.20
Year Ended 10/31/2004 12.35 (0.02) 0.42 0.40
Year Ended 10/31/2003 9.50 (0.15) 3.00 2.85
Year Ended 10/31/2002 11.43 (0.13) (1.80) (1.93)
Year Ended 10/31/2001 18.29 (0.11) (5.40) (5.51)
Year Ended 10/31/2000 12.93 (0.15) 5.98 5.83
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 12.05 (0.12) 0.25 0.13
Year Ended 10/31/2004 11.78 (0.19) 0.46 0.27
Year Ended 10/31/2003 9.13 (0.24) 2.89 2.65
Year Ended 10/31/2002 11.06 (0.13) (1.80) (1.93)
Year Ended 10/31/2001 17.87 (0.07) (5.39) (5.46)
Year Ended 10/31/2000 12.74 (0.14) 5.74 5.60
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 13.39 0.01 0.25 0.26
Year Ended 10/31/2004 12.87 (0.01) 0.53 0.52
Year Ended 10/31/2003 9.79 (0.04) 3.12 3.08
Year Ended 10/31/2002 11.66 (0.01) (1.86) (1.87)
Year Ended 10/31/2001 18.49 0.04 (5.52) (5.48)
Year Ended 10/31/2000 12.99 0.03 5.94 5.97
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
MID CAP GROWTH FUND
- -------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $-- $-- $-- $12.95
Year Ended 10/31/2004 -- -- -- 12.75
Year Ended 10/31/2003 -- -- -- 12.35
Year Ended 10/31/2002 -- -- -- 9.50
Year Ended 10/31/2001 -- (1.35) (1.35) 11.43
Year Ended 10/31/2000 -- (0.47) (0.47) 18.29
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- -- -- 12.18
Year Ended 10/31/2004 -- -- -- 12.05
Year Ended 10/31/2003 -- -- -- 11.78
Year Ended 10/31/2002 -- -- -- 9.13
Year Ended 10/31/2001 -- (1.35) (1.35) 11.06
Year Ended 10/31/2000 -- (0.47) (0.47) 17.87
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- -- -- 13.65
Year Ended 10/31/2004 -- -- -- 13.39
Year Ended 10/31/2003 -- -- -- 12.87
Year Ended 10/31/2002 -- -- -- 9.79
Year Ended 10/31/2001 -- (1.35) (1.35) 11.66
Year Ended 10/31/2000 -- (0.47) (0.47) 18.49
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
MID CAP GROWTH FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.57% $248.4 1.37% (0.78)%
Year Ended 10/31/2004 3.24% 250.7 1.36% (0.95)%
Year Ended 10/31/2003 29.86% 113.1 1.88% (1.51)%
Year Ended 10/31/2002 (16.80)% 86.2 1.54% (1.17)%
Year Ended 10/31/2001 (32.17)% 107.7 1.41% (0.73)%
Year Ended 10/31/2000 46.26% 140.7 1.56% (0.87)%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.00% 38.0 2.31% (1.73)%
Year Ended 10/31/2004 2.29% 45.0 2.32% (1.91)%
Year Ended 10/31/2003 29.03% 37.2 2.63% (2.27)%
Year Ended 10/31/2002 (17.45)% 31.1 2.29% (1.92)%
Year Ended 10/31/2001 (32.68)% 31.8 2.16% (1.48)%
Year Ended 10/31/2000 45.11% 36.4 2.31% (1.62)%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.94% 9.8 0.49% 0.10%
Year Ended 10/31/2004 4.04% 10.1 0.62% (0.21)%
Year Ended 10/31/2003 31.46% 7.3 0.74% (0.37)%
Year Ended 10/31/2002 (16.04)% 12.6 0.58% (0.21)%
Year Ended 10/31/2001 (31.62)% 7.7 0.64% 0.04%
Year Ended 10/31/2000 47.15% 4.4 0.93% (0.23)%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (d)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
MID CAP GROWTH FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.38% (0.79)% 82%
Year Ended 10/31/2004 1.36% (0.95)% 154%
Year Ended 10/31/2003 1.94% (1.57)% 76%
Year Ended 10/31/2002 1.89% (1.52)% 55%
Year Ended 10/31/2001 1.69% (1.01)% 137%
Year Ended 10/31/2000 1.56% (0.87)% 118%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 2.62% (2.04)% 82%
Year Ended 10/31/2004 2.31% (1.91)% 154%
Year Ended 10/31/2003 2.69% (2.33)% 76%
Year Ended 10/31/2002 2.64% (2.27)% 55%
Year Ended 10/31/2001 2.44% (1.76)% 137%
Year Ended 10/31/2000 2.31% (1.62)% 118%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.50% 0.09% 82%
Year Ended 10/31/2004 0.73% (0.32)% 154%
Year Ended 10/31/2003 0.95% (0.58)% 76%
Year Ended 10/31/2002 0.93% (0.56)% 55%
Year Ended 10/31/2001 0.92% (0.24)% 137%
Year Ended 10/31/2000 0.93% (0.23)% 118%
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
MID CAP STOCK FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 14.74 -- 0.81 0.81
Period Ended 10/31/2004(e) 13.96 (0.02) 0.80 0.78
Year Ended 4/30/2004 10.74 (0.05) 3.27 3.22
Year Ended 4/30/2003 13.01 (0.02) (2.25) (2.27)
Year Ended 4/30/2002 14.73 (0.03) (1.31) (1.34)
Year Ended 4/30/2001 16.73 -- 1.19 1.19
Year Ended 4/30/2000 13.89 -- 3.67 3.67
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 13.42 (0.09) 0.75 0.66
Period Ended 10/31/2004(e) 12.78 (0.09) 0.73 0.64
Year Ended 4/30/2004 9.95 (0.19) 3.02 2.83
Year Ended 4/30/2003 12.20 (0.18) (2.07) (2.25)
Year Ended 4/30/2002 14.00 (0.17) (1.25) (1.42)
Year Ended 4/30/2001 16.20 (0.12) 1.11 0.99
Year Ended 4/30/2000 13.64 (0.17) 3.56 3.39
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 15.30 0.04 0.85 0.89
Period Ended 10/31/2004(e) 14.46 0.02 0.82 0.84
Year Ended 4/30/2004 11.06 0.03 3.37 3.40
Year Ended 4/30/2003 13.31 0.05 (2.30) (2.25)
Year Ended 4/30/2002 14.98 0.03 (1.32) (1.29)
Year Ended 4/30/2001 16.89 0.07 1.21 1.28
Year Ended 4/30/2000 13.94 0.05 3.73 3.78
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
MID CAP STOCK FUND
- ------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- -- -- 15.55
Period Ended 10/31/2004(e) -- -- -- 14.74
Year Ended 4/30/2004 -- -- -- 13.96
Year Ended 4/30/2003 -- -- -- 10.74
Year Ended 4/30/2002 -- (0.38) (0.38) 13.01
Year Ended 4/30/2001 -- (3.19) (3.19) 14.73
Year Ended 4/30/2000 -- (0.83) (0.83) 16.73
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- -- -- 14.08
Period Ended 10/31/2004(e) -- -- -- 13.42
Year Ended 4/30/2004 -- -- -- 12.78
Year Ended 4/30/2003 -- -- -- 9.95
Year Ended 4/30/2002 -- (0.38) (0.38) 12.20
Year Ended 4/30/2001 -- (3.19) (3.19) 14.00
Year Ended 4/30/2000 -- (0.83) (0.83) 16.20
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- -- -- 16.19
Period Ended 10/31/2004(e) -- -- -- 15.30
Year Ended 4/30/2004 -- -- -- 14.46
Year Ended 4/30/2003 -- -- -- 11.06
Year Ended 4/30/2002 -- (0.38) (0.38) 13.31
Year Ended 4/30/2001 -- (3.19) (3.19) 14.98
Year Ended 4/30/2000 -- (0.83) (0.83) 16.89
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
MID CAP STOCK FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 5.50% 833.6 1.25% (0.06)%
Period Ended 10/31/2004(e) 5.59% 808.8 1.24% (0.30)%
Year Ended 4/30/2004 29.98% 789.9 1.26% (0.36)%
Year Ended 4/30/2003 (17.45)% 643.8 1.30% (0.18)%
Year Ended 4/30/2002 (9.36)% 836.5 1.22% (0.25)%
Year Ended 4/30/2001 7.26% 883.2 1.16% 0.02%
Year Ended 4/30/2000 27.29% 759.0 1.14% (0.02)%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 4.92% 24.4 2.31% (1.13)%
Period Ended 10/31/2004(e) 5.01% 27.0 2.35% (1.41)%
Year Ended 4/30/2004 28.44% 26.8 2.44% (1.55)%
Year Ended 4/30/2003 (18.44)% 22.8 2.50% (1.38)%
Year Ended 4/30/2002 (10.44)% 33.1 2.38% (1.41)%
Year Ended 4/30/2001 6.18% 36.4 2.19% (1.01)%
Year Ended 4/30/2000 25.71% 26.9 2.46% (1.33)%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 5.82% 32.4 0.70% 0.50%
Period Ended 10/31/2004(e) 5.81% 29.8 0.71% 0.23%
Year Ended 4/30/2004 30.74% 28.4 0.70% 0.20%
Year Ended 4/30/2003 (16.90)% 20.7 0.68% 0.44%
Year Ended 4/30/2002 (8.86)% 24.8 0.69% 0.28%
Year Ended 4/30/2001 7.68% 24.3 0.68% 0.50%
Year Ended 4/30/2000 28.00% 16.5 0.62% 0.51%
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (d)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
MID CAP STOCK FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.26% (0.07)% 46%
Period Ended 10/31/2004(e) 1.25% (0.31)% 46%
Year Ended 4/30/2004 1.27% (0.37)% 123%
Year Ended 4/30/2003 1.31% (0.19)% 48%
Year Ended 4/30/2002 1.23% (0.26)% 97%
Year Ended 4/30/2001 1.17% 0.01% 144%
Year Ended 4/30/2000 1.24% (0.12)% 142%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 2.36% (1.18)% 46%
Period Ended 10/31/2004(e) 2.36% (1.42)% 46%
Year Ended 4/30/2004 2.45% (1.56)% 123%
Year Ended 4/30/2003 2.51% (1.39)% 48%
Year Ended 4/30/2002 2.39% (1.42)% 97%
Year Ended 4/30/2001 2.20% (1.01)% 144%
Year Ended 4/30/2000 2.55% (1.43)% 142%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.71% 0.49% 46%
Period Ended 10/31/2004(e) 0.72% 0.22% 46%
Year Ended 4/30/2004 0.71% 0.19% 123%
Year Ended 4/30/2003 0.69% 0.43% 48%
Year Ended 4/30/2002 0.70% 0.27% 97%
Year Ended 4/30/2001 0.69% 0.50% 144%
Year Ended 4/30/2000 0.71% 0.41% 142%
(a) All per share amounts have been rounded to the nearest cent.
(b) 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) Total investment return assumes dividend reinvestment and does not
reflect any deduction for sales charges. Not annualized for
periods less than one year.
(d) Computed on an annualized basis for periods less than one year.
(e) For the period from May 1, 2004 to October 31, 2004.
The accompanying notes to the financial statements are an integral part of
this schedule.
Thrivent Mutual Funds
Financial Highlights - continued
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
MID CAP INDEX FUND
- ------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $11.86 $0.04 $0.58 $0.62
Period Ended 10/31/2004(e) 11.48 0.01 0.37 0.38
Year Ended 4/30/2004 8.65 0.01 2.82 2.83
Year Ended 4/30/2003 10.71 -- (1.97) (1.97)
Year Ended 4/30/2002 10.24 (0.03) 0.53 0.50
Period Ended 4/30/2001(f) 10.00 (0.04) 0.31 0.27
MID CAP INDEX FUND - I
- ----------------------
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 11.85 0.05 0.59 0.64
Period Ended 10/31/2004(e) 11.79 0.05 0.33 0.38
Year Ended 4/30/2004 8.91 0.07 2.93 3.00
Year Ended 4/30/2003 11.23 0.08 (2.07) (1.99)
Year Ended 4/30/2002 10.80 0.06 0.60 0.66
Year Ended 4/30/2001 10.90 0.08 0.57 0.65
Period Ended 4/30/2000(g) 10.00 0.03 0.87 0.90
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
MID CAP INDEX FUND
- ------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $(0.03) $(0.05) $(0.08) $12.40
Period Ended 10/31/2004(e) -- -- -- 11.86
Year Ended 4/30/2004 -- -- -- 11.48
Year Ended 4/30/2003 -- (0.09) (0.09) 8.65
Year Ended 4/30/2002 -- (0.03) (0.03) 10.71
Period Ended 4/30/2001(f) -- (0.03) (0.03) 10.24
MID CAP INDEX FUND - I
- ----------------------
Class I Shares
- --------------
Six Months Ended 4/29/2005 (Unaudited) (0.10) (0.39) (0.49) 12.00
Period Ended 10/31/2004(e) -- (0.32) (0.32) 11.85
Year Ended 4/30/2004 (0.06) (0.06) (0.12) 11.79
Year Ended 4/30/2003 (0.08) (0.25) (0.33) 8.91
Year Ended 4/30/2002 (0.07) (0.16) (0.23) 11.23
Year Ended 4/30/2001 (0.09) (0.66) (0.75) 10.80
Period Ended 4/30/2000(g) -- -- -- 10.90
- ----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
MID CAP INDEX FUND
- ------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 5.18% $56.1 0.89% 0.69%
Period Ended 10/31/2004(e) 3.33% 49.2 0.92% (0.10)%
Year Ended 4/30/2004 32.72% 38.5 1.12% 0.09%
Year Ended 4/30/2003 (18.36)% 29.0 1.21% (0.03)%
Year Ended 4/30/2002 4.94% 29.2 1.36% (0.31)%
Period Ended 4/30/2001(f) 2.73% 18.1 1.71% (0.58)%
MID CAP INDEX FUND - I
- ----------------------
Class I Shares
- --------------
Six Months Ended 4/29/2005 (Unaudited) 5.16% 17.5 0.81% 0.76%
Period Ended 10/31/2004(e) 3.22% 17.3 0.75% 0.46%
Year Ended 4/30/2004 33.71% 31.7 0.54% 0.68%
Year Ended 4/30/2003 (17.68)% 20.8 0.28% 0.89%
Year Ended 4/30/2002 6.23% 24.3 0.20% 0.84%
Year Ended 4/30/2001 6.13% 13.0 0.20% 0.90%
Period Ended 4/30/2000(g) 9.00% 8.9 0.20% 1.02%
- ----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (d)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
MID CAP INDEX FUND
- ------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.11% 0.47% 11%
Period Ended 10/31/2004(e) 1.23% (0.41)% 8%
Year Ended 4/30/2004 1.24% (0.03)% 30%
Year Ended 4/30/2003 1.21% (0.03)% 16%
Year Ended 4/30/2002 1.36% (0.31)% 15%
Period Ended 4/30/2001(f) 1.71% (0.58)% 31%
MID CAP INDEX FUND - I
Class I Shares
Six Months Ended 4/29/2005 (Unaudited) 0.82% 0.75% 24%
Period Ended 10/31/2004(e) 0.76% 0.45% 8%
Year Ended 4/30/2004 0.55% 0.67% 13%
Year Ended 4/30/2003 0.57% 0.60% 22%
Year Ended 4/30/2002 0.88% 0.16% 21%
Year Ended 4/30/2001 1.31% (0.21)% 54%
Period Ended 4/30/2000(g) 1.27% (0.05)% 25%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
Partner International Stock Fund
- --------------------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 9.10 0.04 0.58 0.62
Year Ended 10/31/2004 8.19 0.02 0.93 0.95
Year Ended 10/31/2003 6.84 (0.02) 1.37 1.35
Year Ended 10/31/2002 8.00 (0.03) (1.13) (1.16)
Year Ended 10/31/2001 12.08 (0.04) (3.06) (3.10)
Year Ended 10/31/2000 12.25 (0.08) 0.29 0.21
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 8.86 (0.02) 0.56 0.54
Year Ended 10/31/2004 8.00 (0.11) 0.97 0.86
Year Ended 10/31/2003 6.74 (0.08) 1.34 1.26
Year Ended 10/31/2002 7.94 (0.05) (1.15) (1.20)
Year Ended 10/31/2001 12.10 (0.05) (3.11) (3.16)
Year Ended 10/31/2000 12.36 (0.10) 0.23 0.13
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 9.23 0.08 0.57 0.65
Year Ended 10/31/2004 8.31 (0.02) 1.07 1.05
Year Ended 10/31/2003 6.85 0.09 1.37 1.46
Year Ended 10/31/2002 7.95 0.05 (1.15) (1.10)
Year Ended 10/31/2001 11.88 0.06 (3.04) (2.98)
Year Ended 10/31/2000 11.97 0.02 0.26 0.28
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
Partner International Stock Fund
- --------------------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- -- -- 9.72
Year Ended 10/31/2004 (0.04) -- (0.04) 9.10
Year Ended 10/31/2003 -- -- -- 8.19
Year Ended 10/31/2002 -- -- -- 6.84
Year Ended 10/31/2001 -- (0.98) (0.98) 8.00
Year Ended 10/31/2000 -- (0.38) (0.38) 12.08
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- -- -- 9.40
Year Ended 10/31/2004 -- -- -- 8.86
Year Ended 10/31/2003 -- -- -- 8.00
Year Ended 10/31/2002 -- -- -- 6.74
Year Ended 10/31/2001 -- (1.00) (1.00) 7.94
Year Ended 10/31/2000 -- (0.39) (0.39) 12.10
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.01) -- (0.01) 9.87
Year Ended 10/31/2004 (0.13) -- (0.13) 9.23
Year Ended 10/31/2003 -- -- -- 8.31
Year Ended 10/31/2002 -- -- -- 6.85
Year Ended 10/31/2001 -- (0.95) (0.95) 7.95
Year Ended 10/31/2000 -- (0.37) (0.37) 11.88
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
Partner International Stock Fund
- --------------------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 6.72% 282.5 1.48% 0.88%
Year Ended 10/31/2004 11.65% 243.7 1.70% 0.33%
Year Ended 10/31/2003 19.69% 59.8 2.46% (0.27)%
Year Ended 10/31/2002 (14.51)% 54.6 2.15% (0.39)%
Year Ended 10/31/2001 (27.80)% 72.6 1.93% (0.38)%
Year Ended 10/31/2000 1.78% 102.4 1.84% (0.56)%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 6.09% 17.6 2.71% (0.47)%
Year Ended 10/31/2004 10.72% 19.5 2.79% (0.76)%
Year Ended 10/31/2003 18.81% 10.8 3.21% (1.01)%
Year Ended 10/31/2002 (15.20)% 10.3 2.90% (1.14)%
Year Ended 10/31/2001 (28.27)% 10.8 2.68% (1.13)%
Year Ended 10/31/2000 0.97% 12.6 2.59% (1.31)%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 7.06% 16.4 0.75% 1.67%
Year Ended 10/31/2004 12.69% 13.1 1.08% 0.95%
Year Ended 10/31/2003 21.22% 10.3 1.24% 0.96%
Year Ended 10/31/2002 (13.76)% 13.2 1.16% 0.60%
Year Ended 10/31/2001 (27.16)% 15.1 1.12% 0.43%
Year Ended 10/31/2000 2.43% 15.8 1.22% 0.07%
- ----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (d)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
Partner International Stock Fund
- --------------------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.49% 0.89% 19%
Year Ended 10/31/2004 1.70% 0.33% 126%
Year Ended 10/31/2003 2.58% (0.39)% 27%
Year Ended 10/31/2002 2.38% (0.62)% 22%
Year Ended 10/31/2001 2.13% (0.58)% 30%
Year Ended 10/31/2000 N/A N/A 40%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 2.71% (0.47)% 19%
Year Ended 10/31/2004 2.79% (0.76)% 126%
Year Ended 10/31/2003 3.33% (1.13)% 27%
Year Ended 10/31/2002 3.23% (1.37)% 22%
Year Ended 10/31/2001 2.88% (1.33)% 30%
Year Ended 10/31/2000 N/A N/A 40%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.76% 1.66% 19%
Year Ended 10/31/2004 1.18% 0.85% 126%
Year Ended 10/31/2003 1.49% 0.71% 27%
Year Ended 10/31/2002 1.39% 0.37% 22%
Year Ended 10/31/2001 1.32% 0.23% 30%
Year Ended 10/31/2000 N/A N/A 40%
(a) All per share amounts have been rounded to the nearest cent.
(b) 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) Total investment return assumes dividend reinvestment and does not
reflect any deduction for sales charges. Not annualized for periods less
than one year.
(d) Computed on an annualized basis for periods less than one year.
(e) For the period from May 1, 2004 to October 31, 2004.
(f) Since Fund inception, July 1, 2000.
(g) Since Fund inception, December 31, 1999.
The accompanying notes to the financial statements are an integral part of
this schedule.
Thrivent Mutual Funds
Financial Highlights - continued
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP GROWTH FUND
- ---------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $4.45 $0.01 $0.01 $0.02
Year Ended 10/31/2004 4.30 0.06 0.11 0.17
Year Ended 10/31/2003 3.58 (0.02) 0.74 0.72
Year Ended 10/31/2002 4.54 -- (0.96) (0.96)
Year Ended 10/31/2001 7.44 (0.03) (2.87) (2.90)
Period Ended 10/31/2000(e) 6.60 (0.02) 0.86 0.84
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 4.25 (0.01) 0.01 --
Year Ended 10/31/2004 4.13 -- 0.12 0.12
Year Ended 10/31/2003 3.46 (0.04) 0.71 0.67
Year Ended 10/31/2002 4.43 (0.04) (0.93) (0.97)
Year Ended 10/31/2001 7.32 (0.03) (2.86) (2.89)
Period Ended 10/31/2000(e) 6.54 (0.06) 0.84 0.78
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 4.69 0.04 0.01 0.05
Year Ended 10/31/2004 4.51 0.08 0.13 0.21
Year Ended 10/31/2003 3.69 0.04 0.78 0.82
Year Ended 10/31/2002 4.63 (0.01) (0.93) (0.94)
Year Ended 10/31/2001 7.51 0.02 (2.90) (2.88)
Period Ended 10/31/2000(e) 6.61 0.02 0.88 0.90
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP GROWTH FUND
- ---------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $-- $-- $-- $4.47
Year Ended 10/31/2004 (0.02) -- (0.02) 4.45
Year Ended 10/31/2003 -- -- -- 4.30
Year Ended 10/31/2002 -- -- -- 3.58
Year Ended 10/31/2001 -- -- -- 4.54
Period Ended 10/31/2000(e) -- -- -- 7.44
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- -- -- 4.25
Year Ended 10/31/2004 -- -- -- 4.25
Year Ended 10/31/2003 -- -- -- 4.13
Year Ended 10/31/2002 -- -- -- 3.46
Year Ended 10/31/2001 -- -- -- 4.43
Period Ended 10/31/2000(e) -- -- -- 7.32
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.01) -- (0.01) 4.73
Year Ended 10/31/2004 (0.03) -- (0.03) 4.69
Year Ended 10/31/2003 -- -- -- 4.51
Year Ended 10/31/2002 -- -- -- 3.69
Year Ended 10/31/2001 -- -- -- 4.63
Period Ended 10/31/2000(e) -- -- -- 7.51
- ----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP GROWTH FUND
- ----------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.49% $111.7 0.97% 0.74%
Year Ended 10/31/2004 3.90% 83.6 0.51% 0.35%
Year Ended 10/31/2003 20.25% 28.0 1.40% (0.41)%
Year Ended 10/31/2002 (21.23)% 21.6 1.89% (1.02)%
Year Ended 10/31/2001 (39.01)% 24.8 1.47% (0.54)%
Period Ended 10/31/2000(e) 12.79% 27.7 1.30% (0.55)%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.23)% 16.2 2.18% (0.43)%
Year Ended 10/31/2004 2.84% 17.7 1.39% (0.53)%
Year Ended 10/31/2003 19.34% 10.6 2.15% (1.16)%
Year Ended 10/31/2002 (21.82)% 7.9 2.64% (1.77)%
Year Ended 10/31/2001 (39.47)% 7.3 2.22% (1.29)%
Period Ended 10/31/2000(e) 11.94% 6.8 2.05% (1.30)%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.97% 6.0 0.09% 1.56%
Year Ended 10/31/2004 4.65% 8.9 (0.26)% 1.12%
Year Ended 10/31/2003 22.02% 3.1 0.03% 0.96%
Year Ended 10/31/2002 (20.17)% 4.6 0.62% 0.24%
Year Ended 10/31/2001 (38.40)% 3.2 0.46% 0.47%
Period Ended 10/31/2000(e) 13.64% 4.9 0.56% 0.19%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (D)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP GROWTH FUND
- ---------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.78% (0.07)% 58%
Year Ended 10/31/2004 1.68% (0.82)% 100%
Year Ended 10/31/2003 2.56% (1.57)% 111%
Year Ended 10/31/2002 2.54% (1.67)% 59%
Year Ended 10/31/2001 2.11% (1.18)% 14%
Period Ended 10/31/2000(e) 1.93% (1.18)% 17%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 3.00% (1.25)% 58%
Year Ended 10/31/2004 2.60% (1.74)% 100%
Year Ended 10/31/2003 3.31% (2.32)% 111%
Year Ended 10/31/2002 3.29% (2.42)% 59%
Year Ended 10/31/2001 2.86% (1.93)% 14%
Period Ended 10/31/2000(e) 2.68% (1.93)% 17%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.90% 0.75% 58%
Year Ended 10/31/2004 0.90% (0.04)% 100%
Year Ended 10/31/2003 1.24% (0.25)% 111%
Year Ended 10/31/2002 1.27% (0.41)% 59%
Year Ended 10/31/2001 1.10% (0.17)% 14%
Period Ended 10/31/2000(e) 1.19% (0.44)% 17%
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP VALUE FUND
- --------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 13.15 0.09 0.66 0.75
Year Ended 10/31/2004 11.79 0.20 1.34 1.54
Year Ended 10/31/2003 10.07 0.08 1.69 1.77
Year Ended 10/31/2002 12.20 0.05 (2.13) (2.08)
Year Ended 10/31/2001 14.89 0.06 (2.71) (2.65)
Period Ended 10/31/2000(e) 13.69 0.02 1.18 1.20
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 13.03 0.02 0.65 0.67
Year Ended 10/31/2004 11.66 (0.02) 1.43 1.41
Year Ended 10/31/2003 9.98 (0.01) 1.69 1.68
Year Ended 10/31/2002 12.14 -- (2.16) (2.16)
Year Ended 10/31/2001 14.89 (0.01) (2.74) (2.75)
Period Ended 10/31/2000(e) 13.80 (0.05) 1.14 1.09
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 13.20 0.12 0.68 0.80
Year Ended 10/31/2004 11.92 0.34 1.28 1.62
Year Ended 10/31/2003 10.15 0.16 1.74 1.90
Year Ended 10/31/2002 12.28 0.11 (2.12) (2.01)
Year Ended 10/31/2001 14.93 0.15 (2.71) (2.56)
Period Ended 10/31/2000(e) 13.63 0.13 1.17 1.30
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP VALUE FUND
- --------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.06) -- (0.06) 13.84
Year Ended 10/31/2004 (0.18) -- (0.18) 13.15
Year Ended 10/31/2003 (0.05) -- (0.05) 11.79
Year Ended 10/31/2002 (0.05) -- (0.05) 10.07
Year Ended 10/31/2001 (0.04) -- (0.04) 12.20
Period Ended 10/31/2000(e) -- -- -- 14.89
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- -- -- 13.70
Year Ended 10/31/2004 (0.04) -- (0.04) 13.03
Year Ended 10/31/2003 -- -- -- 11.66
Year Ended 10/31/2002 -- -- -- 9.98
Year Ended 10/31/2001 -- -- -- 12.14
Period Ended 10/31/2000(e) -- -- -- 14.89
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.09) -- (0.09) 13.91
Year Ended 10/31/2004 (0.34) -- (0.34) 13.20
Year Ended 10/31/2003 (0.13) -- (0.13) 11.92
Year Ended 10/31/2002 (0.12) -- (0.12) 10.15
Year Ended 10/31/2001 (0.09) -- (0.09) 12.28
Period Ended 10/31/2000(e) -- -- -- 14.93
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP VALUE FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 5.67% 316.0 1.06% 1.31%
Year Ended 10/31/2004 13.12% 290.0 0.88% 1.05%
Year Ended 10/31/2003 17.72% 28.4 1.28% 0.71%
Year Ended 10/31/2002 (17.22)% 22.9 1.37% 0.48%
Year Ended 10/31/2001 (17.86)% 20.6 1.23% 0.44%
Period Ended 10/31/2000(e) 8.76% 15.1 1.30% 0.24%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 5.14% 17.9 2.21% 0.16%
Year Ended 10/31/2004 12.10% 19.3 1.70% 0.13%
Year Ended 10/31/2003 16.78% 9.1 2.03% (0.05)%
Year Ended 10/31/2002 (17.79)% 7.0 2.12% (0.27)%
Year Ended 10/31/2001 (18.47)% 5.3 1.98% (0.31)%
Period Ended 10/31/2000(e) 7.93% 3.7 2.05% (0.51)%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 6.03% 25.8 0.52% 1.87%
Year Ended 10/31/2004 13.71% 19.8 0.33% 0.80%
Year Ended 10/31/2003 18.99% 3.1 0.21% 1.77%
Year Ended 10/31/2002 (16.51)% 4.1 0.50% 1.35%
Year Ended 10/31/2001 (17.19)% 3.4 0.49% 1.18%
Period Ended 10/31/2000(e) 9.45% 3.8 0.65% 0.89%
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (d)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP VALUE FUND
- --------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.07% 1.30% 23%
Year Ended 10/31/2004 1.09% 0.84% 51%
Year Ended 10/31/2003 2.06% (0.07)% 64%
Year Ended 10/31/2002 2.02% (0.17)% 109%
Year Ended 10/31/2001 1.85% (0.18)% 35%
Period Ended 10/31/2000(e) 2.14% (0.60)% 26%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 2.31% 0.06% 23%
Year Ended 10/31/2004 1.09% (0.13)% 51%
Year Ended 10/31/2003 2.81% (0.83)% 64%
Year Ended 10/31/2002 2.77% (0.92)% 109%
Year Ended 10/31/2001 2.60% (0.93)% 35%
Period Ended 10/31/2000(e) 2.89% (1.35)% 26%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.53% 1.86% 23%
Year Ended 10/31/2004 0.30% 0.66% 51%
Year Ended 10/31/2003 1.09% 0.89% 64%
Year Ended 10/31/2002 1.15% 0.70% 109%
Year Ended 10/31/2001 1.11% 0.56% 35%
Period Ended 10/31/2000(e) 1.49% 0.05% 26%
(a) All per share amounts have been rounded to the nearest cent.
(b) 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) Total investment return assumes dividend reinvestment and does not
reflect any deduction for sales charges. Not annualized for periods less
than one year.
(d) Computed on an annualized basis for periods less than one year.
(e) Since Fund inception, October 29, 1999.
The accompanying notes to the financial statements are an integral part of
this schedule.
Thrivent Mutual Funds
Financial Highlights - continued
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP STOCK FUND
- --------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $23.93 $-- $0.70 $0.70
Period Ended 10/31/2004(e) 29.15 0.04 0.21 0.25
Year Ended 4/30/2004 25.39 0.11 3.75 3.86
Year Ended 4/30/2003 29.84 0.10 (4.48) (4.38)
Year Ended 4/30/2002 34.82 0.05 (4.86) (4.81)
Year Ended 4/30/2001 38.67 0.19 (1.74) (1.55)
Year Ended 4/30/2000 35.87 0.13 3.19 3.32
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 22.21 -- 0.56 0.56
Period Ended 10/31/2004(e) 27.55 (0.08) 0.18 0.10
Year Ended 4/30/2004 24.19 (0.23) 3.59 3.36
Year Ended 4/30/2003 28.67 (0.28) (4.20) (4.48)
Year Ended 4/30/2002 33.71 (0.27) (4.69) (4.96)
Year Ended 4/30/2001 37.71 (0.15) (1.71) (1.86)
Year Ended 4/30/2000 35.29 (0.22) 3.07 2.85
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 24.06 -- 0.77 0.77
Period Ended 10/31/2004(e) 29.24 0.07 0.24 0.31
Year Ended 4/30/2004 25.46 0.23 3.77 4.00
Year Ended 4/30/2003 29.90 0.21 (4.47) (4.26)
Year Ended 4/30/2002 34.88 0.18 (4.88) (4.70)
Year Ended 4/30/2001 38.72 0.33 (1.73) (1.40)
Year Ended 4/30/2000 35.89 0.27 3.20 3.47
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP STOCK FUND
- --------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $(0.15) $-- $(0.15) $24.48
Period Ended 10/31/2004(e) (0.03) (5.44) (5.47) 23.93
Year Ended 4/30/2004 (0.10) -- (0.10) 29.15
Year Ended 4/30/2003 (0.07) -- (0.07) 25.39
Year Ended 4/30/2002 (0.09) (0.08) (0.17) 29.84
Year Ended 4/30/2001 (0.16) (2.14) (2.30) 34.82
Year Ended 4/30/2000 (0.09) (0.43) (0.52) 38.67
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) -- -- -- 22.77
Period Ended 10/31/2004(e) -- (5.44) (5.44) 22.21
Year Ended 4/30/2004 -- -- -- 27.55
Year Ended 4/30/2003 -- -- -- 24.19
Year Ended 4/30/2002 -- (0.08) (0.08) 28.67
Year Ended 4/30/2001 -- (2.14) (2.14) 33.71
Year Ended 4/30/2000 -- (0.43) (0.43) 37.71
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.21) -- (0.21) 24.62
Period Ended 10/31/2004(e) (0.05) (5.44) (5.49) 24.06
Year Ended 4/30/2004 (0.22) -- (0.22) 29.24
Year Ended 4/30/2003 (0.18) -- (0.18) 25.46
Year Ended 4/30/2002 (0.20) (0.08) (0.28) 29.90
Year Ended 4/30/2001 (0.30) (2.14) (2.44) 34.88
Year Ended 4/30/2000 (0.21) (0.43) (0.64) 38.72
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP STOCK FUND
- --------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 2.90% $3,368.7 1.03% 1.36%
Period Ended 10/31/2004(e) 1.27% 3,435.1 1.02% 0.41%
Year Ended 4/30/2004 15.23% 2,807.4 1.01% 0.37%
Year Ended 4/30/2003 (14.66)% 2,598.2 1.02% 0.38%
Year Ended 4/30/2002 (13.86)% 3,385.5 0.95% 0.16%
Year Ended 4/30/2001 (4.19)% 3,912.5 0.91% 0.52%
Year Ended 4/30/2000 9.28% 4,115.1 0.90% 0.35%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 2.43% 102.0 1.89% 0.52%
Period Ended 10/31/2004(e) 0.72% 122.9 2.00% (0.57)%
Year Ended 4/30/2004 13.89% 75.3 2.17% (0.79)%
Year Ended 4/30/2003 (15.63)% 81.2 2.16% (0.75)%
Year Ended 4/30/2002 (14.73)% 126.4 1.97% (0.86)%
Year Ended 4/30/2001 (5.14)% 154.1 1.88% (0.44)%
Year Ended 4/30/2000 8.09% 148.6 1.95% (0.69)%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 3.15% 117.2 0.55% 1.84%
Period Ended 10/31/2004(e) 1.50% 112.3 0.57% 0.65%
Year Ended 4/30/2004 15.76% 84.9 0.57% 0.82%
Year Ended 4/30/2003 (14.24)% 68.2 0.55% 0.85%
Year Ended 4/30/2002 (13.53)% 65.9 0.55% 0.56%
Year Ended 4/30/2001 (3.82)% 91.8 0.54% 0.90%
Year Ended 4/30/2000 9.70% 82.8 0.52% 0.73%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (D)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP STOCK FUND
- --------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.03% 1.36% 18%
Period Ended 10/31/2004(e) 1.01% 0.41% 43%
Year Ended 4/30/2004 1.01% 0.37% 22%
Year Ended 4/30/2003 1.02% 0.38% 5%
Year Ended 4/30/2002 0.95% 0.16% 3%
Year Ended 4/30/2001 0.91% 0.52% 13%
Year Ended 4/30/2000 0.92% 0.33% 8%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 2.27% 0.14% 18%
Period Ended 10/31/2004(e) 2.22% (0.80)% 43%
Year Ended 4/30/2004 2.17% (0.79)% 22%
Year Ended 4/30/2003 2.16% (0.75)% 5%
Year Ended 4/30/2002 1.97% (0.86)% 3%
Year Ended 4/30/2001 1.88% (0.44)% 13%
Year Ended 4/30/2000 1.96% (0.71)% 8%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.55% 1.84% 18%
Period Ended 10/31/2004(e) 0.78% 0.65% 43%
Year Ended 4/30/2004 0.57% 0.82% 22%
Year Ended 4/30/2003 0.55% 0.85% 5%
Year Ended 4/30/2002 0.55% 0.56% 3%
Year Ended 4/30/2001 0.54% 0.90% 13%
Year Ended 4/30/2000 0.54% 0.72% 8%
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP INDEX FUND
- --------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 7.78 0.07 0.18 0.25
Period Ended 10/31/2004(e) 7.61 0.04 0.16 0.20
Year Ended 4/30/2004 6.30 0.08 1.31 1.39
Year Ended 4/30/2003 7.32 0.05 (1.05) (1.00)
Year Ended 4/30/2002 8.49 -- (1.17) (1.17)
Period Ended 4/30/2001(f) 10.00 (0.01) (1.50) (1.51)
LARGE CAP INDEX FUND - I
- -------------------------
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 7.76 0.08 0.17 0.25
Period Ended 10/31/2004(e) 7.55 0.05 0.16 0.21
Year Ended 4/30/2004 6.31 0.15 1.24 1.39
Year Ended 4/30/2003 7.38 0.08 (1.07) (0.99)
Year Ended 4/30/2002 8.56 0.05 (1.18) (1.13)
Year Ended 4/30/2001 9.95 0.09 (1.40) (1.31)
Period Ended 4/30/2000(g) 10.00 0.02 (0.07) (0.05)
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP INDEX FUND
- --------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.08) -- (0.08) 7.95
Period Ended 10/31/2004(e) (0.03) -- (0.03) 7.78
Year Ended 4/30/2004 (0.08) -- (0.08) 7.61
Year Ended 4/30/2003 (0.02) -- (0.02) 6.30
Year Ended 4/30/2002 -- -- -- 7.32
Period Ended 4/30/2001(f) -- -- -- 8.49
LARGE CAP INDEX FUND - I
- ------------------------
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.12) -- (0.12) 7.89
Period Ended 10/31/2004(e) -- -- -- 7.76
Year Ended 4/30/2004 (0.15) -- (0.15) 7.55
Year Ended 4/30/2003 (0.08) -- (0.08) 6.31
Year Ended 4/30/2002 (0.05) -- (0.05) 7.38
Year Ended 4/30/2001 (0.08) -- (0.08) 8.56
Period Ended 4/30/2000(g) -- -- -- 9.95
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP INDEX FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 3.14% 90.2 0.60% 1.80%
Period Ended 10/31/2004(e) 2.62% 76.3 0.57% 0.64%
Year Ended 4/30/2004 22.09% 51.2 0.41% 1.28%
Year Ended 4/30/2003 (13.58)% 27.8 0.93% 0.86%
Year Ended 4/30/2002 (13.78)% 30.2 1.29% 0.08%
Period Ended 4/30/2001(f) (15.10)% 21.1 1.46% (0.20)%
LARGE CAP INDEX FUND - I
- ------------------------
Class I Shares
- --------------
Six Months Ended 4/29/2005 (Unaudited) 3.16% 30.6 0.56% 1.89%
Period Ended 10/31/2004(e) 2.78% 29.4 0.54% 1.19%
Year Ended 4/30/2004 22.00% 28.7 0.54% 1.21%
Year Ended 4/30/2003 (13.36)% 62.1 0.24% 1.55%
Year Ended 4/30/2002 (13.22)% 63.0 0.20% 1.17%
Year Ended 4/30/2001 (13.18)% 26.6 0.20% 0.97%
Period Ended 4/30/2000(g) (0.50)% 27.6 0.20% 1.21%
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (d)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP INDEX FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.96% 1.44% 6%
Period Ended 10/31/2004(e) 1.08% 0.13% 5%
Year Ended 4/30/2004 1.17% 0.52% 6%
Year Ended 4/30/2003 1.18% 0.61% 16%
Year Ended 4/30/2002 1.29% 0.08% 4%
Period Ended 4/30/2001(f) 1.46% (0.20)% 9%
LARGE CAP INDEX FUND - I
- ------------------------
Class I Shares
- --------------
Six Months Ended 4/29/2005 (Unaudited) 0.56% 1.89% 6%
Period Ended 10/31/2004(e) 0.54% 1.18% 4%
Year Ended 4/30/2004 0.55% 1.20% 27%
Year Ended 4/30/2003 0.36% 1.43% 23%
Year Ended 4/30/2002 0.49% 0.88% 3%
Year Ended 4/30/2001 0.69% 0.49% 9%
Period Ended 4/30/2000(g) 0.93% 0.49% 2%
(a) All per share amounts have been rounded to the nearest cent.
(b) 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) Total investment return assumes dividend reinvestment and does not
reflect any deduction for sales charges. Not annualized for periods less
than one year.
(d) Computed on an annualized basis for periods less than one year.
(e) For the period from May 1, 2004 to October 31, 2004.
(f) Since Fund inception, July 1, 2000.
(g) Since Fund inception, December 31, 1999.
The accompanying notes to the financial statements are an integral part of
this schedule.
Thrivent Mutual Funds
Financial Highlights - continued
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
BALANCED FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $11.81 $0.11 $(0.03) $0.08
Period Ended 10/31/2004(f) 11.65 0.09 0.17 0.26
Year Ended 4/30/2004 10.75 0.17 0.92 1.09
Year Ended 4/30/2003 11.52 0.19 (0.76) (0.57)
Year Ended 4/30/2002 12.41 0.26 (0.88) (0.62)
Year Ended 4/30/2001 12.41 0.38 -- 0.38
Year Ended 4/30/2000 12.15 0.32 0.25 0.57
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 11.76 0.06 (0.04) 0.02
Period Ended 10/31/2004(f) 11.60 0.03 0.17 0.20
Year Ended 4/30/2004 10.70 0.06 0.92 0.98
Year Ended 4/30/2003 11.47 0.11 (0.76) (0.65)
Year Ended 4/30/2002 12.35 0.15 (0.87) (0.72)
Year Ended 4/30/2001 12.35 0.26 -- 0.26
Year Ended 4/30/2000 12.10 0.21 0.24 0.45
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 11.80 0.14 (0.03) 0.11
Period Ended 10/31/2004(f) 11.64 0.12 0.17 0.29
Year Ended 4/30/2004 10.74 0.22 0.93 1.15
Year Ended 4/30/2003 11.51 0.21 (0.73) (0.52)
Year Ended 4/30/2002 12.39 0.30 (0.86) (0.56)
Year Ended 4/30/2001 12.40 0.42 -- 0.42
Year Ended 4/30/2000 12.13 0.39 0.25 0.64
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
BALANCED FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $(0.12) $(0.18) $(0.30) $11.59
Period Ended 10/31/2004(f) (0.10) -- (0.10) 11.81
Year Ended 4/30/2004 (0.19) -- (0.19) 11.65
Year Ended 4/30/2003 (0.20) -- (0.20) 10.75
Year Ended 4/30/2002 (0.27) -- (0.27) 11.52
Year Ended 4/30/2001 (0.38) -- (0.38) 12.41
Year Ended 4/30/2000 (0.31) -- (0.31) 12.41
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.06) (0.18) (0.24) 11.54
Period Ended 10/31/2004(f) (0.04) -- (0.04) 11.76
Year Ended 4/30/2004 (0.08) -- (0.08) 11.60
Year Ended 4/30/2003 (0.12) -- (0.12) 10.70
Year Ended 4/30/2002 (0.16) -- (0.16) 11.47
Year Ended 4/30/2001 (0.26) -- (0.26) 12.35
Year Ended 4/30/2000 (0.20) -- (0.20) 12.35
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.15) (0.18) (0.33) 11.58
Period Ended 10/31/2004(f) (0.13) -- (0.13) 11.80
Year Ended 4/30/2004 (0.25) -- (0.25) 11.64
Year Ended 4/30/2003 (0.25) -- (0.25) 10.74
Year Ended 4/30/2002 (0.32) -- (0.32) 11.51
Year Ended 4/30/2001 (0.43) -- (0.43) 12.39
Year Ended 4/30/2000 (0.37) -- (0.37) 12.40
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
BALANCED FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.63% $277.7 1.09% 1.96%
Period Ended 10/31/2004(f) 2.21% 278.5 1.07% 1.49%
Year Ended 4/30/2004 10.22% 278.0 1.06% 1.48%
Year Ended 4/30/2003 (4.90)% 260.8 1.05% 1.77%
Year Ended 4/30/2002 (5.02)% 305.6 0.99% 2.19%
Year Ended 4/30/2001 3.10% 291.7 0.98% 3.07%
Year Ended 4/30/2000 4.78% 256.1 1.09% 2.76%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.13% 14.5 2.03% 1.01%
Period Ended 10/31/2004(f) 1.71% 17.6 2.03% 0.53%
Year Ended 4/30/2004 9.22% 18.6 2.02% 0.52%
Year Ended 4/30/2003 (5.68)% 19.3 1.84% 0.97%
Year Ended 4/30/2002 (5.83)% 22.3 1.89% 1.29%
Year Ended 4/30/2001 2.13% 21.1 1.94% 2.11%
Year Ended 4/30/2000 3.74% 18.2 2.03% 1.82%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.85% 101.3 0.60% 2.45%
Period Ended 10/31/2004(f) 2.47% 108.5 0.60% 1.97%
Year Ended 4/30/2004 10.75% 111.2 0.59% 1.96%
Year Ended 4/30/2003 (4.45)% 107.8 0.56% 2.26%
Year Ended 4/30/2002 (4.65)% 3.7 0.58% 2.60%
Year Ended 4/30/2001 3.50% 3.4 0.59% 3.46%
Year Ended 4/30/2000 5.33% 3.0 0.60% 3.25%
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (d)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
BALANCED FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.11% 1.94% 120%
Period Ended 10/31/2004(f) 1.08% 1.48% 114%
Year Ended 4/30/2004 1.07% 1.47% 194%
Year Ended 4/30/2003 1.07% 1.75% 69%
Year Ended 4/30/2002 1.02% 2.16% 76%
Year Ended 4/30/2001 1.02% 3.03% 83%
Year Ended 4/30/2000 1.14% 2.72% 65%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 2.07% 0.97% 120%
Period Ended 10/31/2004(f) 2.04% 0.52% 114%
Year Ended 4/30/2004 2.03% 0.51% 194%
Year Ended 4/30/2003 1.86% 0.95% 60%
Year Ended 4/30/2002 1.92% 1.26% 76%
Year Ended 4/30/2001 1.98% 2.07% 83%
Year Ended 4/30/2000 2.08% 1.77% 65%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.62% 2.43% 120%
Period Ended 10/31/2004(f) 0.61% 1.96% 114%
Year Ended 4/30/2004 0.60% 1.95% 194%
Year Ended 4/30/2003 0.57% 2.25% 69%
Year Ended 4/30/2002 0.62% 2.56% 76%
Year Ended 4/30/2001 0.63% 3.43% 83%
Year Ended 4/30/2000 0.64% 3.20% 65%
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
HIGH YIELD FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 5.24 0.19 (0.19) --
Year Ended 10/31/2004 5.07 0.40 0.16 0.56
Year Ended 10/31/2003 4.23 0.41 0.82 1.23
Year Ended 10/31/2002 5.22 0.53 (1.00) (0.47)
Year Ended 10/31/2001 6.72 0.69 (1.42) (0.73)
Year Ended 10/31/2000 7.87 0.84 (1.19) (0.35)
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 5.24 0.17 (0.20) (0.03)
Year Ended 10/31/2004 5.07 0.36 0.16 0.52
Year Ended 10/31/2003 4.23 0.37 0.82 1.19
Year Ended 10/31/2002 5.22 0.50 (1.01) (0.51)
Year Ended 10/31/2001 6.72 0.65 (1.43) (0.78)
Year Ended 10/31/2000 7.86 0.78 (1.18) (0.40)
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 5.24 0.20 (0.19) 0.01
Year Ended 10/31/2004 5.07 0.42 0.16 0.58
Year Ended 10/31/2003 4.23 0.42 0.83 1.25
Year Ended 10/31/2002 5.22 0.55 (1.01) (0.46)
Year Ended 10/31/2001 6.73 0.72 (1.45) (0.73)
Year Ended 10/31/2000 7.87 0.87 (1.19) (0.32)
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
HIGH YIELD FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.20) -- (0.20) 5.04
Year Ended 10/31/2004 (0.39) -- (0.39) 5.24
Year Ended 10/31/2003 (0.39) -- (0.39) 5.07
Year Ended 10/31/2002 (0.52) -- (0.52) 4.23
Year Ended 10/31/2001 (0.77) -- (0.77) 5.22
Year Ended 10/31/2000 (0.80) -- (0.80) 6.72
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.17) -- (0.17) 5.04
Year Ended 10/31/2004 (0.35) -- (0.35) 5.24
Year Ended 10/31/2003 (0.35) -- (0.35) 5.07
Year Ended 10/31/2002 (0.48) -- (0.48) 4.23
Year Ended 10/31/2001 (0.72) -- (0.72) 5.22
Year Ended 10/31/2000 (0.74) -- (0.74) 6.72
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.21) -- (0.21) 5.04
Year Ended 10/31/2004 (0.41) -- (0.41) 5.24
Year Ended 10/31/2003 (0.41) -- (0.41) 5.07
Year Ended 10/31/2002 (0.53) -- (0.53) 4.23
Year Ended 10/31/2001 (0.78) -- (0.78) 5.22
Year Ended 10/31/2000 (0.82) -- (0.82) 6.73
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
HIGH YIELD FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.14)% 581.5 0.88% 7.33%
Year Ended 10/31/2004 11.53% 603.1 0.89% 7.80%
Year Ended 10/31/2003 30.00% 579.8 1.02% 8.70%
Year Ended 10/31/2002 (9.91)% 488.8 1.03% 10.49%
Year Ended 10/31/2001 (11.49)% 607.9 0.99% 11.62%
Year Ended 10/31/2000 (5.21)% 727.3 0.87% 10.88%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.37)% 27.6 1.73% 6.40%
Year Ended 10/31/2004 10.66% 33.1 1.70% 7.00%
Year Ended 10/31/2003 29.03% 36.3 1.77% 7.95%
Year Ended 10/31/2002 (10.58)% 34.9 1.78% 9.74%
Year Ended 10/31/2001 (12.14)% 37.8 1.74% 10.87%
Year Ended 10/31/2000 (5.79)% 39.0 1.62% 10.13%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.07% 10.0 0.46% 7.76%
Year Ended 10/31/2004 11.98% 10.1 0.49% 8.21%
Year Ended 10/31/2003 30.57% 10.8 0.57% 9.15%
Year Ended 10/31/2002 (9.60)% 10.9 0.69% 10.83%
Year Ended 10/31/2001 (11.34)% 12.5 0.67% 11.95%
Year Ended 10/31/2000 (4.81)% 23.3 0.59% 11.16%
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (d)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
HIGH YIELD FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.89% 7.32% 29%
Year Ended 10/31/2004 0.89% 7.80% 73%
Year Ended 10/31/2003 1.02% 8.70% 96%
Year Ended 10/31/2002 1.03% 10.49% 77%
Year Ended 10/31/2001 1.00% 11.61% 65%
Year Ended 10/31/2000 0.92% 10.83% 60%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.94% 6.19% 29%
Year Ended 10/31/2004 1.73% 6.96% 73%
Year Ended 10/31/2003 1.77% 7.95% 96%
Year Ended 10/31/2002 1.78% 9.74% 77%
Year Ended 10/31/2001 1.75% 10.86% 65%
Year Ended 10/31/2000 1.67% 10.08% 60%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.48% 7.74% 29%
Year Ended 10/31/2004 0.59% 8.10% 73%
Year Ended 10/31/2003 0.69% 9.03% 96%
Year Ended 10/31/2002 0.69% 10.83% 77%
Year Ended 10/31/2001 0.68% 11.94% 65%
Year Ended 10/31/2000 0.64% 11.11% 60%
(a) All per share amounts have been rounded to the nearest cent.
(b) 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) Total investment return assumes dividend reinvestment and does not
reflect any deduction for sales charges. Notannualized for periods
less than one year.
(d) Computed on an annualized basis for periods less than one year.
(e) Portfolio turnover rates for the year ended April 30, 2003, excluded
the effect of participation in mortgage dollar roll transactions.
(f) For the period from May 1, 2004 to October 31, 2004.
The accompanying notes to the financial statements are an integral part of
this schedule.
Thrivent Mutual Funds
Financial Highlights - continued
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
HIGH YIELD FUND II
- ------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $6.71 $0.22 $(0.25) $(0.03)
Period Ended 10/31/2004(e) 6.54 0.22 0.18 0.40
Year Ended 4/30/2004 6.27 0.46 0.28 0.74
Year Ended 4/30/2003 6.19 0.50 0.08 0.58
Year Ended 4/30/2002 6.76 0.54 (0.56) (0.02)
Year Ended 4/30/2001 7.44 0.63 (0.68) (0.05)
Year Ended 4/30/2000 8.92 0.87 (1.48) (0.61)
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 6.72 0.19 (0.26) (0.07)
Period Ended 10/31/2004(e) 6.54 0.19 0.19 0.38
Year Ended 4/30/2004 6.27 0.40 0.28 0.68
Year Ended 4/30/2003 6.19 0.45 0.08 0.53
Year Ended 4/30/2002 6.76 0.49 (0.56) (0.07)
Year Ended 4/30/2001 7.44 0.58 (0.68) (0.10)
Year Ended 4/30/2000 8.92 0.81 (1.48) (0.67)
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 6.71 0.24 (0.26) (0.02)
Period Ended 10/31/2004(e) 6.54 0.24 0.18 0.42
Year Ended 4/30/2004 6.27 0.48 0.29 0.77
Year Ended 4/30/2003 6.19 0.51 0.09 0.60
Year Ended 4/30/2002 6.76 0.56 (0.57) (0.01)
Year Ended 4/30/2001 7.43 0.65 (0.67) (0.02)
Year Ended 4/30/2000 8.91 0.89 (1.48) (0.59)
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
HIGH YIELD FUND II
- ------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $(0.24) $-- $(0.24) $6.44
Period Ended 10/31/2004(e) (0.23) -- (0.23) 6.71
Year Ended 4/30/2004 (0.47) -- (0.47) 6.54
Year Ended 4/30/2003 (0.50) -- (0.50) 6.27
Year Ended 4/30/2002 (0.55) -- (0.55) 6.19
Year Ended 4/30/2001 (0.63) -- (0.63) 6.76
Year Ended 4/30/2000 (0.87) -- (0.87) 7.44
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.21) -- (0.21) 6.44
Period Ended 10/31/2004(e) (0.20) -- (0.20) 6.72
Year Ended 4/30/2004 (0.41) -- (0.41) 6.54
Year Ended 4/30/2003 (0.45) -- (0.45) 6.27
Year Ended 4/30/2002 (0.50) -- (0.50) 6.19
Year Ended 4/30/2001 (0.58) -- (0.58) 6.76
Year Ended 4/30/2000 (0.81) -- (0.81) 7.44
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.25) -- (0.25) 6.44
Period Ended 10/31/2004(e) (0.25) -- (0.25) 6.71
Year Ended 4/30/2004 (0.50) -- (0.50) 6.54
Year Ended 4/30/2003 (0.52) -- (0.52) 6.27
Year Ended 4/30/2002 (0.56) -- (0.56) 6.19
Year Ended 4/30/2001 (0.65) -- (0.65) 6.76
Year Ended 4/30/2000 (0.89) -- (0.89) 7.43
- ----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
HIGH YIELD FUND II
- ------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.51)% $130.5 0.97% 7.19%
Period Ended 10/31/2004(e) 6.32% 138.9 1.07% 6.82%
Year Ended 4/30/2004 12.08% 135.1 1.10% 6.98%
Year Ended 4/30/2003 10.59% 117.4 0.93% 8.72%
Year Ended 4/30/2002 (0.26)% 118.6 1.00% 8.41%
Year Ended 4/30/2001 (0.81)% 121.0 1.00% 9.06%
Year Ended 4/30/2000 (7.00)% 134.3 0.96% 10.54%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (1.00)% 4.6 1.96% 6.09%
Period Ended 10/31/2004(e) 5.95% 5.9 2.05% 5.84%
Year Ended 4/30/2004 11.06% 6.1 2.01% 6.07%
Year Ended 4/30/2003 9.61% 6.0 1.84% 7.81%
Year Ended 4/30/2002 (1.02)% 8.2 1.74% 7.67%
Year Ended 4/30/2001 (1.53)% 9.7 1.73% 8.33%
Year Ended 4/30/2000 (7.65)% 11.6 1.62% 9.88%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.30)% 4.1 0.51% 7.65%
Period Ended 10/31/2004(e) 6.56% 4.3 0.61% 7.28%
Year Ended 4/30/2004 12.56% 3.8 0.67% 7.41%
Year Ended 4/30/2003 10.88% 3.3 0.67% 8.98%
Year Ended 4/30/2002 0.05% 2.7 0.68% 8.73%
Year Ended 4/30/2001 (0.34)% 2.2 0.67% 9.34%
Year Ended 4/30/2000 (6.67)% 2.0 0.53% 11.00%
- ----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (D)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
HIGH YIELD FUND II
- ------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.14% 7.02% 29%
Period Ended 10/31/2004(e) 1.14% 6.75% 55%
Year Ended 4/30/2004 1.10% 6.98% 91%
Year Ended 4/30/2003 1.03% 8.62% 103%
Year Ended 4/30/2002 1.17% 8.24% 72%
Year Ended 4/30/2001 1.08% 8.98% 106%
Year Ended 4/30/2000 1.12% 10.38% 54%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 2.13% 5.92% 29%
Period Ended 10/31/2004(e) 2.11% 5.78% 55%
Year Ended 4/30/2004 2.01% 6.07% 91%
Year Ended 4/30/2003 2.01% 7.64% 103%
Year Ended 4/30/2002 1.93% 7.48% 72%
Year Ended 4/30/2001 1.99% 8.08% 106%
Year Ended 4/30/2000 1.97% 9.53% 54%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.68% 7.48% 29%
Period Ended 10/31/2004(e) 0.68% 7.21% 55%
Year Ended 4/30/2004 0.67% 7.41% 91%
Year Ended 4/30/2003 0.67% 8.98% 103%
Year Ended 4/30/2002 0.68% 8.73% 72%
Year Ended 4/30/2001 0.67% 9.34% 106%
Year Ended 4/30/2000 0.62% 10.92% 54%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BOND FUND
- -------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 11.56 0.25 (0.05) 0.20
Year Ended 10/31/2004 11.53 0.50 0.12 0.62
Year Ended 10/31/2003 11.61 0.54 (0.05) 0.49
Year Ended 10/31/2002 11.58 0.54 0.01 0.55
Year Ended 10/31/2001 10.99 0.55 0.60 1.15
Year Ended 10/31/2000 10.71 0.56 0.28 0.84
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 11.55 0.21 (0.05) 0.16
Year Ended 10/31/2004 11.52 0.44 0.09 0.53
Year Ended 10/31/2003 11.61 0.45 (0.06) 0.39
Year Ended 10/31/2002 11.59 0.46 0.01 0.47
Year Ended 10/31/2001 10.99 0.48 0.60 1.08
Year Ended 10/31/2000 10.70 0.48 0.29 0.77
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 11.55 0.26 (0.04) 0.22
Year Ended 10/31/2004 11.53 0.53 0.11 0.64
Year Ended 10/31/2003 11.61 0.58 (0.05) 0.53
Year Ended 10/31/2002 11.58 0.57 0.01 0.58
Year Ended 10/31/2001 10.99 0.56 0.61 1.17
Year Ended 10/31/2000 10.69 0.58 0.30 0.88
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BOND FUND
- ------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.25) -- (0.25) 11.51
Year Ended 10/31/2004 (0.53) (0.06) (0.59) 11.56
Year Ended 10/31/2003 (0.56) (0.01) (0.57) 11.53
Year Ended 10/31/2002 (0.52) -- (0.52) 11.61
Year Ended 10/31/2001 (0.56) -- (0.56) 11.58
Year Ended 10/31/2000 (0.56) -- (0.56) 10.99
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.21) -- (0.21) 11.50
Year Ended 10/31/2004 (0.44) (0.06) (0.50) 11.55
Year Ended 10/31/2003 (0.47) (0.01) (0.48) 11.52
Year Ended 10/31/2002 (0.45) -- (0.45) 11.61
Year Ended 10/31/2001 (0.48) -- (0.48) 11.59
Year Ended 10/31/2000 (0.48) -- (0.48) 10.99
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.27) -- (0.27) 11.50
Year Ended 10/31/2004 (0.56) (0.06) (0.62) 11.55
Year Ended 10/31/2003 (0.60) (0.01) (0.61) 11.53
Year Ended 10/31/2002 (0.55) -- (0.55) 11.61
Year Ended 10/31/2001 (0.58) -- (0.58) 11.58
Year Ended 10/31/2000 (0.58) -- (0.58) 10.99
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BOND FUND
- -------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.83% 1,262.4 0.78% 4.33%
Year Ended 10/31/2004 5.47% 1,264.1 0.73% 4.53%
Year Ended 10/31/2003 4.37% 641.7 0.72% 4.62%
Year Ended 10/31/2002 4.91% 645.4 0.73% 4.69%
Year Ended 10/31/2001 10.78% 609.5 0.72% 4.90%
Year Ended 10/31/2000 8.09% 559.4 0.69% 5.18%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.39% 31.3 1.47% 3.61%
Year Ended 10/31/2004 4.72% 34.0 1.46% 3.81%
Year Ended 10/31/2003 3.48% 24.2 1.47% 3.88%
Year Ended 10/31/2002 4.15% 22.3 1.48% 3.94%
Year Ended 10/31/2001 9.99% 15.3 1.47% 4.15%
Year Ended 10/31/2000 7.44% 9.7 1.44% 4.43%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.89% 4.2 0.47% 4.62%
Year Ended 10/31/2004 5.70% 5.1 0.44% 4.83%
Year Ended 10/31/2003 4.67% 2.6 0.44% 4.90%
Year Ended 10/31/2002 5.08% 3.2 0.57% 4.85%
Year Ended 10/31/2001 10.95% 2.6 0.56% 5.05%
Year Ended 10/31/2000 8.42% 3.2 0.52% 5.35%
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (D)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BOND FUND
- -------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.78% 4.33% 3%
Year Ended 10/31/2004 0.73% 4.53% 12%
Year Ended 10/31/2003 0.72% 4.62% 6%
Year Ended 10/31/2002 0.73% 4.69% 13%
Year Ended 10/31/2001 0.73% 4.89% 5%
Year Ended 10/31/2000 0.74% 5.13% 12%
Class B Shares
Six Months Ended 4/29/2005 (Unaudited) 1.61% 3.47% 3%
Year Ended 10/31/2004 1.51% 3.76% 12%
Year Ended 10/31/2003 1.47% 3.88% 6%
Year Ended 10/31/2002 1.48% 3.94% 13%
Year Ended 10/31/2001 1.48% 4.14% 5%
Year Ended 10/31/2000 1.49% 4.38% 12%
Class I Shares
Six Months Ended 4/29/2005 (Unaudited) 0.47% 4.62% 3%
Year Ended 10/31/2004 0.52% 4.75% 12%
Year Ended 10/31/2003 0.56% 4.78% 6%
Year Ended 10/31/2002 0.57% 4.85% 13%
Year Ended 10/31/2001 0.57% 5.04% 5%
Year Ended 10/31/2000 0.57% 5.30% 12%
(a) All per share amounts have been rounded to the nearest cent.
(b) 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) Total investment return assumes dividend reinvestment and does not
reflect any deduction for sales charges. Not annualized for periods less
than one year.
(d) Computed on an annualized basis for periods less than one year.
(e) For the period from May 1, 2004 to October 31, 2004.
The accompanying notes to the financial statements are an integral part of
this schedule.
Thrivent Mutual Funds
Financial Highlights - continued
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
INCOME FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $8.86 $0.18 $(0.13) $0.05
Year Ended 10/31/2004 8.73 0.35 0.13 0.48
Year Ended 10/31/2003 8.34 0.34 0.40 0.74
Year Ended 10/31/2002 8.71 0.41 (0.38) 0.03
Year Ended 10/31/2001 8.19 0.48 0.56 1.04
Year Ended 10/31/2000 8.22 0.53 (0.05) 0.48
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 8.84 0.14 (0.12) 0.02
Year Ended 10/31/2004 8.71 0.29 0.12 0.41
Year Ended 10/31/2003 8.32 0.27 0.41 0.68
Year Ended 10/31/2002 8.70 0.35 (0.40) (0.05)
Year Ended 10/31/2001 8.17 0.42 0.57 0.99
Year Ended 10/31/2000 8.20 0.46 (0.05) 0.41
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 8.85 0.20 (0.13) 0.07
Year Ended 10/31/2004 8.75 0.39 0.10 0.49
Year Ended 10/31/2003 8.34 0.37 0.43 0.80
Year Ended 10/31/2002 8.71 0.44 (0.39) 0.05
Year Ended 10/31/2001 8.19 0.50 0.57 1.07
Year Ended 10/31/2000 8.22 0.54 (0.04) 0.50
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
INCOME FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $(0.18) $-- $(0.18) $8.73
Year Ended 10/31/2004 (0.35) -- (0.35) 8.86
Year Ended 10/31/2003 (0.35) -- (0.35) 8.73
Year Ended 10/31/2002 (0.40) -- (0.40) 8.34
Year Ended 10/31/2001 (0.52) -- (0.52) 8.71
Year Ended 10/31/2000 (0.51) -- (0.51) 8.19
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.15) -- (0.15) 8.71
Year Ended 10/31/2004 (0.28) -- (0.28) 8.84
Year Ended 10/31/2003 (0.29) -- (0.29) 8.71
Year Ended 10/31/2002 (0.33) -- (0.33) 8.32
Year Ended 10/31/2001 (0.46) -- (0.46) 8.70
Year Ended 10/31/2000 (0.44) -- (0.44) 8.17
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.20) -- (0.20) 8.72
Year Ended 10/31/2004 (0.39) -- (0.39) 8.85
Year Ended 10/31/2003 (0.39) -- (0.39) 8.75
Year Ended 10/31/2002 (0.42) -- (0.42) 8.34
Year Ended 10/31/2001 (0.55) -- (0.55) 8.71
Year Ended 10/31/2000 (0.53) -- (0.53) 8.19
- ----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
INCOME FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.63% $557.7 0.81% 4.15%
Year Ended 10/31/2004 5.64% 575.2 0.82% 4.04%
Year Ended 10/31/2003 9.05% 608.7 0.87% 3.88%
Year Ended 10/31/2002 0.25% 629.3 0.84% 4.87%
Year Ended 10/31/2001 13.25% 657.3 0.83% 5.66%
Year Ended 10/31/2000 6.02% 611.0 0.83% 6.41%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.21% 22.0 1.63% 3.30%
Year Ended 10/31/2004 4.83% 25.4 1.60% 3.25%
Year Ended 10/31/2003 8.25% 30.3 1.62% 3.13%
Year Ended 10/31/2002 (0.49)% 31.7 1.59% 4.12%
Year Ended 10/31/2001 12.45% 25.3 1.58% 4.91%
Year Ended 10/31/2000 5.24% 16.7 1.58% 5.66%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.83% 32.6 0.40% 4.64%
Year Ended 10/31/2004 5.94% 29.0 0.43% 4.43%
Year Ended 10/31/2003 9.49% 25.2 0.47% 4.28%
Year Ended 10/31/2002 0.65% 40.1 0.55% 5.15%
Year Ended 10/31/2001 13.43% 39.1 0.56% 5.94%
Year Ended 10/31/2000 6.33% 38.3 0.55% 6.69%
- ----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (D)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
INCOME FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.82% 4.14% 113%
Year Ended 10/31/2004 0.83% 4.04% 203%
Year Ended 10/31/2003 0.88% 3.87% 312%
Year Ended 10/31/2002 0.89% 4.82% 170%
Year Ended 10/31/2001 0.88% 5.61% 175%
Year Ended 10/31/2000 0.88% 6.36% 111%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.99% 2.94% 113%
Year Ended 10/31/2004 1.68% 3.17% 203%
Year Ended 10/31/2003 1.63% 3.12% 312%
Year Ended 10/31/2002 1.64% 4.07% 170%
Year Ended 10/31/2001 1.63% 4.86% 175%
Year Ended 10/31/2000 1.63% 5.61% 111%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.41% 4.63% 113%
Year Ended 10/31/2004 0.54% 4.32% 203%
Year Ended 10/31/2003 0.60% 4.15% 312%
Year Ended 10/31/2002 0.60% 5.10% 170%
Year Ended 10/31/2001 0.61% 5.89% 175%
Year Ended 10/31/2000 0.60% 6.64% 111%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
CORE BOND FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 10.27 0.19 (0.14) 0.05
Period Ended 10/31/2004(f) 10.14 0.20 0.16 0.36
Year Ended 4/30/2004 10.31 0.40 (0.12) 0.28
Year Ended 4/30/2003 9.82 0.42 0.52 0.94
Year Ended 4/30/2002 9.80 0.56 0.02 0.58
Year Ended 4/30/2001 9.32 0.61 0.48 1.09
Year Ended 4/30/2000 9.92 0.58 (0.60) (0.02)
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 10.27 0.14 (0.13) 0.01
Period Ended 10/31/2004(f) 10.15 0.15 0.15 0.30
Year Ended 4/30/2004 10.32 0.30 (0.12) 0.18
Year Ended 4/30/2003 9.82 0.33 0.53 0.86
Year Ended 4/30/2002 9.80 0.47 0.02 0.49
Year Ended 4/30/2001 9.32 0.52 0.48 1.00
Year Ended 4/30/2000 9.92 0.49 (0.60) (0.11)
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 10.27 0.21 (0.14) 0.07
Period Ended 10/31/2004(f) 10.15 0.22 0.15 0.37
Year Ended 4/30/2004 10.31 0.44 (0.11) 0.33
Year Ended 4/30/2003 9.82 0.46 0.52 0.98
Year Ended 4/30/2002 9.80 0.60 0.02 0.62
Year Ended 4/30/2001 9.32 0.66 0.48 1.14
Year Ended 4/30/2000 9.92 0.62 (0.60) 0.02
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
CORE BOND FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.21) -- (0.21) 10.11
Period Ended 10/31/2004(f) (0.22) (0.01) (0.23) 10.27
Year Ended 4/30/2004 (0.45) -- (0.45) 10.14
Year Ended 4/30/2003 (0.45) -- (0.45) 10.31
Year Ended 4/30/2002 (0.56) -- (0.56) 9.82
Year Ended 4/30/2001 (0.61) -- (0.61) 9.80
Year Ended 4/30/2000 (0.58) -- (0.58) 9.32
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.16) -- (0.16) 10.12
Period Ended 10/31/2004(f) (0.17) (0.01) (0.18) 10.27
Year Ended 4/30/2004 (0.35) -- (0.35) 10.15
Year Ended 4/30/2003 (0.36) -- (0.36) 10.32
Year Ended 4/30/2002 (0.47) -- (0.47) 9.82
Year Ended 4/30/2001 (0.52) -- (0.52) 9.80
Year Ended 4/30/2000 (0.49) -- (0.49) 9.32
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.23) -- (0.23) 10.11
Period Ended 10/31/2004(f) (0.24) (0.01) (0.25) 10.27
Year Ended 4/30/2004 (0.49) -- (0.49) 10.15
Year Ended 4/30/2003 (0.49) -- (0.49) 10.31
Year Ended 4/30/2002 (0.60) -- (0.60) 9.82
Year Ended 4/30/2001 (0.66) -- (0.66) 9.80
Year Ended 4/30/2000 (0.62) -- (0.62) 9.32
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
CORE BOND FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.55% 446.2 0.92% 4.06%
Period Ended 10/31/2004(f) 3.58% 457.1 0.92% 3.84%
Year Ended 4/30/2004 2.74% 460.5 0.88% 3.86%
Year Ended 4/30/2003 9.79% 526.5 0.85% 4.19%
Year Ended 4/30/2002 6.01% 451.5 0.81% 5.54%
Year Ended 4/30/2001 12.08% 353.5 0.81% 6.38%
Year Ended 4/30/2000 (0.11)% 321.7 0.83% 6.12%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.06% 11.8 1.91% 3.05%
Period Ended 10/31/2004(f) 2.97% 13.3 1.91% 2.84%
Year Ended 4/30/2004 1.75% 13.4 1.86% 2.89%
Year Ended 4/30/2003 8.91% 13.2 1.77% 3.28%
Year Ended 4/30/2002 5.03% 7.9 1.73% 4.64%
Year Ended 4/30/2001 11.04% 4.6 1.73% 5.45%
Year Ended 4/30/2000 (1.09)% 3.6 1.80% 5.17%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.67% 34.2 0.49% 4.47%
Period Ended 10/31/2004(f) 3.69% 36.3 0.50% 4.25%
Year Ended 4/30/2004 3.25% 34.5 0.49% 4.26%
Year Ended 4/30/2003 10.20% 29.2 0.47% 4.57%
Year Ended 4/30/2002 6.42% 22.9 0.39% 5.93%
Year Ended 4/30/2001 12.55% 55.6 0.39% 6.79%
Year Ended 4/30/2000 0.30% 47.9 0.43% 6.55%
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (D)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
CORE BOND FUND
- ---------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.94% 4.04% 195%
Period Ended 10/31/2004(f) 0.93% 3.83% 167%
Year Ended 4/30/2004 0.89% 3.85% 463%
Year Ended 4/30/2003 0.86% 4.18% 149%
Year Ended 4/30/2002 0.88% 5.47% 160%
Year Ended 4/30/2001 0.91% 6.27% 172%
Year Ended 4/30/2000 0.91% 6.04% 163%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.95% 3.01% 195%
Period Ended 10/31/2004(f) 1.92% 2.83% 167%
Year Ended 4/30/2004 1.87% 2.88% 463%
Year Ended 4/30/2003 1.78% 3.27% 149%
Year Ended 4/30/2002 1.80% 4.57% 160%
Year Ended 4/30/2001 1.83% 5.35% 172%
Year Ended 4/30/2000 1.88% 5.09% 163%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.52% 4.44% 195%
Period Ended 10/31/2004(f) 0.51% 4.24% 167%
Year Ended 4/30/2004 0.50% 4.25% 463%
Year Ended 4/30/2003 0.48% 4.56% 149%
Year Ended 4/30/2002 0.46% 5.86% 160%
Year Ended 4/30/2001 0.49% 6.69% 172%
Year Ended 4/30/2000 0.50% 6.47% 163%
(a) All per share amounts have been rounded to the nearest cent.
(b) 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) Total investment return assumes dividend reinvestment and does not
reflect any deduction for sales charges. Not annualized for periods less
than one year.
(d) Computed on an annualized basis for periods less than one year.
(e) Portfolio turnover rates for the Income Fund prior to the year ended
October 31, 2003 and for the Core Bond Fund for the year ended April 30,
2003, excluded the effect of participation in mortgage dollar roll
transactions.
(f) For the period from May 1, 2004 to October 31, 2004.
The accompanying notes to the financial statements are an integral part of
this schedule.
Thrivent Mutual Funds
Financial Highlights - continued
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
BOND INDEX FUND - I
- -------------------
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $10.24 $0.19 $(0.11) $0.08
Period Ended 10/31/2004(f) 10.10 0.20 0.18 0.38
Year Ended 4/30/2004 10.96 0.39 (0.25) 0.14
Year Ended 4/30/2003 10.48 0.50 0.56 1.06
Year Ended 4/30/2002 10.47 0.59 0.16 0.75
Year Ended 4/30/2001 9.95 0.69 0.52 1.21
Period Ended 4/30/2000(g) 10.00 0.22 (0.05) 0.17
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
BOND INDEX FUND - I
- -------------------
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $(0.23) $-- $(0.23) $10.09
Period Ended 10/31/2004(f) (0.23) (0.01) (0.24) 10.24
Year Ended 4/30/2004 (0.50) (0.50) (1.00) 10.10
Year Ended 4/30/2003 (0.58) -- (0.58) 10.96
Year Ended 4/30/2002 (0.64) (0.10) (0.74) 10.48
Year Ended 4/30/2001 (0.69) -- (0.69) 10.47
Period Ended 4/30/2000(g) (0.22) -- (0.22) 9.95
- ----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
BOND INDEX FUND - I
- -------------------
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.94% $19.0 0.57% 4.62%
Period Ended 10/31/2004(f) 3.89% 27.5 0.54% 3.97%
Year Ended 4/30/2004 1.31% 40.7 0.43% 3.75%
Year Ended 4/30/2003 10.35% 81.0 0.23% 4.65%
Year Ended 4/30/2002 7.36% 58.9 0.20% 5.47%
Year Ended 4/30/2001 12.50% 18.6 0.20% 6.66%
Period Ended 4/30/2000(g) 1.72% 11.1 0.20% 6.85%
- ----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (d)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
BOND INDEX FUND - I
- -------------------
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.58% 4.61% 179%
Period Ended 10/31/2004(f) 0.55% 3.96% 184%
Year Ended 4/30/2004 0.44% 3.74% 305%
Year Ended 4/30/2003 0.31% 4.57% 90%
Year Ended 4/30/2002 0.53% 5.14% 92%
Year Ended 4/30/2001 0.98% 5.88% 51%
Period Ended 4/30/2000(g) 1.04% 6.02% 52%
- -----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
LIMITED MATURITY BOND FUND
- --------------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 12.91 0.19 (0.19) --
Year Ended 10/31/2004 13.06 0.35 (0.03) 0.32
Year Ended 10/31/2003 12.75 0.36 0.31 0.67
Year Ended 10/31/2002 13.14 0.46 (0.14) 0.32
Year Ended 10/31/2001 12.41 0.65 0.78 1.43
Period Ended 10/31/2000(h) 12.50 0.72 (0.09) 0.63
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 12.92 0.19 (0.18) 0.01
Year Ended 10/31/2004 13.06 0.33 (0.02) 0.31
Year Ended 10/31/2003 12.75 0.34 0.31 0.65
Year Ended 10/31/2002 13.14 0.46 (0.14) 0.32
Year Ended 10/31/2001 12.41 0.65 0.78 1.43
Period Ended 10/31/2000(h) 12.50 0.72 (0.09) 0.63
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 12.91 0.22 (0.19) 0.03
Year Ended 10/31/2004 13.05 0.39 (0.02) 0.37
Year Ended 10/31/2003 12.74 0.40 0.31 0.71
Year Ended 10/31/2002 13.14 0.50 (0.15) 0.35
Year Ended 10/31/2001 12.41 0.69 0.78 1.47
Period Ended 10/31/2000(h) 12.50 0.74 (0.09) 0.65
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
LIMITED MATURITY BOND FUND
- --------------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.19) (0.03) (0.22) 12.69
Year Ended 10/31/2004 (0.35) (0.12) (0.47) 12.91
Year Ended 10/31/2003 (0.36) -- (0.36) 13.06
Year Ended 10/31/2002 (0.46) (0.25) (0.71) 12.75
Year Ended 10/31/2001 (0.65) (0.05) (0.70) 13.14
Period Ended 10/31/2000(h) (0.72) -- (0.72) 12.41
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.19) (0.03) (0.22) 12.71
Year Ended 10/31/2004 (0.33) (0.12) (0.45) 12.92
Year Ended 10/31/2003 (0.34) -- (0.34) 13.06
Year Ended 10/31/2002 (0.46) (0.25) (0.71) 12.75
Year Ended 10/31/2001 (0.65) (0.05) (0.70) 13.14
Period Ended 10/31/2000(h) (0.72) -- (0.72) 12.41
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.22) (0.03) (0.25) 12.69
Year Ended 10/31/2004 (0.39) (0.12) (0.51) 12.91
Year Ended 10/31/2003 (0.40) -- (0.40) 13.05
Year Ended 10/31/2002 (0.50) (0.25) (0.75) 12.74
Year Ended 10/31/2001 (0.69) (0.05) (0.74) 13.14
Period Ended 10/31/2000(h) (0.74) -- (0.74) 12.41
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
LIMITED MATURITY BOND FUND
- ---------------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.03% 130.8 0.88% 3.08%
Year Ended 10/31/2004 2.52% 119.4 0.75% 2.71%
Year Ended 10/31/2003 5.30% 90.4 0.74% 2.78%
Year Ended 10/31/2002 2.51% 73.9 0.75% 3.56%
Year Ended 10/31/2001 11.89% 39.1 0.81% 5.02%
Period Ended 10/31/2000(h) 5.20% 16.6 0.95% 5.84%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.12% 2.0 0.87% 3.05%
Year Ended 10/31/2004 2.45% 2.1 0.88% 2.59%
Year Ended 10/31/2003 5.14% 6.2 0.91% 2.61%
Year Ended 10/31/2002 2.51% 5.8 0.75% 3.56%
Year Ended 10/31/2001 11.89% 5.4 0.81% 5.02%
Period Ended 10/31/2000(h) 5.20% 5.0 0.95% 5.84%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.27% 6.9 0.40% 3.49%
Year Ended 10/31/2004 2.90% 9.8 0.45% 3.01%
Year Ended 10/31/2003 5.62% 14.7 0.46% 3.07%
Year Ended 10/31/2002 2.77% 14.0 0.42% 3.89%
Year Ended 10/31/2001 12.22% 11.5 0.51% 5.32%
Period Ended 10/31/2000(h) 5.43% 10.6 0.73% 6.06%
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (d)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
LIMITED MATURITY BOND FUND
- --------------------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.90% 3.06% 162%
Year Ended 10/31/2004 0.89% 2.57% 230%
Year Ended 10/31/2003 0.96% 2.56% 297%
Year Ended 10/31/2002 1.05% 3.26% 288%
Year Ended 10/31/2001 1.08% 4.75% 290%
Period Ended 10/31/2000(h) 1.10% 5.69% 229%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.93% 2.99% 162%
Year Ended 10/31/2004 0.88% 2.59% 230%
Year Ended 10/31/2003 0.96% 2.56% 297%
Year Ended 10/31/2002 1.05% 3.26% 288%
Year Ended 10/31/2001 1.08% 4.75% 290%
Period Ended 10/31/2000(h) 1.10% 5.69% 229%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.42% 3.47% 162%
Year Ended 10/31/2004 0.57% 2.89% 230%
Year Ended 10/31/2003 0.64% 2.89% 297%
Year Ended 10/31/2002 0.72% 3.59% 288%
Year Ended 10/31/2001 0.78% 5.05% 290%
Period Ended 10/31/2000(h) 0.88% 5.91% 229%
(a) All per share amounts have been rounded to the nearest cent.
(b) 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) Total investment return assumes dividend reinvestment and does not
reflect any deduction for sales charges. Not annualized for periods less
than one year.
(d) Computed on an annualized basis for periods less than one year.
(e) Portfolio turnover rates for the Bond Index Fund-I for the year ended
April 30, 2003 and for the Limited Maturity Bond Fund prior to the year
ended October 31, 2003, excluded the effect of participation in mortgage
dollar roll transactions.
(f) For the period from May 1, 2004 to October 31, 2004.
(g) Since Fund inception, December 31, 1999.
(h) Since Fund inception, October 29, 1999.
The accompanying notes to the financial statements are an integral part of
this schedule.
Thrivent Mutual Funds
Financial Highlights - continued
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Income from Investment Operations
---------------------------------------------
Net Asset Net Realized
Value, Net and Unrealized Total from
Beginning Investment Gain/(Loss) on Investment
of Period Income/(Loss) Investments(b) Operations
- ----------------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUND
- -----------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $1.00 $0.008 $-- $0.008
Period Ended 10/31/2004(c) 1.00 (0.001) 0.004 0.003
Year Ended 4/30/2004 1.00 0.003 -- 0.003
Year Ended 4/30/2003 1.00 0.01 -- 0.01
Year Ended 4/30/2002 1.00 0.02 -- 0.02
Year Ended 4/30/2001 1.00 0.05 -- 0.05
Year Ended 4/30/2000 1.00 0.05 -- 0.05
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.00 0.007 -- 0.007
Period Ended 10/31/2004(c) 1.00 0.002 -- 0.002
Year Ended 4/30/2004 1.00 0.001 -- 0.001
Year Ended 4/30/2003 1.00 0.003 -- 0.003
Year Ended 4/30/2002 1.00 0.01 -- 0.01
Year Ended 4/30/2001 1.00 0.04 -- 0.04
Year Ended 4/30/2000 1.00 0.04 -- 0.04
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.00 0.01 -- 0.01
Period Ended 10/31/2004(c) 1.00 0.005 -- 0.005
Year Ended 4/30/2004 1.00 0.01 -- 0.01
Year Ended 4/30/2003 1.00 0.01 -- 0.01
Year Ended 4/30/2002 1.00 0.03 -- 0.03
Year Ended 4/30/2001 1.00 0.06 -- 0.06
Year Ended 4/30/2000 1.00 0.05 -- 0.05
- ----------------------------------------------------------------------------------------------------------------------------------
F O R A S H A R E O U T S T A N D I N G T H R O U G H O U T E A C H P E R I O D (a)
- ----------------------------------------------------------------------------------------------------------------------------------
Less Distributions
from
--------------------------
Net Net Asset
Net Realized Value,
Investment Gain on Total End of
Income Investments Distributions Period
- ----------------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUND
- -----------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) $(0.008) $-- $(0.008) $1.00
Period Ended 10/31/2004(c) (0.003) -- (0.003) 1.00
Year Ended 4/30/2004 (0.003) -- (0.003) 1.00
Year Ended 4/30/2003 (0.01) -- (0.01) 1.00
Year Ended 4/30/2002 (0.02) -- (0.02) 1.00
Year Ended 4/30/2001 (0.05) -- (0.05) 1.00
Year Ended 4/30/2000 (0.05) -- (0.05) 1.00
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.007) -- (0.007) 1.00
Period Ended 10/31/2004(c) (0.002) -- (0.002) 1.00
Year Ended 4/30/2004 (0.001) -- (0.001) 1.00
Year Ended 4/30/2003 (0.003) -- (0.003) 1.00
Year Ended 4/30/2002 (0.01) -- (0.01) 1.00
Year Ended 4/30/2001 (0.04) -- (0.04) 1.00
Year Ended 4/30/2000 (0.04) -- (0.04) 1.00
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) (0.01) -- (0.01) 1.00
Period Ended 10/31/2004(c) (0.005) -- (0.005) 1.00
Year Ended 4/30/2004 (0.01) -- (0.01) 1.00
Year Ended 4/30/2003 (0.01) -- (0.01) 1.00
Year Ended 4/30/2002 (0.03) -- (0.03) 1.00
Year Ended 4/30/2001 (0.06) -- (0.06) 1.00
Year Ended 4/30/2000 (0.05) -- (0.05) 1.00
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Assets (d)
-------------------------
Net Assets Net
Total End of Period Investment
Return(c) (in millions) Expenses Income/(Loss)
- -----------------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUND
- -----------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.75% $652.0 0.90% 1.51%
Period Ended 10/31/2004(c) 0.26% 686.8 0.90% 0.61%
Year Ended 4/30/2004 0.32% 262.2 0.83% 0.32%
Year Ended 4/30/2003 0.88% 349.6 0.77% 0.89%
Year Ended 4/30/2002 2.28% 399.8 0.72% 2.19%
Year Ended 4/30/2001 5.70% 423.9 0.76% 5.51%
Year Ended 4/30/2000 4.99% 348.0 0.66% 4.90%
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.70% 2.2 1.01% 1.35%
Period Ended 10/31/2004(c) 0.18% 2.9 1.04% 0.47%
Year Ended 4/30/2004 0.07% 1.8 1.08% 0.07%
Year Ended 4/30/2003 0.42% 2.8 1.38% 0.27%
Year Ended 4/30/2002 1.34% 2.8 1.52% 1.39%
Year Ended 4/30/2001 4.67% 3.3 1.81% 4.45%
Year Ended 4/30/2000 3.94% 2.4 1.65% 3.95%
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.00% 245.2 0.41% 2.00%
Period Ended 10/31/2004(c) 0.47% 245.7 0.47% 1.05%
Year Ended 4/30/2004 0.59% 114.6 0.56% 0.59%
Year Ended 4/30/2003 1.17% 91.4 0.48% 1.18%
Year Ended 4/30/2002 2.54% 117.8 0.46% 2.45%
Year Ended 4/30/2001 6.07% 25.3 0.43% 5.86%
Year Ended 4/30/2000 5.36% 12.8 0.31% 5.18%
- -----------------------------------------------------------------------------------------------------------------------------------
R A T I O / S U P P L E M E N T A L D A T A
- -----------------------------------------------------------------------------------------------------------------------------------
Ratios to Average
Net Assets, Before Expenses
Waived, Credited or Paid
Indirectly (D)
---------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -----------------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUND
- -----------------
Class A Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.00% 1.41% N/A
Period Ended 10/31/2004(c) 1.00% 0.51% N/A
Year Ended 4/30/2004 0.93% 0.22% N/A
Year Ended 4/30/2003 0.92% 0.74% N/A
Year Ended 4/30/2002 0.90% 2.01% N/A
Year Ended 4/30/2001 0.99% 5.28% N/A
Year Ended 4/30/2000 1.02% 4.54% N/A
Class B Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 1.98% 0.38% N/A
Period Ended 10/31/2004(c) 1.95% (0.44)% N/A
Year Ended 4/30/2004 1.84% (0.69)% N/A
Year Ended 4/30/2003 1.62% 0.03% N/A
Year Ended 4/30/2002 1.70% 1.21% N/A
Year Ended 4/30/2001 2.04% 4.22% N/A
Year Ended 4/30/2000 2.00% 3.59% N/A
Class I Shares
- ---------------
Six Months Ended 4/29/2005 (Unaudited) 0.51% 1.90% N/A
Period Ended 10/31/2004(c) 0.54% 0.98% N/A
Year Ended 4/30/2004 0.56% 0.59% N/A
Year Ended 4/30/2003 0.53% 1.13% N/A
Year Ended 4/30/2002 0.54% 2.37% N/A
Year Ended 4/30/2001 0.56% 5.73% N/A
Year Ended 4/30/2000 0.57% 4.92% N/A
(a) Total investment return assumes dividend reinvestment and does not
reflect any deduction for sales charges. Not annualized for periods
less than one year.
(b) Computed on an annualized basis for periods less than one year.
(c) For the period from May 1, 2004 to October 31, 2004.
Additional Information
(unaudited)
Proxy Voting
The policies and procedures that the Trust uses to determine how to vote
proxies relating to portfolio securities are attached to the Trust's
Statement of Additional Information. You may request a free copy of the
Statement of Additional Information or the report of how the Trust voted
proxies relating to portfolio securities during the most recent 12-month
period ended June 30 by calling 800-947-4836. 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 the Thrivent Financial web site (www.thrivent.com)
or the SEC web site (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 1-800-947-4836. The
Trust's Forms N-Q also are available on the Thrivent Financial web site
(www.thrivent.com) or the SEC web site (www.sec.gov). You also may review
and copy the Forms N-Q for the Trust at the SEC's Public Reference Room in
Washington, DC. You may get information about the operation of the Public
Reference Room by calling 1-800-SEC-0330.
Board Approval of Investment Advisory Agreement
At its meeting on November 9, 2004, the Board of Trustees, including the
Independent Trustees, unanimously voted to reapprove the current
investment advisory agreement ("Advisory Agreement") between the Funds and
Thrivent Investment Management, Inc. (the "Adviser"). In connection with
its reapproval of the Advisory Agreement, the Board considered the
following factors:
1. The nature, extent and quality of the services provided by the Adviser.
2. The investment performance of the Funds and the Adviser.
3. The costs of the services provided and profits realized by the Adviser.
4. The extent to which economies of scale may be realized as the Funds
grow.
5. Whether fee breakpoint levels reflect these economies of scale for the
benefit of the Funds' shareholders.
In connection with the Advisory Agreement renewal process, during the
meetings of the Contracts Committee of the Board (consisting of each of
the Independent Trustees of the Board) on August 24 and November 9, 2004,
the Contracts Committee reviewed information it had previously requested
from Fund management addressing the factors listed above. This information
included a report prepared by Lipper, Inc., which compared the advisory
fees, the total operating expenses and the performance of each of the
Funds to a peer group of comparable mutual funds; detailed information
with respect to each contract for each Fund, prepared by Fund management
with respect to the costs of services provided to the Funds, fees charged,
including effective advisory fees that take into account breakpoints, and
profit realized by the Adviser and its affiliates that provide services to
the Funds; information regarding the types of services furnished to the
Funds, personnel providing the services, staff additions, systems
improvements and the Adviser's plans for further staff additions; and
performance information prepared by management.
In addition, the Contracts Committee and the Board received reports on
actions being taken to improve performance of certain of the Funds. The
Contracts Committee was represented by independent counsel throughout
these meetings and during a private session of the Independent Trustees to
consider reapproval of the Advisory Agreement. The Contracts Committee
also received a memorandum from independent counsel summarizing its
responsibilities under the Investment Company Act in reviewing advisory
contracts. The Contracts Committee's and the Board's consideration of the
factors listed above and information provided to it is discussed below.
Nature, Extent and Quality of Services
- ---------------------------------------
At each of the quarterly meetings of the Funds during 2004, management
presented information describing the services furnished to the Fund by the
Adviser under the current Advisory Agreement and separate Administration
and Accounting Services Agreements. During these meetings, management
reported on the investment management, portfolio trading and compliance
functions provided to the Fund under the current Advisory Agreement. The
Contracts Committee considered information relating to the investment
experience and educational backgrounds of recently hired portfolio
managers, research analysts and trading desk personnel.
Additional Information
(unaudited)
The Board received reports at each of its quarterly meetings from the
Funds' Chief Investment Officer and the directors of equity and fixed
income investing. In addition, the Board noted that it had, over the past
year, met with a majority of the Funds' portfolio managers, the head of
the research area and the lead trader for equities, which gave the Board
an opportunity to evaluate their abilities, experience, and the quality of
service they provide to the Funds. The Board also considered the portfolio
manager changes made during the first quarter of 2004, which were part of
the Adviser's plan to address portfolio performance issues of several
Funds in a proactive manner. Information was also presented to the Board
describing the portfolio compliance functions performed by the Adviser,
and the Adviser's oversight of subadvisers of the Fund. The Board
considered the importance of the compliance and oversight functions to the
successful operation of the Funds and expressed satisfaction with the
quality of service provided by the Adviser. The Independent Trustees have
also met quarterly with the Funds' Chief Compliance Officer.
Management also reviewed with the Board its commitment to enhance its
investment management capabilities. The hiring of a new Chief Investment
Officer and recent portfolio manager, research analyst and trading desk
personnel changes were highlighted as examples of the Adviser's commitment
to the Funds. Additionally, management discussed current searches for
additional portfolio managers, research analysts and trading desk
personnel. Management also reviewed investments in systems technology to
improve trading, portfolio compliance and investment reporting functions.
The Board viewed these actions as a significant factor in approving the
current advisory agreement as they demonstrated the Adviser's commitment
to provide the Funds with quality service and competitive investment
performance.
Management reviewed with the Contracts Committee and the Board the
administrative and accounting services provided to the Funds under the
Advisory, Administration and Accounting Services Agreements. These
services include, among others, accounting, financial reporting, legal,
compliance, record keeping and internal audit. The Board considered the
necessity of these services for the continued successful operation of the
Funds, and evaluated the quality of the services. As part of this review,
the Board also generally considered the experience and skill levels of
personnel providing these services. The Board concluded that the Adviser
has provided a consistent, high level of quality service for these
essential functions, which also was a significant factor in the Board's
approval of the Advisory Agreement.
Investment Performance
- -----------------------
The Contracts Committee receives regular monthly reports that show
relative investment performances of each Fund for periods ranging from one
month to ten years. Frames of reference are each Fund's performance
percentile ranking in its respective investment style category, according
to both the Lipper and Morningstar data services. This information is
critically reviewed with management at each quarterly Board meeting. At
the November 2004 Contracts Committee meeting, the Committee reviewed data
for the periods ended September 30, 2004. This information showed improved
performance over the more recent periods, which coincided with portfolio
management changes made by the Adviser over that period. Management also
discussed with the Board its initiative to build competitive long-term
performance track records, focussing on 3, 5 and 10 year performance. The
Board considered the Fund's improving performance and the Adviser's
initiative to build competitive performance as important factors in
reapproving the Advisory Agreement. The Board concluded that the
performance of the individual Funds was either satisfactory compared to
other funds in its Lipper style category or that the Adviser had taken
appropriate actions to improve long term Fund performance.
Cost of Services and Profitability to Adviser
- ----------------------------------------------
The Contracts Committee reviewed the Adviser's Statement of Operations for
the Nine Months ended September 30, 2004. The Board reviewed the
comparative income, expense and profit margins for each Fund and noted the
Adviser's commitment to provide additional resources to enhance its
investment management capabilities, noting that the pre-tax profit margin
for the Adviser reflected expenses incurred by the Adviser as part of its
plan to reinvest approximately four to five million dollars of additional
money in its advisory operations. The Board also noted the voluntary fee
caps and reimbursements provided by the Adviser for several of the Funds.
It also reviewed revenues and expenses of the Adviser relating to the
accounting and administration services it provides to the Funds under
separate agreements.
Additional Information
(unaudited)
The Board also reviewed information prepared by Lipper, comparing each of
the Fund's effective advisory fees (which take into account breakpoints)
with advisory fees of their peer group funds. The data prepared by Lipper
showed that all but one of the Funds have advisory fees below the Lipper
peer group median. Additionally, 13 of the 23 Funds have the lowest
advisory fees in their peer groups, while all but six of the Funds rank in
the lowest priced quartile for their peer groups.
In connection with its review of the profitability of the Advisor's
services to the Funds, the Trustees also considered the revenues received
from the Funds by the Advisor or its affiliates for administration,
accounting, distribution, and transfer agency services. The Trustees also
received information on soft dollar arrangements. The Trustees considered
the fees for these services and soft dollar arrangements not to be
material to their evaluation of the reasonableness of the Funds' advisory
fees.
From its review of the Lipper data and expense and profit information
provided by the Adviser, the Contracts Committee concluded that the profit
earned by the Adviser for investment management, accounting and
administrative services was reasonable in light of the fees charged and
its commitment to make further investments in its investment management
operations. The Contracts Committee also noted that the Lipper data
compared the Funds' "effective advisory fees" (i.e., after fee waivers and
reimbursements) with the "effective advisory fees" charged by their peers.
The Adviser's pre-tax profit from the advisory contracts varied
significantly from fund to fund, ranging from a net loss to a significant
percentage profit. The Contracts Committee relied primarily on the
competitive level of the advisory fee compared to other comparable funds
and the level of services provided by the Adviser. The Contracts Committee
concluded that the advisory fees charged to the Funds for the investment
management services were reasonable, particularly in light of the Lipper
comparative data.
Economies of Scale and Breakpoints
- ----------------------------------
The Contracts Committees also reviewed information provided by the Adviser
related to the breakpoints in the Advisory Agreement. The Adviser
explained that its general goal with respect to breakpoints is that the
effective advisory fee for each Fund should be at or below median
effective advisory fee of its Lipper style category. The Adviser noted
that it added breakpoints for eight of the Funds effective July 17, 2004,
which resulted in an immediate reduction in the advisory fees for four of
those Funds. The Contracts Committee noted that, while the Lipper data
indicated that the advisory fees for the Funds were priced competitively
to their peer group, it requested the Adviser to provide further
information at the next meeting of the Funds regarding the extent to which
the breakpoint levels of the Funds reflect the economies of scale for the
benefit of the Funds' shareholders. Based on further information provided
by the Adviser, the Contracts Committee concluded that the contractual and
effective advisory fees generally reflected economies of scale for the
Funds with breakpoints and that the fee levels of the Funds without
breakpoints were competitive with comparable funds.
Based on the factors discussed above, no one of which was controlling, the
Contracts Committee recommended continuation of the Advisory Agreement,
and the Board, including all of the Independent Trustees, approved
continuation of the Advisory Agreement with the Adviser.
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Thrivent Mutual Funds
Supplement to Prospectus Dated February 28, 2005
With respect to Thrivent Limited Maturity Bond Fund
The third sentence under "Principal Strategies" with respect to Thrivent
Limited Maturity Bond Fund is deleted and replaced with the following
sentence: The average dollar-weighted portfolio maturity for the Fund is
expected to be less than three years.
The date of this Supplement is June 15, 2005.
Please include this Supplement with your Prospectus.
Thrivent Mutual Funds
Supplement to Prospectus dated February 28, 2005
Regarding
Thrivent Income Fund
Thrivent Core Bond Fund
Thrivent Bond Index Fund-I
Thrivent Limited Maturity Bond Fund
The "Portfolio Management" section of the prospectus is amended with
respect to the following Funds:
Thrivent Income Fund, Thrivent Core Bond Fund, and Thrivent Limited
Maturity Bond Fund
Gregory R. Anderson, Michael G. Landreville, and Alan D. Onstad serve as
portfolio co-managers of Thrivent Income Fund, Thrivent Core Bond Fund,
and Thrivent Limited Maturity Bond Fund.
Mr. Anderson has been a portfolio manager of the Funds since 2005. He has
been with Thrivent Investment Mgt. since 1997 and has served as a
portfolio manager since 2000.
Mr. Landreville has been a portfolio manager of Thrivent Income Fund since
1998, Thrivent Limited Maturity Bond Fund since 1999, and Thrivent Core
Bond Fund since 2002. He has been with Thrivent Investment Mgt. since
1983.
Mr. Onstad has been a portfolio manager of Thrivent Income Fund since
2002, Thrivent Core Bond Fund since 1999, and Thrivent Limited Maturity
Bond Fund since 2005. He has been with Thrivent Investment Mgt. since
1995.
Thrivent Bond Index Fund-I
Michael G. Landreville has served as portfolio manager of Thrivent Bond
Index Fund-I since 2005. He has been with Thrivent Investment Mgt. since
1983 and has served as a portolio manager since 1999.
The date of this Supplement is April 7, 2005.
Please include this Supplement with your Prospectus.
Thrivent Mutual Funds
Supplement to Prospectus
Class A and B Shares
Dated February 28, 2005
With respect to Thrivent Technology Fund and Thrivent Partner Small Cap
Value Fund
1. The "Fees And Expenses" section on page 3 of the prospectus with
respect to Thrivent Technology Fund is amended to include the following
footnote to the table of Annual Fund Operating Expenses:
The investment adviser has voluntarily agreed to temporarily reimburse
certain expenses associated with operating the Fund equal in the aggregate
to 0.50% of the average daily net assets of the Class A shares of the Fund
and 1.00% of the average daily net assets of the Class B shares of the
Fund. This temporary reimbursement may be discontinued at any time.
2. The "Fees And Expenses" section on page 5 of the prospectus with
respect to Thrivent Partner Small Cap Value Fund is amended to include the
following footnote to the table of Annual Fund Operating Expense:
The investment adviser has voluntarily agreed to temporarily reimburse
certain expenses associated with operating the Fund equal in the aggregate
to 0.50% of the average daily net assets of the Fund. This temporary
reimbursement may be discontinued at any time.
The date of this Supplement is May 2, 2005.
Please include this Supplement with your Prospectus.
Thrivent Mutual Funds
Supplement to Prospectus
Institutional Class Shares
Dated February 28, 2005
With respect to Thrivent Partner Small Cap Value Fund
1. The "Fees And Expenses" section on page 5 of the prospectus with
respect to Thrivent Partner Small Cap Value Fund is amended to include the
following footnote to the table of Annual Fund Operating Expense:
The investment adviser has voluntarily agreed to temporarily reimburse
certain expenses associated with operating the Fund equal in the aggregate
to 0.50% of the average daily net assets of the Fund. This temporary
reimbursement may be discontinued at any time.
The date of this Supplement is May 2, 2005.
Please include this Supplement with your Prospectus.
[GRAPHIC OMITTED: THRIVENT FINANCIAL FOR LUTHERANS TRADEMARK LOGO]
625 Fourth Ave. S., Minneapolis, MN 55415-1665
We're Listening to You!
In response to concerns regarding multiple mailings, we send one
copy of a Shareholder Report and one copy of a prospectus for Thrivent
Mutual Funds to each household. This consolidation helps reduce
printing and postage cost, thereby saving money. If you wish to receive
an additional copy of this report, call us toll free at 800-847-4836.
[GRAPHIC OMITTED: THRIVENT INVESTMENT MANAGEMENT TRADEMARK LOGO]
625 Fourth Ave. S., Minneapolis, MN 55415-1665
www.thrivent.com [Bullet] e-mail: mail@thrivent.com
[Bullet] 800-THRIVENT (800-847-4836)
2345SAR R6-05
SEMIANNUAL REPORT
APRIL 29, 2005
THRIVENT U.S. GOVERNMENT ZERO
COUPON TARGET FUND, SERIES 2006
THRIVENT MUTUAL FUNDS
[PHOTO OMITTED: PAMELA J. MORET]
Dear Members:
We are pleased to provide you with the Thrivent U.S. Government Zero Coupon
Target Fund, Series 2006 Semiannual Report for the six-month period ended April
29, 2005. In this report, you will find detailed information about the Fund,
including a summary prepared by the portfolio manager on his performance and
management strategies for the fund and period.
In previous letters, I have emphasized our commitment to operating with
integrity, delivering consistent, long-term performance, and providing members
with enhanced product offerings. Consistent with these goals is our
introduction of seven new investment options within the Thrivent Mutual Funds
this June 2005*-which are designed to help you advance your investment strategy
through added diversification and refined asset allocation.
Smart, simple investment solutions
We understand the importance of designing products around members' needs,
affordability, relevancy and long-term value. It's our pleasure to introduce
four new Thrivent Asset Allocation Funds that provide simple investment
solutions with the added benefits of time-tested principles, such as
allocation, diversification and reallocation-all within in a single fund and
catered to individual goals.
Thrivent Asset Allocation Funds include...
Thrivent Aggressive Allocation Fund
Thrivent Moderately Aggressive Allocation Fund
Thrivent Moderate Allocation Fund
Thrivent Moderately Conservative Allocation Fund
Each Fund invests in other Thrivent Mutual Funds and represents a wide variety
of asset classes, investment styles and money managers. The Funds undergo
quarterly analysis and oversight provided by a group of seasoned investment
professionals on the Thrivent Investment Strategy Committee. The Funds' asset
class weightings and allocations are evaluated quarterly and adjusted as
needed, based on the Committee's market assessment
and outlook.
A well-known study titled "Determinants of Portfolio Performance" by Brinson,
Hood and Beebower** indicated that a portfolio's performance depends
considerably more on asset allocation (that is, how assets are divided) and
less on the individual investment selected. Specifically, asset allocation
accounted for 93.6% of the studied portfolio's performance versus 2.5% from
investment selection and 1.7% from market timing. And the investment industry
at large seems to agree that asset allocation is of major importance to
investors-in the past four years, the number of asset allocation funds has
doubled and assets are up 123%***.
Three Additional Thrivent Mutual Funds
In addition to the asset allocation funds, we are introducing three more mutual
funds: Thrivent Partner Small Cap Growth Fund, Thrivent Partner Mid Cap Value
Fund and Thrivent Real Estate Securities Fund. These funds provide you and your
Thrivent Investment Management representative with additional niche investment
offerings and opportunities for greater diversification. The Thrivent Partner
Small Cap Growth Fund will be sub-advised by Turner Investment Partners, Inc.
and Westcap Investors, LLC, and the Thrivent Partner Mid Cap Value Fund will be
sub-advised by Goldman Sachs Asset Management, L.P. The Thrivent Real Estate
Securities Fund will be internally advised by Thrivent Investment Management.
Learn More, Revisit Your Strategy
Ask your Thrivent Investment Management representative about the seven new
Thrivent Mutual Funds and an updated review of your investment strategy. As
always, thank you for continuing to turn to us for your financial solutions. We
very much value your business.
Yours sincerely,
/S/ PAMELA J. MORET
Pamela J. Moret
President and Trustee
Thrivent Mutual Funds
* Please consider the investment objectives, risks and changes and expenses
of each of the seven new Thrivent Mutual Funds carefully before investing
in any of the Funds. This and other information regarding the seven new
Thrivent Mutual Funds can be found in the Fund Prospectus, which investors
should read carefully before investing. To obtain a prospectus, contact a
registered representative or visit thrivent.Com.
** Study by Gary P. Brinson, L. Randolph Hood and Gilbert L. Beebower,
"Determinants of Portfolio Performance," Financial Analysts Journal,
January/February 1995. The study analyzed data from 91 large corporate
pension plans with assets of at least $100 million over a 10-year period
beginning in 1974 and concluded that asset allocation policy explained an
average 93.6% of the variation in total plan return.
*** Strategic Insight and Lipper Analytical Services.
THRIVENT U.S. GOVERNMENT ZERO COUPON
TARGET FUND, SERIES 2006
Alan D. Onstad, Portfolio Manager
For the six-month period ended April 29, 2005, the Thrivent U.S. Government
Zero Coupon Target Fund, Series 2006, produced a -0.71% return as interest
rates rose by approximately 110 basis points on two-year U.S. Treasuries. This
move in interest rates was in line with the Fed's increase in the fed funds
rate of 125 basis points from October 2004 through the most recent increase on
May 3, 2005. A zero coupon security will typically perform better when rates
are falling and will perform worse than coupon-paying securities when interest
rates are rising.
[PHOTO OMITTED: ALAN D. ONSTAD]
[GRAPHIC WORM CHART OMITTED: VALUE OF A $10,000 INVESTMENT]
$10,000 INVESTMENT
INCLUDING 4.75% SALES CHARGE*
Thrivent U.S. Government Zero Coupon Target Fund, Series 2006
Initial Investment: $10,000
Date of Investment: 04/30/95
Order Lines
Hi to Low
Chart Legend: Thrivent U.S. Government Zero Coupon Target Fund,
Series 2006 $19,922
Lehman Brothers Aggregate Bond Index** $18,986
Consumer Price Index*** $12,822
The Thrivent
U.S. Government Lehman
Zero Coupon Aggregate Consumer
Target Fund, Bond Price
Date Series 2006 Index** Index***
- ----------------------------------------------------------------
4/30/95 9,525 10,000 10,000
5/31/95 10,435 10,387 10,020
6/30/95 10,573 10,463 10,039
7/31/95 10,344 10,440 10,039
8/31/95 10,583 10,566 10,066
9/30/95 10,792 10,669 10,086
10/31/95 11,107 10,807 10,119
11/30/95 11,447 10,969 10,112
12/31/95 11,935 11,123 10,105
1/31/96 11,927 11,197 10,165
2/28/96 11,273 11,002 10,197
3/31/96 11,042 10,926 10,250
4/30/96 10,806 10,864 10,290
5/31/96 10,701 10,842 10,309
6/30/96 10,945 10,988 10,316
7/31/96 10,930 11,018 10,336
8/31/96 10,783 11,000 10,355
9/30/96 11,105 11,191 10,388
10/31/96 11,584 11,439 10,421
11/30/96 11,985 11,635 10,441
12/31/96 11,672 11,527 10,441
1/31/97 11,600 11,562 10,474
2/28/97 11,572 11,591 10,507
3/31/97 11,276 11,462 10,533
4/30/97 11,559 11,634 10,546
5/31/97 11,670 11,744 10,540
6/30/97 11,855 11,884 10,553
7/31/97 12,519 12,204 10,566
8/31/97 12,170 12,100 10,586
9/30/97 12,486 12,278 10,612
10/31/97 12,855 12,456 10,639
11/30/97 12,913 12,514 10,632
12/31/97 13,115 12,640 10,619
1/31/98 13,413 12,802 10,639
2/28/98 13,318 12,792 10,658
3/31/98 13,320 12,836 10,678
4/30/98 13,347 12,903 10,698
5/31/98 13,594 13,026 10,718
6/30/98 13,783 13,136 10,731
7/31/98 13,760 13,164 10,744
8/31/98 14,361 13,378 10,757
9/30/98 15,109 13,691 10,770
10/31/98 15,086 13,619 10,797
11/30/98 14,923 13,696 10,797
12/31/98 15,031 13,737 10,790
1/31/99 15,029 13,836 10,816
2/28/99 14,386 13,594 10,829
3/31/99 14,396 13,669 10,862
4/30/99 14,438 13,713 10,941
5/31/99 14,048 13,593 10,941
6/30/99 13,905 13,549 10,941
7/31/99 13,770 13,492 10,974
8/31/99 13,702 13,485 11,001
9/30/99 13,798 13,641 11,053
10/31/99 13,746 13,692 11,073
11/30/99 13,665 13,691 11,080
12/31/99 13,484 13,625 11,080
1/31/00 13,393 13,580 11,106
2/28/00 13,495 13,744 11,172
3/31/00 13,845 13,925 11,264
4/30/00 13,809 13,886 11,271
5/31/00 13,863 13,879 11,277
6/30/00 14,276 14,168 11,343
7/31/00 14,326 14,297 11,363
8/31/00 14,576 14,504 11,376
9/30/00 14,746 14,595 11,435
10/31/00 14,813 14,692 11,455
11/30/00 15,217 14,932 11,462
12/31/00 15,613 15,209 11,455
1/31/01 15,797 15,458 11,527
2/28/01 16,021 15,592 11,573
3/31/01 16,199 15,670 11,600
4/30/01 15,951 15,605 11,646
5/31/01 15,886 15,700 11,699
6/30/01 15,952 15,759 11,718
7/31/01 16,405 16,111 11,685
8/31/01 16,579 16,296 11,685
9/30/01 17,067 16,486 11,738
10/31/01 17,381 16,831 11,699
11/30/01 17,016 16,599 11,679
12/31/01 16,801 16,493 11,633
1/31/02 16,842 16,627 11,659
2/28/02 17,054 16,788 11,705
3/31/02 16,617 16,509 11,771
4/30/02 16,998 16,829 11,837
5/31/02 17,193 16,972 11,837
6/30/02 17,467 17,119 11,843
7/31/02 17,970 17,325 11,857
8/30/02 18,238 17,617 11,896
9/30/02 18,754 17,903 11,916
10/31/02 18,637 17,821 11,946
11/29/02 18,330 17,816 11,946
12/31/02 18,786 18,184 11,919
1/31/03 18,642 18,200 11,972
2/28/03 18,897 18,451 12,064
3/31/03 18,867 18,437 12,137
4/30/03 18,935 18,590 12,110
5/30/03 19,298 18,935 12,090
6/30/03 19,273 18,898 12,104
7/31/03 18,813 18,262 12,117
8/29/03 18,781 18,384 12,163
9/30/03 19,179 18,870 12,202
10/31/03 18,962 18,694 12,189
11/28/03 18,930 18,739 12,156
12/31/03 19,062 18,930 12,143
1/30/04 19,104 19,082 12,202
2/27/04 19,242 19,289 12,268
3/31/04 19,317 19,433 12,347
4/30/04 18,973 18,928 12,387
5/28/04 18,888 18,852 12,459
6/30/04 18,869 18,959 12,499
7/30/04 18,931 19,147 12,479
8/31/04 19,094 19,512 12,486
9/30/04 19,061 19,565 12,512
10/29/04 19,120 19,729 12,578
11/30/04 18,979 19,571 12,585
12/31/04 19,000 19,751 12,539
1/31/05 18,968 19,875 12,565
2/28/05 18,907 19,758 12,637
3/31/05 18,890 19,656 12,736
4/29/05 $18,986 $19,922 $12,822
The Fund seeks high, relatively predictable investment returns from U.S.
government securities over selected periods of time, assuming investors
reinvest the dividends and capital gains distributed by the Fund.
[GRAPHIC OMITTED: PORTFOLIO COMPOSITION]
Portfolio Composition
(% of Portfolio)
Long Term Obligations 100%
AVERAGE ANNUAL TOTAL RETURNS*
For the Period Ended April 29, 2005 1-Year 5-Year 10-Year
Without sales charge 0.30% 6.60% 7.20%
With sales charge 1 -4.50% 5.58% 6.67%
1 Performance has been restated to reflect the maximum sales charges of
4.75%.
* Past performance is not an indication of future results. Investment return
and principal value will fluctuate, and shares, when redeemed, may be worth
more or less than their original cost. Current performance may be lower or
higher than the performance data quoted. Call 800-THRIVENT or visit
www.thrivent.com for performance results current to the most recent month
end.
Annualized total returns represent past performance and reflect
changes in share prices, the reinvestment of all dividends and
capital gains, and the effects of compounding. 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.
Investing in a mutual fund involves risks, including the possible
loss of principal. 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. Please read
your prospectus carefully.
** An unmanaged index that encompasses five major classes of U.S.
fixed-income securities: U.S. Treasury and Government Agency
securities, corporate debt obligations, mortgage-backed securities,
asset-backed securities and commercial mortgage backed securities.
It is not possible to invest directly in the Index.
*** 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.
This page has been intentionally left blank.
Shareholder Expense Example
(Unaudited)
As a shareholder of the Fund, you incur the following types of costs:
(1) transaction costs, including sales charges (loads) on purchase
payments, reinvested dividends, or other distributions; redemption fees;
and exchange fees; (2) ongoing costs, including management fees;
distributions [and/or service] (12b-1) fees; and other Fund expenses.
This Example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds. The Example is based
on an investment of $1,000 invested at the beginning of the period and
held for the entire period from November 1, 2004 through April 29, 2005.
Actual Expenses
The first line of the table below provides information about actual
account values and actual expenses. You may use the information in this
line, together with the amount you invested, to estimate the expenses
that you paid over the period. Simply divide your account value by
$1,000 (for example, an $8,600 account value divided by $1,000 = 8.6),
then multiply the result by the number in the first line under the
heading entitled "Expenses Paid During Period" to estimate the expenses
you paid on your account this period.
Hypothetical Example for Comparison Purposes
The second line of the table below 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.
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), redemption fees, or exchange fees. Therefore,
the second line 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 Ending Expenses
Account Account Paid During Annualized
Value Value Period * Expense
11/1/2004 4/29/2005 11/1/2004 - Ratio
4/29/2005
Thrivent U.S. Government Zero Coupon Target Fund, Series 2006
Actual $ 1,000 $ 993 $ 4.91 1.00%
Hypothetical ** $ 1,000 $ 1,020 $ 4.98 1.00%
* Expenses are equal to the Fund's annualized expense ratio,
multiplied by the average account value over the period,
multiplied by 180 /365 to reflect the one-half year period.
** Assuming 5% total return before expenses.
SCHEDULE OF INVESTMENTS
AS OF APRIL 29, 2005 (UNAUDITED)
Thrivent U.S. Government Zero Coupon Target Fund, Series 2006 (a)
Principal Yield to Maturity Market
Amount Long-Term Obligations (100.0%) Maturity Date Value
- -------------------------------------------------------------------------------------------------------------------------
U.S. Zero Coupon (100.0%)
$1,483,000 U.S. Government Zero Coupon Bonds 3.48% 11/15/2006 $1,405,178
- -------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS (100.0%)
(amortized cost basis $1,312,154) $1,405,178
(a) The categories of investments are shown as a percentage of total investments.
The accompanying notes to the financial statements are an integral part of
this schedule.
STATEMENT OF ASSETS AND LIABILITIES
AS OF APRIL 29, 2005 (UNAUDITED)
Thrivent U.S. Government Zero Coupon Target Fund, Series 2006
- --------------------------------------------------------------------
Assets
Investments at cost $1,312,154
Investments at value 1,405,178
Cash 12,811
Receivable from Affiliate 3,804
- --------------------------------------------------------------------
Total Assets 1,421,793
====================================================================
Liabilities
Distributions payable 29,295
Accrued expenses 6,250
- --------------------------------------------------------------------
Total Liabilities 35,545
====================================================================
Net Assets
Capital Stock (beneficial interest) 1,288,374
Accumulated undistributed net investment income 849
Accumulated undistributed net realized gain on investments 4,001
Net unrealized appreciation on investments 93,024
- --------------------------------------------------------------------
Total Net Assets $1,386,248
====================================================================
Net Assets $1,386,248
Shares of beneficial interest outstanding 126,797
Net asset value per share $10.93
Maximum public offering price $11.48
The accompanying notes to the financial statements are an integral part
of this statement.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 29, 2005 (UNAUDITED)
Thrivent U.S. Government Zero Coupon Target Fund, Series 2006
- --------------------------------------------------------------------
Investment Income
Taxable interest $51,921
- --------------------------------------------------------------------
Total Investment Income 51,921
====================================================================
Expenses
Accounting and pricing fees 495
Audit and legal fees 7,643
Custody fees 601
Printing and postage expense 3,923
SEC and state registration expense 975
Transfer agent fees 1,510
Trustees' fees and insurance expenses 2,525
Other expenses 1,108
- --------------------------------------------------------------------
Total Expenses Before Reimbursement 18,780
====================================================================
Less:
Reimbursement from adviser (11,869)
Fees paid indirectly (44)
- --------------------------------------------------------------------
Total Net Expenses 6,867
====================================================================
Net Investment Income 45,054
====================================================================
Realized and Unrealized Gains/(Losses) on Investments
Net realized gains on investments 4,002
Change in net unrealized appreciation/(depreciation) on
investments (58,304)
- --------------------------------------------------------------------
Net Realized and Unrealized Gains/(Losses) on Investments (54,302)
====================================================================
Net Decrease in Net Assets Resulting From Operations $(9,248)
====================================================================
The accompanying notes to the financial statements are an integral part
of this statement.
STATEMENT OF CHANGES IN NET ASSETS
Thrivent U.S. Government Zero Coupon Target Fund, Series 2006
For the Six For the Period For the Year
Months Ended Ended Ended
4/29/2005 10/31/2004 4/30/2004
(unaudited)
- -----------------------------------------------------------------------------------------------------
Operations
Net investment income $45,054 $45,057 $89,174
Net realized gains on investments 4,002 9,369 12,814
Change in net unrealized appreciation/
(depreciation) on investments (58,304) (41,329) (93,722)
- -----------------------------------------------------------------------------------------------------
Net Change in Net Assets Resulting
From Operations (9,248) 13,097 8,266
=====================================================================================================
Distributions to Shareholders
From net investment income (45,490) (44,577) (89,174)
From net realized gains (9,370) (6,632) (28,831)
- -----------------------------------------------------------------------------------------------------
Total Distributions to Shareholders (54,860) (51,209) (118,005)
=====================================================================================================
Capital Stock Transactions
Income dividends reinvested 86,496 -- 87,476
Capital gains distributions reinvested 9,357 6,578 28,587
Redemption of trust shares (33,780) (86,563) (79,054)
- -----------------------------------------------------------------------------------------------------
Net Increase/(Decrease) in Capital Stock 62,073 (79,985) 37,009
=====================================================================================================
Net Increase/(Decrease) in Net Assets (2,035) (118,097) (72,730)
=====================================================================================================
Net Assets Beginning of Period 1,388,283 1,506,380 1,579,110
=====================================================================================================
Net Assets End of Period $1,386,248 $1,388,283 $1,506,380
=====================================================================================================
The accompanying notes to the financial statements are an integral part
of this statement.
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 29, 2005 (UNAUDITED)
Thrivent U.S. Government Zero Coupon Target Fund, Series 2006
A. Organization
The Thrivent Mutual Funds (the "Trust") was organized as a Massachusetts
Business Trust on March 31, 1987 and is registered as an open-end
management investment company under the Investment Company Act of 1940.
The Trust commenced operations on July 16, 1987.
On November 14, 1990, The Thrivent U.S. Government Zero Coupon Target
Fund, Series 2006 (the "Fund"), commenced operations. Effective June 1,
1993, the Board of Trustees of The Thrivent Mutual Funds closed the Fund
to new shareholders and discontinued the sale of additional shares to
existing shareholders.
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.
B. Significant Accounting Policies
Valuation -- Securities traded on national securities exchanges are
valued at the last reported sales prices. All other securities are
valued at official closing price if such quotations are readily
available. Otherwise, such securities are valued at a fair value as
determined in good faith by the Adviser under supervision of the Board
of Trustees.
Federal Income Taxes -- The Fund intends to comply with the requirements
of the Internal Revenue Code which are applicable to regulated
investment companies and to distribute substantially all of its taxable
income to its shareholders. The Fund accordingly anticipates paying no
Federal income taxes and no Federal income tax provision was required.
Fees Paid Indirectly -- The Fund has 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.
Distributions to Shareholders -- Net investment income is distributed to
each shareholder as a dividend. Dividends from the Fund are declared
daily and distributed annually. Net realized gains from securities
transactions, if any, are distributed at least annually in the calendar
year.
Use of Estimates -- The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of
America require management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial
statements and the reported amounts of income and expenses during the
reporting period. Actual results could differ from these estimates.
Other -- For financial statement purposes, investment security
transactions are accounted for on the trade date. Interest income is
recognized on an accrual basis. Bond discount is amortized over the
life of the respective bonds on the interest method. Realized gains or
losses on sales are determined on a specific cost identification basis.
Generally accepted accounting principles require permanent financial
reporting and tax differences be reclassified to trust capital. No
reclassifications were necessary at October 31, 2004.
C. Investment Advisory Management Fees and Transactions with Related
Parties
The Trust has entered into an Investment Advisory Agreement with
Thrivent Investment Management Inc. (the "Adviser") under which the Fund
pays a fee for investment advisory services. The annual rate of fees
under the Investment Advisory Agreement are calculated at 0.50 of 1% of
the average daily net assets of the Fund. Payments under the Investment
Advisory Agreement were discontinued effective July 1, 1993.
Each Trustee who is not affiliated with Thrivent Financial for Lutherans
or the Adviser receives an annual fee from the Fund for services as a
Trustee and is eligible to participate in a deferred compensation plan
with respect to these fees. Each participant's deferred compensation
account will increase or decrease as if it were invested in shares of
the Funds of their choice.
Trustees not participating in the above plan received $170 in fees for
the six months ended April 29, 2005 from the Fund. No remuneration has
been paid by the Trust to any of the officers or affiliated Trustees of
the Trust. In addition, the Trust reimbursed certain reasonable
expenses incurred in relation to attendance at the meetings.
The Fund is charged for those expenses that are directly attributable to
it, such as advisory, custodian and certain shareholder service fees,
while other expenses that cannot be directly attributable to the Fund
are allocated Thrivent Mutual Funds in proportion to the net assets,
number of shareholder accounts, or other reasonable basis of the
respective Fund.
The Adviser has voluntarily reimbursed the Fund for all expenses in
excess of 1% of average daily net assets since inception.
Thrivent Financial for Lutherans is the ultimate parent company for
Thrivent Investment Management Inc.
D. Security Transactions
During the six months ended April 29, 2005, there were no purchases and
$56,568 in sales. All sales were in U.S. Government obligations.
E. Federal Income Tax Information
The cost basis of the investments is the same for financial reporting
purposes and Federal income tax purposes. The gross unrealized
appreciation on investments at April 29, 2005 was $93,024.
F. Trust Transactions
Transactions in trust shares for the six months ended April 29, 2005,
the period ended October 31, 2004 and the year ended April 30, 2004 were
as follows:
4/29/2005 10/31/2004 4/30/2004
---------- ---------- ---------
Income dividends reinvested 7,744 -- 7,278
Capital gains reinvested 837 571 2,380
Shares redeemed (3,077) (7,489) (6,428)
---------- ---------- ---------
Net Change in Trust Shares 5,504 (6,918) 3,230
========== ========== =========
FINANCIAL HIGHLIGHTS
For a share outstanding throughout each period (a)
-----------------------------------------------------------------------------------
Income from Investment Operations
--------------------------------------------------------------
Net Realized and
Net Asset Value, Net Unrealized Total
Beginning of Investment Gain/(Loss) on Investment
Period Income Investments(b) Operations
- -------------------------------------------------------------------------------------------------------------------
Class A Shares
Six Months Ended
4/29/2005 (unaudited) $11.45 $0.36 $(0.44) $(0.08)
Period Ended
10/31/2004 11.75 0.36 (0.25) 0.11
Year Ended 4/30/2004 12.63 0.71 (0.64) 0.07
Year Ended 4/30/2003 12.17 0.73 0.63 1.36
Year Ended 4/30/2002 12.22 0.71 0.07 0.78
Year Ended 4/30/2001 11.27 0.72 1.00 1.72
Year Ended 4/30/2000 12.39 0.72 (1.02) (0.30)
For a share outstanding throughout each period (a)
-----------------------------------------------------------------------------------
Less Distributions from
-----------------------------------------------------------------------------------
Net Net Realized Net Asset
Investment Gain on Total Value, End
Income Investments Distributions of Period
- -------------------------------------------------------------------------------------------------------------------
Class A Shares
Six Months Ended
4/29/2005
(unaudited) $(0.36) $(0.08) $(0.44) $10.93
Period Ended
10/31/2004 (0.36) (0.05) (0.41) 11.45
Year Ended 4/30/2004 (0.71) (0.24) (0.95) 11.75
Year Ended 4/30/2003 (0.73) (0.17) (0.90) 12.63
Year Ended 4/30/2002 (0.71) (0.12) (0.83) 12.17
Year Ended 4/30/2001 (0.72) (0.05) (0.77) 12.22
Year Ended 4/30/2000 (0.72) (0.10) (0.82) 11.27
Ratios / Supplemental Data
-----------------------------------------------------------------------------------
Ratios to Average Net Assets(d)
-----------------------------------------------------------------------------------
Net Assets End Net
Total of Period Investment
Return(c) (in thousands) Expenses Income/(Loss)
- -------------------------------------------------------------------------------------------------------------------
Class A Shares
Six Months Ended
4/29/2005
(unaudited) (0.71)% $1,386 1.00% 6.51%
Period Ended
10/31/2004 0.97% 1,388 1.00% 6.25%
Year Ended 4/30/2004 0.65% 1,506 1.00% 5.82%
Year Ended 4/30/2003 11.28% 1,579 0.91% 5.73%
Year Ended 4/30/2002 6.53% 1,565 1.00% 5.80%
Year Ended 4/30/2001 15.28% 1,612 0.99% 6.02%
Year Ended 4/30/2000 (2.29)% 1,467 0.98% 6.21%
Ratios / Supplemental Data
-----------------------------------------------------------------------------------
Ratios to Average Net Assets
Before Expenses Waived,
Credited or Paid Indirectly(d)
-----------------------------------------------------------------------------------
Net Portfolio
Investment Turnover
Expenses Income/(Loss) Rate
- -------------------------------------------------------------------------------------------------------------------
Class A Shares
Six Months Ended
4/29/2005
(unaudited) 2.72% 4.79% 0.00%
Period Ended
10/31/2004 2.02% 5.23% 0.00%
Year Ended 4/30/2004 1.78% 5.04% 0.00%
Year Ended 4/30/2003 1.55% 5.09% 0.00%
Year Ended 4/30/2002 1.27% 5.53% 0.00%
Year Ended 4/30/2001 1.07% 5.95% 0.00%
Year Ended 4/30/2000 0.98% 6.21% 0.00%
(a) All per share amounts have been rounded to the nearest cent.
(b) 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) Total investment return assumes dividend reinvestment and does not
reflect any deduction for sales charges.
(d) Computed on an annualized basis for periods less then one year.
The accompanying notes to the financial statements are an integral part
of this schedule.
ADDITIONAL INFORMATION
(unaudited)
PROXY VOTING
The policies and procedures that the Trust uses to determine how to vote
proxies relating to portfolio securities are attached to the Trust's
Statement of Additional Information. You may request a free copy of the
Statement of Additional Information or the report of how the Trust voted
proxies relating to portfolio securities during the most recent 12-month
period ended June 30 by calling 800-947-4836. 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 the Thrivent Financial web site
(www.thrivent.com) or the SEC web site (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 1-800-947-4836.
The Trust's Forms N-Q also are available on the Thrivent Financial web
site (www.thrivent.com) or the SEC web site (www.sec.gov). You also may
review and copy the Forms N-Q for the Trust at the SEC's Public
Reference Room in Washington, DC. You may get information about the
operation of the Public Reference Room by calling 1-800-SEC-0330.
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT
On November 9, 2004, the Board of Trustees of the Fund (the "Board"),
including the Trustees who are not "interested persons" of Thrivent
Financial or the Fund ("Independent Trustees"), unanimously voted to
approve the current investment advisory agreement ("Advisory Agreement")
between the Fund and Thrivent Investment Mgt. (the "Adviser"). In
connection with its consideration of the current Advisory Agreement, the
Board considered the nature, extent and quality of the services provided
by the Adviser and the investment performance of the Fund and the
Adviser. The Board reviewed the current staff of the Adviser and their
qualifications and found the nature, extent and quality of the services
provided by the Adviser to be satisfactory. In light of the limited
purpose of the Fund and the fixed nature of the portfolio, the Board
found the performance of the Fund and the Adviser to be satisfactory. In
connection with its consideration of the current Advisory Agreement, the
Board also reviewed the reasonableness of the advisory fee, the extent
of the profits derived by the Adviser and the total operating expenses
of the Fund. The Board determined that these factors were reasonable
because the advisory fee has been and continues to be waived so that no
management fees or distribution fees are born by the Trust. Because the
advisory fee for this Fund has been waived in its entirety, the Board
did not consider the Adviser's profitability or the economies of scale
that might be realized from a growth in Fund assets. After reviewing all
of these factors, the Board unanimously approved the continuation of the
current Advisory Agreement.
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We're Listening to You!
In response to shareholder concerns regarding multiple mailings, we send
one copy of a shareholder report and one copy of a prospectus for the
Fund to each household. This consolidation helps reduce printing and
postage costs, thereby saving shareholders' money. If you wish to
receive an additional copy of this report, call us toll free at (800)
847-4836.
This report is submitted for the information of shareholders of Thrivent
Mutual Funds. It is not authorized for distribution to prospective
investors unless preceded or accompanied by the current prospectus for
Thrivent Mutual Funds, which contains more complete information about
the Funds, including investment policies, charges and expenses.
[GRAPHIC OMITTED: THRIVENT INVESTMENT MANAGEMENT TRADEMARK LOGO]
625 Fourth Ave. S., Minneapolis, MN 55415-1665
www.thrivent.com e-mail: mail@thrivent.com 800-THRIVENT (800-847-4836)
23461SAR N6-05
Item 2. Code of Ethics
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Not applicable to semiannual report
Item 3. Audit Committee Financial Expert
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Not applicable to semiannual report
Item 4. Principal Accountant Fees and Services
- -------------------------------------------------------------------------
Not applicable to semiannual report
Item 5. Audit Committee of Listed Registrants
- -------------------------------------------------------------------------
Not applicable.
Item 6. Schedule of Investments
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Registrant's Schedule of Investments is included in the report to
shareholders filed under Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
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Management Investment Companies
- -------------------------------
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
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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
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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
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(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) 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) There has been no change in registrant's internal controls over
financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act) 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
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(a) 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: June 22, 2005 THRIVENT MUTUAL FUNDS
By: /s/ Pamela J. Moret
-------------------
Pamela J. Moret
President
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on
the dates indicated.
Date: June 22, 2005 By: /s/ Pamela J. Moret
-------------------
Pamela J. Moret
President
Date: June 22, 2005 By: /s/ Randall L. Boushek
----------------------
Randall L. Boushek
Treasurer