Amended Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q/a)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

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)

Rebecca A. Paulzine, Assistant Secretary

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: September 30, 2012

Item 1. Schedule of Investments

Natural Resources Fund

Schedule of Investments as of September 28, 2012

(unaudited)


Shares		Common Stock (96.5%)	Value
	Coal & Consumable Fuels (3.6%)
	140,900	Alpha Natural Resources, Inc. ^a		$925,713
	62,346	Arch Coal, Inc. ^b		394,650
	91,200	Peabody Energy Corporation		2,032,848

		Total		3,353,211


	Consumer Staples (8.8%)
	89,700	Archer-Daniels-Midland Company		2,438,046
	41,000	Bunge, Ltd.		2,749,050
	55,900	Ingredion, Inc.		3,083,444

		Total		8,270,540


	Integrated Oil & Gas (13.0%)
	62,908	BP plc ADR		2,664,783
	40,600	Chevron Corporation		4,732,336
	28,700	Occidental Petroleum Corporation		2,469,922
	99,600	Petroleo Brasileiro SA ADR		2,284,824

		Total		12,151,865


	Materials (13.4%)
	32,700	BHP Billiton, Ltd. ADR ^b		2,243,547
	41,300	Cliffs Natural Resources, Inc. ^b		1,616,069
	81,900	Freeport-McMoRan Copper & Gold, Inc.		3,241,602
	37,300	Mosaic Company		2,148,853
	44,200	Rio Tinto plc ADR ^b		2,066,792
	38,100	Walter Energy, Inc.		1,236,726

		Total		12,553,589


	Oil & Gas Drilling (5.7%)
	54,900	Ensco plc		2,995,344
	166,200	Nabors Industries, Ltd. ^a		2,331,786

		Total		5,327,130


	Oil & Gas Equipment & Services (14.0%)
	45,300	Baker Hughes, Inc.		2,048,919
	41,000	Dril-Quip, Inc. ^a		2,947,080
	34,900	National Oilwell Varco, Inc.		2,795,839
	40,000	Oil States International, Inc. ^a		3,178,400
	170,000	Weatherford International, Ltd. ^a		2,155,600

		Total		13,125,838


	Oil & Gas Exploration & Production (16.4%)
	16,300	Apache Corporation		1,409,461
	26,800	EOG Resources, Inc.		3,002,940
	68,300	Marathon Oil Corporation		2,019,631
	54,400	Newfield Exploration Company ^a		1,703,808
	92,000	Plains Exploration & Production Company ^a		3,447,240
	96,400	Swift Energy Company ^a		2,012,832
	81,900	Ultra Petroleum Corporation ^a,b		1,800,162

		Total		15,396,074


	Oil & Gas Refining & Marketing (4.0%)
	116,800	Valero Energy Corporation		3,700,224

		Total		3,700,224


	Real Estate Investment Trusts (17.6%)
	25,823	Boston Properties, Inc.		2,856,282
	45,795	Equity Residential		2,634,587
	141,800	Kimco Realty Corporation		2,874,286


Shares		Common Stock (96.5%)	Value
	Real Estate Investment Trusts (17.6%) - continued
	19,010	Public Storage, Inc.		$2,645,622
	19,426	Simon Property Group, Inc.		2,949,061
	31,847	Vornado Realty Trust		2,581,199

		Total		16,541,037


		Total Common Stock (cost $85,800,923)		90,419,508


Shares		Collateral Held for Securities Loaned (8.9%)	Value
	8,373,775	Thrivent Financial Securities Lending Trust		8,373,775

		Total Collateral Held for Securities Loaned (cost $8,373,775)		8,373,775

		Total Investments (cost $94,174,698) 105.4%		$98,793,283

		Other Assets and Liabilities, Net (5.4%)		(5,040,179)

		Total Net Assets 100.0%		$93,753,104

a	Non-income producing security.

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

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation			$13,720,220
Gross unrealized depreciation			(9,101,635)

Net unrealized appreciation (depreciation)			$4,618,585

Cost for federal income tax purposes			$94,174,698

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

Natural Resources Fund

Schedule of Investments as of September 28, 2012

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of September 28, 2012, in valuing Natural Resources Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Common Stock

Coal & Consumable Fuels

3,353,211

–

Consumer Staples

8,270,540

–

Integrated Oil & Gas

12,151,865

–

Materials

12,553,589

–

Oil & Gas Drilling

5,327,130

–

Oil & Gas Equipment & Services

13,125,838

–

Oil & Gas Exploration & Production

15,396,074

–

Oil & Gas Refining & Marketing

3,700,224

–

Real Estate Investment Trusts

16,541,037

–

Collateral Held for Securities Loaned

8,373,775

–

Total

$98,793,283

$–

There were no significant transfers between the Levels during the period ended September 28, 2012. Transfers between the Levels are identified as of the end of the period.

Investment in Affiliates

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

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

Fund

Value

December 31,
2011

Gross

Purchases

Gross
Sales

Shares Held at
September 28,
2012

Value

September 28,
2012

Income Earned

January 1, 2012 -
September 28, 2012

Securities Lending Trust- Collateral Investment

$535,500

$59,443,991

$51,605,716

8,373,775

$8,373,775

$6,011

Total Value and Income Earned

535,500

8,373,775

6,011

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

Equity Income Plus Fund

Schedule of Investments as of September 28, 2012

(unaudited)


Shares		Common Stock (92.7%)	Value
	Consumer Discretionary (7.9%)
	6,100	Comcast Corporation		$218,197
	40,000	H&R Block, Inc.		693,200
	11,100	Home Depot, Inc.		670,107
	4,000	Kohl’s Corporation		204,880
	4,600	Lululemon Athletica, Inc. ^a		340,124
	7,800	Macy’s, Inc.		293,436
	4,700	McDonald’s Corporation		431,225
	300	Priceline.com, Inc. ^a		185,619
	9,800	Reed Elsevier NV ADR		260,876
	7,300	Ross Stores, Inc.		471,580
	32,000	Staples, Inc.		368,640
	10,900	TJX Companies, Inc.		488,211
	3,200	Toyota Motor Corporation ADR		251,232

		Total		4,877,327


	Consumer Staples (9.9%)
	2,400	Anheuser-Busch InBev NV ADR		206,184
	800	British American Tobacco plc ADR		82,112
	5,550	Brown-Forman Corporation		362,137
	22,100	Coca-Cola Company		838,253
	4,000	Colgate-Palmolive Company		428,880
	4,000	Companhia de Bebidas das Americas ADR		153,080
	6,100	General Mills, Inc.		243,085
	13,000	Herbalife, Ltd.		616,200
	10,700	Hillshire Brands Company		286,546
	4,900	Nu Skin Enterprises, Inc.		190,267
	12,500	Philip Morris International, Inc.		1,124,250
	4,600	Reynolds American, Inc.		199,364
	19,200	Unilever NV ADR		681,216
	5,300	Unilever plc ADR		193,556
	6,200	Wal-Mart Stores, Inc.		457,560

		Total		6,062,690


	Energy (12.5%)
	4,100	BP plc ADR		173,676
	3,600	Canadian Natural Resources, Ltd.		110,844
	14,600	Chevron Corporation		1,701,776
	1,600	China Petroleum & Chemical Corporation		147,872
	600	CNOOC, Ltd. ADR		121,638
	14,900	ConocoPhillips		851,982
	9,100	Ecopetrol SA ADR		536,263
	14,900	Exxon Mobil Corporation		1,362,605
	2,700	Imperial Oil, Ltd.		124,281
	13,600	Kinder Morgan, Inc.		483,072
	2,600	Occidental Petroleum Corporation		223,756
	2,800	PetroChina Company, Ltd. ADR		361,648
	9,000	Petroleo Brasileiro SA ADR		206,460
	7,500	QEP Resources, Inc.		237,450
	2,431	Royal Dutch Shell plc ADR, Class A		168,736
	4,300	Royal Dutch Shell plc ADR, Class B		306,590
	9,600	Statoil ASA ADR		247,584
	4,500	Suncor Energy, Inc. ADR		147,825
	3,900	Total SA ADR		195,390

		Total		7,709,448


	Financials (23.0%)
	11,400	Aflac, Inc.		545,832
	600	Alexandria Real Estate Equities, Inc.		44,112


Shares		Common Stock (92.7%)	Value
	Financials (23.0%) - continued
	2,900	American Tower Corporation		$207,031
	24,400	Annaly Capital Management, Inc.		410,896
	1,300	Apartment Investment & Management Company		33,787
	11,000	Assurant, Inc.		410,300
	700	AvalonBay Communities, Inc.		95,193
	21,700	Banco Bilbao Vizcaya Argentaria SA ADR		168,175
	9,000	Bank of Montreal		531,360
	1,700	BioMed Realty Trust, Inc.		31,824
	1,100	Boston Properties, Inc.		121,671
	700	BRE Properties, Inc.		32,823
	700	Camden Property Trust		45,143
	2,200	Canadian Imperial Bank Of Commerce		172,018
	1,600	CBL & Associates Properties, Inc.		34,144
	14,400	CBOE Holdings, Inc.		423,648
	1,100	CommonWealth REIT		16,016
	1,000	Corporate Office Properties Trust		23,970
	2,600	DDR Corporation		39,936
	2,100	DiamondRock Hospitality Company		20,223
	800	Digital Realty Trust, Inc.		55,880
	2,500	Duke Realty Corporation		36,750
	500	Equity Lifestyle Properties, Inc.		34,060
	12,800	Equity Residential		736,384
	300	Essex Property Trust, Inc.		44,472
	500	Federal Realty Investment Trust		52,650
	3,700	General Growth Properties, Inc.		72,076
	3,000	HCP, Inc.		133,440
	1,500	Health Care REIT, Inc.		86,625
	900	Highwoods Properties, Inc.		29,358
	500	Home Properties, Inc.		30,635
	1,300	Hospitality Properties Trust		30,914
	5,500	Host Hotels & Resorts, Inc.		88,275
	4,400	HSBC Holdings plc ADR		204,424
	21,300	iShares S&P U.S. Preferred Stock Index Fund		849,018
	10,000	Itau Unibanco Holding SA ADR		152,800
	14,800	J.P. Morgan Chase & Company		599,104
	700	Kilroy Realty Corporation		31,346
	3,400	Kimco Realty Corporation		68,918
	900	LaSalle Hotel Properties		24,021
	7,000	Liberty Property Trust		253,680
	1,100	Macerich Company		62,953
	1,000	Mack-Cali Realty Corporation		26,600
	10,400	Manulife Financial Corporation		125,216
	34,200	Mitsubishi UFJ Financial Group, Inc. ADR		159,030
	54,800	New York Community Bancorp, Inc.		775,968
	1,200	Omega Healthcare Investors, Inc.		27,276
	55,800	People’s United Financial, Inc.		677,412
	1,800	Piedmont Office Realty Trust, Inc.		31,212
	1,400	Plum Creek Timber Company, Inc.		61,376
	33,200	PowerShares Preferred Portfolio		490,696
	18,500	Progressive Corporation		383,690
	3,428	Prologis, Inc.		120,083
	7,500	Prudential plc ADR		195,000
	5,300	Public Storage, Inc.		737,601
	1,100	Rayonier, Inc. REIT		53,911
	1,200	Realty Income Corporation		49,068
	900	Regency Centers Corporation		43,857

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

Equity Income Plus Fund

Schedule of Investments as of September 28, 2012

(unaudited)


Shares		Common Stock (92.7%)	Value
	Financials (23.0%) - continued
	12,600	RLJ Lodging Trust		$238,266
	12,900	Royal Bank of Scotland Group plc ADR ^a		107,328
	1,600	Senior Housing Property Trust		34,848
	2,100	Simon Property Group, Inc.		318,801
	700	SL Green Realty Corporation		56,049
	31,330	SPDR Dow Jones Wilshire International Real Estate ETF		1,229,703
	600	Taubman Centers, Inc.		46,038
	35,100	UBS AG ADR ^a		427,518
	1,900	UDR, Inc.		47,158
	3,600	Vanguard Dividend Appreciation Index Fund ETF		214,848
	400	Vanguard REIT ETF		25,988
	2,150	Ventas, Inc.		133,837
	1,400	Vornado Realty Trust		113,470
	1,300	Weingarten Realty Investors		36,543
	4,200	Weyerhaeuser Company REIT		109,788

		Total		14,184,064


	Health Care (9.4%)
	13,800	Abbott Laboratories		946,128
	5,500	Aetna, Inc.		217,800
	2,900	Celgene Corporation ^a		221,560
	13,200	Eli Lilly and Company		625,812
	10,800	Forest Laboratories, Inc. ^a		384,588
	3,100	GlaxoSmithKline plc ADR		143,344
	14,100	Medtronic, Inc.		607,992
	2,400	Novartis AG ADR		147,024
	3,500	Novo Nordisk A/S ADR		552,335
	51,000	PDL BioPharma, Inc.		392,190
	19,200	Pfizer, Inc.		477,120
	4,600	Sanofi ADR		198,076
	3,900	Smith & Nephew plc ADR		214,968
	12,100	UnitedHealth Group, Inc.		670,461

		Total		5,799,398


	Industrials (6.5%)
	6,400	3M Company		591,488
	11,800	C.H. Robinson Worldwide, Inc.		690,890
	1,200	Canadian National Railway Company		105,876
	4,900	Emerson Electric Company		236,523
	5,900	Lockheed Martin Corporation		550,942
	7,900	Northrop Grumman Corporation		524,797
	49,400	Pitney Bowes, Inc.		682,708
	1,500	Siemens AG ADR		150,225
	6,200	United Parcel Service, Inc.		443,734

		Total		3,977,183


	Information Technology (9.0%)
	4,500	Accenture plc		315,135
	500	Apple, Inc.		333,630
	2,700	Canon, Inc. ADR		86,427
	10,000	GameStop Corporation		210,000
	37,900	Intel Corporation		859,572
	3,800	International Business Machines Corporation		788,310
	47,900	Marvell Technology Group, Ltd.		438,285
	1,100	MasterCard, Inc.		496,628
	38,700	Microsoft Corporation		1,152,486
	2,700	SAP AG ADR		192,591
	18,200	Seagate Technology plc		564,200


Shares		Common Stock (92.7%)	Value
	Information Technology (9.0%) - continued
	6,500	Taiwan Semiconductor Manufacturing Company, Ltd. ADR		$102,830

		Total		5,540,094


	Materials (5.1%)
	4,400	BHP Billiton plc ADR		274,824
	3,500	BHP Billiton, Ltd. ADR		240,135
	1,200	CF Industries Holdings, Inc.		266,688
	14,000	Gold Resource Corporation		300,300
	2,500	Monsanto Company		227,550
	4,100	Newmont Mining Corporation		229,641
	4,700	PPG Industries, Inc.		539,748
	5,000	Rio Tinto plc ADR		233,800
	20,900	Southern Copper Corporation		718,124
	7,200	Vale SA SP ADR		128,880

		Total		3,159,690


	Telecommunications Services (5.5%)
	6,700	America Movil SAB de CV ADR		170,448
	21,300	AT&T, Inc.		803,010
	4,500	China Mobile, Ltd. ADR		249,120
	9,400	NTT DOCOMO, Inc. ADR		151,904
	3,700	Philippine Long Distance Telephone Company ADR		244,237
	7,900	Telefonica SA ADR		104,912
	5,500	Telekomunikasi Indonesia Tbk PT ADR		214,115
	2,500	TELUS Corporation		156,325
	12,400	Verizon Communications, Inc.		565,068
	24,900	Vodafone Group plc ADR		709,525

		Total		3,368,664


	Utilities (3.9%)
	16,500	American Electric Power Company, Inc.		725,010
	6,700	Consolidated Edison, Inc.		401,263
	2,200	Empresa Nacional de Electricidad SA ADR		105,512
	14,300	Public Service Enterprise Group, Inc.		460,174
	15,400	Southern Company		709,786

		Total		2,401,745


		Total Common Stock (cost $54,365,600)		57,080,303


Principal Amount		Long-Term Fixed Income (4.5%)	Value
	Energy (0.3%)
		Enbridge Energy Partners, LP
	$175,000	8.050%, 10/1/2037		198,188

		Total		198,188


	Financials (3.5%)
		Aegon NV
	300,000	1.709%, 7/29/2049 ^b,c		150,375
		American International Group, Inc.
	100,000	8.175%, 5/15/2058		122,375
		Bank of America Corporation
	215,000	7.625%, 6/1/2019		268,477

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

Equity Income Plus Fund

Schedule of Investments as of September 28, 2012

(unaudited)


Principal Amount		Long-Term Fixed Income (4.5%)	Value
	Financials (3.5%) - continued
		BBVA International Preferred SA Unipersonal
	$150,000	5.919%, 12/29/2049 ^c		$113,250
		J.P. Morgan Chase & Company
	100,000	7.900%, 4/29/2049 ^b,c		113,573
		Liberty Mutual Group, Inc.
	200,000	10.750%, 6/15/2058 ^d		290,000
		MetLife Capital Trust IV
	220,000	7.875%, 12/15/2037 ^d		259,600
		Reinsurance Group of America, Inc.
	225,000	6.750%, 12/15/2065		219,548
		Wachovia Capital Trust III
	150,000	5.570%, 3/15/2042 ^b,c		148,312
		XL Group plc
	250,000	6.500%, 12/31/2049 ^c		230,000
		ZFS Finance USA Trust II
	230,000	6.450%, 12/15/2065 ^d		243,800

		Total		2,159,310


	Utilities (0.7%)
		Enterprise Products Operating, LLC
	225,000	7.034%, 1/15/2068		252,000
		Southern California Edison Company
	185,000	6.250%, 8/1/2049 ^c		200,906

		Total		452,906


		Total Long-Term Fixed Income (cost $2,542,584)		2,810,404


Shares		Preferred Stock (0.5%)	Value
	Financials (0.4%)
	3,000	Bank of America Corporation ^c		77,850
	2,500	J.P. Morgan Chase Capital XXIX		65,000
	4,000	U.S. Bancorp ^c		116,400

		Total		259,250


	Utilities (0.1%)
	1,720	Xcel Energy, Inc.		44,428

		Total		44,428


		Total Preferred Stock (cost $281,136)		303,678


Shares or Principal Amount		Short-Term Investments (0.7%)	Value
		Federal Home Loan Mortgage Corporation Discount Notes
	400,000	0.160%, 12/17/2012 ^e,f		399,860

		Total Short-Term Investments (at amortized cost)		399,860

		Total Investments (cost $57,589,180) 98.4%		$60,594,245

		Other Assets and Liabilities, Net 1.6%		968,721

		Total Net Assets 100.0%		$61,562,966

a	Non-income producing security.

b	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of September 28, 2012.

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

Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of September 28, 2012, the value of these investments was $793,400 or 1.3% of total net assets.

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

f	At September 28, 2012, $399,860 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation			$4,179,506
Gross unrealized depreciation			(1,174,441)

Net unrealized appreciation (depreciation)			$3,005,065

Cost for federal income tax purposes			$57,589,180

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

Equity Income Plus Fund

Schedule of Investments as of September 28, 2012

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of September 28, 2012, in valuing Equity Income Plus Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Common Stock

Consumer Discretionary

4,877,327

–

Consumer Staples

6,062,690

–

Energy

7,709,448

–

Financials

14,184,064

–

Health Care

5,799,398

–

Industrials

3,977,183

–

Information Technology

5,540,094

–

Materials

3,159,690

–

Telecommunications Services

3,368,664

–

Utilities

2,401,745

–

Long-Term Fixed Income

Energy

198,188

–

198,188

–

Financials

2,159,310

–

2,159,310

–

Utilities

452,906

–

452,906

–

Preferred Stock

Financials

259,250

–

Utilities

44,428

–

Short-Term Investments

399,860

–

399,860

–

Total

$60,594,245

$57,383,981

$3,210,264

$–

Other Financial Instruments

Total

Level 1

Level 2

Level 3

Liability Derivatives

Futures Contracts

16,063

–

Total Liability Derivatives

$16,063

$–

There were no significant transfers between the Levels during the period ended September 28, 2012. Transfers between the Levels are identified as of the end of the period.

Futures Contracts

Number of
Contracts
Long/(Short)

Expiration

Date

Notional
Principal
Amount

Value

Unrealized
Gain/(Loss)

S&P 500 Index Mini-Futures

December 2012

$1,020,003

$1,003,940

($16,063)

Total Futures Contracts

($16,063)

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

Diversified Income Plus Fund

Schedule of Investments as of September 28, 2012

(unaudited)


Principal Amount		Bank Loans (6.9%) ^a	Value
	Basic Materials (0.6%)
		Arch Coal, Inc., Term Loan
	$788,025	5.750%, 5/1/2018		$793,344
		Ineos US Finance, LLC, Term Loan
	955,200	6.500%, 5/4/2018		964,275

		Total		1,757,619


	Communications Services (2.7%)
		Atlantic Broadband Finance, LLC, Term Loan
	997,500	5.250%, 3/20/2019		998,208
		Charter Communications Operating, LLC, Term Loan
	318,400	4.000%, 3/28/2019		319,527
		Clear Channel Communications, Term Loan
	800,000	3.866%, 1/29/2016		653,552
		Cumulus Media Holdings, Inc., Term Loan
	765,920	5.750%, 9/16/2018		769,114
		Lawson Software, Inc., Term Loan
	793,012	4.990%, 3/16/2018 ^b,c		796,381
		Level 3 Financing, Inc., Term Loan
	800,000	0.000%, 8/1/2019 ^b,c		800,000
		Toys R Us, Inc., Term Loan
	812,963	5.250%, 5/25/2018		797,719
		Univision Communications, Inc., Term Loan
	639,563	2.216%, 9/29/2014		637,165
		Van Wagner Communications, Inc., Term Loan
	325,000	8.250%, 7/25/2019		328,455
		WideOpenWest Finance, LLC, Term Loan
	798,000	6.250%, 7/12/2018		803,785
		Zayo Group, LLC, Term Loan
	1,246,875	7.125%, 6/14/2019		1,257,012

		Total		8,160,918


	Consumer Cyclical (0.5%)
		Burlington Coat Factory Warehouse Corporation, Term Loan
	787,398	5.500%, 2/28/2017		794,658
		Chrysler Group, LLC, Term Loan
	795,970	6.000%, 5/24/2017		811,706

		Total		1,606,364


	Consumer Non-Cyclical (1.3%)
		Bausch & Lomb, Inc., Term Loan
	798,000	5.250%, 4/17/2019		806,148
		CHS/Community Health Systems, Inc., Term Loan
	800,000	3.921%, 1/25/2017		802,752
		Roundy’s Supermarkets, Inc., Term Loan
	796,000	5.750%, 2/13/2019		778,798
		Visant Corporation, Term Loan
	1,562,947	5.250%, 12/22/2016		1,502,383

		Total		3,890,081


Principal Amount		Bank Loans (6.9%) ^a	Value
	Energy (0.3%)
		Chesapeake Energy Corporation, Term Loan
	$800,000	8.500%, 12/2/2017		$802,040

		Total		802,040


	Financials (0.2%)
		Nuveen Investments, Inc., Term Loan
	800,000	5.900%, 5/13/2017		793,504

		Total		793,504


	Technology (0.8%)
		First Data Corporation Extended, Term Loan
	800,000	4.217%, 3/26/2018		759,664
		Freescale Semiconductor, Inc., Term Loan
	796,000	6.000%, 2/28/2019		796,334
		Intelsat Jackson Holdings SA, Term Loan
	797,980	5.250%, 4/2/2018		798,483

		Total		2,354,481


	Transportation (0.2%)
		Delta Air Lines, Inc., Term Loan
	795,970	5.500%, 4/20/2017		799,201

		Total		799,201


	Utilities (0.3%)
		NGPL PipeCo, LLC, Term Loan
	800,000	6.750%, 5/15/2017		814,336

		Total		814,336


		Total Bank Loans (cost $20,801,946)		20,978,544


Principal Amount		Long-Term Fixed Income (43.7%)	Value
	Asset-Backed Securities (1.2%)
		Carrington Mortgage Loan Trust
	1,700,000	0.367%, 8/25/2036 ^d		698,855
		J.P. Morgan Mortgage Trust
	1,235,449	2.791%, 2/25/2036		1,009,362
		Renaissance Home Equity Loan Trust
	844,920	5.746%, 5/25/2036		540,688
	1,000,000	6.011%, 5/25/2036		591,745
	1,450,000	5.797%, 8/25/2036		753,472

		Total		3,594,122


	Basic Materials (0.5%)
		Dow Chemical Company
	300,000	8.550%, 5/15/2019		402,289
		Ineos Finance plc
	1,080,000	7.500%, 5/1/2020 ^e		1,096,200

		Total		1,498,489


	Capital Goods (1.3%)
		Bombardier, Inc.
	800,000	7.750%, 3/15/2020 ^e		918,000
		Case New Holland, Inc.
	800,000	7.875%, 12/1/2017		938,000

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

Diversified Income Plus Fund

Schedule of Investments as of September 28, 2012

(unaudited)


Principal Amount		Long-Term Fixed Income (43.7%)	Value
	Capital Goods (1.3%) - continued
		Reynolds Group Issuer, Inc.
	$800,000	6.875%, 2/15/2021		$844,000
		Textron, Inc.
	450,000	7.250%, 10/1/2019		531,063
		UR Financing Escrow Corporation
	800,000	7.375%, 5/15/2020 ^e		860,000

		Total		4,091,063


	Collateralized Mortgage Obligations (11.6%)
		Banc of America Alternative Loan Trust
	1,257,732	0.717%, 4/25/2035 ^d		975,732
		Banc of America Funding Corporation
	891,709	5.176%, 5/20/2036		684,895
		Bear Stearns Adjustable Rate Mortgage Trust
	1,602,150	2.470%, 10/25/2035 ^d		1,500,521
		Citigroup Mortgage Loan Trust, Inc.
	801,184	5.500%, 11/25/2035		701,932
		CitiMortgage Alternative Loan Trust
	1,173,936	5.750%, 4/25/2037		930,589
		Countrywide Alternative Loan Trust
	1,445,173	0.617%, 2/25/2035 ^d		1,146,713
	666,437	5.500%, 2/25/2036		543,278
	521,485	6.000%, 4/25/2036		373,029
	1,220,310	6.500%, 8/25/2036		795,241
	462,831	6.000%, 1/25/2037		366,943
		Countrywide Home Loans
	1,620,885	2.781%, 11/25/2035		1,303,455
		Deutsche Alt-A Securities, Inc. Alternative Loan Trust
	402,903	5.500%, 10/25/2021		410,856
	1,001,330	0.417%, 11/25/2035 ^d		544,658
	1,712,929	0.918%, 4/25/2047 ^d		1,257,386
		First Horizon Mortgage Pass- Through Trust
	1,447,389	5.553%, 8/25/2037		1,059,939
		Greenpoint Mortgage Funding Trust
	1,288,303	0.417%, 10/25/2045 ^d		789,824
		GSR Mortgage Loan Trust
	611,771	0.407%, 8/25/2046 ^d		560,925
		HomeBanc Mortgage Trust
	1,459,927	2.634%, 4/25/2037		995,739
		J.P. Morgan Alternative Loan Trust
	1,891,791	6.500%, 3/25/2036		1,598,019
		J.P. Morgan Mortgage Trust
	375,303	6.500%, 1/25/2035		372,248
	338,031	2.976%, 10/25/2036		254,355
	981,497	2.802%, 1/25/2037		787,734
	1,209,581	6.250%, 8/25/2037		835,030
		Lehman Mortgage Trust
	1,530,783	0.967%, 12/25/2035 ^d		944,401
		Lehman XS Trust
	1,200,000	5.500%, 9/25/2035		946,867
		Master Asset Securitization Trust
	1,711,732	0.717%, 6/25/2036 ^d		1,105,936


Principal Amount		Long-Term Fixed Income (43.7%)	Value
	Collateralized Mortgage Obligations (11.6%) - continued
		MASTR Alternative Loans Trust
	$512,916	6.500%, 7/25/2034		$542,932
	1,397,777	0.667%, 12/25/2035 ^d		758,333
		Morgan Stanley Mortgage Loan Trust
	1,130,522	5.440%, 11/25/2035		741,545
		MortgageIT Trust
	1,785,119	0.477%, 12/25/2035 ^d		1,412,815
		New Century Alternative Mortgage Loan Trust
	1,035,947	6.167%, 7/25/2036		723,544
		New York Mortgage Trust, Inc.
	632,355	2.951%, 5/25/2036		66,554
		Residential Accredit Loans, Inc.
	786,494	6.000%, 6/25/2037		583,916
		Residential Asset Securitization Trust
	1,529,366	0.597%, 8/25/2037 ^d		489,906
		Sequoia Mortgage Trust
	1,351,331	5.030%, 9/20/2046		1,146,627
		Structured Adjustable Rate Mortgage Loan Trust
	547,420	5.207%, 9/25/2036		48,421
		Structured Asset Mortgage Investments, Inc.
	1,242,681	0.527%, 12/25/2035 ^d		806,480
	1,774,405	0.427%, 5/25/2046 ^d		978,391
		WaMu Mortgage Pass Through Certificates
	1,193,807	2.228%, 11/25/2036		946,994
		WaMu Mortgage Pass-Through Certificates
	262,696	2.728%, 8/25/2046		205,344
	1,176,678	1.108%, 9/25/2046 ^d		916,848
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	1,680,371	0.817%, 6/25/2035 ^d		1,116,912
	1,542,150	0.898%, 2/25/2047 ^d		747,151
		Wells Fargo Mortgage Backed Securities Trust
	853,257	0.917%, 5/25/2037 ^d		677,881
	865,304	6.000%, 7/25/2037		849,180

		Total		35,546,019


	Commercial Mortgage-Backed Securities (1.1%)
		Credit Suisse Mortgage Capital Certificates
	500,000	5.509%, 9/15/2039		514,624
		Greenwich Capital Commercial Funding Corporation
	1,350,000	5.867%, 12/10/2049		1,419,544
		Morgan Stanley Capital, Inc.
	1,350,000	5.406%, 3/15/2044		1,355,020

		Total		3,289,188


	Communications Services (3.7%)
		British Telecommunications plc
	300,000	2.000%, 6/22/2015		308,451
		Cablevision Systems Corporation
	800,000	8.625%, 9/15/2017		930,000

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

Diversified Income Plus Fund

Schedule of Investments as of September 28, 2012

(unaudited)


Principal Amount		Long-Term Fixed Income (43.7%)	Value
	Communications Services (3.7%) - continued
		CenturyLink, Inc.
	$650,000	6.450%, 6/15/2021		$733,525
		Dish DBS Corporation
	160,000	6.750%, 6/1/2021		174,400
		Hughes Satellite Systems Corporation
	800,000	6.500%, 6/15/2019		856,000
		Intelsat Jackson Holdings SA
	800,000	7.250%, 4/1/2019		864,000
		Interpublic Group of Companies, Inc.
	165,000	4.000%, 3/15/2022		172,847
		Level 3 Financing, Inc.
	800,000	8.625%, 7/15/2020		864,000
		NBCUniversal Media, LLC
	300,000	2.875%, 1/15/2023 ^c		299,451
		News America, Inc.
	325,000	4.500%, 2/15/2021		366,800
		Sirius XM Radio, Inc.
	1,020,000	5.250%, 8/15/2022 ^e		1,014,900
		Sprint Nextel Corporation
	400,000	9.125%, 3/1/2017		453,000
	400,000	9.000%, 11/15/2018 ^e		480,000
		Telecom Italia Capital SA
	165,000	6.999%, 6/4/2018		181,912
		Telefonica Emisiones SAU
	163,000	5.462%, 2/16/2021		159,740
		Univision Communications, Inc.
	800,000	6.750%, 9/15/2022 ^e		800,000
		UPCB Finance V, Ltd.
	800,000	7.250%, 11/15/2021 ^e		870,000
		Virgin Media Finance plc
	800,000	5.250%, 2/15/2022		840,000
		Wind Acquisition Finance SA
	400,000	11.750%, 7/15/2017 ^e		377,000
	400,000	7.250%, 2/15/2018 ^e		380,000

		Total		11,126,026


	Consumer Cyclical (2.3%)
		Ford Motor Credit Company, LLC
	650,000	6.625%, 8/15/2017		753,945
		Home Depot, Inc.
	300,000	3.950%, 9/15/2020		344,296
		Host Hotels and Resorts, LP
	800,000	6.000%, 11/1/2020		884,000
		Lennar Corporation
	800,000	12.250%, 6/1/2017		1,072,000
		Limited Brands, Inc.
	800,000	5.625%, 2/15/2022		862,000
		Macy’s Retail Holdings, Inc.
	490,000	6.700%, 7/15/2034		580,375
		MGM Resorts International
	800,000	7.625%, 1/15/2017		848,000
		Rite Aid Corporation
	800,000	7.500%, 3/1/2017		822,000
		Toys R Us Property Company II, LLC
	800,000	8.500%, 12/1/2017		862,000

		Total		7,028,616


Principal Amount		Long-Term Fixed Income (43.7%)	Value
	Consumer Non-Cyclical (2.7%)
		Beam, Inc.
	$325,000	5.375%, 1/15/2016		$369,926
		Biomet, Inc.
	800,000	6.500%, 8/1/2020 ^c,e		829,000
		Bunge Limited Finance Corporation
	225,000	4.100%, 3/15/2016		241,125
		Community Health Systems, Inc.
	800,000	8.000%, 11/15/2019		878,000
		Covidien International Finance SA
	650,000	3.200%, 6/15/2022		686,830
		Gilead Sciences, Inc.
	165,000	3.050%, 12/1/2016		177,338
		Grifols, Inc.
	800,000	8.250%, 2/1/2018		884,000
		HCA, Inc.
	800,000	5.875%, 3/15/2022		867,000
		Kraft Foods, Inc.
	490,000	2.250%, 6/5/2017 ^e		504,457
	330,000	3.500%, 6/6/2022 ^e		348,675
		SABMiller Holdings, Inc.
	300,000	3.750%, 1/15/2022 ^e		325,781
	300,000	4.950%, 1/15/2042 ^e		349,120
		Safeway, Inc.
	150,000	5.000%, 8/15/2019		156,296
		Teva Pharmaceutical Finance IV BV
	335,000	3.650%, 11/10/2021		363,145
		Tyson Foods, Inc.
	325,000	4.500%, 6/15/2022		340,438
		Valeant Pharmaceuticals International
	800,000	7.000%, 10/1/2020 ^e		842,000
		Watson Pharmaceuticals, Inc.
	120,000	3.250%, 10/1/2022		121,537

		Total		8,284,668


	Energy (2.4%)
		BP Capital Markets plc
	325,000	4.750%, 3/10/2019		377,505
		Concho Resources, Inc.
	800,000	5.500%, 10/1/2022		834,000
		Denbury Resources, Inc.
	800,000	6.375%, 8/15/2021		868,000
		Enbridge Energy Partners, LP
	900,000	8.050%, 10/1/2037		1,019,250
		Nexen, Inc.
	325,000	6.400%, 5/15/2037		412,557
		NiSource Finance Corporation
	650,000	6.125%, 3/1/2022		798,261
		Pioneer Natural Resources Company
	260,000	3.950%, 7/15/2022		276,192
		Plains Exploration & Production Company
	1,020,000	6.125%, 6/15/2019		1,027,650
		SandRidge Energy, Inc.
	800,000	7.500%, 3/15/2021 ^e		824,000
		Weatherford International, Ltd.
	390,000	6.000%, 3/15/2018		446,685

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

Diversified Income Plus Fund

Schedule of Investments as of September 28, 2012

(unaudited)


Principal Amount		Long-Term Fixed Income (43.7%)	Value
	Energy (2.4%) - continued
	$490,000	4.500%, 4/15/2022		$512,454

		Total		7,396,554


	Financials (10.3%)
		ABN Amro North American Holding Preferred Capital Repackage Trust I
	650,000	6.523%, 12/29/2049 ^e,f		601,250
		Aegon NV
	600,000	1.709%, 7/29/2049 ^d,f		300,750
		Ally Financial, Inc.
	800,000	7.500%, 9/15/2020		918,000
		American Express Company
	1,250,000	6.800%, 9/1/2066		1,337,500
		American General Institutional Capital A
	1,200,000	7.570%, 12/1/2045 ^e		1,344,000
		American International Group, Inc.
	325,000	8.250%, 8/15/2018		417,921
		Apollo Investment Corporation, Convertible
	1,300,000	5.750%, 1/15/2016		1,339,000
		Bank of America Corporation
	650,000	5.650%, 5/1/2018		741,114
	495,000	8.000%, 12/29/2049 ^f		539,025
		Barclays Bank plc
	300,000	6.050%, 12/4/2017 ^e		322,820
		BBVA Bancomer SA/Texas N.A.
	300,000	6.750%, 9/30/2022 ^e		327,750
		BBVA International Preferred SA Unipersonal
	975,000	5.919%, 12/29/2049 ^f		736,125
		BNP Paribas SA
	163,000	3.600%, 2/23/2016		172,095
	1,250,000	5.186%, 6/29/2049 ^e,f		1,150,000
		Capital One Capital IV
	975,000	6.745%, 2/17/2037		981,094
		Capital One Capital V
	325,000	10.250%, 8/15/2039		334,750
		Citigroup, Inc.
	300,000	5.500%, 2/15/2017		332,258
		CNA Financial Corporation
	300,000	7.350%, 11/15/2019		372,252
		Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
	975,000	11.000%, 12/29/2049 ^e,f		1,280,906
		Coventry Health Care, Inc.
	165,000	5.450%, 6/15/2021		193,168
		Developers Diversified Realty Corporation
	490,000	7.875%, 9/1/2020		631,628
		Discover Bank
	600,000	8.700%, 11/18/2019		774,712
		Eksportfinans ASA
	165,000	2.375%, 5/25/2016		152,625
		General Electric Capital Corporation
	1,200,000	6.250%, 12/15/2049 ^f		1,266,636
		Hartford Financial Services Group, Inc.
	330,000	5.125%, 4/15/2022		370,670


Principal Amount		Long-Term Fixed Income (43.7%)	Value
	Financials (10.3%) - continued
		HSBC Finance Corporation
	$465,000	6.676%, 1/15/2021		$539,269
		Icahn Enterprises, LP
	800,000	8.000%, 1/15/2018		858,000
		ING Bank NV
	330,000	5.000%, 6/9/2021 ^e		366,673
		ING Capital Funding Trust III
	650,000	3.962%, 12/31/2049 ^d,f		597,817
		International Lease Finance Corporation
	800,000	5.875%, 4/1/2019		848,229
		J.P. Morgan Chase & Company
	300,000	2.000%, 8/15/2017		302,614
		KeyCorp
	190,000	5.100%, 3/24/2021		222,187
		Liberty Mutual Group, Inc.
	975,000	10.750%, 6/15/2058 ^e		1,413,750
	315,000	4.950%, 5/1/2022 ^e		329,490
		Lincoln National Corporation
	1,120,000	6.050%, 4/20/2067		1,096,200
		Lloyds TSB Bank plc
	300,000	6.500%, 9/14/2020 ^e		316,020
		MetLife Capital Trust IV
	1,050,000	7.875%, 12/15/2037 ^e		1,239,000
		Murray Street Investment Trust I
	325,000	4.647%, 3/9/2017		349,008
		Northern Trust Corporation
	325,000	3.375%, 8/23/2021		350,575
		Prudential Financial, Inc.
	320,000	5.875%, 9/15/2042		328,000
		Reinsurance Group of America, Inc.
	900,000	6.750%, 12/15/2065		878,191
		Santander US Debt SAU
	325,000	3.724%, 1/20/2015 ^e		322,563
		SLM Corporation
	300,000	8.000%, 3/25/2020		346,500
		Societe Generale SA
	325,000	5.200%, 4/15/2021 ^e		348,758
		Swiss RE Capital I, LP
	1,130,000	6.854%, 5/29/2049 ^e,f		1,149,775
		Ventas Realty, LP
	170,000	4.250%, 3/1/2022		180,784
		XL Group plc
	900,000	6.500%, 12/31/2049 ^f		828,000
		ZFS Finance USA Trust II
	1,175,000	6.450%, 12/15/2065 ^e		1,245,500

		Total		31,394,952


	Mortgage-Backed Securities (3.2%)
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	9,300,000	3.000%, 10/1/2027 ^c		9,858,000

		Total		9,858,000


	Technology (0.3%)
		First Data Corporation
	800,000	7.375%, 6/15/2019 ^e		825,000
		Hewlett-Packard Company
	165,000	4.650%, 12/9/2021		172,044

		Total		997,044

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

Diversified Income Plus Fund

Schedule of Investments as of September 28, 2012

(unaudited)


Principal Amount		Long-Term Fixed Income (43.7%)	Value
	Transportation (0.4%)
		Delta Air Lines, Inc.
	$130,000	4.750%, 5/7/2020		$135,850
		Hertz Corporation
	800,000	6.750%, 4/15/2019 ^g		844,000
		United Air Lines, Inc.
	236,614	10.400%, 11/1/2016		272,698

		Total		1,252,548


	U.S. Government and Agencies (0.1%)
		Petrobras International Finance Company
	335,000	3.500%, 2/6/2017		350,354

		Total		350,354


	Utilities (2.6%)
		AES Corporation
	800,000	7.375%, 7/1/2021		912,000
		CenterPoint Energy, Inc.
	255,000	6.500%, 5/1/2018		306,144
		Energy Transfer Partners, LP
	170,000	5.200%, 2/1/2022		188,581
	170,000	6.500%, 2/1/2042		196,168
		Enterprise Products Operating, LLC
	1,000,000	7.034%, 1/15/2068		1,120,000
		MarkWest Energy Partners, LP
	800,000	5.500%, 2/15/2023		838,000
		NGPL PipeCo, LLC
	800,000	9.625%, 6/1/2019 ^e		912,000
		NRG Energy, Inc.
	370,000	8.250%, 9/1/2020		403,300
	650,000	6.625%, 3/15/2023 ^e		664,625
		Southern California Edison Company
	1,300,000	6.250%, 8/1/2049 ^f		1,411,774
		Southern Union Company
	300,000	3.462%, 11/1/2066 ^d		239,250
		TransCanada PipeLines, Ltd.
	600,000	6.350%, 5/15/2067		641,596

		Total		7,833,438


		Total Long-Term Fixed Income (cost $125,741,466)		133,541,081


Shares		Common Stock (36.9%)	Value
	Consumer Discretionary (2.9%)
	12,500	Comcast Corporation		447,125
	81,900	H&R Block, Inc.		1,419,327
	22,700	Home Depot, Inc.		1,370,399
	8,300	Kohl’s Corporation		425,126
	9,300	Lululemon Athletica, Inc. ^g,h		687,642
	15,800	Macy’s, Inc.		594,396
	9,600	McDonald’s Corporation		880,800
	700	Priceline.com, Inc. ^h		433,111
	15,000	Ross Stores, Inc.		969,000
	65,400	Staples, Inc.		753,408
	22,300	TJX Companies, Inc.		998,817

		Total		8,979,151


	Consumer Staples (3.5%)
	11,350	Brown-Forman Corporation		740,587
	45,100	Coca-Cola Company		1,710,643


Shares		Common Stock (36.9%)	Value
	Consumer Staples (3.5%) - continued
	8,100	Colgate-Palmolive Company		$868,482
	12,500	General Mills, Inc.		498,125
	26,600	Herbalife, Ltd.		1,260,840
	22,000	Hillshire Brands Company		589,160
	10,000	Nu Skin Enterprises, Inc. ^g		388,300
	25,500	Philip Morris International, Inc.		2,293,470
	9,500	Reynolds American, Inc.		411,730
	29,000	Unilever NV ADR		1,028,920
	12,800	Wal-Mart Stores, Inc.		944,640

		Total		10,734,897


	Energy (4.3%)
	30,000	Chevron Corporation		3,496,800
	30,500	ConocoPhillips		1,743,990
	13,200	Ecopetrol SA ADR ^g		777,876
	30,500	Exxon Mobil Corporation		2,789,225
	62,000	First Trust Energy Income and Growth Fund		1,861,860
	27,800	Kinder Morgan, Inc.		987,456
	5,200	Occidental Petroleum Corporation		447,512
	15,300	QEP Resources, Inc.		484,398
	19,700	Statoil ASA ADR ^g		508,063

		Total		13,097,180


	Financials (10.7%)
	23,400	Aflac, Inc.		1,120,392
	50,011	Annaly Capital Management, Inc.		842,185
	142,000	Anworth Mortgage Asset Corporation		965,600
	147,600	Ares Capital Corporation		2,529,864
	22,500	Assurant, Inc.		839,250
	13,800	Bank of Montreal		814,752
	170,190	BlackRock Enhanced Equity Dividend Trust		1,286,636
	29,600	CBOE Holdings, Inc.		870,832
	104,500	Eaton Vance Tax-Managed Diversified Equity Income Fund		993,795
	255,000	Eaton Vance Tax-Managed Global Diversified Equity Income Fund		2,246,550
	21,700	Equity Residential		1,248,401
	350,000	iPath S&P 500 VIX Short-Term Futures ETN ^g,h		3,153,500
	30,200	J.P. Morgan Chase & Company		1,222,496
	12,000	Liberty Property Trust		434,880
	112,100	New York Community Bancorp, Inc. ^g		1,587,336
	84,500	NFJ Dividend Interest & Premium Strategy Fund ^g		1,421,290
	114,200	People’s United Financial, Inc.		1,386,388
	37,800	Progressive Corporation		783,972
	9,000	Public Storage, Inc.		1,252,530
	23,800	RLJ Lodging Trust		450,058
	104,500	Solar Capital, Ltd.		2,395,140
	83,080	SPDR EURO STOXX 50 ETF		2,577,973
	158,100	Two Harbors Investment Corporation		1,857,675
	39,500	UBS AG ADR ^g,h		481,110

		Total		32,762,605


	Health Care (3.4%)
	28,200	Abbott Laboratories		1,933,392
	11,300	Aetna, Inc.		447,480
	6,100	Celgene Corporation ^h		466,040

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

Diversified Income Plus Fund

Schedule of Investments as of September 28, 2012

(unaudited)


Shares		Common Stock (36.9%)	Value
	Health Care (3.4%) - continued
	26,900	Eli Lilly and Company		$1,275,329
	22,100	Forest Laboratories, Inc. ^h		786,981
	29,000	Medtronic, Inc.		1,250,480
	6,300	Novo Nordisk A/S ADR		994,203
	104,300	PDL BioPharma, Inc. ^g		802,067
	39,328	Pfizer, Inc.		977,301
	24,900	UnitedHealth Group, Inc.		1,379,709

		Total		10,312,982


	Industrials (3.3%)
	13,100	3M Company		1,210,702
	140,500	Alerian MLP ETF		2,328,085
	24,300	C.H. Robinson Worldwide, Inc.		1,422,765
	10,000	Emerson Electric Company		482,700
	12,200	Lockheed Martin Corporation		1,139,236
	16,200	Northrop Grumman Corporation		1,076,166
	101,100	Pitney Bowes, Inc. ^g		1,397,202
	12,800	United Parcel Service, Inc.		916,096

		Total		9,972,952


	Information Technology (3.4%)
	9,100	Accenture plc		637,273
	900	Apple, Inc.		600,534
	20,500	GameStop Corporation ^g		430,500
	77,500	Intel Corporation		1,757,700
	7,900	International Business Machines Corporation		1,638,855
	98,100	Marvell Technology Group, Ltd.		897,615
	2,200	MasterCard, Inc.		993,256
	79,200	Microsoft Corporation		2,358,576
	37,200	Seagate Technology plc		1,153,200

		Total		10,467,509


	Materials (2.3%)
	2,400	CF Industries Holdings, Inc.		533,376
	28,600	Gold Resource Corporation ^g		613,470
	5,100	Monsanto Company		464,202
	47,500	Newmont Mining Corporation		2,660,475
	9,600	PPG Industries, Inc.		1,102,464
	42,800	Southern Copper Corporation		1,470,608

		Total		6,844,595


	Telecommunications Services (1.6%)
	43,500	AT&T, Inc.		1,639,950
	7,500	Philippine Long Distance Telephone Company ADR		495,075
	11,200	Telekomunikasi Indonesia Tbk PT ADR		436,016
	25,400	Verizon Communications, Inc.		1,157,478
	41,800	Vodafone Group plc ADR		1,191,091

		Total		4,919,610


	Utilities (1.5%)
	33,700	American Electric Power Company, Inc.		1,480,778
	13,700	Consolidated Edison, Inc.		820,493
	29,300	Public Service Enterprise Group, Inc.		942,874


Shares		Common Stock (36.9%)	Value
	Utilities (1.5%) - continued
	31,500	Southern Company		$1,451,835

		Total		4,695,980


		Total Common Stock (cost $107,002,838)		112,787,461


	Shares	Preferred Stock (1.3%)		Value

	Financials (1.3%)
	34,000	Annaly Capital Management, Inc., 7.500% ^f,h		857,820
	10,000	ING Groep NV, 8.500% ^f		262,000
	19,500	PNC Financial Services Group, Inc., 6.125% ^f		535,665
	15,000	Royal Bank of Scotland Group plc, 7.250% ^f		340,350
	15,000	State Street Corporation, 5.250% ^f,h		378,750
	52,000	U.S. Bancorp, 6.500% ^f		1,513,200

		Total		3,887,785


		Total Preferred Stock (cost $3,550,390)		3,887,785


Shares		Collateral Held for Securities Loaned (3.3%)	Value
	10,093,400	Thrivent Financial Securities Lending Trust		10,093,400

		Total Collateral Held for Securities Loaned (cost $10,093,400)		10,093,400


	Shares or Principal Amount	Short-Term Investments (8.6%)		Value
		Federal Home Loan Bank Discount Notes
	9,000,000	0.088%, 10/17/2012 ⁱ		8,999,602
	5,000,000	0.125%, 12/21/2012 ⁱ		4,998,559
		Federal Home Loan Mortgage Corporation Discount Notes
	1,100,000	0.160%, 12/17/2012 ^i,j		1,099,614
		Federal National Mortgage Association Discount Notes
	5,000,000	0.070%, 10/3/2012 ⁱ		4,999,961
	6,000,000	0.100%, 10/16/2012 ⁱ		5,999,717

		Total Short-Term Investments (at amortized cost)		26,097,453

		Total Investments (cost $293,287,493) 100.7%		$307,385,724

		Other Assets and Liabilities, Net (0.7%)		(2,077,024)

		Total Net Assets 100.0%		$305,308,700

a	The stated interest rate represents the weighted average of all contracts within the bank loan facility.

b	All or a portion of the loan is unfunded.

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

d	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of September 28, 2012.

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

Diversified Income Plus Fund

Schedule of Investments as of September 28, 2012

(unaudited)

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

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

h	Non-income producing security.

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

j	At September 28, 2012, $1,099,614 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation			$19,474,981
Gross unrealized depreciation			(5,376,750)

Net unrealized appreciation (depreciation)			$14,098,231

Cost for federal income tax purposes			$293,287,493

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

Diversified Income Plus Fund

Schedule of Investments as of September 28, 2012

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of September 28, 2012, in valuing Diversified Income Plus Fund’s assets carried at fair value.

Investments in Securities

Total

Level 1

Level 2

Level 3

Bank Loans

Basic Materials

1,757,619

–

1,757,619

–

Communications Services

8,160,918

–

7,360,918

800,000

Consumer Cyclical

1,606,364

–

1,606,364

–

Consumer Non-Cyclical

3,890,081

–

3,890,081

–

Energy

802,040

–

802,040

–

Financials

793,504

–

793,504

–

Technology

2,354,481

–

2,354,481

–

Transportation

799,201

–

799,201

–

Utilities

814,336

–

814,336

–

Long-Term Fixed Income

Asset-Backed Securities

3,594,122

–

3,594,122

–

Basic Materials

1,498,489

–

1,498,489

–

Capital Goods

4,091,063

–

4,091,063

–

Collateralized Mortgage Obligations

35,546,019

–

35,546,019

–

Commercial Mortgage-Backed Securities

3,289,188

–

3,289,188

–

Communications Services

11,126,026

–

10,826,575

299,451

Consumer Cyclical

7,028,616

–

7,028,616

–

Consumer Non-Cyclical

8,284,668

–

8,284,668

–

Energy

7,396,554

–

7,396,554

–

Financials

31,394,952

–

31,394,952

–

Mortgage-Backed Securities

9,858,000

–

9,858,000

–

Technology

997,044

–

997,044

–

Transportation

1,252,548

–

1,252,548

–

U.S. Government and Agencies

350,354

–

350,354

–

Utilities

7,833,438

–

7,833,438

–

Common Stock

Consumer Discretionary

8,979,151

–

Consumer Staples

10,734,897

–

Energy

13,097,180

–

Financials

32,762,605

–

Health Care

10,312,982

–

Industrials

9,972,952

–

Information Technology

10,467,509

–

Materials

6,844,595

–

Telecommunications Services

4,919,610

–

Utilities

4,695,980

–

Preferred Stock

Financials

3,887,785

–

Collateral Held for Securities Loaned

10,093,400

–

Short-Term Investments

26,097,453

–

26,097,453

–

Total

$307,385,724

$126,768,646

$179,517,627

$1,099,451

There were no significant transfers between the Levels during the period ended September 28, 2012. Transfers between the Levels are identified as of the end of the period.

The significant unobservable input used in the fair value measurement of the reporting entity’s Bank Loans Communications Services Level 3 security is the lack of marketability. A significant increase or decrease in the inputs in isolation would result in a significantly lower or higher fair value measurement.

The significant unobservable input used in the fair value measurement of the reporting entity’s Long-Term Fixed Income Communications Services Level 3 security is the lack of marketability. A significant increase or decrease in the inputs in isolation would result in a significantly lower or higher fair value measurement.

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

Diversified Income Plus Fund

Schedule of Investments as of September 28, 2012

(unaudited)


Futures Contracts	Number of Contracts Long/(Short)	Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
5-Yr. U.S. Treasury Bond Futures	39		December 2012		$4,838,556		$4,860,679		$22,123
10-Yr. U.S. Treasury Bond Futures	(10)		December 2012		(1,330,751)		(1,334,844)		(4,093)
S&P 500 Index Futures	(19)		December 2012		(6,804,536)		(6,812,450)		(7,914)
S&P 500 Index Mini-Futures	72		December 2012		5,244,630		5,163,120		(81,510)
Total Futures Contracts									($71,394)

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Diversified Income Plus Fund, is as follows:

Fund

Value
December 31,
2011

Gross
Purchases

Gross

Sales

Shares Held at
September 28,
2012

Value

September 28,
2012

Income Earned
January 1, 2012 -

September 28, 2012

Securities Lending Trust-Collateral Investment

$7,698,775

$68,914,864

$66,520,239

10,093,400

$10,093,400

$111,997

Total Value and Income Earned

7,698,775

10,093,400

111,997

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

Notes to Schedule of Investments

As of September 28, 2012

(unaudited)

SIGNIFICANT ACCOUNTING POLICIES

Valuation of Investments – Securities traded on U.S. or foreign securities exchanges or included in a national market system are valued at the official closing price at the close of each business day unless otherwise stated below. Over-the-counter securities and listed securities for which no price is readily available are valued at the current bid price considered best to represent the value at that time. Security prices are based on quotes that are obtained from an independent pricing service approved by the Board of Trustees (the “Board”). 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. Swaps are valued using pricing sources approved by the Board and the change in value, if any, is recorded as unrealized gains or losses. Mutual funds are valued at the net asset value at the close of each business day.

For all Funds, other than Money Market Fund, short-term securities with maturities of 60 days or less are valued at amortized cost. Securities held by Money Market Fund are valued on the basis of amortized cost (which approximates market value), whereby a fund security is valued at its cost initially and thereafter valued to reflect a constant amortization to maturity of any discount or premium. The market values of the securities held in Money Market Fund are determined once per week using prices supplied by the Funds’ independent pricing service. Money Market Fund and the Funds’ investment adviser follow procedures designed to help maintain a constant net asset value of $1.00 per share.

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

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

Generally Accepted Accounting Principles defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value requirements, which improve the consistency and comparability of fair value measurements used in financial reporting. Various inputs are summarized in three broad levels: Level 1 includes quoted prices in active markets for identical securities; Level 2 includes other significant observable inputs such as quoted prices for similar securities, interest rates, prepayment speeds and credit risk; and Level 3 includes significant unobservable inputs such as the Fund’s own assumptions and broker evaluations in determining the fair value of investments.

Fair Valuation of International Securities – Because many foreign markets close before the U.S. markets, events may occur between the close of the foreign market and the close of the U.S. markets that could have a material impact on the valuation of foreign securities. The Funds, under the supervision of the Board, 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 has authorized the investment adviser to make fair valuation determinations pursuant to policies approved by the Board.

Foreign Currency Forward Contracts – In connection with purchases and sales of securities denominated in foreign currencies, all Funds, except Money Market Fund, may enter into foreign currency forward contracts. Additionally, these Funds may enter into such contracts to hedge certain other foreign currency denominated investments. These contracts are recorded at value and the related realized and unrealized foreign exchange gains and losses are recorded. In the event that counterparties fail to settle these forward contracts, the Funds could be exposed to foreign currency fluctuations. Foreign currency contracts are valued daily and unrealized appreciation or depreciation is recorded daily as the difference between the contract exchange rate and the closing forward rate applied to the face amount of the contract. A realized gain or loss is recorded at the time a forward contract is closed. These contracts are over-the-counter and the Fund is exposed to counterparty risk equal to the discounted net amount of payments to the Fund. This risk is partially mitigated by the Fund’s collateral posting requirements. As the foreign currency contract increases in value to the Fund, the Fund receives additional collateral from the counterparty.

Options – All Funds, with the exception of Money Market Fund, may buy put and call options and write put and covered call options. The Funds intend to use such derivative instruments as hedges to facilitate buying or selling securities or to provide protection against adverse movements in security prices or interest rates. The Funds may also enter into options contracts to protect against adverse foreign exchange rate fluctuations. Option contracts are valued daily and unrealized appreciation or depreciation is recorded. A Fund will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds upon sale for a written call option or the cost of a security for purchased put and call options is adjusted by the amount of premium received or paid.

Notes to Schedule of Investments

As of September 28, 2012

(unaudited)

Buying put options tends to decrease a Fund’s exposure to the underlying security while buying call options tends to increase a Fund’s exposure to the underlying security. The risk associated with purchasing put and call options is limited to the premium paid and has no significant counterparty risk as the exchange guarantees the contract against default. Writing put options tends to increase a Fund’s exposure to the underlying security while writing call options tends to decrease a Fund’s exposure to the underlying security. The writer of an option has no control over whether the underlying security may be bought or sold, and therefore bears the market risk of an unfavorable change in the price of the underlying security. The counterparty risk for written options arises when the Fund has purchased an option, exercised that option, and the counterparty does not buy or sell the Fund’s underlying asset as required. In the case where the Fund has sold an option, the Fund does not have counterparty risk. Counterparty risk on written options is partially mitigated by the Fund’s collateral posting requirements. As the written option increases in value to the Fund, the Fund receives additional collateral from the counterparty.

Futures Contracts – Certain Funds may use futures contracts to manage the exposure to interest rate, market and currency fluctuations. Gains or losses on futures contracts can offset changes in the yield of securities. When a futures contract is opened, cash or other investments equal to the required “initial margin deposit” are held on deposit with and pledged to the broker. Additional securities held by the Funds may be earmarked to cover open futures contracts. The futures contract’s daily change in value (“variation margin”) is either paid to or received from the broker, and is recorded as an unrealized gain or loss. When the contract is closed, the realized gain or loss is recorded equal to the difference between the value of the contract when opened and the value of the contract when closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin. Exchange-traded futures have no significant counterparty risk as the exchange guarantees the contracts against default.

Swap Agreements – Certain Funds may enter into swap transactions, which involve swapping one or more investment characteristics of a security, or a basket of securities, with another party. Such transactions include market risk, risk of default by the other party to the transaction, risk of imperfect correlation and manager risk and may involve commissions or other costs. Swap transactions generally do not involve delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swap transactions is generally limited to the net amount of payments that the Fund is contractually obligated to make, or in the case of the counterparty defaulting, the net amount of payments that the Fund is contractually entitled to receive. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction. The contracts are valued daily and unrealized appreciation or depreciation is recorded. Swap agreements are valued at fair value of the contract as provided by an independent pricing service. The pricing service takes into account such factors as swap curves, default probabilities, recent trades, recovery rates and other factors it deems relevant in determining valuations.

Periodic payments and receipts and payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses. Collateral, in the form of cash or securities, may be required to be held with the Fund’s custodian, or third party, in connection with these agreements. These swap agreements are over-the-counter and the Fund is exposed to counterparty risk, which is the discounted net amount of payments owed to the Fund. This risk is partially mitigated by the Fund’s collateral posting requirements. As the swap increases in value to the Fund, the Fund receives additional collateral from the counterparty.

Credit Default Swaps – A credit default swap is a swap agreement between two parties to exchange the credit risk of a particular issuer, basket of securities or reference entity. In a credit default swap transaction, a buyer pays periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring in the underlying issuer or reference entity. The seller collects periodic fees from the buyer and profits if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller in a credit default swap contract would be required to pay the amount of credit loss, determined as specified in the agreement, to the buyer in the event of an adverse credit event in the reference entity. A buyer of a credit default swap is said to buy protection whereas a seller of a credit default swap is said to sell protection. The Funds may be either the protection seller or the protection buyer.

Certain Funds may enter into credit default derivative contracts directly through credit default swaps (CDS) or through credit default swap indices (CDX Indices). CDX Indices are static funds of equally weighted credit default swaps referencing corporate bonds and/or loans designed to provide diversified credit exposure to these asset classes. Funds sell default protection and assume long-risk positions in individual credits or the indices. Index positions are entered into to gain exposure to the corporate bond and/or loan markets in a cost efficient and diversified structure. In the event that a position would default, by going into bankruptcy and failing to pay interest or principal on borrowed money, within any given CDX Index held, the maximum potential amount of future payments required would be equal to the pro-rata share of that position within the index based on the notional amount of the index. In the event of a default under a CDS contract, the maximum potential amount of future payments would be the notional amount. For CDS contracts, the default events could be bankruptcy and failing to pay interest or principal on borrowed money or a restructuring. A restructuring is a change in the underlying obligations which would include reduction in interest or principal, maturity extension and subordination to other obligations. Refer to the credit default swap tables located within the Fund’s Schedule of Investments for additional information.

Additional information for the Funds’ policy regarding valuation of investments and other significant accounting policies can be obtained by referring to the Funds’ most recent annual or semiannual shareholder report.

Item 2. Controls and Procedures

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

(b) Registrant’s President and Treasurer are aware of no change in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, registrant’s internal control over financial reporting.

Item 3. Exhibits

Separate certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Date: December 27, 2012	THRIVENT MUTUAL FUNDS

	By:
		/s/ Russell W. Swansen
		Russell W. Swansen
		President

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


Date: December 27, 2012	By:
		/s/ Russell W. Swansen
		Russell W. Swansen
		President

Date: December 27, 2012	By:
		/s/ Gerard V. Vaillancourt
		Gerard V. Vaillancourt
		Treasurer