Thrivent Series Fund

Derivatives by risk category

Statement of Operations Location

Change in unrealized
appreciation/(depreciation)
recognized in Income

Equity Contracts

Change in net unrealized appreciation/(depreciation) on Futures contracts

Total Equity Contracts

23,449

23,449

N-CSR 1 d284092dncsr.htm THRIVENT SERIES FUND Thrivent Series Fund

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: 811-4603

Thrivent Series Fund, Inc.

(Exact name of registrant as specified in charter)

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Address of principal executive offices) (Zip code)

Rebecca A. Paulzine

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2011

Item 1.

Report to Stockholders

LOGO

Table of Contents


Letter from the President			2

Portfolio Perspectives

Thrivent Aggressive Allocation Portfolio			4
Thrivent Moderately Aggressive Allocation Portfolio			6
Thrivent Moderate Allocation Portfolio			8
Thrivent Moderately Conservative Allocation Portfolio			10
Thrivent Partner Technology Portfolio			12
Thrivent Partner Healthcare Portfolio			14
Thrivent Partner Natural Resources Portfolio			16
Thrivent Partner Emerging Markets Portfolio			18
Thrivent Real Estate Securities Portfolio			20
Thrivent Partner Utilities Portfolio			22
Thrivent Partner Small Cap Value Portfolio			26
Thrivent Small Cap Stock Portfolio			28
Thrivent Small Cap Index Portfolio			30
Thrivent Mid Cap Growth Portfolio II			32
Thrivent Mid Cap Growth Portfolio			34
Thrivent Partner Mid Cap Value Portfolio			36
Thrivent Mid Cap Stock Portfolio			38
Thrivent Mid Cap Index Portfolio			40
Thrivent Partner Worldwide Allocation Portfolio			42
Thrivent Partner International Stock Portfolio			44
Thrivent Partner Socially Responsible Stock Portfolio			46
Thrivent Partner All Cap Growth Portfolio			48
Thrivent Partner All Cap Value Portfolio			50
Thrivent Partner All Cap Portfolio			52
Thrivent Large Cap Growth Portfolio II			54
Thrivent Large Cap Growth Portfolio			56
Thrivent Partner Growth Stock Portfolio			58
Thrivent Large Cap Value Portfolio			60
Thrivent Large Cap Stock Portfolio			62
Thrivent Large Cap Index Portfolio			64
Thrivent Equity Income Plus Portfolio			66
Thrivent Balanced Portfolio			68
Thrivent High Yield Portfolio			70
Thrivent Diversified Income Plus Portfolio			72
Thrivent Partner Socially Responsible Bond Portfolio			74
Thrivent Income Portfolio			76
Thrivent Bond Index Portfolio			78
Thrivent Limited Maturity Bond Portfolio			80
Thrivent Mortgage Securities Portfolio			82
Thrivent Money Market Portfolio			84

Shareholder Expense Example			86

Report of Independent Registered Public Accounting Firm			90

Schedules of Investments

Thrivent Aggressive Allocation Portfolio			91
Thrivent Moderately Aggressive Allocation Portfolio			103
Thrivent Moderate Allocation Portfolio			117
Thrivent Moderately Conservative Allocation Portfolio			131
Thrivent Partner Technology Portfolio			143
Thrivent Partner Healthcare Portfolio			145
Thrivent Partner Natural Resources Portfolio			147
Thrivent Partner Emerging Markets Portfolio			149
Thrivent Real Estate Securities Portfolio			152
Thrivent Partner Utilities Portfolio			155
Thrivent Partner Small Cap Growth Portfolio			157
Thrivent Partner Small Cap Value Portfolio			160
Thrivent Small Cap Stock Portfolio			163
Thrivent Small Cap Index Portfolio			167
Thrivent Mid Cap Growth Portfolio II			175
Thrivent Mid Cap Growth Portfolio			177
Thrivent Partner Mid Cap Value Portfolio			179
Thrivent Mid Cap Stock Portfolio			182
Thrivent Mid Cap Index Portfolio			184
Thrivent Partner Worldwide Allocation Portfolio			190
Thrivent Partner International Stock Portfolio			203
Thrivent Partner Socially Responsible Stock Portfolio			208
Thrivent Partner All Cap Growth Portfolio			210
Thrivent Partner All Cap Value Portfolio			213
Thrivent Partner All Cap Portfolio			215
Thrivent Large Cap Growth Portfolio II			218
Thrivent Large Cap Growth Portfolio			220
Thrivent Partner Growth Stock Portfolio			222
Thrivent Large Cap Value Portfolio			226
Thrivent Large Cap Stock Portfolio			228
Thrivent Large Cap Index Portfolio			233
Thrivent Equity Income Plus Portfolio			240
Thrivent Balanced Portfolio			247
Thrivent High Yield Portfolio			259
Thrivent Diversified Income Plus Portfolio			266
Thrivent Partner Socially Responsible Bond Portfolio			276
Thrivent Income Portfolio			282
Thrivent Bond Index Portfolio			296
Thrivent Limited Maturity Bond Portfolio			302
Thrivent Mortgage Securities Portfolio			313
Thrivent Money Market Portfolio			317

Statement of Assets and Liabilities			320

Statement of Operations			328

Statement of Changes in Net Assets			336

Notes to Financial Statements			350

Financial Highlights			368

Additional Information			384

Board of Directors and Officers			388

Supplement to the Prospectus			394


Dear Member:

The financial markets entered 2011 on an uptrend, but a slew of negative developments slowed their momentum as the year progressed. In this letter I will provide a review of the period, as well as our outlook for the coming year.

A brief review of the economy

After starting the year on an upswing, U.S. economic growth slowed to an anemic pace. Final U.S. gross domestic product (GDP) growth rates for the first and second quarters of 2011 were revised downward to 0.4% and 1.3%, respectively.¹ A number of issues eroded consumer confidence and diminished the pace of the recovery, raising concerns of a potential “double-dip” recession. Those factors included rising energy and food prices, continued job and housing market weakness, supply chain disruptions from the Japanese tsunami disaster, prolonged congressional debt-ceiling debates, and the resulting downgrade of the U.S. credit rating by Standard & Poor’s. Overseas, the European debt crisis resurfaced, and investors worried about the consequences to world economies. Although U.S. GDP grew at an estimated 2.0% annual rate in the third quarter of 2011, that was still lackluster by historical standards.

Unemployment figures improved over the course of the year, falling to 8.5% by year-end from 10.1% at year-end 2010, but they continued to weigh heavily on consumer sentiment.² Companies slowly stepped up their pace of hiring as they looked for more signs of strength in the recovery. The housing market also continued to struggle as the backlog of distressed properties weighed on prices, which remained near mid-2003 levels.³

While rising energy and food prices affected consumers, overall inflation remained in check throughout the period, as measured by the core Consumer Price Index (CPI), which rose slightly more than 2% for the year.⁴ This metric is viewed as a worthy long-term gauge of inflation because it does not include volatile food and energy prices. It also is the measure the Federal Reserve focuses on when setting monetary policy.

The optimistic tone that characterized Federal Reserve meetings early in the year turned decidedly more pessimistic as 2011 unfolded. When the Fed’s second phase of quantitative easing, also known as QE2, wound down in June, it appeared that no more economic stimulus would be forthcoming. However, as conditions softened, the Fed committed to keep its target federal funds rate at the low level of 0% to 0.25% through mid- 2013. In late September, it announced another stimulus program called Operation Twist in which it began replacing shorter-maturity Treasuries on its balance sheet with longer-maturity Treasuries. The Fed’s goal was to drive long-term rates lower in the hope that individuals and companies would borrow and spend more money.

A brief review of the markets

Despite the economic and political uncertainty, corporate earnings and sales growth remained strong. Year-over-year sales for companies in the S&P 500 Index grew by more than 10% in the third quarter, for example, and net income grew by more than 14%. Nevertheless, the unsettled environment led to volatile financial markets. After gaining double-digit returns in the first half of the fiscal year, equities declined sharply late in the summer. Stocks traded down for much of August and September, then gained back some of their losses in the fourth quarter as economic growth improved and the situation in Europe appeared to be stabilizing. Ultimately, U.S. equities finished the year with lackluster results. Large-capitalization stocks, as measured by the S&P 500 Index, produced a total return of 2.11%, while smaller stocks, as tracked by the Russell 2000^® Index, lost 4.18%.

Weighed down by concerns about the European debt situation and slowing global growth, foreign stocks underperformed their U.S. counterparts. The most commonly quoted benchmark for large, high-quality international stocks—the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE) Index—earned a total return of -11.73%. Emerging markets were hit even harder, with the MSCI Emerging Markets Index registering a total return of -18.17%.

Fixed-income markets earned 7.84% overall, as measured by the Barclays Capital U.S. Aggregate Bond Index. Similar to the equity markets, fixed-income markets were characterized by two distinctly different investment environments. In the earliest months of the fiscal year, interest rates rose as Treasury bond prices fell, with the longest maturity bonds selling off the most. Yields on 10-year Treasuries started the year at 3.30% and by early February were at 3.75%, while yields on two-year Treasuries rose from 0.61% to 0.86% over the same time period. Nongovernment sectors outpaced Treasuries. High-yield bonds performed particularly well, benefiting from the Federal Reserve’s liquidity measures, strong

corporate earnings and a quest by investors for more yield.

The tide turned in the third quarter as growing concerns about Europe’s debt woes triggered a flight to quality and sent interest rates tumbling, especially among longer-maturity Treasury securities. Yields on 10-year Treasuries fell as low as 1.72% before ending the year at 1.89%, while yields on two-year Treasuries ended at 0.25%. Treasuries, particularly longer maturities, strongly outpaced nongovernment bonds for the year, with the Barclays Capital 20+ Year Treasury Index generating a total return of 33.84%. The risk-averse environment that characterized the second half of the year, particularly the third quarter, also helped renew investor interest in higher-quality municipal bonds, which continued to benefit from significantly lower supply and low default rates. The Barclays Capital Municipal Bond Index posted a total return of 10.70% for the year.

Our outlook

Although it seems that economic data and leading indicators do not point to a “double-dip” recession in the U.S., we believe the global economy and political environment remain fragile. The U.S. economy grew at a faster pace in the second half of 2011 than it did in the first, and we expect it to expand at a 2% to 2.5% rate in the first half of 2012. That would still be below the normal rate of roughly 3% though, and well below the 4%-plus rate necessary for the U.S. economy to begin catching up to its potential and significantly improve the employment situation.

We expect the U.S. housing market to remain sluggish until the backlog of foreclosures subsides. Nationally, home values are likely to remain near their current levels, which is roughly where they have been for the past two and a half years. Housing construction also is likely to remain at historically low levels for the next year or two.

The economic outlook overseas is mixed. In Europe, we expect a modest recession next year as policies are implemented to rein in the continent’s debt problems. In China, the second-biggest economy in the world after the U.S., we expect economic growth to continue at about a 9% rate. International economies are important for U.S. investors because a significant share of the earnings of U.S. corporations comes from overseas—about 40% in the case of companies in the S&P 500.

The Federal Reserve has indicated that it expects to maintain short-term interest rates at current historically low levels through mid-2013, and we see no reason to doubt this. Further, it has recently implemented policies designed to reduce long-term interest rates. The resulting low-yield environment creates a dilemma for conservative, risk-averse investors whose portfolios are geared to generating income.

On a more positive note, corporate sales and earnings have strengthened since the beginning of the recovery, as have corporate balance sheets. Still, stock prices have not kept pace and remain below their peak 2007 levels. We expect corporate sales and earnings to continue to grow, although at a slower pace than the last couple of years.

Stock valuations remain attractive given this outlook, but fiscal and monetary policy risks remain significant both domestically and abroad. Until these issues are resolved, they will remain headwinds for the economy and the stock market, and contribute to market volatility. Investors should carefully evaluate their tolerance for risk.

While it is difficult to predict short-term market direction, history has taught us the best time to stay invested is often when things look the worst. Thrivent Series Fund portfolio managers focus on long-term returns.

We encourage you to approach your portfolio with a similar long-term view. If you have concerns about volatility, the value of your nest egg, or your portfolio’s yield, we urge you to meet with your Thrivent Financial representative to learn more about the broad spectrum of investment tools and products available to address your financial goals in accordance with your tolerance for risk.

As always, we appreciate the trust you have placed in Thrivent Financial’s team of investment professionals.

Sincerely,

LOGO

Russell W. Swansen

President

Thrivent Series Fund, Inc.

¹	U.S. Bureau of Economic Analysis (3rd Quarter 2011 advance estimate released Oct. 27, 2011).

²	U.S. Bureau of Labor Statistics, “The Employment Situation—October 2011” (Nov. 4, 2011).

³	S&P/Case-Shiller Home Price Indices.

⁴	U.S. Bureau of Labor Statistics, “Consumer Price Index—October 2011” (Nov. 16, 2011).

Thrivent Aggressive Allocation Portfolio

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

Simenstad, CFA (far right), Portfolio Co-Managers

The Portfolio seeks long-term capital growth.

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Aggressive Allocation Portfolio earned a return of -3.93%, compared with the median return of its peer group, the Lipper Multi Cap Core category, of -2.64%. The Portfolio’s market benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, earned returns of 2.11% and 7.84%, respectively.

What factors affected the Portfolio’s performance?

The Portfolio did not keep pace with either the S&P 500 or the Barclays Capital U.S. Aggregate Bond Index, and was below the median for its Lipper category. We attribute this to a number of factors. For example, a number of our managers in certain segments of the allocation accounts on the equity side did not keep pace with their respective benchmarks. Plus, our allocation to overseas markets did not help results as non-U.S. markets underperformed the U.S., particularly in Europe and emerging markets. Specifically, while the international segment was modestly below its median, worldwide actually did well relative to its category. So while the segments underperformed the U.S. markets, the managers were either in-line or better than their counterparts in tracking the S&P 500 index.

We invested an average of 8% of the Portfolio in fixed-income securities that were concentrated in corporate bonds. Corporate bonds did not keep pace with the strong advance in government securities that occurred in the second half of the reporting period, but did outperform many of the equity market segments. The Portfolio’s large-cap allocations, in particular, did not keep pace with their respective benchmarks. As the investment environment deteriorated in the second half of the year, investors opted for very conservative investment profiles, especially in the large-capitalization segments. Many of our managers were more aligned with an outlook that favored ongoing growth and a more constructive cyclical environment.

What is your outlook?

Confidence in the outlook for continued economic growth has been depressed by the ongoing policy and political travails, which played out through the summer and continued to year-end. While a number of indicators

LOGO

suggest the existing economic situation is stabilizing, consumer, corporate and investor confidence in the future outlook is much more volatile. Fundamental data suggests that in the absence of policy-induced problems, economic growth has recovered from the summer slowdown. A number of leading indicators of employment have started to improve. Markets for stocks and corporate bonds have already discounted a disappointing, but not a devastating, outcome. Any constructive resolution of the policy discussions currently in the headlines would be supportive of a rally in risk assets; however, a policy error could provide the catalyst for a further correction. We believe a benign or constructive outcome is more likely, but have taken steps to seek to mitigate risk should that not be the case.

Portfolio Facts

As of December 31, 2011


Net Assets		$560,554,320
NAV		$11.40
NAV - High†		4/29/2011 - $13.29
NAV - Low†		10/3/2011 - $10.03
Number of Holdings: 598
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	From Inception 4/29/2005
-3.93%	0.24%	4.22%

LOGO

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

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

***	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.

Past performance is not an indication of future results. Total investment return and principal value of your investment will fluctuate and units, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Call 800-THRIVENT or visit Thrivent.com for performance results current to the most recent month-end.

The returns shown do not reflect charges and expenses imposed on contract holders by the variable accounts. Those charges and expenses reduce the returns received by contract holders as compared to the returns presented.

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 Thrivent.com.

Thrivent Moderately Aggressive Allocation Portfolio

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

Simenstad, CFA (far right), Portfolio Co-Managers

The Portfolio seeks long-term capital growth.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Moderately Aggressive Allocation Portfolio earned a return of -2.86%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Growth category, of -1.93%. The Portfolio’s market benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, earned returns of 2.11% and 7.84%, respectively.

What factors affected the Portfolio’s performance?

The Portfolio did not keep pace with either the S&P 500 or the Barclays Capital U.S. Aggregate Bond Index and was moderately below the median for its Lipper category as a result of the following factors. First, a number of our managers in certain segments of the equity market, particularly large caps, did not keep pace with their respective benchmarks. As the investment environment deteriorated in the second half of the year, investors opted for very conservative investment profiles, especially in the large-capitalization segment. Many of our managers were more aligned with an outlook that favored ongoing growth and a more constructive cyclical environment. Second, our allocation to overseas markets was not helpful to results as non-U.S. markets underperformed the U.S., particularly in Europe and emerging markets. Specifically, while the international segment was modestly below its median, worldwide actually did well relative to its category. So while the segments underperformed the U.S. markets, the managers were either in-line or better than their counterparts in tracking the S&P 500 index. Third, we had an average of 22% of the Portfolio invested in fixed-income securities, with the majority concentrated in corporate bonds. Corporate bonds did not keep pace with the strong advance in U.S. government securities that occurred in the second half of the reporting period, but did outperform many of the equity market segments.

What is your outlook?

While a number of indicators suggest stabilization of the existing economic situation, consumer, corporate and investor confidence going forward will be much more volatile. Fundamental data suggests that, in the absence of

LOGO

policy-induced problems, economic growth has recovered from the slowdown that occurred over the summer. However, employment growth is going to be the key to seeing some acceleration in activity. Markets for stocks and corporate bonds have already discounted a disappointing, but not a devastating, outcome. Any constructive resolution of the policy discussions currently in the headlines would be supportive of a rally in risk assets; however, a policy error could provide the catalyst for a further correction. We believe a benign or constructive outcome is more likely, but have taken steps to seek to mitigate risk should that not be the case.

Portfolio Facts

As of December 31, 2011


Net Assets		$2,659,601,280
NAV		$11.19
NAV - High†		4/29/2011 - $12.77
NAV - Low†		10/3/2011 - $10.03
Number of Holdings: 647
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	From Inception 4/29/2005
-2.86%	0.87%	4.30%

LOGO

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

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

Thrivent Moderate Allocation Portfolio

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

Simenstad, CFA (far right), Portfolio Co-Managers

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Moderate Allocation Portfolio earned a return of -1.02%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Moderate category, of 0.32 %. The Portfolio’s market benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, earned returns of 2.11% and 7.84%, respectively.

What factors affected the Portfolio’s performance?

The Portfolio did not keep pace with either the S&P 500 or the Barclays Capital U.S. Aggregate Bond Index, and was moderately below the median for its Lipper category due to the following factors: a number of managers in certain segments of the allocation accounts on the equity side did not keep pace with their respective benchmarks, and our allocation to overseas markets was not helpful to results as non-U.S. markets underperformed the U.S., particularly in Europe and emerging markets. Specifically, while the international segment was modestly below its median, worldwide actually did well relative to its category. So while the segments underperformed the U.S. markets, the managers were either in-line or better than their counterparts in tracking the S&P 500 index.

An average of 42% of the Portfolio was invested in fixed-income securities that were concentrated in corporate bonds. Corporate bonds did not keep pace with the strong advance in government securities that occurred in the second half of the reporting period, but did outperform many of the equity market segments. The Portfolio’s managers in the large-cap allocations, in particular, did not keep pace with their respective benchmarks. As the investment environment deteriorated in the second half of the year, investors opted for very conservative investment profiles, especially in the large-capitalization segments. Many of our managers were more aligned with an outlook that favored ongoing growth and a more constructive cyclical environment.

What is your outlook?

Confidence in the outlook for continued economic growth has been depressed by the ongoing policy and political struggles that played out through the summer and continued into year-end. While a number of indicators suggest stabilization of the existing economic situation, consumer, corporate and investor confidence in the future outlook is much more volatile. Fundamental

LOGO

data suggests that in the absence of policy induced problems, economic growth has improved, following the slowdown that occurred over the summer. A number of leading indicators of employment have started to improve. We believe employment growth is the key to seeing some acceleration in activity. Markets for stocks and corporate bonds have already discounted a disappointing, but not a devastating, outcome. Any constructive resolution of the policy discussions currently in the headlines would be supportive of a rally in risk assets; however, a policy error could provide the catalyst for a further correction. We believe a benign or constructive outcome is more likely, but have taken steps to seek to mitigate risk should that not be the case.

Portfolio Facts

As of December 31, 2011


Net Assets		$4,133,646,716
NAV		$11.25
NAV - High†		4/29/2011 - $12.51
NAV - Low†		10/3/2011 - $10.33
Number of Holdings: 655
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	From Inception 4/29/2005
-1.02%	1.95%	4.61%

LOGO

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

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

Average annual total returns represent past performance and reflect changes in share prices, the reinvestment of all dividends and capital gains, and the effects of compounding. Periods of less than one year are not annualized. At various times, the Portfolio’s adviser may have waived its management fee and/or reimbursed Portfolio expenses. If this were the case, the Portfolio’s total returns would have been lower. The returns shown do not reflect charges and expenses imposed on contract holders by the variable accounts. Those charges and expenses reduce the returns received by contract holders as compared to the returns presented.

Thrivent Moderately Conservative Allocation Portfolio

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

Simenstad, CFA (far right), Portfolio Co-Managers

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Moderately Conservative Allocation Portfolio earned a return of 0.20%, compared with the median return of its peer group, the Lipper Mixed-Asset Target Allocation Conservative category, of 2.24%. The Portfolio’s market benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, earned returns of 2.11% and 7.84%, respectively.

What factors affected the Portfolio’s performance?

The Portfolio did not keep pace with either the S&P 500 or the Barclays Capital U.S. Aggregate Bond Index and was below the median for its Lipper category as a result of the following factors. First, a number of our managers in certain segments of the equity market, particularly large caps, did not keep pace with their respective benchmarks. As the investment environment deteriorated in the second half of the year, investors opted for very conservative investment profiles, especially in the large-capitalization segment. Many of our managers were more aligned with an outlook that favored ongoing growth and a more constructive cyclical environment. Second, our allocation to overseas markets was not helpful to results as non-U.S. markets underperformed the U.S., particularly in Europe and emerging markets. Specifically, while the international segment was modestly below its median, worldwide actually did well relative to its category. So while the segments underperformed the U.S. markets, the managers were either in-line or better than their counterparts in tracking the S&P 500 index.

Third, we had an average of 63% of the Portfolio invested in fixed-income securities with the majority concentrated in corporate bonds. Corporate bonds did not keep pace with the strong advance in U.S. government securities that occurred in the second half of the reporting period, but did outperform many of the equity market segments.

What is your outlook?

While a number of indicators suggest stabilization of the existing economic situation, consumer, corporate and investor confidence going forward may be much more volatile. Fundamental data suggests that, in the absence of

LOGO

policy-induced problems, economic growth has recovered from the slowdown that occurred over the summer. However, we believe employment growth is going to be the key to seeing some acceleration in activity. Markets for stocks and corporate bonds have already discounted a disappointing, but not a devastating, outcome. Any constructive resolution of the policy discussions currently in the headlines would be supportive of a rally in risk assets; however, a policy error could provide the catalyst for a further correction. We believe a benign or constructive outcome is more likely, but have taken steps to seek to mitigate risk should that not be the case.

Portfolio Facts

As of December 31, 2011


Net Assets		$2,055,266,794
NAV		$11.28
NAV - High†		4/29/2011 - $12.20
NAV - Low†		10/3/2011 - $10.62
Number of Holdings: 505
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	From Inception 4/29/2005
0.20%	2.78%	4.58%

LOGO

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

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


		Thrivent Partner Technology Portfolio

		Subadvised by Goldman Sachs Asset Management, L.P. Thrivent Partner Technology Portfolio seeks long-term growth of capital. The Portfolio primarily invests in securities of technology-related companies. As a consequence, the Portfolio may be subject to greater price volatility than a portfolio investing in a broad range of industries. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner Technology Portfolio earned a return of -12.83%, compared with the median return of its peer group, the Lipper Science and Technology category, of -6.49%. The Portfolio’s market benchmark, the NASDAQ Composite Index, earned a return
of -0.79%.

What factors affected the Portfolio’s performance?

The main factor in the Portfolio’s underperformance relative to its peer group and market benchmarks was stock selection. One stock which detracted from performance was RealD, Inc., a company that designs, manufactures and licenses 3-D technology. The company reported disappointing earnings results as the revenues from recently released 3-D blockbuster movies lagged those of 3-D films that were released over the past year.

Rovi Corp. also was a large detractor from returns. The company holds patents on interactive program guides (IPGs) for video delivery services and devices. Its shares fell after the company revised 2011 earnings guidance to the low end of its prior projection due to faster declines for both ACP (analog copy protection) and Roxio Software and a softer macro environment.

Dolby Laboratories was another detractor from returns during the period. Investor interest in the stock waned after Dolby Laboratories announced during the third quarter that Microsoft’s next-generation operating system, Windows 8, would not incorporate its technologies at this point.

SuccessFactors, a business execution software provider, contributed positively to relative performance during the reporting period. Its shares rose after the company agreed to be acquired by SAP at a significant premium to the previous close. Rackspace Hosting, Inc., a leading provider of hosting and cloud computing services, also contributed to performance. Its shares rose after the company announced better-than-expected earnings.

Within industrials, Iron Mountain, a leader in records

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management, data storage and online backup, contributed to performance as well. Its shares rose after management announced a strategic plan for enhancing shareholder value.

What is your outlook?

Our team continues to try to identify businesses that have strong fundamental characteristics and the ability to preserve or increase their earnings power and generate strong free cash flow and maintain healthy balance sheets, led by quality management teams. While there will no doubt continue to be surprises over the course of 2012, we remain encouraged regarding the opportunities for our growth companies. We continue to maintain our investment discipline of buying high-quality growth businesses that are trading at attractive valuations for the long term. In addition, we are increasingly cognizant of risk management at the portfolio level, particularly in a market environment where periods of extreme volatility and correlations persist.

Portfolio Facts

As of December 31, 2011


Net Assets		$29,615,410
NAV		$6.20
NAV - High†		5/10/2011 - $7.44
NAV - Low†		10/3/2011 - $5.54
Number of Holdings: 38
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
-12.83%	-0.42%	-0.30%

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*	The NASDAQ Composite Index is a market capitalization-weighted index of all domestic and foreign securities listed on the NASDAQ Stock Exchange. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

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


		Thrivent Partner Healthcare Portfolio

Subadvised by Sectoral Asset Management, Inc.

Thrivent Partner Healthcare Portfolio seeks long-term capital growth.

The Portfolio’s investments are concentrated in issuers in the health care industry; therefore, the Portfolio is more vulnerable to price changes in the securities of issuers in this industry and factors specific to this industry than a more broadly diversified portfolio. In addition, as a non-diversified portfolio, the Portfolio is susceptible to the risk that events affecting a particular issuer will significantly affect the Portfolio’s performance. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner Healthcare Portfolio earned a return of -3.79%, compared with the median return of its peer group, the Lipper Health/Biotechnology category, of 8.43%. The Portfolio’s market benchmark, the Morgan Stanley Capital International (MSCI) World Healthcare Index, earned a return of 10.17%.

What factors affected the Portfolio’s performance?

In the first half of 2011, the Portfolio’s underperformance was largely driven by our underweightings in pharmaceuticals and health care services. Pharmaceutical stock performance was driven by the sector’s low price/earnings (P/E) multiple, high-dividend yield, high-dividend cover and strong free cash flow generation and not by research and development (R&D) pipeline progress, which is the traditional driver of stock performance. We view this industry’s fundamentals as challenged—due to high exposure to low growth segments, government pricing pressure and austerity measures, and lackluster R&D performance—and have taken selective positions in companies whose fundamentals are strong. We do not invest in the health care services sector. Cumulatively, these two sectors contributed substantially to the index’s positive return in 2011.

The second half of 2011 saw continued pharmaceutical strength and rising risk aversion due to concerns about sovereign debt in Europe and U.S. creditworthiness. In August 2011, we implemented a “barbell” structure in the Portfolio to provide downside protection in the event of protracted risk aversion and to take advantage of some of the strong declines in mid- and small-cap, development-stage health care companies. With the barbell, we increased the Portfolio’s pharmaceutical exposure on the one hand and increased exposure to beaten-up, small- and mid-cap health care companies on the other hand. Short term, this could prove to be a riskier strategy, while over the medium to long term, we believe it should generate outperformance.

What is your outlook?

The outlook for biotechs, generics and medtechs is strong, while we remain selective in pharmaceutical names. Recently, biotechs have been incredibly productive in

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developing effective drugs that treat diseases of high unmet medical need (e.g., lupus, hepatitis C, cystic fibrosis and prostate cancer). Investor skepticism toward product launch stories has created opportunities for investment in this segment.

The outlook for generics is tied to their exposure to emerging markets, where the prescription drug industry is growing at 10% to 20% per year versus low single digits elsewhere.

With medtechs, we plan to continue focusing on companies developing innovative and disruptive technologies. In pharmaceuticals, we plan to remain selective, focusing on the few companies with strong R&D capabilities, strong pipelines, meaningful emerging-market exposure and hedges against topline erosion through genericization.

Portfolio Facts

As of December 31, 2011


Net Assets		$17,999,712
NAV		$11.26
NAV - High†		5/31/2011 - $13.13
NAV - Low†		10/3/2011 - $10.07
Number of Holdings: 36
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year		From Inception 4/30/2008
-3.79%		4.74%

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*	The MSCI World Healthcare Index is a capitalization-weighted index of selected health care stocks from around the world. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

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

Thrivent Partner Natural Resources Portfolio

David C. Francis, CFA (left) and Darren M. Bagwell, CFA ( right), Portfolio Co-Managers*

Thrivent Partner Natural Resources Portfolio seeks long-term capital growth.

The Portfolio’s investments are concentrated in issuers in the natural resources industry; therefore, the Portfolio is more vulnerable to price changes in the securities of issuers in this industry and factors specific to this industry than a more broadly diversified portfolio. In addition, as a non-diversified portfolio, the Portfolio is susceptible to the risk that events affecting a particular issuer will significantly affect the Portfolio’s performance. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

* Effective April 2011, David C. Francis and Darren M. Bagwell became the Portfolio Co-Managers.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner Natural Resources Portfolio earned a return of -12.84%, compared with the median return of its peer group, the Lipper Natural Resources category, of -9.47%. The Portfolio’s market benchmark, the S&P North American Natural Resources Sector Index, earned a return of -7.35%.

What factors affected the Portfolio’s performance?

The most important international crude oil benchmark, Brent, averaged $111 per barrel in 2011, an increase of 39% above the 2010 average price of $79.70 per barrel. The Portfolio was aggressively positioned to capitalize on high oil prices through overweightings in exploration and production (E&P) and oilfield services companies. E&P companies’ revenues benefit directly from high oil prices, while oilfield services companies, which help drill wells to grow future production, are the recipients of E&P companies’ increased spending.

Macroeconomics and geopolitics, however, overwhelmed the bottom-up fundamentals that drive our investment process. Defensive integrated energy companies dramatically outdistanced E&P and oilfield services equities in a flight to safety. Geopolitics mattered as spending on exploration and development, particularly in the Middle East, did not meet expectations with disruptions from protests across the Arab world.

The absolute performance of materials, especially the coal group within the sector, was exceptionally poor; therefore, the Portfolio’s relative performance suffered from our overt pro-cyclical focus on coal producers. This positioning was out of sync with the growing marketplace concerns about the European crisis and its impact on global growth, which overwhelmed what we believed to be exceptional asset values in the segment.

What is your outlook?

We believe growth in new oil supplies remains constrained and that it will cost more and more to produce whatever growth is achieved. The impact on oil demand from an economic slowdown in Europe and Asia represents the primary risk to oil prices. We favor select investments in

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global oil services companies where fear of an adverse outcome is already discounted in stock prices.

We also expect continued success in development of unconventional oil fields within the United States. Finally, after four years of sharply falling prices, natural gas prices may have finally reached the point where drilling is not economical in most places. As a result, we are more sanguine about prices for this lighter-weight hydrocarbon rising in the future.

In materials and coal, we have bowed to the short-term realities of decelerating global economic prospects, the risk of a rising dollar, initial signs of declining contract prices, and poor operational execution by the domestic producers. While we continue to believe that the secular long-term thesis of strong export demand driven by developing country urbanization remains intact, we plan to continue reducing the Portfolio’s exposures until the macro environment becomes less volatile.

Portfolio Facts

As of December 31, 2011


Net Assets		$31,602,403
NAV		$8.33
NAV - High†		4/29/2011 - $11.03
NAV - Low†		10/3/2011 - $6.99
Number of Holdings: 35
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year		From Inception 4/30/2008
-12.84%		-4.79%

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*	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 North American Natural Resources Sector Index is an index of selected U.S. traded natural resource related stocks. The product is not sponsored, endorsed or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the product. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.


		Thrivent Partner Emerging Markets Portfolio

Subadvised by Aberdeen Asset Management Investment Services Limited

Thrivent Partner Emerging Markets Portfolio seeks long-term capital growth.

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner Emerging Markets Portfolio earned a return of -10.83%, compared with the median return of its peer group, the Lipper Emerging Markets category, of -18.66%. The Portfolio’s market benchmark, the MSCI Emerging Markets Index, earned a return of -18.17%.

What factors affected the Portfolio’s performance?

Among the key positive contributors at the stock level were Mexican bottler and convenience store operator FEMSA, Indonesian conglomerate Astra International and Brazilian tobacco company Souza Cruz, which all delivered healthy results. Brazilian fuels and chemicals distributor Ultrapar also rallied as the company’s controlling shareholders agreed to grant all shareholders equal voting rights and the business continued to perform well.

Conversely, the Portfolio’s holding in Brazilian retailer Lojas Renner lagged on worries that a slowing economy would translate into weaker sales, while our Turkish holding Akbank was dragged down by the difficult operating environment. Concerns over the credit quality of loans made to state governments also weighed on our Mexican bank stock Banorte.

Performance was dragged down by the Portfolio’s overweighting to Turkey and India. Both countries struggled with stubborn inflation, current account deficits and weaker currencies, while India’s situation was compounded by seeming policy paralysis. The Portfolio’s underweighting to Korea was also negative as the market proved relatively resilient. Performance there was led by some of its global companies such as Hyundai Motors, which did well at the Japanese automakers’ expense. On a brighter note, losses were pared by the Portfolio’s nonbenchmark position in Hong Kong and overweighting to Thailand, which shrugged off concerns over the country’s recent severe flooding.

What is your outlook?

We believe a difficult year lies ahead as the fundamental problems that have beset the global economy and equity markets still prevail. Europe’s debt crisis remains unresolved, while the region’s austerity measures will have consequences on global growth, as will the deleveraging in the U.S., despite tentative signs of economic recovery. Further complicating the picture are Europe’s banks, which may roll back the credit extended—especially to Eastern Europe—when faced with

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a capital shortage. Developing economies will not be immune as slowing global growth would dampen demand for exports and commodities. There are also concerns over a potential hard landing in China and stubborn inflation in countries such as India and Turkey. Political events may fuel uncertainty with key elections in India’s major states, Taiwan, Mexico, Russia and the U.S., as well as the leadership handover in China, all slated for 2012.

Despite these challenges, emerging markets’ long-term prospects remain intact. Most developing countries are fiscally sound, which will enable them to implement stimulus if the external environment deteriorates further. Corporate and household balance sheets are healthy and the potential for increasing demand from a growing middle class is also positive.

Portfolio Facts

As of December 31, 2011


Net Assets		$38,853,572
NAV		$10.92
NAV - High†		4/8/2011 -$12.78
NAV - Low†		10/3/2011 -$10.05
Number of Holdings: 56
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year		FromInception 4/30/2008
-10.83%		3.11%

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

**	The MSCI Emerging Markets Index is a modified capitalization-weighted index of selected emerging economies from around the world. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

Thrivent Real Estate Securities Portfolio

Reginald L. Pfeifer, CFA, Portfolio Manager

Thrivent Real Estate Securities Portfolio seeks to provide long-term capital appreciation and high current
income.

The Portfolio is subject to risks arising from the fact that it invests, under normal circumstances, at least 80%
of its total assets in securities of companies that are primarily engaged in the real estate industry. Portfolio
security prices are influenced by the underlying value of properties owned by the issuer, which may be
influenced by the supply and demand for space and other factors. The real estate industry is cyclical, and
securities issued by companies doing business in the real estate industry may fluctuate in value. These and
other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio
performance are the views of this particular Portfolio’s management team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Real Estate Securities Portfolio earned a return of 8.83%, compared with the median return of its peer group, the Lipper U.S. Real Estate category, of 6.02%. The Portfolio’s market benchmark, the FTSE NAREIT All Equity REITs Index, earned a return of 8.28%.

What factors affected the Portfolio’s performance?

REIT stocks performed well during 2011 as the demand for equities with attractive dividend yields proved compelling in an environment of historically low interest rates. Fundamentally, occupancy rates held steady for most property types, and improved meaningfully for apartments. The national vacancy rate for apartments ended the year at 5.2%, the lowest level since 2001.

Investment demand for high-quality institutional real estate also remained strong, which allowed REITs to generate sale proceeds that they were able to use to pay down debt or reinvest in other investment properties.

The best-performing sectors in the Portfolio were regional mall, self-storage and apartment REITs. The Portfolio’s largest positive contributors to performance were Simon Property Group, which develops, acquires and manages regional malls, outlet centers and community shopping centers in the U.S. and internationally, and Public Storage, which develops, acquires and manages self-storage facilities in the United States and Europe.

What is your outlook?

New construction supply is limited for most property types, which will allow occupancy rates to gradually increase as existing vacant space is absorbed. Multifamily is the only property sector that has seen an increase in construction starts, which we expect to result in delivery of new apartment units over the next 12 to 24 months. However, with apartment occupancy rates averaging 95% nationwide, these new units are being built to satisfy current and expected demand. Most other property types, including office, shopping centers and industrial properties, have historically high vacancy rates, which should mitigate the risk of competitive supply from new construction.

We believe that the commercial real estate market is likely to experience an improvement in occupancy and rental rates in 2012. The Portfolio has exposure to companies within each property sector, with the largest holdings

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being in large-capitalization REITs with experienced management teams and institutional-quality real estate portfolios. In addition, the Portfolio currently maintains exposure in mid- and small-capitalization REITs that offer attractive relative value and favorable long-term prospects.

We continuously look for opportunities to add value, and will make any adjustments that we expect to be beneficial to Portfolio performance during the year.

Portfolio Facts

As of December 31, 2011


Net Assets		$107,965,999
NAV		$15.77
NAV - High†		7/22/2011 - $16.87
NAV - Low†		10/3/2011 - $13.02
Number of Holdings: 116
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	From Inception 4/30/2003
8.83%	-1.32%	11.13%

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*	The FTSE NAREIT All Equity REITs Index is an unmanaged capitalization-weighted index of all equity real estate investment trusts. It is not possible to invest directly in this Index. The performance of this Index does not reflect deductions for fees, expenses or taxes.

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

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Thrivent Partner Utilities Portfolio

Darren M. Bagwell, CFA, Portfolio Manager*

Thrivent Partner Utilities Portfolio seeks capital appreciation and current income.

The Portfolio’s investments are concentrated in issuers in the utilities industry; therefore the Portfolio is more vulnerable to price changes in the securities of issuers in this industry and factors specific to this industry than a more broadly diversified portfolio. The Portfolio is also subject to the risks of investing in foreign (including emerging markets) stocks. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

*	Effective April 2011, Darren M. Bagwell became the Portfolio Manager.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner Utilities Portfolio earned a return of 9.08%, compared with the median return of its peer group, the Lipper Utility category, of 6.65%. The Portfolio’s market benchmarks, the S&P 500 Utilities Index and the S&P 500 Telecommunications Services Index, earned returns of 19.91% and 6.27%, respectively.

What factors affected the Portfolio’s performance?

The utility sector performed very well in 2011, particularly in the second half of the year due to the defensive nature of the industry. Concerns over a weak economic environment and the ongoing euro crisis caused interest rates to drop significantly throughout the year. Given this backdrop, investors focused on defensive stocks with stable earnings growth and high dividend yields. Thus, domestic large-cap regulated utilities outperformed all other segments of the utility sector.

During the year, the Portfolio underperformed its benchmark primarily due to an overweighted position on the higher-growth small- to mid-cap regulated utilities, and an underweighted position on large-cap utilities. Additionally, as power markets improved throughout the year, the Portfolio’s underweighting of nonregulated hybrid utilities were a drag on performance.

The Portfolio’s telecommunications and cable exposure was another relative drag on performance in 2011, as the market favored more-conservative and higher-yielding sectors such as utilities. Unfortunately, a well-placed focus on towers and alternative business carriers within telecommunications—as demand for capacity and wireless services held up nicely—was overwhelmed by the dramatic underperformance of our emerging-market exposure in wireless providers.

Despite solid operational performance, cable additionally suffered from concerns with respect to competitive content delivery models and general consumer health.

What is your outlook?

While regulated utilities are trading at the high end of their historical valuation range, utilities’ lofty dividend yields continue to be attractive in the current environment. The regulatory backdrop remains constructive, allowing for solid rate base growth opportunities. Regulated utilities are projected to grow earnings at a mid-single-digit rate over the next several years. Nonregulated utilities are currently negatively impacted by low power prices and a weak natural gas market. Recently enacted environmental regulations are

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expected to help improve power prices, but may not have an impact for several years.

Despite the relative underperformance in 2011, we expect the telecom and cable exposures of the Portfolio to generate incremental returns for the Portfolio going forward, especially as the yield advantage of utilities moderates and investors recognize the secular demand attributes of alternative carriers, as well as the better-than-appreciated competitive positions, benign regulatory environments, and outlying free cash flow yields of the cable industry.

Portfolio Facts

As of December 31, 2011


Net Assets		$11,118,547
NAV		$8.65
NAV - High†		5/10/2011 - $8.84
NAV - Low†		8/8/2011 - $7.37
Number of Holdings: 36
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year		From Inception 4/30/2008
9.08%		-2.30%

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The S&P 500 Utilities Index is a capitalization-weighted index of utilities sector securities. The product is not sponsored, endorsed or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the product. It is not possible to invest directly in this Index. The performance of this Index does not reflect deductions for fees, expenses or taxes.

The S&P 500 Telecommunications Services Index is a capitalization-weighted index of telecommunications sector securities. The product is not sponsored, endorsed or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the product. It is not possible to invest directly in this Index. The performance of this Index does not reflect deductions for fees, expenses or taxes.

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


		Thrivent Partner Small Cap Growth Portfolio

Subadvised by Turner Investments, L.P.

Thrivent Partner Small Cap Growth Portfolio seeks long-term capital growth.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner Small Cap Growth Portfolio earned a return of -3.85%, compared with the median return of its peer group, the Lipper Small Cap Growth category, of -2.28%. The Portfolio’s market benchmark, the Russell 2000^® Growth Index, earned a return of -2.91%.

What factors affected the Portfolio’s performance?

The consumer discretionary sector was an area of underperformance for the Portfolio. Shares of Limelight Networks Inc., the second-largest global content delivery service company, traded lower as the stock retreated on news that larger competitor Akamai Technologies Inc. reported subpar results. However, this was due to Limelight taking market share away from Akamai. We believe Limelight is well-positioned to capture further growth as demand for Internet traffic continues to grow.

Staffing company Kforce Inc. also detracted from results in part due to its exposure to the U.S. government along with the “risk on, risk off” trade. Kforce was negatively impacted by the cutback in government jobs as the company has roughly 10% of its revenues tied to the U.S. government labor market. Additionally, staffing companies are generally highly sensitive to the “risk on, risk off” trade, especially when there are concerns of an economic slowdown.

The health care sector was an area of strength for the Portfolio. Biopharmaceutical company Amarin Corp. soared after the company reported positive results in its trial for a fish-oil treatment aimed at lowering the risk of heart disease. The study showed that the drug actually lowered LDL (bad cholesterol), whereas most triglyceride-lowering drugs often end up raising LDL levels. Pharmasset Inc. also contributed strongly to results. Although the clinical-stage pharmaceutical company currently has no active products on the market, the cure rate for its hepatitis C experimental drug study has far surpassed expectations. With the company inching closer to FDA approval, we believe it will become the main choice of drug for hepatitis C treatments once that occurs.

What is your outlook?

For 2012, we think Europe will do whatever it takes to avoid a complete financial meltdown, which should alleviate at least some of the concerns that held investors

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back in much of 2011. Also, we expect that the fourth year of the U.S. presidential-election cycle will have Washington focused on stimulating economic growth, which should boost the U.S. economy.

Finally, corporate profitability remains strong, with the S&P 500 companies expected to post record earnings per share of $107, according to S&P Capital IQ. So even though 2011 was modestly rewarding for stocks, we think the bias for the market is up in the new year.

Portfolio Facts

As of December 31, 2011


Net Assets		$197,490,426
NAV		$12.42
NAV - High†		4/29/2011 - $15.03
NAV - Low†		10/3/2011 - $10.23
Number of Holdings: 191
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
-3.85%	0.56%	3.47%

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

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


		Thrivent Partner Small Cap Value Portfolio

Subadvised by T. Rowe Price Associates, Inc.

Thrivent Partner Small Cap Value Portfolio seeks long-term capital appreciation.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner Small Cap Value Portfolio earned a return of -1.99%, compared with the median return of its peer group, the Lipper Small Cap Value category, of -4.46%. The Portfolio’s market benchmark, the Russell 2000^® Value Index, earned a return of -5.50%.

What factors affected the Portfolio’s performance?

The Portfolio outperformed its benchmark index over the past 12 months due to stock selection; sector allocation also provided a headwind. Stock selection was especially helpful in industrials and business services. Kirby Corp., the largest domestic tank barge operator in the U.S., was a top absolute contributor for the Portfolio. The firm handles about a third of inland traffic transporting bulk liquids, such as petrochemicals and agricultural chemicals. Recently announced plans for two acquisitions should provide diversification because Kirby is expected to begin handling more varied cargo and add coastal routes as a result.

Our materials stocks outpaced those in the index. The sector has performed well recently, but was weak earlier in the year when economic prospects looked bleaker. Arch Chemicals was among the Portfolio’s leading contributors. The share price of the global biocides company surged on news that a large Swiss chemical manufacturer would acquire the firm.

The consumer discretionary sector was another area of outperformance for the Portfolio. Our holdings in Aaron’s, a rent-to-own retailer, proved beneficial. The energy sector detracted from results versus the index, hindered by Penn Virginia, a natural gas and oil exploration and production company. Recent drilling results from acreage in the Marcellus Shale have been disappointing. We believe the firm has other attractive prospects, including acreage in the Eagle Ford and Granite Wash shales.

What is your outlook?

We believe that slow economic growth in the U.S. and the crisis in Europe are likely to continue. We expect the same conditions that concerned us throughout much of the past year to be with us at least during the early part of 2012.

Balanced against these negatives, corporate earnings in the U.S. appear healthy, although their rate of growth

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could moderate. Stock valuations look quite attractive, and consumer sentiment seems to be improving. In addition, cash invested in fixed-income assets could be redirected into stocks once interest rates finally begin to rise.

Beneficial developments in the labor and housing markets could provide support for stocks in the coming months. We continue to see attractive opportunities to invest in small companies that we believe are undervalued.

Portfolio Facts

As of December 31, 2011


Net Assets		$250,381,150
NAV		$18.64
NAV - High†		4/29/2011 - $20.72
NAV - Low†		10/3/2011 - $14.89
Number of Holdings: 164
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	From Inception 4/30/2003
-1.99%	2.61%	11.18%

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

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

Thrivent Small Cap Stock Portfolio

Darren M. Bagwell, CFA, Portfolio Manager

Thrivent Small Cap Stock Portfolio seeks long-term capital growth.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Small Cap Stock Portfolio earned a return of -5.31%, compared with the median return of its peer group, the Lipper Small Cap Core category, of -3.92%. The Portfolio’s market benchmark, the Russell 2000^® Index, earned a return of -4.18.

What factors affected the Portfolio’s performance?

Overall, our total performance was below benchmark due to our pro-cyclical tilts and poor security selection in the commodity-driven energy sector. However, our focus on niche software providers in the secularly growing and consolidating areas of data analysis, eCommerce and storage was well-placed as strong enterprise spending in these areas resulted in better earnings, and several of our holdings were bought out.

In the consumer sector, a defensive posture paid meaningful dividends as we tilted toward staples versus discretionary. Stock selection was notable in this group as well, especially within the areas of packaged foods, apparel and home furnishings, where focusing on situations with new managements and business strategies paid dividends.

Finally, and unfortunately, our energy positioning in 2011 was poor. Our emphasis on pick-and-shovel oilfield equipment and services providers hurt our performance. Further, the companies we did invest in generally executed poorly, amplifying the penalty. We began the year optimistic that high oil prices would spur a recovery in international oil drilling. Instead, macroeconomic and political risks kept large oil companies by and large standing with their hands in their pockets—a condition we were slow to recognize.

What is your outlook?

We believe the domestic economy will have a difficult time growing better than 2.0% to 2.5%, largely due to less-than-anticipated global growth as a result of a European recession spurred by that region’s debt and currency crises. Exports to that region should deteriorate, and we expect the U.S. will not be able to escape the impact. We look for federal fund rates to remain where they are throughout 2012, and broad rates and inflation to also hover near historical lows. We are concerned, however, about market rates starting to rise after the presidential

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elections (more likely in 2013) as investors may become increasingly uncomfortable with the lack of progress in addressing the U.S. fiscal problems.

The key issue for 2012 will likely be the tug-of-war between the favorable rate environment for risky assets versus the negative earnings (and solvency) implications of weak global economic growth. China’s slowing growth and our fear of post-election rate concerns being drawn forward tilt us to a cautious and defensive outlook for the coming year.

Portfolio Facts

As of December 31, 2011


Net Assets		$263,838,002
NAV		$11.99
NAV - High†		4/29/2011 - $14.04
NAV - Low†		10/3/2011 - $9.65
Number of Holdings: 81
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
-5.31%	-1.11%	4.58%

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

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

Thrivent Small Cap Index Portfolio

Kevin R. Brimmer, FSA, Portfolio Manager

Thrivent Small Cap Index Portfolio strives for capital growth that tracks the performance of the S&P SmallCap
600 Index.

The Portfolio is exposed to the risks of investing in equity securities of smaller companies, which may include,
but are not limited to, lower trading volume and less liquidity than larger, more established companies. Small
company stock prices are generally more volatile than large company stock prices. While the Portfolio attempts
to closely track the S&P SmallCap 600 Index, it does not duplicate the composition of the Index. Individuals
may not invest directly in any index. Index portfolios are subject to the same market risks associated with the
stocks in their respective indexes. These and other risks are described in the Portfolio’s prospectus. Views
expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management
team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Small Cap Index Portfolio earned a return of 0.53%, compared with the median return of its peer group, the Lipper Small Cap Core category, of -3.92%. The Portfolio’s market benchmark, the S&P SmallCap 600 Index, earned a return of 1.02%.

What factors affected the Portfolio’s performance?

The Portfolio is managed to virtually replicate the performance of the S&P SmallCap 600 Index, a prime measure of small stock performance. We seek to maintain a fully invested position with limited transactions to minimize costs. As typically occurs with an index portfolio, the difference in performance between the benchmark index and the Portfolio itself can be largely attributed to expenses and minor differences in portfolio composition.

Small-cap stocks outperformed mid-cap stocks and underperformed large-cap stocks for the last 12 months. Four sectors sported a positive return. Utilities and health care had the most positive returns.

The stocks of telecommunication services and materials were the weakest performers, posting the most negative returns. Investors were seeking dividends and cash flow, and these sectors tend to offer less exposure to these factors.

What is your outlook?

The Portfolio will remain fully invested in stocks designed to track the performance of the S&P SmallCap 600 Index. This offers individuals a way to take advantage of the growth potential of the broad, diversified marketplace of small-cap stocks.

Smaller-cap stocks have underperformed larger-cap issues in the past year. Over the last six months, investors seemed to become more risk-averse, providing an environment that tends to favor larger-capitalized companies. Small-cap companies, particularly those exposed to the domestic markets and U.S. consumers, tend to pay smaller dividends and have less positive cash flow, which were the factors that investors were seeking.

The financial markets appear to be resolving some of the uncertainty and ambiguity that has surrounded them. At

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a minimum, global growth is slowing and the prices of risk assets have adjusted significantly, reflecting the increased uncertainty. We are more than three years into the current cycle. As mentioned a year ago, as a new economic cycle matures, investors begin to favor larger-cap issues over smaller-cap issues, which is what we saw for 2011.

We still believe there is solid opportunity in the small-cap arena, but the premium return for small stocks is likely to be limited in the future as the new cycle continues to mature.

Portfolio Facts

As of December 31, 2011


Net Assets		$188,990,316
NAV		$12.77
NAV - High†		4/29/2011 - $14.55
NAV - Low†		10/3/2011 - $10.36
Number of Holdings: 604
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
0.53%	1.69%	6.75%

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The S&P SmallCap 600 Index is an index that represents the average performance of a group of 600 small capitalization stocks. The product is not sponsored, endorsed or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the product. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses and taxes.

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

Thrivent Mid Cap Growth Portfolio II

Andrea J. Thomas, CFA, Portfolio Manager

Thrivent Mid Cap Growth Portfolio II seeks long-term growth of capital.

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Mid Cap Growth Portfolio II earned a return of -4.32%, compared with the median return of its peer group, the Lipper Mid Cap Growth category, of -5.91%. The Portfolio’s market benchmark, the Russell Midcap^® Growth Index, earned a return of -1.65%.

What factors affected the Portfolio’s performance?

The Portfolio lagged its competitors and the benchmark over the period as we increased our defensive positioning too early in anticipation of the end of the Fed’s quantitative easing policy. We did not own enough high multiple consumer names over the period, and this hurt us as investors rushed into these names and were willing to pay enormous premiums for select growth names for much of the year. Our late-cycle industrial names lagged as investors opted for high-beta, high-growth names. Our energy stock picks did not fare well over the period, particularly our coal stocks. Our individual stock picks in the technology sector did perform well over the period. As we approached the back half of 2011, our defensive positioning helped us close some, but not all, of the performance gap compared with our competitors.

What is your outlook?

As we enter 2012, many of the same problems that have plagued the economy for the past three years remain unsolved. The U.S. economy remains in a state of subpar growth, due primarily to the lackluster job market. Also contributing to the economic malaise is the floundering housing market. Recent pricing data is showing signs that it may be entering another downturn. Turmoil in the European markets also remains a significant risk to the U.S. and world economies. As such, we will continue to follow a disciplined process and will remain wary of the multiples we are willing to pay for stocks.

We believe the market volatility that we have seen in the past few months will likely continue. Europe’s debt problems are likely to remain in the forefront of the news, but investors will soon turn their attention to the U.S. debt problem. We strongly believe that—ultimately—the Fed will again print money and continue to monetize the debt. When this happens, the value of the dollar will likely decline and inflation is likely to increase as more money is pumped into the system.

In this environment, we intend to remain invested in companies that have definable product cycles that should

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grow despite economic cyclicality. We also seek to remain invested in companies that have hard assets that will benefit from commodity inflation, especially in the energy and materials sectors. We remain cautious on high multiple consumer discretionary stocks.

Portfolio Facts

As of December 31, 2011


Net Assets		$16,971,847
NAV		$9.17
NAV - High†		4/29/2011 - $10.77
NAV - Low†		10/3/2011 - $8.03
Number of Holdings: 77
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
-4.32%	4.65%	3.16%

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

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

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Thrivent Mid Cap Growth Portfolio

Andrea J. Thomas, CFA, Portfolio Manager

Thrivent Mid Cap Growth Portfolio seeks long-term growth of capital.

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Mid Cap Growth Portfolio earned a return of -5.43%, compared with the median return of its peer group, the Lipper Mid Cap Growth category, of -5.91%. The Portfolio’s market benchmark, the Russell Midcap^® Growth Index, earned a return of -1.65%.

What factors affected the Portfolio’s performance?

The Portfolio lagged its competitors and the benchmark over the period as we increased our defensive positioning too early in anticipation of the end of the Fed’s quantitative easing policy. We did not own enough high multiple consumer names over the period, and this hurt us as investors rushed into these companies and were willing to pay enormous premiums for select growth names for much of the year. Our late-cycle industrial names lagged the market as well. Our energy stock picks did not fare well over the period, particularly our coal stocks. Individual stock picks in the technology sector performed well over the period. As we approached the back half of 2011, our defensive positioning helped us close some, but not all, of the performance gap.

What is your outlook?

As we enter 2012, many of the same problems that have plagued the economy for the past three years remain unsolved. The U.S. economy remains in a state of subpar growth, due primarily to the lackluster job market. Also contributing to the economic malaise is the floundering housing market. Recent pricing data is showing signs that it may be entering another downturn. Turmoil in the European markets also remains a significant risk to the U.S. and world economies. As such, we will continue to follow a disciplined process and remain cautious of the multiples we are willing to pay for stocks.

We believe the market volatility that we have seen in the past few months will likely continue. Europe’s debt problems are likely to remain in the forefront of the news, but investors will soon turn their attention to the U.S. debt problem. We strongly believe that—ultimately—the Fed will again print money and continue to monetize the debt. When this happens, the value of the U.S. dollar will likely decline, and inflation is likely to increase as more money is pumped into the system.

In this environment, we intend to remain invested in companies that have definable product cycles that should grow despite economic cyclicality. We also seek to remain invested in companies that have hard assets that will benefit from commodity inflation, especially in the energy and materials sectors. We remain cautious on high multiple consumer discretionary stocks.

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Portfolio Facts

As of December 31, 2011


Net Assets		$348,833,514
NAV		$17.50
NAV - High†		7/7/2011 - $20.10
NAV - Low†		10/3/2011 - $15.34
Number of Holdings: 79

†

For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
-5.43%	5.40%	5.81%

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

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

Thrivent Partner Mid Cap Value Portfolio

Subadvised by Goldman Sachs Asset Management, L.P.

Thrivent Partner Mid Cap Value Portfolio seeks to achieve long-term capital appreciation.

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner Mid Cap Value Portfolio earned a return of -6.33%, compared with the median return of its peer group, the Lipper Mid Cap Value category, of -5.89%. The Portfolio’s market benchmark, the Russell Midcap^® Value Index, earned a return of -1.38%.

What factors affected the Portfolio’s performance?

Reflecting on 2011, we attribute our underperformance to challenged stock selection that was out of sync with market dynamics. For the year, materials was the bottom-performing sector in the Portfolio, largely driven by Stillwater Mining Company. Our holding in Stillwater Mining was hurt by the ongoing fears of a global economic slowdown.

At the stock level, Sprint Nextel Corp. was the largest detractor within the Portfolio for the year. In an environment in which turnaround stocks underperformed, shares of Sprint Nextel fell due to concerns regarding whether the company has sufficient liquidity to fund two large investments—the iPhone and Network Vision, both of which we believe will be substantial long-term drivers of value creation.

On the positive side during the year, the Portfolio benefited from strong performance of our investments in industrials. For the year, Kansas City Southern was a top performer, as pricing remained strong and rail volume growth outpaced the industry. The company has a unique position in Mexico and is benefiting from increased cross-border activity and growth at the Port of Lazaro. Management has been focused on improving productivity, which drove higher operating ratios, and both free cash flow and return on capital increased this year.

For the year, our top-performing stock in the Portfolio was a take-out. Shares of Kinetic Concepts Inc., a producer of medical technology dealing with wound care, benefited from the announcement that it agreed to be acquired at a premium by a group of private equity firms led by Apax Partners.

What is your outlook?

In 2011, macro concerns and swings in sentiment overshadowed the strength of individual company

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fundamentals, resulting in a volatile year and a difficult one for active managers. While risks remain over strains in Europe, emerging-market inflation, slowing global growth and political uncertainty, we remain cautiously optimistic about the U.S. equity market going forward.

Company fundamentals remain strong, as well-capitalized corporations have more than $1 trillion on their balance sheets and are beginning to redeploy cash, signaling confidence in the economy. In our view, earnings should remain resilient given companies’ exposures to secular and global growth, as well as increased financial and operational flexibility, which allows management to be better prepared and anticipatory. Finally, we believe that fundamentals will be rewarded more as there is more dispersion at the stock level, which should bode well for an active approach.

Portfolio Facts

As of December 31, 2011


Net Assets		$215,830,063
NAV		$12.51
NAV - High†		5/2/2011 - $14.58
NAV - Low†		10/3/2011 - $10.80
Number of Holdings: 110
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	From Inception 4/29/2005
-6.33%	0.70%	4.98%

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

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

Thrivent Mid Cap Stock Portfolio

Brian J. Flanagan, CFA, Portfolio Manager

Thrivent Mid Cap Stock Portfolio seeks long-term capital growth.

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Mid Cap Stock Portfolio earned a return of -6.29%, compared with the median return of its peer group, the Lipper Mid Cap Core category, of -2.46%. The Portfolio’s market benchmark, the Russell Midcap^® Index, earned a return of -1.55%.

What factors affected the Portfolio’s performance?

The Portfolio had a difficult year in 2011. Poor stock selection within the energy, industrials and financials sectors was responsible for the majority of the underperformance. Solid returns within the information technology and consumer discretionary sectors offset some of the underperformance. In the energy sector, exploration and production and coal investments accounted for the underperformance as lower-than-expected production and cost overruns weighed on operations at Whiting Petroleum, Forest Oil, Alpha Natural Resources and Arch Coal.

Within the industrial sector, Shaw Group also was hurt by cost overruns in many of its engineering and construction projects. Oshkosh Corporation suffered from a money-losing government contract and low government spending. Finally, The Manitowoc Company declined due to a lack of margin leverage and fears of an economic slowdown. Zions Bancorporation and Northern Trust Corporation held back the financial sector’s performance. However, unlike the energy investments, the companies suffered from a poor macro backdrop versus poor execution. Zions’ results improved throughout the year. However, the fear of stricter government capital requirements weighed on the stock’s performance. Northern Trust is highly leveraged to a rising interest-rate environment, and with rates continuing to decline during the period, results were lackluster. Fund performance was bolstered by solid stock selection across the information technology sector, including timely investments within the services and software industries. Stellar execution by the management of Panera Bread Company benefited this holding within the consumer discretionary sector. Finally, Netflix management’s solid execution early in the year combined with the Portfolio’s disciplined stock exit strategy during the year also contributed to the discretionary sector returns.

What is your outlook?

The Portfolio is positioned more aggressively as a slowly improving macro picture combined with an attractive micro backdrop favorably tilt risk/reward. While Europe will continue to be a weight on the global economy, two

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other forces may provide a tailwind. First, the U.S. economy is slowly improving as housing is no longer a significant drag on the GDP. Construction employment actually increased, albeit slightly, in 2011. Second, China may follow many other emerging-market economies in easing monetary or fiscal policy as their inflation rate declines. The aforementioned factors—combined with attractive valuations, strong corporate cash flow and balance sheets, and negative sentiment toward equities—provide the foundation for a more aggressive portfolio position. The information technology, health care, financial and energy sectors are all overweighted within the Portfolio at this time to take advantage of the improving macro backdrop and negative market sentiment.

Portfolio Facts

As of December 31, 2011


Net Assets		$457,025,418
NAV		$11.48
NAV - High†		4/29/2011 - $13.61
NAV - Low†		10/3/2011 - $9.67
Number of Holdings: 70
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
-6.29%	0.50%	5.90%

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

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

Thrivent Mid Cap Index Portfolio

Kevin R. Brimmer, FSA, Portfolio Manager

Thrivent Mid Cap Index Portfolio seeks total returns that track the performance of the S&P MidCap 400 Index.

Mid-cap stocks offer the potential for long term gains but can be subject to short term price movements. Mid-sized company stock prices are generally more volatile than large company stock prices. While the Portfolio attempts to closely track the S&P MidCap 400 Index, it does not duplicate the composition of the index. Individuals may not invest directly in any index. Index portfolios are subject to the same market risks associated with the stocks in their respective indexes. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Mid Cap Index Portfolio earned a return of -2.23%, compared with the median return of its peer group, the Lipper Mid Cap Core category, of -2.46%. The Portfolio’s market benchmark, the S&P MidCap 400 Index, earned a return of -1.73%.

What factors affected the Portfolio’s performance?

Because it is designed to invest in a way that reflects its benchmark, the S&P MidCap 400 Index, the only changes made to the Portfolio are done to reconcile with any alterations in the composition of the index itself. As typically occurs with an index fund, the difference in performance between the benchmark index and the Portfolio itself can be largely attributed to expenses and minor differences in portfolio composition.

Mid-cap indexes underperformed both large-cap stocks and small-cap stocks. Only four sectors posted positive returns. Consumer staples and utilities posted the most positive returns. This was a trend reversion, as these sectors had underperformed during the previous six- month period. Information technology and telecommunication services underperformed. Investors showed a preference for dividends and cash flow, and consumer staples and utilities typically have high dividends and cash flows, while information technology and telecommunication services stocks typically do not.

What is your outlook?

The Portfolio will remain fully invested in a way that tracks the performance of the S&P MidCap 400 Index. This is an attractive way for individuals to take advantage of the investment potential of the broad, diversified marketplace for mid-cap stocks.

Over the last 12 months, investors went from being risk-seeking to risk-averse, providing an environment that tends to favor larger companies. Mid-cap companies, particularly those with low to no dividends, underperformed their large-cap counterparts.

Global growth is slowing and the prices of risk assets have adjusted significantly, reflecting the increased uncertainty. Typically, as a new economic cycle matures,

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investors begin to favor large- and mid-cap issues over small-cap issues. We believe that attractive opportunities are available in the mid-cap marketplace in the months ahead. At the same time, we are realistic in our expectations that the premium return to the mid-cap sector is likely to be reduced in the future as the economic cycle continues.

Portfolio Facts

As of December 31, 2011


Net Assets		$78,114,022
NAV		$11.79
NAV - High†		4/29/2011 - $14.48
NAV - Low†		10/3/2011 - $9.97
Number of Holdings: 402
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
-2.23%	2.90%	6.60%

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The S&P MidCap 400 Index is an index that represents the average performance of a group of 400 medium capitalization stocks. The product is not sponsored, endorsed or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the product. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

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

Thrivent Partner Worldwide Allocation Portfolio

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

Thrivent Partner Worldwide Allocation Portfolio seeks long-term capital growth.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner Worldwide Allocation Portfolio earned a return of -12.13%, compared with the median return of its peer group, the Lipper International Core category, of -12.79%. The Portfolio’s market benchmark, the MSCI All Country World ex-USA Index, returned -13.33%.

What factors affected the Portfolio’s performance?

Portfolio performance was limited by below-average results from the large-cap value segment of the account. Those results were negatively impacted by exposure in the financial sector in Europe and some more cyclically sensitive segments. The large-cap growth segment modestly outperformed its benchmark and offset the sub-benchmark performance of the value portion.

The portion of the account allocated to emerging-markets performed quite well versus its benchmark, significantly outpacing both the emerging market and the developed market indexes. Our small-cap Europe, Australasia, Far East (EAFE) manager performed in line with the benchmark, but that segment did not perform as well as the developed markets. Finally, the allocation to emerging-market debt aided results as debt markets dramatically outperformed equity markets in the period.

What is your outlook?

As often happens during times of heightened uncertainty and fear, many stocks are sold down regardless of fundamentals. In developed markets, while the crisis in Europe has intensified, political and economic developments toward the end of 2011 were significant positive steps. The European Central Bank’s provision of unlimited three-year funding to banks and the purchase of southern European government debt in the secondary market simultaneously began to address both the banking and sovereign aspects of the crisis and helped to dampen the negative interplay between them. In addition, discussions on fiscal integration being led by France and Germany are a major move in the right direction for the longer term. That these actions have arrived late means the risk of economic recession in Europe has grown.

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China has been another area of concern in 2011. Policy actions had been taken to dampen inflation risks and investors became concerned those steps would impair growth not only in China but also other emerging-market economies that are dependent on or impacted by Chinese demand. While growth in China has slowed, at year-end there appeared to a consensus developing that a hard landing was unlikely.

While risks appear to be diminishing from the elevated levels that prevailed in mid-2011, we do not want to become overly sanguine about the outlook. Macro risks remain both overseas and in the U.S. Many of those risks are discounted in current prices, but we believe some measure of conservatism remains appropriate.

Portfolio Facts

As of December 31, 2011


Net Assets		$495,586,412
NAV		$7.39
NAV - High†		5/2/2011 - $9.41
NAV - Low†		10/3/2011 - $7.28
Number of Holdings: 501
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year		From Inception 4/30/2008
-12.13%		-5.92%

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

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

Thrivent Partner International Stock Portfolio

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

Thrivent Partner International Stock Portfolio seeks long-term growth of capital.

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner International Stock Portfolio earned a return of -13.91%, compared with the median return of its peer group, the Lipper International Core category, of -12.79%. The Portfolio’s market benchmark, the MSCI EAFE Index, earned a return of -11.73%.

What factors affected the Portfolio’s performance?

Performance in the Portfolio was below the benchmark’s as a function of subpar stock selection. Sector allocations mitigated some of the results from stock selection, but were not sufficient to offset trading.

Exposures in the financial sector had the most significant negative effect on returns. Financial stocks, particularly eurozone-based banking institutions, came under severe pressure owing to the re-emergence of sovereign debt issues. Investors were concerned that select defaults or write-downs of impaired debt obligations in their holdings in Greek, Italian, Spanish and Portuguese debt would create capital shortfalls requiring equity issuance, diluting existing shareholders.

Further, the lack of a cohesive plan to deal with the weakness in the structure of the European Monetary Union seemed to weigh heavily on the markets. While the Portfolio benefited from an underweighting in the category, our holdings performed poorly relative to the group.

Holdings in the industrial segment also did not perform well relative to its category or the broader market. This was also true in the materials sector as commodity prices declined in the period. Generally, our holdings were biased toward continued global growth and that outlook was quite shaken over the course of 2011. Positions in the consumer staples, utilities and consumer discretionary portions of the Portfolio performed well and mitigated some of the impact of the more poorly performing segments.

What is your outlook?

As often happens during times of heightened uncertainly and fear, many stocks are sold down regardless of

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fundamentals. While the crisis in Europe has intensified, political and economic developments toward the end of 2011 were significant positive steps. The European Central Bank’s provision of unlimited three-year funding to banks and the purchase of southern European government debt in the secondary market simultaneously began to address both the banking and sovereign aspects of the crisis, helping to dampen the negative interplay between them. In addition, discussions about fiscal integration being led by France and Germany are a major move in the right direction for the longer term. The late nature of these actions, however, means the risk of economic recession in Europe has grown.

Portfolio Facts

As of December 31, 2011


Net Assets		$709,827,505
NAV		$9.18
NAV - High†		5/2/2011 - $11.65
NAV - Low†		11/25/2011 - $8.65
Number of Holdings: 209
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
-13.91%	-5.31%	2.80%

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

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

Thrivent Partner Socially Responsible Stock Portfolio

Subadvised by Calvert Investment Management, Inc. (formerly Calvert Asset Management Company, Inc.) and Atlanta Capital Management, L.L.C.

Thrivent Partner Socially Responsible Stock Portfolio seeks long-term capital growth.

Stocks are subject to the basic market risk that a particular security, or securities in general, may decrease in value over short or even extended time periods. In addition, the Portfolio is exposed to the risks of investing in mid-cap stocks, which generally are more volatile and less liquid than large-cap stocks. The Portfolio is also subject to the risks of investing in foreign stocks. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner Socially Responsible Stock Portfolio earned a return of -1.82%, compared with the median return of its peer group, the Lipper Large Cap Core category, of -1.60%. The Portfolio’s market benchmark, the S&P 500 Index, earned a return of 2.11%.

What factors affected the Portfolio’s performance?

Perhaps befitting the up-and-down nature of the market in 2011, we had both big winners and big losers in the Portfolio. Clearly our highest-profile, if not highest- impact, disappointment was Netflix. We’ve reported for more than two years about Netflix’s big positive contribution to our performance. That changed in September, when the company reported weaker-than-expected subscriber growth. This was a self-inflicted wound caused by a big price increase. We sold all of our stock before the final leg down in October.

Despite extremely low valuations, our modest positions in several bank stocks did not perform as we had anticipated they would. The stocks continue to underperform the market on a variety of growth and regulatory challenges.

By far the most problematic sector for us in 2011 was energy. Our collection of holdings, including Noble Corp., QEP and especially Suncor, each fell 10% to 20%.

On the positive side of the ledger, Starbucks and Chipotle Mexican Grill each climbed more than 40%, benefiting from strong execution. They may have become a bit more popular with investors because of their negligible exposure to Europe. We sold Chipotle in the late summer on valuation concerns.

We also did very well during the time we owned Amazon. Amazon has continued to gain share of retail sales and the stock sailed through the initial market downturn. Like Chipotle, we sold the stock on a very full valuation in October. Since then, the stock has come under pressure. Allergan, the maker of several ophthalmic drugs and Botox, also had a great year, rising more than 30%. Because we hold a large position, it was a strong contributor.

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What is your outlook?

The investment environment remains unsettled as 2012 gets under way. On the one hand, the U.S. economy logged some of its best growth of the last two years in the closing months of 2011. Consumer confidence is up and the jobs situation has a bit of positive momentum. It’s tough right now to find appreciable evidence of economic deterioration. Earnings growth is moderating but still looks solidly positive for both the fourth quarter and 2012.

A wide variety of reasonable outcomes are possible for the stock market in 2012. Assuming Europe holds the monetary union together without a lot of drama, most of those forecasts would be positive. Earnings are solid, valuations are quite reasonable, and the odds favor global growth being higher in 2013 than 2012. As things return to “normal,” we believe that the market will once again come to favor the sort of sustainable growth stocks that populate the Portfolio.

Portfolio Facts

As of December 31, 2011


Net Assets		$6,146,291
NAV		$10.16
NAV - High†		7/7/2011 - $11.68
NAV - Low†		10/3/2011 - $9.27
Number of Holdings: 50
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year		From Inception 4/30/2008
-1.82%		0.66%

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


		Thrivent Partner All Cap Growth Portfolio

Subadvised by Calamos Advisors LLC

Thrivent Partner All Cap Growth Portfolio seeks long-term capital growth.

Stocks are subject to the basic market risk that a particular security, or securities in general, may decrease in value over short or even extended time periods. In addition, the Portfolio is exposed to the risks of investing in mid-cap stocks, which generally are more volatile and less liquid than large-cap stocks. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner All Cap Growth Portfolio earned a return of -7.13%, compared with the median return of its peer group, the Lipper Multi Cap Growth category, of -3.92%. The Portfolio’s market benchmark, the Russell 3000^® Growth Index, earned a return of 2.18%.

What factors affected the Portfolio’s performance?

Within the Portfolio, our relative security selection in the information technology and energy sectors detracted the most from performance during 2011. Within technology, holdings from the IT consulting and communications equipment industries hampered results. Within energy, companies in the oil and gas exploration and production industry lagged and our absence of holdings in the integrated oils industry hurt returns as this industry held up well in the face of volatility. We believe continued global stimulus and accommodative policies will help boost the value of the energy sector, as global demand for energy resources remains high.

The Portfolio’s significant underweighting in the consumer staples sector hurt results, yet strong security selection within the sector more than made up for the positioning. Portfolio holdings in the personal products and soft drink industries did particularly well. The market environment during the year was largely defined by the more defensive “risk-off” trade. The consumer staples sector performed very well relative to other areas of the market as investors flocked to its relatively defensive “safe-haven” securities.

What is your outlook?

The Portfolio’s largest allocations remain in information technology and consumer discretionary. We continue to favor technology due to its higher growth potential, higher cash flows and lower debt levels, as well as attractive valuations. The sector also continues to profit from long-term themes we have identified, including the increased appetite and demand for information and entertainment. In consumer discretionary, we remain attracted to companies that demonstrate global business plans and diversified revenues, as well as those servicing a rapidly expanding consumer base within the emerging-markets. Specifically, select companies within the Internet retailing industry have proven worthy investments, as many of these firms operate with global footprints and cater to a more cost-conscious consumer. We continue to take a long-term approach to the Portfolio’s construction, striving to be undistracted by short-term volatility. We are positioning the Portfolio

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more cyclically to take advantage of improved valuations and long-term opportunities that we see. We seek to invest in businesses poised to benefit from increased capital spending in technologies, the global infrastructure build-out and the rise of emerging-market consumers. We are avoiding companies most affected by government debt and a confusing regulatory environment, such as financials, utilities and many areas of health care.

Portfolio Facts

As of December 31, 2011


Net Assets		$12,709,501
NAV		$9.35
NAV - High†		7/7/2011 - $11.21
NAV - Low†		10/3/2011 - $8.48
Number of Holdings: 67
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year		From Inception 4/30/2008
-7.13%		-1.82%

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*	The Russell 3000^® Growth Index is an index that measures the performance of the broad growth segment of U.S. equities. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

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


		Thrivent Partner All Cap Value Portfolio

Subadvised by OppenheimerFunds, Inc.

Thrivent Partner All Cap Value Portfolio seeks long-term capital growth.

Stocks are subject to the basic market risk that a particular security, or securities in general, may decrease in value over short or even extended time periods. In addition, the Portfolio is exposed to the risks of investing in small- and mid-cap stocks, which generally are more volatile and less liquid than large-cap stocks. The Portfolio is also subject to the risks of investing in foreign (including emerging market) stocks. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner All Cap Value Portfolio earned a return of -10.16%, compared with the median return of its peer group, the Lipper Multi Cap Value category, of -3.40%. The Portfolio’s market benchmark, the Russell 3000^® Value Index, earned a return of -0.10%.

What factors affected the Portfolio’s performance?

Talbots Inc. within consumer discretionary sector, was the most significant detractor from Portfolio performance this period, followed closely by Goldman Sachs Group Inc. in the financials sector. Goldman Sachs’ stock price declined primarily due to proposed increased regulation in the financial industry and uncertainty over its eventual implementation. The Portfolio also experienced declines from its investment in information technology stock Research In Motion Ltd. The company issued a weak performance outlook and quarterly results, and also announced a delay in its next generation of BlackBerry smartphones. We exited our position in Research In Motion by period end. Materials holding The Mosaic Company and utilities stock GenOn Energy Inc. also declined for the Portfolio.

During the reporting period, the Portfolio’s strongest contributor to overall performance was health care sector holding Humana Inc. A number of energy sector holdings also produced positive results, including Chevron Corp. and Halliburton Co. We exited our position in Halliburton by period end. Within consumer staples, household products manufacturer Church & Dwight Co. performed well as the market reacted positively to its solid increase in profits and plan to raise prices on selected products. Lastly, information technology stock National Semiconductor Corp. contributed significantly to performance as it was acquired by Texas Instruments during the period.

At period end, the Portfolio was substantially overweighted relative to the index in consumer staples, materials, energy and information technology and largely underweighted in financials, consumer discretionary and telecommunication services.

What is your outlook?

As we begin 2012, investors generally remain wary of risk. Weak GDP numbers in multiple regions of the globe have raised questions whether the fragile global economic recovery has reversed course and begun a slide back into

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recession. Concerns exist that slow or negative growth will negatively impact consumer sentiment and spending habits, leading to further weakness in the global economy and the markets. While current global political and economic conditions are causing significant market fluctuations, we have not changed our long-term approach to investing. We continue to believe that reacting strongly to short-term market gyrations is rarely warranted or a prudent investment strategy.

Portfolio Facts

As of December 31, 2010


Net Assets		$6,705,714
NAV		$8.12
NAV - High†		5/2/2011 - $9.95
NAV - Low†		10/3/2011 - $7.18
Number of Holdings: 42
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year		From Inception 4/30/2008
-10.16%		-4.60%

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*	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 3000^® Value Index is an index that measures the performance of the broad value segment of U.S. equities. 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 Partner All Cap Portfolio

Subadvised by Pyramis Global Advisors, LLC, an affiliate of Fidelity Investments

Thrivent Partner All Cap Portfolio seeks long-term growth of capital.

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner All Cap Portfolio earned a return of -4.83%, compared with the median return of its peer group, the Lipper Multi Cap Core category, of -2.64%. The Portfolio’s market benchmark, the Russell 3000^® Index, earned a return of 1.03%.

What factors affected the Portfolio’s performance?

In the energy sector, our overweighting in oil and gas exploration and production company Forest Oil and underweighting in integrated oil company Exxon Mobil detracted from performance. Forest Oil shares declined after the company announced first-quarter earnings that came in lower than analysts’ estimates, due to lower natural gas prices. Exxon Mobil shares rose due to several factors: crude oil futures gained 8% during the year because of geopolitical unrest in the Middle East; reports showed that U.S. oil supplies dropped; and a Canadian pipeline company announced it would ship oil away from a key delivery point in the Midwest.

Among financials, the Portfolio’s overweightings in diversified financial services firms Citigroup and JPMorgan Chase hurt performance. Both firms’ shares fell significantly as a result of investor fears of U.S. banks’ exposure to European sovereign debt and worries of a slowing global economy. In the consumer discretionary sector, the Portfolio’s overweighting in automaker Ford Motor Company was a significant detractor. Ford shares fell significantly, largely due to investor fears that European sovereign debt problems could cause a double-dip recession and dampen global auto demand.

What is your outlook?

The outlook for the market remains balanced. Corporate earnings seem to continue to signal that global economic activity and growth will be positive and supportive of risk assets. Corporate profits continue to be healthy, corporate balance sheets are on solid footing, and business momentum, although varied across industries, remains positive. However, persistently high unemployment levels and political and fiscal uncertainty at home, in conjunction with turmoil overseas, do add to the increased macro focus of the markets and remain a risk for investors.

Given this backdrop, our portfolio managers believe there are areas of opportunity within their sectors. As we have mentioned in the past, we continue to be keenly focused

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on risk management. While the market volatility will continue to be impacted by macroeconomic events, our focus will remain on identifying good companies with strong operating models.

Portfolio Facts

As of December 31, 2011


Net Assets		$51,368,102
NAV		$8.44
NAV - High†		4/29/2011 - $9.59
NAV - Low†		10/3/2011 - $7.33
Number of Holdings: 101
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
-4.83%	-0.45%	1.46%

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*	The Russell 3000^® Index is an index comprised of the 3,000 largest U.S. companies based on market capitalization. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

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

Thrivent Large Cap Growth Portfolio II

David C. Francis, CFA, Portfolio Manager*

Thrivent Large Cap Growth Portfolio II seeks long-term growth of capital and future income.

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

* Effective October 2011, David C. Francis became the Portfolio Manager.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Large Cap Growth Portfolio II earned a return of -6.25%, compared with the median return of its peer group, the Lipper Large Cap Growth category, of -1.71%. The Portfolio’s market benchmark, the Russell 1000^® Growth Index, earned a return of 2.64%.

What factors affected the Portfolio’s performance?

The Portfolio underperformed its benchmark largely due to stock selection. The Portfolio generally had a more pro-cyclical bias. In the middle of the year, growth expectations deteriorated significantly and the equity market experienced a sharp correction. Our relative performance results were most negatively impacted in that period. We did see relative performance recover in the fourth quarter, but it was not sufficient to offset the weakness in prior quarters.

McKesson performed well, but we did not have exposure to the largest companies within the sector. Investors preferred the balance sheet safety and yields from those companies as market volatility increased in the second half of the year. We were underweighted in the strong performance achieved in the consumer staples sector, a group that also became an investment refuge in the uncertain investment environment that prevailed in late summer. Specialty retail and a position in Ford Motors also did not perform well, and NII Holdings underperformed both its sector and the overall market. Holdings in CF Industries and Monsanto performed well in the materials sector.

What is your outlook?

Volatility will likely remain high as a number of significant fiscal and monetary challenges remain to be addressed over the next 12 months. While the economy hit a soft growth patch over the summer, recent data suggests economic momentum has improved and will be sustained. We do not expect a robust recovery, but enough growth to mitigate the risk of falling back into a second recession. Stocks appear to be discounting a rather pessimistic outlook. Any progress on the sovereign debt issues in Europe will likely result in a rally for risk assets. Earnings have recovered sharply and companies are generally in good financial shape. We believe a

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constructive resolution is the most likely outcome, and are positioned to benefit, although we acknowledge that risks to that outlook have increased with the uncertainty outside the U.S.

Portfolio Facts

As of December 31, 2011


Net Assets		$12,906,986
NAV		$6.37
NAV - High†		4/29/2011 - $7.46
NAV - Low†		10/3/2011 - $5.59
Number of Holdings: 48
† For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
-6.25%	-0.80%	0.63%

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

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

Thrivent Large Cap Growth Portfolio

David C. Francis, CFA, Portfolio Manager*

Thrivent Large Cap Growth Portfolio seeks long-term growth of capital.

* Effective October 2011, David C. Francis became the Portfolio Manager.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Large Cap Growth Portfolio earned a return of -5.42%, compared with the median return of its peer group, the Lipper Large Cap Growth category, of -1.71%. The Portfolio’s market benchmark, the Russell 1000^® Growth Index, earned a return of 2.64%.

What factors affected the Portfolio’s performance?

The Portfolio underperformed its benchmark largely due to stock selection. The Portfolio generally had a more pro-cyclical bias. In the middle of the year, growth expectations deteriorated significantly and the equity market experienced a sharp correction. Our relative performance results were most negatively impacted in that period. We saw a recovery in relative performance in the fourth quarter, but it was not sufficient to offset the weakness in prior quarters.

Stock selection in the financial sector was a major detractor from performance. More specifically, holdings in the banking sector, like Citigroup and JP Morgan Chase, did not perform well. The Portfolio’s energy stocks also failed to keep pace with the market and other energy stocks in the group. Occidental Petroleum performed well in the Portfolio but was more than offset by weak returns to our holdings in coal companies Arch Coal and Peabody Energy. In health care, our holding in McKesson performed well, but we did not have exposure to largest companies within the sector. Investors preferred the balance sheet safety and yields from those companies as market volatility increased in the second half of the year. We were underweighted in the consumer staples sector, which was a strong performer, as well as a group that became an investment refuge in the uncertain investment environment that prevailed in late summer. Specialty retail and a position in Ford Motors did not perform well, and NII Holdings underperformed both its sector and the overall market. Holdings in CF Industries and Monsanto performed well in the period in the materials sector.

What is your outlook?

Volatility will likely remain high as a number of significant fiscal and monetary challenges remain to be addressed over the next 12 months. While the economy hit a soft growth patch over the summer, recent data suggests economic momentum has improved and will be sustained. We do not expect a robust recovery but enough growth to mitigate the risk of falling back into a second recession. Stocks appear to be discounting a rather pessimistic outlook. Any progress on the sovereign debt issues in Europe will likely result in a rally for risk assets.

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Earnings have recovered sharply and companies are generally in good financial shape. We believe a constructive resolution is the most likely outcome and are positioned to benefit, although we acknowledge that risks to that outlook have increased with the uncertainty outside the U.S.

Portfolio Facts

As of December 31, 2011


Net Assets		$805,283,132
NAV		$15.96
NAV - High†		7/22/2011 - $18.27
NAV - Low†		10/3/2011 - $14.10
Number of Holdings: 59

†

For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
-5.42%	0.09%	1.21%

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

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


		Thrivent Partner Growth Stock Portfolio

Subadvised by T. Rowe Price Associates, Inc.

Thrivent Partner Growth Stock Portfolio seeks long-term growth of capital and, secondarily, to increase dividend income.

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner Growth Stock Portfolio earned a return of -1.49%, compared with the median return of its peer group, the Lipper Large Cap Growth category, of -1.71%. The Portfolio’s market benchmark, the S&P 500/Citigroup Growth Index, earned a return of 4.69%.

What factors affected the Portfolio’s performance?

Growth-style investing outperformed value across all market caps, as measured by S&P indexes, while large-cap stocks outperformed small and mid caps.

Health care was the leading detractor to the Portfolio’s performance due to stock selection in the sector. Human Genome Sciences reported disappointing sales of Benlysta, its innovative treatment for lupus. The drug was approved by U.S. and European regulators, but the launch has been slower than expected.

Consumer discretionary also underperformed because of stock selection. A main factor was the Portfolio’s overweighting in Internet retailer Amazon.com, whose shares fell sharply in the fourth quarter due to lower-than-expected operating cash flow and profit margins, despite strong sales of its Kindle eReader.

Energy contributed negatively to performance primarily due to stock selection. Coal companies were hurt by falling prices and concerns about slowing growth in emerging-markets. Peabody Energy, the world’s largest private-sector coal company, continued to slide amid these concerns, although it successfully completed an acquisition of Australia’s MacArthur Coal Limited in December.

The financial sector was the leading outperformer due to positive stock selection and a significant underweighting in what was the worst-performing sector in the S&P index. American Express benefited from increased consumer spending and improvement in consumer credit. Information technology outperformed primarily due to stock selection. MasterCard reported impressive transaction volume growth in its global payment network, particularly outside the United States where more consumer spending is shifting to electronic payments. An increase in consumer spending leading into the holiday season also helped to boost its stock price. Apple, the Portfolio’s top contributor, continued to report strong growth. The company released an upgraded version of its iPhone and expanded its availability to additional carriers.

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What is your outlook?

We anticipate a continuation of slow economic growth in the United States and sovereign debt challenges in Europe that could be exacerbated by difficult policy choices and general elections in 2012. Balanced against these potential negatives, earnings for U.S. companies are healthy, although their rate of growth going forward could moderate. Also, stock valuations are attractive and consumer sentiment has been improving. If the U.S. unemployment rate continues to fall and the housing market stabilizes, it could provide support for stocks. On balance, we believe the positives will outweigh the negatives and remain cautiously optimistic about the prospects for stocks.

Portfolio Facts

As of December 31, 2011


Net Assets		$51,099,815
NAV		$11.41
NAV - High†		7/7/2011 - $12.61
NAV - Low†		10/3/2011 - $10.07
Number of Holdings: 118

†

For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
-1.49%	0.79%	3.31%

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The S&P 500/Citigroup Growth Index is a capitalization-weighted index comprised of the highest price-to-book ratio securities in the S&P 500 Index. The S&P 500/Citigroup Growth Index is designed so that approximately one-half of the S&P 500 Index market capitalization is characterized as “value” and the other half as “growth.” The product is not sponsored, endorsed or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the product. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

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

Thrivent Large Cap Value Portfolio

Matthew D. Finn, CFA, Portfolio Manager

Thrivent Large Cap Value Portfolio seeks long-term growth of capital.

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Large Cap Value Portfolio earned a return of -3.08%, compared with the median return of its peer group, the Lipper Large Cap Value category, of -1.99%. The Portfolio’s market benchmark, the Russell 1000^® Value Index, earned a return of 0.39%.

What factors affected the Portfolio’s performance?

The Portfolio underperformed the Russell 1000^® Value Index due to poor stock selection in the health care, financials, consumer discretionary and industrials sectors. Conversely, stock selection was strong in the consumer staples and telecommunications services sectors. In health care, pharmaceutical stock selection was poor. In financials, positions in insurers Principal Financial Group and Unum hurt performance. Principal has been sold as pressure on 401(k) plan fees does not appear to be reversing.

In consumer discretionary, favoring Disney and cable TV companies over other media companies hurt relative performance. And in the industrial sector, positions in diversified manufacturing companies Textron and SPX Corp. hurt relative performance. Both of these companies remain in the portfolio as the longer-term outlook is still attractive and valuations are low.

Strong stock selection in consumer staples came from positions in distiller Diageo, Kraft Foods and Philip Morris International. All of these positions are held in the portfolio.

What is your outlook?

Market and company valuations are attractive. Investors remain concerned about government debt in Europe and the U.S., and the pace and sustainability of economic activity. Volatility continues to be severe as sentiment swings from optimism to pessimism. Our focus is on companies with solid, competitive positions that are attractively valued. Long term, owning good companies in good businesses should benefit shareholders as earning growth drives a company’s stock price. Warren Buffett aptly pointed out that in the short run, the market is a

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voting machine. However, in the long run, it is a weighing machine. Said another way, in the short run, sentiment can drive stock prices, but in the long run quality and value will prove to be important.

Portfolio Facts

As of December 31, 2011


Net Assets		$752,054,276
NAV		$10.39
NAV - High†		4/29/2011 - $11.65
NAV - Low†		10/3/2011 - $8.85
Number of Holdings: 70

†

For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
-3.08%	-1.89%	2.59%

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

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

Thrivent Large Cap Stock Portfolio

David C. Francis, CFA (left), and Matthew D. Finn, CFA (right), Portfolio Co-Managers*

Thrivent Large Cap Stock Portfolio seeks long-term capital growth.

* Effective October 2011, David C. Francis became a Portfolio Co-Manager.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Large Cap Stock Portfolio earned a return of -4.58%, compared with the median return of its peer group, the Lipper Large Cap Core category, of -1.60%. The Portfolio’s market benchmark, the S&P 500 Index, earned a return of 2.11%.

What factors affected the Portfolio’s performance?

The Portfolio’s underperformance relative to its benchmark was primarily a function of poor stock selection, particularly in the third quarter of the reporting period. With the re-emergence of the European debt crisis, the debt ceiling debate in the U.S., as well as the downgrade of U.S. credit ratings, equity markets fell sharply. Companies most directly tied to economic growth were the most negatively impacted. The Portfolio’s lack of exposure to holdings that would be more defensive was a disadvantage in the period. This was particularly evident by our underweighting in the large-cap, high-quality but low-growth segment of the pharmaceutical industry.

We also did not have positions in some of the better-performing sectors of health care, like biotechnology. In energy, we did not have adequate exposure to the large defensive companies, like Exxon Mobil, but instead held positions in the more cyclically sensitive coal companies, like Peabody Energy. In the oil service industry, we owned Baker Hughes, and that performed well. In the consumer staples sector, our position in Phillip Morris International performed well. Again, we were underexposed in a number of the more stable companies that investors turn to in times of heightened uncertainty.

Industrial stocks fell back as investors became concerned about economic growth and we were overweighted in the group. In particular, our holdings in Boeing and Emerson Electric did not perform well. Our position in Goldman Sachs underperformed as trading results deteriorated with the decline in risk-oriented assets in the third quarter.

What is your outlook?

We believe investors have discounted the risks that are inherent in the market as the reporting period draws to a close. We acknowledge that uncertainty will remain high,

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suggesting volatility will remain elevated as well. We lean to the likelihood of a continued economic recovery, albeit subpar when compared to past periods. Over the next 12 to 18 months, important policy issues must be decided in an environment that remains highly politicized. The corporate sector remains in relatively good shape. We believe long-term investors can find quite attractive companies at good prices in the current environment.

Portfolio Facts

As of December 31, 2011


Net Assets		$565,849,587
NAV		$8.11
NAV - High†		4/29/2011 - $9.14
NAV - Low†		10/3/2011 - $7.05
Number of Holdings: 116

†

For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
-4.58%	-1.98%	0.85%

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

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

Thrivent Large Cap Index Portfolio

Kevin R. Brimmer, FSA, Portfolio Manager

Thrivent Large Cap Index Portfolio seeks total returns that track the performance of the S&P 500 Index.

Large-cap stocks are subject to the basic market risk that a particular security, or securities in general, may decrease in value over short or even extended time periods. While the Portfolio attempts to closely track the S&P 500 Index, it does not exactly duplicate the composition of the index. Individuals may not invest directly in any index. Index portfolios are subject to the same market risks associated with the stocks in their respective indexes. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Large Cap Index Portfolio earned a return of 1.71%, compared with the median return of its peer group, the S&P 500 Index Objective category, of 1.73%. The Portfolio’s market benchmark, the S&P 500 Index, earned a return of 2.11%.

What factors affected the Portfolio’s performance?

The Portfolio’s holdings are aligned with those of the S&P 500 Index. As typically occurs in an index portfolio, the difference in performance between the benchmark index and the Portfolio itself can largely be attributed to expenses and minor differences in portfolio composition.

Seven of the sectors posted positive returns for the year. Utilities, consumer staples and health care were the best-performing sectors in the market over the past 12 months, posting the most-positive returns. Large cap stocks outperformed small- and mid-cap stocks over the reporting period, as large-cap stocks tend to outperform small- and mid-cap groups during volatile market periods. Financials, materials and industrials delivered negative returns for the 12-month period. Financials fell the most, due to concerns of links to European sovereign debt and banking issues, while materials were affected by the pull back in commodity prices.

What is your outlook?

The financial markets appear to be adjusting to the uncertainty and ambiguity that has surrounded the debt challenges in Europe. At a minimum, global growth is slowing and the prices of risk assets have adjusted significantly, reflecting the increased uncertainty.

Large-cap stocks outperformed both small- and mid-cap stocks in 2011. If European concerns are proven to be overly discounted, that could lead to a recovery in the prices of risk assets globally. Volatility will likely remain high. While opportunities for small- and mid-cap stocks exist, our view is that as the cycle matures, large-cap companies should outperform their small- and mid-cap counterparts.

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Portfolio Facts

As of December 31, 2011


Net Assets		$291,285,301
NAV		$17.71
NAV - High†		4/29/2011 - $19.29
NAV - Low†		10/3/2011 - $15.41
Number of Holdings: 501

†

For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
1.71%	-0.54%	2.63%

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

Thrivent Equity Income Plus Portfolio

David R. Spangler, CFA, and Kevin R. Brimmer, FSA, Portfolio Co-Managers

Thrivent Equity Income Plus Portfolio seeks income plus long-term capital growth.

The Portfolio may invest in, among others, REITs, preferred stocks and foreign (including emerging market) stocks. These investments are subject to unique risks. The Portfolio may also sell covered options on any securities in which the Portfolio invests. Successful use of this strategy can augment portfolio return but can also magnify losses if executed incorrectly. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Equity Income Plus Portfolio earned a return of -2.46%, compared with the median return of its peer group, the Lipper Equity Income category, of 0.66%. The Portfolio’s market benchmark, the S&P 500 Index, earned a return of 2.11%.

What factors affected the Portfolio’s performance?

The Portfolio is constructed as a multi-asset-class product—similar to an asset allocation fund—with separate investment strategies for domestic and international dividend equity, domestic and international REITs, preferreds and an options buy-write strategy. Together, these asset classes should provide greater diversification than any one asset class alone. However, as a multi-asset-class product, the Portfolio does not fit well into a single-style peer group category or domestic-only benchmark, and this year performance versus its single-style benchmarks was weak.

In the first half of the year, the Portfolio continued its strong performance from 2010. However, after the European debt crisis and U.S. debt downgrade negatively impacted markets, the Portfolio lost relative performance. The Portfolio’s investment process includes a momentum-based factor model. Factor models struggle when markets become highly volatile and stock correlations increase substantially, as they did in the second half of the year, which is when the Portfolio underperformed.

The Portfolio’s domestic dividend equity, representing 60% of the Portfolio, underperformed its benchmark. Both sector allocation and stock selection contributed to underperformance. The Portfolio’s strategic allocation to international markets is nearly 18% of Portfolio assets. In 2011, international markets significantly underperformed domestic markets, contributing to the Portfolio’s relative weakness in 2011 compared to a domestic benchmark and peer group. Preferred stocks and the buy-write strategy also underperformed relative to the Portfolio’s benchmark and peer group.

What is your outlook?

As in 2011, we approach 2012 with cautious optimism. The Portfolio continues a more conservative approach to dividend equity that includes an emphasis on dividend

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coverage, improved operating performance and quality balance sheets, in addition to attractive valuations. As economic indicators, including job growth, continue to show improvement, equities appear to provide relative value when compared to historical valuations, which may provide an opportunity for outperformance for the year. At the sector level, the Portfolio remains overweight in pro-cyclical sectors, but has reduced these overweights and continues to underweight financials. Additionally, the Portfolio is underweight in international markets. However, if Europe shows improvement, the Portfolio may rebalance to its neutral strategic international weight.

Portfolio Facts

As of December 31, 2011


Net Assets		$88,077,819
NAV		$8.81
NAV - High†		4/29/2011 - $9.98
NAV - Low†		10/3/2011 - $7.79
Number of Holdings: 232

†

For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year		From Inception 4/30/2008
-2.46%		-1.91%

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

Thrivent Balanced Portfolio

Kevin R. Brimmer, FSA, and Michael G. Landreville, CFA, Portfolio Co-Managers

Thrivent Balanced Portfolio seeks long-term total return through a balance between income and the potential for long-term capital growth.

The Portfolio is subject to interest-rate risk, credit risk and volatility risk, which may result in overall price fluctuations over short or even extended time periods. Stocks are subject to the basic market risk that a particular security, or securities in general, may decrease in value over short or even extended time periods. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Balanced Portfolio earned a total return of 4.18%. The Portfolio’s benchmarks, the S&P 500 Index and the Barclays Capital U.S. Aggregate Bond Index, returned 2.11% and 7.84%, respectively.

What factors affected the Portfolio’s performance?

The Portfolio allocated roughly two-thirds of its assets to equities in 2011 and the remainder to fixed-income securities. The equity portion of the Portfolio closely tracked the performance of the S&P 500, outperforming the large-cap benchmark by nearly 13 basis points. The index itself was volatile, affected by shifting economic reports and concern about the debt crises facing several European countries, notably Greece.

Financial stocks were the market’s worst performers, posting a loss of 16.69%. Because they represent about 15% of the index, they had an oversized impact on the Portfolio’s results. The top-performing sectors were utilities, up 19.93%, consumer staples, up 13.89%, and health care, up 12.73%. Investors favored companies in those industries for their generally stable revenues, healthy balance sheets and, in many cases, secure dividends.

The fixed-income portion of the Portfolio modestly outperformed its benchmark index. Almost all of its outperformance was attributable to the Portfolio’s securitized holdings, including asset-backed securities, commercial mortgage-backed securities, conventional residential mortgage-backed securities and floating-rate mortgage-backed securities. These securities, which traditionally boast high credit ratings, suffered liquidity, ratings and pricing pressure during the financial crisis of 2008. Because we believed they were being unfairly penalized at that time, we elected to keep them in our portfolio rather than sell them at distressed levels. Their prices have since recovered to nearly pre-crisis levels.

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What is your outlook?

Economists generally expect Europe to slide into a recession in 2012 as it continues to wrestle with the debt woes of its economically weaker nations. Assuming some spillover effect on the U.S. economy, we anticipate continued slow economic growth at home, with unemployment levels continuing to ease but remaining unusually high. With the Federal Reserve planning to keep short-term interest rates low, at least into 2013, we anticipate modest but positive returns on fixed-income assets. We anticipate continued volatility in the equity markets, with the utilities, energy and health care sectors likely to generate some of the better returns.

Portfolio Facts

As of December 31, 2011


Net Assets		$240,522,040
NAV		$14.48
NAV - High†		4/29/2011 - $15.69
NAV - Low†		10/3/2011 - $13.19
Number of Holdings: 751

†

For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
4.18%	2.30%	4.07%

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

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

Thrivent High Yield Portfolio

Paul J. Ocenasek, CFA, Portfolio Manager

Thrivent High Yield Portfolio seeks to achieve a higher level of income. The Portfolio will also consider growth of capital as a secondary objective.

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent High Yield Portfolio earned a return of 4.71%, compared with the median return of its peer group, the Lipper U.S. High Current Yield Funds category, of 3.85%. The Portfolio’s market benchmark, the Barclays Capital U.S. Corporate High Yield Bond Index, earned a return of 4.98%.

What factors affected the Portfolio’s performance?

The bulk of the Portfolio’s gains were attributable to coupon returns, offset by a modest decline in securities prices. Those declines, concentrated in the second half of the year, were driven by lingering concerns about sovereign debt woes in Europe and contentious debates in Washington, D.C., over how to rein in U.S. federal debt. Amid this uncertainty, investors shied away from risk assets, including high-yield debt, and flocked to the safety of U.S. Treasury securities, which sent their prices soaring. The Portfolio outperformed its peer group due largely to a higher allocation to BB-rated securities, which are the highest-rated bonds in the sector, and a lower allocation to CCC-rated bonds, which have the lowest credit rating. BB-rated bonds are generally more sensitive to changes in Treasury bond prices and produced a total return of 6.84% for the year, versus 1.18% for CCC-rated bonds.

The Portfolio also benefited from a low allocation to cash relative to its peers. Security selection had little impact on performance, as solid gains in the media, wireless communications, and energy exploration and production sectors were largely offset by underperformance in the financing, shipping and building materials sectors. The Portfolio lagged its benchmark largely because the index had an even higher allocation to BB-rated securities and because the index does not incur management expenses or trading costs.

What is your outlook?

The outlook for the high-yield market was positive heading into 2012, despite continued uncertainty over the European debt crisis. Spreads between yields on Treasuries and high-yield securities were high at nearly 700 basis points, while default rates on high-yield debt were low at under 2%. If the economy continues to expand at least modestly in 2012—at a 1% annual rate or

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better—it should allow corporate profits to remain healthy and high-yield default rates to remain low. We believe that should lead to tightening spreads between high-yield securities and Treasuries, generating gains for high-yield investors. We nonetheless anticipate some price volatility over the course of the year as Europe and the U.S. sort out their debt problems.

Portfolio Facts

As of December 31, 2011


Net Assets		$778,526,281
NAV		$4.66
NAV - High†		5/11/2011 - $4.95
NAV - Low†		10/4/2011 - $4.34
Number of Holdings: 248

†

For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
4.71%	6.89%	7.51%

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

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

Thrivent Diversified Income Plus Portfolio

Mark L. Simenstad, CFA, David R. Spangler, CFA and Paul J. Ocenasek, CFA, Portfolio Co-Managers

Thrivent Diversified Income Plus Portfolio seeks to maximize income while maintaining prospects for capital appreciation.

The Portfolio may invest in debt or equity securities. Debt securities include high-yield, high-risk securities commonly known as “junk bonds.” High- yield securities are subject to greater price fluctuations and increased risk of loss of principal than investment grade bonds. Debt securities also include mortgage-related and other asset-backed securities, the value of which will be influenced by factors affecting the housing market and the assets underlying such securities. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Diversified Income Plus Portfolio earned a total return of 2.32%. By comparison, the Portfolio’s broad market benchmarks, the S&P 500 Dividend Aristocrats Index and the Barclays Capital U.S. Aggregate Bond Index, returned 8.33% and 7.84%, respectively.

What factors affected the Portfolio’s performance?

The Portfolio lagged its benchmark indexes, though we note that the S&P 500 Index was up only 2.1%. The Portfolio’s lagging performance was due principally to its higher allocation to higher-risk fixed-income securities, including a 10% stake in nonagency mortgage-backed securities, which was down 2% for the year. Given the uncertain environment, cash was maintained at approximately 5% of the Portfolio, which also detracted from performance, as did a 13% allocation to preferred stocks and alternative income investments.

With the European debt crisis weighing on the global financial markets, many investors pulled money out of risk assets and instead invested in long-term U.S. Treasury securities. As Treasuries rallied—30-year Treasury bonds notched total returns exceeding 35%—risk assets failed to keep pace.

The Portfolio’s high-yield bond segment performed well under the circumstances, earning about 5% for the year. Its portfolio of preferred stocks and other alternative income investments lost 1.5%. However, with yields averaging about 7%, these investments generated income that was helpful in supporting the Portfolio’s dividend. Over the course of the year, the Portfolio pared its equity holdings to about 28% of assets from 35%, investing the difference in corporate bonds and preferred stocks to take advantage of relatively high yields.

Collectively, the bond portion of the Portfolio earned 4% for the year, as did the equity portion. Equity returns were led by utility stocks, which earned 31.59%, consumer staples, which earned 16.1%, and consumer discretionary stocks, which returned 15.95%. Materials stocks were the

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Portfolio’s worst equity performers, losing 19.23%, followed by industrials, which lost 13.21%, and financials, which were off 10.44%.

What is your outlook?

We are cautiously optimistic about the Portfolio’s prospects for 2012. Assuming continued moderate economic growth and strong corporate profits, the risk sectors of the fixed-income market, including high-yield bonds, preferred stocks and certain mortgage-backed securities, should perform well. We expect to maintain our underweighting in equities early in the year and will continue to monitor that decision. However, our allocation to higher-risk fixed-income sectors is somewhat of a proxy for equity risk. The potential failure by European politicians to resolve the continent’s debt crisis remains the biggest known risk to both equity and fixed-income markets heading into 2012.

Portfolio Facts

As of December 31, 2011


Net Assets		$118,392,924
NAV		$6.56
NAV - High†		4/29/2011 - $7.15
NAV - Low†		10/4/2011 - $6.10
Number of Holdings: 275

†

For the year ended December 31, 2011

Average Annual Total Returns^1,2

As of December 31, 2011


1-Year	5-Year	10-Year
2.32%	3.69%	6.79%

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The S&P 500 Dividend Aristocrats Index is an index which measures the performance of large-capitalization companies within the S&P 500 that have followed a managed dividends policy of consistently increasing dividends every year for at least 25 years. The index portfolio has both capital growth and dividend income characteristics, is equal-weighted and is broadly diversified across sectors. The product is not sponsored, endorsed or promoted by Standard & Poor’s, and Standard & Poor’s makes no representation regarding the advisability of investing in the product. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

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

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

2	Prior to July 3, 2006, the Portfolio, as a high yield fund, invested primarily in “junk bonds”.


		Thrivent Partner Socially Responsible Bond Portfolio

Subadvised by Calvert Investment Management, Inc. (formerly Calvert Asset Management Company, Inc.)

Thrivent Partner Socially Responsible Bond Portfolio seeks to maximize income.

The Portfolio may invest a portion of its portfolio in high-yield, high-risk securities commonly known as “junk bonds.” High-yield securities are subject to greater price fluctuations and increased risk of loss of principal than investment grade bonds. In addition, as a non-diversified portfolio, the Portfolio is susceptible to the risk that events affecting a particular issuer will significantly affect the Portfolio’s performance. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Partner Socially Responsible Bond Portfolio earned a return of 6.70%, compared with the median return of its peer group, the Lipper Corporate Debt BBB-Rated category, of 6.78%. The Portfolio’s market benchmark, the Barclays Capital U.S. Credit Index, earned a return of 8.35%.

What factors affected the Portfolio’s performance?

The Portfolio’s short relative duration accounted for most of its relative underperformance in 2011 as interest rates generally fell during the reporting period. The Portfolio benefited from its defensive position in higher-quality names as the turmoil and uncertainty in Europe pushed spreads wider during the second half of the year. The option adjusted spread, or OAS, for the benchmark index widened from 140 basis points on June 30 to 217 basis points on December 30. We also selectively added corporate bonds that appeared to be undervalued during the second half of the year.

What is your outlook?

With the considerable uncertainty about the eurozone debt crisis, we believe that the fixed-income markets will continue to be volatile in 2012. We plan to actively seek opportunities to take advantage of volatility in the market.

We also believe that U.S. corporate bonds in general appear to be inexpensive, and we anticipate adding to the Portfolio’s holdings of corporates in 2012. U.S. corporations are relatively healthy. We think they have kept their overall debt levels reasonable, and they carry large cash balances.

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Portfolio Facts

As of December 31, 2011


Net Assets		$10,230,363
NAV		$10.71
NAV - High†		9/22/2011 - $10.74
NAV - Low†		2/8/2011 - $10.20
Number of Holdings: 133

†

For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year		From Inception 4/30/2008
6.70%		7.72%

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The Barclays Capital U.S. Credit Index is an index comprised of both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility and Finance, which include both U.S. and non-U.S. corporations. The non-corporate sectors are Sovereign, Supranational, Foreign Agency, and Foreign Local Government. It is not possible to invest directly in the Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

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

Thrivent Income Portfolio

Stephen D. Lowe, CFA, Portfolio Manager

Thrivent Income Portfolio seeks a high level of income over the longer term while providing reasonable safety of capital.

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Income Portfolio earned a return of 5.96%, compared with the median return of its peer group, the Lipper Corporate Debt BBB-Rated Funds category, of 6.78%. The Portfolio’s market benchmark, the Barclays Capital U.S. Aggregate Bond Index, earned a return of 7.84%.

What factors affected the Portfolio’s performance?

The Portfolio’s performance relative to its peer group and benchmark was hurt by the poor returns generated by its securitized assets, particularly nonagency mortgage-backed securities. That sector of the market suffered from the general flight to Treasury bonds, weak housing fundamentals and selling pressure generated by the Federal Reserve, which disposed of some of the mortgage-backed securities it had acquired from insurance company American International Group Inc. during the 2007 to 2009 credit crisis.

The Portfolio’s U.S. Treasury securities earned 17.01% for the year; however, relative returns were hurt somewhat by a relatively modest 5% allocation to those bonds. U.S. Treasuries rose in value as investors flocked to these securities because of concerns about the European debt crisis.

The corporate bonds that make up the bulk of the Portfolio performed well at the start of the year, when economic indicators were largely positive, but lost steam over the ensuing months amid concern that Europe’s debt woes could drag down the global economy. Nonetheless, investment-grade corporates, which accounted for about 60% of the Portfolio’s total holdings, generated a healthy 12-month total return of 7.73%, with some of the best returns coming from bonds issued by industrial companies. The Portfolio’s high-yield bonds, which accounted for nearly 20% of total holdings, fared nearly as well, earning 5.85%.

What is your outlook?

Fixed-income markets will continue to be influenced by European debt woes in 2012, which could lead to volatile trading as politicians seek to arrive at a solution agreeable to their diverse constituents. With the Federal Reserve committed to maintaining short-term interest rates at extraordinarily low levels in the U.S. at least into 2013, we see the greatest opportunities in the corporate bond market at this time.

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Moderate economic growth combined with strong corporate profits should lead to a narrowing of the yield spread between Treasuries and corporate bonds. In the meantime, we plan to continue paring the Portfolio’s holdings of nonagency mortgage debt as opportunities to do so present themselves.

Portfolio Facts

As of December 31, 2011


Net Assets		$1,463,069,461
NAV		$10.09
NAV - High†		8/4/2011 - $10.30
NAV - Low†		10/11/2011 - $9.85
Number of Holdings: 516

†

For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
5.96%	5.81%	5.57%

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

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

Thrivent Bond Index Portfolio

Michael G. Landreville, CFA, Portfolio Manager

Thrivent Bond Index Portfolio strives for investment results similar to the total return of the Barclays Capital U.S. Aggregate Bond Index.

The Portfolio is subject to interest rate risk, credit risk related to a company’s underlying financial position, and prepayment and extension risk. While the Portfolio attempts to closely track the Barclays Capital U.S. Aggregate Bond Index, it does not duplicate the composition of the Index. Individuals may not invest directly in any index. Index portfolios are subject to the same market risks associated with the securities in their respective indexes. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Bond Index Portfolio earned a return of 8.23%, compared with a 7.84% return for the Portfolio’s market benchmark, the Barclays Capital U.S. Aggregate Bond Index.

What factors affected the Portfolio’s performance?

In seeking to track the performance of its market benchmark, the Portfolio invests across a broad range of the fixed-income markets. The best-performing sector in those markets was by far the U.S. Treasury sector, where 30-year bonds generated returns exceeding 35%, and 10-year bonds earned just over 17%. Investors, worried about potential fallout from the debt woes of several European countries, flocked to the perceived safety of Treasury securities in 2011. They did so even after Standard & Poor’s, one of the major credit rating agencies, downgraded U.S. debt from AAA to AA+ for the first time in history.

Relative to its benchmark, the Portfolio benefited from holding securities with a slightly longer average duration and from the performance of its securitized holdings, including asset-backed securities, commercial mortgage-backed securities, conventional residential mortgage-backed securities and floating-rate mortgage-backed securities. These securities, which traditionally boast high credit ratings, suffered liquidity, ratings and pricing pressure during the volatile financial crisis of 2008. Because we believed they were being unfairly penalized at that time, we elected to keep them in the Portfolio rather than sell them at distressed levels. Their prices have since recovered to nearly pre-crisis levels.

What is your outlook?

We anticipate that the U.S. economy will continue to grow slowly in 2012, pressured by the debt problems in Europe. While the Federal Reserve has already indicated it plans to keep short-term interest rates low in a bid to stem further economic weakness at home, we would not be surprised if it undertakes a third round of quantitative easing in which it buys Treasury bonds to stimulate the economy and job growth. Treasury yields are likely to remain low by historical standards as a result. In this environment, we would anticipate modest but positive returns for the Portfolio in 2012.

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While the percentage of Portfolio assets allocated to Treasuries continues to increase as the U.S. government issues more debt, we intend to maintain a well-diversified mix of securities as part of our effort to track the performance of our benchmark index.

Portfolio Facts

As of December 31, 2011


Net Assets		$164,462,335
NAV		$11.21
NAV - High†		9/22/2011 - $11.27
NAV - Low†		2/8/2011 - $10.59
Number of Holdings: 268

†

For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
8.23%	6.09%	5.37%

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

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

Thrivent Limited Maturity Bond Portfolio

Michael G. Landreville, CFA, and Gregory R. Anderson, CFA, Portfolio Co-Managers

Thrivent Limited Maturity Bond Portfolio seeks a high level of current income with stability of principal.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Limited Maturity Bond Portfolio returned 0.90%, compared with a median return for its peer group, the Lipper Short Intermediate Investment Grade Debt category, of 1.26%. The Portfolio’s market benchmark, the Barclays Capital Government/Credit 1-3 Year Bond Index, earned a return of 1.59%.

What factors affected the Portfolio’s performance?

The Portfolio earned strong returns on its Treasury note holdings, which rallied when investors, worried by the financial problems facing the eurozone, sought safety in dollar-denominated U.S. government debt. The Portfolio underperformed its benchmark index, however, as a consequence of its modest 20% allocation to Treasuries and other U.S. government-backed securities. By contrast, the index had about 80% of its assets allocated to Treasuries and government agency securities.

The Portfolio’s performance tracked the performance of its peer group more closely, underperforming by 36 basis points due to a modest allocation to nonagency mortgage-backed securities. Amid the market’s “flight to quality,” those bonds failed to keep pace with the returns generated by U.S. government-backed debt. The Portfolio was helped relative to its peer group by a slight overweighting toward the longer end of the one- to three-year maturity spectrum in which it normally invests. It also benefited from a higher allocation to Treasury Inflation-Protected Securities, or TIPS, which slightly outperformed comparable-maturity Treasuries.

What is your outlook?

The Federal Reserve has disclosed that it plans to keep short-term interest rates low at least into 2013, which will help to dampen returns for the Portfolio and its peers in 2012. Nonetheless, we see an opportunity for modestly positive returns for the sector. We expect to maintain our overweighted position in corporate bonds and nonagency mortgages, which offer a sizeable yield advantage relative to Treasury securities. Over the long-term, we believe this will yield benefits for our investors, especially if the economy begins to grow more rapidly.

In the event the economy does slow and the Treasury

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market continues to rally, we plan to maintain our neutral duration stance and our overweighted position in the longer end of the one- to three-year yield curve.

Portfolio Facts

As of December 31, 2011


Net Assets		$1,497,832,401
NAV		$9.67
NAV - High†		6/1/2011 - $9.87
NAV - Low†		12/23/2011 - $9.66
Number of Holdings: 336

†

For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
0.90%	3.33%	3.53%

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

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

Thrivent Mortgage Securities Portfolio

Gregory R. Anderson, CFA, and Scott A. Lalim, Portfolio Co-Managers

Thrivent Mortgage Securities Portfolio seeks a combination of current income and long-term capital appreciation.

The risks presented by mortgage securities include, but are not limited to, reinvestment of prepaid principal at lower rates of return. The real estate industry — and therefore, the performance of the Portfolio — is highly sensitive to economic conditions. In addition, the value of mortgage securities may fluctuate in response to changes in interest rates. These and other risks are described in the Portfolio’s prospectus. Views expressed in this discussion of portfolio performance are the views of this particular Portfolio’s management team.

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Mortgage Securities Portfolio earned a total return of 4.53%, compared with a median return for its peer group, the Lipper U.S. Mortgage Funds category, of 5.53%. The Portfolio’s market benchmark, the Barclays Capital Mortgage-Backed Securities Index, earned a return of 6.23%.

What factors affected the Portfolio’s performance?

Like most non-Treasury sectors of the bond market, mortgage securities performed well during the first two months of the year amid indications that the economy was continuing to grow at a respectable—if not robust—annual rate of about 3%. They subsequently relinquished much of their price gains amid a slew of negative developments, including news that the economy had actually been growing slower than first reported, and the destruction of vast swaths of Japan by a devastating earthquake and tsunami. The market also had to contend with selling pressure from the Federal Reserve, which unloaded billions of dollars of mortgage securities acquired in its bailout of insurance company American International Group Inc.

Market sentiment continued to deteriorate in the second half of the year amid concerns about an increasingly urgent debt crisis across Europe and its potential to slow global economies and curb bank lending. In that unsettled environment, nervous investors flocked to Treasury securities and sold mortgage securities and other spread products.

The Portfolio underperformed its benchmark and peer group due to its larger holdings of nonagency, or nongovernment-backed, mortgage securities that produced outsized gains in 2009 and 2010. As investors piled into bonds with government backing, nonagency securities earned only about 1.8% for the year, versus 6.2% for agency mortgage securities. The Portfolio had about 30% of its assets allocated to nonagencies, versus a 0% allocation by its market benchmark and, we estimate, only about a 20% to 25% allocation by its Lipper peer group.

What is your outlook?

We are cautiously optimistic. Entering the new year, yields on our nonagency securities ranged as high as 7% to 15%, a substantial premium over the 2.5% to 3% yields available on

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agency mortgage securities. We expect demand for nonagency mortgage bonds to improve as investors seek yields higher than those available in the Treasury market. We also anticipate further stabilization in the housing market over the next 12 to 24 months, which should further improve investor demand for mortgage securities and boost the Portfolio’s performance.

Portfolio Facts

As of December 31, 2011


Net Assets		$32,422,328
NAV		$10.45
NAV - High†		6/7/2011 - $10.54
NAV - Low†		2/10/2011 - $10.26
Number of Holdings: 52

†

For the year ended December 31, 2011

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	From Inception 4/30/2003
4.53%	5.75%	4.76%

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The Barclays Capital Mortgage-Backed Securities Index (MBS) is formed by grouping the universe of over 600,000 individual fixed-rate U.S. government agency MBS pools into approximately 3,500 generic types of securities. It is not possible to invest directly in this Index. The performance of the Index does not reflect deductions for fees, expenses or taxes.

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

Thrivent Money Market Portfolio

William D. Stouten, Portfolio Manager

Thrivent Money Market Portfolio seeks to achieve the maximum current income that is consistent with stability of capital and maintenance of liquidity.

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

How did the Portfolio perform during the 12-month period ended December 31, 2011?

Thrivent Money Market Portfolio produced a 0.00% return during the period, which was in line with the median net return reported by its peer group, the Lipper Money Market category, of 0.01%

What factors affected the Portfolio’s performance?

Money funds continued to generate negligible returns as the Federal Reserve kept the target interest rate for federal funds in a range of 0% to 0.25%. The Portfolio’s investment adviser continued to waive fees on the Portfolio to ensure that investors would not experience a negative return.

We continued to structure the Portfolio conservatively to maintain credit quality and liquidity. In recognition of the ongoing concern that debt woes in Greece and a number of other European countries could weaken the value of European bank debt and cause a liquidity crunch in that market, we eliminated virtually all of our exposure to such debt by year-end.

We also reduced our holdings of U.S. government-supported securities to about 22%, down from 40% at the end of 2010. Historically, the Portfolio has had little or no allocation to government-supported securities. We acquired a significant portion of our current holdings in 2009 and 2010 when their prices were low. Prices have since recovered, and we continue to reduce our exposure to them as they mature.

Selling our U.S. government-supported securities allowed us to invest the proceeds in other conservative securities issued by banks, municipalities and corporate issuers offering slightly higher yields.

What is your outlook?

With the U.S. economy continuing to grow slowly, the Federal Reserve has indicated that it plans to keep short-term interest rates low, at least into the first half of 2013. Low inflation expectations, combined with the significant sovereign debt burdens of Europe and the United States, are making it easier for the Fed to maintain this interest-rate stance. The Fed’s actions will continue to exert pressure on money market returns,

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An investment in the Thrivent Money Market Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio.

Quoted Portfolio Composition is subject to change.

and we do not expect a material uptick in money market yields until the Fed moves to raise short-term interest rates.

On a more positive note, we expect money market credit quality to remain sound in this environment as the industry prepares for the possibility of additional regulation and works to minimize market instability.

Portfolio Facts

As of December 31, 2011


Net Assets		$170,459,881
NAV		$1.00
Number of Holdings: 82

Average Annual Total Returns¹

As of December 31, 2011


1-Year	5-Year	10-Year
0.00%	1.69%	1.94%

Money Market Portfolio Yields ^*

As of December 31, 2011


	Portfolio
7-Day Yield		0.00	%
7-Day Yield Gross of Waivers		-0.21	%
7-Day Effective Yield		0.00	%
7-Day Effective Yield Gross of Waivers		-0.21	%

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

Shareholder Expense Example

(unaudited)

As a shareholder of the Thrivent Series Fund, Inc., you incur ongoing costs, including management fees and other Portfolio expenses. This Shareholder Expense Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio 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 July 1, 2011 through December 31, 2011. Shares in a Portfolio are currently sold, without sales charges, only to separate accounts of Thrivent Financial for Lutherans and Thrivent Life Insurance Company, which are used to fund benefits of variable life insurance and variable annuity contracts issued by Thrivent Financial for Lutherans and Thrivent Life Insurance Company, and retirement plans sponsored by Thrivent Financial for Lutherans. Expenses associated with these variable contracts and retirement plans are not included in these examples and had these costs been included, your costs would have been higher.

Actual Expenses

In the table below, the first section, labeled “Actual,” provides information about actual account values and actual expenses. You may use the information in this 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.

Hypothetical Example for Comparison Purposes

In the table below, the second section, labeled “Hypothetical,” provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’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 Portfolio 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.


	Beginning Account Value 7/1/2011		Ending Account Value 12/31/2011		Expenses Paid During Period 7/1/2011 - 12/31/2011^*		Annualized Expense Ratio
Thrivent Aggressive Allocation Portfolio
Actual	$	1,000	$	912	$	2.19		0.45	%
Hypothetical^**	$	1,000	$	1,023	$	2.32		0.45	%
Thrivent Moderately Aggressive Allocation Portfolio
Actual	$	1,000	$	929	$	1.69		0.35	%
Hypothetical^**	$	1,000	$	1,023	$	1.78		0.35	%
Thrivent Moderate Allocation Portfolio
Actual	$	1,000	$	952	$	1.53		0.31	%
Hypothetical^**	$	1,000	$	1,024	$	1.58		0.31	%
Thrivent Moderately Conservative Allocation Portfolio
Actual	$	1,000	$	971	$	1.61		0.32	%
Hypothetical^**	$	1,000	$	1,024	$	1.66		0.32	%
Thrivent Partner Technology Portfolio
Actual	$	1,000	$	871	$	5.44		1.15	%
Hypothetical^**	$	1,000	$	1,019	$	5.87		1.15	%
Thrivent Partner Healthcare Portfolio
Actual	$	1,000	$	912	$	6.02		1.25	%
Hypothetical^**	$	1,000	$	1,019	$	6.36		1.25	%
Thrivent Partner Natural Resources Portfolio
Actual	$	1,000	$	798	$	5.06		1.12	%
Hypothetical^**	$	1,000	$	1,020	$	5.68		1.12	%


	Beginning Account Value 7/1/2011		Ending Account Value 12/31/2011		Expenses Paid During Period 7/1/2011 - 12/31/2011^*		Annualized Expense Ratio
Thrivent Partner Emerging Markets Portfolio
Actual	$	1,000	$	877	$	6.62		1.40	%
Hypothetical^**	$	1,000	$	1,018	$	7.12		1.40	%
Thrivent Real Estate Securities Portfolio
Actual	$	1,000	$	982	$	4.41		0.88	%
Hypothetical^**	$	1,000	$	1,021	$	4.50		0.88	%
Thrivent Partner Utilities Portfolio
Actual	$	1,000	$	1,013	$	4.57		0.90	%
Hypothetical^**	$	1,000	$	1,021	$	4.59		0.90	%
Thrivent Partner Small Cap Growth Portfolio
Actual	$	1,000	$	869	$	4.72		1.00	%
Hypothetical^**	$	1,000	$	1,020	$	5.10		1.00	%
Thrivent Partner Small Cap Value Portfolio
Actual	$	1,000	$	943	$	4.30		0.88	%
Hypothetical^**	$	1,000	$	1,021	$	4.47		0.88	%
Thrivent Small Cap Stock Portfolio
Actual	$	1,000	$	889	$	3.64		0.76	%
Hypothetical^**	$	1,000	$	1,021	$	3.89		0.76	%
Thrivent Small Cap Index Portfolio
Actual	$	1,000	$	937	$	2.23		0.46	%
Hypothetical^**	$	1,000	$	1,023	$	2.33		0.46	%
Thrivent Mid Cap Growth Portfolio II
Actual	$	1,000	$	903	$	3.53		0.74	%
Hypothetical^**	$	1,000	$	1,021	$	3.75		0.74	%
Thrivent Mid Cap Growth Portfolio
Actual	$	1,000	$	896	$	2.21		0.46	%
Hypothetical^**	$	1,000	$	1,023	$	2.35		0.46	%
Thrivent Partner Mid Cap Value Portfolio
Actual	$	1,000	$	883	$	3.99		0.84	%
Hypothetical^**	$	1,000	$	1,021	$	4.28		0.84	%
Thrivent Mid Cap Stock Portfolio
Actual	$	1,000	$	886	$	3.46		0.73	%
Hypothetical^**	$	1,000	$	1,022	$	3.70		0.73	%
Thrivent Mid Cap Index Portfolio
Actual	$	1,000	$	903	$	2.58		0.54	%
Hypothetical^**	$	1,000	$	1,022	$	2.74		0.54	%
Thrivent Partner Worldwide Allocation Portfolio
Actual	$	1,000	$	843	$	4.60		0.99	%
Hypothetical^**	$	1,000	$	1,020	$	5.05		0.99	%
Thrivent Partner International Stock Portfolio
Actual	$	1,000	$	820	$	3.81		0.83	%
Hypothetical^**	$	1,000	$	1,021	$	4.23		0.83	%
Thrivent Partner Socially Responsible Stock Portfolio
Actual	$	1,000	$	904	$	4.71		0.98	%
Hypothetical^**	$	1,000	$	1,020	$	5.00		0.98	%
Thrivent Partner All Cap Growth Portfolio
Actual	$	1,000	$	862	$	4.69		1.00	%
Hypothetical^**	$	1,000	$	1,020	$	5.08		1.00	%


	Beginning Account Value 7/1/2011		Ending Account Value 12/31/2011		Expenses Paid During Period 7/1/2011 - 12/31/2011^*		Annualized Expense Ratio
Thrivent Partner All Cap Value Portfolio
Actual	$	1,000	$	857	$	4.57		0.98	%
Hypothetical^**	$	1,000	$	1,020	$	4.97		0.98	%
Thrivent Partner All Cap Portfolio
Actual	$	1,000	$	919	$	5.13		1.06	%
Hypothetical^**	$	1,000	$	1,020	$	5.39		1.06	%
Thrivent Large Cap Growth Portfolio II
Actual	$	1,000	$	904	$	3.47		0.72	%
Hypothetical^**	$	1,000	$	1,022	$	3.68		0.72	%
Thrivent Large Cap Growth Portfolio
Actual	$	1,000	$	915	$	2.14		0.44	%
Hypothetical^**	$	1,000	$	1,023	$	2.26		0.44	%
Thrivent Partner Growth Stock Portfolio
Actual	$	1,000	$	939	$	4.72		0.97	%
Hypothetical^**	$	1,000	$	1,020	$	4.92		0.97	%
Thrivent Large Cap Value Portfolio
Actual	$	1,000	$	930	$	3.14		0.65	%
Hypothetical^**	$	1,000	$	1,022	$	3.29		0.65	%
Thrivent Large Cap Stock Portfolio
Actual	$	1,000	$	919	$	3.35		0.69	%
Hypothetical^**	$	1,000	$	1,022	$	3.53		0.69	%
Thrivent Large Cap Index Portfolio
Actual	$	1,000	$	961	$	2.08		0.42	%
Hypothetical^**	$	1,000	$	1,023	$	2.14		0.42	%
Thrivent Equity Income Plus Portfolio
Actual	$	1,000	$	919	$	4.00		0.83	%
Hypothetical^**	$	1,000	$	1,021	$	4.22		0.83	%
Thrivent Balanced Portfolio
Actual	$	1,000	$	992	$	2.21		0.44	%
Hypothetical^**	$	1,000	$	1,023	$	2.24		0.44	%
Thrivent High Yield Portfolio
Actual	$	1,000	$	1,001	$	2.24		0.44	%
Hypothetical^**	$	1,000	$	1,023	$	2.27		0.44	%
Thrivent Diversified Income Plus Portfolio
Actual	$	1,000	$	984	$	2.73		0.55	%
Hypothetical^**	$	1,000	$	1,022	$	2.79		0.55	%
Thrivent Partner Socially Responsible Bond Portfolio
Actual	$	1,000	$	1,045	$	3.50		0.68	%
Hypothetical^**	$	1,000	$	1,022	$	3.46		0.68	%
Thrivent Income Portfolio
Actual	$	1,000	$	1,023	$	2.23		0.44	%
Hypothetical^**	$	1,000	$	1,023	$	2.23		0.44	%
Thrivent Bond Index Portfolio
Actual	$	1,000	$	1,048	$	2.38		0.46	%
Hypothetical^**	$	1,000	$	1,023	$	2.35		0.46	%
Thrivent Limited Maturity Bond Portfolio
Actual	$	1,000	$	994	$	2.17		0.43	%
Hypothetical^**	$	1,000	$	1,023	$	2.20		0.43	%


	Beginning Account Value 7/1/2011		Ending Account Value 12/31/2011		Expenses Paid During Period 7/1/2011 - 12/31/2011^*		Annualized Expense Ratio
Thrivent Mortgage Securities Portfolio
Actual	$	1,000	$	1,015	$	4.52		0.89	%
Hypothetical^**	$	1,000	$	1,021	$	4.53		0.89	%
Thrivent Money Market Portfolio
Actual	$	1,000	$	1,000	$	1.52		0.30	%
Hypothetical^**	$	1,000	$	1,024	$	1.54		0.30	%

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

**	Assuming 5% annualized total return before expenses.


		Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders

of the Thrivent Series Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the forty-one funds constituting the Thrivent Series Fund, Inc. ( hereafter referred to as the “Funds”) at December 31, 2011, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

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February 16, 2012

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

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

Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Mutual Funds (49.6%)	Value
	Equity Mutual Funds (47.5%)
	3,498,692	Thrivent Partner Small Cap Growth Portfolio^a	$	43,458,307
	771,998	Thrivent Partner Small Cap Value Portfolio		14,393,204
	1,708,411	Thrivent Small Cap Stock Portfolio^a		20,485,040
	1,561,519	Thrivent Partner Mid Cap Value Portfolio		19,535,065
	2,495,827	Thrivent Mid Cap Stock Portfolio		28,649,596
	3,091,020	Thrivent Partner Worldwide Allocation Portfolio		22,849,130
	6,481,456	Thrivent Partner International Stock Portfolio		59,536,061
	2,683,031	Thrivent Large Cap Value Portfolio		27,887,419
	3,058,684	Thrivent Large Cap Stock Portfolio		24,807,764
	530,968	Thrivent Equity Income Plus Portfolio		4,678,836

		Total Equity Mutual Funds		266,280,422


	Fixed Income Mutual Funds (2.1%)
	1,216,126	Thrivent High Yield Portfolio		5,669,944
	598,089	Thrivent Income Portfolio		6,032,325

		Total Fixed Income Mutual Funds		11,702,269


		Total Mutual Funds (cost $337,622,686)		277,982,691

		Common Stock (38.2%)
	Consumer Discretionary (4.8%)
	7,842	Abercrombie & Fitch Company		383,003
	13,456	Amazon.com, Inc.^a		2,329,234
	4,963	Autoliv, Inc.		265,471
	700	Bayerische Motoren Werke AG		33,047
	2,200	Benesse Holdings, Inc.		106,352
	25,500	Big Lots, Inc.^a		962,880
	8,905	British Sky Broadcasting Group plc		101,317
	13,085	Buffalo Wild Wings, Inc.^a		883,368
	5,330	CBS Corporation		144,656
	4,700	Charter Communications, Inc.^a		267,618
	17,000	Coach, Inc.		1,037,680
	68,498	Comcast Corporation		1,624,087
	35,000	ComfortDelGro Corporation, Ltd		38,187
	2,000	Daihatsu Motor Company, Ltd.		35,566
	1,100	Daito Trust Construction Company, Ltd.		94,189
	7,250	Darden Restaurants, Inc.		330,455
	38,682	Discovery Communications, Inc.^a		1,584,801
	19,010	Dollar Tree, Inc.^a		1,579,921
	1,800	FamilyMart Company, Ltd.		72,689
	17,600	Fiat SPA		80,322
	44,865	Foot Locker, Inc.		1,069,582
	512	Gaylord Entertainment Company^a		12,360
	8,408	Gentex Corporation		248,793
	6,880	Harley-Davidson, Inc.		267,425
	33,900	Home Depot, Inc.		1,425,156
	1,800	Kabel Deutschland Holding AG^a		91,245
	37,560	Las Vegas Sands Corporation^a		1,604,939
	1,700	Lawson, Inc.		105,919
	19,700	Life Time Fitness, Inc.^a		920,975
	19,719	Limited Brands, Inc.		795,662
	13,706	Macy’s, Inc.		441,059
	765	Marriott International, Inc.		22,315
	76	Marriott Vacations Worldwide Corporation^a		1,304
	5,400	McDonald’s Corporation		541,782
	27,510	News Corporation		500,132
	9,360	Omnicom Group, Inc.		417,269
	8,268	O’Reilly Automotive, Inc.^a		661,027
	1,782	Panera Bread Company^a		252,064
	13,992	PetSmart, Inc.		717,650
	90,268	Pier 1 Imports, Inc.^a		1,257,433
	1,200	Sankyo Company, Ltd.		60,669
	4,200	SES Global SA		100,611
	18,645	Signet Jewelers, Ltd.		819,634
	1,374	Starwood Hotels & Resorts Worldwide, Inc.		65,911
	9,880	Target Corporation		506,054
	4,300	Time Warner Cable, Inc.		273,351
	8,773	Tractor Supply Company		615,426
	1,900	United Internet AG		33,865
	910	USS Company, Ltd.		82,244
	3,526	VF Corporation		447,767
	17,755	Williams-Sonoma, Inc.		683,567
	10,236	WMS Industries, Inc.^a		210,043
	319	Wyndham Worldwide Corporation		12,068

		Total Consumer Discretionary		27,220,144


	Consumer Staples (3.3%)
	66,763	Altria Group, Inc.		1,979,523
	27,230	Anheuser-Busch InBev NV ADR		1,660,758
	5,400	Autogrill SPA		52,489
	1,900	British American Tobacco plc		90,139
	19,817	British American Tobacco plc ADR		1,880,237
	5,839	Clorox Company		388,644
	23,646	Coca-Cola Company		1,654,511
	20,400	ConAgra Foods, Inc.		538,560
	37,372	Corn Products International, Inc.		1,965,393
	6,920	CVS Caremark Corporation		282,198
	7,040	Diageo plc ADR		615,437
	2,500	Imperial Tobacco Group plc		94,603
	2,500	Kao Corporation		68,215
	8,300	Koninklijke (Royal) Ahold NV		111,549
	19,480	Kraft Foods, Inc.		727,773
	900	Nestle SA		51,681
	19,986	Philip Morris International, Inc.		1,568,501
	15,383	TreeHouse Foods, Inc.^a		1,005,740
	48,724	Wal-Mart Stores, Inc.		2,911,746
	11,857	Whole Foods Market, Inc.		825,010

		Total Consumer Staples		18,472,707


	Energy (3.9%)
	23,991	Alpha Natural Resources, Inc.^a		490,136
	17,971	Apache Corporation		1,627,813
	42,124	Arch Coal, Inc.		611,219
	23,034	Baker Hughes, Inc.		1,120,374
	5,000	Cameron International Corporation^a		245,950
	7,910	Chevron Corporation		841,624

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

Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (38.2%)	Value
	Energy (3.9%) - continued
	5,298	Concho Resources, Inc.^a	$	496,688
	11,520	ConocoPhillips		839,462
	3,900	Eni SPA		80,403
	62,499	ENSCO International plc ADR		2,932,453
	5,900	EOG Resources, Inc.		581,209
	10,300	Exxon Mobil Corporation		873,028
	65,133	Helix Energy Solutions Group, Inc.^a		1,029,102
	19,000	Marathon Oil Corporation		556,130
	4,764	National Oilwell Varco, Inc.		323,904
	5,400	Neste Oil OYJ		54,305
	4,300	Newfield Exploration Company^a		162,239
	2,870	Occidental Petroleum Corporation		268,919
	22,867	Oil States International, Inc.^a		1,746,353
	68,723	Patriot Coal Corporation^a		582,084
	45,910	Peabody Energy Corporation		1,520,080
	65,172	Petroleum Geo-Services ASA^a		710,271
	3,357	Range Resources Corporation		207,933
	1,199	Royal Dutch Shell plc, Class A		43,991
	4,400	Royal Dutch Shell plc, Class B		167,370
	800	RWE AG		28,081
	5,800	Southwestern Energy Company^a		185,252
	25,262	Swift Energy Company^a		750,787
	189,338	Weatherford International, Ltd.^a		2,771,908
	3,200	Woodside Petroleum, Ltd.		100,171

		Total Energy		21,949,239


	Financials (5.9%)
	1,948	Acadia Realty Trust		39,233
	9,050	ACE, Ltd.		634,586
	16,241	Affiliated Managers Group, Inc.^a		1,558,324
	2,680	Alexandria Real Estate Equities, Inc.		184,840
	1,312	American Assets Trust, Inc.		26,909
	3,196	American Campus Communities, Inc.		134,104
	1,077	American Capital Agency Corporation		30,242
	8,360	Aon Corporation		391,248
	4,670	Apartment Investment & Management Company		106,990
	351	Apollo Commercial Real Estate Finance, Inc.		4,609
	3,193	Ashford Hospitality Trust, Inc.		25,544
	4,100	Assicurazioni Generali SPA		61,542
	1,355	Associated Estates Realty Corporation		21,612
	3,100	ASX, Ltd.		96,766
	6,100	Atlantia SPA		97,358
	3,550	AvalonBay Communities, Inc.		463,630
	23,800	Banco de Valencia SA^a		18,878
	5,097	BioMed Realty Trust, Inc.		92,154
	5,605	Boston Properties, Inc.		558,258
	5,158	Brandywine Realty Trust		49,001
	2,587	BRE Properties, Inc.		130,592
	583	Brookfield Asset Management, Inc.		16,021
	3,760	Brookfield Office Properties, Inc.		58,806
	3,097	Camden Property Trust		192,757
	1,444	Campus Crest Communities, Inc.		14,527
	13,102	CBL & Associates Properties, Inc.		205,701
	813	CBRE Group, Inc.^a		12,374
	724	Chatham Lodging Trust		7,805
	1,305	Chesapeake Lodging Trust		20,175
	20,141	Citigroup, Inc.		529,910
	2,325	CME Group, Inc.		566,533
	1,531	Cogdell Spencer, Inc.		6,507
	400	Cohen & Steers Quality Income Realty Fund, Inc.		3,388
	2,563	Colonial Properties Trust		53,464
	754	Colony Financial, Inc.		11,845
	1,099	CommonWealth REIT		18,287
	587	Coresite Realty Corporation		10,460
	2,476	Corporate Office Properties Trust		52,640
	470	CreXus Investment Corporation		4,879
	2,542	CubeSmart		27,047
	7,916	DCT Industrial Trust, Inc.		40,530
	9,769	DDR Corporation		118,889
	6,856	DiamondRock Hospitality Company		66,092
	4,511	Digital Realty Trust, Inc.		300,748
	40,782	Discover Financial Services		978,768
	5,271	Douglas Emmett, Inc.		96,143
	22,382	Duke Realty Corporation		269,703
	2,416	DuPont Fabros Technology, Inc.		58,516
	1,002	EastGroup Properties, Inc.		43,567
	2,186	Education Realty Trust, Inc.		22,363
	5,100	Endurance Specialty Holdings, Ltd.		195,075
	1,765	Entertainment Properties Trust		77,148
	1,690	Equity Lifestyle Properties, Inc.		112,706
	14,352	Equity One, Inc.		243,697
	10,789	Equity Residential		615,297
	1,604	Essex Property Trust, Inc.		225,378
	817	Excel Trust, Inc.		9,804
	1,200	Experian plc		16,311
	3,936	Extra Space Storage, Inc.		95,369
	2,254	Federal Realty Investment Trust		204,550
	3,352	FelCor Lodging Trust, Inc.^a		10,224
	39,800	Fifth Third Bancorp		506,256
	1,656	First Industrial Realty Trust, Inc.^a		16,941
	1,293	First Potomac Realty Trust		16,874
	2,411	Forest City Enterprises, Inc.^a		28,498
	12,622	General Growth Properties, Inc.		189,582
	3,513	Glimcher Realty Trust		32,320
	2,680	Goldman Sachs Group, Inc.		242,352
	1,078	Government Properties Income Trust		24,309
	1,873	Hannover Rueckversicherung AG		92,802
	13,227	HCC Insurance Holdings, Inc.		363,742
	12,045	HCP, Inc.		499,024
	5,595	Health Care REIT, Inc.		305,095
	1,814	Healthcare Realty Trust, Inc.		33,722
	5,654	Hersha Hospitality Trust		27,592
	2,279	Highwoods Properties, Inc.		67,618
	1,614	Home Properties, Inc.		92,918
	2,586	Hospitality Properties Trust		59,426
	43,876	Host Hotels & Resorts, Inc.		648,049
	29,600	Hudson City Bancorp, Inc.		185,000
	261	Hudson Pacific Properties, Inc.		3,696
	1,607	Inland Real Estate Corporation		12,229
	5,211	IntercontinentalExchange, Inc.^a		628,186
	2,415	Invesco Mortgage Capital, Inc.		33,931

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

Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (38.2%)	Value
	Financials (5.9%) - continued
	50,416	J.P. Morgan Chase & Company	$	1,676,332
	1,100	Julius Baer Group, Ltd.^a		42,848
	2,419	Kilroy Realty Corporation		92,091
	12,329	Kimco Realty Corporation		200,223
	4,900	Kinnevik Investment AB		95,238
	2,231	Kite Realty Group Trust		10,062
	25,220	KKR & Company, LP		323,573
	2,863	LaSalle Hotel Properties		69,313
	6,731	Lazard, Ltd.		175,746
	2,040	Lexington Realty Trust		15,280
	3,794	Liberty Property Trust		117,159
	1,400	London Stock Exchange Group plc		17,218
	520	LTC Properties, Inc.		16,047
	4,500	M&T Bank Corporation		343,530
	5,017	Macerich Company		253,860
	2,941	Mack-Cali Realty Corporation		78,495
	2,256	Medical Properties Trust, Inc.		22,267
	1,166	Mid-America Apartment Communities, Inc.		72,933
	2,450	MSCI, Inc.^a		80,678
	900	Muenchener Rueckversicherungs - Gesellschaft AG		110,281
	9,800	NASDAQ OMX Group, Inc.^a		240,198
	2,858	National Retail Properties, Inc.		75,394
	5,300	Northern Trust Corporation		210,198
	67,386	Ocwen Financial Corporation^a		975,749
	2,773	Omega Healthcare Investors, Inc.		53,658
	500	Pargesa Holding SA		32,661
	1,581	Pebblebrook Hotel Trust		30,324
	642	Pennsylvania Real Estate Investment Trust		6,702
	809	Piedmont Office Realty Trust, Inc.		13,785
	810	Plum Creek Timber Company, Inc.		29,614
	470,118	Popular, Inc.^a		653,464
	1,573	Post Properties, Inc.		68,772
	10,960	Principal Financial Group, Inc.		269,616
	10,520	Progressive Corporation		205,245
	15,489	Prologis, Inc.		442,831
	10,643	Prudential plc		105,306
	613	PS Business Parks, Inc.		33,979
	5,053	Public Storage, Inc.		679,426
	1,551	Ramco-Gershenson Properties Trust		15,246
	1,219	Rayonier, Inc. REIT		54,404
	962	Realty Income Corporation		33,632
	4,113	Regency Centers Corporation		154,731
	25,169	Resolution, Ltd.		98,116
	653	Retail Opportunity Investments Corporation		7,732
	958	RLJ Lodging Trust		16,123
	673	Sabra Healthcare REIT, Inc.		8,137
	248	Saul Centers, Inc.		8,784
	5,296	Senior Housing Property Trust		118,842
	11,210	Simon Property Group, Inc.		1,445,417
	20,000	Singapore Exchange, Ltd.		94,529
	3,263	SL Green Realty Corporation		217,446
	360	Sovran Self Storage, Inc.		15,361
	476	Starwood Property Trust, Inc.		8,811
	9,970	State Street Corporation		401,891
	29,000	Stockland		94,736
	2,984	Strategic Hotel Capital, Inc.^a		16,024
	3,900	Sumitomo Mitsui Financial Group, Inc.		108,158
	1,332	Summit Hotel Properties, Inc.		12,574
	223	Sun Communities, Inc.		8,146
	3,983	Sunstone Hotel Investors, Inc.^a		32,461
	6,350	SVB Financial Group^a		302,831
	4,000	Svenska Handelsbanken AB		104,821
	3,703	Tanger Factory Outlet Centers, Inc.		108,572
	2,155	Taubman Centers, Inc.		133,825
	21,665	TD Ameritrade Holding Corporation		339,057
	35,710	Texas Capital Bancshares, Inc.^a		1,093,083
	900	Tryg A/S		49,854
	5,984	Two Harbors Investment Corporation		55,292
	8,000	U.S. Bancorp		216,400
	6,089	UDR, Inc.		152,834
	8,000	United Overseas Land, Ltd.		24,641
	24,230	Unum Group		510,526
	3,550	Vanguard REIT ETF		205,900
	8,881	Ventas, Inc.		489,610
	6,247	Vornado Realty Trust		480,144
	12,586	W.R. Berkley Corporation		432,833
	1,222	Washington Real Estate Investment Trust		33,422
	3,445	Weingarten Realty Investors		75,170
	69,792	Wells Fargo & Company		1,923,468
	12,700	Westfield Group		101,326
	303	Winthrop Realty Trust		3,082
	58,615	Zions Bancorporation		954,252
	300	Zurich Financial Services AG^a		67,592

		Total Financials		33,220,518


	Health Care (4.5%)
	10,707	Alexion Pharmaceuticals, Inc.^a		765,551
	52,500	Align Technology, Inc.^a		1,245,563
	16,080	AmerisourceBergen Corporation		598,015
	25,273	Amgen, Inc.		1,622,779
	3,100	AstraZeneca plc		143,198
	30,478	Baxter International, Inc.		1,508,051
	3,800	BioMarin Pharmaceutical, Inc.^a		130,644
	20,870	Bristol-Myers Squibb Company		735,459
	2,758	C.R. Bard, Inc.		235,809
	12,130	CIGNA Corporation		509,460
	20,417	Covance, Inc.^a		933,465
	6,647	Coventry Health Care, Inc.^a		201,869
	10,000	Covidien plc		450,100
	3,200	CSL, Ltd.		104,330
	26,900	Eli Lilly and Company		1,117,964
	10,300	Gilead Sciences, Inc.^a		421,579
	40,094	Health Net, Inc.^a		1,219,660
	7,100	Johnson & Johnson		465,618
	18,298	McKesson Corporation		1,425,597
	6,200	Medtronic, Inc.		237,150
	18,380	Merck & Company, Inc.		692,926
	1,354	Mettler-Toledo International, Inc.^a		199,999
	77,563	Mylan, Inc.^a		1,664,502
	600	Novartis AG		34,256
	100	Novo Nordisk AS		11,488
	4,683	Onyx Pharmaceuticals, Inc.^a		205,818
	71,344	Pfizer, Inc.		1,543,884

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

Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (38.2%)	Value
	Health Care (4.5%) - continued
	38,662	PSS World Medical, Inc.^a	$	935,234
	200	Roche Holding AG		33,824
	9,818	SXC Health Solutions Corporation^a		554,521
	8,200	Thoratec Corporation^a		275,192
	25,040	United Therapeutics Corporation^a		1,183,140
	49,685	UnitedHealth Group, Inc.		2,518,036
	2,633	Varian Medical Systems, Inc.^a		176,753
	2,200	Waters Corporation^a		162,910
	12,779	Watson Pharmaceuticals, Inc.^a		771,085
	3,020	Zimmer Holdings, Inc.^a		161,328

		Total Health Care		25,196,757


	Industrials (4.8%)
	5,500	3M Company		449,515
	8	A P Moller - Maersk AS		52,621
	6,200	Abertis Infraestructuras SA		98,522
	9,000	All Nippon Airways Company, Ltd.		25,148
	5,860	AMETEK, Inc.		246,706
	21,796	BE Aerospace, Inc.^a		843,723
	17,155	Boeing Company		1,258,319
	3,100	Bouygues SA		97,491
	6,479	Caterpillar, Inc.		586,997
	13	Central Japan Railway Company		109,711
	24,556	Chicago Bridge and Iron Company		928,217
	5,700	Cobham plc		16,231
	36,155	CSX Corporation		761,424
	3,400	Cummins, Inc.		299,268
	36,544	Deluxe Corporation		831,741
	1,200	Deutsche Lufthansa AG		14,272
	1,800	East Japan Railway Company		114,729
	1,000	Eiffage SA		24,092
	35,324	EMCOR Group, Inc.		947,036
	4,562	Expeditors International of Washington, Inc.		186,860
	4,127	Flowserve Corporation		409,894
	3,900	Fluor Corporation		195,975
	32,735	FTI Consulting, Inc.^a		1,388,619
	25,800	GATX Corporation		1,126,428
	51,590	General Electric Company		923,977
	17,554	Honeywell International, Inc.		954,060
	8,600	Jacobs Engineering Group, Inc.^a		348,988
	17,180	JB Hunt Transport Services, Inc.		774,303
	13,118	Kansas City Southern^a		892,155
	1,100	Koninklijke Boskalis Westminster NV		40,287
	4,600	L-3 Communications Holdings, Inc.		306,728
	124,818	Manitowoc Company, Inc.		1,147,077
	3,400	Manpower, Inc.		121,550
	10,525	Oshkosh Corporation^a		225,024
	13,952	Parker Hannifin Corporation		1,063,840
	12,892	Pentair, Inc.		429,175
	15,100	PostNL NV		47,907
	9,361	Precision Castparts Corporation		1,542,599
	6,500	Republic Services, Inc.		179,075
	9,732	Roper Industries, Inc.		845,419
	19,700	Ryanair Holdings plc^a		92,139
	38,473	Shaw Group, Inc.^a		1,034,924
	16,324	SPX Corporation		983,847
	5,981	Stericycle, Inc.^a		466,040
	11,572	Teledyne Technologies, Inc.^a		634,724
	10,770	Textron, Inc.		199,137
	5,400	Tyco International, Ltd.		252,234
	11,557	Union Pacific Corporation		1,224,349
	13,778	United Technologies Corporation		1,007,034
	2,580	WESCO International, Inc.^a		136,766
	400	West Japan Railway Company		17,381
	23,000	Yangzijiang Shipbuilding Holdings, Ltd.		16,095

		Total Industrials		26,920,373


	Information Technology (8.5%)
	23,600	ADTRAN, Inc.		711,776
	41,558	Akamai Technologies, Inc.^a		1,341,492
	4,100	Alliance Data Systems Corporation^a		425,744
	4,090	Altera Corporation		151,739
	11,735	ANSYS, Inc.^a		672,181
	12,602	Apple, Inc.^a		5,103,810
	141,277	Atmel Corporation^a		1,144,344
	3,811	Baidu.com, Inc. ADR^a		443,867
	40,606	Broadcom Corporation^a		1,192,192
	1,100	Cap Gemini SA		34,197
	31,960	Cisco Systems, Inc.		577,837
	19,435	Cognizant Technology Solutions Corporation^a		1,249,865
	1,900	Computershare, Ltd.		15,531
	36,416	eBay, Inc.^a		1,104,497
	33,908	Electronic Arts, Inc.^a		698,505
	52,898	EMC Corporation^a		1,139,423
	17,094	F5 Networks, Inc.^a		1,814,015
	12,751	Fortinet, Inc.^a		278,099
	3,923	Google, Inc.^a		2,533,866
	27,300	Intel Corporation		662,025
	3,003	International Business Machines Corporation		552,192
	5,698	Itron, Inc.^a		203,817
	9,013	Ixia^a		94,727
	10,810	Juniper Networks, Inc.^a		220,632
	7,400	KLA-Tencor Corporation		357,050
	11,341	Lam Research Corporation^a		419,844
	43,838	Marvell Technology Group, Ltd.^a		607,156
	7,053	Mercadolibre, Inc.		560,996
	80,564	Microsoft Corporation		2,091,441
	88,109	Monster Worldwide, Inc.^a		698,704
	13,332	NetApp, Inc.^a		483,552
	6,375	Nice Systems, Ltd. ADR^a		219,619
	18,400	Nokia Oyj		88,695
	10	NTT Data Corporation		31,842
	32,893	Nuance Communications, Inc.^a		827,588
	64,668	NVIDIA Corporation^a		896,298
	88,533	Oracle Corporation		2,270,871
	29,266	Plantronics, Inc.		1,043,040
	31,701	Plexus Corporation^a		867,973
	33,420	QUALCOMM, Inc.		1,828,074
	42,095	Quest Software, Inc.^a		782,967
	10,830	Red Hat, Inc.^a		447,171
	7,002	Salesforce.com, Inc.^a		710,423
	20,311	SuccessFactors, Inc.^a		809,800
	28,323	Symantec Corporation^a		443,255
	21,496	Teradata Corporation^a		1,042,771

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

Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (38.2%)	Value
	Information Technology (8.5%) - continued
	97,756	Teradyne, Inc.^a	$	1,332,414
	21,030	Texas Instruments, Inc.		612,183
	54,588	TIBCO Software, Inc.^a		1,305,199
	11,184	ValueClick, Inc.^a		182,187
	48,146	VeriFone Systems, Inc.^a		1,710,146
	11,209	VMware, Inc.^a		932,477
	45,184	Xilinx, Inc.		1,448,599

		Total Information Technology		47,418,708


	Materials (1.3%)
	4,388	Albemarle Corporation		226,026
	2,100	Amcor, Ltd.		15,459
	1,600	Bayer AG		102,175
	4,500	BHP Billiton plc		131,563
	2,300	BHP Billiton, Ltd.		81,187
	15,318	Celanese Corporation		678,128
	8,139	E.I. du Pont de Nemours and Company		372,603
	4,916	FMC Corporation		422,973
	56,521	Freeport-McMoRan Copper & Gold, Inc.		2,079,408
	2,500	Metso Corporation		92,326
	7,024	Newmont Mining Corporation		421,510
	16,841	Pan American Silver Corporation		367,302
	1,242	Rio Tinto plc		60,669
	3,884	Sigma-Aldrich Corporation		242,595
	6,266	Silgan Holdings, Inc.		242,118
	12,553	Silver Wheaton Corporation		363,535
	17,970	Steel Dynamics, Inc.		236,306
	100	Syngenta AG^a		29,385
	800	Wacker Chemie AG		64,256
	16,786	Walter Energy, Inc.		1,016,560
	1,224	Yara International ASA		48,861

		Total Materials		7,294,945


	Telecommunications Services (0.4%)
	2,000	Deutsche Telekom AG		22,940
	9,097	Inmarsat plc		56,972
	2,600	Koninklijke (Royal) KPN NV		31,034
	1,800	Nippon Telegraph & Telephone Corporation		91,638
	39	NTT DoCoMo, Inc.		71,605
	7,476	SBA Communications Corporation^a		321,169
	8,100	Telekom Austria AG		96,896
	3,343	Telenor ASA		54,704
	23,400	Telstra Corporation, Ltd.		79,584
	34,275	TW Telecom, Inc.^a		664,250
	22,668	Verizon Communications, Inc.		909,440

		Total Telecommunications Services		2,400,232


	Utilities (0.8%)
	12,100	CMS Energy Corporation		267,168
	8,500	Electricidade de Portugal SA		26,249
	15,810	Exelon Corporation		685,680
	3,500	Hokuriku Electric Power Company		65,365
	22,640	NiSource, Inc.		539,058
	16,388	NV Energy, Inc.		267,944
	52,000	PNM Resources, Inc.		947,960
	2,600	Shikoku Electric Power Company		74,588
	23,478	Southwest Gas Corporation		997,580
	7,000	The Kansai Electric Power Company, Inc.		107,528
	3,700	Tohoku Electric Power Company, Inc.		35,548
	13,000	Tokyo Electric Power Company, Inc.^a		31,198
	7,575	UGI Corporation		222,705

		Total Utilities		4,268,571


		Total Common Stock (cost $212,025,375)		214,362,194


Principal Amount		Long-Term Fixed Income (8.3%)
	Asset-Backed Securities (0.2%)
		J.P. Morgan Mortgage Acquisition Corporation
	$1,000,000	5.461%, 10/25/2036		764,165
		Renaissance Home Equity Loan Trust
	650,000	6.011%, 5/25/2036		254,542

		Total Asset-Backed Securities		1,018,707


	Basic Materials (0.1%)
		ArcelorMittal
	100,000	7.000%, 10/15/2039		92,931
		Arch Coal, Inc.
	140,000	7.000%, 6/15/2019^b		142,800
		Dow Chemical Company
	100,000	4.250%, 11/15/2020		103,944
		FMG Resources Property, Ltd.
	130,000	7.000%, 11/1/2015^b		131,300
		Novelis, Inc.
	140,000	8.375%, 12/15/2017		148,750

		Total Basic Materials		619,725


	Capital Goods (0.1%)
		Bombardier, Inc.
	140,000	7.750%, 3/15/2020^b		152,600
		Case New Holland, Inc.
	120,000	7.875%, 12/1/2017		135,600
		Danaher Corporation
	40,000	0.817%, 6/21/2013^c		40,058

		Total Capital Goods		328,258


	Collateralized Mortgage Obligations (<0.1%)
		Sequoia Mortgage Trust
	149,017	5.352%, 9/20/2046		45,091
		WaMu Mortgage Pass Through Certificates
	107,669	5.836%, 9/25/2036		72,254
	158,919	5.933%, 10/25/2036		108,784

		Total Collateralized Mortgage Obligations		226,129


	Commercial Mortgage-Backed Securities (0.1%)
		Credit Suisse Mortgage Capital Certificates
	250,000	5.509%, 9/15/2039		233,925

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

Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (8.3%)	Value
	Commercial Mortgage-Backed Securities (0.1%) - continued
		Government National Mortgage Association
	$180,079	2.164%, 3/16/2033	$	182,545
	160,336	3.214%, 1/16/2040		166,969

		Total Commercial Mortgage- Backed Securities		583,439


	Communications Services (0.3%)
		Cablevision Systems Corporation
	140,000	8.625%, 9/15/2017		155,050
		CBS Corporation
	50,000	7.875%, 7/30/2030		63,610
	50,000	5.900%, 10/15/2040		56,129
		CCO Holdings, LLC
	130,000	7.000%, 1/15/2019		135,525
		Clear Channel Worldwide Holdings, Inc.
	140,000	9.250%, 12/15/2017		151,200
		Cox Communications, Inc.
	100,000	6.950%, 6/1/2038^b		114,192
		EH Holding Corporation
	140,000	6.500%, 6/15/2019^b		145,950
		Intelsat Jackson Holdings SA
	140,000	7.250%, 4/1/2019^b		142,100
		NII Capital Corporation
	90,000	7.625%, 4/1/2021		89,325
		Sprint Nextel Corporation
	130,000	9.000%, 11/15/2018^b		136,500
		UPCB Finance V, Ltd.
	140,000	7.250%, 11/15/2021^b		141,750

		Total Communications Services		1,331,331


	Consumer Cyclical (0.2%)
		Chrysler Group, LLC
	200,000	8.000%, 6/15/2019^b		183,000
		Home Depot, Inc.
	100,000	5.875%, 12/16/2036		125,488
		Lennar Corporation
	140,000	12.250%, 6/1/2017		166,600
		MGM Resorts International
	110,000	11.125%, 11/15/2017		125,400
		Rite Aid Corporation
	140,000	7.500%, 3/1/2017		139,825
		Starwood Hotels & Resorts Worldwide, Inc.
	130,000	6.750%, 5/15/2018		146,900
		Toys R Us Property Company II, LLC
	140,000	8.500%, 12/1/2017		144,900
		West Corporation
	80,000	7.875%, 1/15/2019		79,400
		WMG Acquisition Corporation
	140,000	11.500%, 10/1/2018^b		138,950

		Total Consumer Cyclical		1,250,463


	Consumer Non-Cyclical (0.3%)
		Altria Group, Inc.
	100,000	9.950%, 11/10/2038		152,098
		Anheuser-Busch Companies, Inc.
	50,000	6.450%, 9/1/2037		66,947
		Anheuser-Busch InBev Worldwide, Inc.
	70,000	0.761%, 7/14/2014^c		69,663
	50,000	8.200%, 1/15/2039		78,829
		Community Health Systems, Inc.
	134,000	8.875%, 7/15/2015		138,355
		HCA, Inc.
	120,000	7.500%, 2/15/2022		122,700
		JBS USA, LLC/JBS USA Finance, Inc.
	120,000	11.625%, 5/1/2014		136,050
		Kinetic Concepts, Inc./KCI USA, Inc.
	130,000	10.500%, 11/1/2018^b		127,400
		Kraft Foods, Inc.
	50,000	5.375%, 2/10/2020		57,693
	50,000	7.000%, 8/11/2037		66,797
		Reynolds Group Issuer, Inc.
	130,000	6.875%, 2/15/2021^b		129,350
		Tenet Healthcare Corporation
	130,000	8.875%, 7/1/2019		145,925
		UnitedHealth Group, Inc.
	50,000	6.875%, 2/15/2038		67,053
	50,000	5.700%, 10/15/2040		59,863
		Valeant Pharmaceuticals International
	140,000	6.875%, 12/1/2018^b		139,650

		Total Consumer Non-Cyclical		1,558,373


	Energy (0.1%)
		Chesapeake Energy Corporation
	100,000	9.500%, 2/15/2015		114,500
		Denbury Resources, Inc.
	110,000	6.375%, 8/15/2021		114,950
		Harvest Operations Corporation
	140,000	6.875%, 10/1/2017^b		144,900
		Linn Energy, LLC
	130,000	7.750%, 2/1/2021		135,200
		Markwest Energy Partners, LP/Markwest Energy Finance Corporation
	140,000	6.500%, 8/15/2021		145,775
		Weatherford International, Ltd.
	100,000	6.750%, 9/15/2040		113,438

		Total Energy		768,763


	Financials (0.5%)
		Achmea Hypotheekbank NV
	205,000	3.200%, 11/3/2014^b		215,137
		Ally Financial, Inc.
	140,000	8.000%, 3/15/2020		143,500
		AXA SA
	100,000	6.379%, 12/29/2049^b,d		65,000
		Bank of Nova Scotia
	225,000	1.450%, 7/26/2013^b		227,605
		BBVA International Preferred SA Unipersonal
	50,000	5.919%, 12/29/2049^d		33,102

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

Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (8.3%)	Value
	Financials (0.5%) - continued
		Canadian Imperial Bank of Commerce
	$205,000	2.600%, 7/2/2015^b	$	212,021
		Cie de Financement Foncier
	225,000	2.250%, 3/7/2014^b		221,173
		CIT Group, Inc.
	140,000	7.000%, 5/1/2017		140,000
		Dexia Credit Local SA
	225,000	2.750%, 4/29/2014^b		204,455
		General Electric Capital Corporation
	100,000	6.750%, 3/15/2032		117,094
		HCP, Inc.
	100,000	6.750%, 2/1/2041		113,051
		Health Care REIT, Inc.
	40,000	6.500%, 3/15/2041		40,078
		Icahn Enterprises, LP
	70,000	8.000%, 1/15/2018		72,800
		International Bank for Reconstruction & Development
	210,000	2.375%, 5/26/2015		221,549
		International Lease Finance Corporation
	140,000	5.750%, 5/15/2016		129,856
		MetLife Capital Trust IV
	100,000	7.875%, 12/15/2037^b		103,750
		Prudential Financial, Inc.
	100,000	6.200%, 11/15/2040		104,641
		Reinsurance Group of America, Inc.
	50,000	6.750%, 12/15/2065		43,346
		Royal Bank of Canada
	160,000	3.125%, 4/14/2015^b		167,875
		Toronto-Dominion Bank
	205,000	2.200%, 7/29/2015^b		209,911
		XL Group plc
	100,000	6.250%, 5/15/2027		101,333
	50,000	6.500%, 12/29/2049^d		39,125

		Total Financials		2,926,402


	Foreign Government (0.1%)
		Bank Nederlandse Gemeenten
	300,000	4.375%, 2/16/2021^b		319,773
		Kommunalbanken AS
	225,000	2.750%, 5/5/2015^b		233,475
		Kreditanstalt fuer Wiederaufbau
	55,000	0.295%, 6/17/2013^c		54,974

		Total Foreign Government		608,222


	Mortgage-Backed Securities (2.4%)
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	3,125,000	3.000%, 1/1/2027^e		3,227,050
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	6,875,000	4.000%, 1/1/2042^e		7,221,974
	1,400,000	4.500%, 1/1/2042^e		1,489,688
	1,037,500	5.000%, 1/1/2042^e		1,120,825
	$312,500	6.000%, 1/1/2042^e		344,092

		Total Mortgage-Backed Securities		13,403,629


	Technology (<0.1%)
		Seagate HDD Cayman
	120,000	7.750%, 12/15/2018^b		127,650

		Total Technology		127,650


	Transportation (<0.1%)
		Avis Budget Car Rental, LLC/Avis Budget Finance, Inc.
	140,000	8.250%, 1/15/2019		138,950

		Total Transportation		138,950


	U.S. Government and Agencies (3.8%)
		FDIC Structured Sale Guaranteed Notes
	85,000	Zero Coupon, 1/7/2012^b		84,984
	85,000	Zero Coupon, 1/7/2014^b		83,398
		Federal Agricultural Mortgage Corporation
	210,000	2.125%, 9/15/2015		217,424
		Federal Home Loan Banks
	1,300,000	5.000%, 11/17/2017		1,560,130
		Federal Home Loan Mortgage Corporation
	1,300,000	0.750%, 3/28/2013		1,307,244
	400,000	2.500%, 1/7/2014		416,438
	580,000	4.875%, 6/13/2018		698,854
		Federal National Mortgage Association
	715,000	1.250%, 2/27/2014		725,337
	255,000	4.375%, 10/15/2015		288,147
	860,000	1.375%, 11/15/2016		867,596
	210,000	6.250%, 5/15/2029		295,652
		Tennessee Valley Authority
	165,000	5.250%, 9/15/2039		210,624
		U.S. Treasury Bonds
	300,000	4.375%, 5/15/2041		390,891
		U.S. Treasury Bonds, TIPS
	57,620	2.125%, 2/15/2040		77,324
		U.S. Treasury Notes
	1,975,000	0.750%, 6/15/2014		1,996,447
	2,150,000	2.500%, 4/30/2015		2,294,454
	465,000	2.000%, 1/31/2016		490,575
	625,000	2.625%, 2/29/2016		675,586
	1,500,000	3.250%, 3/31/2017		1,679,532
	2,715,000	3.125%, 5/15/2021		3,031,466
	420,000	7.625%, 2/15/2025		679,087
	550,000	4.375%, 5/15/2040		714,484
		U.S. Treasury Notes, TIPS
	267,798	3.375%, 1/15/2012		267,882
	361,514	2.000%, 1/15/2014		382,837
	260,891	1.625%, 1/15/2015		281,376
	308,237	0.500%, 4/15/2015		322,517
	241,075	0.125%, 4/15/2016		251,320
	327,762	2.625%, 7/15/2017		390,165
	258,780	1.125%, 1/15/2021		288,600

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

Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (8.3%)	Value
	U.S. Government and Agencies (3.8%) - continued
	$ 66,070	2.375%, 1/15/2025	$	84,002

		Total U.S. Government and Agencies		21,054,373


	Utilities (0.1%)
		AES Corporation
	120,000	7.375%, 7/1/2021^b		129,300
		Dominion Resources, Inc.
	50,000	2.879%, 9/30/2066^c		42,019
		Energy Transfer Partners, LP
	28,000	6.625%, 10/15/2036		29,442
	50,000	7.500%, 7/1/2038		57,086
		Southern Union Company
	100,000	3.447%, 11/1/2066^c		93,250

		Total Utilities		351,097


		Total Long-Term Fixed Income (cost $44,384,163)		46,295,511


		Short-Term Investments (3.0%)^f
		Federal Home Loan Bank Discount Notes
	5,000,000	0.010%, 2/17/2012^g		4,999,935
	3,000,000	0.032%, 2/22/2012^g		2,999,861
	5,000,000	0.015%, 3/2/2012^g		4,999,915
	3,508,000	0.015%, 3/7/2012^g		3,507,904
		Federal National Mortgage Association Discount Notes
	100,000	0.105%, 2/22/2012^g,h		99,985

		Total Short-Term Investments (at amortized cost)		16,607,600

		Total Investments (cost $610,639,824) 99.1%	$	555,247,996

		Other Assets and Liabilities, Net 0.9%		5,306,324

		Total Net Assets 100.0%	$	560,554,320

a	Non-income producing security.

Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of December 31, 2011, the value of these investments was $4,575,949 or 0.8% of total net assets.

c	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of December 31, 2011.

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

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

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

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

h	At December 31, 2011, $99,985 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.
TIPS	-	Treasury Inflation Protected Security.
ETF	-	Exchange Traded Fund.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	17,939,923
Gross unrealized depreciation		(74,359,877	)

Net unrealized appreciation (depreciation)	$	(56,419,954	)
Cost for federal income tax purposes	$	611,667,950

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

Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Aggressive Allocation Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Mutual Funds
Equity Mutual Funds		266,280,422		266,280,422		—		—
Fixed Income Mutual Funds		11,702,269		11,702,269		—		—
Common Stock
Consumer Discretionary		27,220,144		26,183,922		1,036,222		—
Consumer Staples		18,472,707		18,004,031		468,676		—
Energy		21,949,239		20,764,647		1,184,592		—
Financials		33,220,518		31,689,536		1,530,982		—
Health Care		25,196,757		24,869,661		327,096		—
Industrials		26,920,373		26,153,747		766,626		—
Information Technology		47,418,708		47,248,443		170,265		—
Materials		7,294,945		6,669,064		625,881		—
Telecommunications Services		2,400,232		1,894,859		505,373		—
Utilities		4,268,571		3,928,095		340,476		—
Long-Term Fixed Income
Asset-Backed Securities		1,018,707		—		1,018,707		—
Basic Materials		619,725		—		619,725		—
Capital Goods		328,258		—		328,258		—
Collateralized Mortgage Obligations		226,129		—		226,129		—
Commercial Mortgage-Backed
Securities		583,439		—		583,439		—
Communications Services		1,331,331		—		1,331,331		—
Consumer Cyclical		1,250,463		—		1,250,463		—
Consumer Non-Cyclical		1,558,373		—		1,558,373		—
Energy		768,763		—		768,763		—
Financials		2,926,402		—		2,926,402		—
Foreign Government		608,222		—		608,222		—
Mortgage-Backed Securities		13,403,629		—		13,403,629		—
Technology		127,650		—		127,650		—
Transportation		138,950		—		138,950		—
U.S. Government and Agencies		21,054,373		—		21,054,373		—
Utilities		351,097		—		351,097		—
Short-Term Investments		16,607,600		—		16,607,600		—

Total	$	555,247,996	$	485,388,696	$	69,859,300	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		2,226,640		2,226,640		—		—
Credit Default Swaps		3,247		—		3,247		—

Total Asset Derivatives	$	2,229,887	$	2,226,640	$	3,247	$	—

Liability Derivatives
Futures Contracts		1,402,521		1,402,521		—		—

Total Liability Derivatives	$	1,402,521	$	1,402,521	$	—	$	—


	Number of					Notional
	Contracts			Expiration		Principal						Unrealized
Futures Contracts	Long/(Short)			Date		Amount			Value			Gain/(Loss)
2-Yr. U.S. Treasury Note Futures		(15	)		March 2012		($3,306,986	)		($3,308,204	)		($1,218	)
10-Yr. U.S. Treasury Note Futures		(20	)		March 2012		(2,581,033	)		(2,622,500	)		(41,467	)
Russell 2000 Index Mini-Futures		(783	)		March 2012		(57,131,125	)		(57,848,040	)		(716,915	)
S&P 400 Index Mini-Futures		(698	)		March 2012		(60,592,619	)		(61,235,540	)		(642,921	)
S&P 500 Index Futures		382			March 2012		117,396,660			119,623,300			2,226,640
Total Futures Contracts												$	824,119

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

Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Credit Default Swaps and Counterparty	Buy/Sell Protection¹		Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)		Value³			Unrealized Gain/(Loss)
CDX HY, Series 17, 5 Year, at 5.00%; Bank of America		Sell		12/20/2016	$	735,000	$	54,888	($	51,641	)	$	3,247
Total Credit Default Swaps									($	51,641	)	$	3,247

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

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

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

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Aggressive Allocation Portfolio's investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,226,640
Total Equity Contracts			2,226,640
Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		3,247
Total Credit Contracts			3,247

Total Asset Derivatives		$	2,229,887

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		42,685
Total Interest Rate Contracts			42,685
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		1,359,836
Total Equity Contracts			1,359,836

Total Liability Derivatives		$	1,402,521

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

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

100

Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Aggressive Allocation Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		6,321,977
Total Equity Contracts			6,321,977
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(83,755	)
Total Foreign Exchange Contracts			(83,755	)
Interest Rate Contracts
Options Written	Net realized gains/(losses) on Written option contracts		813
Futures	Net realized gains/(losses) on Futures contracts		(646,738	)
Total Interest Rate Contracts			(645,925	)
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		127,472
Total Credit Contracts			127,472

Total		$	5,719,769

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Aggressive Allocation Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(42,685	)
Total Interest Rate Contracts			(42,685	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		889,648
Total Equity Contracts			889,648
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		3,247
Total Credit Contracts			3,247

Total		$	850,210

The following table presents Aggressive Allocation Portfolio's average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk

Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Equity Contracts

199,006,533

33.9

N/A

Interest Rate Contracts

8,483,396

1.4

N/A

Foreign Exchange Contracts

N/A

374,914

0.1

N/A

Credit Contracts

N/A

1,672,504

0.3

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

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

101

Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011

Investment in Affiliates

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

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


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Real Estate Securities	$	11,741,196	$	—	$	11,301,247		—	$	—	$	—
Partner Small Cap Growth		45,198,556		—		—		3,498,692		43,458,307		—
Partner Small Cap Value		14,685,240		31,505		—		771,998		14,393,204		31,505
Small Cap Stock		24,387,985		—		3,000,000		1,708,411		20,485,040		—
Mid Cap Growth II		44,227,632		1,649,320		44,150,963		—		—		45,644
Partner Mid Cap Value		20,855,810		45,216		—		1,561,519		19,535,065		45,216
Mid Cap Stock		33,298,998		13,942		3,000,000		2,495,827		28,649,596		13,942
Partner Worldwide Allocation		24,071,806		2,942,371		—		3,091,020		22,849,130		513,781
Partner International Stock		76,818,979		25,405		8,000,000		6,481,456		59,536,061		25,405
Large Cap Growth II		25,486,458		516,745		23,260,509		—		—		36,418
Large Cap Value		28,774,412		6,474		—		2,683,031		27,887,419		6,474
Large Cap Stock		29,249,553		3,457		3,000,000		3,058,684		24,807,764		3,457
Equity Income Plus		4,796,661		13,438		—		530,968		4,678,836		13,438
High Yield		6,259,496		931,947		1,347,763		1,216,126		5,669,944		455,661
Income		—		6,011,026		—		598,089		6,032,325		11,008
Total Value and Income Earned		389,852,782								277,982,691		1,201,949

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

102

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Mutual Funds (57.0%)	Value
	Equity Mutual Funds (42.2%)
	5,056,075	Thrivent Partner Small Cap Growth Portfolio^a	$	62,803,020
	3,436,858	Thrivent Partner Small Cap Value Portfolio		64,077,118
	4,528,335	Thrivent Small Cap Stock Portfolio^a		54,297,906
	6,158,169	Thrivent Partner Mid Cap Value Portfolio		77,040,544
	14,071,209	Thrivent Mid Cap Stock Portfolio		161,523,408
	18,437,323	Thrivent Partner Worldwide Allocation Portfolio		136,290,534
	19,477,076	Thrivent Partner International Stock Portfolio		178,908,630
	18,430,656	Thrivent Large Cap Value Portfolio		191,568,241
	21,658,100	Thrivent Large Cap Stock Portfolio		175,660,184
	2,223,952	Thrivent Equity Income Plus Portfolio		19,597,241

		Total Equity Mutual Funds		1,121,766,826


	Fixed Income Mutual Funds (14.8%)
	22,545,368	Thrivent High Yield Portfolio		105,113,270
	18,204,967	Thrivent Income Portfolio		183,615,301
	10,810,810	Thrivent Limited Maturity Bond Portfolio		104,562,151

		Total Fixed Income Mutual Funds		393,290,722


		Total Mutual Funds (cost $1,714,659,265)		1,515,057,548


		Common Stock (25.2%)
	Consumer Discretionary (2.9%)
	11,871	Abercrombie & Fitch Company		579,780
	52,492	Amazon.com, Inc.^a		9,086,365
	14,334	Autoliv, Inc.		766,726
	1,800	Bayerische Motoren Werke AG		84,978
	5,500	Benesse Holdings, Inc.		265,880
	51,100	Big Lots, Inc.^a		1,929,536
	23,378	British Sky Broadcasting Group plc		265,984
	26,070	Buffalo Wild Wings, Inc.^a		1,759,986
	12,430	CBS Corporation		337,350
	13,600	Charter Communications, Inc.^a		774,384
	99,300	Coach, Inc.		6,061,272
	265,436	Comcast Corporation		6,293,488
	92,000	ComfortDelGro Corporation, Ltd		100,376
	5,000	Daihatsu Motor Company, Ltd.		88,914
	2,800	Daito Trust Construction Company, Ltd.		239,755
	10,974	Darden Restaurants, Inc.		500,195
	108,911	Discovery Communications, Inc.^a		4,462,084
	32,888	Dollar Tree, Inc.^a		2,733,322
	4,700	FamilyMart Company, Ltd.		189,800
	46,600	Fiat SPA		212,670
	89,688	Foot Locker, Inc.		2,138,162
	3,290	Gaylord Entertainment Company^a		79,421
	12,679	Gentex Corporation		375,172
	16,050	Harley-Davidson, Inc.		623,863
	155,800	Home Depot, Inc.		6,549,832
	4,700	Kabel Deutschland Holding AG^a		238,252
	145,677	Las Vegas Sands Corporation^a		6,224,778
	4,500	Lawson, Inc.		280,374
	39,300	Life Time Fitness, Inc.^a		1,837,275
	29,849	Limited Brands, Inc.		1,204,407
	31,892	Macy’s, Inc.		1,026,285
	4,911	Marriott International, Inc.		143,254
	491	Marriott Vacations Worldwide Corporation^a		8,426
	31,700	McDonald's Corporation		3,180,461
	64,150	News Corporation		1,166,247
	25,490	Omnicom Group, Inc.		1,136,344
	12,613	O’Reilly Automotive, Inc.^a		1,008,409
	5,218	Panera Bread Company^a		738,086
	21,180	PetSmart, Inc.		1,086,322
	180,388	Pier 1 Imports, Inc.^a		2,512,805
	3,300	Sankyo Company, Ltd.		166,839
	11,100	SES Global SA		265,900
	37,175	Signet Jewelers, Ltd.		1,634,213
	8,825	Starwood Hotels & Resorts Worldwide, Inc.		423,335
	23,050	Target Corporation		1,180,621
	10,020	Time Warner Cable, Inc.		636,971
	13,280	Tractor Supply Company		931,592
	5,000	United Internet AG		89,120
	2,400	USS Company, Ltd.		216,908
	5,338	VF Corporation		677,873
	37,911	Williams-Sonoma, Inc.		1,459,573
	29,853	WMS Industries, Inc.^a		612,584
	2,050	Wyndham Worldwide Corporation		77,551

		Total Consumer Discretionary		76,664,100


	Consumer Staples (2.4%)
	240,268	Altria Group, Inc.		7,123,946
	105,535	Anheuser-Busch InBev NV ADR		6,436,580
	14,300	Autogrill SPA		138,999
	5,000	British American Tobacco plc		237,207
	77,063	British American Tobacco plc ADR		7,311,738
	8,839	Clorox Company		588,324
	125,390	Coca-Cola Company		8,773,538
	119,000	ConAgra Foods, Inc.		3,141,600
	75,003	Corn Products International, Inc.		3,944,408
	16,140	CVS Caremark Corporation		658,189
	16,420	Diageo plc ADR		1,435,436
	6,400	Imperial Tobacco Group plc		242,184
	6,700	Kao Corporation		182,816
	22,000	Koninklijke (Royal) Ahold NV		295,672
	45,390	Kraft Foods, Inc.		1,695,770
	2,100	Nestle SA		120,589
	102,895	Philip Morris International, Inc.		8,075,200
	35,555	TreeHouse Foods, Inc.^a		2,324,586
	178,020	Wal-Mart Stores, Inc.		10,638,475
	17,948	Whole Foods Market, Inc.		1,248,822

		Total Consumer Staples		64,614,079


	Energy (2.4%)
	52,943	Alpha Natural Resources, Inc.^a		1,081,626
	69,598	Apache Corporation		6,304,187
	84,273	Arch Coal, Inc.		1,222,801
	82,726	Baker Hughes, Inc.		4,023,793

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

103

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (25.2%)	Value
	Energy (2.4%) - continued
	7,600	Cameron International Corporation^a	$	373,844
	18,430	Chevron Corporation		1,960,952
	8,060	Concho Resources, Inc.^a		755,625
	26,870	ConocoPhillips		1,958,017
	10,400	Eni SPA		214,408
	185,207	ENSCO International plc ADR		8,689,912
	13,770	EOG Resources, Inc.		1,356,483
	60,200	Exxon Mobil Corporation		5,102,552
	118,984	Helix Energy Solutions Group, Inc.^a		1,879,947
	110,900	Marathon Oil Corporation		3,246,043
	13,638	National Oilwell Varco, Inc.		927,248
	14,200	Neste Oil OYJ		142,803
	12,500	Newfield Exploration Company^a		471,625
	6,710	Occidental Petroleum Corporation		628,727
	40,928	Oil States International, Inc.^a		3,125,671
	137,260	Patriot Coal Corporation^a		1,162,592
	143,321	Peabody Energy Corporation		4,745,358
	130,232	Petroleum Geo-Services ASA^a		1,419,322
	5,082	Range Resources Corporation		314,779
	3,066	Royal Dutch Shell plc, Class A		112,492
	11,700	Royal Dutch Shell plc, Class B		445,052
	2,100	RWE AG		73,712
	17,000	Southwestern Energy Company^a		542,980
	50,433	Swift Energy Company^a		1,498,869
	608,357	Weatherford International, Ltd.^a		8,906,347
	8,400	Woodside Petroleum, Ltd.		262,947

		Total Energy		62,950,714


	Financials (5.1%)
	12,510	Acadia Realty Trust		251,951
	21,110	ACE, Ltd.		1,480,233
	29,173	Affiliated Managers Group, Inc.^a		2,799,149
	17,212	Alexandria Real Estate Equities, Inc.		1,187,112
	8,427	American Assets Trust, Inc.		172,838
	20,525	American Campus Communities, Inc.		861,229
	6,913	American Capital Agency Corporation		194,117
	19,500	Aon Corporation		912,600
	29,990	Apartment Investment & Management Company		687,071
	2,253	Apollo Commercial Real Estate Finance, Inc.		29,582
	20,507	Ashford Hospitality Trust, Inc.		164,056
	10,800	Assicurazioni Generali SPA		162,110
	8,701	Associated Estates Realty Corporation		138,781
	8,200	ASX, Ltd.		255,962
	16,000	Atlantia SPA		255,364
	22,800	AvalonBay Communities, Inc.		2,977,680
	62,800	Banco de Valencia SA^a		49,813
	32,735	BioMed Realty Trust, Inc.		591,849
	35,992	Boston Properties, Inc.		3,584,803
	33,122	Brandywine Realty Trust		314,659
	16,610	BRE Properties, Inc.		838,473
	3,746	Brookfield Asset Management, Inc.		102,940
	24,149	Brookfield Office Properties, Inc.		377,690
	19,891	Camden Property Trust		1,238,016
	9,273	Campus Crest Communities, Inc.		93,286
	54,212	CBL & Associates Properties, Inc.		851,128
	5,220	CBRE Group, Inc.^a		79,448
	4,647	Chatham Lodging Trust		50,095
	8,383	Chesapeake Lodging Trust		129,601
	78,167	Citigroup, Inc.		2,056,574
	9,034	CME Group, Inc.		2,201,315
	9,834	Cogdell Spencer, Inc.		41,795
	2,567	Cohen & Steers Quality Income Realty Fund, Inc.		21,742
	16,461	Colonial Properties Trust		343,376
	4,839	Colony Financial, Inc.		76,021
	7,057	CommonWealth REIT		117,428
	3,767	Coresite Realty Corporation		67,128
	15,902	Corporate Office Properties Trust		338,077
	3,016	CreXus Investment Corporation		31,306
	16,324	CubeSmart		173,687
	50,838	DCT Industrial Trust, Inc.		260,291
	62,734	DDR Corporation		763,473
	44,029	DiamondRock Hospitality Company		424,440
	28,970	Digital Realty Trust, Inc.		1,931,430
	115,959	Discover Financial Services		2,783,016
	33,852	Douglas Emmett, Inc.		617,460
	90,324	Duke Realty Corporation		1,088,404
	15,516	DuPont Fabros Technology, Inc.		375,798
	6,437	EastGroup Properties, Inc.		279,881
	14,041	Education Realty Trust, Inc.		143,639
	15,800	Endurance Specialty Holdings, Ltd.		604,350
	11,332	Entertainment Properties Trust		495,322
	10,850	Equity Lifestyle Properties, Inc.		723,587
	45,350	Equity One, Inc.		770,043
	69,288	Equity Residential		3,951,495
	10,298	Essex Property Trust, Inc.		1,446,972
	5,247	Excel Trust, Inc.		62,964
	3,200	Experian plc		43,497
	25,278	Extra Space Storage, Inc.		612,486
	14,475	Federal Realty Investment Trust		1,313,606
	21,527	FelCor Lodging Trust, Inc.^a		65,657
	232,400	Fifth Third Bancorp		2,956,128
	10,632	First Industrial Realty Trust, Inc.^a		108,765
	8,303	First Potomac Realty Trust		108,354
	15,481	Forest City Enterprises, Inc.^a		182,985
	81,055	General Growth Properties, Inc.		1,217,446
	22,558	Glimcher Realty Trust		207,534
	6,210	Goldman Sachs Group, Inc.		561,570
	6,925	Government Properties Income Trust		156,159
	4,854	Hannover Rueckversicherung AG		240,503
	37,672	HCC Insurance Holdings, Inc.		1,035,980
	77,353	HCP, Inc.		3,204,735
	35,931	Health Care REIT, Inc.		1,959,317
	11,651	Healthcare Realty Trust, Inc.		216,592
	36,307	Hersha Hospitality Trust		177,178
	14,637	Highwoods Properties, Inc.		434,280
	10,364	Home Properties, Inc.		596,655
	16,605	Hospitality Properties Trust		381,583
	216,050	Host Hotels & Resorts, Inc.		3,191,059
	172,600	Hudson City Bancorp, Inc.		1,078,750
	1,679	Hudson Pacific Properties, Inc.		23,775

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

104

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (25.2%)	Value
	Financials (5.1%) - continued
	10,322	Inland Real Estate Corporation	$	78,550
	9,673	IntercontinentalExchange, Inc.^a		1,166,080
	15,508	Invesco Mortgage Capital, Inc.		217,887
	159,919	J.P. Morgan Chase & Company		5,317,307
	2,900	Julius Baer Group, Ltd.^a		112,962
	15,534	Kilroy Realty Corporation		591,379
	79,176	Kimco Realty Corporation		1,285,818
	12,800	Kinnevik Investment AB		248,785
	14,327	Kite Realty Group Trust		64,615
	58,790	KKR & Company, LP		754,276
	18,389	LaSalle Hotel Properties		445,198
	19,350	Lazard, Ltd.		505,229
	13,101	Lexington Realty Trust		98,126
	24,362	Liberty Property Trust		752,299
	3,700	London Stock Exchange Group plc		45,505
	3,337	LTC Properties, Inc.		102,980
	13,200	M&T Bank Corporation		1,007,688
	32,217	Macerich Company		1,630,180
	18,887	Mack-Cali Realty Corporation		504,094
	14,489	Medical Properties Trust, Inc.		143,006
	7,488	Mid-America Apartment Communities, Inc.		468,374
	3,697	MSCI, Inc.^a		121,742
	2,300	Muenchener Rueckversicherungs - Gesellschaft AG		281,829
	28,500	NASDAQ OMX Group, Inc.^a		698,535
	18,356	National Retail Properties, Inc.		484,231
	15,600	Northern Trust Corporation		618,696
	134,705	Ocwen Financial Corporation^a		1,950,528
	17,808	Omega Healthcare Investors, Inc.		344,585
	1,400	Pargesa Holding SA		91,450
	200	Partners Group Holding AG		34,842
	10,155	Pebblebrook Hotel Trust		194,773
	4,124	Pennsylvania Real Estate Investment Trust		43,055
	5,197	Piedmont Office Realty Trust, Inc.		88,557
	5,199	Plum Creek Timber Company, Inc.		190,075
	939,366	Popular, Inc.^a		1,305,719
	10,102	Post Properties, Inc.		441,659
	25,542	Principal Financial Group, Inc.		628,333
	24,550	Progressive Corporation		478,971
	99,466	Prologis, Inc.		2,843,733
	28,002	Prudential plc		277,063
	3,933	PS Business Parks, Inc.		218,006
	32,453	Public Storage, Inc.		4,363,630
	9,961	Ramco-Gershenson Properties Trust		97,917
	7,831	Rayonier, Inc. REIT		349,498
	6,180	Realty Income Corporation		216,053
	26,414	Regency Centers Corporation		993,695
	66,340	Resolution, Ltd.		258,612
	4,196	Retail Opportunity Investments Corporation		49,681
	6,150	RLJ Lodging Trust		103,505
	4,323	Sabra Healthcare REIT, Inc.		52,265
	1,596	Saul Centers, Inc.		56,530
	34,008	Senior Housing Property Trust		763,140
	71,992	Simon Property Group, Inc.		9,282,648
	53,000	Singapore Exchange, Ltd.		250,503
	20,954	SL Green Realty Corporation		1,396,375
	2,312	Sovran Self Storage, Inc.		98,653
	3,059	Starwood Property Trust, Inc.		56,622
	23,250	State Street Corporation		937,208
	76,300	Stockland		249,253
	19,162	Strategic Hotel Capital, Inc.^a		102,900
	10,200	Sumitomo Mitsui Financial Group, Inc.		282,874
	8,551	Summit Hotel Properties, Inc.		80,721
	1,430	Sun Communities, Inc.		52,238
	25,579	Sunstone Hotel Investors, Inc.^a		208,469
	14,790	SVB Financial Group^a		705,335
	10,400	Svenska Handelsbanken AB		272,536
	23,780	Tanger Factory Outlet Centers, Inc.		697,230
	13,839	Taubman Centers, Inc.		859,402
	32,795	TD Ameritrade Holding Corporation		513,242
	71,496	Texas Capital Bancshares, Inc.^a		2,188,493
	2,300	Tryg A/S		127,406
	38,429	Two Harbors Investment Corporation		355,084
	18,650	U.S. Bancorp		504,482
	39,104	UDR, Inc.		981,510
	22,000	United Overseas Land, Ltd.		67,764
	56,760	Unum Group		1,195,933
	8,280	Vanguard REIT ETF		480,240
	57,033	Ventas, Inc.		3,144,229
	40,115	Vornado Realty Trust		3,083,239
	36,096	W.R. Berkley Corporation		1,241,341
	7,848	Washington Real Estate Investment Trust		214,643
	22,123	Weingarten Realty Investors		482,724
	216,834	Wells Fargo & Company		5,975,945
	33,500	Westfield Group		267,277
	1,943	Winthrop Realty Trust		19,760
	128,231	Zions Bancorporation		2,087,601
	700	Zurich Financial Services AG^a		157,715

		Total Financials		135,900,085


	Health Care (2.9%)
	19,525	Alexion Pharmaceuticals, Inc.^a		1,396,037
	105,000	Align Technology, Inc.^a		2,491,125
	24,340	AmerisourceBergen Corporation		905,205
	97,887	Amgen, Inc.		6,285,324
	7,900	AstraZeneca plc		364,925
	110,437	Baxter International, Inc.		5,464,423
	5,800	BioMarin Pharmaceutical, Inc.^a		199,404
	92,610	Bristol-Myers Squibb Company		3,263,576
	8,487	C.R. Bard, Inc.		725,639
	18,362	CIGNA Corporation		771,204
	44,130	Covance, Inc.^a		2,017,624
	19,198	Coventry Health Care, Inc.^a		583,043
	23,330	Covidien plc		1,050,083
	8,500	CSL, Ltd.		277,126
	156,800	Eli Lilly and Company		6,516,608
	60,200	Gilead Sciences, Inc.^a		2,463,986
	86,841	Health Net, Inc.^a		2,641,703
	16,540	Johnson & Johnson		1,084,693
	70,793	McKesson Corporation		5,515,483
	36,100	Medtronic, Inc.		1,380,825
	42,860	Merck & Company, Inc.		1,615,822
	2,050	Mettler-Toledo International, Inc.^a		302,805
	300,394	Mylan, Inc.^a		6,446,455
	1,400	Novartis AG		79,930

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

105

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (25.2%)	Value
	Health Care (2.9%) - continued
	400	Novo Nordisk AS	$	45,953
	7,089	Onyx Pharmaceuticals, Inc.^a		311,562
	239,147	Pfizer, Inc.		5,175,141
	77,238	PSS World Medical, Inc.^a		1,868,387
	700	Roche Holding AG		118,383
	14,862	SXC Health Solutions Corporation^a		839,406
	23,400	Thoratec Corporation^a		785,304
	53,867	United Therapeutics Corporation^a		2,545,216
	199,728	UnitedHealth Group, Inc.		10,122,215
	8,254	Varian Medical Systems, Inc.^a		554,091
	7,200	Waters Corporation^a		533,160
	19,344	Watson Pharmaceuticals, Inc.^a		1,167,217
	9,123	Zimmer Holdings, Inc.^a		487,351

		Total Health Care		78,396,434


	Industrials (2.7%)
	32,200	3M Company		2,631,706
	23	A P Moller - Maersk AS		151,287
	16,400	Abertis Infraestructuras SA		260,607
	23,000	All Nippon Airways Company, Ltd.		64,267
	8,813	AMETEK, Inc.		371,027
	32,939	BE Aerospace, Inc.^a		1,275,069
	66,481	Boeing Company		4,876,381
	8,200	Bouygues SA		257,878
	25,108	Caterpillar, Inc.		2,274,785
	32	Central Japan Railway Company		270,057
	45,089	Chicago Bridge and Iron Company		1,704,364
	15,100	Cobham plc		42,997
	132,384	CSX Corporation		2,788,007
	19,900	Cummins, Inc.		1,751,598
	73,094	Deluxe Corporation		1,663,619
	3,300	Deutsche Lufthansa AG		39,249
	4,700	East Japan Railway Company		299,570
	2,400	Eiffage SA		57,821
	70,614	EMCOR Group, Inc.		1,893,161
	13,337	Expeditors International of Washington, Inc.		546,283
	6,236	Flowserve Corporation		619,360
	15,200	Fluor Corporation		763,800
	70,591	FTI Consulting, Inc.^a		2,994,470
	51,500	GATX Corporation		2,248,490
	120,260	General Electric Company		2,153,857
	57,781	Honeywell International, Inc.		3,140,397
	13,000	Jacobs Engineering Group, Inc.^a		527,540
	26,006	JB Hunt Transport Services, Inc.		1,172,090
	19,856	Kansas City Southern^a		1,350,407
	2,800	Koninklijke Boskalis Westminster NV		102,548
	26,600	L-3 Communications Holdings, Inc.		1,773,688
	271,504	Manitowoc Company, Inc.		2,495,122
	10,500	Manpower, Inc.		375,375
	30,466	Oshkosh Corporation^a		651,363
	46,232	Parker Hannifin Corporation		3,525,190
	19,515	Pentair, Inc.		649,654
	39,800	PostNL NV		126,271
	30,796	Precision Castparts Corporation		5,074,873
	18,900	Republic Services, Inc.		520,695
	14,732	Roper Industries, Inc.		1,279,769
	51,800	Ryanair Holdings plc^a		242,274
	77,043	Shaw Group, Inc.^a		2,072,457
	36,517	SPX Corporation		2,200,880
	9,053	Stericycle, Inc.^a		705,410
	23,074	Teledyne Technologies, Inc.^a		1,265,609
	25,090	Textron, Inc.		463,914
	15,900	Tyco International, Ltd.		742,689
	44,517	Union Pacific Corporation		4,716,131
	58,857	United Technologies Corporation		4,301,858
	6,000	WESCO International, Inc.^a		318,060
	1,000	West Japan Railway Company		43,451
	59,000	Yangzijiang Shipbuilding Holdings, Ltd.		41,288

		Total Industrials		71,878,713


	Information Technology (5.4%)
	47,200	ADTRAN, Inc.		1,423,552
	129,622	Akamai Technologies, Inc.^a		4,184,198
	12,500	Alliance Data Systems Corporation^a		1,298,000
	6,192	Altera Corporation		229,723
	17,764	ANSYS, Inc.^a		1,017,522
	52,378	Apple, Inc.^a		21,213,090
	259,902	Atmel Corporation^a		2,105,206
	14,702	Baidu.com, Inc. ADR^a		1,712,342
	110,044	Broadcom Corporation^a		3,230,892
	3,000	Cap Gemini SA		93,264
	74,520	Cisco Systems, Inc.		1,347,322
	75,085	Cognizant Technology Solutions Corporation^a		4,828,716
	5,000	Computershare, Ltd.		40,870
	134,025	eBay, Inc.^a		4,064,978
	51,328	Electronic Arts, Inc.^a		1,057,357
	205,177	EMC Corporation^a		4,419,513
	40,775	F5 Networks, Inc.^a		4,327,043
	19,301	Fortinet, Inc.^a		420,955
	14,973	Google, Inc.^a		9,671,061
	159,000	Intel Corporation		3,855,750
	7,001	International Business Machines Corporation		1,287,344
	16,667	Itron, Inc.^a		596,179
	18,017	Ixia^a		189,359
	30,827	Juniper Networks, Inc.^a		629,179
	42,900	KLA-Tencor Corporation		2,069,925
	18,193	Lam Research Corporation^a		673,505
	66,359	Marvell Technology Group, Ltd.^a		919,072
	10,676	Mercadolibre, Inc.		849,169
	394,375	Microsoft Corporation		10,237,975
	176,152	Monster Worldwide, Inc.^a		1,396,885
	51,769	NetApp, Inc.^a		1,877,662
	9,651	Nice Systems, Ltd. ADR^a		332,477
	48,600	Nokia Oyj		234,270
	28	NTT Data Corporation		89,158
	49,791	Nuance Communications, Inc.^a		1,252,741
	122,169	NVIDIA Corporation^a		1,693,262
	370,849	Oracle Corporation		9,512,277
	58,504	Plantronics, Inc.		2,085,082
	63,441	Plexus Corporation^a		1,737,015
	129,511	QUALCOMM, Inc.		7,084,252
	84,054	Quest Software, Inc.^a		1,563,404
	16,427	Red Hat, Inc.^a		678,271

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

106

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (25.2%)	Value
	Information Technology (5.4%) - continued
	27,344	Salesforce.com, Inc.^a	$	2,774,322
	30,746	SuccessFactors, Inc.^a		1,225,843
	42,873	Symantec Corporation^a		670,962
	32,539	Teradata Corporation^a		1,578,467
	222,308	Teradyne, Inc.^a		3,030,058
	49,030	Texas Instruments, Inc.		1,427,263
	121,453	TIBCO Software, Inc.^a		2,903,941
	32,485	ValueClick, Inc.^a		529,181
	93,499	VeriFone Systems, Inc.^a		3,321,084
	43,064	VMware, Inc.^a		3,582,494
	140,628	Xilinx, Inc.		4,508,534

		Total Information Technology		143,081,966


	Materials (0.8%)
	13,633	Albemarle Corporation		702,236
	5,500	Amcor, Ltd.		40,489
	4,300	Bayer AG		274,594
	11,800	BHP Billiton plc		344,987
	5,900	BHP Billiton, Ltd.		208,263
	23,187	Celanese Corporation		1,026,489
	18,974	E.I. du Pont de Nemours and Company		868,630
	7,533	FMC Corporation		648,139
	264,203	Freeport-McMoRan Copper & Gold, Inc.		9,720,028
	200	Geberit AG^a		38,444
	6,700	Metso Corporation		247,435
	10,633	Newmont Mining Corporation		638,086
	25,493	Pan American Silver Corporation		556,002
	3,103	Rio Tinto plc		151,574
	8,946	Sigma-Aldrich Corporation		558,767
	18,110	Silgan Holdings, Inc.		699,771
	19,002	Silver Wheaton Corporation		550,298
	51,520	Steel Dynamics, Inc.		677,488
	400	Syngenta AG^a		117,540
	2,100	Wacker Chemie AG		168,672
	29,986	Walter Energy, Inc.		1,815,952
	3,226	Yara International ASA		128,780

		Total Materials		20,182,664


	Telecommunications Services (0.2%)
	5,300	Deutsche Telekom AG		60,791
	24,069	Inmarsat plc		150,739
	6,700	Koninklijke (Royal) KPN NV		79,973
	4,600	Nippon Telegraph & Telephone Corporation		234,186
	104	NTT DoCoMo, Inc.		190,946
	11,316	SBA Communications Corporation^a		486,135
	21,400	Telekom Austria AG		255,997
	8,807	Telenor ASA		144,115
	61,700	Telstra Corporation, Ltd.		209,844
	51,883	TW Telecom, Inc.^a		1,005,493
	83,409	Verizon Communications, Inc.		3,346,369

		Total Telecommunications Services		6,164,588


	Utilities (0.4%)
	34,200	CMS Energy Corporation		755,136
	22,400	Electricidade de Portugal SA		69,174
	36,880	Exelon Corporation		1,599,486
	9,200	Hokuriku Electric Power Company		171,816
	52,770	NiSource, Inc.		1,256,454
	46,369	NV Energy, Inc.		758,133
	104,000	PNM Resources, Inc.		1,895,920
	6,900	Shikoku Electric Power Company		197,946
	46,818	Southwest Gas Corporation		1,989,297
	18,500	The Kansai Electric Power Company, Inc.		284,181
	9,600	Tohoku Electric Power Company, Inc.		92,232
	34,200	Tokyo Electric Power Company, Inc.^a		82,074
	22,234	UGI Corporation		653,680

		Total Utilities		9,805,529


		Total Common Stock (cost $652,243,469)		669,638,872


Principal Amount		Long-Term Fixed Income (11.3%)
	Asset-Backed Securities (0.3%)
		Citigroup Mortgage Loan Trust, Inc.
	1,688,188	0.444%, 8/25/2036^b		1,260,610
		GSAMP Trust
	1,427,114	0.474%, 2/25/2036^b		1,111,610
		J.P. Morgan Mortgage Acquisition Corporation
	3,800,000	5.461%, 10/25/2036		2,903,827
		Morgan Stanley Capital, Inc.
	1,472,557	0.444%, 2/25/2037^b		822,329
		Renaissance Home Equity Loan Trust
	1,803,349	5.746%, 5/25/2036		814,782
	2,800,000	6.011%, 5/25/2036		1,096,489
	1,320,362	5.580%, 11/25/2036		743,645

		Total Asset-Backed Securities		8,753,292


	Basic Materials (0.2%)
		ArcelorMittal
	1,350,000	7.000%, 10/15/2039		1,254,574
		Arch Coal, Inc.
	540,000	7.000%, 6/15/2019^c		550,800
		Dow Chemical Company
	1,350,000	4.250%, 11/15/2020		1,403,242
		FMG Resources Property, Ltd.
	540,000	7.000%, 11/1/2015^c		545,400
		Novelis, Inc.
	540,000	8.375%, 12/15/2017		573,750

		Total Basic Materials		4,327,766


	Capital Goods (0.1%)
		Bombardier, Inc.
	540,000	7.750%, 3/15/2020^c		588,600
		Case New Holland, Inc.
	550,000	7.875%, 12/1/2017		621,500
		Danaher Corporation
	540,000	0.817%, 6/21/2013^b		540,787

		Total Capital Goods		1,750,887

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

107

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (11.3%)	Value
	Collateralized Mortgage Obligations (0.4%)
		Citigroup Mortgage Loan Trust, Inc.
$	724,917	5.500%, 11/25/2035	$	612,609
		CitiMortgage Alternative Loan Trust
	2,537,019	5.750%, 4/25/2037		1,651,092
		Countrywide Alternative Loan Trust
	499,991	6.000%, 1/25/2037		328,413
	2,310,247	5.500%, 5/25/2037		1,572,045
	2,002,580	7.000%, 10/25/2037		1,144,280
		Countrywide Home Loans, Inc.
	1,339,734	5.750%, 4/25/2037		1,119,453
		Deutsche Alt-A Securities, Inc.
	465,950	5.500%, 10/25/2021		445,573
	874,342	6.000%, 10/25/2021		767,931
		HomeBanc Mortgage Trust
	3,079,226	2.221%, 4/25/2037		1,644,276
		J.P. Morgan Mortgage Trust
	217,930	2.772%, 10/25/2036		158,877
		MASTR Alternative Loans Trust
	561,198	6.500%, 7/25/2034		586,638
		Merrill Lynch Alternative Note Asset Trust
	572,466	6.000%, 3/25/2037		403,894
		Sequoia Mortgage Trust
	794,759	5.352%, 9/20/2046		240,487
		WaMu Mortgage Pass Through Certificates
	391,524	5.836%, 9/25/2036		262,740
	778,704	5.933%, 10/25/2036		533,042
	2,935,788	2.312%, 11/25/2036		2,084,953

		Total Collateralized Mortgage Obligations		13,556,303


	Commercial Mortgage-Backed Securities (1.0%)
		Banc of America Commercial Mortgage, Inc.
	2,800,000	5.633%, 4/10/2049		2,992,548
	3,675,000	5.622%, 6/10/2049		3,940,688
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,710,000	5.331%, 2/11/2044		1,800,668
		Citigroup/Deutsche Bank Commercial Mortgage
	3,900,000	5.322%, 12/11/2049		4,136,547
		Credit Suisse First Boston Mortgage Securities
	2,800,000	5.542%, 1/15/2049		2,964,018
		Credit Suisse Mortgage Capital Certificates
	3,350,000	5.509%, 9/15/2039		3,134,598
		Government National Mortgage Association
	408,473	2.164%, 3/16/2033		414,066
	363,688	3.214%, 1/16/2040		378,734
		Greenwich Capital Commercial Funding Corporation
	1,750,000	5.867%, 12/10/2049		1,552,267
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	1,300,000	5.740%, 2/12/2049		1,233,172
		Morgan Stanley Capital, Inc.
	900,000	5.406%, 3/15/2044		838,615
		Wachovia Bank Commercial Mortgage Trust
	2,100,000	5.603%, 10/15/2048		2,020,074

		Total Commercial Mortgage- Backed Securities		25,405,995


	Communications Services (0.3%)
		Cablevision Systems Corporation
	540,000	8.625%, 9/15/2017		598,050
		CBS Corporation
	675,000	7.875%, 7/30/2030		858,733
	675,000	5.900%, 10/15/2040		757,736
		CCO Holdings, LLC
	530,000	7.000%, 1/15/2019		552,525
		Clear Channel Worldwide Holdings, Inc.
	540,000	9.250%, 12/15/2017		583,200
		Cox Communications, Inc.
	1,350,000	6.950%, 6/1/2038^c		1,541,593
		EH Holding Corporation
	540,000	6.500%, 6/15/2019^c		562,950
		Intelsat Jackson Holdings SA
	540,000	7.250%, 4/1/2019^c		548,100
		NII Capital Corporation
	580,000	7.625%, 4/1/2021		575,650
		Sprint Nextel Corporation
	540,000	9.000%, 11/15/2018^c		567,000
		UPCB Finance V, Ltd.
	540,000	7.250%, 11/15/2021^c		546,750

		Total Communications Services		7,692,287


	Consumer Cyclical (0.2%)
		Chrysler Group, LLC
	530,000	8.000%, 6/15/2019^c		484,950
		Home Depot, Inc.
	1,350,000	5.875%, 12/16/2036		1,694,091
		Lennar Corporation
	540,000	12.250%, 6/1/2017		642,600
		MGM Resorts International
	450,000	11.125%, 11/15/2017		513,000
		Rite Aid Corporation
	540,000	7.500%, 3/1/2017		539,325
		Starwood Hotels & Resorts Worldwide, Inc.
	540,000	6.750%, 5/15/2018		610,200
		Toys R Us Property Company II, LLC
	540,000	8.500%, 12/1/2017		558,900
		West Corporation
	300,000	7.875%, 1/15/2019		297,750

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

108

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (11.3%)	Value
	Consumer Cyclical (0.2%) - continued
		WMG Acquisition Corporation
$	540,000	11.500%, 10/1/2018^c	$	535,950

		Total Consumer Cyclical		5,876,766


	Consumer Non-Cyclical (0.5%)
		Altria Group, Inc.
	1,350,000	9.950%, 11/10/2038		2,053,326
		Anheuser-Busch Companies, Inc.
	675,000	6.450%, 9/1/2037		903,784
		Anheuser-Busch InBev Worldwide, Inc.
	945,000	0.761%, 7/14/2014^b		940,445
	675,000	8.200%, 1/15/2039		1,064,186
		Community Health Systems, Inc.
	545,000	8.875%, 7/15/2015		562,712
		HCA, Inc.
	550,000	7.500%, 2/15/2022		562,375
		JBS USA, LLC/JBS USA Finance, Inc.
	450,000	11.625%, 5/1/2014		510,188
		Kinetic Concepts, Inc./KCI USA, Inc.
	540,000	10.500%, 11/1/2018^c		529,200
		Kraft Foods, Inc.
	675,000	5.375%, 2/10/2020		778,849
	675,000	7.000%, 8/11/2037		901,764
		Reynolds Group Issuer, Inc.
	550,000	6.875%, 2/15/2021^c		547,250
		Tenet Healthcare Corporation
	550,000	8.875%, 7/1/2019		617,375
		UnitedHealth Group, Inc.
	675,000	6.875%, 2/15/2038		905,218
	675,000	5.700%, 10/15/2040		808,151
		Valeant Pharmaceuticals International
	540,000	6.875%, 12/1/2018^c		538,650

		Total Consumer Non-Cyclical		12,223,473


	Energy (0.2%)
		Chesapeake Energy Corporation
	500,000	9.500%, 2/15/2015		572,500
		Denbury Resources, Inc.
	550,000	6.375%, 8/15/2021		574,750
		Harvest Operations Corporation
	540,000	6.875%, 10/1/2017^c		558,900
		Linn Energy, LLC
	540,000	7.750%, 2/1/2021		561,600
		Markwest Energy Partners, LP/Markwest Energy Finance Corporation
	540,000	6.500%, 8/15/2021		562,275
		Weatherford International, Ltd.
	1,345,000	6.750%, 9/15/2040		1,525,741

		Total Energy		4,355,766


	Financials (0.7%)
		Achmea Hypotheekbank NV
	283,000	3.200%, 11/3/2014^c		296,993
		Ally Financial, Inc.
	540,000	8.000%, 3/15/2020		553,500
		AXA SA
	1,350,000	6.379%, 12/29/2049^c,d		877,500
		Bank of Nova Scotia
	450,000	1.450%, 7/26/2013^c		455,210
		BBVA International Preferred SA Unipersonal
	675,000	5.919%, 12/29/2049^d		446,871
		Canadian Imperial Bank of Commerce
	465,000	2.600%, 7/2/2015^c		480,927
		Cie de Financement Foncier
	450,000	2.250%, 3/7/2014^c		442,347
		CIT Group, Inc.
	540,000	7.000%, 5/1/2017		540,000
		Dexia Credit Local SA
	450,000	2.750%, 4/29/2014^c		408,910
		General Electric Capital Corporation
	1,350,000	6.750%, 3/15/2032		1,580,770
		HCP, Inc.
	1,350,000	6.750%, 2/1/2041		1,526,190
		Health Care REIT, Inc.
	540,000	6.500%, 3/15/2041		541,059
		Icahn Enterprises, LP
	630,000	8.000%, 1/15/2018		655,200
		International Bank for Reconstruction & Development
	465,000	2.375%, 5/26/2015		490,573
		International Lease Finance Corporation
	540,000	5.750%, 5/15/2016		500,873
		MetLife Capital Trust IV
	1,350,000	7.875%, 12/15/2037^c		1,400,625
		Prudential Financial, Inc.
	1,350,000	6.200%, 11/15/2040		1,412,647
		QBE Capital Funding III, Ltd.
	1,350,000	7.250%, 5/24/2041^c		1,188,726
		Reinsurance Group of America, Inc.
	675,000	6.750%, 12/15/2065		585,172
		Royal Bank of Canada
	400,000	3.125%, 4/14/2015^c		419,688
		Toronto-Dominion Bank
	465,000	2.200%, 7/29/2015^c		476,139
		XL Group plc
	1,350,000	6.250%, 5/15/2027		1,368,000
	675,000	6.500%, 12/29/2049^d		528,187
		XLIT, Ltd.
	675	3.526%, 10/29/2049^b,e		469,336

		Total Financials		17,645,443


	Foreign Government (<0.1%)
		Bank Nederlandse Gemeenten
	660,000	4.375%, 2/16/2021^c		703,501
		Kommunalbanken AS
	450,000	2.750%, 5/5/2015^c		466,949
		Kreditanstalt fuer Wiederaufbau
	205,000	0.295%, 6/17/2013^b		204,903

		Total Foreign Government		1,375,353

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

109

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (11.3%)	Value
	Mortgage-Backed Securities (4.7%)
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
$	33,300,000	3.000%, 1/1/2027^f	$	34,387,445
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	54,187,500	4.000%, 1/1/2042^f		56,922,289
	17,400,000	4.500%, 1/1/2042^f		18,514,696
	9,281,250	5.000%, 1/1/2042^f		10,026,655
	4,031,250	6.000%, 1/1/2042^f		4,438,785

		Total Mortgage-Backed Securities		124,289,870


	Technology (<0.1%)
		Seagate HDD Cayman
	540,000	7.750%, 12/15/2018^c		574,425

		Total Technology		574,425


	Transportation (<0.1%)
		Avis Budget Car Rental, LLC/Avis Budget Finance, Inc.
	540,000	8.250%, 1/15/2019		535,950

		Total Transportation		535,950


	U.S. Government and Agencies (2.6%)
		FDIC Structured Sale Guaranteed Notes
	185,000	Zero Coupon, 1/7/2012^c		184,967
	185,000	Zero Coupon, 1/7/2014^c		181,513
		Federal Agricultural Mortgage Corporation
	465,000	2.125%, 9/15/2015		481,440
		Federal Home Loan Banks
	2,750,000	5.000%, 11/17/2017		3,300,275
		Federal Home Loan Mortgage Corporation
	2,830,000	0.750%, 3/28/2013		2,845,769
	920,000	2.500%, 1/7/2014		957,808
	1,400,000	4.875%, 6/13/2018		1,686,889
		Federal National Mortgage Association
	1,725,000	1.250%, 2/27/2014		1,749,940
	735,000	4.375%, 10/15/2015		830,542
	1,870,000	1.375%, 11/15/2016		1,886,516
	505,000	6.250%, 5/15/2029		710,973
		Tennessee Valley Authority
	390,000	5.250%, 9/15/2039		497,839
		U.S. Treasury Bonds
	5,000,000	6.500%, 11/15/2026		7,585,940
	755,000	4.375%, 5/15/2041		983,742
		U.S. Treasury Bonds, TIPS
	136,193	2.125%, 2/15/2040		182,765
		U.S. Treasury Notes
	4,315,000	0.750%, 6/15/2014		4,361,856
	9,000,000	2.500%, 4/30/2015		9,604,692
	1,035,000	2.000%, 1/31/2016		1,091,925
	1,390,000	2.625%, 2/29/2016		1,502,504
	3,350,000	3.250%, 3/31/2017		3,750,955
	7,000,000	1.500%, 8/31/2018		7,102,263
	8,210,000	3.125%, 5/15/2021		9,166,974
	950,000	7.625%, 2/15/2025		1,536,031
	2,250,000	4.375%, 5/15/2040		2,922,889
		U.S. Treasury Notes, TIPS
	624,863	3.375%, 1/15/2012		625,058
	821,065	2.000%, 1/15/2014		869,495
	616,652	1.625%, 1/15/2015		665,069
	689,614	0.500%, 4/15/2015		721,563
	553,959	0.125%, 4/15/2016		577,502
	732,002	2.625%, 7/15/2017		871,368
	569,316	1.125%, 1/15/2021		634,920
	162,172	2.375%, 1/15/2025		206,186

		Total U.S. Government and Agencies		70,278,168


	Utilities (0.1%)
		AES Corporation
	550,000	7.375%, 7/1/2021^c		592,625
		Dominion Resources, Inc.
	675,000	2.879%, 9/30/2066^b		567,250
		Energy Transfer Partners, LP
	375,000	6.625%, 10/15/2036		394,312
	675,000	7.500%, 7/1/2038		770,663
		Southern Union Company
	1,350,000	3.447%, 11/1/2066^b		1,258,875

		Total Utilities		3,583,725


		Total Long-Term Fixed Income (cost $297,874,185)		302,225,469


		Short-Term Investments (9.8%)^g
		Federal Home Loan Bank Discount Notes
	5,000,000	0.020%, 1/4/2012^h		4,999,992
	20,000,000	0.020%, 1/6/2012^h		19,999,944
	31,000,000	0.015%, 1/20/2012^h		30,999,755
	4,000,000	0.030%, 2/3/2012^h		3,999,890
	10,000,000	0.030%, 2/8/2012^h		9,999,815
	6,000,000	0.020%, 2/10/2012^h		5,999,867
	25,000,000	0.005%, 2/15/2012^h		24,999,844
	15,000,000	0.010%, 2/17/2012^h		14,999,804
	13,000,000	0.032%, 2/22/2012^h		12,999,717
	25,000,000	0.015%, 3/2/2012^h		24,999,407
	20,000,000	0.015%, 3/7/2012^h		19,999,450
		Federal Home Loan Mortgage Corporation Discount Notes
	6,000,000	0.030%, 1/3/2012^h		5,999,990
	6,000,000	0.010%, 2/17/2012^h,i		5,999,961
	3,000,000	0.015%, 3/5/2012^h		2,999,920
	27,900,000	0.015%, 3/7/2012^h		27,899,233
		Federal National Mortgage Association Discount Notes
	5,000,000	0.010%, 1/9/2012^h		4,999,989
	18,400,000	0.105%, 2/22/2012^h,j		18,397,255
		Straight-A Funding, LLC
	8,000,000	0.190%, 2/9/2012^c,h		7,998,353
	5,000,000	0.190%, 2/21/2012^c,h		4,998,654

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

110

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Short-Term Investments (9.8%)^g	Value
		U.S. Treasury Bills
	6,000,000	0.045%, 2/9/2012^j	$	5,999,709

		Total Short-Term Investments (at amortized cost)		259,290,549

		Total Investments (cost $2,924,067,468) 103.3%	$	2,746,212,438

		Other Assets and Liabilities, Net (3.3%)		(86,611,158	)

		Total Net Assets 100.0%	$	2,659,601,280

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 December 31, 2011.

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

e	This security is displayed in shares.

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

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

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

i	At December 31, 2011, $1,429,991 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.

j	At December 31, 2011, $23,797,053 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.
TIPS	-	Treasury Inflation Protected Security. ETF - Exchange Traded Fund.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	70,399,720
Gross unrealized depreciation		(251,340,114	)

Net unrealized appreciation (depreciation)	$	(180,940,394	)

Cost for federal income tax purposes	$	2,927,152,832

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

111

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Moderately Aggressive Allocation Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Mutual Funds
Equity Mutual Funds		1,121,766,826		1,121,766,826		—		—
Fixed Income Mutual Funds		393,290,722		393,290,722		—		—
Common Stock
Consumer Discretionary		76,664,100		73,958,350		2,705,750		—
Consumer Staples		64,614,079		63,396,612		1,217,467		—
Energy		62,950,714		60,279,978		2,670,736		—
Financials		135,900,085		131,866,460		4,033,625		—
Health Care		78,396,434		77,510,117		886,317		—
Industrials		71,878,713		69,879,148		1,999,565		—
Information Technology		143,081,966		142,624,404		457,562		—
Materials		20,182,664		18,461,886		1,720,778		—
Telecommunications Services		6,164,588		4,837,997		1,326,591		—
Utilities		9,805,529		8,908,106		897,423		—
Long-Term Fixed Income
Asset-Backed Securities		8,753,292		—		8,753,292		—
Basic Materials		4,327,766		—		4,327,766		—
Capital Goods		1,750,887		—		1,750,887		—
Collateralized Mortgage Obligations		13,556,303		—		13,556,303		—
Commercial Mortgage-Backed Securities		25,405,995		—		25,405,995		—
Communications Services		7,692,287		—		7,692,287		—
Consumer Cyclical		5,876,766		—		5,876,766		—
Consumer Non-Cyclical		12,223,473		—		12,223,473		—
Energy		4,355,766		—		4,355,766		—
Financials		17,645,443		—		17,645,443		—
Foreign Government		1,375,353		—		1,375,353		—
Mortgage-Backed Securities		124,289,870		—		124,289,870		—
Technology		574,425		—		574,425		—
Transportation		535,950		—		535,950		—
U.S. Government and Agencies		70,278,168		—		70,278,168		—
Utilities		3,583,725		—		3,583,725		—
Short-Term Investments		259,290,549		—		259,290,549		—

Total	$	2,746,212,438	$	2,166,780,606	$	579,431,832	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		4,806,286		4,806,286		—		—
Credit Default Swaps		153,504		—		153,504		—

Total Asset Derivatives	$	4,959,790	$	4,806,286	$	153,504	$	—

Liability Derivatives
Futures Contracts		2,617,835		2,617,835		—		—

Total Liability Derivatives	$	2,617,835	$	2,617,835	$	—	$	—

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

112

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Note Futures		(110	)		March 2012		($24,251,227	)		($24,260,157	)		($8,930	)
10-Yr. U.S. Treasury Note Futures		(155	)		March 2012		(20,003,004	)		(20,324,375	)		(321,371	)
MSCI EAFE Index Mini-Futures		59			March 2012		4,119,484			4,157,730			38,246
Russell 2000 Index Mini-Futures		(1,257	)		March 2012		(91,716,251	)		(92,867,160	)		(1,150,909	)
S&P 400 Index Mini-Futures		(1,234	)		March 2012		(107,122,195	)		(108,258,820	)		(1,136,625	)
S&P 500 Index Futures		818			March 2012		251,388,660			256,156,700			4,768,040
Total Futures Contracts												$	2,188,451


Credit Default Swaps and Counterparty	Buy/Sell Protection¹	Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)		Value³			Unrealized Gain/(Loss)
CDX HY, Series 17, 5 Year, at 5.00%; Bank of America	Sell		12/20/2016	$	9,310,000	$	695,258		($654,123	)	$	41,135
CDX HY, Series 17, 5 Year, at 5.00%; J.P. Morgan Chase and Co.	Sell		12/20/2016		6,860,000		594,355		(481,986	)		112,369
Total Credit Default Swaps									($1,136,109	)	$	153,504

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

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

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

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

113

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Moderately Aggressive Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	4,806,286
Total Equity Contracts			4,806,286
Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		153,504
Total Credit Contracts			153,504

Total Asset Derivatives		$	4,959,790

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		330,301
Total Interest Rate Contracts			330,301
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,287,534
Total Equity Contracts			2,287,534

Total Liability Derivatives		$	2,617,835

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Moderately Aggressive Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		10,633,745
Total Equity Contracts			10,633,745
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(255,676	)
Total Foreign Exchange Contracts			(255,676	)
Interest Rate Contracts
Options Written	Net realized gains/(losses) on Written option contracts		2,031
Futures	Net realized gains/(losses) on Futures contracts		(5,200,525	)
Total Interest Rate Contracts			(5,198,494	)
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		1,654,393
Total Credit Contracts			1,654,393

Total		$	6,833,968

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

114

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Moderately Aggressive Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(330,301	)
Total Interest Rate Contracts			(330,301	)
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		2,073,668
Total Equity Contracts			2,073,668
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		153,504
Total Credit Contracts			153,504

Total		$	1,896,871

The following table presents Moderately Aggressive Allocation Portfolio’s average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk

Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Equity Contracts

512,154,123

19.4

N/A

Interest Rate Contracts

67,565,627

2.6

N/A

Foreign Exchange Contracts

N/A

975,357

<0.1

N/A

Credit Contracts

N/A

21,987,461

0.8

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

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

115

Moderately Aggressive Allocation Portfolio

Schedule of Investments as of December 31, 2011

Investment in Affiliates

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

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


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Real Estate Securities	$	75,400,485	$	—	$	72,575,191		—	$	—	$	—
Partner Small Cap Growth		65,317,912		—		—		5,056,075		62,803,020		—
Partner Small Cap Value		65,377,232		140,257		—		3,436,858		64,077,118		140,257
Small Cap Stock		57,345,023		—		—		4,528,335		54,297,906		—
Mid Cap Growth II		66,948,352		2,496,613		66,832,296		—		—		69,092
Partner Mid Cap Value		82,249,173		178,319		—		6,158,169		77,040,544		178,318
Mid Cap Stock		172,344,241		78,604		—		14,071,209		161,523,408		78,604
Partner Worldwide Allocation		144,480,301		16,621,055		—		18,437,323		136,290,534		3,064,604
Partner International Stock		207,790,968		76,343		—		19,477,076		178,908,630		76,343
Large Cap Growth II		155,203,606		3,146,799		141,648,360		—		—		221,775
Large Cap Value		197,661,302		44,473		—		18,430,656		191,568,241		44,473
Large Cap Stock		184,085,048		21,757		—		21,658,100		175,660,184		21,757
Equity Income Plus		20,090,748		56,284		—		2,223,952		19,597,241		56,284
High Yield		103,387,730		18,110,013		13,195,337		22,545,368		105,113,270		8,017,337
Income		172,852,335		22,670,389		14,151,897		18,204,967		183,615,301		8,397,678
Limited Maturity Bond		94,786,105		12,404,204		1,229,655		10,810,810		104,562,151		2,248,678
Total Value and Income Earned		1,865,320,561								1,515,057,548		22,615,200

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

116

Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Mutual Funds (61.6%)	Value
	Equity Mutual Funds (29.1%)
	4,491,902	Thrivent Partner Small Cap Growth Portfolio^a	$	55,795,259
	4,235,223	Thrivent Partner Small Cap Value Portfolio		78,961,913
	3,596,908	Thrivent Small Cap Stock Portfolio^a		43,129,445
	5,853,149	Thrivent Partner Mid Cap Value Portfolio		73,224,646
	11,623,612	Thrivent Mid Cap Stock Portfolio		133,427,441
	27,446,563	Thrivent Partner Worldwide Allocation Portfolio		202,887,736
	17,546,838	Thrivent Partner International Stock Portfolio		161,178,231
	25,642,869	Thrivent Large Cap Value Portfolio		266,531,978
	20,069,137	Thrivent Large Cap Stock Portfolio		162,772,741
	2,930,787	Thrivent Equity Income Plus Portfolio		25,825,801

		Total Equity Mutual Funds		1,203,735,191


	Fixed Income Mutual Funds (32.5%)
	35,222,521	Thrivent High Yield Portfolio		164,217,962
	59,317,844	Thrivent Income Portfolio		598,279,774
	59,808,619	Thrivent Limited Maturity Bond Portfolio		578,468,960


		Total Fixed Income Mutual Funds		1,340,966,696


		Total Mutual Funds (cost $2,738,177,009)		2,544,701,887


		Common Stock (17.5%)
	Consumer Discretionary (1.9%)
	4,989	Abercrombie & Fitch Company		243,663
	58,792	Amazon.com, Inc.^a		10,176,895
	13,080	Autoliv, Inc.		699,649
	1,600	Bayerische Motoren Werke AG		75,536
	5,000	Benesse Holdings, Inc.		241,709
	54,600	Big Lots, Inc.^a		2,061,696
	21,152	British Sky Broadcasting Group plc		240,658
	27,888	Buffalo Wild Wings, Inc.^a		1,882,719
	18,050	CBS Corporation		489,877
	12,400	Charter Communications, Inc.^a		706,056
	106,300	Coach, Inc.		6,488,552
	297,394	Comcast Corporation		7,051,212
	84,000	ComfortDelGro Corporation, Ltd		91,648
	5,000	Daihatsu Motor Company, Ltd.		88,914
	2,600	Daito Trust Construction Company, Ltd.		222,629
	4,612	Darden Restaurants, Inc.		210,215
	103,734	Discovery Communications, Inc.^a		4,249,982
	18,090	Dollar Tree, Inc.^a		1,503,460
	4,300	FamilyMart Company, Ltd.		173,647
	42,200	Fiat SPA		192,590
	95,826	Foot Locker, Inc.		2,284,492
	4,338	Gaylord Entertainment Company^a		104,719
	5,291	Gentex Corporation		156,561
	23,390	Harley-Davidson, Inc.		909,169
	171,100	Home Depot, Inc.		7,193,044
	4,200	Kabel Deutschland Holding AG^a		212,906
	163,165	Las Vegas Sands Corporation^a		6,972,040
	4,100	Lawson, Inc.		255,452
	42,000	Life Time Fitness, Inc.^a		1,963,500
	12,545	Limited Brands, Inc.		506,191
	46,602	Macy’s, Inc.		1,499,652
	6,475	Marriott International, Inc.		188,876
	647	Marriott Vacations Worldwide Corporation^a		11,103
	34,000	McDonald’s Corporation		3,411,220
	93,490	News Corporation		1,699,648
	27,810	Omnicom Group, Inc.		1,239,770
	5,333	O’Reilly Automotive, Inc.^a		426,373
	4,791	Panera Bread Company^a		677,687
	8,902	PetSmart, Inc.		456,584
	192,872	Pier 1 Imports, Inc.^a		2,686,707
	3,000	Sankyo Company, Ltd.		151,672
	10,000	SES Global SA		239,550
	39,589	Signet Jewelers, Ltd.		1,740,332
	11,637	Starwood Hotels & Resorts Worldwide, Inc.		558,227
	33,590	Target Corporation		1,720,480
	14,610	Time Warner Cable, Inc.		928,758
	5,581	Tractor Supply Company		391,507
	4,600	United Internet AG		81,990
	2,180	USS Company, Ltd.		197,025
	2,243	VF Corporation		284,839
	27,561	Williams-Sonoma, Inc.		1,061,098
	27,091	WMS Industries, Inc.^a		555,907
	2,699	Wyndham Worldwide Corporation		102,103

		Total Consumer Discretionary		77,960,489


	Consumer Staples (1.7%)
	278,502	Altria Group, Inc.		8,257,584
	118,184	Anheuser-Busch InBev NV ADR		7,208,042
	13,000	Autogrill SPA		126,363
	4,500	British American Tobacco plc		213,486
	86,445	British American Tobacco plc ADR		8,201,902
	3,715	Clorox Company		247,270
	135,550	Coca-Cola Company		9,484,433
	127,500	ConAgra Foods, Inc.		3,366,000
	69,496	Corn Products International, Inc.		3,654,795
	23,520	CVS Caremark Corporation		959,146
	23,920	Diageo plc ADR		2,091,086
	5,800	Imperial Tobacco Group plc		219,479
	6,100	Kao Corporation		166,445
	19,900	Koninklijke (Royal) Ahold NV		267,448
	66,222	Kraft Foods, Inc.		2,474,054
	1,900	Nestle SA		109,105
	113,670	Philip Morris International, Inc.		8,920,822
	35,561	TreeHouse Foods, Inc.^a		2,324,978
	205,122	Wal-Mart Stores, Inc.		12,258,091
	7,543	Whole Foods Market, Inc.		524,842

		Total Consumer Staples		71,075,371


	Energy (1.6%)
	38,513	Alpha Natural Resources, Inc.^a		786,821
	77,988	Apache Corporation		7,064,153
	90,099	Arch Coal, Inc.		1,307,336
	96,020	Baker Hughes, Inc.		4,670,413

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

117

Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (17.5%)	Value
	Energy (1.6%) - continued
	3,200	Cameron International Corporation^a	$	157,408
	26,860	Chevron Corporation		2,857,904
	3,425	Concho Resources, Inc.^a		321,094
	39,060	ConocoPhillips		2,846,302
	9,400	Eni SPA		193,792
	198,110	ENSCO International plc ADR		9,295,321
	20,070	EOG Resources, Inc.		1,977,096
	64,500	Exxon Mobil Corporation		5,467,020
	71,566	Helix Energy Solutions Group, Inc.^a		1,130,743
	118,700	Marathon Oil Corporation		3,474,349
	12,583	National Oilwell Varco, Inc.		855,518
	12,900	Neste Oil OYJ		129,729
	11,300	Newfield Exploration Company^a		426,349
	9,760	Occidental Petroleum Corporation		914,512
	33,844	Oil States International, Inc.^a		2,584,666
	146,732	Patriot Coal Corporation^a		1,242,820
	145,187	Peabody Energy Corporation		4,807,141
	139,237	Petroleum Geo-Services ASA^a		1,517,462
	2,136	Range Resources Corporation		132,304
	2,740	Royal Dutch Shell plc, Class A		100,531
	10,600	Royal Dutch Shell plc, Class B		403,210
	1,900	RWE AG		66,692
	15,600	Southwestern Energy Company^a		498,264
	53,879	Swift Energy Company^a		1,601,284
	644,992	Weatherford International, Ltd.^a		9,442,683
	7,600	Woodside Petroleum, Ltd.		237,905

		Total Energy		66,510,822


	Financials (4.0%)
	16,496	Acadia Realty Trust		332,229
	30,700	ACE, Ltd.		2,152,684
	24,479	Affiliated Managers Group, Inc.^a		2,348,760
	22,696	Alexandria Real Estate Equities, Inc.		1,565,343
	11,112	American Assets Trust, Inc.		227,907
	27,065	American Campus Communities, Inc.		1,135,647
	9,116	American Capital Agency Corporation		255,977
	28,420	Aon Corporation		1,330,056
	39,545	Apartment Investment & Management Company		905,976
	2,971	Apollo Commercial Real Estate Finance, Inc.		39,009
	27,041	Ashford Hospitality Trust, Inc.		216,328
	9,700	Assicurazioni Generali SPA		145,599
	11,474	Associated Estates Realty Corporation		183,010
	7,400	ASX, Ltd.		230,990
	14,500	Atlantia SPA		231,424
	30,064	AvalonBay Communities, Inc.		3,926,358
	56,900	Banco de Valencia SA^a		45,133
	43,165	BioMed Realty Trust, Inc.		780,423
	47,459	Boston Properties, Inc.		4,726,916
	43,675	Brandywine Realty Trust		414,913
	21,902	BRE Properties, Inc.		1,105,613
	4,940	Brookfield Asset Management, Inc.		135,751
	31,843	Brookfield Office Properties, Inc.		498,025
	26,228	Camden Property Trust		1,632,431
	12,228	Campus Crest Communities, Inc.		123,014
	61,024	CBL & Associates Properties, Inc.		958,077
	6,883	CBRE Group, Inc.^a		104,759
	6,128	Chatham Lodging Trust		66,060
	11,054	Chesapeake Lodging Trust		170,895
	87,617	Citigroup, Inc.		2,305,203
	10,091	CME Group, Inc.		2,458,874
	12,967	Cogdell Spencer, Inc.		55,110
	3,385	Cohen & Steers Quality Income Realty Fund, Inc.		28,671
	21,706	Colonial Properties Trust		452,787
	6,381	Colony Financial, Inc.		100,246
	9,305	CommonWealth REIT		154,835
	4,967	Coresite Realty Corporation		88,512
	20,968	Corporate Office Properties Trust		445,780
	3,976	CreXus Investment Corporation		41,271
	21,525	CubeSmart		229,026
	67,035	DCT Industrial Trust, Inc.		343,219
	82,721	DDR Corporation		1,006,715
	58,057	DiamondRock Hospitality Company		559,669
	38,200	Digital Realty Trust, Inc.		2,546,794
	96,429	Discover Financial Services		2,314,296
	44,637	Douglas Emmett, Inc.		814,179
	101,741	Duke Realty Corporation		1,225,979
	20,460	DuPont Fabros Technology, Inc.		495,541
	8,487	EastGroup Properties, Inc.		369,015
	18,515	Education Realty Trust, Inc.		189,408
	14,200	Endurance Specialty Holdings, Ltd.		543,150
	14,943	Entertainment Properties Trust		653,159
	14,307	Equity Lifestyle Properties, Inc.		954,134
	44,673	Equity One, Inc.		758,548
	91,364	Equity Residential		5,210,489
	13,580	Essex Property Trust, Inc.		1,908,126
	6,919	Excel Trust, Inc.		83,028
	2,900	Experian plc		39,419
	33,331	Extra Space Storage, Inc.		807,610
	19,087	Federal Realty Investment Trust		1,732,145
	28,385	FelCor Lodging Trust, Inc.^a		86,574
	248,900	Fifth Third Bancorp		3,166,008
	14,020	First Industrial Realty Trust, Inc.^a		143,425
	10,949	First Potomac Realty Trust		142,884
	20,413	Forest City Enterprises, Inc.^a		241,282
	106,879	General Growth Properties, Inc.		1,605,323
	29,744	Glimcher Realty Trust		273,645
	9,100	Goldman Sachs Group, Inc.		822,913
	9,132	Government Properties Income Trust		205,927
	4,488	Hannover Rueckversicherung AG		222,368
	34,163	HCC Insurance Holdings, Inc.		939,483
	101,998	HCP, Inc.		4,225,777
	47,379	Health Care REIT, Inc.		2,583,577
	15,364	Healthcare Realty Trust, Inc.		285,617
	47,874	Hersha Hospitality Trust		233,625
	19,301	Highwoods Properties, Inc.		572,661
	13,666	Home Properties, Inc.		786,752
	21,896	Hospitality Properties Trust		503,170
	262,824	Host Hotels & Resorts, Inc.		3,881,910
	184,800	Hudson City Bancorp, Inc.		1,155,000
	2,213	Hudson Pacific Properties, Inc.		31,336

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

118

Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (17.5%)	Value
	Financials (4.0%) - continued
	13,611	Inland Real Estate Corporation	$	103,580
	5,885	IntercontinentalExchange, Inc.^a		709,437
	20,449	Invesco Mortgage Capital, Inc.		287,308
	197,227	J.P. Morgan Chase & Company		6,557,798
	2,600	Julius Baer Group, Ltd.^a		101,276
	20,483	Kilroy Realty Corporation		779,788
	104,401	Kimco Realty Corporation		1,695,472
	11,600	Kinnevik Investment AB		225,462
	18,892	Kite Realty Group Trust		85,203
	85,690	KKR & Company, LP		1,099,403
	24,248	LaSalle Hotel Properties		587,044
	17,607	Lazard, Ltd.		459,719
	17,276	Lexington Realty Trust		129,397
	32,124	Liberty Property Trust		991,989
	3,400	London Stock Exchange Group plc		41,815
	4,401	LTC Properties, Inc.		135,815
	11,900	M&T Bank Corporation		908,446
	42,481	Macerich Company		2,149,539
	24,904	Mack-Cali Realty Corporation		664,688
	19,105	Medical Properties Trust, Inc.		188,566
	9,874	Mid-America Apartment Communities, Inc.		617,619
	1,530	MSCI, Inc.^a		50,383
	2,100	Muenchener Rueckversicherungs - Gesellschaft AG		257,322
	25,900	NASDAQ OMX Group, Inc.^a		634,809
	24,204	National Retail Properties, Inc.		638,502
	14,200	Northern Trust Corporation		563,172
	144,100	Ocwen Financial Corporation^a		2,086,568
	23,481	Omega Healthcare Investors, Inc.		454,357
	1,300	Pargesa Holding SA		84,918
	200	Partners Group Holding AG		34,842
	13,391	Pebblebrook Hotel Trust		256,839
	5,438	Pennsylvania Real Estate Investment Trust		56,773
	6,853	Piedmont Office Realty Trust, Inc.		116,775
	6,856	Plum Creek Timber Company, Inc.		250,655
	1,004,295	Popular, Inc.^a		1,395,970
	13,321	Post Properties, Inc.		582,394
	37,222	Principal Financial Group, Inc.		915,661
	35,770	Progressive Corporation		697,873
	131,156	Prologis, Inc.		3,749,750
	25,373	Prudential plc		251,050
	5,187	PS Business Parks, Inc.		287,515
	42,792	Public Storage, Inc.		5,753,812
	13,135	Ramco-Gershenson Properties Trust		129,117
	10,326	Rayonier, Inc. REIT		460,849
	8,149	Realty Income Corporation		284,889
	34,829	Regency Centers Corporation		1,310,267
	60,123	Resolution, Ltd.		234,376
	5,532	Retail Opportunity Investments Corporation		65,499
	8,110	RLJ Lodging Trust		136,491
	5,700	Sabra Healthcare REIT, Inc.		68,913
	2,104	Saul Centers, Inc.		74,524
	44,843	Senior Housing Property Trust		1,006,277
	94,929	Simon Property Group, Inc.		12,240,145
	48,000	Singapore Exchange, Ltd.		226,870
	27,630	SL Green Realty Corporation		1,841,263
	3,049	Sovran Self Storage, Inc.		130,101
	4,034	Starwood Property Trust, Inc.		74,669
	33,890	State Street Corporation		1,366,106
	69,100	Stockland		225,732
	25,267	Strategic Hotel Capital, Inc.^a		135,684
	9,200	Sumitomo Mitsui Financial Group, Inc.		255,142
	11,275	Summit Hotel Properties, Inc.		106,436
	1,886	Sun Communities, Inc.		68,896
	33,729	Sunstone Hotel Investors, Inc.^a		274,891
	21,550	SVB Financial Group^a		1,027,720
	9,400	Svenska Handelsbanken AB		246,331
	31,356	Tanger Factory Outlet Centers, Inc.		919,358
	18,248	Taubman Centers, Inc.		1,133,201
	13,783	TD Ameritrade Holding Corporation		215,704
	76,382	Texas Capital Bancshares, Inc.^a		2,338,053
	2,100	Tryg A/S		116,327
	50,672	Two Harbors Investment Corporation		468,209
	27,170	U.S. Bancorp		734,949
	51,562	UDR, Inc.		1,294,206
	20,000	United Overseas Land, Ltd.		61,604
	82,520	Unum Group		1,738,696
	12,050	Vanguard REIT ETF		698,900
	75,204	Ventas, Inc.		4,145,997
	52,896	Vornado Realty Trust		4,065,587
	32,534	W.R. Berkley Corporation		1,118,844
	10,348	Washington Real Estate Investment Trust		283,018
	29,171	Weingarten Realty Investors		636,511
	270,173	Wells Fargo & Company		7,445,968
	30,300	Westfield Group		241,746
	2,562	Winthrop Realty Trust		26,056
	131,583	Zions Bancorporation		2,142,171
	600	Zurich Financial Services AG^a		135,184

		Total Financials		166,604,283


	Health Care (2.0%)
	11,548	Alexion Pharmaceuticals, Inc.^a		825,682
	112,200	Align Technology, Inc.^a		2,661,945
	10,229	AmerisourceBergen Corporation		380,417
	109,700	Amgen, Inc.		7,043,837
	7,200	AstraZeneca plc		332,590
	127,699	Baxter International, Inc.		6,318,547
	2,400	BioMarin Pharmaceutical, Inc.^a		82,512
	106,750	Bristol-Myers Squibb Company		3,761,870
	7,801	C.R. Bard, Inc.		666,985
	7,717	CIGNA Corporation		324,114
	45,797	Covance, Inc.^a		2,093,839
	17,448	Coventry Health Care, Inc.^a		529,896
	34,130	Covidien plc		1,536,191
	7,700	CSL, Ltd.		251,043
	167,900	Eli Lilly and Company		6,977,924
	64,500	Gilead Sciences, Inc.^a		2,639,985
	89,124	Health Net, Inc.^a		2,711,152
	24,100	Johnson & Johnson		1,580,478
	79,357	McKesson Corporation		6,182,704
	38,700	Medtronic, Inc.		1,480,275
	62,460	Merck & Company, Inc.		2,354,742
	861	Mettler-Toledo International, Inc.^a		127,178
	336,612	Mylan, Inc.^a		7,223,694
	1,300	Novartis AG		74,221

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

119

Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (17.5%)	Value
	Health Care (2.0%) - continued
	300	Novo Nordisk AS	$	34,465
	2,979	Onyx Pharmaceuticals, Inc.^a		130,927
	301,542	Pfizer, Inc.		6,525,369
	82,541	PSS World Medical, Inc.^a		1,996,667
	700	Roche Holding AG		118,383
	6,246	SXC Health Solutions Corporation^a		352,774
	21,500	Thoratec Corporation^a		721,540
	55,580	United Therapeutics Corporation^a		2,626,155
	228,127	UnitedHealth Group, Inc.		11,561,476
	7,610	Varian Medical Systems, Inc.^a		510,859
	6,300	Waters Corporation^a		466,515
	8,130	Watson Pharmaceuticals, Inc.^a		490,564
	8,382	Zimmer Holdings, Inc.^a		447,766

		Total Health Care		84,145,281


	Industrials (1.8%)
	34,500	3M Company		2,819,685
	20	A P Moller - Maersk AS		131,554
	14,900	Abertis Infraestructuras SA		236,771
	21,000	All Nippon Airways Company, Ltd.		58,678
	3,656	AMETEK, Inc.		153,918
	13,875	BE Aerospace, Inc.^a		537,101
	74,460	Boeing Company		5,461,641
	7,400	Bouygues SA		232,719
	28,158	Caterpillar, Inc.		2,551,115
	29	Central Japan Railway Company		244,739
	27,225	Chicago Bridge and Iron Company		1,029,105
	13,700	Cobham plc		39,011
	143,397	CSX Corporation		3,019,941
	21,300	Cummins, Inc.		1,874,826
	78,140	Deluxe Corporation		1,778,466
	2,900	Deutsche Lufthansa AG		34,492
	4,200	East Japan Railway Company		267,701
	2,200	Eiffage SA		53,002
	75,481	EMCOR Group, Inc.		2,023,646
	12,182	Expeditors International of Washington, Inc.		498,975
	2,616	Flowserve Corporation		259,821
	17,100	Fluor Corporation		859,275
	72,790	FTI Consulting, Inc.^a		3,087,752
	55,100	GATX Corporation		2,405,666
	175,270	General Electric Company		3,139,086
	69,962	Honeywell International, Inc.		3,802,435
	5,500	Jacobs Engineering Group, Inc.^a		223,190
	10,930	JB Hunt Transport Services, Inc.		492,615
	8,345	Kansas City Southern^a		567,543
	2,500	Koninklijke Boskalis Westminster NV		91,561
	28,400	L-3 Communications Holdings, Inc.		1,893,712
	278,083	Manitowoc Company, Inc.		2,555,583
	9,500	Manpower, Inc.		339,625
	27,758	Oshkosh Corporation^a		593,466
	52,668	Parker Hannifin Corporation		4,015,935
	8,202	Pentair, Inc.		273,045
	36,100	PostNL NV		114,532
	32,163	Precision Castparts Corporation		5,300,141
	17,100	Republic Services, Inc.		471,105
	6,192	Roper Industries, Inc.		537,899
	46,900	Ryanair Holdings plc^a		219,356
	82,327	Shaw Group, Inc.^a		2,214,596
	39,479	SPX Corporation		2,379,399
	3,805	Stericycle, Inc.^a		296,486
	24,645	Teledyne Technologies, Inc.^a		1,351,778
	36,580	Textron, Inc.		676,364
	14,500	Tyco International, Ltd.		677,295
	49,833	Union Pacific Corporation		5,279,308
	68,397	United Technologies Corporation		4,999,137
	8,750	WESCO International, Inc.^a		463,837
	900	West Japan Railway Company		39,106
	54,000	Yangzijiang Shipbuilding Holdings, Ltd.		37,789

		Total Industrials		72,705,524


	Information Technology (3.5%)
	50,500	ADTRAN, Inc.		1,523,080
	131,154	Akamai Technologies, Inc.^a		4,233,651
	11,100	Alliance Data Systems Corporation^a		1,152,624
	2,602	Altera Corporation		96,534
	7,466	ANSYS, Inc.^a		427,652
	58,107	Apple, Inc.^a		23,533,335
	232,404	Atmel Corporation^a		1,882,472
	16,467	Baidu.com, Inc. ADR^a		1,917,912
	102,167	Broadcom Corporation^a		2,999,623
	2,700	Cap Gemini SA		83,938
	108,610	Cisco Systems, Inc.		1,963,669
	84,176	Cognizant Technology Solutions Corporation^a		5,413,359
	4,500	Computershare, Ltd.		36,783
	145,229	eBay, Inc.^a		4,404,796
	21,572	Electronic Arts, Inc.^a		444,383
	229,849	EMC Corporation^a		4,950,947
	34,440	F5 Networks, Inc.^a		3,654,773
	8,112	Fortinet, Inc.^a		176,923
	16,784	Google, Inc.^a		10,840,786
	170,300	Intel Corporation		4,129,775
	10,201	International Business Machines Corporation		1,875,760
	15,193	Itron, Inc.^a		543,454
	19,269	Ixia^a		202,517
	28,424	Juniper Networks, Inc.^a		580,134
	46,000	KLA-Tencor Corporation		2,219,500
	8,914	Lam Research Corporation^a		329,996
	27,889	Marvell Technology Group, Ltd.^a		386,263
	4,487	Mercadolibre, Inc.		356,896
	435,925	Microsoft Corporation		11,316,613
	188,355	Monster Worldwide, Inc.^a		1,493,655
	58,040	NetApp, Inc.^a		2,105,111
	4,056	Nice Systems, Ltd. ADR^a		139,729
	44,000	Nokia Oyj		212,096
	26	NTT Data Corporation		82,789
	20,926	Nuance Communications, Inc.^a		526,498
	75,906	NVIDIA Corporation^a		1,052,057
	414,195	Oracle Corporation		10,624,102
	62,566	Plantronics, Inc.		2,229,852
	67,813	Plexus Corporation^a		1,856,720
	145,092	QUALCOMM, Inc.		7,936,532
	89,891	Quest Software, Inc.^a		1,671,973
	6,917	Red Hat, Inc.^a		285,603

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

120

Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (17.5%)	Value
	Information Technology (3.5%) - continued
	30,635	Salesforce.com, Inc.^a	$	3,108,227
	12,922	SuccessFactors, Inc.^a		515,200
	18,019	Symantec Corporation^a		281,997
	13,675	Teradata Corporation^a		663,374
	223,434	Teradyne, Inc.^a		3,045,405
	71,420	Texas Instruments, Inc.		2,079,036
	123,480	TIBCO Software, Inc.^a		2,952,407
	29,590	ValueClick, Inc.^a		482,021
	81,063	VeriFone Systems, Inc.^a		2,879,358
	48,235	VMware, Inc.^a		4,012,670
	141,593	Xilinx, Inc.		4,539,472

		Total Information Technology		146,454,032


	Materials (0.5%)
	12,104	Albemarle Corporation		623,477
	5,000	Amcor, Ltd.		36,808
	3,800	Bayer AG		242,664
	10,700	BHP Billiton plc		312,828
	5,400	BHP Billiton, Ltd.		190,614
	9,745	Celanese Corporation		431,411
	27,654	E.I. du Pont de Nemours and Company		1,266,000
	3,146	FMC Corporation		270,682
	289,407	Freeport-McMoRan Copper & Gold, Inc.		10,647,284
	200	Geberit AG^a		38,444
	6,000	Metso Corporation		221,583
	4,469	Newmont Mining Corporation		268,185
	10,714	Pan American Silver Corporation		233,672
	2,807	Rio Tinto plc		137,115
	13,617	Sigma-Aldrich Corporation		850,518
	16,622	Silgan Holdings, Inc.		642,274
	7,986	Silver Wheaton Corporation		231,275
	47,430	Steel Dynamics, Inc.		623,704
	300	Syngenta AG^a		88,155
	1,900	Wacker Chemie AG		152,608
	24,553	Walter Energy, Inc.		1,486,930
	2,921	Yara International ASA		116,604

		Total Materials		19,112,835


	Telecommunications Services (0.2%)
	4,800	Deutsche Telekom AG		55,056
	21,717	Inmarsat plc		136,009
	6,100	Koninklijke (Royal) KPN NV		72,811
	4,200	Nippon Telegraph & Telephone Corporation		213,822
	94	NTT DoCoMo, Inc.		172,586
	4,756	SBA Communications Corporation^a		204,318
	19,400	Telekom Austria AG		232,072
	7,973	Telenor ASA		130,467
	55,800	Telstra Corporation, Ltd.		189,778
	21,805	TW Telecom, Inc.^a		422,581
	101,776	Verizon Communications, Inc.		4,083,253

		Total Telecommunications Services		5,912,753


	Utilities (0.3%)
	31,100	CMS Energy Corporation		686,688
	20,300	Electricidade de Portugal SA		62,689
	53,750	Exelon Corporation		2,331,137
	8,300	Hokuriku Electric Power Company		155,008
	76,730	NiSource, Inc.		1,826,941
	42,073	NV Energy, Inc.		687,894
	111,200	PNM Resources, Inc.		2,027,176
	6,200	Shikoku Electric Power Company		177,865
	50,061	Southwest Gas Corporation		2,127,092
	16,800	The Kansai Electric Power Company, Inc.		258,067
	8,700	Tohoku Electric Power Company, Inc.		83,585
	31,000	Tokyo Electric Power Company, Inc.^a		74,395
	19,842	UGI Corporation		583,355

		Total Utilities		11,081,892

		Total Common Stock (cost $702,648,933)		721,563,282

Principal Amount		Long-Term Fixed Income (12.0%)	Value
	Asset-Backed Securities (0.4%)
		Citigroup Mortgage Loan Trust, Inc.
	$4,220,470	0.444%, 8/25/2036^b		3,151,526
		GSAMP Trust
	3,924,562	0.474%, 2/25/2036^b		3,056,928
		J.P. Morgan Mortgage Acquisition Corporation
	5,300,000	5.461%, 10/25/2036		4,050,075
		Morgan Stanley Capital, Inc.
	4,281,042	0.444%, 2/25/2037^b		2,390,688
		Renaissance Home Equity Loan Trust
	6,500,000	6.011%, 5/25/2036		2,545,420
	3,961,085	5.580%, 11/25/2036		2,230,934

		Total Asset-Backed Securities		17,425,571


	Basic Materials (0.2%)
		ArcelorMittal
	3,500,000	7.000%, 10/15/2039		3,252,599
		Arch Coal, Inc.
	740,000	7.000%, 6/15/2019^c		754,800
		Dow Chemical Company
	3,500,000	4.250%, 11/15/2020		3,638,036
		FMG Resources Property, Ltd.
	740,000	7.000%, 11/1/2015^c		747,400
		Novelis, Inc.
	740,000	8.375%, 12/15/2017		786,250

		Total Basic Materials		9,179,085


	Capital Goods (0.1%)
		Bombardier, Inc.
	740,000	7.750%, 3/15/2020^c		806,600
		Case New Holland, Inc.
	730,000	7.875%, 12/1/2017		824,900
		Danaher Corporation
	1,400,000	0.817%, 6/21/2013^b		1,402,041

		Total Capital Goods		3,033,541

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

121

Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (12.0%)	Value
	Collateralized Mortgage Obligations (0.7%)
		Citigroup Mortgage Loan Trust, Inc.
	$1,691,472	5.500%, 11/25/2035	$	1,429,421
		CitiMortgage Alternative Loan Trust
	5,798,900	5.750%, 4/25/2037		3,773,924
		Countrywide Alternative Loan Trust
	2,429,458	6.000%, 4/25/2036		1,574,906
	1,166,645	6.000%, 1/25/2037		766,297
	6,700,359	5.500%, 5/25/2037		4,559,366
	5,801,591	7.000%, 10/25/2037		3,315,046
		Countrywide Home Loans, Inc.
	3,014,402	5.750%, 4/25/2037		2,518,768
		Deutsche Alt-A Securities, Inc.
	1,087,216	5.500%, 10/25/2021		1,039,671
	2,010,435	6.000%, 10/25/2021		1,765,755
		GSR Mortgage Loan Trust
	3,018,104	0.484%, 8/25/2046^b		2,262,588
		HomeBanc Mortgage Trust
	2,557,744	2.221%, 4/25/2037		1,365,810
		J.P. Morgan Mortgage Trust
	1,570,273	2.783%, 6/25/2036		1,169,969
	508,504	2.772%, 10/25/2036		370,713
		MASTR Alternative Loans Trust
	1,303,428	6.500%, 7/25/2034		1,362,515
		Merrill Lynch Alternative Note Asset Trust
	1,335,753	6.000%, 3/25/2037		942,421
		Sequoia Mortgage Trust
	2,006,768	5.352%, 9/20/2046		607,230
		WaMu Mortgage Pass Through Certificates
	548,134	5.836%, 9/25/2036		367,837
	1,938,813	5.933%, 10/25/2036		1,327,166
	2,935,788	2.312%, 11/25/2036		2,084,953

		Total Collateralized Mortgage Obligations		32,604,356


	Commercial Mortgage-Backed Securities (1.3%)
		Banc of America Commercial Mortgage, Inc.
	7,200,000	5.633%, 4/10/2049		7,695,122
	4,975,000	5.622%, 6/10/2049		5,334,673
		Bear Stearns Commercial Mortgage Securities, Inc.
	3,500,000	5.331%, 2/11/2044		3,685,577
		Citigroup/Deutsche Bank Commercial Mortgage
	3,000,000	5.322%, 12/11/2049		3,181,959
		Credit Suisse First Boston Mortgage Securities
	7,200,000	5.542%, 1/15/2049		7,621,762
		Credit Suisse Mortgage Capital Certificates
	8,875,000	5.509%, 9/15/2039		8,304,346
		Government National Mortgage Association
	535,846	2.164%, 3/16/2033		543,183
	477,097	3.214%, 1/16/2040		496,834
		Greenwich Capital Commercial Funding Corporation
	4,650,000	5.867%, 12/10/2049		4,124,596
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	3,650,000	5.740%, 2/12/2049		3,462,368
		Morgan Stanley Capital, Inc.
	2,650,000	5.406%, 3/15/2044		2,469,257
		Wachovia Bank Commercial Mortgage Trust
	5,400,000	5.603%, 10/15/2048		5,194,476

		Total Commercial Mortgage- Backed Securities		52,114,153


	Communications Services (0.4%)
		Cablevision Systems Corporation
	740,000	8.625%, 9/15/2017		819,550
		CBS Corporation
	1,750,000	7.875%, 7/30/2030		2,226,345
	1,750,000	5.900%, 10/15/2040		1,964,499
		CCO Holdings, LLC
	710,000	7.000%, 1/15/2019		740,175
		Clear Channel Worldwide Holdings, Inc.
	740,000	9.250%, 12/15/2017		799,200
		Cox Communications, Inc.
	3,500,000	6.950%, 6/1/2038^c		3,996,724
		EH Holding Corporation
	740,000	6.500%, 6/15/2019^c		771,450
		Intelsat Jackson Holdings SA
	740,000	7.250%, 4/1/2019^c		751,100
		NII Capital Corporation
	730,000	7.625%, 4/1/2021		724,525
		Sprint Nextel Corporation
	740,000	9.000%, 11/15/2018^c		777,000
		UPCB Finance V, Ltd.
	740,000	7.250%, 11/15/2021^c		749,250

		Total Communications Services		14,319,818


	Consumer Cyclical (0.2%)
		Chrysler Group, LLC
	695,000	8.000%, 6/15/2019^c		635,925
		Home Depot, Inc.
	3,500,000	5.875%, 12/16/2036		4,392,087
		Lennar Corporation
	740,000	12.250%, 6/1/2017		880,600
		MGM Resorts International
	630,000	11.125%, 11/15/2017		718,200
		Rite Aid Corporation
	740,000	7.500%, 3/1/2017		739,075
		Starwood Hotels & Resorts Worldwide, Inc.
	740,000	6.750%, 5/15/2018		836,200
		Toys R Us Property Company II, LLC
	740,000	8.500%, 12/1/2017		765,900

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

122

Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (12.0%)	Value
	Consumer Cyclical (0.2%) - continued
		West Corporation
	$ 410,000	7.875%, 1/15/2019	$	406,925
		WMG Acquisition Corporation
	740,000	11.500%, 10/1/2018^c		734,450

		Total Consumer Cyclical		10,109,362


	Consumer Non-Cyclical (0.7%)
		Altria Group, Inc.
	3,500,000	9.950%, 11/10/2038		5,323,437
		Anheuser-Busch Companies, Inc.
	1,750,000	6.450%, 9/1/2037		2,343,144
		Anheuser-Busch InBev Worldwide, Inc.
	2,450,000	0.761%, 7/14/2014^b		2,438,191
	1,750,000	8.200%, 1/15/2039		2,759,001
		Community Health Systems, Inc.
	746,000	8.875%, 7/15/2015		770,245
		HCA, Inc.
	730,000	7.500%, 2/15/2022		746,425
		JBS USA, LLC/JBS USA Finance, Inc.
	620,000	11.625%, 5/1/2014		702,925
		Kinetic Concepts, Inc./KCI USA, Inc.
	740,000	10.500%, 11/1/2018^c		725,200
		Kraft Foods, Inc.
	1,750,000	5.375%, 2/10/2020		2,019,239
	1,750,000	7.000%, 8/11/2037		2,337,907
		Reynolds Group Issuer, Inc.
	730,000	6.875%, 2/15/2021^c		726,350
		Tenet Healthcare Corporation
	750,000	8.875%, 7/1/2019		841,875
		UnitedHealth Group, Inc.
	1,750,000	6.875%, 2/15/2038		2,346,860
	1,750,000	5.700%, 10/15/2040		2,095,205
		Valeant Pharmaceuticals International
	740,000	6.875%, 12/1/2018^c		738,150

		Total Consumer Non-Cyclical		26,914,154


	Energy (0.2%)
		Chesapeake Energy Corporation
	670,000	9.500%, 2/15/2015		767,150
		Denbury Resources, Inc.
	740,000	6.375%, 8/15/2021		773,300
		Harvest Operations Corporation
	740,000	6.875%, 10/1/2017^c		765,900
		Linn Energy, LLC
	730,000	7.750%, 2/1/2021		759,200
		Markwest Energy Partners, LP/Markwest Energy Finance Corporation
	740,000	6.500%, 8/15/2021		770,525
		Weatherford International, Ltd.
	3,500,000	6.750%, 9/15/2040		3,970,330

		Total Energy		7,806,405


	Financials (0.9%)
		Achmea Hypotheekbank NV
	371,000	3.200%, 11/3/2014^c		389,345
		Ally Financial, Inc.
	740,000	8.000%, 3/15/2020		758,500
		AXA SA
	3,500,000	6.379%, 12/29/2049^c,d		2,275,000
		Bank of Nova Scotia
	600,000	1.450%, 7/26/2013^c		606,946
		BBVA International Preferred SA Unipersonal
	1,750,000	5.919%, 12/29/2049^d		1,158,554
		Canadian Imperial Bank of Commerce
	610,000	2.600%, 7/2/2015^c		630,893
		Cie de Financement Foncier
	600,000	2.250%, 3/7/2014^c		589,796
		CIT Group, Inc.
	740,000	7.000%, 5/1/2017		740,000
		Dexia Credit Local SA
	600,000	2.750%, 4/29/2014^c		545,214
		General Electric Capital Corporation
	3,500,000	6.750%, 3/15/2032		4,098,294
		HCP, Inc.
	3,500,000	6.750%, 2/1/2041		3,956,788
		Health Care REIT, Inc.
	1,400,000	6.500%, 3/15/2041		1,402,745
		Icahn Enterprises, LP
	770,000	8.000%, 1/15/2018		800,800
		International Bank for Reconstruction & Development
	600,000	2.375%, 5/26/2015		632,997
		International Lease Finance Corporation
	740,000	5.750%, 5/15/2016		686,381
		MetLife Capital Trust IV
	3,500,000	7.875%, 12/15/2037^c		3,631,250
		Prudential Financial, Inc.
	3,500,000	6.200%, 11/15/2040		3,662,418
		QBE Capital Funding III, Ltd.
	3,600,000	7.250%, 5/24/2041^c		3,169,937
		Reinsurance Group of America, Inc.
	1,750,000	6.750%, 12/15/2065		1,517,114
		Royal Bank of Canada
	550,000	3.125%, 4/14/2015^c		577,070
		Toronto-Dominion Bank
	610,000	2.200%, 7/29/2015^c		624,613
		XL Group plc
	3,500,000	6.250%, 5/15/2027		3,546,665
	1,750,000	6.500%, 12/29/2049^d		1,369,375
		XLIT, Ltd.
	1,800	3.526%, 10/29/2049^b,e		1,251,562

		Total Financials		38,622,257


	Foreign Government (<0.1%)
		Bank Nederlandse Gemeenten
	850,000	4.375%, 2/16/2021^c		906,024
		Kommunalbanken AS
	600,000	2.750%, 5/5/2015^c		622,599
		Kreditanstalt fuer Wiederaufbau
	295,000	0.295%, 6/17/2013^b		294,860

		Total Foreign Government		1,823,483

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

123

Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (12.0%)	Value
	Mortgage-Backed Securities (3.8%)
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	$25,300,000	3.000%, 1/1/2027^f	$	26,126,197
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	68,437,500	4.000%, 1/1/2042^f		71,891,472
	23,450,000	4.500%, 1/1/2042^f		24,952,277
	19,006,250	5.000%, 1/1/2042^f		20,532,699
	11,406,250	6.000%, 1/1/2042^f		12,559,354

		Total Mortgage-Backed Securities		156,061,999


	Technology (<0.1%)
		Seagate HDD Cayman
	710,000	7.750%, 12/15/2018^c		755,263

		Total Technology		755,263


	Transportation (<0.1%)
		Avis Budget Car Rental, LLC/Avis Budget Finance, Inc.
	740,000	8.250%, 1/15/2019		734,450

		Total Transportation		734,450


	U.S. Government and Agencies (2.9%)
		FDIC Structured Sale Guaranteed Notes
	240,000	Zero Coupon, 1/7/2012^c		239,956
	240,000	Zero Coupon, 1/7/2014^c		235,476
		Federal Agricultural Mortgage Corporation
	600,000	2.125%, 9/15/2015		621,212
		Federal Home Loan Banks
	3,500,000	5.000%, 11/17/2017		4,200,350
		Federal Home Loan Mortgage Corporation
	3,640,000	0.750%, 3/28/2013		3,660,282
	1,200,000	2.500%, 1/7/2014		1,249,315
	1,675,000	4.875%, 6/13/2018		2,018,243
		Federal National Mortgage Association
	2,250,000	1.250%, 2/27/2014		2,282,530
	910,000	4.375%, 10/15/2015		1,028,290
	2,400,000	1.375%, 11/15/2016		2,421,197
	680,000	6.250%, 5/15/2029		957,350
		Tennessee Valley Authority
	520,000	5.250%, 9/15/2039		663,786
		U.S. Treasury Bonds
	1,020,000	4.375%, 5/15/2041		1,329,028
		U.S. Treasury Bonds, TIPS
	183,337	2.125%, 2/15/2040		246,030
		U.S. Treasury Notes
	5,580,000	0.750%, 6/15/2014		5,640,593
	12,950,000	2.500%, 4/30/2015		13,820,085
	1,225,000	2.000%, 1/31/2016		1,292,375
	1,785,000	2.625%, 2/29/2016		1,929,474
	4,350,000	3.250%, 3/31/2017		4,870,643
	45,000,000	1.500%, 8/31/2018		45,657,405
	11,235,000	3.125%, 5/15/2021		12,544,574
	1,250,000	7.625%, 2/15/2025		2,021,094
	2,975,000	4.375%, 5/15/2040		3,864,709
		U.S. Treasury Notes, TIPS
	790,643	3.375%, 1/15/2012		790,889
	1,023,267	2.000%, 1/15/2014		1,083,624
	830,109	1.625%, 1/15/2015		895,286
	903,813	0.500%, 4/15/2015		945,684
	728,353	0.125%, 4/15/2016		759,309
	945,047	2.625%, 7/15/2017		1,124,976
	750,462	1.125%, 1/15/2021		836,941
	204,216	2.375%, 1/15/2025		259,641

		Total U.S. Government and Agencies		119,490,347


	Utilities (0.2%)
		AES Corporation
	730,000	7.375%, 7/1/2021^c		786,575
		Dominion Resources, Inc.
	1,750,000	2.879%, 9/30/2066^b		1,470,648
		Energy Transfer Partners, LP
	968,000	6.625%, 10/15/2036		1,017,851
	1,750,000	7.500%, 7/1/2038		1,998,015
		Southern Union Company
	3,500,000	3.447%, 11/1/2066^b		3,263,750

		Total Utilities		8,536,839


		Total Long-Term Fixed Income (cost $495,267,365)		499,531,083


		Short-Term Investments (11.7%)^g
		Federal Home Loan Bank Discount Notes
	24,000,000	0.020%, 1/6/2012^h		23,999,934
	29,000,000	0.010%, 1/18/2012^h		28,999,863
	14,000,000	0.015%, 1/20/2012^h		13,999,889
	12,000,000	0.030%, 2/3/2012^h		11,999,670
	14,000,000	0.015%, 2/8/2012^h		13,999,820
	34,000,000	0.005%, 2/15/2012^h		33,999,787
	15,000,000	0.010%, 2/17/2012^h		14,999,804
	14,900,000	0.032%, 2/22/2012^h,i		14,899,311
	20,000,000	0.013%, 3/2/2012^h		19,999,577
	30,000,000	0.015%, 3/7/2012^h		29,999,175
		Federal Home Loan Mortgage Corporation Discount Notes
	8,000,000	0.030%, 1/3/2012^h		7,999,987
	3,000,000	0.030%, 1/9/2012^h		2,999,980
	3,000,000	0.010%, 1/11/2012^h		2,999,992
	10,000,000	0.030%, 1/17/2012^h		9,999,866
	37,000,000	0.030%, 1/23/2012^h		36,999,321
	21,000,000	0.009%, 2/17/2012^h		20,999,758
	15,000,000	0.015%, 3/5/2012^h		14,999,600
		Federal National Mortgage Association Discount Notes
	21,000,000	0.015%, 1/11/2012^h		20,999,934
	11,000,000	0.020%, 1/17/2012^h		10,999,902
	32,150,000	0.099%, 2/22/2012^h,j		32,145,469
	64,334,000	0.015%, 3/7/2012^h		64,332,231

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

124

Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Short-Term Investments (11.7%)^g	Value
		Straight-A Funding, LLC
	9,000,000	0.190%, 1/11/2012^c,h	$	8,999,525
	10,000,000	0.190%, 1/24/2012^c,h		9,998,786
	7,999,000	0.190%, 2/9/2012^c,h		7,997,354
	5,000,000	0.190%, 2/21/2012^c,h		4,998,654
		U.S. Treasury Bills
	7,600,000	0.045%, 2/9/2012^j		7,599,632
		Wal-Mart Stores, Inc.
	10,000,000	0.020%, 1/10/2012^c		9,999,950

		Total Short-Term Investments (at amortized cost)		481,966,771

		Total Investments (cost $4,418,060,078) 102.8%	$	4,247,763,023

		Other Assets and Liabilities, Net (2.8%)		(114,116,307	)

		Total Net Assets 100.0%	$	4,133,646,716

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 December 31, 2011.

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

e	This security is displayed in shares.

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

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

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

i	At December 31, 2011, $5,407,750 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.

j	At December 31, 2011, $39,745,101 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.
TIPS	-	Treasury Inflation Protected Security.
ETF	-	Exchange Traded Fund.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	91,026,996
Gross unrealized depreciation		(265,151,909	)

Net unrealized appreciation (depreciation)	$	(174,124,913	)

Cost for federal income tax purposes	$	4,421,887,936

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

125

Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Moderate Allocation Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Mutual Funds
Equity Mutual Funds		1,203,735,191		1,203,735,191		—		—
Fixed Income Mutual Funds		1,340,966,696		1,340,966,696		—		—
Common Stock
Consumer Discretionary		77,960,489		75,494,563		2,465,926		—
Consumer Staples		71,075,371		69,973,045		1,102,326		—
Energy		66,510,822		63,861,501		2,649,321		—
Financials		166,604,283		162,949,353		3,654,930		—
Health Care		84,145,281		83,334,579		810,702		—
Industrials		72,705,524		70,904,513		1,801,011		—
Information Technology		146,454,032		146,038,426		415,606		—
Materials		19,112,835		17,575,412		1,537,423		—
Telecommunications Services		5,912,753		4,710,152		1,202,601		—
Utilities		11,081,892		10,270,283		811,609		—
Long-Term Fixed Income
Asset-Backed Securities		17,425,571		—		17,425,571		—
Basic Materials		9,179,085		—		9,179,085		—
Capital Goods		3,033,541		—		3,033,541		—
Collateralized Mortgage Obligations		32,604,356		—		32,604,356		—
Commercial Mortgage-Backed Securities		52,114,153		—		52,114,153		—
Communications Services		14,319,818		—		14,319,818		—
Consumer Cyclical		10,109,362		—		10,109,362		—
Consumer Non-Cyclical		26,914,154		—		26,914,154		—
Energy		7,806,405		—		7,806,405		—
Financials		38,622,257		—		38,622,257		—
Foreign Government		1,823,483		—		1,823,483		—
Mortgage-Backed Securities		156,061,999		—		156,061,999		—
Technology		755,263		—		755,263		—
Transportation		734,450		—		734,450		—
U.S. Government and Agencies		119,490,347		—		119,490,347		—
Utilities		8,536,839		—		8,536,839		—
Short-Term Investments		481,966,771		—		481,966,771		—

Total	$	4,247,763,023	$	3,249,813,714	$	997,949,309	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		5,069,603		5,069,603		—		—
Credit Default Swaps		919,550		—		919,550		—

Total Asset Derivatives	$	5,989,153	$	5,069,603	$	919,550	$	—

Liability Derivatives
Futures Contracts		1,315,531		1,315,531		—		—

Total Liability Derivatives	$	1,315,531	$	1,315,531	$	—	$	—

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

126

Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2011


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Note Futures		(295	)		March 2012	($	65,037,382	)	($	65,061,330	)	($	23,948	)
10-Yr. U.S. Treasury Note Futures		60			March 2012		7,847,058			7,867,500			20,442
20-Yr. U.S. Treasury Bond Futures		155			March 2012		22,397,973			22,445,938			47,965
Russell 2000 Index Mini-Futures		(632	)		March 2012		(46,113,501	)		(46,692,160	)		(578,659	)
S&P 400 Index Mini-Futures		(774	)		March 2012		(67,190,096	)		(67,903,020	)		(712,924	)
S&P 500 Index Futures		858			March 2012		263,681,504			268,682,700			5,001,196
Total Futures Contracts												$	3,754,072


Credit Default Swaps and Counterparty	Buy/Sell Protection¹	Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)		Value³			Unrealized Gain/(Loss)
CDX HY, Series 17, 5 Year, at 5.00%; Bank of America	Sell		12/20/2016	$	26,460,000	$	1,975,997	($	1,859,088	)	$	116,909
CDX HY, Series 17, 5 Year, at 5.00%; J.P. Morgan Chase and Co.	Sell		12/20/2016		49,000,000		4,245,397		(3,442,756	)		802,641
Total Credit Default Swaps								($	5,301,844	)	$	919,550

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

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

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

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

127

Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Moderate Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	68,407
Total Interest Rate Contracts			68,407
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		5,001,196
Total Equity Contracts			5,001,196
Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		919,550
Total Credit Contracts			919,550

Total Asset Derivatives		$	5,989,153

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		23,948
Total Interest Rate Contracts			23,948
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		1,291,583
Total Equity Contracts			1,291,583

Total Liability Derivatives		$	1,315,531

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Moderate Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		19,297,326
Total Equity Contracts			19,297,326
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(201,994	)
Total Foreign Exchange Contracts			(201,994	)
Interest Rate Contracts
Options Written	Net realized gains/(losses) on Written option contracts		2,438
Futures	Net realized gains/(losses) on Futures contracts		(11,237,485	)
Total Interest Rate Contracts			(11,235,047	)
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		2,499,043
Total Credit Contracts			2,499,043

Total		$	10,359,328

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

128

Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Moderate Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		44,459
Total Interest Rate Contracts			44,459
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		2,132,827
Total Equity Contracts			2,132,827
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		919,550
Total Credit Contracts			919,550

Total		$	3,096,836

The following table presents Moderate Allocation Portfolio’s average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Options
(Contracts)

Equity Contracts

465,168,227

11.9

N/A

Interest Rate

Contracts

151,242,897

3.9

N/A

Foreign Exchange

Contracts

N/A

880,255

<0.1

N/A

Credit Contracts

N/A

34,176,840

0.9

N/A

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

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

129

Moderate Allocation Portfolio

Schedule of Investments as of December 31, 2011

Investment in Affiliates

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


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Real Estate Securities	$	99,423,361	$	—	$	95,697,918		—	$	—	$	—
Partner Small Cap Growth		58,029,531		—		—		4,491,902		55,795,259		—
Partner Small Cap Value		80,564,038		172,838		—		4,235,223		78,961,913		172,838
Small Cap Stock		45,549,804		—		—		3,596,908		43,129,445		—
Mid Cap Growth II		28,136,866		1,049,270		28,088,091		—		—		29,038
Partner Mid Cap Value		78,175,286		169,486		—		5,853,149		73,224,646		169,486
Mid Cap Stock		142,366,059		64,932		—		11,623,612		133,427,441		64,932
Partner Worldwide Allocation		208,688,622		31,367,735		—		27,446,563		202,887,736		4,562,096
Partner International Stock		187,198,240		68,777		—		17,546,838		161,178,231		68,777
Large Cap Growth II		151,243,607		3,066,508		138,034,220		—		—		216,116
Large Cap Value		275,009,351		61,876		—		25,642,869		266,531,978		61,876
Large Cap Stock		170,579,507		20,161		—		20,069,137		162,772,741		20,161
Equity Income Plus		26,476,160		74,172		—		2,930,787		25,825,801		74,172
High Yield		148,465,627		36,128,111		15,388,582		35,222,521		164,217,962		12,048,121
Income		494,090,978		98,271,228		598,252		59,317,844		598,279,774		24,935,272
Limited Maturity Bond		511,433,385		85,760,536		10,640,984		59,808,619		578,468,960		12,545,328
Total Value and Income Earned		2,705,430,422								2,544,701,887		54,968,213

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

130

Moderately Conservative Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Mutual Funds (60.5%)	Value
	Equity Mutual Funds (15.4%)
	1,265,037	Thrivent Partner Small Cap Value Portfolio	$	23,585,482
	1,614,844	Thrivent Small Cap Stock Portfolio^a		19,363,111
	2,133,199	Thrivent Partner Mid Cap Value Portfolio		26,686,954
	2,927,221	Thrivent Mid Cap Stock Portfolio		33,601,569
	9,309,499	Thrivent Partner Worldwide Allocation Portfolio		68,816,746
	3,793,944	Thrivent Partner International Stock Portfolio		34,849,649
	7,462,376	Thrivent Large Cap Value Portfolio		77,563,939
	2,726,514	Thrivent Large Cap Stock Portfolio		22,113,664
	1,161,468	Thrivent Equity Income Plus Portfolio		10,234,741

		Total Equity Mutual Funds		316,815,855


	Fixed Income Mutual Funds (45.1%)
	17,507,627	Thrivent High Yield Portfolio		81,625,810
	25,995,863	Thrivent Income Portfolio		262,194,274
	60,194,464	Thrivent Limited Maturity Bond Portfolio		582,200,860

		Total Fixed Income Mutual Funds		926,020,944


		Total Mutual Funds (cost $1,289,506,035)		1,242,836,799


Principal Amount		Long-Term Fixed Income (17.1%)
	Asset-Backed Securities (0.7%)
		Citigroup Mortgage Loan Trust, Inc.
	2,701,101	0.444%, 8/25/2036^b		2,016,977
		GSAMP Trust
	1,890,926	0.474%, 2/25/2036^b		1,472,883
		J.P. Morgan Mortgage Acquisition Corporation
	7,500,000	5.461%, 10/25/2036		5,731,237
		Morgan Stanley Capital, Inc.
	2,838,847	0.444%, 2/25/2037^b		1,585,315
		Renaissance Home Equity Loan Trust
	5,500,000	6.011%, 5/25/2036		2,153,816
	2,640,723	5.580%, 11/25/2036		1,487,290

		Total Asset-Backed Securities		14,447,518


	Basic Materials (0.3%)
		ArcelorMittal
	2,300,000	7.000%, 10/15/2039		2,137,422
		Arch Coal, Inc.
	300,000	7.000%, 6/15/2019^c		306,000
		Dow Chemical Company
	2,300,000	4.250%, 11/15/2020		2,390,710
		FMG Resources Property, Ltd.
	310,000	7.000%, 11/1/2015^c		313,100
		Novelis, Inc.
	300,000	8.375%, 12/15/2017		318,750

		Total Basic Materials		5,465,982


	Capital Goods (0.1%)
		Bombardier, Inc.
	300,000	7.750%, 3/15/2020^c		327,000
		Case New Holland, Inc.
	330,000	7.875%, 12/1/2017		372,900
		Danaher Corporation
	920,000	0.817%, 6/21/2013^b		921,341

		Total Capital Goods		1,621,241


	Collateralized Mortgage Obligations (0.8%)
		Citigroup Mortgage Loan Trust, Inc.
	918,228	5.500%, 11/25/2035		775,971
		CitiMortgage Alternative Loan Trust
	3,189,395	5.750%, 4/25/2037		2,075,658
		Countrywide Alternative Loan Trust
	633,322	6.000%, 1/25/2037		415,990
	4,359,823	5.500%, 5/25/2037		2,966,711
	3,769,561	7.000%, 10/25/2037		2,153,939
		Countrywide Home Loans, Inc.
	1,674,668	5.750%, 4/25/2037		1,399,316
		Deutsche Alt-A Securities, Inc.
	590,203	5.500%, 10/25/2021		564,393
	1,103,768	6.000%, 10/25/2021		969,434
		HomeBanc Mortgage Trust
	1,437,800	2.221%, 4/25/2037		767,771
		J.P. Morgan Mortgage Trust
	276,045	2.772%, 10/25/2036		201,244
		MASTR Alternative Loans Trust
	742,230	6.500%, 7/25/2034		775,876
		Merrill Lynch Alternative Note Asset Trust
	725,123	6.000%, 3/25/2037		511,600
		Sequoia Mortgage Trust
	745,087	5.352%, 9/20/2046		225,457
		WaMu Mortgage Pass Through Certificates
	753,684	5.836%, 9/25/2036		505,775
	720,433	5.933%, 10/25/2036		493,155
	800,670	2.312%, 11/25/2036		568,623

		Total Collateralized Mortgage Obligations		15,370,913


	Commercial Mortgage-Backed Securities (1.7%)
		Banc of America Commercial Mortgage, Inc.
	4,600,000	5.633%, 4/10/2049		4,916,328
	6,000,000	5.622%, 6/10/2049		6,433,776
		Bear Stearns Commercial Mortgage Securities, Inc.
	2,000,000	5.331%, 2/11/2044		2,106,044
		Citigroup/Deutsche Bank Commercial Mortgage
	1,700,000	5.322%, 12/11/2049		1,803,110
		Credit Suisse First Boston Mortgage Securities
	4,600,000	5.542%, 1/15/2049		4,869,459

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

131

Moderately Conservative Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (17.1%)	Value
	Commercial Mortgage-Backed Securities (1.7%) - continued
		Credit Suisse Mortgage Capital Certificates
	$5,800,000	5.509%, 9/15/2039	$	5,427,066
		Government National Mortgage Association
	193,256	2.164%, 3/16/2033		195,902
	172,067	3.214%, 1/16/2040		179,186
		Greenwich Capital Commercial Funding Corporation
	3,100,000	5.867%, 12/10/2049		2,749,731
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	2,300,000	5.740%, 2/12/2049		2,181,766
		Morgan Stanley Capital, Inc.
	1,750,000	5.406%, 3/15/2044		1,630,642
		Wachovia Bank Commercial Mortgage Trust
	3,450,000	5.603%, 10/15/2048		3,318,693

		Total Commercial Mortgage- Backed Securities		35,811,703


	Communications Services (0.4%)
		Cablevision Systems Corporation
	300,000	8.625%, 9/15/2017		332,250
		CBS Corporation
	1,150,000	7.875%, 7/30/2030		1,463,026
	1,150,000	5.900%, 10/15/2040		1,290,957
		CCO Holdings, LLC
	330,000	7.000%, 1/15/2019		344,025
		Clear Channel Worldwide Holdings, Inc.
	300,000	9.250%, 12/15/2017		324,000
		Cox Communications, Inc.
	2,300,000	6.950%, 6/1/2038^c		2,626,418
		EH Holding Corporation
	300,000	6.500%, 6/15/2019^c		312,750
		Intelsat Jackson Holdings SA
	300,000	7.250%, 4/1/2019^c		304,500
		NII Capital Corporation
	410,000	7.625%, 4/1/2021		406,925
		Sprint Nextel Corporation
	310,000	9.000%, 11/15/2018^c		325,500
		UPCB Finance V, Ltd.
	300,000	7.250%, 11/15/2021^c		303,750

		Total Communications Services		8,034,101


	Consumer Cyclical (0.3%)
		Chrysler Group, LLC
	200,000	8.000%, 6/15/2019^c		183,000
		Home Depot, Inc.
	2,300,000	5.875%, 12/16/2036		2,886,229
		Lennar Corporation
	300,000	12.250%, 6/1/2017		357,000
		MGM Resorts International
	260,000	11.125%, 11/15/2017		296,400
		Rite Aid Corporation
	300,000	7.500%, 3/1/2017		299,625
		Starwood Hotels & Resorts Worldwide, Inc.
	300,000	6.750%, 5/15/2018		339,000
		Toys R Us Property Company II, LLC
	300,000	8.500%, 12/1/2017		310,500
		West Corporation
	160,000	7.875%, 1/15/2019		158,800
		WMG Acquisition Corporation
	300,000	11.500%, 10/1/2018^c		297,750

		Total Consumer Cyclical		5,128,304


	Consumer Non-Cyclical (0.8%)
		Altria Group, Inc.
	2,300,000	9.950%, 11/10/2038		3,498,259
		Anheuser-Busch Companies, Inc.
	1,150,000	6.450%, 9/1/2037		1,539,780
		Anheuser-Busch InBev Worldwide, Inc.
	1,610,000	0.761%, 7/14/2014^b		1,602,240
	1,150,000	8.200%, 1/15/2039		1,813,058
		Community Health Systems, Inc.
	301,000	8.875%, 7/15/2015		310,782
		HCA, Inc.
	330,000	7.500%, 2/15/2022		337,425
		JBS USA, LLC/JBS USA Finance, Inc.
	260,000	11.625%, 5/1/2014		294,775
		Kinetic Concepts, Inc./KCI USA, Inc.
	320,000	10.500%, 11/1/2018^c		313,600
		Kraft Foods, Inc.
	1,150,000	5.375%, 2/10/2020		1,326,929
	1,150,000	7.000%, 8/11/2037		1,536,339
		Reynolds Group Issuer, Inc.
	320,000	6.875%, 2/15/2021^c		318,400
		Tenet Healthcare Corporation
	310,000	8.875%, 7/1/2019		347,975
		UnitedHealth Group, Inc.
	1,150,000	6.875%, 2/15/2038		1,542,222
	1,150,000	5.700%, 10/15/2040		1,376,849
		Valeant Pharmaceuticals International
	300,000	6.875%, 12/1/2018^c		299,250

		Total Consumer Non-Cyclical		16,457,883


	Energy (0.2%)
		Chesapeake Energy Corporation
	310,000	9.500%, 2/15/2015		354,950
		Denbury Resources, Inc.
	350,000	6.375%, 8/15/2021		365,750
		Harvest Operations Corporation
	300,000	6.875%, 10/1/2017^c		310,500
		Linn Energy, LLC
	300,000	7.750%, 2/1/2021		312,000
		Markwest Energy Partners, LP/Markwest Energy Finance Corporation
	300,000	6.500%, 8/15/2021		312,375

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

132

Moderately Conservative Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (17.1%)	Value
	Energy (0.2%) - continued
		Weatherford International, Ltd.
	$2,300,000	6.750%, 9/15/2040	$	2,609,074

		Total Energy		4,264,649


	Financials (1.1%)
		Achmea Hypotheekbank NV
	220,000	3.200%, 11/3/2014^c		230,878
		Ally Financial, Inc.
	300,000	8.000%, 3/15/2020		307,500
		AXA SA
	2,300,000	6.379%, 12/29/2049^c,d		1,495,000
		Bank of Nova Scotia
	225,000	1.450%, 7/26/2013^c		227,605
		BBVA International Preferred SA Unipersonal
	1,150,000	5.919%, 12/29/2049^d		761,336
		Canadian Imperial Bank of Commerce
	220,000	2.600%, 7/2/2015^c		227,535
		Cie de Financement Foncier
	225,000	2.250%, 3/7/2014^c		221,174
		CIT Group, Inc.
	300,000	7.000%, 5/1/2017		300,000
		Dexia Credit Local SA
	225,000	2.750%, 4/29/2014^c		204,455
		General Electric Capital Corporation
	2,300,000	6.750%, 3/15/2032		2,693,164
		HCP, Inc.
	2,300,000	6.750%, 2/1/2041		2,600,175
		Health Care REIT, Inc.
	920,000	6.500%, 3/15/2041		921,804
		Icahn Enterprises, LP
	235,000	8.000%, 1/15/2018		244,400
		International Bank for Reconstruction & Development
	225,000	2.375%, 5/26/2015		237,374
		International Lease Finance Corporation
	300,000	5.750%, 5/15/2016		278,263
		MetLife Capital Trust IV
	2,300,000	7.875%, 12/15/2037^c		2,386,250
		Prudential Financial, Inc.
	2,300,000	6.200%, 11/15/2040		2,406,732
		QBE Capital Funding III, Ltd.
	2,400,000	7.250%, 5/24/2041^c		2,113,291
		Reinsurance Group of America, Inc.
	1,150,000	6.750%, 12/15/2065		996,960
		Royal Bank of Canada
	215,000	3.125%, 4/14/2015^c		225,582
		Toronto-Dominion Bank
	220,000	2.200%, 7/29/2015^c		225,270
		XL Group plc
	2,300,000	6.250%, 5/15/2027		2,330,666
	1,150,000	6.500%, 12/29/2049^d		899,875
		XLIT, Ltd.
	1,200	3.526%, 10/29/2049^b,e		834,375

		Total Financials		23,369,664


	Foreign Government (<0.1%)
		Bank Nederlandse Gemeenten
	315,000	4.375%, 2/16/2021^c		335,762
		Kommunalbanken AS
	225,000	2.750%, 5/5/2015^c		233,474
		Kreditanstalt fuer Wiederaufbau
	120,000	0.295%, 6/17/2013^b		119,943

		Total Foreign Government		689,179


	Mortgage-Backed Securities (8.0%)
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	40,700,000	3.000%, 1/1/2027^f		42,029,099
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	79,000,000	4.000%, 1/1/2042^f		82,987,051
	18,275,000	4.500%, 1/1/2042^f		19,445,751
	11,525,000	5.000%, 1/1/2042^f		12,450,608
	8,000,000	6.000%, 1/1/2042^f		8,808,752

		Total Mortgage-Backed Securities		165,721,261


	Technology (<0.1%)
		Seagate HDD Cayman
	340,000	7.750%, 12/15/2018^c		361,675

		Total Technology		361,675


	Transportation (<0.1%)
		Avis Budget Car Rental, LLC/Avis Budget Finance, Inc.
	300,000	8.250%, 1/15/2019		297,750

		Total Transportation		297,750


	U.S. Government and Agencies (2.4%)
		FDIC Structured Sale Guaranteed Notes
	90,000	Zero Coupon, 1/7/2012^c		89,984
	90,000	Zero Coupon, 1/7/2014^c		88,304
		Federal Agricultural Mortgage Corporation
	225,000	2.125%, 9/15/2015		232,955
		Federal Home Loan Banks
	1,300,000	5.000%, 11/17/2017		1,560,130
		Federal Home Loan Mortgage Corporation
	1,355,000	0.750%, 3/28/2013		1,362,550
	430,000	2.500%, 1/7/2014		447,671
	595,000	4.875%, 6/13/2018		716,928
		Federal National Mortgage Association
	710,000	1.250%, 2/27/2014		720,265
	325,000	4.375%, 10/15/2015		367,247
	870,000	1.375%, 11/15/2016		877,684
	255,000	6.250%, 5/15/2029		359,006
		Tennessee Valley Authority
	200,000	5.250%, 9/15/2039		255,302
		U.S. Treasury Bonds
	375,000	4.375%, 5/15/2041		488,613
		U.S. Treasury Bonds, TIPS
	68,097	2.125%, 2/15/2040		91,383

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

133

Moderately Conservative Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (17.1%)	Value
	U.S. Government and Agencies (2.4%) - continued
		U.S. Treasury Notes
	$2,005,000	0.750%, 6/15/2014	$	2,026,772
	5,150,000	2.500%, 4/30/2015		5,496,018
	475,000	2.000%, 1/31/2016		501,125
	650,000	2.625%, 2/29/2016		702,610
	1,550,000	3.250%, 3/31/2017		1,735,516
	20,000,000	2.750%, 2/28/2018		21,928,120
	4,290,000	3.125%, 5/15/2021		4,790,051
	455,000	7.625%, 2/15/2025		735,678
	1,275,000	4.375%, 5/15/2040		1,656,304
		U.S. Treasury Notes, TIPS
	293,303	3.375%, 1/15/2012		293,394
	367,641	2.000%, 1/15/2014		389,326
	308,326	1.625%, 1/15/2015		332,535
	318,685	0.500%, 4/15/2015		333,449
	271,850	0.125%, 4/15/2016		283,404
	344,150	2.625%, 7/15/2017		409,673
	310,536	1.125%, 1/15/2021		346,320
	78,083	2.375%, 1/15/2025		99,275

		Total U.S. Government and Agencies		49,717,592


	Utilities (0.3%)
		AES Corporation
	330,000	7.375%, 7/1/2021^c		355,575
		Dominion Resources, Inc.
	1,150,000	2.879%, 9/30/2066^b		966,426
		Energy Transfer Partners, LP
	637,000	6.625%, 10/15/2036		669,805
	1,150,000	7.500%, 7/1/2038		1,312,981
		Southern Union Company
	2,300,000	3.447%, 11/1/2066^b		2,144,750

		Total Utilities		5,449,537


		Total Long-Term Fixed Income (cost $349,979,968)		352,208,952


Shares		Common Stock (11.0%)
	Consumer Discretionary (1.1%)
	17,756	Amazon.com, Inc.^a		3,073,564
	6,309	Autoliv, Inc.		337,468
	15,900	Big Lots, Inc.^a		600,384
	7,996	Buffalo Wild Wings, Inc.^a		539,810
	8,870	CBS Corporation		240,732
	6,000	Charter Communications, Inc.^a		341,640
	31,300	Coach, Inc.		1,910,552
	89,813	Comcast Corporation		2,129,466
	28,028	Discovery Communications, Inc.^a		1,148,307
	3,902	Dollar Tree, Inc.^a		324,295
	27,835	Foot Locker, Inc.		663,586
	1,252	Gaylord Entertainment Company^a		30,223
	11,460	Harley-Davidson, Inc.		445,450
	51,100	Home Depot, Inc.		2,148,244
	49,276	Las Vegas Sands Corporation^a		2,105,564
	12,100	Life Time Fitness, Inc.^a		565,675
	22,796	Macy’s, Inc.		733,575
	1,869	Marriott International, Inc.		54,519
	186	Marriott Vacations Worldwide Corporation^a		3,192
	10,000	McDonald’s Corporation		1,003,300
	45,810	News Corporation		832,826
	13,570	Omnicom Group, Inc.		604,951
	2,354	Panera Bread Company^a		332,973
	56,049	Pier 1 Imports, Inc.^a		780,763
	11,586	Signet Jewelers, Ltd.		509,321
	3,359	Starwood Hotels & Resorts Worldwide, Inc.		161,131
	16,470	Target Corporation		843,593
	7,160	Time Warner Cable, Inc.		455,161
	10,300	Williams-Sonoma, Inc.		396,550
	13,161	WMS Industries, Inc.^a		270,064
	780	Wyndham Worldwide Corporation		29,507

		Total Consumer Discretionary		23,616,386


	Consumer Staples (1.1%)
	91,711	Altria Group, Inc.		2,719,231
	35,712	Anheuser-Busch InBev NV ADR		2,178,075
	26,056	British American Tobacco plc ADR		2,472,193
	40,172	Coca-Cola Company		2,810,835
	37,500	ConAgra Foods, Inc.		990,000
	20,888	Corn Products International, Inc.		1,098,500
	11,520	CVS Caremark Corporation		469,786
	11,730	Diageo plc ADR		1,025,437
	32,429	Kraft Foods, Inc.		1,211,547
	36,046	Philip Morris International, Inc.		2,828,890
	13,089	TreeHouse Foods, Inc.^a		855,759
	66,408	Wal-Mart Stores, Inc.		3,968,542

		Total Consumer Staples		22,628,795


	Energy (1.1%)
	14,461	Alpha Natural Resources, Inc.^a		295,438
	23,592	Apache Corporation		2,136,963
	26,142	Arch Coal, Inc.		379,321
	31,594	Baker Hughes, Inc.		1,536,732
	13,160	Chevron Corporation		1,400,224
	19,220	ConocoPhillips		1,400,561
	66,613	ENSCO International plc ADR		3,125,482
	9,830	EOG Resources, Inc.		968,353
	19,000	Exxon Mobil Corporation		1,610,440
	19,300	Helix Energy Solutions Group, Inc.^a		304,940
	35,000	Marathon Oil Corporation		1,024,450
	6,009	National Oilwell Varco, Inc.		408,552
	5,400	Newfield Exploration Company^a		203,742
	4,780	Occidental Petroleum Corporation		447,886
	7,991	Oil States International, Inc.^a		610,273
	42,660	Patriot Coal Corporation^a		361,330
	41,042	Peabody Energy Corporation		1,358,901
	40,458	Petroleum Geo-Services ASA^a		440,928
	7,700	Southwestern Energy Company^a		245,938
	15,681	Swift Energy Company^a		466,039
	205,931	Weatherford International, Ltd.^a		3,014,830

		Total Energy		21,741,323


	Financials (2.5%)
	4,761	Acadia Realty Trust		95,887
	15,060	ACE, Ltd.		1,056,007

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

134

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Schedule of Investments as of December 31, 2011


Shares		Common Stock (11.0%)	Value
	Financials (2.5%) - continued
	5,843	Affiliated Managers Group, Inc.^a	$	560,636
	6,550	Alexandria Real Estate Equities, Inc.		451,753
	3,207	American Assets Trust, Inc.		65,776
	7,811	American Campus Communities, Inc.		327,750
	2,631	American Capital Agency Corporation		73,878
	13,930	Aon Corporation		651,924
	11,414	Apartment Investment & Management Company		261,495
	857	Apollo Commercial Real Estate Finance, Inc.		11,252
	7,805	Ashford Hospitality Trust, Inc.		62,440
	3,311	Associated Estates Realty Corporation		52,810
	8,677	AvalonBay Communities, Inc.		1,133,216
	12,458	BioMed Realty Trust, Inc.		225,241
	13,697	Boston Properties, Inc.		1,364,221
	12,605	Brandywine Realty Trust		119,747
	6,321	BRE Properties, Inc.		319,084
	1,426	Brookfield Asset Management, Inc.		39,186
	9,191	Brookfield Office Properties, Inc.		143,747
	7,570	Camden Property Trust		471,157
	3,529	Campus Crest Communities, Inc.		35,502
	22,003	CBL & Associates Properties, Inc.		345,447
	1,986	CBRE Group, Inc.^a		30,227
	1,769	Chatham Lodging Trust		19,070
	3,190	Chesapeake Lodging Trust		49,317
	26,498	Citigroup, Inc.		697,162
	3,046	CME Group, Inc.		742,219
	3,742	Cogdell Spencer, Inc.		15,903
	977	Cohen & Steers Quality Income Realty Fund, Inc.		8,275
	6,265	Colonial Properties Trust		130,688
	1,842	Colony Financial, Inc.		28,938
	2,686	CommonWealth REIT		44,695
	1,433	Coresite Realty Corporation		25,536
	6,052	Corporate Office Properties Trust		128,665
	1,148	CreXus Investment Corporation		11,916
	6,212	CubeSmart		66,096
	19,348	DCT Industrial Trust, Inc.		99,062
	23,875	DDR Corporation		290,559
	16,756	DiamondRock Hospitality Company		161,528
	11,025	Digital Realty Trust, Inc.		735,037
	23,100	Discover Financial Services		554,400
	12,883	Douglas Emmett, Inc.		234,986
	37,310	Duke Realty Corporation		449,585
	5,905	DuPont Fabros Technology, Inc.		143,019
	2,450	EastGroup Properties, Inc.		106,526
	5,344	Education Realty Trust, Inc.		54,669
	6,700	Endurance Specialty Holdings, Ltd.		256,275
	4,313	Entertainment Properties Trust		188,521
	4,129	Equity Lifestyle Properties, Inc.		275,363
	19,754	Equity One, Inc.		335,423
	26,369	Equity Residential		1,503,824
	3,919	Essex Property Trust, Inc.		550,659
	1,997	Excel Trust, Inc.		23,964
	9,620	Extra Space Storage, Inc.		233,093
	5,509	Federal Realty Investment Trust		499,942
	8,193	FelCor Lodging Trust, Inc.^a		24,989
	73,300	Fifth Third Bancorp		932,376
	4,046	First Industrial Realty Trust, Inc.^a		41,391
	3,160	First Potomac Realty Trust		41,238
	5,892	Forest City Enterprises, Inc.^a		69,643
	30,847	General Growth Properties, Inc.		463,322
	8,585	Glimcher Realty Trust		78,982
	4,450	Goldman Sachs Group, Inc.		402,413
	2,636	Government Properties Income Trust		59,442
	16,818	HCC Insurance Holdings, Inc.		462,495
	29,439	HCP, Inc.		1,219,658
	13,675	Health Care REIT, Inc.		745,698
	4,434	Healthcare Realty Trust, Inc.		82,428
	13,818	Hersha Hospitality Trust		67,432
	5,571	Highwoods Properties, Inc.		165,292
	3,944	Home Properties, Inc.		227,056
	6,319	Hospitality Properties Trust		145,211
	85,701	Host Hotels & Resorts, Inc.		1,265,804
	54,400	Hudson City Bancorp, Inc.		340,000
	639	Hudson Pacific Properties, Inc.		9,048
	3,928	Inland Real Estate Corporation		29,892
	1,645	IntercontinentalExchange, Inc.^a		198,305
	5,902	Invesco Mortgage Capital, Inc.		82,923
	74,219	J.P. Morgan Chase & Company		2,467,782
	5,912	Kilroy Realty Corporation		225,070
	30,132	Kimco Realty Corporation		489,344
	5,453	Kite Realty Group Trust		24,593
	41,990	KKR & Company, LP		538,732
	6,998	LaSalle Hotel Properties		169,422
	8,588	Lazard, Ltd.		224,233
	4,986	Lexington Realty Trust		37,345
	9,272	Liberty Property Trust		286,319
	1,270	LTC Properties, Inc.		39,192
	5,700	M&T Bank Corporation		435,138
	12,261	Macerich Company		620,407
	7,188	Mack-Cali Realty Corporation		191,848
	5,514	Medical Properties Trust, Inc.		54,423
	2,850	Mid-America Apartment Communities, Inc.		178,267
	12,600	NASDAQ OMX Group, Inc.^a		308,826
	6,986	National Retail Properties, Inc.		184,291
	6,800	Northern Trust Corporation		269,688
	41,866	Ocwen Financial Corporation^a		606,220
	6,777	Omega Healthcare Investors, Inc.		131,135
	3,865	Pebblebrook Hotel Trust		74,131
	1,570	Pennsylvania Real Estate Investment Trust		16,391
	1,978	Piedmont Office Realty Trust, Inc.		33,705
	1,979	Plum Creek Timber Company, Inc.		72,352
	291,785	Popular, Inc.^a		405,581
	3,845	Post Properties, Inc.		168,103
	18,246	Principal Financial Group, Inc.		448,852
	17,530	Progressive Corporation		342,010
	37,854	Prologis, Inc.		1,082,246
	1,497	PS Business Parks, Inc.		82,979
	12,351	Public Storage, Inc.		1,660,715
	3,791	Ramco-Gershenson Properties Trust		37,266
	2,980	Rayonier, Inc. REIT		132,997
	2,352	Realty Income Corporation		82,226
	10,052	Regency Centers Corporation		378,156
	1,597	Retail Opportunity Investments Corporation		18,908

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

135

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Schedule of Investments as of December 31, 2011


Shares		Common Stock (11.0%)	Value
	Financials (2.5%) - continued
	2,341	RLJ Lodging Trust	$	39,399
	1,645	Sabra Healthcare REIT, Inc.		19,888
	607	Saul Centers, Inc.		21,500
	12,943	Senior Housing Property Trust		290,441
	27,398	Simon Property Group, Inc.		3,532,698
	7,975	SL Green Realty Corporation		531,454
	880	Sovran Self Storage, Inc.		37,550
	1,164	Starwood Property Trust, Inc.		21,546
	16,610	State Street Corporation		669,549
	7,293	Strategic Hotel Capital, Inc.^a		39,163
	3,254	Summit Hotel Properties, Inc.		30,718
	544	Sun Communities, Inc.		19,872
	9,735	Sunstone Hotel Investors, Inc.^a		79,340
	10,560	SVB Financial Group^a		503,606
	9,050	Tanger Factory Outlet Centers, Inc.		265,346
	5,267	Taubman Centers, Inc.		327,081
	22,165	Texas Capital Bancshares, Inc.^a		678,471
	14,625	Two Harbors Investment Corporation		135,135
	13,310	U.S. Bancorp		360,035
	14,882	UDR, Inc.		373,538
	40,550	Unum Group		854,388
	5,900	Vanguard REIT ETF		342,200
	21,705	Ventas, Inc.		1,196,597
	15,267	Vornado Realty Trust		1,173,422
	16,124	W.R. Berkley Corporation		554,504
	2,987	Washington Real Estate Investment Trust		81,694
	8,419	Weingarten Realty Investors		183,703
	103,736	Wells Fargo & Company		2,858,964
	739	Winthrop Realty Trust		7,516
	44,893	Zions Bancorporation		730,858

		Total Financials		52,197,405


	Health Care (1.3%)
	3,000	Alexion Pharmaceuticals, Inc.^a		214,500
	32,600	Align Technology, Inc.^a		773,435
	33,074	Amgen, Inc.		2,123,681
	41,717	Baxter International, Inc.		2,064,157
	37,030	Bristol-Myers Squibb Company		1,304,937
	3,472	C.R. Bard, Inc.		296,856
	15,011	Covance, Inc.^a		686,303
	8,537	Coventry Health Care, Inc.^a		259,269
	16,670	Covidien plc		750,317
	49,400	Eli Lilly and Company		2,053,064
	19,000	Gilead Sciences, Inc.^a		777,670
	29,743	Health Net, Inc.^a		904,782
	11,810	Johnson & Johnson		774,500
	24,010	McKesson Corporation		1,870,619
	11,400	Medtronic, Inc.		436,050
	30,600	Merck & Company, Inc.		1,153,620
	101,606	Mylan, Inc.^a		2,180,465
	122,356	Pfizer, Inc.		2,647,784
	23,963	PSS World Medical, Inc.^a		579,665
	10,400	Thoratec Corporation^a		349,024
	18,362	United Therapeutics Corporation^a		867,604
	74,473	UnitedHealth Group, Inc.		3,774,292
	3,389	Varian Medical Systems, Inc.^a		227,503
	2,800	Waters Corporation^a		207,340
	3,871	Zimmer Holdings, Inc.^a		206,789

		Total Health Care		27,484,226


	Industrials (1.1%)
	10,200	3M Company		833,646
	22,454	Boeing Company		1,647,001
	8,575	Caterpillar, Inc.		776,895
	7,503	Chicago Bridge and Iron Company		283,613
	47,071	CSX Corporation		991,315
	6,300	Cummins, Inc.		554,526
	22,691	Deluxe Corporation		516,447
	21,950	EMCOR Group, Inc.		588,480
	5,918	Expeditors International of Washington, Inc.		242,401
	5,100	Fluor Corporation		256,275
	24,067	FTI Consulting, Inc.^a		1,020,922
	16,000	GATX Corporation		698,560
	85,880	General Electric Company		1,538,111
	25,345	Honeywell International, Inc.		1,377,501
	8,400	L-3 Communications Holdings, Inc.		560,112
	94,559	Manitowoc Company, Inc.		868,997
	4,400	Manpower, Inc.		157,300
	13,517	Oshkosh Corporation^a		288,993
	19,336	Parker Hannifin Corporation		1,474,370
	9,306	Precision Castparts Corporation		1,533,536
	8,400	Republic Services, Inc.		231,420
	23,934	Shaw Group, Inc.^a		643,825
	17,447	SPX Corporation		1,051,531
	7,152	Teledyne Technologies, Inc.^a		392,287
	17,930	Textron, Inc.		331,526
	7,100	Tyco International, Ltd.		331,641
	15,110	Union Pacific Corporation		1,600,753
	24,184	United Technologies Corporation		1,767,609
	4,290	WESCO International, Inc.^a		227,413

		Total Industrials		22,787,006


	Information Technology (2.2%)
	14,600	ADTRAN, Inc.		440,336
	37,086	Akamai Technologies, Inc.^a		1,197,136
	5,500	Alliance Data Systems Corporation^a		571,120
	17,512	Apple, Inc.^a		7,092,360
	59,000	Atmel Corporation^a		477,900
	4,998	Baidu.com, Inc. ADR^a		582,117
	26,987	Broadcom Corporation^a		792,338
	53,220	Cisco Systems, Inc.		962,218
	25,381	Cognizant Technology Solutions Corporation^a		1,632,252
	47,622	eBay, Inc.^a		1,444,375
	69,392	EMC Corporation^a		1,494,704
	8,341	F5 Networks, Inc.^a		885,147
	5,069	Google, Inc.^a		3,274,067
	50,100	Intel Corporation		1,214,925
	5,006	International Business Machines Corporation		920,503
	7,347	Itron, Inc.^a		262,802
	5,588	Ixia^a		58,730
	13,807	Juniper Networks, Inc.^a		281,801
	13,600	KLA-Tencor Corporation		656,200
	1,200	Lam Research Corporation^a		44,424
	136,358	Microsoft Corporation		3,539,854

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

136

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Schedule of Investments as of December 31, 2011


Shares		Common Stock (11.0%)	Value
	Information Technology (2.2%) - continued
	54,677	Monster Worldwide, Inc.^a	$	433,589
	17,457	NetApp, Inc.^a		633,165
	22,206	NVIDIA Corporation^a		307,775
	127,409	Oracle Corporation		3,268,041
	18,157	Plantronics, Inc.		647,116
	19,691	Plexus Corporation^a		539,140
	43,827	QUALCOMM, Inc.		2,397,337
	26,113	Quest Software, Inc.^a		485,702
	9,257	Salesforce.com, Inc.^a		939,215
	80,045	Teradyne, Inc.^a		1,091,013
	35,010	Texas Instruments, Inc.		1,019,141
	42,963	TIBCO Software, Inc.^a		1,027,245
	14,343	ValueClick, Inc.^a		233,648
	23,550	VeriFone Systems, Inc.^a		836,496
	14,597	VMware, Inc.^a		1,214,324
	51,041	Xilinx, Inc.		1,636,374

		Total Information Technology		44,534,630


	Materials (0.3%)
	5,658	Albemarle Corporation		291,444
	13,552	E.I. du Pont de Nemours and Company		620,411
	86,336	Freeport-McMoRan Copper & Gold, Inc.		3,176,301
	6,542	Sigma-Aldrich Corporation		408,613
	8,178	Silgan Holdings, Inc.		315,998
	23,080	Steel Dynamics, Inc.		303,502
	5,600	Walter Energy, Inc.		339,136

		Total Materials		5,455,405


	Telecommunications Services (0.1%)
	39,169	Verizon Communications, Inc.		1,571,460

		Total Telecommunications Services		1,571,460


	Utilities (0.2%)
	15,200	CMS Energy Corporation		335,616
	26,330	Exelon Corporation		1,141,932
	37,630	NiSource, Inc.		895,971
	20,692	NV Energy, Inc.		338,314
	32,300	PNM Resources, Inc.		588,829
	14,581	Southwest Gas Corporation		619,547
	9,783	UGI Corporation		287,620

		Total Utilities		4,207,829


		Total Common Stock (cost $218,773,626)		226,224,465


Principal Amount		Short-Term Investments (17.7%)^g
		Federal Home Loan Bank Discount Notes
	12,000,000	0.020%, 1/6/2012^h		11,999,967
	45,000,000	0.010%, 1/18/2012^h		44,999,788
	32,000,000	0.015%, 1/20/2012^h		31,999,747
	8,000,000	0.030%, 2/3/2012h		7,999,780
	13,000,000	0.011%, 2/8/2012^h		12,999,852
	12,000,000	0.020%, 2/10/2012^h		11,999,733
	15,000,000	0.005%, 2/15/2012^h		14,999,906
	5,000,000	0.010%, 2/17/2012^h,i		4,999,935
	11,000,000	0.022%, 2/22/2012^h,i,j		10,999,650
	16,500,000	0.013%, 3/2/2012^h		16,499,636
	44,000,000	0.015%, 3/7/2012^h		43,998,790
		Federal Home Loan Mortgage Corporation Discount Notes
	3,000,000	0.030%, 1/3/2012^h		2,999,995
	4,000,000	0.030%, 1/9/2012^h		3,999,973
	4,000,000	0.010%, 1/11/2012^h		3,999,989
	13,000,000	0.030%, 1/17/2012^h		12,999,826
	3,000,000	0.030%, 1/23/2012^h		2,999,945
	2,500,000	0.005%, 2/8/2012^h		2,499,987
	14,721,000	0.008%, 2/17/2012^h		14,720,847
	3,000,000	0.015%, 3/5/2012^h		2,999,920
		Federal National Mortgage Association Discount Notes
	14,000,000	0.010%, 1/9/2012^h		13,999,969
	3,000,000	0.010%, 1/11/2012^h		2,999,992
	10,000,000	0.020%, 1/17/2012^h		9,999,911
	12,600,000	0.099%, 2/22/2012^h,j		12,598,225
	50,000,000	0.015%, 3/7/2012^h		49,998,625
		U.S. Treasury Bills
	4,000,000	0.045%, 2/9/2012^j		3,999,806
		Wal-Mart Stores, Inc.
	10,000,000	0.020%, 1/10/2012^c		9,999,950

		Total Short-Term Investments (at amortized cost)		364,313,744

		Total Investments (cost $2,222,573,373) 106.3%	$	2,185,583,960

		Other Assets and Liabilities, Net (6.3%)		(130,317,166	)

		Total Net Assets 100.0%	$	2,055,266,794

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 December 31, 2011.

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

e	This security is displayed in shares.

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

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

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

137

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Schedule of Investments as of December 31, 2011

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

i	At December 31, 2011, $2,971,936 of investments were pledged as collateral with the custodian under the agreement between the counterparty, the custodian and the fund for open swap contracts.

j	At December 31, 2011, $20,097,919 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.
TIPS	-	Treasury Inflation Protected Security.
ETF	-	Exchange Traded Fund.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	39,856,872
Gross unrealized depreciation		(78,086,680	)

Net unrealized appreciation (depreciation)	$	(38,229,808	)

Cost for federal income tax purposes	$	2,223,813,768

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

138

Moderately Conservative Allocation Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Moderately Conservative Allocation Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Mutual Funds
Equity Mutual Funds		316,815,855		316,815,855		—		—
Fixed Income Mutual Funds		926,020,944		926,020,944		—		—
Long-Term Fixed Income
Asset-Backed Securities		14,447,518		—		14,447,518		—
Basic Materials		5,465,982		—		5,465,982		—
Capital Goods		1,621,241		—		1,621,241		—
Collateralized Mortgage Obligations		15,370,913		—		15,370,913		—
Commercial Mortgage-Backed Securities		35,811,703		—		35,811,703		—
Communications Services		8,034,101		—		8,034,101		—
Consumer Cyclical		5,128,304		—		5,128,304		—
Consumer Non-Cyclical		16,457,883		—		16,457,883		—
Energy		4,264,649		—		4,264,649		—
Financials		23,369,664		—		23,369,664		—
Foreign Government		689,179		—		689,179		—
Mortgage-Backed Securities		165,721,261		—		165,721,261		—
Technology		361,675		—		361,675		—
Transportation		297,750		—		297,750		—
U.S. Government and Agencies		49,717,592		—		49,717,592		—
Utilities		5,449,537		—		5,449,537		—
Common Stock
Consumer Discretionary		23,616,386		23,616,386		—		—
Consumer Staples		22,628,795		22,628,795		—		—
Energy		21,741,323		21,300,395		440,928		—
Financials		52,197,405		52,197,405		—		—
Health Care		27,484,226		27,484,226		—		—
Industrials		22,787,006		22,787,006		—		—
Information Technology		44,534,630		44,534,630		—		—
Materials		5,455,405		5,455,405		—		—
Telecommunications Services		1,571,460		1,571,460		—		—
Utilities		4,207,829		4,207,829		—		—
Short-Term Investments		364,313,744		—		364,313,744		—

Total	$	2,185,583,960	$	1,468,620,336	$	716,963,624	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		5,301,215		5,301,215		—		—
Credit Default Swaps		444,540		—		444,540		—

Total Asset Derivatives	$	5,745,755	$	5,301,215	$	444,540	$	—

Liability Derivatives
Futures Contracts		317,384		317,384		—		—

Total Liability Derivatives	$	317,384	$	317,384	$	—	$	—

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

139

Moderately Conservative Allocation Portfolio

Schedule of Investments as of December 31, 2011


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Note Futures		(250	)		March 2012	($	55,116,425	)	($	55,136,720	)	($	20,295	)
10-Yr. U.S. Treasury Note Futures		1,280			March 2012		166,496,173			167,840,000			1,343,827
20-Yr. U.S. Treasury Bond Futures		645			March 2012		91,624,780			93,404,063			1,779,283
MSCI EAFE Index Mini-Futures		69			March 2012		4,817,701			4,862,429			44,728
Russell 2000 Index Mini-Futures		(77	)		March 2012		(5,618,259	)		(5,688,760	)		(70,501	)
S&P 400 Index Mini-Futures		(246	)		March 2012		(21,354,992	)		(21,581,580	)		(226,588	)
S&P 500 Index Futures		366			March 2012		112,479,523			114,612,900			2,133,377
Total Futures Contracts												$	4,983,831


Credit Default Swaps and Counterparty	Buy/Sell Protection¹	Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)		Value³			Unrealized Gain/(Loss)
CDX HY, Series 17, 5 Year, at 5.00%; Bank of America	Sell		12/20/2016	$	18,865,000	$	1,408,813	($	1,325,461	)	$	83,352
CDX HY, Series 17, 5 Year, at 5.00%; J.P. Morgan Chase and Co.	Sell		12/20/2016		22,050,000		1,910,428		(1,549,240	)		361,188
Total Credit Default Swaps								($	2,874,701	)	$	444,540

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

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

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

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

140

Moderately Conservative Allocation Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Moderately Conservative Allocation Portfolio's investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	3,123,110
Total Interest Rate Contracts			3,123,110
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		2,178,105
Total Equity Contracts			2,178,105
Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		444,540
Total Credit Contracts			444,540

Total Asset Derivatives		$	5,745,755

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		20,295
Total Interest Rate Contracts			20,295
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		297,089
Total Equity Contracts			297,089

Total Liability Derivatives		$	317,384

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Moderately Conservative Allocation Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		5,927,697
Total Equity Contracts			5,927,697
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(3,279	)
Total Foreign Exchange Contracts			(3,279	)
Interest Rate Contracts
Options Written	Net realized gains/(losses) on Written option contracts		813
Futures	Net realized gains/(losses) on Futures contracts		(5,492,545	)
Total Interest Rate Contracts			(5,491,732	)
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		1,077,349
Total Credit Contracts			1,077,349

Total		$	1,510,035

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

141

Moderately Conservative Allocation Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Moderately Conservative Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		3,102,815
Total Interest Rate Contracts			3,102,815
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		741,129
Total Equity Contracts			741,129
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		444,540
Total Credit Contracts			444,540

Total		$	4,288,484

The following table presents Moderately Conservative Allocation Portfolio’s average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Equity Contracts

191,567,980

10.5

N/A

Interest Rate Contracts

104,334,692

5.7

N/A

Foreign Exchange Contracts

N/A

6,014

<0.1

N/A

Credit Contracts

N/A

15,521,231

0.9

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

Investment in Affiliates

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


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Real Estate Securities	$	28,695,550	$	—	$	27,620,314		—	$	—	$	—
Partner Small Cap Value		24,064,028		51,626		—		1,265,037		23,585,482		51,626
Small Cap Stock		20,449,739		—		—		1,614,844		19,363,111		—
Partner Mid Cap Value		28,491,230		61,770		—		2,133,199		26,686,954		61,770
Mid Cap Stock		35,852,618		16,352		—		2,927,221		33,601,569		16,352
Partner Worldwide Allocation		71,557,285		9,838,221		—		9,309,499		68,816,746		1,547,401
Partner International Stock		40,475,646		14,871		—		3,793,944		34,849,649		14,871
Large Cap Growth II		37,077,121		751,749		33,838,862		—		—		52,981
Large Cap Value		80,030,955		18,007		—		7,462,376		77,563,939		18,007
Large Cap Stock		23,174,261		2,739		—		2,726,514		22,113,664		2,739
Equity Income Plus		10,492,477		29,394		—		1,161,468		10,234,741		29,394
High Yield		66,783,491		24,237,465		7,059,699		17,507,627		81,625,810		5,641,567
Income		205,832,967		54,079,308		382,495		25,995,863		262,194,274		10,701,923
Limited Maturity Bond		475,692,869		115,458,489		912,103		60,194,464		582,200,860		12,021,955
Total Value and Income Earned		1,148,670,237								1,242,836,799		30,160,586

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

142

Partner Technology Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (96.4%)	Value
	Communications Equipment (8.2%)
	21,423	Juniper Networks, Inc.^a	$	437,244
	36,603	QUALCOMM, Inc.		2,002,184

		Total Communications Equipment		2,439,428


	Computers & Peripherals (14.8%)
	7,545	Apple, Inc.^a		3,055,725
	36,315	NetApp, Inc.^a		1,317,145

		Total Computers & Peripherals		4,372,870


	Consumer Discretionary (8.4%)
	4,269	Amazon.com, Inc.^a		738,964
	20,927	Coinstar, Inc.^a,b		955,108
	35,320	Pandora Media, Inc.^a,b		353,553
	930	Priceline.com, Inc.^a		434,971

		Total Consumer Discretionary		2,482,596


	Electronic Equipment, Instruments & Components (5.8%)
	28,305	Amphenol Corporation		1,284,764
	15,961	DTS, Inc.^a		434,778

		Total Electronic Equipment, Instruments & Components		1,719,542


	Financials (2.7%)
	6,639	IntercontinentalExchange, Inc.^a		800,331

		Total Financials		800,331


	Industrials (1.3%)
	22,079	DigitalGlobe, Inc.^a		377,772

		Total Industrials		377,772


	Internet Software & Services (18.7%)
	23,824	21Vianet Group, Inc. ADR^a		217,990
	7,440	Equinix, Inc.^a		754,416
	3,304	Google, Inc.^a		2,134,054
	18,291	Groupon, Inc.^a,b		377,343
	8,194	Opnet Technologies, Inc.		300,474
	30,444	Rackspace Hosting, Inc.^a,b		1,309,396
	11,410	Yandex NV^a		224,777
	22,736	Zynga, Inc.^a,b		213,946

		Total Internet Software & Services		5,532,396


	IT Consulting & Services (5.4%)
	12,317	Global Payments, Inc.		583,579
	40,192	InterXion Holding NV^a		540,582
	13,732	VeriFone Systems, Inc.^a		487,761

		Total IT Consulting & Services		1,611,922


	Semiconductors & Semiconductor Equipment (10.6%)
	15,095	Altera Corporation		560,024
	8,940	Cavium, Inc.^a		254,164
	19,326	Intermolecular, Inc.^a		165,817
	51,651	NVIDIA Corporation^a		715,883
	17,674	Texas Instruments, Inc.		514,490
	29,176	Xilinx, Inc.		935,383

		Total Semiconductors & Semiconductor Equipment		3,145,761


	Software (14.4%)
	12,406	Citrix Systems, Inc.^a		753,292
	18,940	Microsoft Corporation		491,682
	38,214	Oracle Corporation		980,189
	52,165	RealD, Inc.^a,b		414,190
	21,637	Rovi Corporation^a		531,838
	10,698	Salesforce.com, Inc.^a		1,085,419

		Total Software		4,256,610


	Telecommunications Services (6.1%)
	13,885	American Tower Corporation		833,239
	23,093	SBA Communications Corporation^a		992,075
		Total Telecommunications Services		1,825,314


		Total Common Stock (cost $25,902,849)		28,564,542


		Collateral Held for Securities Loaned (12.5%)
	3,695,344	Thrivent Financial Securities Lending Trust		3,695,344

		Total Collateral Held for Securities Loaned (cost $3,695,344)		3,695,344

		Total Investments (cost $29,598,193) 108.9%	$	32,259,886

		Other Assets and Liabilities, Net (8.9%)		(2,644,476	)

		Total Net Assets 100.0%	$	29,615,410

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	$	5,194,921
Gross unrealized depreciation		(2,879,545	)

Net unrealized appreciation (depreciation)	$	2,315,376

Cost for federal income tax purposes	$	29,944,510

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

143

Partner Technology Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner Technology Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Communications Equipment		2,439,428		2,439,428		—		—
Computers & Peripherals		4,372,870		4,372,870		—		—
Consumer Discretionary		2,482,596		2,482,596		—		—
Electronic Equipment, Instruments & Components		1,719,542		1,719,542		—		—
Financials		800,331		800,331		—		—
Industrials		377,772		377,772		—		—
Internet Software & Services		5,532,396		5,532,396		—		—
IT Consulting & Services		1,611,922		1,611,922		—		—
Semiconductors & Semiconductor Equipment		3,145,761		3,145,761		—		—
Software		4,256,610		4,256,610		—		—
Telecommunications Services		1,825,314		1,825,314		—		—
Collateral Held for Securities Loaned		3,695,344		3,695,344		—		—

Total	$	32,259,886	$	32,259,886	$	—	$	—

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner Technology Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	5,439,525	$	28,054,049	$	29,798,230		3,695,344	$	3,695,344	$	159,163
Total Value and Income Earned		5,439,525								3,695,344		159,163

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

144

Partner Healthcare Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.7%)	Value
	Biotechnology (24.4%)
	13,171	Algeta ASA^a	$	335,555
	25,100	Amarin Corporation plc ADR^a		187,999
	8,940	Amgen, Inc.		574,037
	30,182	ARIAD Pharmaceuticals, Inc.^a		369,730
	6,000	Biogen Idec, Inc.^a		660,300
	7,643	BioMarin Pharmaceutical, Inc.^a		262,766
	23,100	Dendreon Corporation^a		175,560
	13,950	Incyte Corporation^a		209,390
	22,900	InterMune, Inc.^a		288,540
	13,400	Onyx Pharmaceuticals, Inc.^a		588,930
	17,200	Savient Pharmaceuticals, Inc.^a		38,356
	11,345	United Therapeutics Corporation^a		536,051
	5,200	Vertex Pharmaceuticals, Inc.^a		172,692

		Total Biotechnology		4,399,906


	Health Care Equipment (16.3%)
	12,500	Covidien plc		562,625
	14,433	Dexcom, Inc.^a		134,371
	6,463	Edwards Lifesciences Corporation^a		456,934
	9,389	Given Imaging, Ltd.^a		163,650
	2,898	HeartWare International, Inc.^a		199,962
	10,300	Hologic, Inc.^a		180,353
	11,500	St. Jude Medical, Inc.		394,450
	8,747	Thoratec Corporation^a		293,550
	8,162	Varian Medical Systems, Inc.^a		547,915

		Total Health Care Equipment		2,933,810


	Health Care Supplies (3.1%)
	23,373	Align Technology, Inc.^a		554,524

		Total Health Care Supplies		554,524


	Pharmaceuticals (54.9%)
	37,300	Aspen Pharmacare Holdings, Ltd.^a		446,532
	533,999	CFR Pharmaceuticals SA^a		125,508
	12,600	Eli Lilly and Company		523,656
	61,693	GlaxoSmithKline plc		1,405,765
	42,697	Hikma Pharmaceuticals plc		410,605
	29,900	Merck & Company, Inc.		1,127,230
	34,900	Mylan, Inc.^a		748,954
	25,200	Novartis AG		1,438,745
	8,540	Novo Nordisk A/S ADR		984,320
	5,400	Perrigo Company		525,420
	11,796	Pharmstandard GDR^a		165,907
	8,610	Roche Holding AG		1,456,108
	5,071	Sawai Pharmaceutical Company, Ltd.		526,079
		Total Pharmaceuticals		9,884,829


		Total Common Stock (cost $16,231,107)		17,773,069

		Total Investments (cost $16,231,107) 98.7%	$	17,773,069

		Other Assets and Liabilities, Net 1.3%		226,643

		Total Net Assets 100.0%	$	17,999,712

a	Non-income producing security.

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	2,281,838
Gross unrealized depreciation		(757,292	)

Net unrealized appreciation (depreciation)	$	1,524,546

Cost for federal income tax purposes	$	16,248,523

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

145

Partner Healthcare Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner Healthcare Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Biotechnology		4,399,906		4,064,351		335,555		—
Health Care Equipment		2,933,810		2,933,810		—		—
Health Care Supplies		554,524		554,524		—		—
Pharmaceuticals		9,884,829		4,075,487		5,809,342		—

Total	$	17,773,069	$	11,628,172	$	6,144,897	$	—

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Partner Healthcare Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(5,600	)
Total Foreign Exchange Contracts			(5,600	)

Total		($	5,600	)

The following table presents Partner Healthcare Portfolio’s average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk

Category

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Foreign Exchange Contracts

39,558

0.2

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

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

146

Partner Natural Resources Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (93.8%)	Value
	Coal & Consumable Fuels (12.4%)
	51,814	Alpha Natural Resources, Inc.^a	$	1,058,560
	67,300	Arch Coal, Inc.		976,523
	105,977	Patriot Coal Corporation^a		897,625
	29,994	Peabody Energy Corporation		993,102

		Total Coal & Consumable Fuels		3,925,810


	Consumer Staples (7.8%)
	28,003	Archer-Daniels-Midland Company		800,886
	12,810	Bunge, Ltd.		732,732
	17,495	Corn Products International, Inc.		920,062

		Total Consumer Staples		2,453,680


	Financials (15.3%)
	9,735	Boston Properties, Inc.		969,606
	16,186	Equity Residential		923,088
	7,694	Public Storage, Inc.		1,034,535
	7,679	Simon Property Group, Inc.		990,130
	11,860	Vornado Realty Trust		911,560

		Total Financials		4,828,919


	Integrated Oil & Gas (10.2%)
	19,195	BP plc ADR		820,394
	7,429	Chevron Corporation		790,446
	8,982	Occidental Petroleum Corporation		841,613
	31,126	Petroleo Brasileiro SA ADR		773,481

		Total Integrated Oil & Gas		3,225,934


	Materials (13.8%)
	13,100	Cliffs Natural Resources, Inc.		816,785
	30,608	Freeport-McMoRan Copper & Gold, Inc.		1,126,068
	9,900	Monsanto Company		693,693
	13,700	Mosaic Company		690,891
	17,175	Walter Energy, Inc.		1,040,118

		Total Materials		4,367,555


	Oil & Gas Drilling (5.4%)
	17,204	ENSCO International plc ADR		807,212
	52,000	Nabors Industries, Ltd.^a		901,680

		Total Oil & Gas Drilling		1,708,892


	Oil & Gas Equipment & Services (13.3%)
	14,191	Baker Hughes, Inc.		690,250
	15,520	Cameron International Corporation^a		763,429
	12,801	Dril-Quip, Inc.^a		842,562
	22,695	Global Geophysical Services, Inc.^a		152,510
	12,522	Oil States International, Inc.^a		956,305
	53,200	Weatherford International, Ltd.^a		778,848

		Total Oil & Gas Equipment & Services		4,183,904


	Oil & Gas Exploration & Production (15.6%)
	8,288	Apache Corporation		750,727
	8,500	EOG Resources, Inc.		837,335
	17,000	Newfield Exploration Company^a		641,410
	28,799	Plains Exploration & Production Company^a		1,057,499
	30,100	Swift Energy Company^a		894,572
	25,600	Ultra Petroleum Corporation^a		758,528

		Total Oil & Gas Exploration & Production		4,940,071

		Total Common Stock (cost $34,917,328)		29,634,765

		Total Investments (cost $34,917,328) 93.8%	$	29,634,765

		Other Assets and Liabilities, Net 6.2%		1,967,638

		Total Net Assets 100.0%	$	31,602,403

a	Non-income producing security.

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	1,418,777
Gross unrealized depreciation		(6,701,340	)

Net unrealized appreciation (depreciation)	$	(5,282,563	)

Cost for federal income tax purposes	$	34,917,328

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

147

Partner Natural Resources Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner Natural Resources Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Coal & Consumable Fuels		3,925,810		3,925,810		—		—
Consumer Staples		2,453,680		2,453,680		—		—
Financials		4,828,919		4,828,919		—		—
Integrated Oil & Gas		3,225,934		3,225,934		—		—
Materials		4,367,555		4,367,555		—		—
Oil & Gas Drilling		1,708,892		1,708,892		—		—
Oil & Gas Equipment & Services		4,183,904		4,183,904		—		—
Oil & Gas Exploration & Production		4,940,071		4,940,071		—		—

Total	$	29,634,765	$	29,634,765	$	—	$	—

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Partner Natural Resources Portfolio as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value December 31, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Value December 31, 2011
Common Stock Coal & Consumable Fuels		23,611		—		(23,611	)		—		—		—		—		—

Total	$	23,611	$	—	($	23,611	)	$	—	$	—	$	—	$	—	$	—

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Partner Natural Resources Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(5,811	)
Total Foreign Exchange Contracts			(5,811	)

Total		($	5,811	)

The following table presents Partner Natural Resources Portfolio’s average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk

Category

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Foreign Exchange Contracts

23,821

0.1

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

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

148

Partner Emerging Markets Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (97.5%)	Value
	Brazil (17.3%)
	79,072	Banco Bradesco SA ADR	$	1,318,921
	19,821	Lojas Renner SA		514,413
	22,000	Multiplan Empreendimentos Imobiliarios SA		451,370
	55,500	Petroleo Brasileiro SA PREF ADR		1,303,695
	53,902	Souza Cruz SA		662,036
	59,400	Ultrapar Participacoes SA		1,019,350
	71,947	Vale SA SP PREF ADR		1,482,108

		Total Brazil		6,751,893


	Chile (1.7%)
	8,800	Banco Santander Chile SA ADR		666,160

		Total Chile		666,160


	China (3.0%)
	931,000	PetroChina Company, Ltd.		1,156,144

		Total China		1,156,144


	Hong Kong (10.9%)
	220,000	AIA Group, Ltd.		684,842
	167,000	China Mobile, Ltd.		1,622,502
	167,000	Hang Lung Group, Ltd.		913,937
	73,000	Swire Pacific, Ltd., Class A		879,543
	60,000	Swire Pacific, Ltd., Class B		140,781

		Total Hong Kong		4,241,605


	Hungary (1.9%)
	5,371	Richter Gedeon Nyrt		753,810

		Total Hungary		753,810


	India (12.0%)
	60,000	Bharti Airtel, Ltd.		387,697
	6,500	GlaxoSmithKline Pharmaceuticals, Ltd.		237,732
	2,200	Grasim Industries, Ltd.		103,024
	4,350	Grasim Industries, Ltd. GDR		205,347
	17,800	Hero Motocorp, Ltd.		638,249
	58,000	Hindustan Unilever, Ltd.		444,744
	81,050	Housing Development Finance Corporation		994,000
	14,000	ICICI Bank, Ltd.		182,028
	5,000	ICICI Bank, Ltd. ADR		132,150
	15,000	Infosys, Ltd.		780,718
	3,900	Infosys, Ltd. ADR		200,382
	12,947	Ultra Tech Cement, Ltd.		284,191
	2,484	Ultra Tech Cement, Ltd. GDR		54,563

		Total India		4,644,825


	Indonesia (3.1%)
	146,000	PT Astra International Tbk		1,189,768

		Total Indonesia		1,189,768


	Luxembourg (2.4%)
	25,100	Tenaris SA ADR		933,218

		Total Luxembourg		933,218


	Malaysia (3.0%)
	320,000	CIMB Group Holdings Berhad		750,355
	96,500	Public Bank Berhad		401,711

		Total Malaysia		1,152,066


	Mexico (7.1%)
	17,200	Fomento Economico Mexicano SAB de CV ADR		1,199,012
	6,800	Grupo Aeroportuario del Sureste SAB de CV ADR		380,392
	293,128	Grupo Financiero Banorte SAB de CV ADR		887,490
	120,300	Organizacion Soriana SAB de CV^a		290,950

		Total Mexico		2,757,844


	Philippines (2.4%)
	1,523,700	Ayala Land, Inc.		527,511
	312,897	Bank of the Philippine Islands		393,864

		Total Philippines		921,375


	Poland (1.4%)
	13,790	Bank Pekao SA		562,327

		Total Poland		562,327


	Russia (2.8%)
	20,400	Lukoil ADR		1,079,754

		Total Russia		1,079,754


	South Africa (3.9%)
	29,047	Massmart Holdings, Ltd.		606,956
	99,800	Truworths International, Ltd.		911,869

		Total South Africa		1,518,825


	South Korea (5.9%)
	1,670	E-Mart Company, Ltd.^a		403,824
	2,250	Samsung Electronics Company, Ltd.		1,304,018
	1,570	Samsung Electronics Company, Ltd. GDR		450,130
	589	Shinsegae Company, Ltd.^a		125,400

		Total South Korea		2,283,372


	Taiwan (5.4%)
	168,400	Taiwan Mobile Company, Ltd.		524,660
	635,499	Taiwan Semiconductor Manufacturing Company, Ltd.		1,587,858

		Total Taiwan		2,112,518


	Thailand (5.5%)
	165,000	PTT Exploration & Production pcl		879,964
	64,400	Siam Cement pcl		745,970
	133,600	Siam Commercial Bank pcl		492,397

		Total Thailand		2,118,331


	Turkey (4.2%)
	262,833	Akbank TAS		832,897
	17,799	BIM Birlesik Magazalar AS		492,879
	101,000	Turkiye Garanti Bankasi AS		313,986

		Total Turkey		1,639,762


	United Kingdom (3.6%)
	14,825	SABMiller plc		518,831

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

149

Partner Emerging Markets Portfolio

Schedule of Investments as of December 31, 2011


Shares	Common Stock (97.5%)	Value
United Kingdom (3.6%) - continued
39,950	Standard Chartered plc	$	873,825

	Total United Kingdom		1,392,656


	Total Common Stock (cost $36,828,169)		37,876,253

	Total Investments (cost $36,828,169) 97.5%	$	37,876,253

	Other Assets and Liabilities, Net 2.5%		977,319

	Total Net Assets 100.0%	$	38,853,572

a	Non-income producing security.

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	4,587,753
Gross unrealized depreciation		(3,574,951	)

Net unrealized appreciation (depreciation)	$	1,012,802

Cost for federal income tax purposes	$	36,863,451

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner Emerging Markets Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		4,074,473		—		4,074,473		—
Consumer Staples		3,924,458		1,199,012		2,725,446		—
Energy		6,372,125		3,316,667		3,055,458		—
Financials		10,928,401		2,117,231		8,811,170		—
Health Care		991,542		—		991,542		—
Industrials		3,245,181		719,146		2,526,035		—
Information Technology		4,323,106		650,512		3,672,594		—
Materials		1,482,108		1,482,108		—		—
Telecommunications Services		2,534,859		—		2,534,859		—

Total	$	37,876,253	$	9,484,676	$	28,391,577	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Foreign Currency Forward Contracts		254		—		254		—

Total Asset Derivatives	$	254	$	—	$	254	$	—

Liability Derivatives
Foreign Currency Forward Contracts		78		–		78		–

Total Liability Derivatives	$	78	$	–	$	78	$	–


Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
South African Rand		SSB		227,930	1/3/2012 -1/6/2012	$	27,981	$	28,235	$	254
Total Purchases						$	27,981	$	28,235	$	254
Sales
Brazilian Real		SSB		33,414	1/3/2012	$	17,836	$	17,914	($	78	)
Total Sales						$	17,836	$	17,914	($	78	)
Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts										$	176

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

150

Partner Emerging Markets Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Partner Emerging Markets Portfolio's investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Foreign Exchange Contracts
Forward Contracts	Receivable/Payable for forward contracts, Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		254
Total Foreign Exchange Contracts			254

Total Asset Derivatives		$	254

Liability Derivatives
Foreign Exchange Contracts
Forward Contracts	Receivable/Payable for forward contracts, Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		78
Total Foreign Exchange Contracts			78

Total Liability Derivatives		$	78

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Partner Emerging Markets Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/ (Losses) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		11,580
Total Foreign Exchange Contracts			11,580

Total		$	11,580

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Partner Emerging Markets Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Change in net unrealized appreciation/(depreciation) on Foreign currency forward contracts		176
Total Foreign Exchange Contracts			176

Total		$	176

The following table presents Partner Emerging Markets Portfolio's average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk

Category

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Foreign Exchange Contracts

26,768

0.1

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

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

151

Real Estate Securities Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (99.4%)	Value
	Diversified Real Estate Activities (0.1%)
	5,019	Brookfield Asset Management, Inc.	$	137,922

		Total Diversified Real Estate Activities		137,922


	Diversified REITS (6.2%)
	11,292	American Assets Trust, Inc.		231,599
	22,057	Colonial Properties Trust		460,109
	7,032	Excel Trust, Inc.		84,384
	32,643	Liberty Property Trust		1,008,016
	5,270	PS Business Parks, Inc.		292,116
	13,922	Retail Opportunity Investments Corporation		164,836
	53,750	Vornado Realty Trust		4,131,225
	10,515	Washington Real Estate Investment Trust		287,585
	2,603	Winthrop Realty Trust		26,473

		Total Diversified REITS		6,686,343


	Hotels, Resorts & Cruise Lines (1.0%)
	2,908	Gaylord Entertainment Company^a		70,199
	1,500	Hyatt Hotels Corporation^a		56,460
	6,580	Marriott International, Inc.		191,939
	11,826	Starwood Hotels & Resorts Worldwide, Inc.		567,293
	11,457	Summit Hotel Properties, Inc.		108,154
	2,752	Wyndham Worldwide Corporation		104,108

		Total Hotels, Resorts & Cruise Lines		1,098,153


	Industrial REITS (5.1%)
	68,116	DCT Industrial Trust, Inc.		348,754
	24,290	DuPont Fabros Technology, Inc.		588,304
	8,624	EastGroup Properties, Inc.		374,971
	14,246	First Industrial Realty Trust, Inc.^a		145,737
	11,126	First Potomac Realty Trust		145,194
	135,273	Prologis, Inc.		3,867,455

		Total Industrial REITS		5,470,415


	Mortgage REITS (1.0%)
	28,813	American Capital Agency Corporation		809,069
	3,584	Colony Financial, Inc.		56,305
	4,040	CreXus Investment Corporation		41,935
	19,090	Two Harbors Investment Corporation		176,391

		Total Mortgage REITS		1,083,700


	Office REITS (15.5%)
	24,062	Alexandria Real Estate Equities, Inc.		1,659,556
	42,462	BioMed Realty Trust, Inc.		767,713
	48,224	Boston Properties, Inc.		4,803,110
	44,380	Brandywine Realty Trust		421,610
	9,455	CommonWealth REIT		157,331
	5,646	Coresite Realty Corporation		100,612
	15,807	Corporate Office Properties Trust		336,057
	35,818	Digital Realty Trust, Inc.		2,387,986
	45,357	Douglas Emmett, Inc.		827,312
	64,170	Duke Realty Corporation		773,249
	7,379	Government Properties Income Trust		166,396
	19,612	Highwoods Properties, Inc.		581,888
	2,249	Hudson Pacific Properties, Inc.		31,846
	20,813	Kilroy Realty Corporation		792,351
	17,555	Lexington Realty Trust		131,487
	25,305	Mack-Cali Realty Corporation		675,390
	6,963	Piedmont Office Realty Trust, Inc.		118,650
	30,777	SL Green Realty Corporation		2,050,979

		Total Office REITS		16,783,523


	Real Estate Operating Companies (0.7%)
	32,357	Brookfield Office Properties, Inc.		506,064
	20,743	Forest City Enterprises, Inc.^a		245,182

		Total Real Estate Operating Companies		751,246


	Real Estate Services (0.1%)
	6,993	CBRE Group, Inc.^a		106,433

		Total Real Estate Services		106,433


	Residential REITS (18.7%)
	26,503	American Campus Communities, Inc.		1,112,066
	40,184	Apartment Investment & Management Company		920,616
	11,659	Associated Estates Realty Corporation		185,961
	30,549	AvalonBay Communities, Inc.		3,989,699
	22,257	BRE Properties, Inc.		1,123,533
	25,651	Camden Property Trust		1,596,518
	6,626	Campus Crest Communities, Inc.		66,658
	24,814	Education Realty Trust, Inc.		253,847
	15,439	Equity Lifestyle Properties, Inc.		1,029,627
	86,940	Equity Residential		4,958,188
	11,499	Essex Property Trust, Inc.		1,615,725
	12,887	Home Properties, Inc.		741,905
	10,034	Mid-America Apartment Communities, Inc.		627,627
	14,435	Post Properties, Inc.		631,098
	1,917	Sun Communities, Inc.		70,028
	49,894	UDR, Inc.		1,252,339

		Total Residential REITS		20,175,435


	Retail REITS (24.8%)
	16,763	Acadia Realty Trust		337,607
	38,739	CBL & Associates Properties, Inc.		608,202
	88,656	DDR Corporation		1,078,944
	11,717	Equity One, Inc.		198,955
	17,195	Federal Realty Investment Trust		1,560,446
	108,605	General Growth Properties, Inc.		1,631,247
	32,724	Glimcher Realty Trust		301,061
	13,832	Inland Real Estate Corporation		105,262
	106,087	Kimco Realty Corporation		1,722,853
	19,197	Kite Realty Group Trust		86,578
	41,166	Macerich Company		2,083,000
	27,186	National Retail Properties, Inc.		717,167
	5,526	Pennsylvania Real Estate Investment Trust		57,691
	13,348	Ramco-Gershenson Properties Trust		131,211
	8,282	Realty Income Corporation		289,539
	25,692	Regency Centers Corporation		966,533

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

152

Real Estate Securities Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (99.4%)	Value
	Retail REITS (24.8%) - continued
	2,138	Saul Centers, Inc.	$	75,728
	95,561	Simon Property Group, Inc.		12,321,635
	29,863	Tanger Factory Outlet Centers, Inc.		875,583
	15,741	Taubman Centers, Inc.		977,516
	29,642	Weingarten Realty Investors		646,788

		Total Retail REITS		26,773,546


	Specialized REITS (26.2%)
	3,000	American Tower Corporation		180,030
	27,478	Ashford Hospitality Trust, Inc.		219,824
	6,227	Chatham Lodging Trust		67,127
	11,233	Chesapeake Lodging Trust		173,662
	13,176	Cogdell Spencer, Inc.		55,998
	3,438	Cohen & Steers Quality Income Realty Fund, Inc.		29,120
	40,872	CubeSmart		434,878
	58,995	DiamondRock Hospitality Company		568,712
	15,183	Entertainment Properties Trust		663,649
	33,870	Extra Space Storage, Inc.		820,670
	28,843	FelCor Lodging Trust, Inc.^a		87,971
	103,644	HCP, Inc.		4,293,971
	56,994	Health Care REIT, Inc.		3,107,883
	15,612	Healthcare Realty Trust, Inc.		290,227
	48,647	Hersha Hospitality Trust		237,397
	22,249	Hospitality Properties Trust		511,282
	215,940	Host Hotels & Resorts, Inc.		3,189,434
	24,640	LaSalle Hotel Properties		596,535
	4,472	LTC Properties, Inc.		138,006
	19,414	Medical Properties Trust, Inc.		191,616
	23,861	Omega Healthcare Investors, Inc.		461,710
	13,608	Pebblebrook Hotel Trust		261,002
	6,965	Plum Creek Timber Company, Inc.		254,641
	39,483	Public Storage, Inc.		5,308,884
	10,494	Rayonier, Inc. REIT		468,347
	8,241	RLJ Lodging Trust		138,696
	5,792	Sabra Healthcare REIT, Inc.		70,025
	43,066	Senior Housing Property Trust		966,401
	3,099	Sovran Self Storage, Inc.		132,234
	30,674	Strategic Hotel Capital, Inc.^a		164,719
	34,274	Sunstone Hotel Investors, Inc.^a		279,333
	71,420	Ventas, Inc.		3,937,385

		Total Specialized REITS		28,301,369


		Total Common Stock (cost $129,063,605)		107,368,085

		Total Investments (cost $129,063,605) 99.4%	$	107,368,085

		Other Assets and Liabilities, Net 0.6%		597,914

		Total Net Assets 100.0%	$	107,965,999

a	Non-income producing security.

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	11,991,244
Gross unrealized depreciation		(33,725,036	)

Net unrealized appreciation (depreciation)	$	(21,733,792	)

Cost for federal income tax purposes	$	129,101,877

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

153

Real Estate Securities Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Real Estate Securities Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Diversified Real Estate Activities		137,922		137,922		—		—
Diversified REITS		6,686,343		6,686,343		—		—
Hotels, Resorts & Cruise Lines		1,098,153		1,098,153		—		—
Industrial REITS		5,470,415		5,470,415		—		—
Mortgage REITS		1,083,700		1,083,700		—		—
Office REITS		16,783,523		16,783,523		—		—
Real Estate Operating Companies		751,246		751,246		—		—
Real Estate Services		106,433		106,433		—		—
Residential REITS		20,175,435		20,175,435		—		—
Retail REITS		26,773,546		26,773,546		—		—
Specialized REITS		28,301,369		28,301,369		—		—

Total	$	107,368,085	$	107,368,085	$	—	$	—

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Real Estate Securities Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(5	)
Total Foreign Exchange Contracts			(5	)

Total		($	5	)

Real Estate Securities Portfolio’s average volume of derivative activity for foreign exchange contracts during the period was <0.1% of average net assets.

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Real Estate Securities Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	28,278,375	$	184,152,648	$	212,431,023		—	$	—	$	45,529
Total Value and Income Earned		28,278,375								—		45,529

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

154

Partner Utilities Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (81.4%)	Value
	Alternative Carriers (2.9%)
	3,950	Lumos Networks Corporation	$	60,593
	13,307	TW Telecom, Inc.^a		257,890

		Total Alternative Carriers		318,483


	Consumer Discretionary (4.3%)
	10,455	Comcast Corporation		247,888
	3,633	Time Warner Cable, Inc.		230,950

		Total Consumer Discretionary		478,838


	Electric Utilities (26.4%)
	3,700	American Electric Power Company, Inc.		152,847
	7,375	Cleco Corporation		280,988
	3,456	Edison International, Inc.		143,078
	3,300	Exelon Corporation		143,121
	3,200	FirstEnergy Corporation		141,760
	14,300	Great Plains Energy, Inc.		311,454
	9,600	IDACORP, Inc.		407,136
	3,717	ITC Holdings Corporation		282,046
	2,316	NextEra Energy, Inc.		140,998
	22,740	NV Energy, Inc.		371,799
	22,784	PNM Resources, Inc.		415,352
	4,800	PPL Corporation		141,216

		Total Electric Utilities		2,931,795


	Energy (2.4%)
	5,294	Energen Corporation		264,700

		Total Energy		264,700


	Gas Utilities (11.0%)
	6,345	AGL Resources, Inc.		268,140
	7,100	Laclede Group, Inc.		287,337
	8,653	Southwest Gas Corporation		367,666
	10,349	UGI Corporation		304,260

		Total Gas Utilities		1,227,403


	Independent Power Producers & Energy Traders (9.9%)
	9,901	AES Corporation^a		117,228
	22,175	Calpine Corporation^a		362,118
	8,095	Constellation Energy Group, Inc.		321,128
	16,500	NRG Energy, Inc.^a		298,980

		Total Independent Power Producers & Energy Traders		1,099,454


	Multi-Utilities (18.6%)
	8,578	Alliant Energy Corporation		378,376
	11,059	Avista Corporation		284,769
	17,383	CMS Energy Corporation		383,817
	2,815	Dominion Resources, Inc.		149,420
	5,269	DTE Energy Company		286,897
	5,121	OGE Energy Corporation		290,412
	4,100	Public Service Enterprise Group, Inc.		135,341
	5,878	Xcel Energy, Inc.		162,468

		Total Multi-Utilities		2,071,500


	Water Utilities (2.6%)
	9,087	American Water Works Company, Inc.		289,512

		Total Water Utilities		289,512


	Wireless Telecommunication Services (3.3%)
	3,950	NTELOS Holdings Corporation		80,501
	6,714	SBA Communications Corporation^a		288,433

		Total Wireless Telecommunication Services		368,934


		Total Common Stock (cost $8,277,626)		9,050,619

		Total Investments (cost $8,277,626) 81.4%	$	9,050,619

		Other Assets and Liabilities, Net 18.6%		2,067,928

		Total Net Assets 100.0%	$	11,118,547

a	Non-income producing security.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	1,004,163
Gross unrealized depreciation		(231,170	)

Net unrealized appreciation (depreciation)	$	772,993

Cost for federal income tax purposes	$	8,277,626

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

155

Partner Utilities Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner Utilities Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Alternative Carriers		318,483		318,483		—		—
Consumer Discretionary		478,838		478,838		—		—
Electric Utilities		2,931,795		2,931,795		—		—
Energy		264,700		264,700		—		—
Gas Utilities		1,227,403		1,227,403		—		—
Independent Power Producers & Energy Traders		1,099,454		1,099,454		—		—
Multi-Utilities		2,071,500		2,071,500		—		—
Water Utilities		289,512		289,512		—		—
Wireless Telecommunication Services		368,934		368,934		—		—

Total	$	9,050,619	$	9,050,619	$	—	$	—

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Partner Utilities Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		2,175
Total Foreign Exchange Contracts			2,175

Total		$	2,175

The following table presents Partner Utilities Portfolio’s average volume of derivative activity during the period ended December 31, 2011.


Derivative Risk Category	Forwards *(Notional)**		Forwards (Percentage of Average Net Assets)

Foreign Exchange Contracts	$	2,180		<0.1	%

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

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

156

Partner Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2011


Shares	Common Stock (97.8%)	Value
Consumer Discretionary (16.7%)
11,480	Aeropostale, Inc.^a	$	175,070
15,320	Ann, Inc.^a		379,630
21,660	Big Lots, Inc.^a		817,882
29,450	BJ's Restaurants, Inc.^a		1,334,674
17,970	Body Central Corporation^a		448,531
56,092	Bravo Brio Restaurant Group, Inc.^a		961,978
45,900	Bridgepoint Education, Inc.^a,b		1,055,700
80,710	Brunswick Corporation		1,457,623
6,900	Buffalo Wild Wings, Inc.^a		465,819
9,600	Children's Place Retail Stores, Inc.^a		509,952
9,970	Cracker Barrel Old Country Store, Inc.		502,588
81,750	Crocs, Inc.^a		1,207,448
13,440	Deckers Outdoor Corporation^a		1,015,661
22,540	DSW, Inc.		996,493
59,100	Express, Inc.^a		1,178,454
106,570	Finish Line, Inc.		2,055,202
47,072	Gaylord Entertainment Company^a,b		1,136,318
54,010	GNC Holdings, Inc.^a,b		1,563,589
8,110	Imax Corporation^a,b		148,656
6,690	Joseph A. Bank Clothiers, Inc.^a,b		326,204
10,610	Krispy Kreme Doughnuts, Inc.^a		69,389
57,280	Meritage Homes Corporation^a		1,328,323
9,310	Oxford Industries, Inc.		420,067
154,730	Saks, Inc.^a,b		1,508,617
170,360	Scientific Games Corporation^a		1,652,492
19,500	Select Comfort Corporation^a		422,955
12,770	Skullcandy, Inc.^a,b		159,880
11,230	SodaStream International, Ltd.^a,b		367,109
96,460	Sonic Automotive, Inc.^b		1,428,573
43,090	Sotheby's Holdings, Inc.		1,229,358
44,460	Steven Madden, Ltd.^a		1,533,870
42,520	Tenneco, Inc.^a		1,266,246
46,910	True Religion Apparel, Inc.^a		1,622,148
6,330	Ulta Salon Cosmetics & Fragrance, Inc.^a		410,944
37,330	Vera Bradley, Inc.^a,b		1,203,892
16,750	Vitamin Shoppe, Inc.^a		667,990

	Total Consumer Discretionary		33,029,325


Consumer Staples (2.6%)
8,620	B&G Foods, Inc.		207,483
1,340	Boston Beer Company, Inc.^a,b		145,470
42,080	Hain Celestial Group, Inc.^a		1,542,653
14,650	TreeHouse Foods, Inc.^a		957,817
55,950	United Natural Foods, Inc.^a		2,238,560

	Total Consumer Staples		5,091,983


Energy (8.4%)
22,040	Basic Energy Services, Inc.^a		434,188
17,860	Berry Petroleum Company		750,477
7,960	C&J Energy Services, Inc.^a,b		166,603
70,240	Carrizo Oil & Gas, Inc.^a		1,850,824
48,570	CVR Energy, Inc.^a		909,716
23,960	Dril-Quip, Inc.^a		1,577,047
56,790	Energy XXI, Ltd.^a		1,810,465
9,850	GeoResources, Inc.^a,b		288,704
58,830	Gulfport Energy Corporation^a		1,732,544
14,960	James River Coal Company^a,b		103,523
121,943	Key Energy Services, Inc.^a		1,886,458
20,590	Kodiak Oil & Gas Corporation^a,b		195,605
9,550	Lufkin Industries, Inc.		642,810
80,010	Northern Oil and Gas, Inc.^a,b		1,918,640
30,810	Rex Energy Corporation^a		454,756
61,957	Swift Energy Company^a		1,841,362

	Total Energy		16,563,722


Financials (6.6%)
34,310	Alterra Capital Holdings, Ltd.		810,745
46,126	Bank of the Ozarks, Inc.^b		1,366,713
32,950	Extra Space Storage, Inc.		798,379
4,240	IBERIABANK Corporation		209,032
63,209	Knight Capital Group, Inc.^a		747,130
33,110	LaSalle Hotel Properties		801,593
38,450	MarketAxess Holdings, Inc.		1,157,730
94,210	Ocwen Financial Corporation^a		1,364,161
60,190	Oritani Financial Corporation		768,626
20,250	Signature Bank^a		1,214,798
7,220	Sovran Self Storage, Inc.		308,078
89,020	Symetra Financial Corporation		807,411
49,490	Tanger Factory Outlet Centers, Inc.		1,451,047
36,130	Texas Capital Bancshares, Inc.^a		1,105,939
16,970	Umpqua Holdings Corporation		210,258

	Total Financials		13,121,640


Health Care (18.8%)
35,420	Acadia Healthcare Company, Inc.^a		353,137
26,570	Achillion Pharmaceuticals, Inc.^a		202,463
16,190	Air Methods Corporation^a		1,367,246
94,854	Akorn, Inc.^a		1,054,776
27,590	Align Technology, Inc.^a		654,573
8,990	AMERIGROUP Corporation^a		531,129
3,100	Analogic Corporation		177,692
88,590	ARIAD Pharmaceuticals, Inc.^a		1,085,228
27,380	ArthroCare Corporation^a		867,398
15,320	Aveo Pharmaceuticals, Inc.^a,b		263,504
39,110	Bruker Corporation^a		485,746
40,420	Catalyst Health Solutions, Inc.^a		2,101,840
51,320	Cepheid, Inc.^a		1,765,921
7,120	Computer Programs and Systems, Inc.		363,903
56,000	Cubist Pharmaceuticals, Inc.^a		2,218,720
12,980	Cyberonics, Inc.^a		434,830
35,740	Healthspring, Inc.^a		1,949,260
67,771	HMS Holdings Corporation^a		2,167,317
45,760	Impax Laboratories, Inc.^a		922,979
54,120	Incyte Corporation^a,b		812,341
40,690	Ironwood Pharmaceuticals, Inc.^a		487,059
19,570	Mednax, Inc.^a		1,409,236
72,010	NxStage Medical, Inc.^a,b		1,280,338
39,390	Onyx Pharmaceuticals, Inc.^a		1,731,191
40,850	Optimer Pharmaceuticals, Inc.^a,b		500,004
9,650	Orthofix International NV^a		339,970
12,940	PAREXEL International Corporation^a		268,376
64,800	PSS World Medical, Inc.^a		1,567,512
4,650	QLT, Inc.^a		33,480
44,960	Quality Systems, Inc.		1,663,070
65,790	Questcor Pharmaceuticals, Inc.^a		2,735,548
25,530	Salix Pharmaceuticals, Ltd.^a		1,221,610
24,290	Sirona Dental Systems, Inc.^a		1,069,732

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

157

Partner Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (97.8%)	Value
	Health Care (18.8%) - continued
	12,280	SXC Health Solutions Corporation^a	$	693,574
	48,550	Universal American Corporation		617,071
	33,160	Wellcare Health Plans, Inc.^a		1,740,900

		Total Health Care		37,138,674


	Industrials (17.7%)
	16,480	Alaska Air Group, Inc.^a		1,237,483
	126,970	Avis Budget Group, Inc.^a		1,361,118
	37,380	Belden, Inc.		1,244,006
	26,580	Chart Industries, Inc.^a		1,437,181
	51,170	Clean Harbors, Inc.^a		3,261,064
	33,700	Copa Holdings SA		1,977,179
	12,920	EnPro Industries, Inc.^a		426,102
	6,490	ESCO Technologies, Inc.		186,782
	49,360	Genesee & Wyoming, Inc.^a		2,990,229
	116,770	GrafTech International, Ltd.^a		1,593,911
	26,760	Greenbrier Companies, Inc.^a		649,733
	46,960	Healthcare Services Group, Inc.		830,722
	21,600	Heico Corporation^b		1,263,168
	28,630	Herman Miller, Inc.		528,223
	72,290	Hexcel Corporation^a		1,750,141
	58,210	Hub Group, Inc.^a		1,887,750
	18,690	Huron Consulting Group, Inc.^a		724,051
	11,080	Kforce, Inc.^a		136,616
	6,450	Middleby Corporation^a		606,558
	33,430	Old Dominion Freight Line, Inc.^a		1,354,918
	26,190	Polypore International, Inc.^a		1,152,098
	3,330	RBC Bearings, Inc.^a		138,861
	9,803	Robbins & Myers, Inc.		475,936
	12,860	Titan International, Inc.^b		250,256
	46,140	Triumph Group, Inc.^b		2,696,883
	106,980	TrueBlue, Inc.^a		1,484,882
	32,850	WESCO International, Inc.^a		1,741,378
	40,376	Woodward, Inc.		1,652,590

		Total Industrials		35,039,819


	Information Technology (22.3%)
	29,830	ADTRAN, Inc.		899,673
	36,230	Allot Communications, Ltd.^a		550,696
	34,220	Ancestry.com, Inc.^a,b		785,691
	29,360	Anixter International, Inc.^a		1,751,030
	11,000	ANSYS, Inc.^a		630,080
	69,730	Ariba, Inc.^a		1,958,019
	36,840	Aruba Networks, Inc.^a,b		682,277
	38,500	Bankrate, Inc.^a		827,750
	17,920	Bottomline Technologies, Inc.^a		415,206
	52,450	Broadsoft, Inc.^a,b		1,583,990
	65,520	Cavium, Inc.^a		1,862,734
	57,397	Ceva, Inc.^a		1,736,833
	134,920	Cirrus Logic, Inc.^a		2,138,482
	18,630	Cognex Corporation		666,768
	6,470	Coherent, Inc.^a		338,187
	33,540	Concur Technologies, Inc.^a,b		1,703,497
	22,470	Electronics for Imaging, Inc.^a		320,198
	89,780	Fairchild Semiconductor International, Inc.^a		1,080,951
	77,180	Finisar Corporation^a,b		1,292,379
	30,100	GSI Group, Inc.^a		307,923
	31,786	Heartland Payment Systems, Inc.		774,307
	2,220	Hittite Microwave Corporation^a		109,624
	8,580	Imperva, Inc.^a		298,670
	45,550	Intermolecular, Inc.^a		390,819
	34,530	Jack Henry & Associates, Inc.		1,160,553
	15,630	Kenexa Corporation^a		417,321
	6,980	Liquidity Services, Inc.^a		257,562
	30,180	MAXIMUS, Inc.		1,247,943
	64,418	NETGEAR, Inc.^a		2,162,512
	4,020	Opnet Technologies, Inc.		147,413
	29,590	Plexus Corporation^a		810,174
	32,220	Power Integrations, Inc.^b		1,068,415
	61,310	QLIK Technologies, Inc.^a		1,483,702
	11,190	Rofin-Sinar Technologies, Inc.^a		255,692
	134,700	Sapient Corporation		1,697,220
	57,970	Semtech Corporation^a		1,438,815
	31,260	SuccessFactors, Inc.^a		1,246,336
	67,770	Synchronoss Technologies, Inc.^a,b		2,047,332
	78,770	Taleo Corporation^a		3,047,611
	88,590	Teradyne, Inc.^a		1,207,482
	47,120	Ultratech, Inc.^a		1,157,738

		Total Information Technology		43,959,605


	Materials (3.9%)
	41,650	Allied Nevada Gold Corporation^a		1,261,162
	108,330	Century Aluminum Company^a		921,888
	83,860	Chemtura Corporation^a		950,973
	4,730	Domtar Corporation		378,211
	16,260	KapStone Paper and Packaging Corporation^a		255,932
	173,940	Louisiana-Pacific Corporation^a		1,403,696
	18,400	LSB Industries, Inc.^a		515,752
	18,400	Noranda Aluminum Holding Corporation		151,800
	16,879	Rock-Tenn Company		973,918
	141,790	Thompson Creek Metals Company, Inc.^a		986,858

		Total Materials		7,800,190


	Telecommunications Services (0.7%)
	5,820	AboveNet, Inc.^a		378,358
	54,050	Cogent Communications Group, Inc.^a		912,905

		Total Telecommunications Services		1,291,263


	Utilities (0.1%)
	6,102	Artesian Resources Corporation^b		114,901

		Total Utilities		114,901


		Total Common Stock (cost $174,363,798)		193,151,122

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

158

Partner Small Cap Growth Portfolio

Schedule of Investments as of December 31, 2011


Shares		Collateral Held for Securities Loaned (10.4%)	Value
	20,479,131	Thrivent Financial Securities Lending Trust	$	20,479,131


		Total Collateral Held for Securities Loaned (cost $20,479,131)		20,479,131


		Total Investments (cost $194,842,929) 108.2%	$	213,630,253

		Other Assets and Liabilities, Net (8.2%)		(16,139,827	)

		Total Net Assets 100.0%	$	197,490,426

a	Non-income producing security.

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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	26,740,949
Gross unrealized depreciation		(8,664,808	)

Net unrealized appreciation (depreciation)	$	18,076,141
Cost for federal income tax purposes	$	195,554,112

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner Small Cap Growth Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		33,029,325	33,029,325			—		—
Consumer Staples		5,091,983		5,091,983		—		—
Energy		16,563,722	16,563,722			—		—
Financials		13,121,640	13,121,640			—		—
Health Care		37,138,674	37,138,674			—		—
Industrials		35,039,819	35,039,819			—		—
Information Technology		43,959,605	43,959,605			—		—
Materials		7,800,190		7,800,190		—		—
Telecommunications Services		1,291,263		1,291,263		—		—
Utilities		114,901		114,901		—		—
Collateral Held for Securities Loaned		20,479,131	20,479,131			—		—

Total	$	213,630,253	$213,630,253		$	—	$	—

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner Small Cap Growth Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	29,124,371	$	143,811,858	$	152,457,098		20,479,131	$	20,479,131	$	126,593
Total Value and Income Earned		29,124,371								20,479,131		126,593

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

159

Partner Small Cap Value Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (97.1%)	Value
	Consumer Discretionary (13.0%)
	210,600	Aaron’s, Inc.	$	5,618,808
	31,500	Ascent Capital Group, Inc., LLC^a		1,597,680
	27,000	Brunswick Corporation		487,620
	53,500	CSS Industries, Inc.		1,065,720
	59,100	Dorman Products, Inc.^a		2,182,563
	100,000	Drew Industries, Inc.^a		2,453,000
	60,000	Ethan Allen Interiors, Inc.^b		1,422,600
	86,300	Fred’s, Inc.^b		1,258,254
	96,000	Haverty Furniture Companies, Inc.		1,054,080
	42,000	Hooker Furniture Corporation		481,740
	68,000	M/I Homes, Inc.^a		652,800
	91,000	MarineMax, Inc.^a,b		593,320
	56,500	Matthews International Corporation		1,775,795
	74,600	Men’s Wearhouse, Inc.		2,417,786
	106,600	Meritage Homes Corporation^a		2,472,054
	212,000	Orient-Express Hotels, Ltd.^a		1,583,640
	274,600	Sealy Corporation^a,b		472,312
	150,000	Shiloh Industries, Inc.^a		1,257,000
	62,100	Stanley Furniture Company, Inc.^a		186,300
	161,000	Stein Mart, Inc.^a		1,096,410
	52,000	Steven Madden, Ltd.^a		1,794,000
	76,300	Winnebago Industries, Inc.^a		563,094

		Total Consumer Discretionary		32,486,576


	Consumer Staples (0.6%)
	242,300	Alliance One International, Inc.^a		659,056
	28,300	Nash Finch Company		828,624

		Total Consumer Staples		1,487,680


	Energy (4.7%)
	8,800	Atwood Oceanics, Inc.^a		350,152
	7,900	Carbo Ceramics, Inc.		974,307
	93,000	Cloud Peak Energy, Inc.^a		1,796,760
	66,000	Forest Oil Corporation^a		894,300
	88,000	Gulf Island Fabrication, Inc.		2,570,480
	143,000	Hercules Offshore, Inc.^a		634,920
	38,586	Lone Pine Resources, Inc.^a		270,488
	25,900	Overseas Shipholding Group, Inc.^b		283,087
	92,000	Penn Virginia Corporation		486,680
	63,500	Swift Energy Company^a		1,887,220
	181,000	Tetra Technologies, Inc.^a		1,690,540

		Total Energy		11,838,934


	Financials (22.4%)
	86,300	Alterra Capital Holdings, Ltd.		2,039,269
	197,000	Ares Capital Corporation		3,043,650
	188,000	CBL & Associates Properties, Inc.^b		2,951,600
	141,500	Cedar Realty Trust, Inc.		609,865
	69,900	Columbia Banking System, Inc.		1,346,973
	35,000	Compass Diversified Trust^b		433,650
	86,000	Cousins Properties, Inc.		551,260
	108,800	East West Bancorp, Inc.		2,148,800
	48,500	Employers Holdings, Inc.		877,365
	36,800	First Opportunity Fund, Inc.^a		228,896
	77,500	First Potomac Realty Trust		1,011,375
	100,000	Glacier Bancorp, Inc.^b		1,203,000
	77,000	Hatteras Financial Corporation^b		2,030,490
	128,000	Hercules Technology Growth Capital, Inc.		1,208,320
	81,000	Home Bancshares, Inc.		2,098,710
	26,900	iShares Russell 2000 Value Index Fund^b		1,765,716
	56,400	JMP Group, Inc.		403,260
	57,600	Kilroy Realty Corporation		2,192,832
	277,000	Kite Realty Group Trust		1,249,270
	86,000	LaSalle Hotel Properties		2,082,060
	3,800	Markel Corporation^a		1,575,746
	103,000	Meadowbrook Insurance Group, Inc.		1,100,040
	76,200	National Interstate Corporation		1,879,854
	43,000	Pebblebrook Hotel Trust		824,740
	179,000	PennantPark Investment Corporation^b		1,806,110
	25,300	Piper Jaffray Companies^a		511,060
	39,000	Potlatch Corporation		1,213,290
	69,300	ProAssurance Corporation		5,531,526
	159,000	Redwood Trust, Inc.		1,618,620
	130,000	Safeguard Scientifics, Inc.^a		2,052,700
	114,000	Sandy Spring Bancorp, Inc.		2,000,700
	53,300	SeaBright Holdings, Inc.		407,745
	53,000	SVB Financial Group^a		2,527,570
	300,000	Western Alliance Bancorp^a		1,869,000
	63,000	Wintrust Financial Corporation		1,767,150

		Total Financials		56,162,212


	Health Care (4.9%)
	37,800	Angiodynamics, Inc.^a		559,818
	6,700	Atrion Corporation		1,609,541
	50,700	Infinity Pharmaceuticals, Inc.^a,b		448,188
	842,100	Lexicon Pharmaceuticals, Inc.^a,b		1,086,309
	32,500	National Healthcare Corporation		1,361,750
	110,500	Owens & Minor, Inc.		3,070,795
	90,500	Triple-S Management Corporation^a		1,811,810
	61,100	West Pharmaceutical Services, Inc.^b		2,318,745

		Total Health Care		12,266,956


	Industrials (26.7%)
	57,500	A.O. Smith Corporation		2,306,900
	95,000	Aegion Corporation^a		1,457,300
	35,800	Alaska Air Group, Inc.^a		2,688,222
	38,700	Applied Industrial Technologies, Inc.		1,361,079
	22,800	Astec Industries, Inc.^a		734,388
	148,000	Beacon Roofing Supply, Inc.^a		2,994,040
	57,000	Belden, Inc.		1,896,960
	25,500	Cascade Corporation		1,202,835
	19,300	Circor International, Inc.		681,483
	31,000	Colfax Corporation^a,b		882,880
	87,200	Comfort Systems USA, Inc.		934,784
	35,000	Courier Corporation		410,550
	67,500	Dolan Company^a		575,100
	17,400	Franklin Electric Company, Inc.		757,944
	22,800	FTI Consulting, Inc.^a		967,176
	63,000	G & K Services, Inc.		1,833,930
	84,400	Genesee & Wyoming, Inc.^a		5,112,952
	107,100	Gibraltar Industries, Inc.^a		1,495,116
	113,000	Greenbrier Companies, Inc.^a		2,743,640
	64,500	Hub Group, Inc.^a		2,091,735
	54,300	IDEX Corporation		2,015,073
	48,500	Kaman Corporation		1,325,020

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

160

Partner Small Cap Value Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (97.1%)	Value
	Industrials (26.7%) - continued
	95,800	Kforce, Inc.^a	$	1,181,214
	84,800	Kirby Corporation^a		5,583,232
	56,000	Kratos Defense & Security Solutions, Inc.^a,b		334,320
	114,000	McGrath Rentcorp		3,304,860
	40,800	Mine Safety Appliances Company		1,351,296
	120,000	Navigant Consulting, Inc.^a		1,369,200
	59,000	Nordson Corporation		2,429,620
	26,700	Quanex Building Products Corporation		401,034
	13,900	RBC Bearings, Inc.^a		579,630
	70,800	Robbins & Myers, Inc.		3,437,340
	96,000	SkyWest, Inc.		1,208,640
	26,100	Sterling Construction Company, Inc.^a		281,097
	43,050	Sun Hydraulics Corporation		1,008,661
	35,400	Universal Forest Products, Inc.		1,092,798
	80,900	Universal Truckload Services, Inc.		1,468,335
	92,300	Vitran Corporation, Inc.^a		531,648
	65,300	Waste Connections, Inc.		2,164,042
	65,400	Woodward, Inc.		2,676,822

		Total Industrials		66,872,896


	Information Technology (10.0%)
	69,812	Accelrys, Inc.^a		469,137
	136,000	Advanced Energy Industries, Inc.^a		1,459,280
	36,500	ATMI, Inc.^a		731,095
	137,500	Brooks Automation, Inc.		1,412,125
	24,500	Cabot Microelectronics Corporation^a		1,157,625
	65,900	Cognex Corporation		2,358,561
	59,100	Cohu, Inc.		670,785
	125,000	Electro Rent Corporation		2,143,750
	38,000	Electro Scientific Industries, Inc.^a		550,240
	74,280	Intevac, Inc.^a		549,672
	56,000	Ixia^a		588,560
	16,800	Littelfuse, Inc.		722,064
	89,000	Methode Electronics, Inc.		737,810
	74,900	Monotype Imaging Holdings, Inc.^a		1,167,691
	113,100	Progress Software Corporation^a		2,188,485
	156,000	ShoreTel, Inc.^a		995,280
	316,000	Sonus Networks, Inc.^a,b		758,400
	28,000	Standard Microsystems Corporation^a		721,560
	82,400	StarTek, Inc.^a		158,208
	67,000	Synnex Corporation^a		2,040,820
	75,600	Teradyne, Inc.^a		1,030,428
	66,200	Xyratex, Ltd.		881,784
	79,500	Zygo Corporation^a		1,403,175

		Total Information Technology		24,896,535


	Materials (8.9%)
	39,300	AMCOL International Corporation		1,055,205
	79,000	AptarGroup, Inc.		4,121,430
	25,900	Carpenter Technology Corporation		1,333,332
	90,800	Clearwater Paper Corporation^a		3,233,388
	60,100	Franco-Nevada Corporation^b		2,287,670
	21,300	Haynes International, Inc.		1,162,980
	89,800	Innospec, Inc.^a		2,520,686
	24,000	Minerals Technologies, Inc.		1,356,720
	121,000	Myers Industries, Inc.		1,493,140
	310,000	North American Palladium, Ltd.^a,b		790,500
	33,000	Schnitzer Steel Industries, Inc.		1,395,240
	190,000	Wausau Paper Corporation		1,569,400

		Total Materials		22,319,691


	Telecommunications Services (0.3%)
	95,000	Premiere Global Services, Inc.^a		804,650

		Total Telecommunications Services		804,650


	Utilities (5.6%)
	39,300	Black Hills Corporation^b		1,319,694
	99,800	Cleco Corporation		3,802,380
	66,300	El Paso Electric Company		2,296,632
	53,700	NorthWestern Corporation		1,921,923
	31,000	PNM Resources, Inc.		565,130
	65,400	Southwest Gas Corporation		2,778,846
	44,600	Vectren Corporation		1,348,258

		Total Utilities		14,032,863


		Total Common Stock (cost $207,200,124)		243,168,993


		Preferred Stock (0.8%)
	Financials (0.5%)
	820	East West Bancorp, Inc.^c		1,185,925

		Total Financials		1,185,925


	Health Care (0.3%)
	51,400	National Healthcare Corporation,
		Convertible^c		706,750

		Total Health Care		706,750


		Total Preferred Stock (cost $1,505,546)		1,892,675


		Collateral Held for Securities Loaned (6.2%)
	15,559,565	Thrivent Financial Securities Lending Trust		15,559,565

		Total Collateral Held for Securities Loaned (cost $15,559,565)		15,559,565

		Total Investments (cost $224,265,235) 104.1%	$	260,621,233

		Other Assets and Liabilities, Net (4.1%)		(10,240,083	)

		Total Net Assets 100.0%	$	250,381,150

a	Non-income producing security.

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

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

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

161

Partner Small Cap Value Portfolio

Schedule of Investments as of December 31, 2011

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	61,544,745
Gross unrealized depreciation		(26,813,704	)

Net unrealized appreciation (depreciation)	$	34,731,041

Cost for federal income tax purposes	$	225,890,192

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner Small Cap Value Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		32,486,576		32,486,576		—		—
Consumer Staples		1,487,680		1,487,680		—		—
Energy		11,838,934		11,838,934		—		—
Financials		56,162,212		56,162,212		—		—
Health Care		12,266,956		12,266,956		—		—
Industrials		66,872,896		66,872,896		—		—
Information Technology		24,896,535		24,896,535		—		—
Materials		22,319,691		20,032,021		2,287,670		—
Telecommunications Services		804,650		804,650		—		—
Utilities		14,032,863		14,032,863		—		—
Preferred Stock
Financials		1,185,925		—		1,185,925		—
Health Care		706,750		706,750		—		—
Collateral Held for Securities Loaned		15,559,565		15,559,565		—		—

Total	$	260,621,233	$	257,147,638	$	3,473,595	$	—

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Partner Small Cap Value Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(142	)
Total Foreign Exchange Contracts			(142	)

Total		($	142	)

Partner Small Cap Value Portfolio’s average volume of derivative activity for foreign exchange contracts during the period was <0.1% of average net assets.

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner Small Cap Value Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	19,198,200	$	91,623,096	$	95,261,731		15,559,565	$	15,559,565	$	42,334
Total Value and Income Earned		19,198,200								15,559,565		42,334

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

162

Small Cap Stock Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (83.3%)	Value
	Consumer Discretionary (12.5%)
	132,800	Big Lots, Inc.^a	$	5,014,528
	67,671	Buffalo Wild Wings, Inc.^a		4,568,469
	13,800	DreamWorks Animation SKG, Inc.^a		229,011
	22,200	Finish Line, Inc.		428,127
	233,331	Foot Locker, Inc.		5,562,611
	66,200	Knology, Inc.^a		940,040
	99,400	Life Time Fitness, Inc.^a		4,646,950
	8,400	Penn National Gaming, Inc.^a		319,788
	469,462	Pier 1 Imports, Inc.^a		6,539,606
	96,664	Signet Jewelers, Ltd.		4,249,349
	24,600	Toll Brothers, Inc.^a		502,332

		Total Consumer Discretionary		33,000,811


	Consumer Staples (4.5%)
	124,137	Corn Products International, Inc.		6,528,365
	82,700	TreeHouse Foods, Inc.^a		5,406,926

		Total Consumer Staples		11,935,291


	Energy (7.5%)
	219,312	Arch Coal, Inc.		3,182,217
	11,000	Helix Energy Solutions Group, Inc.^a		173,800
	66,912	Oil States International, Inc.^a		5,110,069
	357,343	Patriot Coal Corporation^a,b		3,026,695
	339,012	Petroleum Geo-Services ASA^a		3,694,692
	131,143	Swift Energy Company^a		3,897,570
	50,700	Tesco Corporation^a		640,848

		Total Energy		19,725,891


	Financials (9.1%)
	48,896	Affiliated Managers Group, Inc.^a		4,691,571
	56,735	BBCN Bancorp, Inc.^a		536,146
	80,800	Hercules Technology Growth Capital, Inc.		762,752
	350,736	Ocwen Financial Corporation^a		5,078,657
	2,445,323	Popular, Inc.^a		3,398,999
	185,984	Texas Capital Bancshares, Inc.^a		5,692,970
	238,703	Zions Bancorporation		3,886,085

		Total Financials		24,047,180


	Health Care (9.7%)
	273,200	Align Technology, Inc.^a		6,481,670
	88,342	Covance, Inc.^a		4,038,996
	169,511	Health Net, Inc.^a		5,156,525
	201,017	PSS World Medical, Inc.^a		4,862,601
	107,811	United Therapeutics Corporation^a		5,094,070

		Total Health Care		25,633,862


	Industrials (15.6%)
	3,900	Alaska Air Group, Inc.^a		292,851
	190,268	Deluxe Corporation		4,330,500
	183,904	EMCOR Group, Inc.		4,930,466
	141,195	FTI Consulting, Inc.^a,b		5,989,492
	134,200	GATX Corporation		5,859,172
	13,200	Hub Group, Inc.^a		428,076
	11,370	Huron Consulting Group, Inc.^a		440,474
	16,000	Kforce, Inc.^a		197,280
	26,700	Landstar System, Inc.		1,279,464
	512,782	Manitowoc Company, Inc.		4,712,466
	38,100	Navigant Consulting, Inc.^a		434,721
	23,400	Old Dominion Freight Line, Inc.^a		948,402
	199,872	Shaw Group, Inc.^a		5,376,557
	49,500	Steelcase, Inc.^b		369,270
	60,315	Teledyne Technologies, Inc.^a		3,308,278
	9,800	UTI Worldwide, Inc.		130,242
	61,600	Waste Connections, Inc.		2,041,424

		Total Industrials		41,069,135


	Information Technology (15.2%)
	117,700	ADTRAN, Inc.		3,549,832
	492,900	Atmel Corporation^a		3,992,490
	45,448	Ixia^a		477,658
	458,509	Monster Worldwide, Inc.^a		3,635,976
	152,445	Plantronics, Inc.		5,433,140
	164,986	Plexus Corporation^a		4,517,317
	209,443	Quest Software, Inc.^a		3,895,640
	355,009	Teradyne, Inc.^a		4,838,773
	210,872	TIBCO Software, Inc.^a		5,041,949
	134,100	VeriFone Systems, Inc.^a		4,763,232

		Total Information Technology		40,146,007


	Materials (2.0%)
	15,000	Packaging Corporation of America		378,600
	36,800	Pan American Silver Corporation		802,608
	26,400	Reliance Steel & Aluminum Company		1,285,416
	46,800	Walter Energy, Inc.		2,834,208

		Total Materials		5,300,832


	Telecommunications Services (0.5%)
	38,300	Lumos Networks Corporation		587,522
	38,300	NTELOS Holdings Corporation		780,554

		Total Telecommunications Services		1,368,076


	Utilities (6.7%)
	29,700	AGL Resources, Inc.		1,255,122
	42,800	Avista Corporation		1,102,100
	55,000	Cleco Corporation		2,095,500
	15,200	IDACORP, Inc.		644,632
	14,841	Laclede Group, Inc.		600,615
	14,800	NV Energy, Inc.		241,980
	270,700	PNM Resources, Inc.		4,934,861
	121,887	Southwest Gas Corporation		5,178,979
	53,400	Westar Energy, Inc.		1,536,852

		Total Utilities		17,590,641


		Total Common Stock (cost $218,290,626)		219,817,726


		Collateral Held for Securities Loaned (0.9%)
	2,316,500	Thrivent Financial Securities
		Lending Trust		2,316,500

		Total Collateral Held for Securities Loaned (cost $2,316,500)		2,316,500

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

163

Small Cap Stock Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Short-Term Investments (11.7%)^c	Value
		Federal Home Loan Bank Discount Notes
	5,000,000	0.010%, 2/22/2012^d	$	4,999,928
	3,000,000	0.015%, 3/7/2012^d,e		2,999,918
		Federal Home Loan Mortgage Corporation Discount Notes
	15,000,000	0.030%, 1/23/2012^d		14,999,725
		Federal National Mortgage Association Discount Notes
	1,000,000	0.088%, 2/22/2012^d,e		999,873
		U.S. Treasury Bills
	1,800,000	0.045%, 2/9/2012^e		1,799,913
		Wal-Mart Stores, Inc.
	5,000,000	0.020%, 1/10/2012^f		4,999,975

		Total Short-Term Investments (at amortized cost)		30,799,332

		Total Investments (cost $251,406,458) 95.9%	$	252,933,558

		Other Assets and Liabilities, Net 4.1%		10,904,444

		Total Net Assets 100.0%	$	263,838,002

a	Non-income producing security.

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

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

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

e	At December 31, 2011, $2,999,781 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	24,892,245
Gross unrealized depreciation		(23,511,578	)

Net unrealized appreciation (depreciation)	$	1,380,667

Cost for federal income tax purposes	$	251,552,891

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Small Cap Stock Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		33,000,811		33,000,811		—		—
Consumer Staples		11,935,291		11,935,291		—		—
Energy		19,725,891		16,031,199		3,694,692		—
Financials		24,047,180		24,047,180		—		—
Health Care		25,633,862		25,633,862		—		—
Industrials		41,069,135		41,069,135		—		—
Information Technology		40,146,007		40,146,007		—		—
Materials		5,300,832		5,300,832		—		—
Telecommunications Services		1,368,076		1,368,076		—		—
Utilities		17,590,641		17,590,641		—		—
Collateral Held for Securities Loaned		2,316,500		2,316,500		—		—
Short-Term Investments		30,799,332		—		30,799,332		—

Total	$	252,933,558	$	218,439,534	$	34,494,024	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		438,132		438,132		—		—

Total Asset Derivatives	$	438,132	$	438,132	$	—	$	—


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
Russell 2000 Index Mini-Futures		426		March 2012	$	31,034,748	$	31,472,880	$	438,132
Total Futures Contracts									$	438,132

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

164

Small Cap Stock Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Small Cap Stock Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	438,132
Total Equity Contracts			438,132

Total Asset Derivatives		$	438,132

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Small Cap Stock Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		(733,975	)
Total Equity Contracts			(733,975	)
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(27,106	)
Total Foreign Exchange Contracts			(27,106	)

Total		($	761,081	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Small Cap Stock Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		9,714
Total Equity Contracts			9,714

Total		$	9,714

The following table presents Small Cap Stock Portfolio’s average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk

Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Equity Contracts

26,307,462

9.2

N/A

Foreign Exchange Contracts

N/A

52,670

<0.1

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

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

165

Small Cap Stock Portfolio

Schedule of Investments as of December 31, 2011

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Small Cap Stock Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial
Securities Lending Trust	$	13,642,150	$	102,490,424	$	113,816,074		2,316,500	$	2,316,500	$	53,126
Total Value and Income Earned		13,642,150								2,316,500		53,126

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

166

Small Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.5%)	Value
	Consumer Discretionary (15.0%)
	7,300	American Public Education, Inc.^a,b	$	315,944
	11,100	Arbitron, Inc.		381,951
	5,000	Arctic Cat, Inc.^b		112,750
	8,800	Big 5 Sporting Goods Corporation		91,872
	615	Biglari Holdings, Inc.^b		226,468
	9,800	BJ’s Restaurants, Inc.^b		444,136
	5,500	Blue Nile, Inc.^a,b		224,840
	2,100	Blyth, Inc.		119,280
	22,100	Boyd Gaming Corporation^a,b		164,866
	17,025	Brown Shoe Company, Inc.^a		151,522
	36,200	Brunswick Corporation		653,772
	10,950	Buckle, Inc.^a		447,526
	7,500	Buffalo Wild Wings, Inc.^b		506,325
	17,500	Cabela’s, Inc.^b		444,850
	26,400	Callaway Golf Company^a		145,992
	5,900	Capella Education Company^b		212,695
	24,400	Career Education Corporation^b		194,468
	20,700	Carter’s, Inc.^b		824,067
	12,000	Cato Corporation		290,400
	7,625	CEC Entertainment, Inc.		262,681
	10,100	Children’s Place Retail Stores, Inc.^a,b		536,512
	14,625	Christopher & Banks Corporation		34,223
	12,500	Coinstar, Inc.^a,b		570,500
	36,100	Coldwater Creek, Inc.^b		42,598
	34,500	Corinthian Colleges, Inc.^a,b		74,865
	9,300	Cracker Barrel Old Country Store, Inc.		468,813
	36,700	Crocs, Inc.^b		542,059
	11,200	Digital Generation, Inc.^b		133,504
	6,300	DineEquity, Inc.^b		265,923
	7,700	Drew Industries, Inc.^b		188,881
	12,633	E.W. Scripps Company^b		101,190
	10,550	Ethan Allen Interiors, Inc.^a		250,140
	21,093	Finish Line, Inc.		406,779
	15,650	Fred’s, Inc.^a		228,177
	9,800	Genesco, Inc.^b		605,052
	9,200	Group 1 Automotive, Inc.^a		476,560
	17,900	Harte-Hanks, Inc.		162,711
	7,800	Haverty Furniture Companies, Inc.		85,644
	12,800	Helen of Troy, Ltd.^b		392,960
	10,750	Hibbett Sports, Inc.^b		485,685
	25,400	Hillenbrand, Inc.		566,928
	17,175	Hot Topic, Inc.		113,527
	29,900	Iconix Brand Group, Inc.^b		487,071
	16,200	Interval Leisure Group, Inc.^b		220,482
	11,000	iRobot Corporation^a,b		328,350
	17,900	Jack in the Box, Inc.^b		374,110
	10,600	JAKKS Pacific, Inc.		149,566
	11,362	Joseph A. Bank Clothiers, Inc.^a,b		554,011
	6,600	Kirkland’s, Inc.^b		87,780
	11,100	K-Swiss, Inc.^a,b		32,412
	21,100	La-Z-Boy, Inc.^b		251,090
	9,200	Lincoln Educational Services		72,680
	8,700	Lithia Motors, Inc.		190,182
	60,118	Live Nation Entertainment, Inc.^b		499,581
	38,500	Liz Claiborne, Inc.^a,b		332,255
	11,300	Lumber Liquidators Holdings, Inc.^a,b		199,558
	7,600	M/I Homes, Inc.^b		72,960
	9,600	Maidenform Brands, Inc.^b		175,680
	8,100	Marcus Corporation		102,141
	9,500	MarineMax, Inc.^b		61,940
	11,000	Marriott Vacations Worldwide Corporation^a,b		188,760
	20,800	Men’s Wearhouse, Inc.		674,128
	11,300	Meritage Homes Corporation^b		262,047
	5,900	Midas, Inc.^b		50,681
	4,700	Monarch Casino & Resort, Inc.^b		47,893
	12,550	Monro Muffler Brake, Inc.		486,815
	7,100	Movado Group, Inc.		129,007
	10,900	Multimedia Games Holding Company, Inc.^b		86,546
	11,400	NutriSystem, Inc.^a		147,402
	7,600	O’Charley’s, Inc.^b		41,724
	35,000	OfficeMax, Inc.^b		158,900
	5,600	Oxford Industries, Inc.		252,672
	8,600	P.F. Chang’s China Bistro, Inc.		265,826
	7,500	Papa John’s International, Inc.^b		282,600
	5,300	Peet’s Coffee & Tea, Inc.^a,b		332,204
	21,400	Pep Boys - Manny, Moe & Jack		235,400
	5,100	Perry Ellis International, Inc.^b		72,522
	8,300	PetMed Express, Inc.^a		86,154
	25,300	Pinnacle Entertainment, Inc.^b		257,048
	19,412	Pool Corporation		584,301
	49,700	Quiksilver, Inc.^b		179,417
	4,500	Red Robin Gourmet Burgers, Inc.^b		124,650
	25,400	Ruby Tuesday, Inc.^b		175,260
	6,400	Rue21, Inc.^b		138,240
	14,300	Ruth’s Hospitality Group, Inc.^b		71,071
	18,100	Ryland Group, Inc.		285,256
	6,600	School Specialty, Inc.^b		16,500
	22,800	Select Comfort Corporation^b		494,532
	21,825	Shuffle Master, Inc.^b		255,789
	15,000	Skechers USA, Inc.^b		181,800
	14,100	Sonic Automotive, Inc.^a		208,821
	25,252	Sonic Corporation^b		169,946
	13,700	Spartan Motors, Inc.		65,897
	12,400	Stage Stores, Inc.		172,236
	5,100	Stamps.com, Inc.^b		133,263
	7,900	Standard Motor Products, Inc.		158,395
	41,100	Standard Pacific Corporation^a,b		130,698
	11,000	Stein Mart, Inc.^b		74,910
	15,550	Steven Madden, Ltd.^b		536,475
	7,700	Sturm, Ruger & Company, Inc.		257,642
	9,600	Superior Industries International, Inc.		158,784
	24,200	Texas Roadhouse, Inc.		360,580
	10,400	True Religion Apparel, Inc.^b		359,632
	17,300	Tuesday Morning Corporation^b		59,685
	6,000	Universal Electronic, Inc.^b		101,220
	8,700	Universal Technical Institute, Inc.^b		111,186
	11,900	Vitamin Shoppe, Inc.^b		474,572
	7,600	VOXX International Corporation^b		64,220
	11,800	Winnebago Industries, Inc.^a,b		87,084
	19,600	Wolverine World Wide, Inc.		698,544
	10,600	Zale Corporation^b		40,386
	8,900	Zumiez, Inc.^a,b		247,064

		Total Consumer Discretionary		28,377,870


	Consumer Staples (4.3%)
	35,500	Alliance One International, Inc.^b		96,560
	7,500	Andersons, Inc.		327,450

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

167

Small Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.5%)	Value
	Consumer Staples (4.3%) - continued
	19,400	B&G Foods, Inc.	$	466,958
	3,400	Boston Beer Company, Inc.^a,b		369,104
	5,100	Calavo Growers, Inc.^a		130,968
	5,800	Cal-Maine Foods, Inc.		212,106
	15,500	Casey’s General Stores, Inc.		798,405
	17,400	Central Garden & Pet Company^b		144,768
	47,600	Darling International, Inc.^b		632,604
	9,000	Diamond Foods, Inc.^a		290,430
	17,900	Hain Celestial Group, Inc.^b		656,214
	6,600	Inter Parfums, Inc.		102,696
	5,900	J & J Snack Foods Corporation		314,352
	5,600	Medifast, Inc.^a,b		76,832
	4,900	Nash Finch Company		143,472
	20,500	Prestige Brands Holdings, Inc.^b		231,035
	7,700	Sanderson Farms, Inc.^a		386,001
	3,700	Seneca Foods Corporation^b		95,534
	19,000	Snyders-Lance, Inc.		427,500
	9,300	Spartan Stores, Inc.		172,050
	14,600	TreeHouse Foods, Inc.^b		954,548
	19,800	United Natural Foods, Inc.^b		792,198
	6,470	WD-40 Company		261,453

		Total Consumer Staples		8,083,238


	Energy (4.0%)
	10,800	Approach Resources, Inc.^a,b		317,628
	11,900	Basic Energy Services, Inc.^b		234,430
	14,700	Bristow Group, Inc.		696,633
	5,200	Contango Oil & Gas Company^b		302,536
	25,200	Exterran Holdings, Inc.^b		229,320
	8,100	GeoResources, Inc.^a,b		237,411
	5,800	Gulf Island Fabrication, Inc.		169,418
	18,100	Gulfport Energy Corporation^b		533,045
	13,800	Hornbeck Offshore Services, Inc.^b		428,076
	51,800	ION Geophysical Corporation^b		317,534
	12,400	Lufkin Industries, Inc.		834,644
	10,500	Matrix Service Company^b		99,120
	10,700	Overseas Shipholding Group, Inc.^a		116,951
	1,900	OYO Geospace Corporation^b		146,927
	18,600	Penn Virginia Corporation		98,394
	9,600	Petroleum Development Corporation^b		337,056
	23,200	PetroQuest Energy, Inc.^a,b		153,120
	25,100	Pioneer Drilling Company^b		242,968
	8,850	SEACOR Holdings, Inc.^b		787,296
	19,900	Stone Energy Corporation^b		524,962
	17,300	Swift Energy Company^b		514,156
	31,450	Tetra Technologies, Inc.^b		293,743

		Total Energy		7,615,368


	Financials (19.7%)
	17,328	Acadia Realty Trust		348,986
	7,300	Amerisafe, Inc.^b		169,725
	18,800	Bank Mutual Corporation		59,784
	11,600	Bank of the Ozarks, Inc.^a		343,708
	31,700	BBCN Bancorp, Inc.^b		299,565
	62,600	BioMed Realty Trust, Inc.		1,131,808
	31,700	Boston Private Financial Holdings, Inc.		251,698
	29,200	Brookline Bancorp, Inc.		246,448
	8,200	Calamos Asset Management, Inc.		102,582
	11,900	Cash America International, Inc.		554,897
	22,700	Cedar Realty Trust, Inc.		97,837
	6,000	City Holding Company^a		203,340
	35,500	Colonial Properties Trust		740,530
	16,100	Columbia Banking System, Inc.		310,247
	15,000	Community Bank System, Inc.^a		417,000
	42,200	Cousins Properties, Inc.		270,502
	22,165	Delphi Financial Group, Inc.		981,910
	68,067	DiamondRock Hospitality Company		656,166
	11,375	Dime Community Bancshares, Inc.		143,325
	10,900	EastGroup Properties, Inc.		473,932
	8,200	eHealth, Inc.^a,b		120,540
	14,200	Employers Holdings, Inc.		256,878
	8,900	Encore Capital Group, Inc.^b		189,214
	19,000	Entertainment Properties Trust		830,490
	38,400	Extra Space Storage, Inc.		930,432
	17,800	EZCORP, Inc.^b		469,386
	57,600	F.N.B. Corporation^a		651,456
	15,900	Financial Engines, Inc.^a,b		355,047
	8,373	First Bancorp^b		29,222
	12,200	First Cash Financial Services, Inc.^b		428,098
	42,700	First Commonwealth Financial Corporation		224,602
	23,700	First Financial Bancorp		394,368
	12,750	First Financial Bankshares, Inc.		426,232
	30,312	First Midwest Bancorp, Inc.		307,061
	14,400	Forestar Real Estate Group, Inc.^b		217,872
	29,300	Franklin Street Properties Corporation		291,535
	11,000	Getty Realty Corporation		153,450
	29,200	Glacier Bancorp, Inc.		351,276
	12,762	Hanmi Financial Corporation^b		94,439
	31,700	Healthcare Realty Trust, Inc.		589,303
	9,120	Home Bancshares, Inc.		236,299
	16,200	Horace Mann Educators Corporation		222,102
	8,700	Independent Bank Corporation (MA)		237,423
	4,800	Infinity Property & Casualty Corporation		272,352
	31,500	Inland Real Estate Corporation		239,715
	15,800	Interactive Brokers Group, Inc.		236,052
	16,300	Investment Technology Group, Inc.^b		176,203
	23,800	Kilroy Realty Corporation		906,066
	25,900	Kite Realty Group Trust		116,809
	34,100	LaSalle Hotel Properties		825,561
	54,559	Lexington Realty Trust		408,647
	12,300	LTC Properties, Inc.		379,578
	20,774	Meadowbrook Insurance Group, Inc.		221,866
	45,000	Medical Properties Trust, Inc.		444,150
	15,400	Mid-America Apartment Communities, Inc.		963,270
	16,800	National Financial Partners^b		227,136
	50,000	National Penn Bancshares, Inc.^a		422,000
	4,500	Navigators Group, Inc.^b		214,560
	13,500	NBT Bancorp, Inc.		298,755
	39,600	Northwest Bancshares, Inc.		492,624
	38,500	Old National Bancorp		448,525
	18,600	Oritani Financial Corporation		237,522
	13,600	PacWest Bancorp		257,720
	8,900	Parkway Properties, Inc.		87,754

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

168

Small Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.5%)	Value
	Financials (19.7%) - continued
	22,600	Pennsylvania Real Estate Investment Trust	$	235,944
	14,000	Pinnacle Financial Partners, Inc.^a,b		226,100
	6,300	Piper Jaffray Companies^b		127,260
	7,000	Portfolio Recovery Associates, Inc.^b		472,640
	21,100	Post Properties, Inc.		922,492
	8,700	Presidential Life Corporation		86,913
	24,200	PrivateBancorp, Inc.		265,716
	12,400	ProAssurance Corporation		989,768
	44,971	Prospect Capital Corporation^a		417,784
	21,900	Provident Financial Services, Inc.		293,241
	7,600	PS Business Parks, Inc.		421,268
	6,800	RLI Corporation^a		495,448
	11,400	S&T Bancorp, Inc.^a		222,870
	6,200	Safety Insurance Group, Inc.		250,976
	4,800	Saul Centers, Inc.		170,016
	22,000	Selective Insurance Group, Inc.		390,060
	7,000	Simmons First National Corporation		190,330
	11,300	Sovran Self Storage, Inc.		482,171
	12,600	Sterling Bancorp		108,864
	7,800	Stewart Information Services Corporation		90,090
	21,850	Stifel Financial Corporation^b		700,292
	63,700	Susquehanna Bancshares, Inc.		533,806
	11,926	SWS Group, Inc.		81,932
	35,300	Tanger Factory Outlet Centers, Inc.		1,034,996
	15,200	Texas Capital Bancshares, Inc.^b		465,272
	3,340	Tompkins Financial Corporation		128,623
	16,200	Tower Group, Inc.		326,754
	37,982	Trustco Bank Corporation NY		213,079
	13,100	UMB Financial Corporation		487,975
	46,600	Umpqua Holdings Corporation		577,374
	18,400	United Bankshares, Inc.^a		520,168
	7,675	United Community Banks, Inc.^b		53,648
	8,400	United Fire & Casualty Company		169,512
	5,200	Universal Health Realty Income Trust		202,800
	9,400	Urstadt Biddle Properties, Inc.		169,952
	24,400	Wilshire Bancorp, Inc.^a,b		88,572
	14,600	Wintrust Financial Corporation^a		409,530
	5,912	World Acceptance Corporation^a,b		434,532

		Total Financials		37,146,348


	Health Care (11.2%)
	8,800	Abaxis, Inc.^b		243,496
	28,700	Affymetrix, Inc.^b		117,383
	4,600	Air Methods Corporation^b		388,470
	27,800	Align Technology, Inc.^b		659,555
	3,400	Almost Family, Inc.^b		56,372
	11,933	Amedisys, Inc.^b		130,189
	16,500	AMN Healthcare Services, Inc.^b		73,095
	12,750	AmSurg Corporation^b		332,010
	5,000	Analogic Corporation		286,600
	21,900	ArQule, Inc.^b		123,516
	10,100	Bio-Reference Laboratories, Inc.^b		164,327
	12,000	Cambrex Corporation^b		86,160
	5,300	Cantel Medical Corporation		148,029
	20,500	Centene Corporation^b		811,595
	8,100	Chemed Corporation		414,801
	4,500	Computer Programs and Systems, Inc.		229,995
	11,350	CONMED Corporation^b		291,355
	2,600	Corvel Corporation^b		134,446
	12,700	Cross Country Healthcare, Inc.^b		70,485
	11,450	CryoLife, Inc.^b		54,960
	25,000	Cubist Pharmaceuticals, Inc.^b		990,500
	10,100	Cyberonics, Inc.^b		338,350
	10,100	Emergent Biosolutions, Inc.^b		170,084
	6,700	Ensign Group, Inc.		164,150
	13,697	Enzo Biochem, Inc.^b		30,681
	17,800	eResearch Technology, Inc.^b		83,482
	12,500	Gentiva Health Services, Inc.^b		84,375
	9,500	Greatbatch, Inc.^b		209,950
	10,200	Haemonetics Corporation^b		624,444
	13,500	Hanger Orthopedic Group, Inc.^b		252,315
	27,300	Healthspring, Inc.^b		1,488,942
	13,500	Healthways, Inc.^b		92,610
	4,200	Hi-Tech Pharmacal Company^b		163,338
	4,900	ICU Medical, Inc.^b		220,500
	8,100	Integra LifeSciences Holdings Corporation^b		249,723
	13,000	Invacare Corporation		198,770
	6,700	IPC The Hospitalist Company, Inc.^b		306,324
	3,200	Kensey Nash Corporation^b		61,408
	21,200	Kindred Healthcare, Inc.^b		249,524
	3,800	Landauer, Inc.		195,700
	6,400	LHC Group, Inc.^b		82,112
	11,400	Magellan Health Services, Inc.^b		563,958
	21,600	Medicines Company^b		402,624
	16,800	Meridian Bioscience, Inc.^a		316,512
	17,075	Merit Medical Systems, Inc.^b		228,463
	11,500	Molina Healthcare, Inc.^b		256,795
	5,200	MWI Veterinary Supply, Inc.^b		345,488
	12,000	Natus Medical, Inc.^b		113,160
	9,550	Neogen Corporation^b		292,612
	17,200	NuVasive, Inc.^a,b		216,548
	13,500	Omnicell, Inc.^b		223,020
	7,900	Palomar Medical Technologies, Inc.^b		73,470
	14,600	Par Pharmaceutical Companies, Inc.^b		477,858
	24,100	PAREXEL International Corporation^b		499,834
	12,000	PharMerica Corporation^b		182,160
	21,400	PSS World Medical, Inc.^b		517,666
	16,000	Quality Systems, Inc.		591,840
	25,500	Questcor Pharmaceuticals, Inc.^b		1,060,290
	24,000	Salix Pharmaceuticals, Ltd.^b		1,148,400
	28,500	Savient Pharmaceuticals, Inc.^a,b		63,555
	5,700	SonoSite, Inc.^b		307,002
	5,900	SurModics, Inc.^b		86,494
	14,800	Symmetry Medical, Inc.^b		118,252
	28,700	Viropharma, Inc.^b		786,093
	13,700	West Pharmaceutical Services, Inc.		519,915
	9,000	Zoll Medical Corporation^b		568,620

		Total Health Care		21,034,750


	Industrials (15.0%)
	15,800	A.O. Smith Corporation		633,896
	7,650	AAON, Inc.^a		156,748

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

169

Small Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.5%)	Value
	Industrials (15.0%) - continued
	15,800	AAR Corporation	$	302,886
	19,500	ABM Industries, Inc.		402,090
	28,000	Actuant Corporation		635,320
	15,900	Aegion Corporation^b		243,906
	7,200	Aerovironment, Inc.^b		226,584
	11,400	Albany International Corporation		263,568
	6,100	Allegiant Travel Company^b		325,374
	3,600	American Science & Engineering, Inc.		245,196
	11,500	Apogee Enterprises, Inc.		140,990
	17,050	Applied Industrial Technologies, Inc.		599,648
	10,300	Arkansas Best Corporation		198,481
	8,100	Astec Industries, Inc.^b		260,901
	5,100	AZZ, Inc.		231,744
	19,100	Barnes Group, Inc.		460,501
	18,925	Belden, Inc.		629,824
	21,300	Brady Corporation		672,441
	20,400	Briggs & Stratton Corporation		315,996
	3,500	Cascade Corporation		165,095
	5,200	CDI Corporation		71,812
	9,850	Ceradyne, Inc.^b		263,783
	7,000	Circor International, Inc.		247,170
	15,200	Comfort Systems USA, Inc.		162,944
	3,600	Consolidated Graphics, Inc.^b		173,808
	6,400	Cubic Corporation		278,976
	19,000	Curtiss-Wright Corporation		671,270
	12,300	Dolan Company^b		104,796
	13,700	Dycom Industries, Inc.^b		286,604
	27,100	EMCOR Group, Inc.		726,551
	7,800	Encore Wire Corporation^a		202,020
	19,400	EnerSys^b		503,818
	8,500	EnPro Industries, Inc.^b		280,330
	10,800	ESCO Technologies, Inc.		310,824
	5,400	Exponent, Inc.^b		248,238
	25,300	Federal Signal Corporation^b		104,995
	11,600	Forward Air Corporation		371,780
	7,600	Franklin Electric Company, Inc.		331,056
	7,700	G & K Services, Inc.		224,147
	24,300	GenCorp, Inc.^a,b		129,276
	25,500	Geo Group, Inc.^b		427,125
	12,400	Gibraltar Industries, Inc.^b		173,104
	18,730	Griffon Corporation		171,005
	27,137	Healthcare Services Group, Inc.		480,054
	23,448	Heartland Express, Inc.		335,072
	7,300	Heidrick & Struggles International, Inc.		157,242
	15,300	Hub Group, Inc.^b		496,179
	22,200	II-VI, Inc.^b		407,592
	9,100	Insperity, Inc.		230,685
	23,400	Interface, Inc.		270,036
	11,700	John Bean Technologies Corporation		179,829
	10,700	Kaman Corporation		292,324
	13,100	Kaydon Corporation		399,550
	11,500	Kelly Services, Inc.		157,320
	23,850	Knight Transportation, Inc.		373,014
	1,500	Lawson Products, Inc.		23,145
	5,150	Lindsay Manufacturing Company^a		282,684
	7,000	Lydall, Inc.^b		66,430
	14,300	Mobile Mini, Inc.^b		249,535
	18,350	Moog, Inc.^b		806,116
	15,500	Mueller Industries, Inc.		595,510
	2,000	National Presto Industries, Inc.		187,200
	21,300	Navigant Consulting, Inc.^b		243,033
	8,060	NCI Building Systems, Inc.^b		87,612
	19,125	Old Dominion Freight Line, Inc.^b		775,136
	15,000	On Assignment, Inc.^b		167,700
	23,900	Orbital Sciences Corporation^b		347,267
	11,000	Orion Marine Group, Inc.^b		73,150
	3,600	Powell Industries, Inc.^b		112,608
	15,075	Quanex Building Products Corporation		226,426
	18,000	Resources Global Professionals		190,620
	18,700	Robbins & Myers, Inc.		907,885
	16,500	Simpson Manufacturing Company, Inc.		555,390
	20,600	SkyWest, Inc.		259,354
	5,000	Standard Register Company		11,650
	5,100	Standex International Corporation		174,216
	16,100	Sykes Enterprises, Inc.^b		252,126
	15,000	Teledyne Technologies, Inc.^b		822,750
	7,600	Tennant Company		295,412
	25,406	Tetra Tech, Inc.^b		548,516
	12,500	Toro Company		758,250
	16,300	TrueBlue, Inc.^b		226,244
	6,200	UniFirst Corporation		351,788
	17,400	United Stationers, Inc.		566,544
	8,000	Universal Forest Products, Inc.		246,960
	8,200	Viad Corporation		143,336
	8,000	Vicor Corporation		63,680
	11,800	Watts Water Technologies, Inc.		403,678

		Total Industrials		28,377,469


	Information Technology (19.3%)
	18,000	Advanced Energy Industries, Inc.^b		193,140
	6,200	Agilysys, Inc.^b		49,290
	11,300	Anixter International, Inc.^b		673,932
	47,923	Arris Group, Inc.^b		518,527
	12,900	ATMI, Inc.^b		258,387
	11,913	Avid Technology, Inc.^b		101,618
	6,100	Badger Meter, Inc.^a		179,523
	4,100	Bel Fuse, Inc.		76,875
	23,450	Benchmark Electronics, Inc.^b		315,872
	7,200	Black Box Corporation		201,888
	17,600	Blackbaud, Inc.		487,520
	17,400	Blue Coat Systems, Inc.^b		442,830
	14,600	Bottomline Technologies, Inc.^b		338,282
	27,700	Brightpoint, Inc.^b		298,052
	26,307	Brooks Automation, Inc.		270,173
	9,200	Cabot Microelectronics Corporation^b		434,700
	10,700	CACI International, Inc.^b		598,344
	17,800	Cardtronics, Inc.^b		481,668
	9,600	Ceva, Inc.^b		290,496
	16,300	Checkpoint Systems, Inc.^b		178,322
	29,400	CIBER, Inc.^b		113,484
	26,000	Cirrus Logic, Inc.^b		412,100
	17,100	Cognex Corporation		612,009
	9,800	Cohu, Inc.		111,230
	17,700	CommVault Systems, Inc.^b		756,144
	13,400	comScore, Inc.^b		284,080
	8,300	Comtech Telecommunications Corporation		237,546
	13,800	CSG Systems International, Inc.^b		202,998

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

170

Small Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.5%)	Value
	Information Technology (19.3%) - continued
	14,000	CTS Corporation	$	128,800
	12,400	Cymer, Inc.^b		617,024
	15,000	Daktronics, Inc.		143,550
	16,900	DealerTrack Holdings, Inc.^b		460,694
	10,400	Digi International, Inc.^b		116,064
	15,700	Digital River, Inc.^b		235,814
	15,050	Diodes, Inc.^b		320,565
	9,400	DSP Group, Inc.^b		48,974
	6,800	DTS, Inc.^b		185,232
	12,700	Ebix, Inc.^a		280,670
	9,800	Electro Scientific Industries, Inc.^b		141,904
	35,300	Entropic Communications, Inc.^a,b		180,383
	12,900	EPIQ Systems, Inc.		155,058
	18,200	Exar Corporation^b		118,300
	6,800	FARO Technologies, Inc.^b		312,800
	15,300	FEI Company^b		623,934
	6,000	Forrester Research, Inc.^b		203,640
	51,700	GT Advanced Technologies, Inc.^a,b		374,308
	47,200	Harmonic, Inc.^b		237,888
	16,000	Heartland Payment Systems, Inc.		389,760
	12,600	Higher One Holdings, Inc.^a,b		232,344
	11,300	Hittite Microwave Corporation^b		557,994
	12,200	iGATE Corporation^a,b		191,906
	16,000	InfoSpace, Inc.^b		175,840
	17,875	Insight Enterprises, Inc.^b		273,309
	5,800	Interactive Intelligence Group^b		132,936
	20,800	Intermec, Inc.^b		142,688
	9,400	Intevac, Inc.^b		69,560
	19,300	j2 Global, Inc.		543,102
	17,300	JDA Software Group, Inc.^b		560,347
	27,600	Kopin Corporation^b		107,088
	29,600	Kulicke and Soffa Industries, Inc.^b		273,800
	8,200	Liquidity Services, Inc.^b		302,580
	9,400	Littelfuse, Inc.		404,012
	19,300	Liveperson, Inc.^b		242,215
	8,600	LogMeIn, Inc.^a,b		331,530
	8,400	Manhattan Associates, Inc.^b		340,032
	13,700	MAXIMUS, Inc.		566,495
	6,100	Measurement Specialties, Inc.^b		170,556
	12,400	Mercury Computer Systems, Inc.^b		164,796
	15,100	Methode Electronics, Inc.		125,179
	20,300	Micrel, Inc.		205,233
	35,300	Microsemi Corporation^b		591,275
	3,300	MicroStrategy, Inc.^b		357,456
	21,300	MKS Instruments, Inc.		592,566
	12,100	Monolithic Power Systems, Inc.^b		182,347
	14,600	Monotype Imaging Holdings, Inc.^b		227,614
	6,400	MTS Systems Corporation		260,800
	6,900	Nanometrics, Inc.^b		127,098
	3,200	NCI, Inc.^b		37,280
	15,300	NETGEAR, Inc.^b		513,621
	14,000	NetScout Systems, Inc.^b		246,400
	15,300	Newport Corporation^b		208,233
	13,000	Novatel Wireless, Inc.^b		40,690
	7,800	Oplink Communications, Inc.^b		128,466
	6,000	Opnet Technologies, Inc.		220,020
	8,000	OSI Systems, Inc.^b		390,240
	8,450	Park Electrochemical Corporation		216,489
	7,400	PC-Tel, Inc.		50,616
	12,400	Perficient, Inc.^b		124,124
	9,900	Pericom Semiconductor Corporation^b		75,339
	14,100	Plexus Corporation^b		386,058
	11,400	Power Integrations, Inc.		378,024
	26,050	Progress Software Corporation^b		504,067
	16,800	Pulse Electronics Corporation		47,040
	9,200	RadiSys Corporation^b		46,552
	10,400	RightNow Technologies, Inc.^a,b		444,392
	11,600	Rofin-Sinar Technologies, Inc.^b		265,060
	6,600	Rogers Corporation^b		243,276
	7,100	Rubicon Technology, Inc.^a,b		66,669
	13,000	Rudolph Technologies, Inc.^b		120,380
	11,100	ScanSource, Inc.^b		399,600
	13,100	Sigma Designs, Inc.^b		78,600
	11,700	Sourcefire, Inc.^b		378,846
	9,300	Standard Microsystems Corporation^b		239,661
	16,900	STR Holdings, Inc.^a,b		139,087
	8,600	Stratasys, Inc.^b		261,526
	11,200	Super Micro Computer, Inc.^b		175,616
	4,900	Supertex, Inc.^b		92,512
	17,350	Symmetricom, Inc.^b		93,516
	13,100	Synaptics, Inc.^a,b		394,965
	10,900	Synchronoss Technologies, Inc.^b		329,289
	10,500	Synnex Corporation^b		319,830
	35,250	Take-Two Interactive Software, Inc.^b		477,637
	16,900	Taleo Corporation^b		653,861
	25,100	Tekelec, Inc.^b		274,343
	10,300	TeleTech Holdings, Inc.^b		166,860
	21,000	Tessera Technologies, Inc.^b		351,750
	27,837	THQ, Inc.^a,b		21,156
	67,600	TriQuint Semiconductor, Inc.^b		329,212
	20,800	TTM Technologies, Inc.^b		227,968
	9,900	Tyler Technologies, Inc.^b		298,089
	10,500	Ultratech, Inc.^b		257,985
	36,300	United Online, Inc.		197,472
	15,700	Veeco Instruments, Inc.^a,b		326,560
	17,200	Viasat, Inc.^a,b		793,264
	7,600	Virtusa Corporation^b		110,048
	10,000	Volterra Semiconductor Corporation^b		256,100
	15,800	Websense, Inc.^b		295,934
	15,700	Wright Express Corporation^b		852,196
	11,700	XO Group, Inc.^b		97,578

		Total Information Technology		36,491,187

	Materials (4.9%)
	12,000	A. Schulman, Inc.		254,160
	6,700	A.M. Castle & Company^b		63,382
	44,800	AK Steel Holding Corporation^a		370,048
	10,200	AMCOL International Corporation		273,870
	9,500	American Vanguard Corporation		126,730
	11,800	Balchem Corporation		478,372
	16,000	Buckeye Technologies, Inc.		535,040
	23,000	Calgon Carbon Corporation^b		361,330
	22,200	Century Aluminum Company^b		188,922
	9,300	Clearwater Paper Corporation^b		331,173
	4,400	Deltic Timber Corporation		265,716
	18,300	Eagle Materials, Inc.		469,578
	19,900	H.B. Fuller Company		459,889
	3,600	Hawkins, Inc.^a		132,696

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

171

Small Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.5%)	Value
	Materials (4.9%) - continued
	4,900	Haynes International, Inc.	$	267,540
	24,800	Headwaters, Inc.^b		55,056
	6,400	Kaiser Aluminum Corporation^a		293,632
	15,900	KapStone Paper and Packaging Corporation^b		250,266
	8,400	Koppers Holdings, Inc.		288,624
	13,100	Kraton Performance Polymers, Inc.^b		265,930
	7,500	LSB Industries, Inc.^b		210,225
	8,300	Materion Corporation^b		201,524
	13,563	Myers Industries, Inc.		167,367
	6,100	Neenah Paper, Inc.		136,152
	3,700	Olympic Steel, Inc.		86,284
	13,100	OM Group, Inc.^b		293,309
	36,900	PolyOne Corporation		426,195
	5,200	Quaker Chemical Corporation		202,228
	12,300	RTI International Metals, Inc.^b		285,483
	6,600	Schweitzer-Mauduit International, Inc.		438,636
	3,400	Stepan Company		272,544
	11,300	Texas Industries, Inc.^a		347,814
	9,500	Tredegar Corporation		210,995
	20,000	Wausau Paper Corporation		165,200
	8,950	Zep, Inc.		125,121
		Total Materials		9,301,031

	Telecommunications Services (0.6%)
	3,800	Atlantic Tele-Network, Inc.		148,390
	12,300	Cbeyond, Inc.^b		98,523
	79,600	Cincinnati Bell, Inc.^b		241,188
	14,200	General Communication, Inc.^b		139,018
	6,000	Lumos Networks Corporation		92,040
	12,800	Neutral Tandem, Inc.^b		136,832
	6,100	NTELOS Holdings Corporation		124,318
	9,000	USA Mobility, Inc.		124,830
		Total Telecommunications Services		1,105,139

	Utilities (4.5%)
	13,133	ALLETE, Inc.		551,323
	7,650	American States Water Company		266,985
	23,700	Avista Corporation		610,275
	5,500	Central Vermont Public Service Corporation		193,050
	6,100	CH Energy Group, Inc.		356,118
	16,400	El Paso Electric Company		568,096
	9,100	Laclede Group, Inc.		368,277
	16,850	New Jersey Resources Corporation		829,020
	10,900	Northwest Natural Gas Company		522,437
	14,700	NorthWestern Corporation		526,113
	29,300	Piedmont Natural Gas Company, Inc.^a		995,614
	12,300	South Jersey Industries, Inc.		698,763
	18,700	Southwest Gas Corporation		794,563
	20,466	UIL Holdings Corporation		723,883
	15,000	UniSource Energy Corporation		553,800

		Total Utilities		8,558,317

		Total Common Stock (cost $159,326,123)		186,090,717

		Collateral Held for Securities Loaned (8.5%)
	16,002,829	Thrivent Financial Securities Lending Trust		16,002,829
		Total Collateral Held for Securities Loaned (cost $16,002,829)		16,002,829
Principal Amount		Short-Term Investments (0.3%)^c
		Federal Home Loan Bank Discount Notes
	100,000	0.032%, 2/22/2012^d,e		99,995
		Federal National Mortgage Association Discount Notes
	300,000	0.105%, 2/22/2012^d,e		299,996
		U.S. Treasury Bills
	200,000	0.045%, 2/9/2012^e		199,991
		Total Short-Term Investments (at amortized cost)		599,982
		Total Investments (cost $175,928,934) 107.3%		$ 202,693,528
		Other Assets and Liabilities, Net (7.3%)		(13,703,212)
		Total Net Assets 100.0%		$ 188,990,316

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

b	Non-income producing security.

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

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

e	At December 31, 2011, $599,981 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	45,964,064
Gross unrealized depreciation		(23,855,912	)

Net unrealized appreciation (depreciation)	$	22,108,152

Cost for federal income tax purposes	$	180,585,376

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

172

Small Cap Index Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Small Cap Index Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		28,377,870		28,377,870		—		—
Consumer Staples		8,083,238		8,083,238		—		—
Energy		7,615,368		7,615,368		—		—
Financials		37,146,348		37,146,348		—		—
Health Care		21,034,750		21,034,750		—		—
Industrials		28,377,469		28,377,469		—		—
Information Technology		36,491,187		36,491,187		—		—
Materials		9,301,031		9,301,031		—		—
Telecommunications Services		1,105,139		1,105,139		—		—
Utilities		8,558,317		8,558,317		—		—
Collateral Held for Securities Loaned		16,002,829		16,002,829		—		—
Short-Term Investments		599,982		—		599,982		—
Total	$	202,693,528	$	202,093,546	$	599,982	$	—

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		59,868		59,868		—		—

Total Asset Derivatives	$	59,868	$	59,868	$	—	$	—


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
Russell 2000 Index Mini-Futures		44		March 2012	$	3,190,852	$	3,250,720	$	59,868
Total Futures Contracts									$	59,868

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Small Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		59,868
Total Equity Contracts			59,868

Total Asset Derivatives		$	59,868

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Small Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		(146,843	)
Total Equity Contracts			(146,843	)

Total		($	146,843	)

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

173

Small Cap Index Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Small Cap Index Portfolio's investments in financial derivative instruments by primary risk exposure.

The following table presents Small Cap Index Portfolio's average volume of derivative activity during the period ended December 31,

2011.

Derivative Risk

Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Equity Contracts

2,168,112

1.1

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

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Small Cap Index Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	17,693,984	$	79,912,819	$	81,603,974		16,002,829	$	16,002,829	$	86,384
Total Value and Income Earned		17,693,984								16,002,829		86,384

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

174

Mid Cap Growth Portfolio II

Schedule of Investments as of December 31, 2011


Shares		Common Stock (94.6%)	Value
	Consumer Discretionary (15.5%)
	3,098	Abercrombie & Fitch Company	$	151,306
	2,864	Darden Restaurants, Inc.		130,541
	6,852	Discovery Communications, Inc.^a		280,726
	6,323	Dollar Tree, Inc.^a		525,505
	3,450	Gentex Corporation		102,085
	7,787	Limited Brands, Inc.		314,205
	3,386	O’Reilly Automotive, Inc.^a		270,711
	5,526	PetSmart, Inc.		283,429
	3,466	Tractor Supply Company		243,140
	1,393	VF Corporation		176,897
	3,973	Williams-Sonoma, Inc.		152,961

		Total Consumer Discretionary		2,631,506


	Consumer Staples (3.9%)
	2,307	Clorox Company		153,554
	3,431	Corn Products International, Inc.		180,436
	4,683	Whole Foods Market, Inc.		325,843

		Total Consumer Staples		659,833


	Energy (10.7%)
	5,200	Alpha Natural Resources, Inc.^a		106,236
	2,000	Cameron International Corporation^a		98,380
	2,217	Concho Resources, Inc.^a		207,844
	6,025	ENSCO International plc ADR		282,693
	20,521	Helix Energy Solutions Group, Inc.^a		324,232
	4,021	Oil States International, Inc.^a		307,084
	5,982	Peabody Energy Corporation		198,064
	1,325	Range Resources Corporation		82,070
	14,735	Weatherford International, Ltd.^a		215,720

		Total Energy		1,822,323


	Financials (5.2%)
	2,719	Affiliated Managers Group, Inc.^a		260,888
	11,130	Discover Financial Services		267,120
	1,537	IntercontinentalExchange, Inc.^a		185,286
	996	MSCI, Inc.^a		32,798
	8,557	TD Ameritrade Holding Corporation		133,917

		Total Financials		880,009


	Health Care (8.3%)
	3,320	Alexion Pharmaceuticals, Inc.^a		237,380
	6,351	AmerisourceBergen Corporation		236,194
	1,500	BioMarin Pharmaceutical, Inc.^a		51,570
	4,791	CIGNA Corporation		201,222
	535	Mettler-Toledo International, Inc.^a		79,025
	1,849	Onyx Pharmaceuticals, Inc.^a		81,263
	3,879	SXC Health Solutions Corporation^a,b		219,086
	5,047	Watson Pharmaceuticals, Inc.^a		304,536

		Total Health Care		1,410,276


	Industrials (15.7%)
	2,355	AMETEK, Inc.		99,146
	8,990	BE Aerospace, Inc.^a		348,003
	7,411	Chicago Bridge and Iron Company		280,136
	1,714	Flowserve Corporation		170,235
	3,500	Jacobs Engineering Group, Inc.^a		142,030
	6,784	JB Hunt Transport Services, Inc.		305,755
	5,181	Kansas City Southern^a		352,360
	5,091	Pentair, Inc.		169,479
	937	Precision Castparts Corporation		154,408
	3,844	Roper Industries, Inc.		333,928
	2,061	SPX Corporation		124,216
	2,361	Stericycle, Inc.^a		183,969

		Total Industrials		2,663,665


	Information Technology (26.6%)
	5,235	Akamai Technologies, Inc.^a		168,986
	1,616	Altera Corporation		59,954
	4,635	ANSYS, Inc.^a		265,493
	18,317	Atmel Corporation^a		148,368
	7,899	Broadcom Corporation^a		231,915
	13,392	Electronic Arts, Inc.^a		275,875
	4,222	F5 Networks, Inc.^a		448,039
	5,036	Fortinet, Inc.^a		109,835
	4,252	Lam Research Corporation^a		157,409
	17,314	Marvell Technology Group, Ltd.^a		239,799
	2,784	Mercadolibre, Inc.		221,439
	2,518	Nice Systems, Ltd. ADR^a		86,745
	12,990	Nuance Communications, Inc.^a		326,828
	19,046	NVIDIA Corporation^a		263,978
	4,426	Red Hat, Inc.^a		182,749
	8,021	SuccessFactors, Inc.^a		319,797
	11,185	Symantec Corporation^a		175,045
	8,490	Teradata Corporation^a		411,850
	6,592	VeriFone Systems, Inc.^a		234,148
	5,633	Xilinx, Inc.		180,594

		Total Information Technology		4,508,846


	Materials (6.4%)
	6,050	Celanese Corporation		267,833
	2,005	FMC Corporation		172,510
	2,774	Newmont Mining Corporation		166,468
	6,652	Pan American Silver Corporation		145,080
	4,959	Silver Wheaton Corporation		143,613
	3,075	Walter Energy, Inc.		186,222

		Total Materials		1,081,726


	Telecommunications Services (2.3%)
	2,952	SBA Communications Corporation^a		126,818
	13,537	TW Telecom, Inc.^a		262,347

		Total Telecommunications Services		389,165


		Total Common Stock (cost $15,788,418)		16,047,349

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

175

Mid Cap Growth Portfolio II

Schedule of Investments as of December 31, 2011


Shares		Collateral Held for Securities Loaned (0.1%)	Value
	17,250	Thrivent Financial Securities Lending Trust	$	17,250

		Total Collateral Held for Securities Loaned (cost $17,250)		17,250

		Total Investments (cost $15,805,668) 94.7%	$	16,064,599

		Other Assets and Liabilities, Net 5.3%		907,248

		Total Net Assets 100.0%	$	16,971,847

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	$	1,211,543
Gross unrealized depreciation		(952,612	)

Net unrealized appreciation (depreciation)	$	258,931

Cost for federal income tax purposes	$	15,805,668

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Mid Cap Growth Portfolio II’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		2,631,506		2,631,506		—		—
Consumer Staples		659,833		659,833		—		—
Energy		1,822,323		1,822,323		—		—
Financials		880,009		880,009		—		—
Health Care		1,410,276		1,410,276		—		—
Industrials		2,663,665		2,663,665		—		—
Information Technology		4,508,846		4,508,846		—		—
Materials		1,081,726		1,081,726		—		—
Telecommunications Services		389,165		389,165		—		—
Collateral Held for Securities Loaned		17,250		17,250		—		—

Total	$	16,064,599	$	16,064,599	$	—	$	—

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Mid Cap Growth Portfolio II, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	4,709,450	$	44,655,730	$	49,347,930		17,250	$	17,250	$	10,908
Total Value and Income Earned		4,709,450								17,250		10,908

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

176

Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (95.3%)	Value
	Consumer Discretionary (14.6%)
	79,600	Abercrombie & Fitch Company	$	3,887,664
	58,500	Darden Restaurants, Inc.		2,666,430
	143,950	Discovery Communications, Inc.^a		5,897,632
	107,400	Dollar Tree, Inc.^a		8,926,014
	69,273	Gentex Corporation		2,049,788
	120,100	Limited Brands, Inc.		4,846,035
	65,300	O'Reilly Automotive, Inc.^a		5,220,735
	114,900	PetSmart, Inc.		5,893,221
	65,000	Tractor Supply Company		4,559,750
	28,700	VF Corporation		3,644,613
	82,100	Williams-Sonoma, Inc.		3,160,850

		Total Consumer Discretionary		50,752,732


	Consumer Staples (4.0%)
	51,300	Clorox Company		3,414,528
	74,700	Corn Products International, Inc.		3,928,473
	96,570	Whole Foods Market, Inc.		6,719,341

		Total Consumer Staples		14,062,342


	Energy (10.1%)
	106,000	Alpha Natural Resources, Inc.^a		2,165,580
	41,500	Cameron International Corporation^a		2,041,385
	45,800	Concho Resources, Inc.^a		4,293,750
	121,500	ENSCO International plc ADR		5,700,780
	299,403	Helix Energy Solutions Group, Inc.^a		4,730,567
	77,900	Oil States International, Inc.^a		5,949,223
	122,700	Peabody Energy Corporation		4,062,597
	28,300	Range Resources Corporation		1,752,902
	301,200	Weatherford International, Ltd.^a		4,409,568

		Total Energy		35,106,352


	Financials (5.4%)
	54,800	Affiliated Managers Group, Inc.^a		5,258,060
	244,400	Discover Financial Services		5,865,600
	32,850	IntercontinentalExchange, Inc.^a		3,960,067
	20,835	MSCI, Inc.^a		686,097
	199,500	TD Ameritrade Holding Corporation		3,122,175

		Total Financials		18,891,999


	Health Care (9.7%)
	69,600	Alexion Pharmaceuticals, Inc.^a		4,976,400
	117,400	AmerisourceBergen Corporation		4,366,106
	31,500	BioMarin Pharmaceutical, Inc.^a		1,082,970
	38,675	C.R. Bard, Inc.		3,306,713
	105,000	CIGNA Corporation		4,410,000
	11,300	Mettler-Toledo International, Inc.^a		1,669,123
	39,500	Onyx Pharmaceuticals, Inc.^a		1,736,025
	36,600	Shire Pharmaceuticals Group plc ADR		3,802,740
	50,719	SXC Health Solutions Corporation^a		2,864,609
	95,600	Watson Pharmaceuticals, Inc.^a		5,768,504

		Total Health Care		33,983,190


	Industrials (17.1%)
	53,631	AMETEK, Inc.		2,257,865
	194,400	BE Aerospace, Inc.^a		7,525,224
	32,700	C.H. Robinson Worldwide, Inc.		2,281,806
	149,672	Chicago Bridge and Iron Company		5,657,602
	35,352	Flowserve Corporation		3,511,161
	71,100	Jacobs Engineering Group, Inc.^a		2,885,238
	148,000	JB Hunt Transport Services, Inc.		6,670,360
	111,500	Kansas City Southern^a		7,583,115
	103,575	Pentair, Inc.		3,448,011
	20,550	Precision Castparts Corporation		3,386,434
	81,775	Roper Industries, Inc.		7,103,794
	48,100	SPX Corporation		2,898,987
	55,800	Stericycle, Inc.^a		4,347,936

		Total Industrials		59,557,533


	Information Technology (25.4%)
	107,414	Akamai Technologies, Inc.^a		3,467,324
	37,800	Altera Corporation		1,402,380
	99,900	ANSYS, Inc.^a		5,722,272
	416,900	Atmel Corporation^a		3,376,890
	132,900	Broadcom Corporation^a		3,901,944
	263,225	Electronic Arts, Inc.^a		5,422,435
	75,375	F5 Networks, Inc.^a		7,998,795
	106,900	Fortinet, Inc.^a		2,331,489
	86,500	Lam Research Corporation^a		3,202,230
	353,100	Marvell Technology Group, Ltd.^a		4,890,435
	48,200	Mercadolibre, Inc.		3,833,828
	60,500	Nice Systems, Ltd. ADR^a		2,084,225
	245,900	Nuance Communications, Inc.^a		6,186,844
	373,925	NVIDIA Corporation^a		5,182,601
	91,200	Red Hat, Inc.^a		3,765,648
	140,300	SuccessFactors, Inc.^a		5,593,761
	180,350	Symantec Corporation^a		2,822,477
	175,400	Teradata Corporation^a		8,508,654
	144,500	VeriFone Systems, Inc.^a		5,132,640
	112,500	Xilinx, Inc.		3,606,750

		Total Information Technology		88,433,622


	Materials (6.8%)
	137,375	Celanese Corporation		6,081,591
	42,500	FMC Corporation		3,656,700
	64,200	Newmont Mining Corporation		3,852,642
	137,600	Pan American Silver Corporation		3,001,056
	108,100	Silver Wheaton Corporation		3,130,576
	65,900	Walter Energy, Inc.		3,990,904

		Total Materials		23,713,469


	Telecommunications Services (2.2%)
	66,600	SBA Communications Corporation^a		2,861,136
	253,600	TW Telecom, Inc.^a		4,914,768

		Total Telecommunications Services		7,775,904


		Total Common Stock (cost $288,642,956)		332,277,143

		Total Investments (cost $288,642,956) 95.3%	$	332,277,143

		Other Assets and Liabilities, Net 4.7%		16,556,371

		Total Net Assets 100.0%	$	348,833,514

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

177

Mid Cap Growth Portfolio

Schedule of Investments as of December 31, 2011

a	Non-income producing security.

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	51,868,118
Gross unrealized depreciation		(8,903,928	)
Net unrealized appreciation (depreciation)	$	42,964,190


Cost for federal income tax purposes	$	289,312,953

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Mid Cap Growth Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		50,752,732		50,752,732		—		—
Consumer Staples		14,062,342		14,062,342		—		—
Energy		35,106,352		35,106,352		—		—
Financials		18,891,999		18,891,999		—		—
Health Care		33,983,190		33,983,190		—		—
Industrials		59,557,533		59,557,533		—		—
Information Technology		88,433,622		88,433,622		—		—
Materials		23,713,469		23,713,469		—		—
Telecommunications Services		7,775,904		7,775,904		—		—

Total	$	332,277,143	$	332,277,143	$	—	$	—

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Mid Cap Growth Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	9,754,800	$	113,424,263	$	123,179,063		—	$	—	$	22,570
Total Value and Income Earned		9,754,800								—		22,570

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

178

Partner Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (96.1%)	Value
	Consumer Discretionary (12.2%)
	77,745	Lear Corporation	$	3,094,251
	52,794	Liberty Global, Inc.^a		2,166,138
	223,721	Liberty Interactive Corporation^a		3,627,636
	91,357	Macy’s, Inc.		2,939,868
	2,777	NVR, Inc.^a		1,905,022
	33,492	PetSmart, Inc.		1,717,805
	36,678	PVH Corporation		2,585,432
	31,576	Ross Stores, Inc.		1,500,807
	82,013	Scripps Networks Interactive		3,478,991
	43,714	Starwood Hotels & Resorts Worldwide, Inc.		2,096,961
	36,541	TRW Automotive Holdings Corporation^a		1,191,237

		Total Consumer Discretionary		26,304,148


	Consumer Staples (5.5%)
	38,032	Bunge, Ltd.		2,175,430
	42,837	Coca-Cola Enterprises, Inc.		1,104,338
	18,559	Corn Products International, Inc.		976,018
	22,253	Energizer Holdings, Inc.^a		1,724,162
	58,803	J.M. Smucker Company		4,596,631
	64,308	Sara Lee Corporation		1,216,707

		Total Consumer Staples		11,793,286


	Energy (5.6%)
	51,903	Cameron International Corporation^a		2,553,109
	40,842	Energen Corporation		2,042,100
	67,451	EQT Corporation		3,695,640
	35,111	Pioneer Natural Resources Company		3,141,732
	10,424	Range Resources Corporation		645,663

		Total Energy		12,078,244


	Financials (29.5%)
	28,985	Alexandria Real Estate Equities, Inc.		1,999,095
	23,454	AvalonBay Communities, Inc.		3,063,092
	25,282	Camden Property Trust		1,573,552
	54,622	CIT Group, Inc.^a		1,904,669
	58,093	Comerica, Inc.		1,498,799
	86,988	Douglas Emmett, Inc.		1,586,661
	6,130	Essex Property Trust, Inc.		861,326
	46,567	Everest Re Group, Ltd.		3,915,819
	178,012	Fifth Third Bancorp		2,264,313
	39,527	First Republic Bank^a		1,209,921
	132,503	Genworth Financial, Inc.^a		867,895
	53,386	Hartford Financial Services Group, Inc.		867,523
	214,152	Host Hotels & Resorts, Inc.		3,163,025
	102,741	Invesco, Ltd.		2,064,067
	127,862	Kimco Realty Corporation		2,076,479
	35,722	Lazard, Ltd.		932,701
	22,417	Legg Mason, Inc.		539,129
	49,668	Liberty Property Trust^b		1,533,748
	33,885	Lincoln National Corporation^b		658,047
	24,504	M&T Bank Corporation		1,870,635
	49,116	Marsh & McLennan Companies, Inc.		1,553,048
	255,064	MFA Financial, Inc.		1,714,030
	105,787	NASDAQ OMX Group, Inc.^a		2,592,839
	29,895	PartnerRe, Ltd.		1,919,558
	152,331	Principal Financial Group, Inc.		3,747,343
	237,937	SLM Corporation		3,188,356
	102,976	SunTrust Banks, Inc.		1,822,675
	65,576	Tanger Factory Outlet Centers, Inc.		1,922,688
	29,981	Taubman Centers, Inc.		1,861,820
	50,006	Ventas, Inc.		2,756,831
	80,096	W.R. Berkley Corporation		2,754,501
	24,921	Willis Group Holdings plc		966,935
	127,311	XL Group plc		2,516,939

		Total Financials		63,768,059


	Health Care (6.1%)
	63,347	Aetna, Inc.		2,672,610
	505,594	Boston Scientific Corporation^a		2,699,872
	107,761	Hologic, Inc.^a		1,886,895
	61,932	Life Technologies Corporation^a		2,409,774
	36,687	Patterson Companies, Inc.		1,083,000
	155,447	Warner Chilcott plc^a		2,351,913

		Total Health Care		13,104,064


	Industrials (9.6%)
	58,936	BE Aerospace, Inc.^a		2,281,413
	13,691	Chicago Bridge and Iron Company		517,520
	28,446	Cooper Industries plc		1,540,351
	14,979	Dover Corporation		869,531
	47,547	Eaton Corporation		2,069,721
	6,558	Gardner Denver, Inc.		505,359
	19,499	Kansas City Southern^a		1,326,127
	115,572	Masco Corporation		1,211,195
	19,017	Parker Hannifin Corporation		1,450,046
	44,517	Pentair, Inc.		1,481,971
	60,001	Republic Services, Inc.		1,653,027
	21,103	Rockwell Automation, Inc.		1,548,327
	114,455	Spirit Aerosystems Holdings, Inc.^a		2,378,375
	95,960	Textron, Inc.		1,774,300

		Total Industrials		20,607,263


	Information Technology (9.0%)
	60,278	Adobe Systems, Inc.^a		1,704,059
	34,001	Amphenol Corporation		1,543,305
	31,154	BMC Software, Inc.^a		1,021,228
	42,092	Cavium, Inc.^a		1,196,676
	46,333	Electronic Arts, Inc.^a		954,460
	58,215	Juniper Networks, Inc.^a		1,188,168
	73,812	Maxim Integrated Products, Inc.		1,922,065
	53,896	NetApp, Inc.^a		1,954,808
	127,811	NVIDIA Corporation^a		1,771,461
	84,132	Parametric Technology Corporation^a		1,536,250
	92,911	Polycom, Inc.^a		1,514,449
	40,959	QLIK Technologies, Inc.^a		991,208
	66,036	Xilinx, Inc.		2,117,114

		Total Information Technology		19,415,251


	Materials (3.5%)
	43,175	Albemarle Corporation		2,223,944
	22,152	Allegheny Technologies, Inc.		1,058,866
	6,976	CF Industries Holdings, Inc.		1,011,381
	119,333	Chemtura Corporation^a		1,353,236
	24,338	Cytec Industries, Inc.		1,086,692

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

179

Partner Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (96.1%)	Value
	Materials (3.5%) - continued
	16,970	Reliance Steel & Aluminum Company	$	826,269

		Total Materials		7,560,388


	Telecommunications Services (0.7%)
	666,141	Sprint Nextel Corporation^a		1,558,770

		Total Telecommunications Services		1,558,770


	Utilities (14.4%)
	91,589	AES Corporation^a		1,084,414
	78,045	CMS Energy Corporation		1,723,233
	61,694	Edison International, Inc.		2,554,132
	242,497	GenOn Energy, Inc.^a		632,917
	35,762	Great Plains Energy, Inc.		778,896
	54,630	Northeast Utilities		1,970,504
	151,071	NV Energy, Inc.		2,470,011
	10,602	OGE Energy Corporation		601,239
	44,660	Pinnacle West Capital Corporation		2,151,719
	151,121	PPL Corporation		4,445,980
	38,036	Questar Corporation		755,395
	74,636	SCANA Corporation^b		3,363,098
	59,452	Sempra Energy		3,269,860
	194,531	Xcel Energy, Inc.		5,376,837

		Total Utilities		31,178,235


		Total Common Stock (cost $196,873,971)		207,367,708


		Collateral Held for Securities Loaned (1.7%)
	3,702,175	Thrivent Financial Securities Lending Trust		3,702,175

		Total Collateral Held for Securities Loaned (cost $3,702,175)		3,702,175

		Total Investments (cost $200,576,146) 97.8%	$	211,069,883

		Other Assets and Liabilities, Net 2.2%		4,760,180

		Total Net Assets 100.0%	$	215,830,063

a	Non-income producing security.

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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	21,512,468
Gross unrealized depreciation		(11,733,835	)

Net unrealized appreciation (depreciation)	$	9,778,633

Cost for federal income tax purposes	$	201,291,250

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

180

Partner Mid Cap Value Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner Mid Cap Value Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		26,304,148		26,304,148		—		—
Consumer Staples		11,793,286		11,793,286		—		—
Energy		12,078,244		12,078,244		—		—
Financials		63,768,059		63,768,059		—		—
Health Care		13,104,064		13,104,064		—		—
Industrials		20,607,263		20,607,263		—		—
Information Technology		19,415,251		19,415,251		—		—
Materials		7,560,388		7,560,388		—		—
Telecommunications Services		1,558,770		1,558,770		—		—
Utilities		31,178,235		31,178,235		—		—
Collateral Held for Securities Loaned		3,702,175		3,702,175		—		—

Total	$	211,069,883	$	211,069,883	$	—	$	—

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner Mid Cap Value Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	6,220,480	$	76,344,109	$	78,862,414		3,702,175	$	3,702,175	$	21,863
Total Value and Income Earned		6,220,480								3,702,175		21,863

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

181

Mid Cap Stock Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (94.9%)	Value
	Consumer Discretionary (11.0%)
	137,714	Autoliv, Inc.^a	$	7,366,322
	130,300	Charter Communications, Inc.^b		7,419,282
	82,836	Dollar Tree, Inc.^b		6,884,500
	158,200	Omnicom Group, Inc.		7,052,556
	49,455	Panera Bread Company^b		6,995,410
	222,600	Williams-Sonoma, Inc.		8,570,100
	285,978	WMS Industries, Inc.^b		5,868,268

		Total Consumer Discretionary		50,156,438


	Consumer Staples (3.7%)
	134,300	Corn Products International, Inc.		7,062,837
	147,512	TreeHouse Foods, Inc.^b		9,644,335

		Total Consumer Staples		16,707,172


	Energy (9.8%)
	322,592	Alpha Natural Resources, Inc.^b		6,590,554
	133,200	ENSCO International plc ADR		6,249,744
	419,000	Helix Energy Solutions Group, Inc.^b		6,620,200
	130,206	National Oilwell Varco, Inc.		8,852,706
	117,800	Newfield Exploration Company^b		4,444,594
	166,600	Southwestern Energy Company^b		5,321,204
	460,600	Weatherford International, Ltd.^b		6,743,184

		Total Energy		44,822,186


	Financials (18.6%)
	242,700	CBL & Associates Properties, Inc.^a		3,810,390
	396,373	Duke Realty Corporation		4,776,295
	146,571	Endurance Specialty Holdings, Ltd.		5,606,341
	340,735	Equity One, Inc.		5,785,680
	351,320	HCC Insurance Holdings, Inc.		9,661,300
	495,948	Host Hotels & Resorts, Inc.		7,325,152
	35,849	IntercontinentalExchange, Inc.^b		4,321,597
	183,224	Lazard, Ltd.		4,783,979
	122,600	M&T Bank Corporation		9,359,284
	272,900	NASDAQ OMX Group, Inc.^b		6,688,779
	149,633	Northern Trust Corporation		5,934,445
	334,760	W.R. Berkley Corporation		11,512,396
	348,372	Zions Bancorporation		5,671,496

		Total Financials		85,237,134


	Health Care (12.4%)
	64,000	Alexion Pharmaceuticals, Inc.^b		4,576,000
	83,182	C.R. Bard, Inc.		7,112,061
	101,500	Covance, Inc.^b		4,640,580
	180,591	Coventry Health Care, Inc.^b		5,484,548
	209,331	Health Net, Inc.^b		6,367,849
	225,700	Thoratec Corporation^b		7,574,492
	120,000	United Therapeutics Corporation^b		5,670,000
	80,014	Varian Medical Systems, Inc.^b		5,371,340
	68,000	Waters Corporation^b		5,035,400
	89,869	Zimmer Holdings, Inc.^b		4,800,802

		Total Health Care		56,633,072


	Industrials (13.7%)
	159,382	Chicago Bridge and Iron Company		6,024,640
	218,293	CSX Corporation		4,597,251
	128,148	Expeditors International of Washington, Inc.		5,248,942
	160,700	FTI Consulting, Inc.^a,b		6,816,894
	694,086	Manitowoc Company, Inc.		6,378,650
	99,608	Manpower, Inc.		3,560,986
	291,834	Oshkosh Corporation^b		6,239,411
	81,282	Parker Hannifin Corporation		6,197,752
	174,700	Republic Services, Inc.		4,812,985
	97,532	SPX Corporation		5,878,254
	146,788	Tyco International, Ltd.		6,856,467

		Total Industrials		62,612,232


	Information Technology (17.0%)
	116,500	Alliance Data Systems Corporation^a,b		12,097,360
	205,804	eBay, Inc.^b		6,242,035
	160,152	Itron, Inc.^b		5,728,637
	294,532	Juniper Networks, Inc.^b		6,011,398
	22,082	Lam Research Corporation^b		817,476
	484,166	NVIDIA Corporation^b		6,710,541
	835,746	Teradyne, Inc.^b		11,391,218
	381,900	TIBCO Software, Inc.^b		9,131,229
	311,165	ValueClick, Inc.^b		5,068,878
	162,700	VeriFone Systems, Inc.^b		5,779,104
	269,791	Xilinx, Inc.		8,649,499

		Total Information Technology		77,627,375


	Materials (4.3%)
	125,117	Albemarle Corporation		6,444,777
	168,624	Silgan Holdings, Inc.		6,515,631
	498,800	Steel Dynamics, Inc.		6,559,220

		Total Materials		19,519,628


	Utilities (4.4%)
	318,500	CMS Energy Corporation		7,032,480
	431,278	NV Energy, Inc.		7,051,395
	205,766	UGI Corporation		6,049,521

		Total Utilities		20,133,396


		Total Common Stock (cost $383,554,658)		433,448,633


		Collateral Held for Securities Loaned (2.1%)
	9,724,975	Thrivent Financial Securities Lending Trust		9,724,975

		Total Collateral Held for Securities Loaned (cost $9,724,975)		9,724,975


Principal Amount		Short-Term Investments (3.3%)^c
		Federal Home Loan Bank Discount Notes
	5,000,000	0.015%, 1/20/2012^d		4,999,960
	10,000,000	0.010%, 2/22/2012^d		9,999,856

		Total Short-Term Investments (at amortized cost)		14,999,816

		Total Investments (cost $408,279,449) 100.3%	$	458,173,424

		Other Assets and Liabilities, Net (0.3%)		(1,148,006	)

		Total Net Assets 100.0%	$	457,025,418

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

182

Mid Cap Stock Portfolio

Schedule of Investments as of December 31, 2011

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

b	Non-income producing security.

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

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

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	68,829,247
Gross unrealized depreciation		(21,142,117	)

Net unrealized appreciation (depreciation)	$	47,687,130

Cost for federal income tax purposes	$	410,486,294

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Mid Cap Stock Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		50,156,438		50,156,438		—		—
Consumer Staples		16,707,172		16,707,172		—		—
Energy		44,822,186		44,822,186		—		—
Financials		85,237,134		85,237,134		—		—
Health Care		56,633,072		56,633,072		—		—
Industrials		62,612,232		62,612,232		—		—
Information Technology		77,627,375		77,627,375		—		—
Materials		19,519,628		19,519,628		—		—
Utilities		20,133,396		20,133,396		—		—
Collateral Held for Securities Loaned		9,724,975		9,724,975		—		—
Short-Term Investments		14,999,816		—		14,999,816		—

Total	$	458,173,424	$	443,173,608	$	14,999,816	$	—

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Mid Cap Stock Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	33,032,547	$	207,756,708	$	231,064,280		9,724,975	$	9,724,975	$	34,110
Total Value and Income Earned		33,032,547								9,724,975		34,110

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

183

Mid Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (97.0%)	Value
	Consumer Discretionary (12.6%)
	3,433	99 Cents Only Stores^a	$	75,354
	5,500	Aaron’s, Inc.		146,740
	5,200	Advance Auto Parts, Inc.		362,076
	5,850	Aeropostale, Inc.^a		89,213
	4,100	AMC Networks, Inc.^a		154,078
	13,980	American Eagle Outfitters, Inc.		213,754
	2,900	American Greetings Corporation		36,279
	3,750	Ann, Inc.^a		92,925
	4,900	Ascena Retail Group, Inc.^a		145,628
	3,100	Bally Technologies, Inc.^a,b		122,636
	2,970	Barnes & Noble, Inc.^a,b		43,006
	2,110	Bob Evans Farms, Inc.		70,769
	5,755	Brinker International, Inc.		154,004
	3,900	Cheesecake Factory, Inc.^a		114,465
	12,100	Chico’s FAS, Inc.		134,794
	4,400	Collective Brands, Inc.^a		63,228
	2,800	Deckers Outdoor Corporation^a		211,596
	7,000	Dick’s Sporting Goods, Inc.		258,160
	5,100	DreamWorks Animation SKG, Inc.^a		84,634
	11,000	Foot Locker, Inc.		262,240
	3,800	Fossil, Inc.^a		301,568
	10,320	Gentex Corporation		305,369
	4,800	Guess ?, Inc.		143,136
	7,000	Hanesbrands, Inc.^a		153,020
	2,900	HSN, Inc.		105,154
	2,070	International Speedway Corporation		52,474
	1,400	ITT Educational Services, Inc.^a,b		79,646
	3,500	John Wiley and Sons, Inc.		155,400
	5,100	KB Home^b		34,272
	4,200	Lamar Advertising Company^a		115,500
	3,100	Life Time Fitness, Inc.^a		144,925
	10,600	LKQ Corporation^a		318,848
	2,700	M.D.C. Holdings, Inc.		47,601
	2,100	Matthews International Corporation		66,003
	2,700	Meredith Corporation^b		88,155
	4,170	Mohawk Industries, Inc.^a		249,574
	8,700	New York Times Company^a,b		67,251
	400	NVR, Inc.^a		274,400
	20,200	Office Depot, Inc.^a		43,430
	2,100	Panera Bread Company^a		297,045
	8,000	PetSmart, Inc.		410,320
	5,000	Polaris Industries, Inc.		279,900
	4,900	PVH Corporation		345,401
	7,200	RadioShack Corporation		69,912
	4,200	Regis Corporation		69,510
	4,200	Rent-A-Center, Inc.		155,400
	11,550	Saks, Inc.^a,b		112,613
	1,810	Scholastic Corporation		54,246
	4,100	Scientific Games Corporation^a		39,770
	16,500	Service Corporation International		175,725
	6,300	Signet Jewelers, Ltd.		276,948
	4,920	Sotheby’s Holdings, Inc.		140,368
	800	Strayer Education, Inc.		77,752
	3,200	Thor Industries, Inc.		87,776
	10,600	Toll Brothers, Inc.^a		216,452
	5,100	Tractor Supply Company		357,765
	4,100	Tupperware Brands Corporation		229,477
	2,600	Under Armour, Inc.^a		186,654
	3,200	Valassis Communications, Inc.^a		61,536
	2,900	Warnaco Group, Inc.^a		145,116
	21,314	Wendy’s Company		114,243
	7,480	Williams-Sonoma, Inc.		287,980
	4,000	WMS Industries, Inc.^a		82,080

		Total Consumer Discretionary		9,855,294


	Consumer Staples (4.1%)
	10,320	Church & Dwight Company, Inc.		472,243
	5,500	Corn Products International, Inc.		289,245
	4,850	Energizer Holdings, Inc.^a		375,778
	8,150	Flowers Foods, Inc.		154,687
	9,400	Green Mountain Coffee Roasters, Inc.^a,b		421,590
	5,500	Hansen Natural Corporation^a		506,770
	1,440	Lancaster Colony Corporation		99,850
	4,000	Ralcorp Holdings, Inc.^a		342,000
	3,510	Ruddick Corporation		149,667
	11,800	Smithfield Foods, Inc.^a		286,504
	1,857	Tootsie Roll Industries, Inc.		43,955
	1,640	Universal Corporation		75,374

		Total Consumer Staples		3,217,663


	Energy (6.7%)
	15,300	Arch Coal, Inc.		222,003
	4,100	Atwood Oceanics, Inc.^a		163,139
	3,400	Bill Barrett Corporation^a		115,838
	1,400	Carbo Ceramics, Inc.		172,662
	6,200	Cimarex Energy Company		383,780
	3,400	Comstock Resources, Inc.^a		52,020
	5,400	Dresser-Rand Group, Inc.^a		269,514
	2,500	Dril-Quip, Inc.^a		164,550
	5,200	Energen Corporation		260,000
	8,000	Forest Oil Corporation^a		108,400
	7,600	Helix Energy Solutions Group, Inc.^a		120,080
	14,990	HollyFrontier Corporation		350,766
	4,600	Northern Oil and Gas, Inc.^a		110,308
	7,800	Oceaneering International, Inc.		359,814
	3,700	Oil States International, Inc.^a		282,569
	6,600	Patriot Coal Corporation^a		55,902
	11,100	Patterson-UTI Energy, Inc.		221,778
	10,139	Plains Exploration & Production Company^a		372,304
	8,600	Quicksilver Resources, Inc.^a,b		57,706
	4,600	SM Energy Company		336,260
	9,000	Southern Union Company		378,990
	5,800	Superior Energy Services, Inc.^a		164,952
	3,700	Tidewater, Inc.		182,410
	3,000	Unit Corporation^a		139,200
	5,100	World Fuel Services Corporation		214,098

		Total Energy		5,259,043


	Financials (20.0%)
	3,800	Affiliated Managers Group, Inc.^a		364,610
	4,500	Alexandria Real Estate Equities, Inc.		310,365
	5,100	American Campus Communities, Inc.		213,996
	5,635	American Financial Group, Inc.		207,875
	14,300	Apollo Investment Corporation		92,092
	8,200	Arthur J. Gallagher & Company		274,208
	5,100	Aspen Insurance Holdings, Ltd.		135,150
	12,493	Associated Banc-Corp		139,547

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

184

Mid Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (97.0%)	Value
	Financials (20.0%) - continued
	5,970	Astoria Financial Corporation	$	50,685
	5,300	BancorpSouth, Inc.		58,406
	3,400	Bank of Hawaii Corporation		151,266
	5,400	BRE Properties, Inc.		272,592
	8,400	Brown & Brown, Inc.		190,092
	5,100	Camden Property Trust		317,424
	5,600	Cathay General Bancorp		83,608
	3,420	City National Corporation		151,096
	5,769	Commerce Bancshares, Inc.		219,914
	5,200	Corporate Office Properties Trust		110,552
	4,400	Cullen/Frost Bankers, Inc.		232,804
	18,200	Duke Realty Corporation		219,310
	10,700	East West Bancorp, Inc.		211,325
	8,300	Eaton Vance Corporation		196,212
	4,300	Equity One, Inc.		73,014
	2,500	Essex Property Trust, Inc.		351,275
	3,910	Everest Re Group, Ltd.		328,792
	4,600	Federal Realty Investment Trust		417,450
	15,805	Fidelity National Financial, Inc.		251,774
	7,700	First American Financial Corporation		97,559
	25,000	First Niagara Financial Group, Inc.		215,750
	7,898	FirstMerit Corporation		119,497
	14,500	Fulton Financial Corporation		142,245
	2,100	Greenhill & Company, Inc.		76,377
	6,100	Hancock Holding Company		195,017
	3,270	Hanover Insurance Group, Inc.		114,286
	8,250	HCC Insurance Holdings, Inc.		226,875
	5,200	Highwoods Properties, Inc.		154,284
	3,500	Home Properties, Inc.		201,495
	8,900	Hospitality Properties Trust		204,522
	3,800	International Bancshares Corporation		69,673
	13,500	Janus Capital Group, Inc.		85,185
	10,500	Jefferies Group, Inc.^b		144,375
	3,100	Jones Lang LaSalle, Inc.		189,906
	3,700	Kemper Corporation		108,077
	8,400	Liberty Property Trust^b		259,392
	9,468	Macerich Company		479,081
	6,300	Mack-Cali Realty Corporation		168,147
	2,600	Mercury General Corporation		118,612
	8,700	MSCI, Inc.^a		286,491
	7,500	National Retail Properties, Inc.		197,850
	31,411	New York Community Bancorp, Inc.		388,554
	18,450	Old Republic International Corporation		171,031
	7,400	Omega Healthcare Investors, Inc.		143,190
	2,907	Potlatch Corporation		90,437
	3,400	Prosperity Bancshares, Inc.		137,190
	5,970	Protective Life Corporation		134,683
	7,425	Raymond James Financial, Inc.		229,878
	8,712	Rayonier, Inc. REIT		388,817
	9,600	Realty Income Corporation^b		335,616
	6,500	Regency Centers Corporation		244,530
	5,300	Reinsurance Group of America, Inc.		276,925
	10,640	SEI Investments Company		184,604
	11,800	Senior Housing Property Trust		264,792
	3,300	Signature Bank^a		197,967
	6,200	SL Green Realty Corporation		413,168
	3,200	StanCorp Financial Group, Inc.		117,600
	3,130	SVB Financial Group^a		149,270
	56,600	Synovus Financial Corporation		79,806
	4,200	Taubman Centers, Inc.		260,820
	11,320	TCF Financial Corporation		116,822
	4,100	Transatlantic Holdings, Inc.		224,393
	4,700	Trustmark Corporation^b		114,163
	15,703	UDR, Inc.		394,145
	14,104	Valley National Bancorp^b		174,466
	7,975	W.R. Berkley Corporation		274,260
	6,140	Waddell & Reed Financial, Inc.		152,088
	7,727	Washington Federal, Inc.		108,101
	5,330	Webster Financial Corporation		108,679
	8,700	Weingarten Realty Investors		189,834
	2,120	Westamerica Bancorporation		93,068

		Total Financials		15,639,027


	Health Care (9.8%)
	13,700	Allscripts Healthcare Solutions, Inc.^a		259,478
	3,500	AMERIGROUP Corporation^a		206,780
	1,400	Bio-Rad Laboratories, Inc.^a		134,456
	3,600	Catalyst Health Solutions, Inc.^a		187,200
	3,600	Charles River Laboratories International, Inc.^a		98,388
	6,500	Community Health Systems, Inc.^a		113,425
	3,400	Cooper Companies, Inc.		239,768
	4,410	Covance, Inc.^a		201,625
	8,400	Endo Pharmaceutical Holdings, Inc.^a		290,052
	3,400	Gen-Probe, Inc.^a		201,008
	18,200	Health Management Associates, Inc.^a		134,134
	5,980	Health Net, Inc.^a		181,912
	6,500	Henry Schein, Inc.^a		418,795
	4,450	Hill-Rom Holdings, Inc.		149,920
	6,100	HMS Holdings Corporation^a		195,078
	19,000	Hologic, Inc.^a		332,690
	4,100	IDEXX Laboratories, Inc.^a		315,536
	3,500	LifePoint Hospitals, Inc.^a		130,025
	6,430	Lincare Holdings, Inc.		165,315
	4,400	Masimo Corporation^a		82,214
	4,600	Medicis Pharmaceutical Corporation		152,950
	3,500	Mednax, Inc.^a		252,035
	2,300	Mettler-Toledo International, Inc.^a		339,733
	8,220	Omnicare, Inc.^b		283,179
	4,550	Owens & Minor, Inc.		126,445
	5,500	Regeneron Pharmaceuticals, Inc.^a		304,865
	10,600	ResMed, Inc.^a		269,240
	4,200	STERIS Corporation		125,244
	2,700	Techne Corporation		184,302
	2,940	Teleflex, Inc.		180,193
	4,300	Thoratec Corporation^a		144,308
	3,800	United Therapeutics Corporation^a		179,550
	6,900	Universal Health Services, Inc.		268,134
	6,300	VCA Antech, Inc.^a		124,425
	15,020	Vertex Pharmaceuticals, Inc.^a		498,814
	3,100	Wellcare Health Plans, Inc.^a		162,750

		Total Health Care		7,633,966


	Industrials (16.1%)
	3,000	Acuity Brands, Inc.		159,000
	8,300	Aecom Technology Corporation^a		170,731
	7,030	AGCO Corporation^a		302,079

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

185

Mid Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (97.0%)	Value
	Industrials (16.1%) - continued
	2,540	Alaska Air Group, Inc.^a	$	190,729
	3,060	Alexander & Baldwin, Inc.		124,909
	2,400	Alliant Techsystems, Inc.		137,184
	11,555	AMETEK, Inc.		486,466
	7,400	BE Aerospace, Inc.^a		286,454
	3,360	Brink’s Company		90,317
	4,440	Carlisle Companies, Inc.		196,692
	3,600	CLARCOR, Inc.		179,964
	3,400	Clean Harbors, Inc.^a		216,682
	4,030	Con-way, Inc.		117,515
	3,800	Copart, Inc.^a		181,982
	2,400	Corporate Executive Board Company		91,440
	7,200	Corrections Corporation of America^a		146,664
	3,500	Crane Company		163,485
	3,600	Deluxe Corporation		81,936
	5,400	Donaldson Company, Inc.		367,632
	2,200	Esterline Technologies Corporation^a		123,134
	13,300	Exelis, Inc.		120,365
	11,200	Fortune Brands Home and Security, Inc.^a		190,736
	2,900	FTI Consulting, Inc.^a		123,018
	3,700	Gardner Denver, Inc.		285,122
	3,320	GATX Corporation		144,951
	3,800	General Cable Corporation^a		95,038
	4,300	Graco, Inc.		175,827
	2,560	Granite Construction, Inc.		60,723
	5,800	Harsco Corporation		119,364
	4,190	Herman Miller, Inc.		77,305
	3,230	HNI Corporation^b		84,303
	4,230	Hubbell, Inc.		282,818
	3,501	Huntington Ingalls Industries, Inc.^a		109,511
	6,000	IDEX Corporation		222,660
	6,700	ITT Corporation		129,511
	6,440	JB Hunt Transport Services, Inc.		290,251
	14,675	JetBlue Airways Corporation^a		76,310
	7,900	Kansas City Southern^a		537,279
	10,800	KBR, Inc.		300,996
	5,740	Kennametal, Inc.		209,625
	4,000	Kirby Corporation^a		263,360
	3,440	Korn/Ferry International^a		58,686
	3,400	Landstar System, Inc.		162,928
	3,700	Lennox International, Inc.		124,875
	6,100	Lincoln Electric Holdings, Inc.		238,632
	5,870	Manpower, Inc.		209,853
	2,200	Mine Safety Appliances Company		72,864
	3,300	MSC Industrial Direct Company, Inc.		236,115
	4,280	Nordson Corporation		176,250
	6,600	Oshkosh Corporation^a		141,108
	7,160	Pentair, Inc.		238,356
	3,000	Regal-Beloit Corporation		152,910
	4,722	Rollins, Inc.		104,923
	4,700	Shaw Group, Inc.^a		126,430
	3,660	SPX Corporation		220,588
	7,900	Terex Corporation^a		106,729
	3,800	Thomas & Betts Corporation^a		207,480
	6,100	Timken Company		236,131
	3,700	Towers Watson & Company		221,741
	5,795	Trinity Industries, Inc.		174,198
	3,100	Triumph Group, Inc.		181,195
	4,498	United Rentals, Inc.^a,b		132,916
	5,800	URS Corporation^a		203,696
	7,500	UTI Worldwide, Inc.		99,675
	1,600	Valmont Industries, Inc.		145,264
	3,500	Wabtec Corporation		244,825
	8,000	Waste Connections, Inc.		265,120
	2,100	Watsco, Inc.		137,886
	3,200	Werner Enterprises, Inc.		77,120
	4,300	Woodward, Inc.		175,999

		Total Industrials		12,588,561


	Information Technology (14.9%)
	2,420	ACI Worldwide, Inc.^a		69,309
	5,690	Acxiom Corporation^a		69,475
	4,580	ADTRAN, Inc.		138,133
	2,300	Advent Software, Inc.^a		56,028
	3,600	Alliance Data Systems Corporation^a,b		373,824
	6,700	ANSYS, Inc.^a		383,776
	7,000	AOL, Inc.^a		105,700
	8,070	Arrow Electronics, Inc.^a		301,899
	33,420	Atmel Corporation^a		270,702
	10,720	Avnet, Inc.^a		333,285
	9,000	Broadridge Financial Solutions, Inc.		202,950
	19,580	Cadence Design Systems, Inc.^a		203,632
	6,900	Ciena Corporation^a		83,490
	16,600	Compuware Corporation^a		138,112
	3,400	Concur Technologies, Inc.^a		172,686
	8,700	Convergys Corporation^a		111,099
	7,700	CoreLogic, Inc.^a		99,561
	8,300	Cree, Inc.^a,b		182,932
	11,200	Cypress Semiconductor Corporation^a		189,168
	4,530	Diebold, Inc.		136,217
	2,410	DST Systems, Inc.		109,703
	3,400	Equinix, Inc.^a		344,760
	3,300	FactSet Research Systems, Inc.		288,024
	2,550	Fair Isaac Corporation		91,392
	9,100	Fairchild Semiconductor International, Inc.^a		109,564
	6,800	Gartner, Inc.^a		236,436
	5,600	Global Payments, Inc.		265,328
	7,700	Informatica Corporation^a		284,361
	11,100	Ingram Micro, Inc.^a		201,909
	10,350	Integrated Device Technology, Inc.^a		56,511
	4,950	International Rectifier Corporation^a		96,129
	9,100	Intersil Corporation		95,004
	2,900	Itron, Inc.^a		103,733
	6,260	Jack Henry & Associates, Inc.		210,398
	8,600	Lam Research Corporation^a		318,372
	6,100	Lender Processing Services, Inc.		91,927
	1,700	ManTech International Corporation		53,108
	16,600	MEMC Electronic Materials, Inc.^a		65,404
	6,770	Mentor Graphics Corporation^a		91,801
	5,800	MICROS Systems, Inc.^a		270,164
	9,300	Monster Worldwide, Inc.^a		73,749
	6,662	National Instruments Corporation		172,879
	11,400	NCR Corporation^a		187,644

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

186

Mid Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (97.0%)	Value
	Information Technology (14.9%) - continued
	4,700	NeuStar, Inc.^a	$	160,599
	8,400	Parametric Technology Corporation^a		153,384
	3,140	Plantronics, Inc.		111,909
	12,740	Polycom, Inc.^a		207,662
	7,300	QLogic Corporation^a		109,500
	4,100	Quest Software, Inc.^a		76,260
	7,500	Rackspace Hosting, Inc.^a,b		322,575
	20,040	RF Micro Devices, Inc.^a		108,216
	11,200	Riverbed Technology, Inc.^a		263,200
	7,940	Rovi Corporation^a		195,165
	4,790	Semtech Corporation^a		118,888
	3,000	Silicon Laboratories, Inc.^a		130,260
	13,600	Skyworks Solutions, Inc.^a		220,592
	5,100	Solera Holdings, Inc.		227,154
	10,380	Synopsys, Inc.^a		282,336
	2,980	Tech Data Corporation^a		147,242
	27,700	Tellabs, Inc.		111,908
	11,600	TIBCO Software, Inc.^a		277,356
	8,900	Trimble Navigation, Ltd.^a		386,260
	6,000	ValueClick, Inc.^a		97,740
	7,600	VeriFone Systems, Inc.^a		269,952
	11,320	Vishay Intertechnology, Inc.^a		101,767
	3,800	Zebra Technologies Corporation^a		135,964

		Total Information Technology		11,656,167


	Materials (6.6%)
	6,420	Albemarle Corporation		330,694
	4,800	AptarGroup, Inc.		250,416
	5,600	Ashland, Inc.		320,096
	4,590	Cabot Corporation		147,523
	3,200	Carpenter Technology Corporation		164,736
	8,300	Commercial Metals Company		114,789
	2,400	Compass Minerals International, Inc.		165,240
	3,560	Cytec Industries, Inc.		158,954
	2,600	Domtar Corporation		207,896
	2,200	Greif, Inc.		100,210
	3,800	Intrepid Potash, Inc.^a		85,994
	9,800	Louisiana-Pacific Corporation^a		79,086
	3,320	Martin Marietta Materials, Inc.^b		250,361
	1,280	Minerals Technologies, Inc.		72,358
	800	NewMarket Corporation		158,488
	5,800	Olin Corporation		113,970
	7,100	Packaging Corporation of America		179,204
	5,400	Reliance Steel & Aluminum Company		262,926
	5,100	Rock-Tenn Company		294,270
	9,400	RPM International, Inc.		230,770
	3,100	Scotts Miracle-Gro Company^b		144,739
	3,630	Sensient Technologies Corporation		137,577
	3,600	Silgan Holdings, Inc.		139,104
	7,180	Sonoco Products Company		236,653
	15,800	Steel Dynamics, Inc.		207,770
	7,900	Temple-Inland, Inc.		250,509
	6,760	Valspar Corporation		263,437
	3,900	Worthington Industries, Inc.		63,882

		Total Materials		5,131,652


	Telecommunications Services (0.5%)
	6,620	Telephone & Data Systems, Inc.		171,392
	10,800	TW Telecom, Inc.^a		209,304

		Total Telecommunications Services		380,696


	Utilities (5.7%)
	8,000	Alliant Energy Corporation		352,880
	9,966	Aqua America, Inc.		219,750
	6,500	Atmos Energy Corporation		216,775
	2,800	Black Hills Corporation		94,024
	4,300	Cleco Corporation		163,830
	9,663	Great Plains Energy, Inc.		210,460
	6,880	Hawaiian Electric Industries, Inc.		182,182
	3,530	IDACORP, Inc.		149,707
	13,625	MDU Resources Group, Inc.		292,393
	6,000	National Fuel Gas Company		333,480
	7,440	NSTAR		349,383
	16,900	NV Energy, Inc.		276,315
	7,090	OGE Energy Corporation		402,074
	5,675	PNM Resources, Inc.		103,455
	12,800	Questar Corporation		254,208
	8,300	UGI Corporation		244,020
	5,890	Vectren Corporation		178,055
	8,420	Westar Energy, Inc.		242,328
	3,710	WGL Holdings, Inc.		164,056

		Total Utilities		4,429,375


		Total Common Stock (cost $65,942,971)		75,791,444


		Collateral Held for Securities Loaned (4.3%)
	3,326,354	Thrivent Financial Securities Lending Trust		3,326,354


		Total Collateral Held for Securities Loaned (cost $3,326,354)		3,326,354


Principal Amount		Short-Term Investments (0.2%)^c
		Federal National Mortgage Association Discount Notes
	200,000	0.105%, 2/22/2012^d,e		199,970

		Total Short-Term Investments (at amortized cost)		199,970

		Total Investments (cost $69,469,295) 101.5%	$	79,317,768

		Other Assets and Liabilities, Net (1.5%)		(1,203,746	)

		Total Net Assets 100.0%	$	78,114,022

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

187

Mid Cap Index Portfolio

Schedule of Investments as of December 31, 2011

a	Non-income producing security.

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

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

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

e	At December 31, 2011, $199,970 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Definitions:


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

Unrealized Appreciation (Depreciation)


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

Gross unrealized appreciation	$	14,651,227
Gross unrealized depreciation		(6,764,576	)

Net unrealized appreciation (depreciation)	$	7,886,651

Cost for federal income tax purposes	$	71,431,117

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Mid Cap Index Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		9,855,294		9,855,294		—		—
Consumer Staples		3,217,663		3,217,663		—		—
Energy		5,259,043		5,259,043		—		—
Financials		15,639,027		15,639,027		—		—
Health Care		7,633,966		7,633,966		—		—
Industrials		12,588,561		12,588,561		—		—
Information Technology		11,656,167		11,656,167		—		—
Materials		5,131,652		5,131,652		—		—
Telecommunications Services		380,696		380,696		—		—
Utilities		4,429,375		4,429,375		—		—
Collateral Held for Securities Loaned		3,326,354		3,326,354		—		—
Short-Term Investments		199,970		—		199,970		—

Total	$	79,317,768	$	79,117,798	$	199,970	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		85,372		85,372		—		—

Total Asset Derivatives	$	85,372	$	85,372	$	—	$	—


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
S&P 400 Index Mini-Futures		28		March 2012	$	2,371,067	$	2,456,439	$	85,372
Total Futures Contracts									$	85,372

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

188

Mid Cap Index Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Mid Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	85,372
Total Equity Contracts			85,372

Total Asset Derivatives		$	85,372

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Mid Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		(274,923	)
Total Equity Contracts			(274,923	)

Total			($274,923	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Mid Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		62,284
Total Equity Contracts			62,284

Total		$	62,284

The following table presents Mid Cap Index Portfolio’s average volume of derivative activity during the period ended December 31, 2011.


Derivative Risk Category	Futures (Notional*)		Futures (Percentage of Average Net Assets)
Equity Contracts	$	1,680,850		1.9	%

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

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Mid Cap Index Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	5,212,131	$	33,445,424	$	35,331,201		3,326,354	$	3,326,354	$	10,959
Total Value and Income Earned		5,212,131								3,326,354		10,959

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

189

Partner Worldwide Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (87.4%)	Value
	Australia (3.7%)
	34,879	Ansell, Ltd.	$	517,877
	45,253	Australia & New Zealand Banking Group, Ltd.		947,823
	162,873	BHP Billiton, Ltd.		5,749,233
	373,328	Boart Longyear Group		1,062,020
	114,815	Bradken, Ltd.		838,700
	21,101	Campbell Brothers, Ltd.		1,056,632
	210,531	Challenger, Ltd.		888,076
	19,194	Flight Centre, Ltd.		316,247
	94,993	Fortescue Metals Group, Ltd.		415,542
	100,553	GrainCorp, Ltd.		804,702
	74,453	Iluka Resources, Ltd.		1,179,269
	257,590	Imdex, Ltd.		487,358
	71,770	Mineral Resources, Ltd.		807,549
	254,650	Mount Gibson Iron, Ltd.		291,010
	213,449	NRW Holdings, Ltd.		563,587
	28,788	Rio Tinto, Ltd.		1,774,771
	186,823	SAI Global, Ltd.		860,452

		Total Australia		18,560,848


	Austria (<0.1%)
	8,094	Voestalpine AG		226,760

		Total Austria		226,760


	Belgium (0.7%)
	37,444	Anheuser-Busch InBev NV		2,285,175
	3,402	Bekaert SA		108,632
	17,046	Compagnie d’ Entreprises CFE		835,432

		Total Belgium		3,229,239


	Bermuda (0.1%)
	231,880	Archer, Ltd.^a		621,578

		Total Bermuda		621,578


	Brazil (3.3%)
	148,320	Banco Bradesco SA ADR		2,473,978
	37,849	Lojas Renner SA		982,292
	47,168	Multiplan Empreendimentos Imobiliarios SA		967,737
	117,550	Petroleo Brasileiro SA ADR		2,921,118
	104,000	Petroleo Brasileiro SA PREF ADR		2,442,960
	104,357	Souza Cruz SA		1,281,734
	126,000	Ultrapar Participacoes SA ADR		2,167,200
	145,000	Vale SA SP PREF ADR		2,987,000

		Total Brazil		16,224,019


	Canada (3.2%)
	17,153	Agrium, Inc.		1,151,278
	29,972	Alimentation Couche-Tard, Inc.		932,580
	41,757	Barrick Gold Corporation		1,891,525
	47,473	Brookfield Asset Management, Inc.		1,306,579
	8,400	Canadian National Railway Company		660,836
	33,900	Cenovus Energy, Inc.		1,125,674
	22,180	Finning International, Inc.		483,527
	28,470	Goldcorp, Inc.		1,263,377
	45,229	Neo Material Technologies, Inc^a		325,411
	18,700	Pacific Rubiales Energy Corporation		343,788
	35,759	Potash Corporation of Saskatchewan, Inc.		1,478,025
	20,571	Shoppers Drug Mart Corporation		830,674
	13,063	SNC-Lavalin Group, Inc.		640,713
	21,477	Suncor Energy, Inc.		619,350
	14,398	Tim Hortons, Inc.		697,571
	10,125	TMX Group, Inc.		414,322
	29,917	Trican Well Service, Ltd.		515,355
	64,582	Yamana Gold, Inc.		952,122

		Total Canada		15,632,707


	Cayman Islands (0.1%)
	125,749	Comba Telecom Systems Holdings, Ltd.		100,941
	561,050	Sa Sa International Holdings, Ltd.		309,233

		Total Cayman Islands		410,174


	Chile (0.3%)
	18,200	Banco Santander Chile SA ADR		1,377,740

		Total Chile		1,377,740


	China (0.5%)
	1,866,000	PetroChina Company, Ltd.		2,317,256

		Total China		2,317,256


	Denmark (0.8%)
	38,923	Christian Hansen Holding AS		845,095
	5,788	Coloplast AS		830,573
	17,260	Novo Nordisk AS		1,982,885
	12,861	Vestas Wind Systems^a		138,321

		Total Denmark		3,796,874


	Finland (0.9%)
	97,417	Amer Sports Oyj		1,131,964
	24,632	Cargotec Oyj		728,004
	133,600	Neste Oil OYJ		1,343,555
	26,717	Outotec Oyj		1,251,183

		Total Finland		4,454,706


	France (5.7%)
	123,203	Alcatel-Lucent^a		191,445
	33,559	Alten, Ltd.		787,370
	13,791	AtoS		602,476
	235,829	AXA SA		3,048,167
	67,705	Beneteau SA		706,500
	11,342	Bouygues SA		356,690
	85,900	Cap Gemini SA		2,670,460
	7,315	Christian Dior SA		863,388
	95,286	Compagnie de Saint-Gobain		3,642,127
	13,819	Compagnie Generale de Geophysique-Veritas^a		320,745
	41,415	Credit Agricole SA		232,019
	27,169	Faurecia		512,023
	22,198	Ingenico		799,619
	7,316	Rallye SA		203,925
	5,199	Remy Cointreau SA		416,935
	18,280	Rubis		952,724
	31,201	Safran SA		933,034
	82,902	Total SA		4,230,030
	3,407	Vallourec SA		220,067
	27,171	Vinci SA		1,182,629
	5,729	Virbac SA		887,370
	172,463	Vivendi SA		3,764,524
	8,758	Wendel SA		581,325

		Total France		28,105,592

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

190

Partner Worldwide Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (87.4%)	Value
	Germany (5.4%)
	13,280	BASF SE	$	924,470
	18,639	Bayerische Motoren Werke AG		1,245,897
	1,836,800	Commerzbank AG^a		3,091,206
	88,510	Daimler AG		3,877,224
	59,450	Deutsche Boerse AG^a		3,111,273
	183,230	Deutz AG^a		973,678
	21,548	Gerresheimer AG		896,407
	29,123	Gerry Weber International AG		886,399
	36,200	Metro AG		1,319,873
	9,520	Pfeiffer Vacuum Technology AG		831,490
	20,509	Rheinmetall AG		908,182
	15,125	RWE AG		530,902
	36,053	SAP AG ADR		1,906,773
	25,616	Siemens AG		2,450,665
	38,672	Suedzucker AG		1,231,839
	34,909	Symrise AG		929,618
	35,375	TUI AG^a		219,415
	9,122	Volkswagen AG		1,363,750
	2,177	Wacker Chemie AG		174,856

		Total Germany		26,873,917


	Hong Kong (3.7%)
	414,800	AIA Group, Ltd.		1,291,239
	208,000	Cathay Pacific Airways, Ltd.		355,638
	340,000	China Mobile, Ltd.		3,303,296
	66,188	CLP Holdings, Ltd.		562,324
	629,747	Dah Chong Hong Holdings, Ltd.		738,910
	1,552,400	Guangzhou Automobile Group Company, Ltd.		1,291,495
	336,000	Hang Lung Group, Ltd.		1,838,820
	304,700	Hutchison Whampoa, Ltd.		2,542,671
	3,688,942	New World Development Company, Ltd.		2,961,946
	312,000	SJM Holdings, Ltd.		506,296
	153,319	Swire Pacific, Ltd., Class A		1,847,270
	340,000	Swire Pacific, Ltd., Class B		797,756
	108,000	Wharf Holdings, Ltd.		486,829

		Total Hong Kong		18,524,490


	Hungary (0.2%)
	8,200	Richter Gedeon Nyrt		1,150,855

		Total Hungary		1,150,855


	India (1.7%)
	109,000	Bharti Airtel, Ltd.		704,316
	16,100	GlaxoSmithKline Pharmaceuticals, Ltd.		588,844
	7,344	Grasim Industries, Ltd.		343,911
	8,000	Grasim Industries, Ltd. GDR		377,650
	35,500	Hero Motocorp, Ltd.		1,272,912
	116,000	Hindustan Unilever, Ltd.		889,489
	140,200	Housing Development Finance Corporation		1,719,416
	25,000	ICICI Bank, Ltd.		325,050
	10,400	ICICI Bank, Ltd. ADR		274,872
	14,500	Infosys, Ltd.		754,695
	16,504	Infosys, Ltd. ADR		847,975
	20,696	Ultra Tech Cement, Ltd.		454,285
	4,570	Ultra Tech Cement, Ltd. GDR		100,384

		Total India		8,653,799


	Indonesia (0.5%)
	327,000	PT Astra International Tbk		2,664,754

		Total Indonesia		2,664,754


	Ireland (0.1%)
	11,100	Paddy Power plc		638,935

		Total Ireland		638,935


	Israel (0.8%)
	26,845	Mellanox Technologies, Ltd.^a		872,194
	76,350	Teva Pharmaceutical Industries, Ltd. ADR		3,081,486

		Total Israel		3,953,680


	Italy (1.8%)
	99,607	Banca Generali SPA		925,918
	72,327	Davide Campari - Milano SPA		480,698
	166,700	Eni SPA		3,436,712
	420,984	Sorin SPA^a		644,688
	2,722,925	Telecom Italia SPA		2,436,079
	28,302	UniCredit SPA		233,423
	70,753	Yoox SPA^a		760,675

		Total Italy		8,918,193


	Japan (15.7%)
	17,200	Aisin Seiki Company, Ltd.		487,450
	97,300	Asics Corporation		1,093,666
	139,000	Bank of Yokohama, Ltd.		655,800
	168,700	Bridgestone Corporation		3,820,748
	44,100	Canon, Inc.		1,940,723
	12,400	Capcom Company, Ltd.		293,223
	106,000	Chiyoda Corporation		1,076,205
	33,000	Daihatsu Motor Company, Ltd.		586,832
	177,800	Daiichi Sankyo Company, Ltd.		3,521,353
	21,100	Daito Trust Construction Company, Ltd.		1,806,722
	851,456	Daiwa Securities Group, Inc.		2,647,476
	6,200	Dena Company, Ltd.		185,730
	39,650	East Japan Railway Company		2,527,225
	32,400	Elpida Memory, Inc.^a		149,901
	30,436	Exedy Corporation		873,830
	11,500	Gree, Inc.		395,327
	155,000	Hitachi, Ltd.		806,305
	11,400	Idemitsu Kosan Company, Ltd.		1,174,851
	364,000	IHI Corporation		882,505
	96,300	ITOCHU Corporation		976,430
	70,100	Kao Corporation		1,912,749
	246,000	Kawasaki Heavy Industries, Ltd.		610,294
	126,000	Kawasaki Kisen Kaisha, Ltd.		226,883
	101	KDDI Corporation		648,653
	32,400	Komatsu, Ltd.		755,500
	238,261	Kureha Corporation		1,181,109
	20,500	Lawson, Inc.		1,277,260
	104,000	Marubeni Corporation		633,026
	17,800	Maruwa Company, Ltd.		819,004
	125,000	Mitsubishi Electric Corporation		1,197,980
	29,100	Mitsui & Company, Ltd.		451,028
	161,800	Mori Seiki Company, Ltd.		1,437,107
	156,950	MS and AD Insurance Group Holdings, Inc.		2,897,077
	49,300	Nabtesco Corporation		896,787
	74,400	Namco Bandai Holdings, Inc.		1,055,925
	146,450	Nikon Corporation		3,245,412
	86,000	Nippon Shokubai Company, Ltd.		921,377

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

191

Partner Worldwide Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (87.4%)	Value
	Japan (15.7%) - continued
	12,500	Nippon Telegraph & Telephone Corporation	$	636,374
	127,000	Nippon Yusen Kabushiki Kaisha		323,707
	381,700	Nissan Motor Company, Ltd.		3,418,159
	31,203	Pigeon Corporation		1,271,781
	23,900	Ryohin Keikaku Company, Ltd.		1,167,023
	21,400	Sanrio Company, Ltd.		1,097,628
	18,300	Ship Healthcare Holdings, Inc.		399,339
	212	So-net M3, Inc.		954,539
	33,000	Sony Corporation		595,023
	17,300	Start Today Company, Ltd.		405,859
	189,000	Sumitomo Bakelite Company, Ltd		1,054,352
	289,650	Sumitomo Corporation		3,915,238
	93,800	Sumitomo Electric Industries, Ltd.		1,015,544
	1,186,000	Sumitomo Mitsui Trust Holdings, Inc.		3,477,990
	373,000	Sumitomo Osaka Cement Company, Ltd.		1,016,003
	44,500	Sumitomo Rubber Industries, Ltd.		534,370
	30,000	Sysmex Corporation		975,358
	157,339	Tadano, Ltd.		994,861
	6,000	TDK Corporation		264,620
	129,000	Tokyu Corporation		635,271
	18,000	Toyo Suisan Kaisha, Ltd.		435,595
	7,558	Toyo Tanso Company, Ltd.		310,257
	34,200	Toyota Motor Corporation		1,130,895
	20,900	Trend Micro, Inc.		623,228
	39,600	Unipres Corporation		1,131,951
	149,400	UNY Company, Ltd.		1,343,963
	52,200	Ushio, Inc.		750,256
	19,600	West Japan Railway Company		851,647
	19,100	Xebio Company, Ltd.		452,844
	8,720	Yamada Denki Company, Ltd.		594,000

		Total Japan		77,847,148


	Luxembourg (0.4%)
	47,000	Tenaris SA ADR		1,747,460

		Total Luxembourg		1,747,460


	Malaysia (0.5%)
	640,000	CIMB Group Holdings Berhad		1,500,709
	199,400	Public Bank Berhad		830,064

		Total Malaysia		2,330,773


	Mexico (1.1%)
	172,000	Consorcio ARA SAB de CV		47,454
	36,500	Fomento Economico Mexicano SAB de CV ADR		2,544,415
	13,500	Grupo Aeroportuario del Sureste SAB de CV ADR		755,190
	483,500	Grupo Financiero Banorte SAB de CV ADR		1,463,871
	259,000	Organizacion Soriana SAB de CV^a		626,401

		Total Mexico		5,437,331


	Netherlands (2.2%)
	797,500	Aegon NV^a		3,187,110
	34,935	Imtech NV		900,922
	77,839	Koninklijke DSM NV		3,597,589
	41,135	TKH Group NV		898,773
	60,301	Unilever NV		2,073,217

		Total Netherlands		10,657,611


	Norway (2.1%)
	27,903	DnB NOR ASA		271,962
	166,649	Renewable Energy Corporation ASA^a		91,891
	41,300	Schibsted ASA		1,025,727
	26,174	Seadrill, Ltd.		872,871
	163,862	Statoil ASA		4,196,518
	207,000	Storebrand ASA		1,070,866
	1,036,000	STX OSV Holdings, Ltd.		925,140
	153,958	Tomra Systems ASA		1,029,268
	24,277	Yara International ASA		969,121

		Total Norway		10,453,364


	Philippines (0.3%)
	2,576,000	Ayala Land, Inc.		891,823
	658,242	Bank of the Philippine Islands		828,571

		Total Philippines		1,720,394


	Poland (0.3%)
	31,000	Bank Pekao SA		1,264,115

		Total Poland		1,264,115


	Portugal (0.3%)
	469,700	Banco Espirito Santo SA		817,887
	54,643	Jeronimo Martins SGPS SA^a		902,497

		Total Portugal		1,720,384


	Russia (0.4%)
	36,500	Lukoil ADR		1,931,912

		Total Russia		1,931,912


	Singapore (1.4%)
	966,000	Biosenors International Group, Ltd.^a		1,063,263
	457,175	Keppel Corporation, Ltd.		3,272,233
	102,000	Oversea-Chinese Banking Corporation, Ltd.		615,122
	511,000	Raffles Medical Group, Ltd.		835,383
	192,000	SembCorp Industries, Ltd.		598,825
	570,895	Super Group, Ltd.		578,201

		Total Singapore		6,963,027


	South Africa (0.6%)
	59,584	Massmart Holdings, Ltd.		1,245,046
	181,000	Truworths International, Ltd.		1,653,792

		Total South Africa		2,898,838


	South Korea (2.6%)
	12,181	BS Financial Group, Inc.^a		116,936
	4,101	E-Mart Company, Ltd.^a		991,665
	12,062	Fila Korea, Ltd.^a		815,070
	44,140	Halla Climate Control Corporation^a		836,852
	9,400	POSCO		3,100,694
	6,250	Samsung Electronics Company, Ltd.		3,622,275
	1,448	Shinsegae Company, Ltd.^a		308,285
	3,521	SK Telecom Company, Ltd.		432,886
	174,207	SK Telecom Company, Ltd. ADR		2,370,957
	4,374	Youngone Corporation^a		105,589

		Total South Korea		12,701,209

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

192

Partner Worldwide Allocation Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (87.4%)	Value
	Spain (1.9%)
	23,091	Abertis Infraestructuras SA	$	366,931
	399,125	Banco Bilbao Vizcaya Argentaria SA		3,437,888
	316,028	Banco Popular Espanol SA		1,435,275
	112,900	Indra Sistemas SA		1,431,245
	16,657	Industria de Diseno Textil SA (Inditex)		1,359,700
	46,058	Repsol YPF SA		1,409,058

		Total Spain		9,440,097


	Sweden (2.2%)
	54,631	Atlas Copco AB		1,170,543
	18,650	Electrolux AB		296,329
	23,642	Elekta AB		1,022,255
	45,109	Hexpol AB		1,315,845
	31,277	Hoganas AB		961,502
	50,331	Husqvarna AB		231,084
	62,173	JM AB		1,008,564
	21,746	Kinnevik Investment AB		422,663
	4,803	Modern Times Group AB		228,769
	58,177	Nordea Bank AB		448,404
	24,078	Skanska AB		397,399
	89,015	Swedbank AB		1,148,694
	91,031	Telefonaktiebolaget LM Ericsson		923,103
	122,932	Volvo AB		1,339,211

		Total Sweden		10,914,365


	Switzerland (6.6%)
	42,088	ABB, Ltd.^a		790,675
	64,150	Adecco SA^a		2,673,531
	18,376	Aryzta AG		886,518
	4,793	Bucher Industries AG		835,132
	3,578	Burckhardt Compression Holding AG		890,767
	138,300	Credit Suisse Group^a		3,241,489
	3,398	Dufry AG^a		311,877
	1,866	Galenica AG		1,089,903
	2,772	Givaudan SA^a		2,634,033
	52,782	Holcim, Ltd.^a		2,813,545
	2,354	Kaba Holding AG		821,473
	58,557	Nestle SA		3,362,548
	59,950	Novartis AG		3,422,728
	43,024	Roche Holding AG		7,276,145
	61,292	UBS AG^a		727,086
	12,720	Zehnder Group AG		694,440

		Total Switzerland		32,471,890


	Taiwan (0.8%)
	337,300	Taiwan Mobile Company, Ltd.		1,050,878
	1,250,951	Taiwan Semiconductor Manufacturing Company, Ltd.		3,125,626

		Total Taiwan		4,176,504


	Thailand (1.9%)
	317,100	Bangkok Bank pcl		1,645,898
	280,100	PTT Exploration & Production pcl		1,493,806
	356,000	PTT pcl		3,581,686
	150,900	Siam Cement pcl		1,747,932
	269,200	Siam Commercial Bank pcl		992,165

		Total Thailand		9,461,487


	Turkey (0.6%)
	473,982	Akbank TAS		1,502,011
	37,000	BIM Birlesik Magazalar AS		1,024,580
	151,000	Turkiye Garanti Bankasi AS		469,425

		Total Turkey		2,996,016


	United Kingdom (11.6%)
	11,192	Anglo American plc		413,443
	39,058	Aveva Group plc		868,290
	95,351	Babcock International Group plc		1,087,837
	1,024,512	BAE Systems plc		4,527,169
	132,883	BG Group plc		2,838,917
	54,326	BHP Billiton plc		1,588,287
	66,467	British American Tobacco plc		3,153,285
	432,226	BT Group plc		1,281,172
	51,884	Burberry Group plc		954,040
	193,281	Carillion plc		901,928
	39,955	Croda International plc		1,118,541
	37,793	GlaxoSmithKline plc		861,169
	179,512	Halma plc		920,811
	73,350	HSBC Holdings plc ADR		2,794,636
	36,030	IMI plc		425,298
	56,564	Imperial Tobacco Group plc		2,140,454
	106,116	Inchcape plc		482,804
	178,210	Intermediate Capital Group plc		632,716
	191,520	Kingfisher plc		744,248
	307,029	Legal & General Group plc		490,655
	1,481,439	Lloyds TSB Group plc^a		594,968
	60,167	Mondi plc		425,000
	230,261	Morgan Crucible Company plc		939,425
	103,700	Pearson plc		1,946,352
	91,335	Prudential plc		903,704
	38,854	Rio Tinto plc		1,897,927
	15,728	Royal Dutch Shell plc		598,272
	28,219	SABMiller plc		987,582
	33,739	Shire plc		1,172,591
	33,469	Spirax-Sarco Engineering plc		973,382
	447,872	Spirent plc		817,493
	58,717	SSE plc		1,175,380
	79,653	Standard Chartered plc		1,742,247
	55,860	Tate & Lyle plc		610,704
	625,650	Tesco plc		3,914,611
	41,201	Ultra Electronics Holdings plc		945,204
	33,382	Unilever plc		1,119,461
	1,148,550	Vodafone Group plc		3,202,348
	310,270	William Morrison Supermarkets plc		1,569,372
	335,550	WPP plc		3,519,080

		Total United Kingdom		57,280,803


	United States (0.4%)
	40,383	iShares MSCI EAFE Index Fund		2,000,170

		Total United States		2,000,170


		Total Common Stock (cost $458,895,533)		432,751,014


Principal Amount		Long-Term Fixed Income (9.8%)
	Argentina (0.3%)
		Arcos Dorados SA
	$73,000	7.500%, 10/1/2019		80,665
		Argentina Government International Bond
	280,000	7.000%, 10/3/2015		261,100

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

193

Partner Worldwide Allocation Portfolio

Schedule of Investments as of December 31, 2011



Principal Amount		Long-Term Fixed Income (9.8%)	Value
	Argentina (0.3%) - continued
$	347,882	7.820%, 12/31/2033^b	$	274,632
	498,850	7.820%, 12/31/2033^b		393,811
	133,381	8.280%, 12/31/2033		95,034
	2,090,001	0.000%, 12/15/2035^b,c		265,071
	290,000	0.000%, 12/15/2035^c		33,713
	100,000	2.260%, 12/31/2038^b,d		35,913

		Total Argentina		1,439,939


	Belarus (0.1%)
		Belarus Government International Bond
	439,000	8.750%, 8/3/2015		384,125
	100,000	8.950%, 1/26/2018		86,000

		Total Belarus		470,125


	Belize (<0.1%)
		Belize Government International Bond
	120,000	6.000%, 2/20/2029^d		72,000

		Total Belize		72,000


	Bermuda (<0.1%)
		Noble Group, Ltd.
	160,000	6.750%, 1/29/2020		137,600

		Total Bermuda		137,600


	Brazil (0.4%)
		Brazil Government International Bond
	100,000	5.875%, 1/15/2019		118,250
	570,000	4.875%, 1/22/2021		636,975
	140,000	7.125%, 1/20/2037		193,200
	340,000	5.625%, 1/7/2041		394,400
		Independencia International, Ltd.
	95,246	12.000%, 12/30/2016^e,f,g		10

		Total Brazil		1,342,835


	Canada (0.1%)
		PTTEP Canada International Finance, Ltd.
	270,000	5.692%, 4/5/2021^e		282,393

		Total Canada		282,393


	Cayman Islands (0.3%)
		CCL Finance, Ltd.
	110,000	9.500%, 8/15/2014		122,513
		Country Garden Holdings Company
	600,000	2.500%, 2/22/2013^h		102,479
		ENN Energy Holdings, Ltd.
	200,000	6.000%, 5/13/2021		180,602
		Evergrande Real Estate Group, Ltd.
	1,440,000	7.500%, 1/19/2014^h		178,375
		TGI International, Ltd.
	180,000	9.500%, 10/3/2017		193,049
		Vale Overseas, Ltd.
	110,000	5.625%, 9/15/2019		121,176
	310,000	4.625%, 9/15/2020		320,572

		Total Cayman Islands		1,218,766


	Chile (0.4%)
		AES Gener SA
	30,000	5.250%, 8/15/2021		30,150
	120,000	5.250%, 8/15/2021^e		120,600
		Banco del Estado de Chile
	200,000	4.125%, 10/7/2020		204,500
	260,000	4.125%, 10/7/2020^e		265,850
		Chile Government International Bond
	130,000	3.875%, 8/5/2020		140,725
	350,000	3.250%, 9/14/2021		359,625
		Corporacion Nacional del Cobre de Chile - Codelco
	120,000	3.750%, 11/4/2020^e		121,866
	300,000	6.150%, 10/24/2036		370,191
		E-CL SA
	140,000	5.625%, 1/15/2021^e		147,929
		Empresa Nacional del Petroleo
	100,000	4.750%, 12/6/2021^e		99,582

		Total Chile		1,861,018


	China (<0.1%)
		Sinochem Overseas Capital Company, Ltd.
	130,000	6.300%, 11/12/2040^e		123,162

		Total China		123,162


	Colombia (0.7%)
		Colombia Government International Bond
	30,000	8.250%, 12/22/2014		35,475
	400,000	7.375%, 1/27/2017		486,000
	580,000	7.375%, 3/18/2019		730,800
	40,000	8.125%, 5/21/2024		55,600
	860,000	7.375%, 9/18/2037		1,208,299
	670,000	6.125%, 1/18/2041		827,450
		Empresa de Energia de Bogota SA
	420,000	6.125%, 11/10/2021^e		422,100

		Total Colombia		3,765,724


	Costa Rica (<0.1%)
		Costa Rica Government International Bond
	27,000	9.995%, 8/1/2020		36,788

		Total Costa Rica		36,788


	Croatia (0.1%)
		Croatia Government International Bond
	390,000	6.375%, 3/24/2021^e		355,875

		Total Croatia		355,875


	Dominican Republic (0.2%)
		Dominican Republic Government International Bond
	163,947	9.040%, 1/23/2018		178,702
	100,000	7.500%, 5/6/2021^e		98,000
	521,000	7.500%, 5/6/2021		510,580
	100,000	8.625%, 4/20/2027		102,000

		Total Dominican Republic		889,282

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

194

Partner Worldwide Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (9.8%)	Value
	El Salvador (0.1%)
		El Salvador Government International Bond
	$30,000	8.250%, 4/10/2032	$	32,550
	285,000	7.650%, 6/15/2035		290,700

		Total El Salvador		323,250


	Gabon (0.1%)
		Gabon Government International Bond
	250,000	8.200%, 12/12/2017		285,000

		Total Gabon		285,000


	Hong Kong (<0.1%)
		Zijin International Finance Company, Ltd.
	120,000	4.250%, 6/30/2016		118,249

		Total Hong Kong		118,249


	Hungary (0.2%)
		Hungary Government International Bond
	140,000	3.500%, 7/18/2016^b		146,341
	450,000	4.375%, 7/4/2017^b		466,948
	53,000	5.750%, 6/11/2018^b		57,472
	40,000	6.000%, 1/11/2019^b		43,774
	21,000	3.875%, 2/24/2020^b		19,308
	506,000	7.625%, 3/29/2041		445,280

		Total Hungary		1,179,123


	Iceland (0.1%)
		Iceland Government International Bond
	500,000	4.875%, 6/16/2016^e		488,690

		Total Iceland		488,690


	Indonesia (0.8%)
		Indonesia Government International Bond
	49,000	6.875%, 1/17/2018		57,698
	1,680,000	11.625%, 3/4/2019		2,482,199
	590,000	4.875%, 5/5/2021^e		631,300
	855,000	8.500%, 10/12/2035		1,231,200
	160,000	7.750%, 1/17/2038		216,000
		Perusahaan Penerbit SBSN
	200,000	4.000%, 11/21/2018^e		203,000

		Total Indonesia		4,821,397


	Iraq (0.1%)
		Iraq Government International Bond
	500,000	5.800%, 1/15/2028		410,000

		Total Iraq		410,000


	Ireland (<0.1%)
		MTS International Funding, Ltd.
	100,000	8.625%, 6/22/2020		107,375

		Total Ireland		107,375


	Ivory Coast (0.1%)
		Ivory Coast Government International Bond
	1,192,000	2.500%, 12/31/2032^f		596,000

		Total Ivory Coast		596,000


	Kazakhstan (0.2%)
		BTA Bank JSC
	206,000	10.750%, 7/1/2018^d		33,990
		Kazatomprom Natsionalnaya Atomnaya Kompaniya AO
	110,000	6.250%, 5/20/2015		114,125
		KazMunayGas National Company
	450,000	11.750%, 1/23/2015		528,750
	270,000	6.375%, 4/9/2021^e		274,050

		Total Kazakhstan		950,915


	Luxembourg (0.3%)
		Alrosa Finance SA
	200,000	7.750%, 11/3/2020^e		199,000
		Gaz Capital SA
	200,000	5.999%, 1/23/2021^e		199,000
		Gazprom Via Gaz Capital SA
	430,000	9.250%, 4/23/2019		511,227
		Gazprom Via Gazprom International, Ltd.
	80,436	7.201%, 2/1/2020		84,961
		TNK-BP Finance SA
	290,000	7.875%, 3/13/2018		309,938
	130,000	7.250%, 2/2/2020		133,900
		Vimpel Communications OJSC Via UBS Luxembourg SA
	100,000	8.250%, 5/23/2016		99,500

		Total Luxembourg		1,537,526


	Mexico (0.6%)
		Mexican Bonos
	3,363,900	10.000%, 11/20/2036ⁱ		298,564
		Mexico Government International Bond
	60,000	7.500%, 1/14/2012		60,144
	30,000	5.875%, 1/15/2014		32,400
	20,000	6.625%, 3/3/2015		22,750
	100,000	5.625%, 1/15/2017		115,000
	286,000	5.950%, 3/19/2019		339,911
	90,000	8.300%, 8/15/2031		134,550
	230,000	6.750%, 9/27/2034		299,575
	370,000	6.050%, 1/11/2040		452,325
	180,000	5.750%, 10/12/2110		191,700
		Pemex Project Funding Master Trust
	590,000	6.625%, 6/15/2035		668,913
		Petroleos Mexicanos
	45,000	8.000%, 5/3/2019		56,138
	310,000	5.500%, 1/21/2021		336,350

		Total Mexico		3,008,320


	Namibia (<0.1%)
		Namibia Government International Bond
	210,000	5.500%, 11/3/2021^e		214,200

		Total Namibia		214,200

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

195

Partner Worldwide Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (9.8%)	Value
	Netherlands (<0.1%)
		Myriad International Holding BV
	$140,000	6.375%, 7/28/2017	$	149,100
		VimpelCom Holdings BV
	230,000	7.504%, 3/1/2022^e		193,200

		Total Netherlands		342,300

	Nigeria (0.1%)
		Central Bank of Nigeria
	200,000	6.750%, 1/28/2021^e		208,000
		Nigeria Government International Bond
	200,000	6.750%, 1/28/2021		208,000

		Total Nigeria		416,000


	Pakistan (<0.1%)
		Pakistan Government International Bond
	200,000	6.875%, 6/1/2017		144,000
	100,000	7.875%, 3/31/2036		63,000

		Total Pakistan		207,000


	Panama (0.2%)
		Panama Government International Bond
	286,000	8.875%, 9/30/2027		429,000
	260,000	9.375%, 4/1/2029		413,400

		Total Panama		842,400


	Peru (0.2%)
		Corporacion Lindley SA
	70,000	6.750%, 11/23/2021^e		71,400
		Peru Government International Bond
	30,000	7.125%, 3/30/2019		37,725
	530,000	7.350%, 7/21/2025		702,250
	124,000	8.750%, 11/21/2033		189,100

		Total Peru		1,000,475


	Philippines (0.5%)
		Energy Development Corporation
	240,000	6.500%, 1/20/2021		247,058
		Philippines Government International Bond
	100,000	7.500%, 9/25/2024		127,000
	70,000	9.500%, 10/21/2024		100,800
	200,000	5.500%, 3/30/2026		224,000
	547,000	9.500%, 2/2/2030		840,329
	100,000	7.750%, 1/14/2031		134,000
	761,000	6.375%, 10/23/2034		908,443

		Total Philippines		2,581,630


	Poland (0.2%)
		Poland Government International Bond
	730,000	5.000%, 3/23/2022		733,650

		Total Poland		733,650


	Qatar (0.1%)
		Qatar Government International Bond
	200,000	4.500%, 1/20/2022^e		206,000
	200,000	5.750%, 1/20/2042^e		215,500
		Ras Laffan Liquefied Natural Gas Company, Ltd. II
	220,300	5.298%, 9/30/2020		236,272

		Total Qatar		657,772


	Russia (0.6%)
		Russia Government International Bond
	200,000	3.625%, 4/29/2015		201,000
	2,137,600	7.500%, 3/31/2030		2,482,287

		Total Russia		2,683,287


	Serbia (<0.1%)
		Serbia Government International Bond
	208,000	6.750%, 11/1/2024		196,560

		Total Serbia		196,560


	South Africa (0.4%)
		Peermont Global Proprietary, Ltd.
	220,000	7.750%, 4/30/2014^b		227,773
		South Africa Government International Bond
	5,725,000	13.500%, 9/15/2015^j		863,579
	3,520,000	7.250%, 1/15/2020^j		419,255
	2,240,000	6.750%, 3/31/2021^j		256,033
	720,000	10.500%, 12/21/2026^j		104,291

		Total South Africa		1,870,931


	Sri Lanka (<0.1%)
		Sri Lanka Government International Bond
	200,000	6.250%, 7/27/2021^e		197,073

		Total Sri Lanka		197,073


	Supranational (0.1%)
		Corporacion Andina de Fomento
	639,000	3.750%, 1/15/2016		648,846

		Total Supranational		648,846


	Turkey (0.6%)
		Export Credit Bank of Turkey
	250,000	5.375%, 11/4/2016^e		246,250
		Turkey Government International Bond
	800,000	Zero Coupon, 7/17/2013^k		356,388
	1,160,000	5.625%, 3/30/2021		1,173,050
	30,000	11.875%, 1/15/2030		49,089
	90,000	7.250%, 3/5/2038		98,325
	330,000	6.750%, 5/30/2040		339,900

		Total Turkey		2,263,002


	Ukraine (0.3%)
		Ukraine Government International Bond
	130,000	4.950%, 10/13/2015^b		137,958
	200,000	6.250%, 6/17/2016		175,500
	560,000	6.250%, 6/17/2016^e		491,400
	100,000	8.375%, 11/3/2017		83,000
	200,000	6.750%, 11/14/2017		172,000
	150,000	7.750%, 9/23/2020		129,750

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

196

Partner Worldwide Allocation Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (9.8%)	Value
	Ukraine (0.3%) - continued
	$290,000	7.950%, 2/23/2021^e	$	254,475

		Total Ukraine		1,444,083


	United Arab Emirates (<0.1%)
		Dolphin Energy, Ltd.
	219,154	5.888%, 6/15/2019		237,782

		Total United Arab Emirates		237,782


	United States (0.5%)
		HSBC Bank USA
	740,000	5.910%, 8/15/2040^g,l		911,047
		U.S. Treasury Notes
	1,200,000	0.375%, 7/31/2013		1,202,860

		Total United States		2,113,907


	Uruguay (0.2%)
		Uruguay Government International Bond
	130,000	7.875%, 1/15/2033		181,675
	548,000	7.625%, 3/21/2036		757,610

		Total Uruguay		939,285


	Venezuela (0.6%)
		Petroleos de Venezuela SA
	331,600	5.250%, 4/12/2017		210,566
	490,000	8.500%, 11/2/2017^e		369,460
	180,000	5.375%, 4/12/2027		88,650
	30,000	5.500%, 4/12/2037		14,400
		Venezuela Government International Bond
	100,000	13.625%, 8/15/2018		98,250
	50,000	13.625%, 8/15/2018		49,125
	600,000	7.750%, 10/13/2019		428,999
	396,500	6.000%, 12/9/2020		242,361
	740,000	9.000%, 5/7/2023		529,099
	405,000	8.250%, 10/13/2024		266,288
	660,000	7.650%, 4/21/2025		409,200
	80,000	9.250%, 5/7/2028		55,400
	360,000	11.950%, 8/5/2031		294,300
	70,000	7.000%, 3/31/2038		40,425

		Total Venezuela		3,096,523


		Total Long-Term Fixed Income (cost $47,576,733)		48,508,058


Shares		Preferred Stock (<0.1%)
	Germany (0.1%)
	7,418	Draegerwerk AG & Company KGaA		601,210

		Total Germany		601,210


		Total Preferred Stock (cost $712,483)		601,210

Principal Amount		Short-Term Investments (<0.1%)^m
		Federal National Mortgage Association Discount Notes
	200,000	0.089%, 2/22/2012^n,o		199,979

		Total Short-Term Investments (at amortized cost)		199,979

		Total Investments (cost $507,384,728) 97.3%	$	482,060,261

		Other Assets and Liabilities, Net 2.7%		13,526,151

		Total Net Assets 100.0%	$	495,586,412

a	Non-income producing security.

b	Principal amount is displayed in Euros.

c	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of December 31, 2011.

d	Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of December 31, 2011.

f	Defaulted security. Interest is not being accrued.

g	Security is fair valued.

h	Principal amount is displayed in Chinese Yuan.

i	Principal amount is displayed in Mexican Pesos.

j	Principal amount is displayed in South African Rand.

k	Principal amount is displayed in Turkish Lira.

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

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

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

o	At December 31, 2011, $199,979 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.
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.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$		34,992,303
Gross unrealized depreciation			(61,647,794	)

Net unrealized appreciation (depreciation)		$	(26,655,491	)

Cost for federal income tax purposes		$	508,715,752

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

197

Partner Worldwide Allocation Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner Worldwide Allocation Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Communications Services		100,941		—		100,941		—
Consumer Discretionary		71,438,674		—		71,438,674		—
Consumer Staples		40,728,041		2,544,415		38,183,626		—
Energy		39,955,263		11,210,650		28,744,613		—
Financials		73,551,603		8,921,396		64,630,207		—
Health Care		33,737,786		3,081,486		30,656,300		—
Industrials		69,461,627		855,574		68,606,053		—
Information Technology		27,350,945		1,720,169		25,630,776		—
Materials		56,001,237		2,987,000		53,014,237		—
Telecommunications Services		16,066,959		2,370,957		13,696,002		—
Utilities		4,357,938		—		4,357,938		—
Long-Term Fixed Income
Basic Materials		1,374,216		—		1,374,216		—
Communications Services		400,075		—		400,075		—
Consumer Cyclical		410,917		—		410,917		—
Consumer Non-Cyclical		193,923		—		193,913		10
Energy		4,555,824		—		4,555,824		—
Financials		1,656,362		—		745,315		911,047
Foreign Government		37,171,760		—		37,171,760		—
Transportation		193,049		—		193,049		—
U.S. Government and Agencies		1,202,860		—		1,202,860		—
Utilities		1,349,072		—		1,349,072		—
Preferred Stock
Health Care		601,210		—		601,210		—
Short-Term Investments		199,979		—		199,979		—
Total	$	482,060,261	$	33,691,647	$	447,457,557	$	911,057

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		48,183		48,183		—		—
Foreign Currency Forward Contracts		155,803		—		155,803		—

Total Asset Derivatives	$	203,986	$	48,183	$	155,803	$	—

Liability Derivatives
Futures Contracts		26,083		26,083		—		—
Foreign Currency Forward Contracts		164,275		—		164,275		—

Total Liability Derivatives	$	190,358	$	26,083	$	164,275	$	—

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Partner Worldwide Allocation Portfolio as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value December 31, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)*			Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Value December 31, 2011
Long-Term Fixed Income
Consumer Non-Cyclical		—		—		(1,895	)		—		—		1,905		—		10
Financials		744,761		—		(33,589	)		186,925		12,950		—		—		911,047
Foreign Government		14,245		—		(14,245	)		—		—		—		—		—

Total	$	759,006	$	—	($	49,729	)	$	186,925	$	12,950	$	1,905	$	—	$	911,057

Transfers into or out of Level 3 represent the beginning value or ending value, respectively, of any security or instrument where a change in the valuation level occurred from the beginning to the end of the period.

* Includes the change in net unrealized appreciation/(depreciation) on Level 3 securities held on December 31, 2011 of ($124,247).

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

198

Partner Worldwide Allocation Portfolio

Schedule of Investments as of December 31, 2011


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Bond Futures		4			March 2012	$	882,153		$	882,187		$	34
5-Yr. U.S. Treasury Bond Futures		24			March 2012		2,946,481			2,958,188			11,707
10-Yr. U.S. Treasury Bond Futures		12			March 2012		1,559,359			1,573,500			14,141
20-Yr. U.S. Treasury Bond Futures		6			March 2012		860,451			868,875			8,424
MSCI EAFE Index Mini-Futures		21			March 2012		1,465,993			1,479,870			13,877
Ultra Long Term U.S Treasury Bond Futures		(9	)		March 2012		(1,415,605	)		(1,441,688	)		(26,083	)
Total Futures Contracts												$	22,100

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

199

Partner Worldwide Allocation Portfolio

Schedule of Investments as of December 31, 2011


Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
Brazilian Real		HSBC		185,111	1/18/2012	$	98,720	$	98,816	$	96
Brazilian Real		MSC		239,168	1/18/2012		128,000		127,673		(327	)
Chinese Yuan		MSC		6,420,000	5/9/2012		1,008,720		1,018,383		9,663
Chinese Yuan		CITI		6,434,905	5/9/2012		1,011,459		1,020,747		9,288
Chinese Yuan		JPM		1,931,400	3/1/2012		305,408		306,633		1,225
Chinese Yuan		HSBC		15,430,186	1/18/2012 -5/9/2012		2,427,017		2,449,034		22,017
Chinese Yuan		BB		2,883,744	3/1/2012		456,000		457,828		1,828
EURO		HSBC		108,541	1/20/2012		142,148		140,481		(1,667	)
EURO		SSB		51,949	1/3/2012 - 1/5/2012		67,280		67,231		(49	)
EURO		CSFB		98,000	3/21/2012		127,670		126,917		(753	)
EURO		BB		98,000	3/21/2012		127,917		126,917		(1,000	)
Indian Rupee		BB		7,293,550	1/18/2012		144,828		136,816		(8,012	)
Indian Rupee		CITI		14,168,350	1/18/2012		284,088		265,778		(18,310	)
Malaysian Ringgit		CITI		400,576	1/18/2012		128,000		126,226		(1,774	)
Malaysian Ringgit		BB		416,920	1/18/2012		132,512		131,376		(1,136	)
Malaysian Ringgit		RBS		1,807,313	1/18/2012		576,624		569,505		(7,119	)
Mexican Peso		BB		8,726,518	1/30/2012 - 3/21/2012		612,106		623,540		11,434
Mexican Peso		HSBC		892,288	3/21/2012		64,000		63,567		(433	)
Russian Ruble		BB		7,961,598	1/10/2012 - 1/18/2012		247,564		246,766		(798	)
Russian Ruble		JPM		5,830,650	1/10/2012		189,000		180,814		(8,186	)
Russian Ruble		CITI		4,728,210	1/18/2012		146,000		146,471		471
Russian Ruble		UBS		5,758,371	1/10/2012		181,399		178,572		(2,827	)
Singapore Dollar		BB		405,006	3/21/2012		312,124		312,392		268
South African Rand		SSB		343,920	1/3/2012 - 1/6/2012		42,223		42,604		381
South Korea Won		CSFB		828,424,765	1/18/2012		705,793		719,137		13,344
South Korea Won		CITI		144,774,000	1/18/2012		126,000		125,675		(325	)
Swiss Franc		SSB		22,000	1/3/2012 - 1/5/2012		23,381		23,421		40
Taiwan Dollar		BB		9,216,001	1/18/2012		306,607		304,587		(2,020	)
Turkish Lira		JPM		122,624	3/21/2012		64,000		63,614		(386	)
Total Purchases						$	10,186,588	$	10,201,521	$	14,933
Sales
Brazilian Real		CITI		120,864	1/18/2012	$	64,000	$	64,520	($	520	)
Brazilian Real		HSBC		343,451	1/18/2012		189,000		183,342		5,658
Brazilian Real		BB		1,535,210	1/18/2012		832,543		819,530		13,013
Brazilian Real		SSB		44,278	1/3/2012		23,634		23,738		(104	)
Brazilian Real		UBS		120,832	1/18/2012		64,000		64,503		(503	)
Canadian Dollar		SSB		7,693	1/3/2012		7,516		7,551		(35	)
Chinese Yuan		BB		13,302,196	3/1/2012 - 5/9/2012		2,080,999		2,110,347		(29,348	)
Chinese Yuan		HSBC		2,062,908	3/1/2012		324,000		327,511		(3,511	)
Chinese Yuan		RBS		7,917,847	5/9/2012		1,239,875		1,255,982		(16,107	)
Chinese Yuan		DB		1,954,976	3/1/2012		307,000		310,376		(3,376	)
Chinese Yuan		MSC		1,943,918	3/1/2012		305,000		308,620		(3,620	)
Chinese Yuan		CITI		3,875,895	1/18/2012 - 3/1/2012		607,461		615,443		(7,982	)
EURO		HSBC		195,000	3/21/2012		255,367		252,539		2,828
EURO		CITI		421,739	3/21/2012		549,407		546,181		3,226
EURO		BB		96,000	3/21/2012		127,895		124,327		3,568
EURO		JPM		2,028,529	1/20/2012		2,631,001		2,625,475		5,526
Hong Kong Dollar		SSB		2,749,761	1/3/2012 - 1/4/2012		353,828		354,049		(221	)
Indian Rupee		CITI		21,502,720	1/18/2012		428,000		403,360		24,640
Japanese Yen		SSB		9,374,433	1/4/2012 - 1/6/2012		120,736		121,793		(1,057	)
Malaysian Ringgit		JPM		1,784,429	1/18/2012		563,000		562,294		706
Malaysian Ringgit		BB		201,821	1/18/2012		63,000		63,596		(596	)
Malaysian Ringgit		MSC		238,716	1/18/2012		76,000		75,222		778
Mexican Peso		MSC		4,040,126	3/21/2012		291,485		287,822		3,663
Norwegian Krone		SSB		114,325	1/3/2012		19,002		19,115		(113	)
Russian Ruble		UBS		5,758,371	1/10/2012		179,303		178,572		731
Russian Ruble		JPM		5,830,650	1/10/2012		181,473		180,814		659
Russian Ruble		BB		8,709,009	1/10/2012 - 1/18/2012		271,254		269,919		1,335
Singapore Dollar		SSB		28,316	1/3/2012 - 1/5/2012		21,825		21,829		(4	)
South African Rand		HSBC		3,513,843	3/22/2012		420,266		430,345		(10,079	)
South African Rand		BB		10,299,792	2/9/2012		1,239,073		1,268,895		(29,822	)
South Korea Won		JPM		292,162,559	1/18/2012		256,000		253,620		2,380

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

200

Partner Worldwide Allocation Portfolio

Schedule of Investments as of December 31, 2011



Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/Receive		Settlement Date		Value on Settlement Date		Value		Unrealized Gain/(Loss)
Sales - continued
South Korea Won		SSB		116,802,000		1/18/2012		103,000		101,393		1,607
South Korea Won		CITI		276,826,599		1/18/2012		242,607		240,307		2,300
Taiwan Dollar		CITI		9,216,001		1/18/2012		306,000		304,586		1,414
Turkish Lira		BB		60,704		3/21/2012		32,000		31,491		509
Turkish Lira		HSBC		62,493		3/21/2012		32,000		32,419		(419	)
Turkish Lira		CITI		673,974		3/21/2012		359,108		349,637		9,471
Total Sales							$	15,167,658	$	15,191,063		($23,405)
Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts												($8,472)


Counterparty
BB	-	Barclays Bank
CITI	-	Citibank
CSFB	-	CS First Boston Corporation
DB	-	Deutsche Bank
HSBC	-	HSBC Securities, Inc.
JPM	-	J.P. Morgan
MSC	-	Morgan Stanley & Company
RBS	-	The Royal Bank of Scotland
SSB	-	State Street Bank
UBS	-	UBS Securities, Ltd.

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Partner Worldwide Allocation Portfolio's investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		34,306
Total Interest Rate Contracts			34,306
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		13,877
Total Equity Contracts			13,877
Foreign Exchange Contracts Forward Contracts	Receivable/Payable for forward contracts, Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		155,803
Total Foreign Exchange Contracts			155,803

Total Asset Derivatives		$	203,986

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		26,083
Total Interest Rate Contracts			26,083
Foreign Exchange Contracts
Forward Contracts	Receivable/Payable for forward contracts, Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		164,275
Total Foreign Exchange Contracts			164,275

Total Liability Derivatives		$	190,358

*	Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments. Only current day’s

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

201

Partner Worldwide Allocation Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Partner Worldwide Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		11,027
Total Equity Contracts			11,027
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(18,179	)
Total Foreign Exchange Contracts			(18,179	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		252,248
Interest Rate Swaps	Net realized gains/(losses) on Swap agreements		(2,150	)
Total Interest Rate Contracts			250,098

Total		$	242,946

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Partner Worldwide Allocation Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		176,441
Total Interest Rate Contracts			176,441
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(40,313	)
Total Equity Contracts			(40,313	)
Foreign Exchange Contracts
Forward Contracts	Change in net unrealized appreciation/(depreciation) on Foreign currency forward contracts		87,952
Total Foreign Exchange Contracts			87,952

Total		$	224,080

The following table presents Partner Worldwide Allocation Portfolio’s average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Equity Contracts

1,481,201

0.3

N/A

Interest Rate Contracts

9,136,649

1.7

N/A

Foreign Exchange Contracts

N/A

48,689,643

9.1

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

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

202

Partner International Stock Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (99.1%)	Value
	Australia (4.7%)
	87,731	Ansell, Ltd.	$	1,302,613
	115,876	Australia & New Zealand Banking Group, Ltd.		2,427,019
	398,156	BHP Billiton, Ltd.		14,054,456
	536,253	Challenger, Ltd.		2,262,059
	48,277	Flight Centre, Ltd.^a		795,427
	244,260	Fortescue Metals Group, Ltd.		1,068,503
	252,924	GrainCorp, Ltd.		2,024,090
	192,491	Iluka Resources, Ltd.		3,048,887
	652,358	Mount Gibson Iron, Ltd.		745,504
	536,410	NRW Holdings, Ltd.		1,416,326
	73,792	Rio Tinto, Ltd.		4,549,254

		Total Australia		33,694,138


	Austria (0.1%)
	20,491	Voestalpine AG		574,072

		Total Austria		574,072


	Belgium (0.9%)
	95,848	Anheuser-Busch InBev NV		5,849,519
	8,496	Bekaert SA^a		271,291

		Total Belgium		6,120,810


	Brazil (1.0%)
	272,250	Petroleo Brasileiro SA ADR		6,765,413

		Total Brazil		6,765,413


	Canada (5.6%)
	44,201	Agrium, Inc.^a		2,966,691
	74,945	Alimentation Couche-Tard, Inc.		2,331,917
	104,640	Barrick Gold Corporation		4,740,023
	120,743	Brookfield Asset Management, Inc.		3,323,159
	21,600	Canadian National Railway Company^a		1,699,294
	85,700	Cenovus Energy, Inc.		2,845,732
	56,567	Finning International, Inc.		1,233,169
	71,850	Goldcorp, Inc.		3,188,397
	113,915	Neo Material Technologies, Inc^b		819,589
	47,200	Pacific Rubiales Energy Corporation		867,742
	90,709	Potash Corporation of Saskatchewan, Inc.^a		3,749,269
	52,233	Shoppers Drug Mart Corporation^a		2,109,212
	33,011	SNC-Lavalin Group, Inc.		1,619,120
	54,169	Suncor Energy, Inc.		1,562,117
	36,244	Tim Hortons, Inc.		1,755,991
	25,619	TMX Group, Inc.		1,048,347
	75,693	Trican Well Service, Ltd.		1,303,899
	163,629	Yamana Gold, Inc.^a		2,412,355

		Total Canada		39,576,023


	Denmark (1.1%)
	14,416	Coloplast AS		2,068,684
	45,254	Novo Nordisk AS		5,198,924
	32,115	Vestas Wind Systems^a,b		345,400

		Total Denmark		7,613,008


	Finland (0.4%)
	309,400	Neste Oil OYJ		3,111,498

		Total Finland		3,111,498


	France (8.0%)
	307,636	Alcatel-Lucent^a,b		478,036
	34,697	AtoS		1,515,779
	541,475	AXA SA		6,998,741
	28,731	Bouygues SA		903,548
	197,600	Cap Gemini SA		6,142,989
	18,805	Christian Dior SA		2,219,550
	223,512	Compagnie de Saint-Gobain		8,543,325
	34,504	Compagnie Generale de Geophysique-Veritas^b		800,853
	103,413	Credit Agricole SA		579,351
	69,121	Faurecia		1,302,645
	18,512	Rallye SA		516,000
	13,105	Remy Cointreau SA		1,050,958
	79,747	Safran SA		2,384,752
	191,328	Total SA		9,762,408
	8,507	Vallourec SA		549,488
	68,392	Vinci SA		2,976,791
	397,504	Vivendi SA		8,676,720
	22,171	Wendel SA		1,471,633

		Total France		56,873,567


	Germany (7.3%)
	33,620	BASF SE		2,340,412
	47,438	Bayerische Motoren Werke AG		3,170,924
	4,204,800	Commerzbank AG^a,b		7,076,384
	205,984	Daimler AG		9,023,229
	137,650	Deutsche Boerse AG^b		7,203,814
	82,750	Metro AG		3,017,114
	38,271	RWE AG		1,343,348
	90,710	SAP AG ADR		4,797,475
	65,584	Siemens AG		6,274,379
	98,710	Suedzucker AG		3,144,259
	88,332	TUI AG^a,b		547,882
	23,292	Volkswagen AG		3,482,183
	5,434	Wacker Chemie AG^a		436,458

		Total Germany		51,857,861


	Hong Kong (3.1%)
	527,000	Cathay Pacific Airways, Ltd.		901,062
	174,092	CLP Holdings, Ltd.		1,479,062
	3,594,400	Guangzhou Automobile Group Company, Ltd.		2,990,304
	690,000	Hutchison Whampoa, Ltd.		5,757,937
	8,554,025	New World Development Company, Ltd.		6,868,244
	808,000	SJM Holdings, Ltd.		1,311,177
	102,932	Swire Pacific, Ltd.		1,240,180
	273,000	Wharf Holdings, Ltd.		1,230,595

		Total Hong Kong		21,778,561


	Israel (1.0%)
	176,150	Teva Pharmaceutical Industries, Ltd. ADR		7,109,414

		Total Israel		7,109,414


	Italy (2.2%)
	181,923	Davide Campari - Milano SPA		1,209,092
	377,800	Eni SPA		7,788,782
	6,736,050	Telecom Italia SPA		6,026,442
	70,671	UniCredit SPA^a		582,864

		Total Italy		15,607,180

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

203

Partner International Stock Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (99.1%)	Value
	Japan (20.3%)
	43,900	Aisin Seiki Company, Ltd.	$	1,244,132
	348,000	Bank of Yokohama, Ltd.		1,641,860
	387,550	Bridgestone Corporation		8,777,303
	111,500	Canon, Inc.		4,906,818
	31,800	Capcom Company, Ltd.		751,974
	85,000	Daihatsu Motor Company, Ltd.		1,511,538
	407,700	Daiichi Sankyo Company, Ltd.		8,074,553
	51,250	Daito Trust Construction Company, Ltd.		4,388,365
	1,931,550	Daiwa Securities Group, Inc.		6,005,868
	16,300	Dena Company, Ltd.		488,290
	90,900	East Japan Railway Company		5,793,816
	81,000	Elpida Memory, Inc.^a,b		374,754
	30,800	Gree, Inc.		1,058,789
	405,000	Hitachi, Ltd.		2,106,798
	29,000	Idemitsu Kosan Company, Ltd.		2,988,655
	928,000	IHI Corporation		2,249,904
	246,600	ITOCHU Corporation		2,500,391
	176,000	Kao Corporation		4,802,339
	623,000	Kawasaki Heavy Industries, Ltd.		1,545,581
	318,000	Kawasaki Kisen Kaisha, Ltd.		572,609
	263	KDDI Corporation		1,689,066
	80,900	Komatsu, Ltd.		1,886,419
	52,200	Lawson, Inc.		3,252,341
	264,000	Marubeni Corporation		1,606,911
	318,000	Mitsubishi Electric Corporation		3,047,660
	74,800	Mitsui & Company, Ltd.		1,159,343
	355,100	Mori Seiki Company, Ltd.		3,153,997
	349,295	MS and AD Insurance Group Holdings, Inc.		6,447,496
	189,100	Namco Bandai Holdings, Inc.		2,683,810
	328,050	Nikon Corporation		7,269,766
	31,400	Nippon Telegraph & Telephone Corporation		1,598,572
	327,000	Nippon Yusen Kabushiki Kaisha		833,483
	873,850	Nissan Motor Company, Ltd.		7,825,408
	46,200	Ship Healthcare Holdings, Inc.		1,008,167
	82,400	Sony Corporation		1,485,754
	43,500	Start Today Company, Ltd.		1,020,512
	664,900	Sumitomo Corporation		8,987,544
	236,800	Sumitomo Electric Industries, Ltd.		2,563,760
	2,723,550	Sumitomo Mitsui Trust Holdings, Inc.		7,986,913
	112,900	Sumitomo Rubber Industries, Ltd.		1,355,738
	15,000	TDK Corporation		661,550
	334,000	Tokyu Corporation		1,644,810
	46,000	Toyo Suisan Kaisha, Ltd.		1,113,186
	86,400	Toyota Motor Corporation		2,856,999
	52,400	Trend Micro, Inc.		1,562,544
	379,800	UNY Company, Ltd.		3,416,581
	49,900	West Japan Railway Company		2,168,223
	48,400	Xebio Company, Ltd.		1,147,520
	22,080	Yamada Denki Company, Ltd.		1,504,072

		Total Japan		144,722,482


	Netherlands (2.9%)
	1,830,950	Aegon NV^b		7,317,165
	177,116	Koninklijke DSM NV		8,186,005
	152,466	Unilever NV		5,241,954

		Total Netherlands		20,745,124


	Norway (2.2%)
	71,249	DnB NOR ASA		694,441
	416,123	Renewable Energy Corporation ASA^a,b		229,452
	67,574	Seadrill, Ltd.		2,253,511
	387,505	Statoil ASA		9,924,032
	61,063	Yara International ASA		2,437,593

		Total Norway		15,539,029


	Portugal (0.6%)
	1,115,950	Banco Espirito Santo SA^a		1,943,200
	139,618	Jeronimo Martins SGPS SA^b		2,305,965

		Total Portugal		4,249,165


	Singapore (1.5%)
	1,058,115	Keppel Corporation, Ltd.		7,573,463
	263,000	Oversea-Chinese Banking Corporation, Ltd.		1,586,050
	487,000	SembCorp Industries, Ltd.		1,518,895

		Total Singapore		10,678,408


	South Korea (2.0%)
	21,850	POSCO		7,207,465
	25,110	SK Telecom Company, Ltd.		3,087,126
	284,190	SK Telecom Company, Ltd. ADR		3,867,826

		Total South Korea		14,162,417


	Spain (3.2%)
	58,494	Abertis Infraestructuras SA		929,507
	916,346	Banco Bilbao Vizcaya Argentaria SA		7,893,004
	754,825	Banco Popular Espanol SA^a		3,428,119
	276,050	Indra Sistemas SA^a		3,499,515
	41,897	Industria de Diseno Textil SA (Inditex)		3,420,025
	117,418	Repsol YPF SA		3,592,182

		Total Spain		22,762,352


	Sweden (2.7%)
	137,322	Atlas Copco AB		2,942,310
	46,570	Electrolux AB		739,949
	60,167	Elekta AB		2,601,557
	125,996	Husqvarna AB		578,484
	54,720	Kinnevik Investment AB		1,063,556
	11,994	Modern Times Group AB		571,280
	151,883	Nordea Bank AB		1,170,650
	60,995	Skanska AB		1,006,702
	225,161	Swedbank AB		2,905,591
	228,967	Telefonaktiebolaget LM Ericsson		2,321,849
	313,738	Volvo AB		3,417,835

		Total Sweden		19,319,763


	Switzerland (9.8%)
	108,053	ABB, Ltd.^b		2,029,908
	146,850	Adecco SA^b		6,120,157
	46,749	Aryzta AG		2,255,324
	317,500	Credit Suisse Group^b		7,441,594
	8,607	Dufry AG^b		789,973
	4,721	Galenica AG^a		2,757,466
	6,527	Givaudan SA^b		6,202,140
	122,136	Holcim, Ltd.^b		6,510,461
	142,859	Nestle SA		8,203,465
	134,350	Novartis AG		7,670,451
	103,357	Roche Holding AG		17,479,558

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

204

Partner International Stock Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (99.1%)	Value
	Switzerland (9.8%) - continued
	153,047	UBS AG^b	$	1,815,545

		Total Switzerland		69,276,042


	Thailand (1.7%)
	729,325	Bangkok Bank pcl		3,785,539
	820,550	PTT pcl		8,255,485

		Total Thailand		12,041,024


	United Kingdom (16.3%)
	29,201	Anglo American plc		1,078,714
	2,395,305	BAE Systems plc		10,584,502
	342,072	BG Group plc		7,308,037
	140,130	BHP Billiton plc		4,096,871
	170,516	British American Tobacco plc		8,089,513
	1,115,030	BT Group plc		3,305,088
	132,460	Burberry Group plc		2,435,668
	102,614	Croda International plc		2,872,682
	95,562	GlaxoSmithKline plc		2,177,519
	169,350	HSBC Holdings plc ADR		6,452,236
	93,148	IMI plc		1,099,520
	147,360	Imperial Tobacco Group plc		5,576,291
	267,507	Inchcape plc		1,217,097
	449,248	Intermediate Capital Group plc		1,595,008
	487,635	Kingfisher plc		1,894,953
	783,950	Legal & General Group plc		1,252,810
	3,699,196	Lloyds TSB Group plc^b		1,485,653
	152,239	Mondi plc		1,075,367
	239,200	Pearson plc		4,489,560
	231,721	Prudential plc		2,292,739
	102,378	Rio Tinto plc		5,000,924
	39,559	Royal Dutch Shell plc		1,504,772
	88,341	Shire plc		3,070,272
	148,017	SSE plc		2,962,961
	141,194	Tate & Lyle plc		1,543,639
	1,440,750	Tesco plc		9,014,588
	86,213	Unilever plc		2,891,141
	2,636,937	Vodafone Group plc		7,352,218
	791,548	William Morrison Supermarkets plc		4,003,716
	771,000	WPP plc		8,085,860

		Total United Kingdom		115,809,919


	United States (0.5%)
	73,601	iShares MSCI EAFE Index Fund		3,645,458

		Total United States		3,645,458


		Total Common Stock (cost $787,648,838)		703,632,728


		Collateral Held for Securities Loaned (5.4%)
	38,197,124	Thrivent Financial Securities Lending Trust		38,197,124

		Total Collateral Held for Securities Loaned (cost $38,197,124)		38,197,124

		Total Investments (cost $825,845,962) 104.5%	$	741,829,852

		Other Assets and Liabilities, Net (4.5%)		(32,002,347	)

		Total Net Assets 100.0%	$	709,827,505

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

b	Non-income producing security.

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation and depreciation of investments,
Gross unrealized appreciation	$	37,732,524
Gross unrealized depreciation		(123,321,756	)

Net unrealized appreciation (depreciation)	$	(85,589,232	)

Cost for federal income tax purposes	$	827,419,084

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

205

Partner International Stock Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner International Stock Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		111,188,001		—		111,188,001		—
Consumer Staples		76,706,984		—		76,706,984		—
Energy		61,828,433		6,765,413		55,063,020		—
Financials		118,231,731		10,097,694		108,134,037		—
Health Care		59,216,565		7,109,414		52,107,151		—
Industrials		113,995,592		—		113,995,592		—
Information Technology		32,408,875		—		32,408,875		—
Materials		97,169,291		—		97,169,291		—
Telecommunications Services		26,926,338		3,867,826		23,058,512		—
Utilities		5,960,918		—		5,960,918		—
Collateral Held for Securities Loaned		38,197,124		38,197,124		—		—

Total	$	741,829,852	$	66,037,471	$	675,792,381	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Liability Derivatives Foreign Currency Forward Contracts		142		—		142		—

Total Liability Derivatives	$	142	$	—	$	142	$	—


Foreign Currency Forward Contracts	Counterparty		Contracts to Deliver/Receive		Settlement Date		Value on Settlement Date		Value		Unrealized Gain/(Loss)
Sales
Canadian Dollar		SSB		31,542		1/3/2012	$	30,818	$	30,960	($	142	)
Total Sales							$	30,818	$	30,960	($	142	)
Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts											($	142	)


Counterparty


SSB		-		State Street Bank

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Partner International Stock Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Liability Derivatives
Foreign Exchange Contracts
Forward Contracts	Receivable/Payable for forward contracts, Net Assets - Net unrealized appreciation/(depreciation) on Foreign currency forward contracts		142
Total Foreign Exchange Contracts			142

Total Liability Derivatives		$	142

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

206

Partner International Stock Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Partner International Stock Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(667,317	)
Total Foreign Exchange Contracts			(667,317	)

Total		($	667,317	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Partner International Stock Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Change in net unrealized appreciation/(depreciation) on Foreign currency forward contracts		3,246
Total Foreign Exchange Contracts			3,246

Total		$	3,246

The following table presents Partner International Stock Portfolio's average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk

Category

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Foreign Exchange Contracts

9,386,157

1.1

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

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner International Stock Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	7,579,024	$	434,939,380	$	404,321,280		38,197,124	$	38,197,124	$	901,065
Total Value and Income Earned		7,579,024								38,197,124		901,065

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

207

Partner Socially Responsible Stock Portfolio

Schedule of Investments as of December 31, 2011


Shares	Common Stock (96.1%)	Value
Consumer Discretionary (11.1%)
5,210	CarMax, Inc.^a	$	158,801
1,030	Darden Restaurants, Inc.		46,947
2,080	Johnson Controls, Inc.		65,021
2,350	Kohl’s Corporation		115,972
290	Priceline.com, Inc.^a		135,636
3,460	Starbucks Corporation		159,195

	Total Consumer Discretionary		681,572


Consumer Staples (9.3%)
1,300	Coca-Cola Company		90,961
970	Costco Wholesale Corporation		80,820
5,300	CVS Caremark Corporation		216,134
570	Green Mountain Coffee Roasters, Inc.^a		25,565
1,700	PepsiCo, Inc.		112,795
720	Procter & Gamble Company		48,031

	Total Consumer Staples		574,306


Energy (10.1%)
4,460	Cameron International Corporation^a		219,388
2,670	Noble Corporation^a		80,687
3,710	QEP Resources, Inc.		108,703
7,310	Suncor Energy, Inc. ADR		210,747

	Total Energy		619,525


Financials (11.2%)
900	Aflac, Inc.		38,934
3,050	American Express Company		143,868
950	IntercontinentalExchange, Inc.^a		114,523
5,720	SunTrust Banks, Inc.		101,244
2,780	T. Rowe Price Group, Inc.		158,321
4,850	Wells Fargo & Company		133,666

	Total Financials		690,556


Health Care (15.2%)
3,200	Allergan, Inc.		280,768
900	Cerner Corporation^a		55,125
1,200	Edwards Lifesciences Corporation^a		84,840
4,870	Gilead Sciences, Inc.^a		199,329
170	Intuitive Surgical, Inc.^a		78,712
2,700	Novartis AG ADR		154,359
490	Perrigo Company		47,677
1,010	St. Jude Medical, Inc.		34,643

	Total Health Care		935,453


Industrials (9.4%)
970	3M Company		79,278
1,940	C.H. Robinson Worldwide, Inc.		135,373
1,990	Cooper Industries plc		107,759
3,150	Danaher Corporation		148,176
2,690	Expeditors International of Washington, Inc.		110,182

	Total Industrials		580,768


Information Technology (27.2%)
2,090	Acme Packet, Inc.^a		64,602
650	Apple, Inc.^a		263,250
2,750	Cognizant Technology Solutions Corporation^a		176,853
240	Google, Inc.^a		155,016
580	Informatica Corporation^a		21,419
600	International Business Machines Corporation		110,328
2,150	Intuit, Inc.		113,069
3,810	Juniper Networks, Inc.^a		77,762
1,280	Mercadolibre, Inc.		101,811
2,840	Microsoft Corporation		73,726
5,140	QUALCOMM, Inc.		281,158
710	Salesforce.com, Inc.^a		72,037
3,130	Texas Instruments, Inc.		91,114
800	VMware, Inc.^a		66,552

	Total Information Technology		1,668,697


Materials (2.6%)
2,730	Ecolab, Inc.		157,821

	Total Materials		157,821

	Total Common Stock (cost $5,668,501)		5,908,698

	Total Investments (cost $5,668,501) 96.1%	$	5,908,698

	Other Assets and Liabilities, Net 3.9%		237,593

	Total Net Assets 100.0%	$	6,146,291

a	Non-income producing security.

Definitions:

ADR -

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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	534,556
Gross unrealized depreciation		(300,768	)

Net unrealized appreciation (depreciation)	$	233,788

Cost for federal income tax purposes	$	5,674,910

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

208

Partner Socially Responsible Stock Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner Socially Responsible Stock Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		681,572		681,572		—		—
Consumer Staples		574,306		574,306		—		—
Energy		619,525		619,525		—		—
Financials		690,556		690,556		—		—
Health Care		935,453		935,453		—		—
Industrials		580,768		580,768		—		—
Information Technology		1,668,697		1,668,697		—		—
Materials		157,821		157,821		—		—

Total	$	5,908,698	$	5,908,698	$	—	$	—

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

209

Partner All Cap Growth Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (95.3%)	Value
	Consumer Discretionary (10.6%)
	2,055	Amazon.com, Inc.^a	$	355,720
	2,425	Coach, Inc.		148,022
	2,150	DIRECTV^a		91,934
	850	Priceline.com, Inc.^a		397,554
	3,980	Starbucks Corporation		183,120
	1,475	TJX Companies, Inc.		95,211
	675	Wynn Resorts, Ltd.		74,581

		Total Consumer Discretionary		1,346,142


	Consumer Staples (4.4%)
	4,200	Companhia de Bebidas das Americas ADR		151,578
	1,450	Hansen Natural Corporation^a		133,603
	3,025	Herbalife, Ltd.		156,301
	1,675	Mead Johnson Nutrition Company		115,123

		Total Consumer Staples		556,605


	Energy (10.3%)
	2,025	Apache Corporation		183,425
	3,750	Baker Hughes, Inc.		182,400
	3,500	Chesapeake Energy Corporation		78,015
	2,925	Complete Production Services, Inc.^a		98,163
	4,150	Helmerich & Payne, Inc.		242,194
	4,075	National Oilwell Varco, Inc.		277,059
	8,600	Patterson-UTI Energy, Inc.		171,828
	1,200	Schlumberger, Ltd.		81,972

		Total Energy		1,315,056


	Financials (2.9%)
	1,700	American Express Company		80,189
	750	Franklin Resources, Inc.		72,045
	720	IntercontinentalExchange, Inc.^a		86,796
	2,400	T. Rowe Price Group, Inc.		136,680

		Total Financials		375,710


	Health Care (8.9%)
	3,125	Celgene Corporation^a		211,250
	5,150	Cubist Pharmaceuticals, Inc.^a		204,043
	850	Intuitive Surgical, Inc.^a		393,558
	1,950	Novo Nordisk A/S ADR		224,757
	1,600	Watson Pharmaceuticals, Inc.^a		96,544

		Total Health Care		1,130,152


	Industrials (10.8%)
	7,075	ABB, Ltd. ADR^a		133,222
	5,200	Dover Corporation		301,860
	8,675	Eaton Corporation		377,623
	3,750	Fluor Corporation		188,438
	11,300	Komatsu, Ltd. ADR		266,906
	1,325	Parker Hannifin Corporation		101,031

		Total Industrials		1,369,080


	Information Technology (39.2%)
	3,625	Accenture plc		192,959
	2,000	ANSYS, Inc.^a		114,560
	1,470	Apple, Inc.^a		595,350
	2,675	ASML Holding NV		111,788
	5,825	Autodesk, Inc.^a		176,672
	5,450	Check Point Software Technologies, Ltd.^a		286,343
	1,475	Citrix Systems, Inc.^a		89,562
	2,900	Cognizant Technology Solutions Corporation^a		186,499
	1,450	CommVault Systems, Inc.^a		61,944
	11,000	EMC Corporation^a		236,940
	1,750	F5 Networks, Inc.^a		185,710
	947	Google, Inc.^a		611,667
	2,000	Informatica Corporation^a		73,860
	5,325	Intel Corporation		129,131
	3,750	Intuit, Inc.		197,212
	425	MasterCard, Inc.		158,449
	3,500	Nuance Communications, Inc.^a		88,060
	1,750	Open Text Corporation^a		89,495
	14,175	Oracle Corporation		363,589
	8,050	QUALCOMM, Inc.		440,335
	1,700	Salesforce.com, Inc.^a		172,482
	4,550	Solarwinds, Inc.^a		127,173
	1,850	Teradata Corporation^a		89,744
	2,400	VMware, Inc.^a		199,656

		Total Information Technology		4,979,180


	Materials (7.5%)
	2,050	Agrium, Inc.		137,576
	6,050	Barrick Gold Corporation		273,762
	1,425	Cliffs Natural Resources, Inc.		88,849
	5,150	Freeport-McMoRan Copper & Gold, Inc.		189,468
	2,800	Goldcorp, Inc.		123,900
	3,350	Pan American Silver Corporation		73,064
	4,350	Yamana Gold, Inc.		63,901

		Total Materials		950,520


	Telecommunications Services (0.7%)
	3,656	Tim Participacoes SA ADR		94,325

		Total Telecommunications Services		94,325

		Total Common Stock (cost $11,435,172)		12,116,770


Contracts		Options Purchased (0.2%)
	8	Put on Priceline.com, Inc. $435.00, expires 4/21/2012	$	22,000


		Total Options Purchased (cost $20,286)		22,000

		Total Investments (cost $11,455,458) 95.5%	$	12,138,770

		Other Assets and Liabilities, Net 4.5%		570,731

		Total Net Assets 100.0%	$	12,709,501

a	Non-income producing security.

Definitions:

ADR

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

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

210

Partner All Cap Growth Portfolio

Schedule of Investments as of December 31, 2011

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	1,348,969
Gross unrealized depreciation		(670,079	)

Net unrealized appreciation (depreciation)	$	678,890

Cost for federal income tax purposes	$	11,459,880

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner All Cap Growth Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		1,346,142		1,346,142		—		—
Consumer Staples		556,605		556,605		—		—
Energy		1,315,056		1,315,056		—		—
Financials		375,710		375,710		—		—
Health Care		1,130,152		1,130,152		—		—
Industrials		1,369,080		1,369,080		—		—
Information Technology		4,979,180		4,979,180		—		—
Materials		950,520		950,520		—		—
Telecommunications Services		94,325		94,325		—		—
Options Purchased		22,000		22,000		—		—

Total	$	12,138,770	$	12,138,770	$	—	$	—

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Partner All Cap Growth Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Options Purchased	Investments in securities at value, Net Assets - Net unrealized appreciation/(depreciation) on Investments		22,000
Total Equity Contracts			22,000

Total Asset Derivatives		$	22,000

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Partner All Cap Growth Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Options Purchased	Net realized gains/(losses) on Investments		(33,058	)
Total Equity Contracts			(33,058	)

Total			($33,058	)

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

211

Partner All Cap Growth Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Partner All Cap Growth Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Options Purchased	Change in net unrealized appreciation/(depreciation) on Investments		3,585
Total Equity Contracts			3,585

Total		$	3,585

The following table presents Partner All Cap Growth Portfolio’s average volume of derivative activity during the period ended December 31, 2011.


Derivative Risk Category	Options (Contracts)
Equity Contracts		64

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

212

Partner All Cap Value Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (94.8%)	Value
	Consumer Discretionary (6.2%)
	6,533	Comcast Corporation	$	154,898
	1,844	Mohawk Industries, Inc.^a		110,363
	56,650	Talbots, Inc.^a		150,689

		Total Consumer Discretionary		415,950


	Consumer Staples (9.3%)
	16,060	Adecoagro SA^a		132,816
	3,810	Church & Dwight Company, Inc.		174,346
	3,430	Coca-Cola Company		239,997
	1,310	Wal-Mart Stores, Inc.		78,286

		Total Consumer Staples		625,445


	Energy (13.0%)
	840	Apache Corporation		76,087
	2,190	Bill Barrett Corporation^a		74,613
	3,050	Chevron Corporation		324,520
	2,750	Nabors Industries, Ltd.^a		47,685
	1,548	Noble Energy, Inc.		146,116
	4,060	Penn West Petroleum, Ltd.		80,388
	1,630	Royal Dutch Shell plc ADR		119,137

		Total Energy		868,546


	Financials (19.8%)
	5,540	CIT Group, Inc.^a		193,180
	2,100	Goldman Sachs Group, Inc.		189,903
	1,978	J.P. Morgan Chase & Company		65,768
	3,090	M&T Bank Corporation		235,891
	5,042	MetLife, Inc.		157,209
	8,630	U.S. Bancorp		233,442
	3,890	Unum Group		81,962
	6,280	Wells Fargo & Company		173,077

		Total Financials		1,330,432


	Health Care (13.2%)
	4,330	Gilead Sciences, Inc.^a		177,227
	5,430	HCA Holdings, Inc.^a		119,623
	1,890	Humana, Inc.		165,583
	7,990	Medtronic, Inc.		305,617
	2,260	UnitedHealth Group, Inc.		114,537

		Total Health Care		882,587


	Industrials (10.1%)
	38,041	AerCap Holdings NV^a		429,483
	1,770	Navistar International Corporation^a		67,048
	3,920	Tyco International, Ltd.		183,103

		Total Industrials		679,634


	Information Technology (10.2%)
	2,490	Hewlett-Packard Company		64,142
	6,320	Juniper Networks, Inc.^a		128,991
	8,010	Microsoft Corporation		207,940
	4,960	Oracle Corporation		127,224
	4,950	Xilinx, Inc.		158,697

		Total Information Technology		686,994


	Materials (4.1%)
	1,681	Celanese Corporation		74,418
	2,670	Mosaic Company		134,648
	1,170	Rock-Tenn Company		67,509

		Total Materials		276,575


	Telecommunications Services (2.0%)
	4,770	Vodafone Group plc ADR		133,703

		Total Telecommunications Services		133,703


	Utilities (6.9%)
	67,310	GenOn Energy, Inc.^a		175,679
	4,660	Public Service Enterprise Group, Inc.		153,826
	2,880	SCANA Corporation		129,773
		Total Utilities		459,278

		Total Common Stock (cost $6,828,826)		6,359,144

		Total Investments (cost $6,828,826) 94.8%	$	6,359,144

		Other Assets and Liabilities, Net 5.2%		346,570

		Total Net Assets 100.0%	$	6,705,714

a	Non-income producing security.

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	382,295
Gross unrealized depreciation		(853,107	)

Net unrealized appreciation (depreciation)	$	(470,812	)

Cost for federal income tax purposes	$	6,829,956

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

213

Partner All Cap Value Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner All Cap Value Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		415,950		415,950		—		—
Consumer Staples		625,445		625,445		—		—
Energy		868,546		868,546		—		—
Financials		1,330,432		1,330,432		—		—
Health Care		882,587		882,587		—		—
Industrials		679,634		679,634		—		—
Information Technology		686,994		686,994		—		—
Materials		276,575		276,575		—		—
Telecommunications Services		133,703		133,703		—		—
Utilities		459,278		459,278		—		—

Total	$	6,359,144	$	6,359,144	$	—	$	—

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Partner All Cap Value Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(12	)
Total Foreign Exchange Contracts			(12	)

Total			($12	)

Partner All Cap Value Portfolio’s average volume of derivative activity for foreign exchange contracts during the period was <0.1% of average net assets.

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

214

Partner All Cap Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.9%)	Value
	Consumer Discretionary (10.6%)
	3,740	Amazon.com, Inc.^a	$	647,394
	8,140	Coach, Inc.		496,865
	23,970	DISH Network Corporation		682,666
	13,690	Johnson Controls, Inc.		427,949
	1,190	Priceline.com, Inc.^a		556,575
	2,330	PVH Corporation		164,242
	9,750	Starwood Hotels & Resorts Worldwide, Inc.		467,707
	9,010	Time Warner Cable, Inc.		572,766
	12,620	Viacom, Inc.		573,074
	3,240	Wynn Resorts, Ltd.		357,988
	8,180	Yum! Brands, Inc.		482,702

		Total Consumer Discretionary		5,429,928


	Consumer Staples (11.4%)
	31,910	Altria Group, Inc.		946,132
	31,250	CVS Caremark Corporation		1,274,375
	11,380	Dr. Pepper Snapple Group, Inc.		449,283
	4,720	Estee Lauder Companies, Inc.		530,150
	1,190	Green Mountain Coffee Roasters, Inc.^a		53,372
	8,070	Kellogg Company		408,100
	16,070	Kroger Company		389,215
	4,780	Mead Johnson Nutrition Company		328,529
	22,440	Procter & Gamble Company		1,496,972

		Total Consumer Staples		5,876,128


	Energy (12.2%)
	4,730	Anadarko Petroleum Corporation		361,041
	3,800	Apache Corporation		344,204
	21,780	Chevron Corporation		2,317,392
	4,154	ENSCO International plc ADR		194,906
	6,630	Exxon Mobil Corporation		561,959
	9,190	Halliburton Company		317,147
	8,190	Hess Corporation		465,192
	5,140	National Oilwell Varco, Inc.		349,468
	12,590	Occidental Petroleum Corporation		1,179,683
	6,830	QEP Resources, Inc.		200,119

		Total Energy		6,291,111


	Financials (13.3%)
	13,330	Berkshire Hathaway, Inc.^a		1,017,079
	4,350	Boston Properties, Inc.		433,260
	1,770	CME Group, Inc.		431,296
	20,210	First Horizon National Corporation		161,680
	4,380	Goldman Sachs Group, Inc.		396,083
	30,900	Invesco, Ltd.		620,781
	37,890	J.P. Morgan Chase & Company		1,259,843
	65,700	KeyCorp		505,233
	26,050	MetLife, Inc.		812,239
	3,960	Public Storage, Inc.		532,462
	100,730	Regions Financial Corporation		433,139
	15,190	TD Ameritrade Holding Corporation		237,723

		Total Financials		6,840,818


	Health Care (11.8%)
	6,120	Allergan, Inc.		536,969
	8,320	Amgen, Inc.		534,227
	3,990	Biogen Idec, Inc.^a		439,100
	6,370	DENTSPLY International, Inc.		222,886
	10,550	Express Scripts, Inc.^a		471,479
	5,000	Gilead Sciences, Inc.^a		204,650
	15,460	Hologic, Inc.^a		270,705
	6,050	Hospira, Inc.^a		183,739
	1,680	Johnson & Johnson		110,174
	2,380	Medicis Pharmaceutical Corporation		79,135
	5,550	Omnicare, Inc.		191,198
	9,340	Onyx Pharmaceuticals, Inc.^a		410,493
	61,255	Pfizer, Inc.		1,325,558
	3,840	Thermo Fisher Scientific, Inc.^a		172,685
	9,960	UnitedHealth Group, Inc.		504,773
	8,263	Valeant Pharmaceuticals International, Inc.^a		385,799

		Total Health Care		6,043,570


	Industrials (10.5%)
	8,250	Boeing Company		605,137
	4,440	Caterpillar, Inc.		402,264
	4,810	Cummins, Inc.		423,376
	15,460	Danaher Corporation		727,238
	2,640	Flowserve Corporation		262,205
	35,090	General Electric Company		628,462
	2,040	Joy Global, Inc.		152,939
	2,020	Precision Castparts Corporation		332,876
	7,500	Republic Services, Inc.		206,625
	5,550	Union Pacific Corporation		587,967
	6,110	United Parcel Service, Inc.		447,191
	8,410	United Technologies Corporation		614,687

		Total Industrials		5,390,967


	Information Technology (19.1%)
	16,480	Akamai Technologies, Inc.^a		531,974
	5,410	Apple, Inc.^a		2,191,050
	10,900	Avago Technologies, Ltd.		314,574
	17,380	Broadcom Corporation^a		510,277
	7,900	Check Point Software Technologies, Ltd.^a		415,066
	10,850	Cognizant Technology Solutions Corporation^a		697,763
	17,940	EMC Corporation^a		386,428
	10,210	Fidelity National Information Services, Inc.		271,484
	2,600	Google, Inc.^a		1,679,340
	24,140	Hewlett-Packard Company		621,846
	18,380	Juniper Networks, Inc.^a		375,136
	3,470	Lam Research Corporation^a		128,459
	25,880	ON Semiconductor Corporation^a		199,794
	11,460	QUALCOMM, Inc.		626,862
	25,770	Sapient Corporation		324,702
	6,290	VMware, Inc.^a		523,265

		Total Information Technology		9,798,020


	Materials (3.4%)
	1,850	CF Industries Holdings, Inc.		268,213
	5,490	Ecolab, Inc.		317,377
	8,470	Freeport-McMoRan Copper & Gold, Inc.		311,611
	10,600	LyondellBasell Industries NV		344,394
	3,150	PPG Industries, Inc.		262,994

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

215

Partner All Cap Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.9%)	Value
	Materials (3.4%) - continued
	2,490	Praxair, Inc.	$	266,181

		Total Materials		1,770,770


	Telecommunications Services (3.1%)
	4,680	American Tower Corporation		280,847
	11,732	AT&T, Inc.		354,775
	12,389	CenturyLink, Inc.		460,871
	10,180	NII Holdings, Inc.^a		216,834
	111,600	Sprint Nextel Corporation^a		261,144

		Total Telecommunications Services		1,574,471


	Utilities (3.5%)
	15,010	AES Corporation^a		177,718
	11,590	Edison International, Inc.		479,826
	10,050	Exelon Corporation		435,868
	23,530	PPL Corporation		692,253

		Total Utilities		1,785,665

		Total Common Stock (cost $49,639,043)		50,801,448

		Total Investments (cost $49,639,043) 98.9%	$	50,801,448

		Other Assets and Liabilities, Net 1.1%		566,654

		Total Net Assets 100.0%	$	51,368,102

a	Non-income producing security.

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	3,876,711
Gross unrealized depreciation		(2,993,079	)

Net unrealized appreciation (depreciation)	$	883,632

Cost for federal income tax purposes	$	49,917,816

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

216

Partner All Cap Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner All Cap Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		5,429,928		5,429,928		—		—
Consumer Staples		5,876,128		5,876,128		—		—
Energy		6,291,111		6,291,111		—		—
Financials		6,840,818		6,840,818		—		—
Health Care		6,043,570		6,043,570		—		—
Industrials		5,390,967		5,390,967		—		—
Information Technology		9,798,020		9,798,020		—		—
Materials		1,770,770		1,770,770		—		—
Telecommunications Services		1,574,471		1,574,471		—		—
Utilities		1,785,665		1,785,665		—		—

Total	$	50,801,448	$	50,801,448	$	—	$	—

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner All Cap Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	488,000	$	11,860,107	$	12,348,107		—	$	—	$	1,086
Total Value and Income Earned		488,000								—		1,086

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

217

Large Cap Growth Portfolio II

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.5%)	Value
	Consumer Discretionary (12.2%)
	2,854	Amazon.com, Inc.^a	$	494,027
	14,859	Comcast Corporation		352,307
	4,629	Discovery Communications, Inc.^a		189,650
	4,600	Home Depot, Inc.		193,384
	8,150	Las Vegas Sands Corporation^a		348,250

		Total Consumer Discretionary		1,577,618


	Consumer Staples (13.6%)
	11,896	Altria Group, Inc.		352,716
	5,907	Anheuser-Busch InBev NV ADR		360,268
	4,317	British American Tobacco plc ADR		409,597
	1,360	Coca-Cola Company		95,159
	9,066	Wal-Mart Stores, Inc.		541,784

		Total Consumer Staples		1,759,524


	Energy (11.5%)
	3,897	Apache Corporation		352,990
	4,088	Baker Hughes, Inc.		198,841
	6,863	ENSCO International plc ADR		322,012
	6,792	Peabody Energy Corporation		224,883
	26,327	Weatherford International, Ltd.^a		385,427

		Total Energy		1,484,153


	Financials (5.0%)
	4,377	Citigroup, Inc.		115,159
	504	CME Group, Inc.		122,809
	5,968	J.P. Morgan Chase & Company		198,436
	7,605	Wells Fargo & Company		209,594

		Total Financials		645,998


	Health Care (12.5%)
	5,481	Amgen, Inc.		351,935
	5,529	Baxter International, Inc.		273,575
	3,964	McKesson Corporation		308,835
	16,817	Mylan, Inc.^a		360,893
	6,240	UnitedHealth Group, Inc.		316,243

		Total Health Care		1,611,481


	Industrials (10.5%)
	3,650	Boeing Company		267,727
	1,430	Caterpillar, Inc.		129,558
	6,100	CSX Corporation		128,466
	800	Fluor Corporation		40,200
	2,448	Honeywell International, Inc.		133,049
	1,730	Parker Hannifin Corporation		131,913
	1,537	Precision Castparts Corporation		253,282
	2,568	Union Pacific Corporation		272,054

		Total Industrials		1,356,249


	Information Technology (31.1%)
	6,129	Akamai Technologies, Inc.^a		197,844
	2,151	Apple, Inc.^a		871,155
	822	Baidu.com, Inc. ADR^a		95,738
	4,468	Broadcom Corporation^a		131,181
	4,206	Cognizant Technology Solutions Corporation^a		270,488
	6,204	eBay, Inc.^a		188,167
	11,484	EMC Corporation^a		247,365
	1,379	F5 Networks, Inc.^a		146,340
	837	Google, Inc.^a		540,618
	4,005	Microsoft Corporation		103,970
	2,902	NetApp, Inc.^a		105,256
	14,274	Oracle Corporation		366,128
	7,250	QUALCOMM, Inc.		396,575
	1,529	Salesforce.com, Inc.^a		155,132
	2,409	VMware, Inc.^a		200,405

		Total Information Technology		4,016,362


	Materials (2.1%)
	7,254	Freeport-McMoRan Copper & Gold, Inc.		266,875

		Total Materials		266,875

		Total Common Stock (cost $13,586,589)		12,718,260

		Total Investments (cost $13,586,589) 98.5%	$	12,718,260

		Other Assets and Liabilities, Net 1.5%		188,726

		Total Net Assets 100.0%	$	12,906,986

a	Non-income producing security.

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	817,797
Gross unrealized depreciation		(1,686,126	)

Net unrealized appreciation (depreciation)	$	(868,329	)

Cost for federal income tax purposes	$	13,586,589

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

218

Large Cap Growth Portfolio II

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Large Cap Growth Portfolio II’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		1,577,618		1,577,618		—		—
Consumer Staples		1,759,524		1,759,524		—		—
Energy		1,484,153		1,484,153		—		—
Financials		645,998		645,998		—		—
Health Care		1,611,481		1,611,481		—		—
Industrials		1,356,249		1,356,249		—		—
Information Technology		4,016,362		4,016,362		—		—
Materials		266,875		266,875		—		—

Total	$	12,718,260	$	12,718,260	$	—	$	—

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Large Cap Growth Portfolio II, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	21,183,150	$	97,738,250	$	118,921,400		—	$	—	$	39,168
Total Value and Income Earned		21,183,150								—		39,168

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

219

Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (97.9%)	Value
	Consumer Discretionary (13.0%)
	182,500	Amazon.com, Inc.^a	$	31,590,750
	923,200	Comcast Corporation		21,889,072
	276,563	Discovery Communications, Inc.^a		11,330,786
	289,700	Home Depot, Inc.		12,178,988
	453,800	Las Vegas Sands Corporation^a		19,390,874
	67,900	Time Warner Cable, Inc.		4,316,403
	91,000	Viacom, Inc.		4,132,310

		Total Consumer Discretionary		104,829,183


	Consumer Staples (13.8%)
	737,700	Altria Group, Inc.		21,872,805
	342,881	Anheuser-Busch InBev NV ADR		20,912,312
	251,458	British American Tobacco plc ADR		23,858,335
	89,096	Coca-Cola Company		6,234,047
	569,100	Wal-Mart Stores, Inc.		34,009,416
	60,700	Whole Foods Market, Inc.		4,223,506

		Total Consumer Staples		111,110,421


	Energy (8.2%)
	181,808	Apache Corporation		16,468,169
	256,731	Baker Hughes, Inc.		12,487,396
	38,400	Chevron Corporation		4,085,760
	300,746	ENSCO International plc ADR		14,111,002
	41,000	Occidental Petroleum Corporation		3,841,700
	167,351	Peabody Energy Corporation		5,540,991
	54,700	Schlumberger, Ltd.		3,736,557
	411,300	Weatherford International, Ltd.^a		6,021,432

		Total Energy		66,293,007


	Financials (5.3%)
	85,800	Aon Corporation		4,015,440
	208,000	Citigroup, Inc.		5,472,480
	31,700	CME Group, Inc.		7,724,339
	374,771	J.P. Morgan Chase & Company		12,461,136
	477,700	Wells Fargo & Company		13,165,412

		Total Financials		42,838,807


	Health Care (12.3%)
	341,183	Amgen, Inc.		21,907,361
	343,600	Baxter International, Inc.		17,001,328
	248,900	McKesson Corporation		19,391,799
	968,770	Mylan, Inc.^a		20,789,804
	386,200	UnitedHealth Group, Inc.		19,572,616

		Total Health Care		98,662,908


	Industrials (11.0%)
	230,900	Boeing Company		16,936,515
	87,100	Caterpillar, Inc.		7,891,260
	379,500	CSX Corporation		7,992,270
	74,900	Fluor Corporation		3,763,725
	147,300	Honeywell International, Inc.		8,005,755
	104,300	Parker Hannifin Corporation		7,952,875
	96,300	Precision Castparts Corporation		15,869,277
	154,238	Union Pacific Corporation		16,339,974
	51,900	United Technologies Corporation		3,793,371

		Total Industrials		88,545,022


	Information Technology (32.8%)
	224,828	Akamai Technologies, Inc.^a		7,257,448
	147,500	Apple, Inc.^a		59,737,500
	51,800	Baidu.com, Inc. ADR^a		6,033,146
	280,400	Broadcom Corporation^a		8,232,544
	216,500	Cisco Systems, Inc.		3,914,320
	263,002	Cognizant Technology Solutions Corporation^a		16,913,659
	390,700	eBay, Inc.^a		11,849,931
	721,200	EMC Corporation^a		15,534,648
	86,532	F5 Networks, Inc.^a		9,182,776
	52,652	Google, Inc.^a		34,007,927
	254,100	Microsoft Corporation		6,596,436
	180,600	NetApp, Inc.^a		6,550,362
	896,350	Oracle Corporation		22,991,377
	455,300	QUALCOMM, Inc.		24,904,910
	96,116	Salesforce.com, Inc.^a		9,751,929
	132,200	Texas Instruments, Inc.		3,848,342
	151,337	VMware, Inc.^a		12,589,725
	126,300	Xilinx, Inc.		4,049,178

		Total Information Technology		263,946,158


	Materials (1.5%)
	320,100	Freeport-McMoRan Copper & Gold, Inc.		11,776,479

		Total Materials		11,776,479

		Total Common Stock (cost $776,631,318)		788,001,985

		Total Investments (cost $776,631,318) 97.9%	$	788,001,985

		Other Assets and Liabilities, Net 2.1%		17,281,147

		Total Net Assets 100.0%	$	805,283,132

a	Non-income producing security.

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	56,301,058
Gross unrealized depreciation		(46,902,151	)

Net unrealized appreciation (depreciation)	$	9,398,907

Cost for federal income tax purposes	$	778,603,078

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

220

Large Cap Growth Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Large Cap Growth Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		104,829,183		104,829,183		—		—
Consumer Staples		111,110,421		111,110,421		—		—
Energy		66,293,007		66,293,007		—		—
Financials		42,838,807		42,838,807		—		—
Health Care		98,662,908		98,662,908		—		—
Industrials		88,545,022		88,545,022		—		—
Information Technology		263,946,158		263,946,158		—		—
Materials		11,776,479		11,776,479		—		—

Total	$	788,001,985	$	788,001,985	$	—	$	—

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Large Cap Growth Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Options Written	Net realized gains/(losses) on Written option contracts		339,935
Total Equity Contracts			339,935

Total		$	339,935

The following table presents Large Cap Growth Portfolio's average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk

Category

Options
(Contracts)

Equity Contracts

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Large Cap Growth Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	26,672,700	$	288,313,351	$	314,986,051		—	$	—	$	49,988
Total Value and Income Earned		26,672,700								—		49,988

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

221

Partner Growth Stock Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (97.4%)	Value
	Consumer Discretionary (18.5%)
	10,000	Amazon.com, Inc.^a	$	1,731,000
	900	AutoZone, Inc.^a		292,473
	11,100	CarMax, Inc.^a		338,328
	7,694	Carnival plc		253,615
	1,300	Chipotle Mexican Grill, Inc.^a		439,062
	2,900	Coach, Inc.		177,016
	7,600	Ctrip.com International, Ltd. ADR^a,b		177,840
	2,400	Discovery Communications, Inc.^a		98,328
	2,300	Fossil, Inc.^a		182,528
	5,000	Harley-Davidson, Inc.		194,350
	6,700	Johnson Controls, Inc.		209,442
	8,900	Las Vegas Sands Corporation^a		380,297
	11,300	Liberty Interactive Corporation^a		183,230
	14,333	Marriott International, Inc.		418,094
	6,800	MGM Resorts International^a		70,924
	6,900	NIKE, Inc.		664,953
	40,100	Prada Holding SPA^a		180,474
	2,400	Priceline.com, Inc.^a		1,122,504
	2,100	Ralph Lauren Corporation		289,968
	5,500	Ross Stores, Inc.		261,415
	14,900	Starbucks Corporation		685,549
	7,000	Starwood Hotels & Resorts Worldwide, Inc.		335,790
	11,300	Walt Disney Company		423,750
	5,600	Yum! Brands, Inc.		330,456

		Total Consumer Discretionary		9,441,386


	Consumer Staples (1.9%)
	4,900	Costco Wholesale Corporation		408,268
	4,400	CVS Caremark Corporation		179,432
	1,900	Hansen Natural Corporation^a		175,066
	2,800	Whole Foods Market, Inc.		194,824

		Total Consumer Staples		957,590


	Energy (7.2%)
	8,400	Cameron International Corporation^a		413,196
	2,300	Cimarex Energy Company		142,370
	5,200	Continental Resources, Inc.^a,b		346,892
	6,700	EOG Resources, Inc.		660,017
	12,100	FMC Technologies, Inc.^a		631,983
	6,300	Occidental Petroleum Corporation		590,310
	5,900	Peabody Energy Corporation		195,349
	10,400	Schlumberger, Ltd.		710,424

		Total Energy		3,690,541


	Financials (4.2%)
	14,100	American Express Company		665,097
	2,200	CBRE Group, Inc.^a		33,484
	5,500	Franklin Resources, Inc.		528,330
	2,800	IntercontinentalExchange, Inc.^a		337,540
	18,000	Invesco, Ltd.		361,620
	7,500	U.S. Bancorp		202,875

		Total Financials		2,128,946


	Health Care (5.9%)
	2,700	Alexion Pharmaceuticals, Inc.^a		193,050
	3,200	Allergan, Inc.		280,768
	2,800	Baxter International, Inc.		138,544
	2,400	Biogen Idec, Inc.^a		264,120
	4,000	Celgene Corporation^a		270,400
	1,600	Covidien plc		72,016
	3,100	Edwards Lifesciences Corporation^a		219,170
	7,600	Express Scripts, Inc.^a		339,644
	11,400	Human Genome Sciences, Inc.^a		84,246
	9,100	McKesson Corporation		708,981
	5,500	Stryker Corporation		273,405
	4,300	Valeant Pharmaceuticals International, Inc.^a		200,767

		Total Health Care		3,045,111


	Industrials (15.8%)
	5,700	Babcock & Wilcox Company^a		137,598
	6,100	Boeing Company		447,435
	1,600	Caterpillar, Inc.		144,960
	4,100	Cooper Industries plc		222,015
	2,500	Cummins, Inc.		220,050
	31,400	Danaher Corporation		1,477,056
	3,100	Deere & Company		239,785
	3,800	Emerson Electric Company		177,042
	6,500	Expeditors International of Washington, Inc.		266,240
	18,000	Fastenal Company^b		784,980
	9,800	FedEx Corporation		818,398
	2,500	Fluor Corporation		125,625
	3,300	Joy Global, Inc.		247,401
	4,600	Kansas City Southern^a		312,846
	15,200	McDermott International, Inc.^a		174,952
	4,500	Precision Castparts Corporation		741,555
	3,000	Roper Industries, Inc.		260,610
	5,800	Union Pacific Corporation		614,452
	6,200	United Parcel Service, Inc.		453,778
	1,100	W.W. Grainger, Inc.		205,909

		Total Industrials		8,072,687


	Information Technology (35.0%)
	10,400	Accenture plc		553,592
	2,600	Akamai Technologies, Inc.^a		83,928
	11,600	Apple, Inc.^a		4,698,000
	6,700	Autodesk, Inc.^a		203,211
	9,500	Baidu.com, Inc. ADR^a		1,106,465
	11,000	Broadcom Corporation^a		322,960
	25,700	Corning, Inc.		333,586
	18,000	eBay, Inc.^a		545,940
	8,000	EMC Corporation^a		172,320
	5,217	Facebook, Inc., Class A^a,c,d		162,494
	9,948	Facebook, Inc., Class B^a,c,d		309,851
	3,750	Google, Inc.^a		2,422,125
	10,000	Groupon, Inc.^a,b		206,300
	4,200	Informatica Corporation^a		155,106
	18,900	Juniper Networks, Inc.^a		385,749
	3,200	LinkedIn Corporation^a,b		201,632
	5,129	Mail.ru Group, Ltd. GDR^a,c		133,354
	3,950	MasterCard, Inc.		1,472,639
	6,600	NetApp, Inc.^a		239,382
	8,400	Nuance Communications, Inc.^a		211,344
	26,600	QUALCOMM, Inc.		1,455,020
	6,400	Red Hat, Inc.^a		264,256
	1,800	Salesforce.com, Inc.^a		182,628
	3,900	SanDisk Corporation^a		191,919
	19,200	Tencent Holdings, Ltd.		384,449
	4,800	Teradata Corporation^a		232,848

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

222

Partner Growth Stock Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (97.4%)	Value
	Information Technology (35.0%) - continued
	5,200	Trimble Navigation, Ltd.^a	$	225,680
	2,380	Twitter, Inc.^a,c,d		33,320
	7,400	Visa, Inc.		751,322
	14,800	Western Union Company		270,248

		Total Information Technology		17,911,668


	Materials (4.4%)
	2,400	Air Products and Chemicals, Inc.		204,456
	10,448	BHP Billiton, Ltd.		368,803
	5,600	Freeport-McMoRan Copper & Gold, Inc.		206,024
	5,200	Potash Corporation of Saskatchewan, Inc.		214,656
	11,700	Praxair, Inc.		1,250,730

		Total Materials		2,244,669


	Telecommunications Services (4.5%)
	18,400	American Tower Corporation		1,104,184
	26,500	Crown Castle International Corporation^a		1,187,200

		Total Telecommunications Services		2,291,384


		Total Common Stock (cost $34,595,982)		49,783,982


		Preferred Stock (0.2%)
	Information Technology (0.2%)
	4,432	LivingSocial.com Convertible^a,c,d		34,082
	6	Twitter, Inc., Convertible, Series A^a,c,d		84
	96	Twitter, Inc., Convertible, Series B^a,c,d		1,344
	25	Twitter, Inc., Convertible, Series C^a,c,d		350
	913	Twitter, Inc., Convertible, Series D^a,c,d		12,782
	3,855	Twitter, Inc., Convertible, Series G-2^a,c,d		53,970

		Total Information Technology		102,612


		Total Preferred Stock (cost $112,861)		102,612


		Collateral Held for Securities Loaned (3.3%)
	1,659,825	Thrivent Financial Securities Lending Trust		1,659,825

		Total Collateral Held for Securities Loaned (cost $1,659,825)		1,659,825

		Total Investments (cost $36,368,668) 100.9%	$	51,546,419

		Other Assets and Liabilities, Net (0.9%)		(446,604	)

		Total Net Assets 100.0%	$	51,099,815

a	Non-income producing security.

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

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Partner Growth Stock Portfolio owned as of December 31, 2011.


Security	Acquisition Date		Cost
Facebook, Inc., Class A		8/12/2011	$	157,818
Facebook, Inc., Class B		3/31/2011	$	248,758
LivingSocial.com Convertible		11/18/2011	$	34,082
Mail.ru Group, Ltd. GDR		11/5/2010	$	181,792
Twitter, Inc.		9/13/2011	$	38,303
Twitter, Inc., Convertible, Series A		9/13/2011	$	97
Twitter, Inc., Convertible, Series B		9/13/2011	$	1,545
Twitter, Inc., Convertible, Series C		9/13/2011	$	402
Twitter, Inc., Convertible, Series D		9/13/2011	$	14,694
Twitter, Inc., Convertible, Series G-2		7/28/2011	$	62,041

d	Security is fair valued.

Definitions:


ADR	-	American Depositary Receipt, which are certificates for 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.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	16,708,711
Gross unrealized depreciation		(1,651,847	)

Net unrealized appreciation (depreciation)	$	15,056,864

Cost for federal income tax purposes	$	36,489,555

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

223

Partner Growth Stock Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner Growth Stock Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		9,441,386		9,007,297		434,089		—
Consumer Staples		957,590		957,590		—		—
Energy		3,690,541		3,690,541		—		—
Financials		2,128,946		2,128,946		—		—
Health Care		3,045,111		3,045,111		—		—
Industrials		8,072,687		8,072,687		—		—
Information Technology		17,911,668		17,021,554		384,449		505,665
Materials		2,244,669		1,875,866		368,803		—
Telecommunications Services		2,291,384		2,291,384		—		—
Preferred Stock
Information Technology		102,612		—		—		102,612
Collateral Held for Securities Loaned		1,659,825		1,659,825		—		—

Total	$	51,546,419	$	49,750,801	$	1,187,341	$	608,277

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Partner Growth Stock Portfolio.


Investments in Securities	Value December 31, 2010		Realized Gain/(Loss)		Change in Unrealized Appreciation/ (Depreciation)*			Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3			Value December 31, 2011
Common Stock
Information Technology		14,400		3,091		9,028			672,218		(59,718	)		—		(133,354	)		505,665
Preferred Stock
Information Technology		—		—		(10,248	)		112,860		—			—		—			102,612

Total	$	14,400	$	3,091	$	1,220		$	785,078	($	59,718	)	$	—	($	133,354	)	$	608,277

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on December 31, 2011 of $50,539.

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Partner Growth Stock Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		1,773
Total Foreign Exchange Contracts			1,773

Total		$	1,773

The following table presents Partner Growth Stock Portfolio's average volume of derivative activity during the period ended December 31, 2011.


Derivative Risk Category	Forwards (Notional*)		Forwards (Percentage of Average Net Assets)
Foreign Exchange Contracts	$	2,648		<0.1	%

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

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

224

Partner Growth Stock Portfolio

Schedule of Investments as of December 31, 2011

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Partner Growth Stock Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31,2011
Thrivent Financial Securities Lending Trust	$	669,650	$	10,175,876	$	9,185,701		1,659,825	$	1,659,825	$	9,850
Total Value and Income Earned		669,650								1,659,825		9,850

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

225

Large Cap Value Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (97.4%)	Value
	Consumer Discretionary (9.1%)
	109,517	Carnival Corporation	$	3,574,635
	146,770	CBS Corporation		3,983,338
	194,810	Harley-Davidson, Inc.		7,572,265
	174,660	Lowe's Companies, Inc.		4,432,871
	371,844	Macy's, Inc.		11,965,940
	560,620	News Corporation		10,192,071
	96,850	Omnicom Group, Inc.		4,317,573
	207,950	Target Corporation		10,651,199
	121,610	Time Warner Cable, Inc.		7,730,747
	90,580	Viacom, Inc.		4,113,238

		Total Consumer Discretionary		68,533,877

	Consumer Staples (10.6%)
	331,080	Altria Group, Inc.		9,816,522
	195,790	CVS Caremark Corporation		7,984,316
	197,970	Diageo plc ADR		17,306,538
	541,142	Kraft Foods, Inc.		20,217,065
	108,379	Philip Morris International, Inc.		8,505,584
	115,600	Unilever NV ADR^a		3,973,172
	197,500	Wal-Mart Stores, Inc.		11,802,600

		Total Consumer Staples		79,605,797

	Energy (13.0%)
	117,880	Baker Hughes, Inc.		5,733,683
	186,355	Chevron Corporation		19,828,172
	314,942	ConocoPhillips		22,949,824
	318,830	ENSCO International plc ADR		14,959,504
	167,120	EOG Resources, Inc.		16,462,991
	54,840	Exxon Mobil Corporation		4,648,238
	79,430	Occidental Petroleum Corporation		7,442,591
	416,330	Weatherford International, Ltd.^b		6,095,071

		Total Energy		98,120,074


	Financials (21.1%)
	250,420	ACE, Ltd.		17,559,450
	235,050	Aon Corporation		11,000,340
	72,810	Goldman Sachs Group, Inc.		6,584,208
	647,216	J.P. Morgan Chase & Company		21,519,932
	712,180	KKR & Company, LP^a		9,137,269
	309,700	Principal Financial Group, Inc.		7,618,620
	297,050	Progressive Corporation		5,795,446
	281,690	State Street Corporation		11,354,924
	178,329	SVB Financial Group^b		8,504,510
	109,843	Travelers Companies, Inc.		6,499,410
	226,640	U.S. Bancorp		6,130,612
	666,400	Unum Group		14,041,048
	98,670	Vanguard REIT ETF^a		5,722,860
	982,410	Wells Fargo & Company		27,075,220

		Total Financials		158,543,849


	Health Care (14.0%)
	141,440	Baxter International, Inc.		6,998,451
	236,490	Bristol-Myers Squibb Company		8,333,908
	276,460	Covidien plc		12,443,465
	200,555	Johnson & Johnson		13,152,397
	519,290	Merck & Company, Inc.		19,577,233
	1,432,555	Pfizer, Inc.		31,000,490
	267,017	UnitedHealth Group, Inc.		13,532,421

		Total Health Care		105,038,365


	Industrials (10.4%)
	1,459,160	General Electric Company		26,133,556
	177,990	Honeywell International, Inc.		9,673,756
	91,660	Parker Hannifin Corporation		6,989,075
	221,870	SPX Corporation		13,372,105
	308,110	Textron, Inc.		5,696,954
	167,654	United Technologies Corporation		12,253,831
	73,670	WESCO International, Inc.^b		3,905,247

		Total Industrials		78,024,524


	Information Technology (9.0%)
	152,547	Avnet, Inc.^b		4,742,686
	904,800	Cisco Systems, Inc.		16,358,784
	84,399	International Business Machines Corporation		15,519,288
	316,500	Microsoft Corporation		8,216,340
	133,770	Oracle Corporation		3,431,201
	360,850	Texas Instruments, Inc.		10,504,344
	277,570	Xilinx, Inc.		8,898,894

		Total Information Technology		67,671,537


	Materials (2.8%)
	140,390	Dow Chemical Company		4,037,616
	230,001	E.I. du Pont de Nemours and Company		10,529,446
	104,944	Sigma-Aldrich Corporation		6,554,802

		Total Materials		21,121,864


	Telecommunications Services (3.1%)
	262,341	AT&T, Inc.		7,933,192
	391,724	Verizon Communications, Inc.		15,715,967

		Total Telecommunications Services		23,649,159


	Utilities (4.3%)
	403,550	Exelon Corporation		17,501,964
	623,450	NiSource, Inc.		14,844,344

		Total Utilities		32,346,308


		Total Common Stock (cost $683,473,115)		732,655,354


		Collateral Held for Securities Loaned (0.8%)
	6,250,075	Thrivent Financial Securities Lending Trust		6,250,075

		Total Collateral Held for Securities Loaned (cost $6,250,075)		6,250,075


Principal Amount		Short-Term Investments (2.0%)^c
		Federal Home Loan Bank Discount Notes
	10,000,000	0.010%, 2/22/2012^d		9,999,856

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

226

Large Cap Value Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount	Short-Term Investments (2.0%)^c	Value
	Federal Home Loan Mortgage Corporation Discount Notes
5,000,000	0.005%, 2/8/2012^d	$	4,999,973

	Total Short-Term Investments (at amortized cost)		14,999,829

	Total Investments (cost $704,723,019) 100.2%	$	753,905,258

	Other Assets and Liabilities, Net (0.2%)		(1,850,982	)

	Total Net Assets 100.0%	$	752,054,276

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

b	Non-income producing security.

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

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

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	79,451,080
Gross unrealized depreciation		(31,408,136	)

Net unrealized appreciation (depreciation)	$	48,042,944

Cost for federal income tax purposes	$	705,862,314

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Large Cap Value Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		68,533,877		68,533,877		—		—
Consumer Staples		79,605,797		79,605,797		—		—
Energy		98,120,074		98,120,074		—		—
Financials		158,543,849		158,543,849		—		—
Health Care		105,038,365		105,038,365		—		—
Industrials		78,024,524		78,024,524		—		—
Information Technology		67,671,537		67,671,537		—		—
Materials		21,121,864		21,121,864		—		—
Telecommunications Services		23,649,159		23,649,159		—		—
Utilities		32,346,308		32,346,308		—		—
Collateral Held for Securities Loaned		6,250,075		6,250,075		—		—
Short-Term Investments		14,999,829		—		14,999,829		—

Total	$	753,905,258	$	738,905,429	$	14,999,829	$	—

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Large Cap Value Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011- December 31, 2011
Thrivent Financial Securities Lending Trust	$	24,701,033	$	201,322,965	$	219,773,923		6,250,075	$	6,250,075	$	24,332
Total Value and Income Earned		24,701,033								6,250,075		24,332

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

227

Large Cap Stock Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (97.6%)	Value
	Consumer Discretionary (10.1%)
	57,950	Amazon.com, Inc.^a	$	10,031,145
	53,010	CBS Corporation		1,438,691
	293,400	Comcast Corporation		6,956,514
	91,430	Discovery Communications, Inc.^a		3,745,887
	68,670	Harley-Davidson, Inc.		2,669,203
	92,000	Home Depot, Inc.		3,867,680
	161,075	Las Vegas Sands Corporation^a		6,882,735
	139,920	Macy’s, Inc.		4,502,626
	27,700	McDonald’s Corporation		2,779,141
	274,980	News Corporation		4,999,136
	35,350	Omnicom Group, Inc.		1,575,903
	98,820	Target Corporation		5,061,560
	42,920	Time Warner Cable, Inc.		2,728,425

		Total Consumer Discretionary		57,238,646


	Consumer Staples (14.8%)
	353,190	Altria Group, Inc.		10,472,084
	116,638	Anheuser-Busch InBev NV ADR		7,113,752
	85,273	British American Tobacco plc ADR		8,090,702
	60,700	Campbell Soup Company^b,c		2,017,668
	64,025	Coca-Cola Company		4,479,829
	26,200	Colgate-Palmolive Company		2,420,618
	69,200	CVS Caremark Corporation		2,821,976
	69,950	Diageo plc ADR		6,115,029
	28,100	Dr. Pepper Snapple Group, Inc.		1,109,388
	58,800	General Mills, Inc.		2,376,108
	43,600	H.J. Heinz Company		2,356,144
	62,300	Hormel Foods Corporation		1,824,767
	34,500	Kimberly-Clark Corporation		2,537,820
	192,844	Kraft Foods, Inc.		7,204,652
	38,900	PepsiCo, Inc.		2,581,015
	38,201	Philip Morris International, Inc.		2,998,014
	39,100	Procter & Gamble Company		2,608,361
	248,320	Wal-Mart Stores, Inc.		14,839,603

		Total Consumer Staples		83,967,530


	Energy (11.3%)
	76,935	Apache Corporation		6,968,772
	122,096	Baker Hughes, Inc.		5,938,750
	78,370	Chevron Corporation		8,338,568
	113,990	ConocoPhillips		8,306,451
	248,017	ENSCO International plc ADR		11,636,958
	59,040	EOG Resources, Inc.		5,816,031
	28,620	Occidental Petroleum Corporation		2,681,694
	134,120	Peabody Energy Corporation		4,440,713
	666,810	Weatherford International, Ltd.^a		9,762,098

		Total Energy		63,890,035


	Financials (11.9%)
	90,080	ACE, Ltd.		6,316,410
	83,270	Aon Corporation		3,897,036
	86,500	Citigroup, Inc.^c		2,275,815
	10,000	CME Group, Inc.		2,436,700
	45,900	Genworth Financial, Inc.^a		300,645
	26,580	Goldman Sachs Group, Inc.		2,403,629
	346,564	J.P. Morgan Chase & Company		11,523,253
	252,540	KKR & Company, LP		3,240,088
	109,484	Principal Financial Group, Inc.		2,693,306
	105,330	Progressive Corporation		2,054,988
	99,890	State Street Corporation		4,026,566
	63,010	SVB Financial Group^a		3,004,947
	79,660	U.S. Bancorp		2,154,803
	241,460	Unum Group		5,087,562
	35,290	Vanguard REIT ETF		2,046,820
	496,560	Wells Fargo & Company		13,685,194

		Total Financials		67,147,762


	Health Care (14.1%)
	47,700	Abbott Laboratories		2,682,171
	136,329	Amgen, Inc.		8,753,685
	159,280	Baxter International, Inc.		7,881,174
	145,320	Bristol-Myers Squibb Company		5,121,077
	99,580	Covidien plc		4,482,096
	66,700	Eli Lilly and Company		2,772,052
	42,500	Forest Laboratories, Inc.^a		1,286,050
	70,660	Johnson & Johnson		4,633,883
	78,254	McKesson Corporation		6,096,769
	183,840	Merck & Company, Inc.		6,930,768
	332,098	Mylan, Inc.^a		7,126,823
	502,525	Pfizer, Inc.		10,874,641
	218,600	UnitedHealth Group, Inc.		11,078,648

		Total Health Care		79,719,837


	Industrials (9.6%)
	73,350	Boeing Company		5,380,222
	27,750	Caterpillar, Inc.		2,514,150
	120,600	CSX Corporation		2,539,836
	16,800	Fluor Corporation		844,200
	514,710	General Electric Company		9,218,456
	111,460	Honeywell International, Inc.		6,057,851
	65,880	Parker Hannifin Corporation		5,023,350
	30,300	Precision Castparts Corporation		4,993,137
	78,450	SPX Corporation		4,728,182
	107,190	Textron, Inc.		1,981,943
	49,074	Union Pacific Corporation		5,198,900
	60,450	United Technologies Corporation		4,418,290
	25,450	WESCO International, Inc.^a		1,349,105

		Total Industrials		54,247,622


	Information Technology (18.7%)
	121,073	Akamai Technologies, Inc.^a		3,908,236
	46,424	Apple, Inc.^a		18,801,720
	16,300	Baidu.com, Inc. ADR^a		1,898,461
	88,150	Broadcom Corporation^a		2,588,084
	318,690	Cisco Systems, Inc.		5,761,915
	83,032	Cognizant Technology Solutions Corporation^a		5,339,788
	123,600	eBay, Inc.^a		3,748,788
	226,800	EMC Corporation^a		4,885,272
	27,238	F5 Networks, Inc.^a		2,890,497
	16,521	Google, Inc.^a		10,670,914
	29,778	International Business Machines Corporation		5,475,579
	9,900	JDS Uniphase Corporation^a		103,356
	192,140	Microsoft Corporation		4,987,954
	57,300	NetApp, Inc.^a		2,078,271
	330,210	Oracle Corporation		8,469,887
	143,150	QUALCOMM, Inc.		7,830,305
	30,265	Salesforce.com, Inc.^a		3,070,687
	208,450	Texas Instruments, Inc.		6,067,979
	47,606	VMware, Inc.^a		3,960,343

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

228

Large Cap Stock Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (97.6%)	Value
	Information Technology (18.7%) - continued
	100,210	Xilinx, Inc.	$	3,212,733

		Total Information Technology		105,750,769


	Materials (2.1%)
	15,900	AK Steel Holding Corporation^b		131,334
	81,017	E.I. du Pont de Nemours and Company		3,708,958
	143,265	Freeport-McMoRan Copper & Gold, Inc.		5,270,720
	37,396	Sigma-Aldrich Corporation		2,335,754
	9,600	United States Steel Corporation^b		254,016

		Total Materials		11,700,782


	Telecommunications Services (1.4%)
	84,900	AT&T, Inc.		2,567,376
	138,034	Verizon Communications, Inc.		5,537,924

		Total Telecommunications Services		8,105,300


	Utilities (3.6%)
	42,500	Consolidated Edison, Inc.		2,636,275
	119,700	Duke Energy Corporation		2,633,400
	158,260	Exelon Corporation		6,863,736
	225,200	NiSource, Inc.^b		5,362,012
	57,800	Southern Company		2,675,562

		Total Utilities		20,170,985


		Total Common Stock (cost $545,312,699)		551,939,268


		Collateral Held for Securities Loaned (0.2%)
	1,256,975	Thrivent Financial Securities Lending Trust		1,256,975

		Total Collateral Held for Securities Loaned (cost $1,256,975)		1,256,975


Principal Amount		Short-Term Investments (0.1%)^d
		Federal National Mortgage Association Discount Notes
	500,000	0.102%, 2/22/2012^e,f		499,926

		Total Short-Term Investments (at amortized cost)		499,926

		Total Investments (cost $547,069,600) 97.9%	$	553,696,169

		Other Assets and Liabilities, Net 2.1%		12,153,418

		Total Net Assets 100.0%	$	565,849,587

a	Non-income producing security.

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

c	All or a portion of the security was earmarked to cover written options.

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

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

f	At December 31, 2011, $499,926 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	$	37,759,677
Gross unrealized depreciation		(33,321,137	)

Net unrealized appreciation (depreciation)	$	4,438,540

Cost for federal income tax purposes	$	549,257,629

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

229

Large Cap Stock Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Large Cap Stock Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		57,238,646		57,238,646		—		—
Consumer Staples		83,967,530		83,967,530		—		—
Energy		63,890,035		63,890,035		—		—
Financials		67,147,762		67,147,762		—		—
Health Care		79,719,837		79,719,837		—		—
Industrials		54,247,622		54,247,622		—		—
Information Technology		105,750,769		105,750,769		—		—
Materials		11,700,782		11,700,782		—		—
Telecommunications Services		8,105,300		8,105,300		—		—
Utilities		20,170,985		20,170,985		—		—
Collateral Held for Securities Loaned		1,256,975		1,256,975		—		—
Short-Term Investments		499,926		—		499,926		—

Total	$	553,696,169	$	553,196,243	$	499,926	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		40,802		40,802		—		—

Total Asset Derivatives	$	40,802	$	40,802	$	—	$	—

Liability Derivatives
Call Options Written		7,050		7,050		—		—

Total Liability Derivatives	$	7,050	$	7,050	$	—	$	—


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value			Unrealized Gain/(Loss)
S&P 500 Index Futures		7		March 2012	$	2,151,248	$	2,192,050		$	40,802
Total Futures Contracts										$	40,802

Call Options Written	Number of Contracts		Exercise Price		Expiration Date		Value			Unrealized Gain/(Loss)
S&P 500 Mini-Futures Call Option		10	$	1,265.00		January 2012	($	8,800	)	($	2,700	)
S&P 500 Mini-Futures Call Option		20		1,270.00		January 2012		(15,300	)		(4,350	)
Total Call Options Written							($	24,100	)	($	7,050	)

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

230

Large Cap Stock Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Large Cap Stock Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	40,802
Total Equity Contracts			40,802

Total Asset Derivatives		$	40,802

Liability Derivatives
Equity Contracts
Options Written	Net Assets - Net unrealized appreciation/(depreciation) on Written option contracts		7,050
Total Equity Contracts			7,050

Total Liability Derivatives		$	7,050

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Large Cap Stock Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Options Written	Net realized gains/(losses) on Written option contracts		34,439
Futures	Net realized gains/(losses) on Futures contracts		2,164,456
Total Equity Contracts			2,198,895

Total		$	2,198,895

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Large Cap Stock Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Options Written	Change in net unrealized appreciation/(depreciation) on Written option contracts		(15,675	)
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(655,273	)
Total Equity Contracts			(670,948	)

Total		($	670,948	)

The following table presents Large Cap Stock Portfolio's average volume of derivative activity during the period ended December 31, 2011.


Derivative Risk Category	Futures *(Notional)**		Futures (Percentage of Average Net Assets)			Options (Contracts)
Equity Contracts	$	15,609,331		2.6	%		49

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

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

231

Large Cap Stock Portfolio

Schedule of Investments as of December 31, 2011

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Large Cap Stock Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	18,613,928	$	72,475,367	$	89,832,320		1,256,975	$	1,256,975	$	30,503
Total Value and Income Earned		18,613,928								1,256,975		30,503

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

232

Large Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.1%)	Value
	Consumer Discretionary (10.6%)
	2,200	Abercrombie & Fitch Company	$	107,448
	9,100	Amazon.com, Inc.^a		1,575,210
	2,900	Apollo Group, Inc.^a		156,223
	1,200	AutoNation, Inc.^a		44,244
	800	AutoZone, Inc.^a		259,976
	6,000	Bed Bath & Beyond, Inc.^a		347,820
	7,325	Best Buy Company, Inc.		171,185
	1,700	Big Lots, Inc.^a		64,192
	2,800	BorgWarner, Inc.^a		178,472
	5,500	Cablevision Systems Corporation		78,210
	5,600	CarMax, Inc.^a		170,688
	11,300	Carnival Corporation		368,832
	16,472	CBS Corporation		447,050
	800	Chipotle Mexican Grill, Inc.^a		270,192
	7,300	Coach, Inc.		445,592
	68,315	Comcast Corporation		1,619,749
	7,000	D.R. Horton, Inc.		88,270
	3,350	Darden Restaurants, Inc.		152,693
	1,600	DeVry, Inc.		61,536
	17,700	DIRECTV^a		756,852
	6,700	Discovery Communications, Inc.^a		274,499
	3,000	Dollar Tree, Inc.^a		249,330
	2,350	Expedia, Inc.		68,197
	2,900	Family Dollar Stores, Inc.		167,214
	95,311	Ford Motor Company^a		1,025,546
	6,000	Gannett Company, Inc.		80,220
	8,662	Gap, Inc.		160,680
	4,000	Genuine Parts Company		244,800
	6,200	Goodyear Tire & Rubber Company^a		87,854
	7,300	H&R Block, Inc.		119,209
	5,900	Harley-Davidson, Inc.		229,333
	1,800	Harman International Industries, Inc.		68,472
	2,850	Hasbro, Inc.		90,886
	38,600	Home Depot, Inc.		1,622,744
	7,500	International Game Technology		129,000
	11,667	Interpublic Group of Companies, Inc.		113,520
	3,500	J.C. Penney Company, Inc.		123,025
	17,000	Johnson Controls, Inc.		531,420
	6,300	Kohl’s Corporation		310,905
	3,500	Leggett & Platt, Inc.		80,640
	4,000	Lennar Corporation		78,600
	6,204	Limited Brands, Inc.		250,331
	31,400	Lowe’s Companies, Inc.		796,932
	10,468	Macy’s, Inc.		336,860
	6,806	Marriott International, Inc.		198,531
	8,550	Mattel, Inc.		237,348
	25,600	McDonald’s Corporation		2,568,448
	7,300	McGraw-Hill Companies, Inc.		328,281
	1,300	Netflix, Inc.^a		90,077
	7,173	Newell Rubbermaid, Inc.		115,844
	55,000	News Corporation		981,200
	9,300	NIKE, Inc.		896,241
	4,100	Nordstrom, Inc.		203,811
	7,000	Omnicom Group, Inc.		312,060
	3,300	O’Reilly Automotive, Inc.^a		263,835
	1,200	Priceline.com, Inc.^a		561,252
	8,392	Pulte Group, Inc.^a		52,954
	1,700	Ralph Lauren Corporation		234,736
	5,900	Ross Stores, Inc.		280,427
	2,500	Scripps Networks Interactive		106,050
	1,032	Sears Holdings Corporation^a,b		32,797
	2,200	Sherwin-Williams Company		196,394
	1,500	Snap-On, Inc.		75,930
	17,475	Staples, Inc.		242,728
	18,700	Starbucks Corporation		860,387
	4,900	Starwood Hotels & Resorts Worldwide, Inc.		235,053
	16,800	Target Corporation		860,496
	3,200	Tiffany & Company		212,032
	7,958	Time Warner Cable, Inc.		505,890
	25,050	Time Warner, Inc.		905,307
	9,400	TJX Companies, Inc.		606,770
	2,350	TripAdvisor, Inc.^a		59,243
	2,800	Urban Outfitters, Inc.^a		77,168
	2,200	VF Corporation		279,378
	13,772	Viacom, Inc.		625,387
	45,047	Walt Disney Company		1,689,262
	170	Washington Post Company		64,058
	1,857	Whirlpool Corporation		88,115
	3,872	Wyndham Worldwide Corporation		146,478
	2,000	Wynn Resorts, Ltd.		220,980
	11,480	Yum! Brands, Inc.		677,435

		Total Consumer Discretionary		30,697,034


	Consumer Staples (11.3%)
	51,600	Altria Group, Inc.		1,529,940
	16,668	Archer-Daniels-Midland Company		476,705
	10,800	Avon Products, Inc.		188,676
	4,000	Beam, Inc.		204,920
	2,625	Brown-Forman Corporation		211,339
	4,600	Campbell Soup Company		152,904
	3,300	Clorox Company		219,648
	57,000	Coca-Cola Company		3,988,290
	7,900	Coca-Cola Enterprises, Inc.		203,662
	12,100	Colgate-Palmolive Company		1,117,919
	10,500	ConAgra Foods, Inc.		277,200
	4,400	Constellation Brands, Inc.^a		90,948
	10,800	Costco Wholesale Corporation		899,856
	32,644	CVS Caremark Corporation		1,331,222
	4,600	Dean Foods Company^a		51,520
	5,300	Dr. Pepper Snapple Group, Inc.		209,244
	2,900	Estee Lauder Companies, Inc.		325,728
	16,100	General Mills, Inc.		650,601
	8,000	H.J. Heinz Company		432,320
	3,900	Hershey Company		240,942
	3,500	Hormel Foods Corporation		102,515
	2,951	J.M. Smucker Company		230,680
	6,200	Kellogg Company		313,534
	9,892	Kimberly-Clark Corporation		727,655
	44,252	Kraft Foods, Inc.		1,653,255
	14,900	Kroger Company		360,878
	3,300	Lorillard, Inc.		376,200
	3,400	McCormick & Company, Inc.		171,428
	5,028	Mead Johnson Nutrition Company		345,574
	4,000	Molson Coors Brewing Company		174,160
	39,230	PepsiCo, Inc.		2,602,910
	43,600	Philip Morris International, Inc.		3,421,728
	69,038	Procter & Gamble Company		4,605,525
	8,500	Reynolds American, Inc.		352,070

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

233

Large Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.1%)	Value
	Consumer Staples (11.3%) - continued
	8,500	Safeway, Inc.	$	178,840
	14,900	Sara Lee Corporation		281,908
	5,281	SUPERVALU, Inc.^b		42,882
	14,800	Sysco Corporation^b		434,084
	7,400	Tyson Foods, Inc.		152,736
	22,300	Walgreen Company		737,238
	43,800	Wal-Mart Stores, Inc.		2,617,488
	4,100	Whole Foods Market, Inc.		285,278

		Total Consumer Staples		32,972,150


	Energy (12.0%)
	5,569	Alpha Natural Resources, Inc.^a		113,775
	12,472	Anadarko Petroleum Corporation		951,988
	9,620	Apache Corporation		871,380
	10,883	Baker Hughes, Inc.		529,349
	2,700	Cabot Oil & Gas Corporation		204,930
	6,200	Cameron International Corporation^a		304,978
	16,500	Chesapeake Energy Corporation		367,785
	49,896	Chevron Corporation		5,308,934
	33,249	ConocoPhillips		2,422,855
	5,700	Consol Energy, Inc.		209,190
	10,000	Denbury Resources, Inc.^a		151,000
	10,100	Devon Energy Corporation		626,200
	1,800	Diamond Offshore Drilling, Inc.		99,468
	19,318	El Paso Corporation		513,279
	6,700	EOG Resources, Inc.		660,017
	3,800	EQT Corporation		208,202
	120,290	Exxon Mobil Corporation		10,195,780
	6,000	FMC Technologies, Inc.^a		313,380
	23,000	Halliburton Company		793,730
	2,700	Helmerich & Payne, Inc.		157,572
	7,500	Hess Corporation		426,000
	17,568	Marathon Oil Corporation		514,215
	8,884	Marathon Petroleum Corporation		295,748
	4,900	Murphy Oil Corporation		273,126
	7,300	Nabors Industries, Ltd.^a		126,582
	10,600	National Oilwell Varco, Inc.		720,694
	3,400	Newfield Exploration Company^a		128,282
	6,400	Noble Corporation^a		193,408
	4,400	Noble Energy, Inc.		415,316
	20,300	Occidental Petroleum Corporation		1,902,110
	6,800	Peabody Energy Corporation		225,148
	3,100	Pioneer Natural Resources Company		277,388
	4,500	QEP Resources, Inc.		131,850
	4,000	Range Resources Corporation		247,760
	3,200	Rowan Companies, Inc.^a		97,056
	33,594	Schlumberger, Ltd.		2,294,806
	8,700	Southwestern Energy Company^a		277,878
	16,404	Spectra Energy Corporation		504,423
	2,700	Sunoco, Inc.		110,754
	3,600	Tesoro Corporation^a		84,096
	14,100	Valero Energy Corporation		296,805
	14,700	Williams Companies, Inc.		485,394

		Total Energy		35,032,631


	Financials (13.2%)
	8,500	ACE, Ltd.		596,020
	11,800	Aflac, Inc.		510,468
	12,782	Allstate Corporation		350,355
	25,300	American Express Company		1,193,401
	10,867	American International Group, Inc.^a		252,114
	5,700	Ameriprise Financial, Inc.		282,948
	8,125	Aon Corporation		380,250
	2,936	Apartment Investment & Management Company		67,264
	2,400	Assurant, Inc.		98,544
	2,401	AvalonBay Communities, Inc.		313,571
	254,410	Bank of America Corporation		1,414,520
	30,352	Bank of New York Mellon Corporation		604,308
	17,400	BB&T Corporation		437,958
	44,069	Berkshire Hathaway, Inc.^a		3,362,465
	2,600	BlackRock, Inc.		463,424
	3,800	Boston Properties, Inc.		378,480
	11,473	Capital One Financial Corporation		485,193
	8,200	CBRE Group, Inc.^a		124,804
	27,125	Charles Schwab Corporation		305,427
	7,000	Chubb Corporation		484,540
	4,138	Cincinnati Financial Corporation^b		126,043
	73,293	Citigroup, Inc.		1,928,339
	1,700	CME Group, Inc.		414,239
	5,050	Comerica, Inc.		130,290
	13,725	Discover Financial Services		329,400
	6,410	E*TRADE Financial Corporation^a		51,024
	7,500	Equity Residential		427,725
	2,400	Federated Investors, Inc.^b		36,360
	22,994	Fifth Third Bancorp		292,484
	6,581	First Horizon National Corporation		52,648
	3,700	Franklin Resources, Inc.		355,422
	12,400	Genworth Financial, Inc.^a		81,220
	12,300	Goldman Sachs Group, Inc.		1,112,289
	11,200	Hartford Financial Services Group, Inc.		182,000
	10,300	HCP, Inc.		426,729
	4,800	Health Care REIT, Inc.		261,744
	17,641	Host Hotels & Resorts, Inc.		260,558
	13,200	Hudson City Bancorp, Inc.		82,500
	21,771	Huntington Bancshares, Inc.		119,523
	1,900	IntercontinentalExchange, Inc.^a		229,045
	11,400	Invesco, Ltd.		229,026
	95,348	J.P. Morgan Chase & Company		3,170,321
	24,000	KeyCorp		184,560
	10,300	Kimco Realty Corporation		167,272
	3,200	Legg Mason, Inc.		76,960
	5,000	Leucadia National Corporation		113,700
	7,594	Lincoln National Corporation		147,475
	7,700	Loews Corporation		289,905
	3,200	M&T Bank Corporation		244,288
	13,600	Marsh & McLennan Companies, Inc.		430,032
	26,532	MetLife, Inc.		827,268
	5,000	Moody’s Corporation		168,400
	37,250	Morgan Stanley		563,592
	3,300	NASDAQ OMX Group, Inc.^a		80,883
	6,100	Northern Trust Corporation		241,926
	6,600	NYSE Euronext		172,260
	9,100	People’s United Financial, Inc.		116,935
	4,000	Plum Creek Timber Company, Inc.		146,240

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

234

Large Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.1%)	Value
	Financials (13.2%) - continued
	13,114	PNC Financial Services Group, Inc.	$	756,284
	7,700	Principal Financial Group, Inc.		189,420
	15,500	Progressive Corporation		302,405
	11,496	Prologis, Inc.		328,671
	11,800	Prudential Financial, Inc.		591,416
	3,600	Public Storage, Inc.		484,056
	31,577	Regions Financial Corporation		135,781
	7,344	Simon Property Group, Inc.		946,935
	12,700	SLM Corporation		170,180
	12,300	State Street Corporation		495,813
	13,400	SunTrust Banks, Inc.		237,180
	6,368	T. Rowe Price Group, Inc.		362,658
	2,600	Torchmark Corporation		112,814
	10,381	Travelers Companies, Inc.		614,244
	47,885	U.S. Bancorp		1,295,289
	7,424	Unum Group		156,424
	7,300	Ventas, Inc.		402,449
	4,597	Vornado Realty Trust		353,325
	132,340	Wells Fargo & Company		3,647,290
	13,382	Weyerhaeuser Company REIT		249,842
	8,100	XL Group plc		160,137
	4,700	Zions Bancorporation		76,516

		Total Financials		38,445,808


	Health Care (11.5%)
	39,100	Abbott Laboratories		2,198,593
	9,096	Aetna, Inc.		383,760
	7,600	Allergan, Inc.		666,824
	6,500	AmerisourceBergen Corporation		241,735
	19,840	Amgen, Inc.		1,273,926
	14,100	Baxter International, Inc.		697,668
	5,400	Becton, Dickinson and Company		403,488
	6,000	Biogen Idec, Inc.^a		660,300
	37,250	Boston Scientific Corporation^a		198,915
	42,498	Bristol-Myers Squibb Company		1,497,630
	2,200	C.R. Bard, Inc.		188,100
	8,675	Cardinal Health, Inc.		352,292
	5,687	CareFusion Corporation^a		144,507
	11,200	Celgene Corporation^a		757,120
	3,700	Cerner Corporation^a		226,625
	7,200	CIGNA Corporation		302,400
	3,700	Coventry Health Care, Inc.^a		112,369
	12,100	Covidien plc		544,621
	2,400	DaVita, Inc.^a		181,944
	3,600	DENTSPLY International, Inc.		125,964
	2,900	Edwards Lifesciences Corporation^a		205,030
	25,500	Eli Lilly and Company		1,059,780
	12,200	Express Scripts, Inc.^a		545,218
	6,800	Forest Laboratories, Inc.^a		205,768
	18,800	Gilead Sciences, Inc.^a		769,484
	4,080	Hospira, Inc.^a		123,910
	4,200	Humana, Inc.		367,962
	900	Intuitive Surgical, Inc.^a		416,709
	68,540	Johnson & Johnson		4,494,853
	2,500	Laboratory Corporation of America Holdings^a		214,925
	4,543	Life Technologies Corporation^a		176,768
	6,142	McKesson Corporation		478,523
	9,686	Medco Health Solutions, Inc.^a		541,447
	26,400	Medtronic, Inc.		1,009,800
	76,483	Merck & Company, Inc.		2,883,409
	10,700	Mylan, Inc.^a		229,622
	2,300	Patterson Companies, Inc.		67,896
	2,900	PerkinElmer, Inc.		58,000
	2,400	Perrigo Company		233,520
	192,860	Pfizer, Inc.		4,173,491
	4,000	Quest Diagnostics, Inc.		232,240
	8,084	St. Jude Medical, Inc.		277,281
	8,200	Stryker Corporation		407,622
	11,000	Tenet Healthcare Corporation^a		56,430
	9,400	Thermo Fisher Scientific, Inc.^a		422,718
	26,700	UnitedHealth Group, Inc.		1,353,156
	2,900	Varian Medical Systems, Inc.^a		194,677
	2,300	Waters Corporation^a		170,315
	3,200	Watson Pharmaceuticals, Inc.^a		193,088
	8,700	WellPoint, Inc.		576,375
	4,550	Zimmer Holdings, Inc.^a		243,061

		Total Health Care		33,541,859


	Industrials (10.5%)
	17,500	3M Company		1,430,275
	2,600	Avery Dennison Corporation		74,568
	18,560	Boeing Company		1,361,376
	4,200	C.H. Robinson Worldwide, Inc.		293,076
	16,200	Caterpillar, Inc.		1,467,720
	2,800	Cintas Corporation		97,468
	4,000	Cooper Industries plc		216,600
	26,300	CSX Corporation		553,878
	4,800	Cummins, Inc.		422,496
	14,300	Danaher Corporation		672,672
	10,300	Deere & Company		796,705
	4,700	Dover Corporation		272,835
	1,200	Dun & Bradstreet Corporation		89,796
	8,400	Eaton Corporation		365,652
	18,400	Emerson Electric Company		857,256
	3,100	Equifax, Inc.		120,094
	5,400	Expeditors International of Washington, Inc.		221,184
	7,500	Fastenal Company^b		327,075
	7,960	FedEx Corporation		664,740
	1,500	First Solar, Inc.^a,b		50,640
	1,400	Flowserve Corporation		139,048
	4,300	Fluor Corporation		216,075
	8,900	General Dynamics Corporation		591,049
	265,000	General Electric Company		4,746,150
	3,100	Goodrich Corporation		383,470
	19,375	Honeywell International, Inc.		1,053,031
	12,100	Illinois Tool Works, Inc.		565,191
	7,800	Ingersoll-Rand plc		237,666
	4,700	Iron Mountain, Inc.		144,760
	3,300	Jacobs Engineering Group, Inc.^a		133,914
	2,700	Joy Global, Inc.		202,419
	2,600	L-3 Communications Holdings, Inc.		173,368
	6,600	Lockheed Martin Corporation		533,940
	9,000	Masco Corporation		94,320
	8,500	Norfolk Southern Corporation		619,310
	6,598	Northrop Grumman Corporation		385,851
	9,037	PACCAR, Inc.		338,616
	2,900	Pall Corporation		165,735
	3,875	Parker Hannifin Corporation		295,469
	5,000	Pitney Bowes, Inc.^b		92,700
	3,600	Precision Castparts Corporation		593,244
	5,300	Quanta Services, Inc.^a		114,162

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

235

Large Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.1%)	Value
	Industrials (10.5%) - continued
	4,800	R.R. Donnelley & Sons Company	$	69,264
	8,600	Raytheon Company		416,068
	7,920	Republic Services, Inc.		218,196
	3,600	Robert Half International, Inc.		102,456
	3,600	Rockwell Automation, Inc.		264,132
	3,800	Rockwell Collins, Inc.		210,406
	2,500	Roper Industries, Inc.		217,175
	1,300	Ryder System, Inc.		69,082
	19,500	Southwest Airlines Company		166,920
	4,300	Stanley Black & Decker, Inc.		290,680
	2,200	Stericycle, Inc.^a		171,424
	6,900	Textron, Inc.		127,581
	11,500	Tyco International, Ltd.		537,165
	12,100	Union Pacific Corporation		1,281,874
	24,200	United Parcel Service, Inc.		1,771,198
	22,700	United Technologies Corporation		1,659,143
	1,600	W.W. Grainger, Inc.		299,504
	11,499	Waste Management, Inc.		376,132
	4,700	Xylem, Inc.		120,743

		Total Industrials		30,544,737


	Information Technology (18.7%)
	16,000	Accenture plc		851,680
	12,400	Adobe Systems, Inc.^a		350,548
	14,700	Advanced Micro Devices, Inc.^a		79,380
	8,715	Agilent Technologies, Inc.^a		304,415
	4,600	Akamai Technologies, Inc.^a		148,488
	8,100	Altera Corporation		300,510
	4,200	Amphenol Corporation		190,638
	7,500	Analog Devices, Inc.		268,350
	23,300	Apple, Inc.^a		9,436,500
	32,800	Applied Materials, Inc.		351,288
	5,700	Autodesk, Inc.^a		172,881
	12,300	Automatic Data Processing, Inc.		664,323
	4,300	BMC Software, Inc.^a		140,954
	12,200	Broadcom Corporation^a		358,192
	9,312	CA, Inc.		188,242
	134,900	Cisco Systems, Inc.		2,438,992
	4,700	Citrix Systems, Inc.^a		285,384
	7,600	Cognizant Technology Solutions Corporation^a		488,756
	3,900	Computer Sciences Corporation		92,430
	39,400	Corning, Inc.		511,412
	38,300	Dell, Inc.^a		560,329
	28,800	eBay, Inc.^a		873,504
	8,400	Electronic Arts, Inc.^a		173,040
	51,186	EMC Corporation^a		1,102,546
	1,900	F5 Networks, Inc.^a		201,628
	6,100	Fidelity National Information Services, Inc.		162,199
	3,600	Fiserv, Inc.^a		211,464
	4,000	FLIR Systems, Inc.		100,280
	3,400	GameStop Corporation^a		82,042
	6,300	Google, Inc.^a		4,069,170
	3,000	Harris Corporation^b		108,120
	49,786	Hewlett-Packard Company		1,282,487
	127,800	Intel Corporation		3,099,150
	29,500	International Business Machines Corporation		5,424,460
	7,500	Intuit, Inc.		394,425
	4,600	Jabil Circuit, Inc.		90,436
	5,762	JDS Uniphase Corporation^a		60,155
	13,200	Juniper Networks, Inc.^a		269,412
	4,200	KLA-Tencor Corporation		202,650
	1,900	Lexmark International, Inc.		62,833
	5,800	Linear Technology Corporation		174,174
	14,200	LSI Corporation^a		84,490
	2,600	MasterCard, Inc.		969,332
	4,800	Microchip Technology, Inc.^b		175,824
	24,800	Micron Technology, Inc.^a		155,992
	187,900	Microsoft Corporation		4,877,884
	3,500	Molex, Inc.^b		83,510
	6,561	Motorola Mobility Holdings, Inc.^a		254,567
	7,255	Motorola Solutions, Inc.		335,834
	9,000	NetApp, Inc.^a		326,430
	1,700	Novellus Systems, Inc.^a		70,193
	15,250	NVIDIA Corporation^a		211,365
	98,737	Oracle Corporation		2,532,604
	8,100	Paychex, Inc.		243,891
	42,100	QUALCOMM, Inc.		2,302,870
	4,900	Red Hat, Inc.^a		202,321
	7,000	SAIC, Inc.^a		86,030
	3,400	Salesforce.com, Inc.^a		344,964
	6,000	SanDisk Corporation^a		295,260
	18,524	Symantec Corporation^a		289,901
	10,700	TE Connectivity, Ltd.		329,667
	4,300	Teradata Corporation^a		208,593
	4,700	Teradyne, Inc.^a		64,061
	28,600	Texas Instruments, Inc.		832,546
	4,100	Total System Services, Inc.		80,196
	4,000	VeriSign, Inc.		142,880
	12,700	Visa, Inc.		1,289,431
	5,800	Western Digital Corporation^a		179,510
	15,580	Western Union Company		284,491
	34,885	Xerox Corporation		277,685
	6,600	Xilinx, Inc.		211,596
	31,100	Yahoo!, Inc.^a		501,643

		Total Information Technology		54,573,428


	Materials (3.4%)
	5,300	Air Products and Chemicals, Inc.		451,507
	1,800	Airgas, Inc.		140,544
	26,764	Alcoa, Inc.		231,509
	2,769	Allegheny Technologies, Inc.		132,358
	4,100	Ball Corporation		146,411
	2,500	Bemis Company, Inc.		75,200
	1,600	CF Industries Holdings, Inc.		231,968
	3,600	Cliffs Natural Resources, Inc.		224,460
	29,593	Dow Chemical Company		851,095
	23,111	E.I. du Pont de Nemours and Company		1,058,021
	3,500	Eastman Chemical Company		136,710
	7,500	Ecolab, Inc.		433,575
	1,800	FMC Corporation		154,872
	23,792	Freeport-McMoRan Copper & Gold, Inc.		875,308
	2,100	International Flavors & Fragrances, Inc.		110,082
	10,971	International Paper Company		324,742
	4,381	MeadWestvaco Corporation		131,211
	13,378	Monsanto Company		937,396
	7,400	Mosaic Company		373,182
	12,348	Newmont Mining Corporation		741,003
	7,900	Nucor Corporation		312,603

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

236

Large Cap Index Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (98.1%)	Value
	Materials (3.4%) - continued
	4,100	Owens-Illinois, Inc.^a	$	79,458
	3,900	PPG Industries, Inc.		325,611
	7,500	Praxair, Inc.		801,750
	4,952	Sealed Air Corporation		85,224
	3,100	Sigma-Aldrich Corporation		193,626
	2,100	Titanium Metals Corporation		31,458
	3,600	United States Steel Corporation^b		95,256
	3,200	Vulcan Materials Company^b		125,920

		Total Materials		9,812,060


	Telecommunications Services (3.1%)
	9,800	American Tower Corporation		588,098
	148,739	AT&T, Inc.		4,497,867
	15,425	CenturyLink, Inc.		573,810
	25,078	Frontier Communications Corporation^b		129,152
	7,400	MetroPCS Communications, Inc.^a		64,232
	75,120	Sprint Nextel Corporation^a		175,781
	70,996	Verizon Communications, Inc.		2,848,360
	14,707	Windstream Corporation		172,660

		Total Telecommunications Services		9,049,960


	Utilities (3.8%)
	16,200	AES Corporation^a		191,808
	3,005	AGL Resources, Inc.		126,991
	6,100	Ameren Corporation		202,093
	12,160	American Electric Power Company, Inc.		502,330
	10,773	CenterPoint Energy, Inc.		216,430
	6,400	CMS Energy Corporation		141,312
	7,400	Consolidated Edison, Inc.		459,022
	5,100	Constellation Energy Group, Inc.		202,317
	14,294	Dominion Resources, Inc.		758,726
	4,300	DTE Energy Company		234,135
	33,408	Duke Energy Corporation		734,976
	8,200	Edison International, Inc.		339,480
	4,400	Entergy Corporation		321,420
	16,624	Exelon Corporation		720,983
	10,434	FirstEnergy Corporation		462,226
	2,015	Integrys Energy Group, Inc.		109,173
	10,600	NextEra Energy, Inc.		645,328
	7,109	NiSource, Inc.		169,265
	4,500	Northeast Utilities		162,315
	5,800	NRG Energy, Inc.^a		105,096
	2,600	ONEOK, Inc.		225,394
	5,700	Pepco Holdings, Inc.		115,710
	10,100	PG&E Corporation		416,322
	2,800	Pinnacle West Capital Corporation		134,904
	14,500	PPL Corporation		426,590
	7,420	Progress Energy, Inc.		415,668
	12,700	Public Service Enterprise Group, Inc.		419,227
	2,900	SCANA Corporation		130,674
	6,075	Sempra Energy		334,125
	21,600	Southern Company		999,864
	5,500	TECO Energy, Inc.		105,270
	5,900	Wisconsin Energy Corporation		206,264
	12,205	Xcel Energy, Inc.		337,346

		Total Utilities		11,072,784


		Total Common Stock (cost $251,214,798)		285,742,451


		Collateral Held for Securities Loaned (0.4%)
	1,237,026	Thrivent Financial Securities Lending Trust		1,237,026

		Total Collateral Held for Securities Loaned (cost $1,237,026)		1,237,026


Principal Amount		Short-Term Investments (0.2%)^c
	600,000	Federal National Mortgage Association Discount Notes 0.105%, 2/22/2012^d,e		599,911

		Total Short-Term Investments (at amortized cost)		599,911

		Total Investments (cost $253,051,735) 98.7%	$	287,579,388

		Other Assets and Liabilities, Net 1.3%		3,705,913

		Total Net Assets 100.0%	$	291,285,301

a	Non-income producing security.

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

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

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

e	At December 31, 2011, $599,911 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Definitions:

REIT -

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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	59,356,104
Gross unrealized depreciation		(45,087,831	)

Net unrealized appreciation (depreciation)	$	14,268,273

Cost for federal income tax purposes	$	273,311,115

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

237

Large Cap Index Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Large Cap Index Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		30,697,034		30,697,034		—		—
Consumer Staples		32,972,150		32,972,150		—		—
Energy		35,032,631		35,032,631		—		—
Financials		38,445,808		38,445,808		—		—
Health Care		33,541,859		33,541,859		—		—
Industrials		30,544,737		30,544,737		—		—
Information Technology		54,573,428		54,573,428		—		—
Materials		9,812,060		9,812,060		—		—
Telecommunications Services		9,049,960		9,049,960		—		—
Utilities		11,072,784		11,072,784		—		—
Collateral Held for Securities Loaned		1,237,026		1,237,026		—		—
Short-Term Investments		599,911		—		599,911		—

Total	$	287,579,388	$	286,979,477	$	599,911		$—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		181,289		181,289		—		—

Total Asset Derivatives		$181,289		$181,289		$—		$—


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
S&P 500 Index Futures		17		March 2012	$	5,142,261	$	5,323,550	$	181,289
Total Futures Contracts									$	181,289

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Large Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		181,289
Total Equity Contracts			181,289

Total Asset Derivatives		$	181,289

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Large Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		(413,657	)
Total Equity Contracts			(413,657	)

Total			($413,657	)

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

238

Large Cap Index Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Large Cap Index Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		95,140
Total Equity Contracts			95,140

Total			$95,140

The following table presents Large Cap Index Portfolio’s average volume of derivative activity during the period ended December 31, 2011.


Derivative Risk Category	Futures (Notional*)		Futures (Percentage of Average Net Assets)
Equity Contracts	$	4,935,887		1.6	%

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

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Large Cap Index Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	1,725,760	$	34,453,181	$	34,941,915		1,237,026	$	1,237,026	$	26,260
Total Value and Income Earned		1,725,760								1,237,026		26,260

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

239

Equity Income Plus Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (81.7%)	Value
	Consumer Discretionary (6.6%)
	14,500	Arbitron, Inc.	$	498,945
	10,500	Best Buy Company, Inc.^a		245,385
	3,800	Carnival plc ADR		125,134
	16,300	CEC Entertainment, Inc.^a		561,535
	10,100	Coach, Inc.		616,504
	37,300	Comcast Corporation		884,383
	7,500	Home Depot, Inc.		315,300
	9,100	Polaris Industries, Inc.		509,418
	7,000	Six Flags Entertainment Corporation		288,680
	600	Starwood Hotels & Resorts Worldwide, Inc.		28,782
	5,500	Strayer Education, Inc.		534,545
	4,900	Tim Hortons, Inc.		237,258
	4,000	Toyota Motor Corporation ADR		264,520
	12,000	Yum! Brands, Inc.		708,120

		Total Consumer Discretionary		5,818,509


	Consumer Staples (8.1%)
	4,000	Anheuser-Busch InBev NV ADR		243,960
	11,500	Coca-Cola Company		804,655
	5,400	Colgate-Palmolive Company		498,906
	8,100	Companhia de Bebidas das Americas ADR		292,329
	21,100	CVS Caremark Corporation		860,458
	15,800	Dr. Pepper Snapple Group, Inc.		623,784
	9,600	Herbalife, Ltd.		496,032
	8,200	Mead Johnson Nutrition Company		563,586
	18,200	Philip Morris International, Inc.		1,428,336
	8,100	Unilever plc ADR		271,512
	18,400	Wal-Mart Stores, Inc.		1,099,584

		Total Consumer Staples		7,183,142


	Energy (13.1%)
	4,900	BP plc ADR		209,426
	5,200	Cenovus Energy, Inc.		172,640
	22,700	Chevron Corporation^a		2,415,280
	700	CNOOC, Ltd. ADR		122,276
	4,600	Core Laboratories NV		524,170
	9,300	Diamond Offshore Drilling, Inc.		513,918
	7,200	Enbridge, Inc.		269,352
	33,400	Exxon Mobil Corporation^a		2,830,984
	9,800	Helmerich & Payne, Inc.		571,928
	23,000	Marathon Oil Corporation		673,210
	9,800	National Oilwell Varco, Inc.^a		666,302
	5,900	Penn West Petroleum, Ltd.		116,820
	2,300	PetroChina Company, Ltd. ADR		285,913
	10,800	Petroleo Brasileiro SA PREF ADR		253,692
	3,400	Royal Dutch Shell plc ADR, Class A		248,506
	4,600	Royal Dutch Shell plc ADR, Class B		349,646
	4,700	Suncor Energy, Inc. ADR		135,501
	4,400	Total SA ADR		224,884
	26,900	Valero Energy Corporation		566,245
	17,300	W&T Offshore, Inc.		366,933

		Total Energy		11,517,626


	Financials (18.9%)
	26,500	Aegon NV ADR^b		106,530
	14,700	Aflac, Inc.^a		635,922
	700	Agree Realty Corporation		17,066
	400	Alexandria Real Estate Equities, Inc.		27,588
	1,400	American Campus Communities, Inc.		58,744
	1,000	Ashford Hospitality Trust, Inc.		8,000
	1,600	AvalonBay Communities, Inc.		208,960
	10,400	Aviva plc ADR		96,200
	1,900	BioMed Realty Trust, Inc.		34,352
	2,000	Boston Properties, Inc.		199,200
	1,300	Brandywine Realty Trust		12,350
	800	BRE Properties, Inc.		40,384
	1,500	Brookfield Office Properties, Inc.		23,460
	1,000	Camden Property Trust		62,240
	11,300	Cash America International, Inc.		526,919
	1,000	CBL & Associates Properties, Inc.		15,700
	20,300	CBOE Holdings, Inc.^a		524,958
	4,300	China Life Insurance Company, Ltd. ADR		158,971
	300	Corporate Office Properties Trust		6,378
	4,900	Credit Suisse Group ADR		115,052
	400	CubeSmart		4,256
	2,200	DCT Industrial Trust, Inc.		11,264
	800	DDR Corporation		9,736
	2,000	DiamondRock Hospitality Company		19,280
	1,200	Digital Realty Trust, Inc.		80,004
	700	Duke Realty Corporation		8,435
	700	DuPont Fabros Technology, Inc.		16,954
	100	EastGroup Properties, Inc.		4,348
	1,400	Education Realty Trust, Inc.		14,322
	200	Entertainment Properties Trust		8,742
	1,500	Equity One, Inc.		25,470
	3,200	Equity Residential		182,496
	600	Essex Property Trust, Inc.		84,306
	1,500	Federal Realty Investment Trust		136,125
	700	First Industrial Realty Trust, Inc.^b		7,161
	700	Forest City Enterprises, Inc.^b		8,274
	2,700	Franklin Street Properties Corporation		26,865
	1,000	Getty Realty Corporation		13,950
	1,000	Glimcher Realty Trust		9,200
	1,500	Government Properties Income Trust		33,825
	2,900	HCP, Inc.		120,147
	400	Health Care REIT, Inc.		21,812
	1,100	Highwoods Properties, Inc.		32,637
	400	Hospitality Properties Trust		9,192
	7,800	Host Hotels & Resorts, Inc.		115,206
	5,600	HSBC Holdings plc ADR		213,360
	17,800	ING Groep NV ADR^b		127,626
	1,800	iShares Dow Jones Select Dividend Index Fund ETF		96,750
	18,750	iShares Dow Jones U.S. Real Estate Index Fund ETF		1,064,812
	14,900	iShares MSCI EAFE Index Fund		737,997
	10,800	iShares S&P U.S. Preferred Stock Index Fund		384,696
	9,500	Itau Unibanco Holding SA ADR		176,320
	600	Kilroy Realty Corporation		22,842
	4,400	Kimco Realty Corporation		71,456
	1,700	Kite Realty Group Trust		7,667
	1,200	LaSalle Hotel Properties		29,052
	800	Lexington Realty Trust		5,992

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

240

Equity Income Plus Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (81.7%)	Value
	Financials (18.9%) - continued
	1,800	Liberty Property Trust	$	55,584
	500	LTC Properties, Inc.		15,430
	1,100	Macerich Company		55,660
	1,000	Mack-Cali Realty Corporation		26,690
	8,800	Manulife Financial Corporation		93,456
	700	Medical Properties Trust, Inc.		6,909
	35,000	Mitsubishi UFJ Financial Group, Inc. ADR		146,650
	1,100	National Health Investors, Inc.		48,378
	1,700	National Retail Properties, Inc.		44,846
	700	Omega Healthcare Investors, Inc.		13,545
	900	Post Properties, Inc.		39,348
	400	Potlatch Corporation		12,444
	29,200	PowerShares Preferred Portfolio		399,748
	4,278	Prologis, Inc.		122,308
	13,200	Prudential Financial, Inc.		661,584
	400	PS Business Parks, Inc.		22,172
	1,900	Public Storage, Inc.		255,474
	500	Ramco-Gershenson Properties Trust		4,915
	18,700	Raymond James Financial, Inc.		578,952
	900	Rayonier, Inc. REIT		40,167
	700	Realty Income Corporation		24,472
	1,500	Regency Centers Corporation		56,430
	133,900	Regions Financial Corporation		575,770
	2,300	Senior Housing Property Trust		51,612
	3,100	Simon Property Group, Inc.		399,714
	1,100	SL Green Realty Corporation		73,304
	100	Sovran Self Storage, Inc.		4,267
	41,300	SPDR Dow Jones Wilshire International Real Estate ETF		1,314,579
	57,300	Symetra Financial Corporation		519,711
	3,200	Toronto-Dominion Bank		239,392
	30,800	U.S. Bancorp		833,140
	700	UDR, Inc.		17,570
	400	Universal Health Realty Income Trust		15,600
	300	Urstadt Biddle Properties, Inc.		5,424
	21,100	Vanguard FTSE All-World Ex-US Index Fund ETF		836,615
	3,600	Vanguard REIT ETF		208,800
	2,922	Ventas, Inc.		161,090
	1,800	Vornado Realty Trust		138,348
	200	Washington Real Estate Investment Trust		5,470
	54,400	Wells Fargo & Company^a		1,499,264
	1,800	Westpac Banking Corporation ADR		184,320

		Total Financials		16,630,703


	Health Care (7.6%)
	13,800	Amgen, Inc.		886,098
	6,200	C.R. Bard, Inc.^a		530,100
	9,600	McKesson Corporation		747,936
	21,000	Medtronic, Inc.		803,250
	5,050	Novartis AG ADR		288,709
	1,600	Novo Nordisk A/S ADR		184,416
	41,500	PDL BioPharma, Inc.		257,300
	79,200	Pfizer, Inc.		1,713,888
	7,000	Sanofi ADR		255,780
	19,600	UnitedHealth Group, Inc.		993,328

		Total Health Care		6,660,805

	8,050	ABB, Ltd. ADR^b		151,581

	3,200	Caterpillar, Inc.^a		289,920
	12,900	Corporate Executive Board Company		491,490
	7,900	Dun & Bradstreet Corporation		591,157
	5,200	Emerson Electric Company		242,268
	10,900	Fluor Corporation^a		547,725
	35,200	Knight Transportation, Inc.		550,528
	8,600	L-3 Communications Holdings, Inc.		573,448
	11,700	Nordson Corporation		481,806
	20,900	Republic Services, Inc.		575,795
	2,000	Siemens AG ADR		191,220
	3,500	United Technologies Corporation		255,815
	16,600	Waste Connections, Inc.		550,124

		Total Industrials		5,492,877


	Information Technology (10.2%)
	12,600	Accenture plc		670,698
	27,200	Cisco Systems, Inc.^a		491,776
	45,300	Corning, Inc.		587,994
	54,100	Intel Corporation		1,311,925
	6,000	International Business Machines Corporation		1,103,280
	19,900	j2 Global, Inc.		559,986
	28,900	Lender Processing Services, Inc.		435,523
	10,500	Linear Technology Corporation		315,315
	76,400	Microsoft Corporation		1,983,344
	19,500	Nokia OYJ ADR		93,990
	38,100	Oracle Corporation		977,265
	3,700	SAP AG ADR		195,915
	18,000	Taiwan Semiconductor Manufacturing Company, Ltd. ADR		232,380

		Total Information Technology		8,959,391


	Materials (4.1%)
	1,800	Barrick Gold Corporation		81,450
	2,300	BHP Billiton plc ADR		134,297
	3,700	BHP Billiton, Ltd. ADR		261,331
	4,200	CF Industries Holdings, Inc.		608,916
	8,600	Cliffs Natural Resources, Inc.^a		536,210
	6,900	Domtar Corporation		551,724
	18,600	Freeport-McMoRan Copper & Gold, Inc.		684,294
	90,200	Hecla Mining Company		471,746
	1,400	POSCO ADR		114,940
	9,500	Vale SA SP PREF ADR		195,700

		Total Materials		3,640,608


	Telecommunications Services (3.0%)
	8,700	America Movil SAB de CV ADR		196,620
	23,700	AT&T, Inc.		716,688
	6,300	China Mobile, Ltd. ADR		305,487
	9,000	Nippon Telegraph & Telephone Corporation ADR		227,970
	13,000	NTT DOCOMO, INC. ADR		238,550
	9,200	Telefonica SA ADR		158,148
	15,200	Verizon Communications, Inc.^a		609,824

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

241

Equity Income Plus Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (81.7%)	Value
	Telecommunications Services (3.0%) - continued
	6,300	Vodafone Group plc ADR	$	176,589

		Total Telecommunications Services		2,629,876


	Utilities (3.9%)
	16,000	American Electric Power Company, Inc.^a		660,960
	4,600	Consolidated Edison, Inc.		285,338
	13,600	Laclede Group, Inc.		550,392
	4,100	National Grid plc ADR		198,768
	21,900	Portland General Electric Company		553,851
	8,300	Public Service Enterprise Group, Inc.		273,983
	28,600	Questar Corporation		567,996
	19,200	TECO Energy, Inc.		367,488

		Total Utilities		3,458,776


		Total Common Stock (cost $71,671,785)		71,992,313


Principal Amount		Long-Term Fixed Income (4.9%)
	Energy (0.9%)
		Enbridge Energy Partners, LP
	350,000	8.050%, 10/1/2037		369,810
		Enterprise Products Operating, LLC
	425,000	7.034%, 1/15/2068		442,000

		Total Energy		811,810


	Financials (3.6%)
		Aegon NV
	500,000	2.397%, 7/29/2049^c,d		215,750
		American International Group, Inc.
	150,000	8.175%, 5/15/2058		133,500
		Bank of America Corporation
	305,000	7.625%, 6/1/2019		315,436
		BBVA International Preferred SA Unipersonal
	175,000	5.919%, 12/29/2049^d		115,855
		J.P. Morgan Chase & Company
	175,000	7.900%, 4/29/2049^d		186,321
		Liberty Mutual Group, Inc.
	350,000	10.750%, 6/15/2058^e		439,250
		MetLife Capital Trust IV
	400,000	7.875%, 12/15/2037^e		415,000
		Reinsurance Group of America, Inc.
	425,000	6.750%, 12/15/2065		368,442
		Wachovia Capital Trust III
	250,000	5.570%, 3/15/2042^c,d		209,375
		XL Group plc
	475,000	6.500%, 12/29/2049^d		371,688
		ZFS Finance USA Trust II
	400,000	6.450%, 12/15/2065^e		364,000

		Total Financials		3,134,617


	Utilities (0.4%)
		Dominion Resources, Inc.
	375,000	2.879%, 9/30/2066^c		315,139
		Total Utilities		315,139

		Total Long-Term Fixed Income (cost $4,420,349)		4,261,566


Shares		Preferred Stock (0.7%)
	Financials (0.6%)
	5,000	Bank of America Corporation^d		109,800
	9,500	Citigroup Capital XII		239,020
	2,500	J.P. Morgan Chase Capital XXIX		63,800
	3,000	U.S. Bancorp^d		81,990

		Total Financials		494,610


	Utilities (0.1%)
	2,870	Xcel Energy, Inc.		77,921

		Total Utilities		77,921


		Total Preferred Stock (cost $591,381)		572,531


Contracts		Options Purchased (<0.1%)
		Put on Caterpillar Inc.
	32	$82.50, expires 1/21/2012		1,984
		Put on Chevron Corporation
	176	$95.00, expires 1/21/2012		4,752
		Put on Cliffs Natural Resources, Inc.
	86	$57.50, expires 1/21/2012		9,804
		Put on Exxon Mobil Corporation
	270	$77.50, expires 1/21/2012		5,400
		Put on Fluor Corporation
	109	$45.00, expires 1/21/2012		2,725
		Put on National Oilwell Varco, Inc.
	98	$60.00, expires 1/21/2012		3,234

		Total Options Purchased (cost $127,099)		27,899


Principal Amount		Short-Term Investments (4.3%)^f
		Federal Home Loan Bank Discount Notes
	3,000,000	0.015%, 1/20/2012^g		2,999,976
		Federal National Mortgage Association Discount Notes
	800,000	0.105%, 2/22/2012^g,h		799,882

		Total Short-Term Investments (at amortized cost)		3,799,858

		Total Investments (cost $80,610,472) 91.6%	$	80,654,167

		Other Assets and Liabilities, Net 8.4%		7,423,652

		Total Net Assets 100.0%	$	88,077,819

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

242

Equity Income Plus Portfolio

Schedule of Investments as of December 31, 2011

a	All or a portion of the security was earmarked to cover written options.

b	Non-income producing security.

c	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of December 31, 2011.

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

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

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

h	At December 31, 2011, $799,882 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	$	4,161,958
Gross unrealized depreciation		(4,242,135	)

Net unrealized appreciation (depreciation)	$	(80,177	)

Cost for federal income tax purposes	$	80,734,344

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

243

Equity Income Plus Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Equity Income Plus Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		5,818,509		5,818,509		—		—
Consumer Staples		7,183,142		7,183,142		—		—
Energy		11,517,626		11,517,626		—		—
Financials		16,630,703		16,630,703		—		—
Health Care		6,660,805		6,660,805		—		—
Industrials		5,492,877		5,492,877		—		—
Information Technology		8,959,391		8,959,391		—		—
Materials		3,640,608		3,640,608		—		—
Telecommunications Services		2,629,876		2,629,876		—		—
Utilities		3,458,776		3,458,776		—		—
Long-Term Fixed Income
Energy		811,810		—		811,810		—
Financials		3,134,617		—		3,134,617		—
Utilities		315,139		—		315,139		—
Preferred Stock
Financials		494,610		494,610		—		—
Utilities		77,921		77,921		—		—
Options Purchased		27,899		27,899		—		—
Short-Term Investments		3,799,858		—		3,799,858		—

Total	$	80,654,167	$	72,592,743	$	8,061,424	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		175,065		175,065		—		—
Call Options Written		22,225		22,225		—		—

Total Asset Derivatives	$	197,290	$	197,290	$	—	$	—

Liability Derivatives
Call Options Written		111,251		111,251		—		—

Total Liability Derivatives	$	111,251	$	111,251	$	—	$	—


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value			Unrealized Gain/(Loss)
S&P 500 Index Mini-Futures		156		March 2012	$	9,595,215	$	9,770,280		$	175,065
Total Futures Contracts										$	175,065

Call Options Written	Number of Contracts		Exercise Price		Expiration Date		Value			Unrealized Gain/(Loss)
Caterpillar, Inc. Call Option		32	$	92.50		January 2012	($	5,728	)	$	1,599
Chevron Corporation Call Option		176		105.00		January 2012		(58,080	)		(29,044	)
Cliffs Natural Resources, Inc. Call Option		86		67.50		January 2012		(8,256	)		13,758
Exxon Mobil Corporation Call Option		270		82.50		January 2012		(81,000	)		(54,007	)
Fluor Corporation Call Option		109		52.50		January 2012		(7,085	)		3,049
National Oilwell Varco, Inc. Call Option		98		70.00		January 2012		(13,916	)		3,819
S&P 500 Mini-Futures Call Option		80		1,270.00		January 2012		(61,200	)		(17,400	)
S&P 500 Mini-Futures Call Option		40		1,265.00		January 2012		(35,200	)		(10,800	)
Total Call Options Written							($	270,465	)	($	89,026	)

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

244

Equity Income Plus Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Equity Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Options Written	Net Assets - Net unrealized appreciation/(depreciation) on Written option contracts	$	22,225
Options Purchased	Investments in securities at value, Net Assets - Net unrealized appreciation/(depreciation) on Investments		27,899
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		175,065
Total Equity Contracts			225,189

Total Asset Derivatives		$	225,189


Liability Derivatives
Equity Contracts
Options Written	Net Assets - Net unrealized appreciation/(depreciation) on Written option contracts		111,251
Total Equity Contracts			111,251

Total Liability Derivatives		$	111,251

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Equity Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Options Written	Net realized gains/(losses) on Written option contracts		(187,135	)
Futures	Net realized gains/(losses) on Futures contracts		(177,087	)
Total Equity Contracts			(364,222	)

Total			($364,222	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Equity Income Plus Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Options Written	Change in net unrealized appreciation/(depreciation) on Written option contracts		(90,464	)
Options Purchased	Change in net unrealized appreciation/(depreciation) on Investments		(99,200	)
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		28,994
Total Equity Contracts			(160,670	)

Total			($160,670	)

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

245

Equity Income Plus Portfolio

Schedule of Investments as of December 31, 2011

The following table presents Equity Income Plus Portfolio’s average volume of derivative activity during the period ended December 31, 2011.


Derivative Risk Category	Futures (Notional*)		Futures (Percentage of Average Net Assets)			Options (Contracts)
Equity Contracts	$	8,770,814		10.3	%		109

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

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

246

Balanced Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (65.5%)	Value
	Consumer Discretionary (7.0%)
	1,200	Abercrombie & Fitch Company	$	58,608
	5,000	Amazon.com, Inc.^a		865,500
	1,600	Apollo Group, Inc.^a		86,192
	700	AutoNation, Inc.^a		25,809
	400	AutoZone, Inc.^a		129,988
	3,300	Bed Bath & Beyond, Inc.^a		191,301
	4,075	Best Buy Company, Inc.		95,233
	900	Big Lots, Inc.^a		33,984
	1,500	BorgWarner, Inc.^a		95,610
	3,100	Cablevision Systems Corporation		44,082
	3,100	CarMax, Inc.^a		94,488
	6,300	Carnival Corporation		205,632
	9,062	CBS Corporation		245,943
	400	Chipotle Mexican Grill, Inc.^a		135,096
	4,000	Coach, Inc.		244,160
	37,665	Comcast Corporation		893,037
	3,800	D.R. Horton, Inc.		47,918
	1,800	Darden Restaurants, Inc.		82,044
	800	DeVry, Inc.		30,768
	9,800	DIRECTV^a		419,048
	3,700	Discovery Communications, Inc.^a		151,589
	1,600	Dollar Tree, Inc.^a		132,976
	1,300	Expedia, Inc.		37,726
	1,600	Family Dollar Stores, Inc.		92,256
	52,588	Ford Motor Company^a		565,847
	3,300	Gannett Company, Inc.		44,121
	4,800	Gap, Inc.		89,040
	2,200	Genuine Parts Company		134,640
	3,400	Goodyear Tire & Rubber Company^a		48,178
	4,100	H&R Block, Inc.		66,953
	3,200	Harley-Davidson, Inc.		124,384
	1,000	Harman International Industries, Inc.		38,040
	1,600	Hasbro, Inc.		51,024
	21,300	Home Depot, Inc.		895,452
	4,100	International Game Technology		70,520
	6,389	Interpublic Group of Companies, Inc.		62,165
	2,000	J.C. Penney Company, Inc.		70,300
	9,400	Johnson Controls, Inc.		293,844
	3,500	Kohl’s Corporation		172,725
	1,900	Leggett & Platt, Inc.		43,776
	2,200	Lennar Corporation		43,230
	3,362	Limited Brands, Inc.		135,657
	17,300	Lowe’s Companies, Inc.		439,074
	5,800	Macy’s, Inc.		186,644
	3,663	Marriott International, Inc.		106,850
	4,725	Mattel, Inc.		131,166
	14,200	McDonald’s Corporation		1,424,686
	4,100	McGraw-Hill Companies, Inc.		184,377
	800	Netflix, Inc.^a,b		55,432
	4,026	Newell Rubbermaid, Inc.		65,020
	30,300	News Corporation		540,552
	5,100	NIKE, Inc.		491,487
	2,200	Nordstrom, Inc.		109,362
	3,800	Omnicom Group, Inc.		169,404
	1,800	O’Reilly Automotive, Inc.^a		143,910
	700	Priceline.com, Inc.^a		327,397
	4,637	Pulte Group, Inc.^a		29,259
	900	Ralph Lauren Corporation		124,272
	3,200	Ross Stores, Inc.		152,096
	1,300	Scripps Networks Interactive		55,146
	580	Sears Holdings Corporation^a,b		18,432
	1,200	Sherwin-Williams Company		107,124
	800	Snap-On, Inc.		40,496
	9,700	Staples, Inc.		134,733
	10,300	Starbucks Corporation		473,903
	2,700	Starwood Hotels & Resorts Worldwide, Inc.		129,519
	9,300	Target Corporation		476,346
	1,800	Tiffany & Company		119,268
	4,380	Time Warner Cable, Inc.		278,437
	13,816	Time Warner, Inc.		499,310
	5,200	TJX Companies, Inc.		335,660
	1,300	TripAdvisor, Inc.^a		32,773
	1,500	Urban Outfitters, Inc.^a		41,340
	1,200	VF Corporation		152,388
	7,662	Viacom, Inc.		347,931
	24,887	Walt Disney Company		933,262
	20	Washington Post Company		7,536
	1,058	Whirlpool Corporation		50,202
	2,132	Wyndham Worldwide Corporation		80,654
	1,100	Wynn Resorts, Ltd.		121,539
	6,420	Yum! Brands, Inc.		378,844

		Total Consumer Discretionary		16,884,715


	Consumer Staples (7.6%)
	28,500	Altria Group, Inc.		845,025
	9,241	Archer-Daniels-Midland Company		264,293
	6,000	Avon Products, Inc.		104,820
	2,200	Beam, Inc.		112,706
	1,425	Brown-Forman Corporation		114,727
	2,500	Campbell Soup Company		83,100
	1,800	Clorox Company		119,808
	31,400	Coca-Cola Company		2,197,058
	4,300	Coca-Cola Enterprises, Inc.		110,854
	6,700	Colgate-Palmolive Company		619,013
	5,700	ConAgra Foods, Inc.		150,480
	2,400	Constellation Brands, Inc.^a		49,608
	6,000	Costco Wholesale Corporation		499,920
	18,005	CVS Caremark Corporation		734,244
	2,500	Dean Foods Company^a		28,000
	3,000	Dr. Pepper Snapple Group, Inc.		118,440
	1,500	Estee Lauder Companies, Inc.		168,480
	8,900	General Mills, Inc.		359,649
	4,450	H.J. Heinz Company		240,478
	2,100	Hershey Company		129,738
	1,900	Hormel Foods Corporation		55,651
	1,555	J.M. Smucker Company		121,554
	3,400	Kellogg Company		171,938
	5,480	Kimberly-Clark Corporation		403,109
	24,460	Kraft Foods, Inc.		913,825
	8,300	Kroger Company		201,026
	1,900	Lorillard, Inc.		216,600
	1,800	McCormick & Company, Inc.		90,756
	2,822	Mead Johnson Nutrition Company		193,956
	2,200	Molson Coors Brewing Company		95,788
	21,597	PepsiCo, Inc.		1,432,961
	24,000	Philip Morris International, Inc.		1,883,520
	38,079	Procter & Gamble Company		2,540,250
	4,700	Reynolds American, Inc.		194,674

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

247

Balanced Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (65.5%)	Value
	Consumer Staples (7.6%) - continued
	4,700	Safeway, Inc.	$	98,888
	8,200	Sara Lee Corporation		155,144
	2,969	SUPERVALU, Inc.		24,108
	8,200	Sysco Corporation		240,506
	4,000	Tyson Foods, Inc.		82,560
	12,300	Walgreen Company		406,638
	24,200	Wal-Mart Stores, Inc.		1,446,192
	2,200	Whole Foods Market, Inc.		153,076

		Total Consumer Staples		18,173,161


	Energy (8.0%)
	3,037	Alpha Natural Resources, Inc.^a		62,046
	6,936	Anadarko Petroleum Corporation		529,425
	5,268	Apache Corporation		477,175
	6,061	Baker Hughes, Inc.		294,807
	1,400	Cabot Oil & Gas Corporation		106,260
	3,400	Cameron International Corporation^a		167,246
	9,100	Chesapeake Energy Corporation		202,839
	27,574	Chevron Corporation		2,933,873
	18,382	ConocoPhillips		1,339,496
	3,100	Consol Energy, Inc.		113,770
	5,500	Denbury Resources, Inc.^a		83,050
	5,600	Devon Energy Corporation		347,200
	1,000	Diamond Offshore Drilling, Inc.		55,260
	10,686	El Paso Corporation		283,927
	3,700	EOG Resources, Inc.		364,487
	2,100	EQT Corporation		115,059
	66,334	Exxon Mobil Corporation		5,622,470
	3,300	FMC Technologies, Inc.^a		172,359
	12,700	Halliburton Company		438,277
	1,500	Helmerich & Payne, Inc.		87,540
	4,100	Hess Corporation		232,880
	9,722	Marathon Oil Corporation		284,563
	4,961	Marathon Petroleum Corporation		165,152
	2,700	Murphy Oil Corporation		150,498
	4,000	Nabors Industries, Ltd.^a		69,360
	5,900	National Oilwell Varco, Inc.		401,141
	1,800	Newfield Exploration Company^a		67,914
	3,500	Noble Corporation^a		105,770
	2,400	Noble Energy, Inc.		226,536
	11,200	Occidental Petroleum Corporation		1,049,440
	3,700	Peabody Energy Corporation		122,507
	1,700	Pioneer Natural Resources Company		152,116
	2,400	QEP Resources, Inc.		70,320
	2,200	Range Resources Corporation		136,268
	1,700	Rowan Companies, Inc.^a		51,561
	18,525	Schlumberger, Ltd.		1,265,443
	4,800	Southwestern Energy Company^a		153,312
	9,021	Spectra Energy Corporation		277,396
	1,500	Sunoco, Inc.		61,530
	2,000	Tesoro Corporation^a		46,720
	7,700	Valero Energy Corporation		162,085
	8,200	Williams Companies, Inc.		270,764

		Total Energy		19,319,842


	Financials (8.8%)
	4,700	ACE, Ltd.		329,564
	6,500	Aflac, Inc.		281,190
	6,996	Allstate Corporation		191,760
	14,000	American Express Company		660,380
	6,020	American International Group, Inc.^a		139,664
	3,140	Ameriprise Financial, Inc.		155,870
	4,450	Aon Corporation		208,260
	1,654	Apartment Investment & Management Company		37,893
	1,300	Assurant, Inc.		53,378
	1,353	AvalonBay Communities, Inc.		176,702
	140,254	Bank of America Corporation		779,812
	16,801	Bank of New York Mellon Corporation		334,508
	9,600	BB&T Corporation		241,632
	24,350	Berkshire Hathaway, Inc.^a		1,857,905
	1,400	BlackRock, Inc.		249,536
	2,000	Boston Properties, Inc.		199,200
	6,365	Capital One Financial Corporation		269,176
	4,500	CBRE Group, Inc.^a		68,490
	14,925	Charles Schwab Corporation		168,055
	3,800	Chubb Corporation		263,036
	2,251	Cincinnati Financial Corporation^b		68,565
	40,438	Citigroup, Inc.		1,063,924
	900	CME Group, Inc.		219,303
	2,700	Comerica, Inc.		69,660
	7,595	Discover Financial Services		182,280
	3,530	E*TRADE Financial Corporation^a		28,099
	4,100	Equity Residential		233,823
	1,300	Federated Investors, Inc.^b		19,695
	12,716	Fifth Third Bancorp		161,747
	3,644	First Horizon National Corporation		29,152
	2,000	Franklin Resources, Inc.		192,120
	6,800	Genworth Financial, Inc.^a		44,540
	6,800	Goldman Sachs Group, Inc.		614,924
	6,200	Hartford Financial Services Group, Inc.		100,750
	5,600	HCP, Inc.		232,008
	2,600	Health Care REIT, Inc.		141,778
	9,747	Host Hotels & Resorts, Inc.		143,963
	7,300	Hudson City Bancorp, Inc.		45,625
	11,916	Huntington Bancshares, Inc.		65,419
	1,000	IntercontinentalExchange, Inc.^a		120,550
	6,200	Invesco, Ltd.		124,558
	52,624	J.P. Morgan Chase & Company		1,749,748
	13,200	KeyCorp		101,508
	5,600	Kimco Realty Corporation		90,944
	1,700	Legg Mason, Inc.		40,885
	2,700	Leucadia National Corporation		61,398
	4,211	Lincoln National Corporation		81,778
	4,200	Loews Corporation		158,130
	1,700	M&T Bank Corporation		129,778
	7,400	Marsh & McLennan Companies, Inc.		233,988
	14,616	MetLife, Inc.		455,727
	2,700	Moody’s Corporation		90,936
	20,490	Morgan Stanley		310,014
	1,800	NASDAQ OMX Group, Inc.^a		44,118
	3,300	Northern Trust Corporation		130,878
	3,600	NYSE Euronext		93,960
	5,000	People’s United Financial, Inc.		64,250
	2,200	Plum Creek Timber Company, Inc.		80,432

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

248

Balanced Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (65.5%)	Value
	Financials (8.8%) - continued
	7,320	PNC Financial Services Group, Inc.	$	422,144
	4,200	Principal Financial Group, Inc.		103,320
	8,500	Progressive Corporation		165,835
	6,381	Prologis, Inc.		182,433
	6,500	Prudential Financial, Inc.		325,780
	2,000	Public Storage, Inc.		268,920
	17,400	Regions Financial Corporation		74,820
	4,053	Simon Property Group, Inc.		522,594
	7,000	SLM Corporation		93,800
	6,800	State Street Corporation		274,108
	7,400	SunTrust Banks, Inc.		130,980
	3,500	T. Rowe Price Group, Inc.		199,325
	1,400	Torchmark Corporation		60,746
	5,725	Travelers Companies, Inc.		338,748
	26,421	U.S. Bancorp		714,688
	4,058	Unum Group		85,502
	4,000	Ventas, Inc.		220,520
	2,570	Vornado Realty Trust		197,530
	72,982	Wells Fargo & Company		2,011,384
	7,440	Weyerhaeuser Company REIT		138,905
	4,400	XL Group plc		86,988
	2,600	Zions Bancorporation		42,328

		Total Financials		21,148,364


	Health Care (7.7%)
	21,600	Abbott Laboratories		1,214,568
	5,056	Aetna, Inc.		213,313
	4,200	Allergan, Inc.		368,508
	3,600	AmerisourceBergen Corporation		133,884
	10,952	Amgen, Inc.		703,228
	7,800	Baxter International, Inc.		385,944
	3,000	Becton, Dickinson and Company		224,160
	3,330	Biogen Idec, Inc.^a		366,467
	20,450	Boston Scientific Corporation^a		109,203
	23,405	Bristol-Myers Squibb Company		824,792
	1,200	C.R. Bard, Inc.		102,600
	4,775	Cardinal Health, Inc.		193,913
	3,087	CareFusion Corporation^a		78,441
	6,100	Celgene Corporation^a		412,360
	2,000	Cerner Corporation^a		122,500
	4,000	CIGNA Corporation		168,000
	1,950	Coventry Health Care, Inc.^a		59,221
	6,700	Covidien plc		301,567
	1,300	DaVita, Inc.^a		98,553
	2,000	DENTSPLY International, Inc.		69,980
	1,600	Edwards Lifesciences Corporation^a		113,120
	14,100	Eli Lilly and Company		585,996
	6,700	Express Scripts, Inc.^a		299,423
	3,700	Forest Laboratories, Inc.^a		111,962
	10,400	Gilead Sciences, Inc.^a		425,672
	2,230	Hospira, Inc.^a		67,725
	2,300	Humana, Inc.		201,503
	500	Intuitive Surgical, Inc.^a		231,505
	37,806	Johnson & Johnson		2,479,317
	1,400	Laboratory Corporation of America Holdings^a		120,358
	2,437	Life Technologies Corporation^a		94,824
	3,380	McKesson Corporation		263,336
	5,310	Medco Health Solutions, Inc.^a		296,829
	14,600	Medtronic, Inc.		558,450
	42,127	Merck & Company, Inc.		1,588,188
	5,900	Mylan, Inc.^a		126,614
	1,300	Patterson Companies, Inc.		38,376
	1,600	PerkinElmer, Inc.		32,000
	1,300	Perrigo Company		126,490
	106,355	Pfizer, Inc.		2,301,522
	2,200	Quest Diagnostics, Inc.		127,732
	4,380	St. Jude Medical, Inc.		150,234
	4,500	Stryker Corporation		223,695
	6,050	Tenet Healthcare Corporation^a		31,036
	5,200	Thermo Fisher Scientific, Inc.^a		233,844
	14,800	UnitedHealth Group, Inc.		750,064
	1,600	Varian Medical Systems, Inc.^a		107,408
	1,200	Waters Corporation^a		88,860
	1,800	Watson Pharmaceuticals, Inc.^a		108,612
	4,800	WellPoint, Inc.		318,000
	2,490	Zimmer Holdings, Inc.^a		133,016

		Total Health Care		18,486,913


	Industrials (7.0%)
	9,700	3M Company		792,781
	1,500	Avery Dennison Corporation		43,020
	10,328	Boeing Company		757,559
	2,300	C.H. Robinson Worldwide, Inc.		160,494
	8,900	Caterpillar, Inc.		806,340
	1,500	Cintas Corporation		52,215
	2,200	Cooper Industries plc		119,130
	14,500	CSX Corporation		305,370
	2,700	Cummins, Inc.		237,654
	7,900	Danaher Corporation		371,616
	5,700	Deere & Company		440,895
	2,600	Dover Corporation		150,930
	700	Dun & Bradstreet Corporation		52,381
	4,600	Eaton Corporation		200,238
	10,200	Emerson Electric Company		475,218
	1,700	Equifax, Inc.		65,858
	2,900	Expeditors International of Washington, Inc.		118,784
	4,100	Fastenal Company^b		178,801
	4,340	FedEx Corporation		362,433
	800	First Solar, Inc.^a		27,008
	800	Flowserve Corporation		79,456
	2,300	Fluor Corporation		115,575
	4,900	General Dynamics Corporation		325,409
	146,100	General Electric Company		2,616,651
	1,700	Goodrich Corporation		210,290
	10,737	Honeywell International, Inc.		583,556
	6,700	Illinois Tool Works, Inc.		312,957
	4,300	Ingersoll-Rand plc		131,021
	2,600	Iron Mountain, Inc.		80,080
	1,800	Jacobs Engineering Group, Inc.^a		73,044
	1,500	Joy Global, Inc.		112,455
	1,400	L-3 Communications Holdings, Inc.		93,352
	3,700	Lockheed Martin Corporation		299,330
	5,000	Masco Corporation		52,400
	4,700	Norfolk Southern Corporation		342,442
	3,606	Northrop Grumman Corporation		210,879
	4,950	PACCAR, Inc.		185,477
	1,600	Pall Corporation		91,440
	2,050	Parker Hannifin Corporation		156,312
	2,800	Pitney Bowes, Inc.^b		51,912
	2,000	Precision Castparts Corporation		329,580
	2,900	Quanta Services, Inc.^a		62,466

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

249

Balanced Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (65.5%)	Value
	Industrials (7.0%) - continued
	2,600	R.R. Donnelley & Sons Company	$	37,518
	4,800	Raytheon Company		232,224
	4,405	Republic Services, Inc.		121,358
	2,000	Robert Half International, Inc.		56,920
	2,000	Rockwell Automation, Inc.		146,740
	2,100	Rockwell Collins, Inc.		116,277
	1,300	Roper Industries, Inc.		112,931
	700	Ryder System, Inc.		37,198
	10,780	Southwest Airlines Company		92,277
	2,300	Stanley Black & Decker, Inc.		155,480
	1,200	Stericycle, Inc.^a		93,504
	3,800	Textron, Inc.		70,262
	6,400	Tyco International, Ltd.		298,944
	6,700	Union Pacific Corporation		709,798
	13,400	United Parcel Service, Inc.		980,746
	12,500	United Technologies Corporation		913,625
	800	W.W. Grainger, Inc.		149,752
	6,330	Waste Management, Inc.		207,054
	2,600	Xylem, Inc.		66,794

		Total Industrials		16,834,211


	Information Technology (12.5%)
	8,900	Accenture plc		473,747
	6,800	Adobe Systems, Inc.^a		192,236
	8,100	Advanced Micro Devices, Inc.^a		43,740
	4,763	Agilent Technologies, Inc.^a		166,372
	2,500	Akamai Technologies, Inc.^a		80,700
	4,400	Altera Corporation		163,240
	2,300	Amphenol Corporation		104,397
	4,100	Analog Devices, Inc.		146,698
	12,900	Apple, Inc.^a		5,224,500
	18,100	Applied Materials, Inc.		193,851
	3,100	Autodesk, Inc.^a		94,023
	6,800	Automatic Data Processing, Inc.		367,268
	2,400	BMC Software, Inc.^a		78,672
	6,750	Broadcom Corporation^a		198,180
	5,075	CA, Inc.		102,591
	74,400	Cisco Systems, Inc.		1,345,152
	2,600	Citrix Systems, Inc.^a		157,872
	4,200	Cognizant Technology Solutions Corporation^a		270,102
	2,100	Computer Sciences Corporation		49,770
	21,700	Corning, Inc.		281,666
	21,100	Dell, Inc.^a		308,693
	15,900	eBay, Inc.^a		482,247
	4,600	Electronic Arts, Inc.^a		94,760
	28,224	EMC Corporation^a		607,945
	1,100	F5 Networks, Inc.^a		116,732
	3,400	Fidelity National Information Services, Inc.		90,406
	1,950	Fiserv, Inc.^a		114,543
	2,200	FLIR Systems, Inc.		55,154
	1,900	GameStop Corporation^a		45,847
	3,500	Google, Inc.^a		2,260,650
	1,600	Harris Corporation		57,664
	27,461	Hewlett-Packard Company		707,395
	70,500	Intel Corporation		1,709,625
	16,300	International Business Machines Corporation		2,997,244
	4,100	Intuit, Inc.		215,619
	2,500	Jabil Circuit, Inc.		49,150
	3,200	JDS Uniphase Corporation^a		33,408
	7,300	Juniper Networks, Inc.^a		148,993
	2,300	KLA-Tencor Corporation		110,975
	1,000	Lexmark International, Inc.		33,070
	3,200	Linear Technology Corporation		96,096
	7,800	LSI Corporation^a		46,410
	1,500	MasterCard, Inc.		559,230
	2,600	Microchip Technology, Inc.^b		95,238
	13,700	Micron Technology, Inc.^a		86,173
	103,600	Microsoft Corporation		2,689,456
	1,850	Molex, Inc.^b		44,141
	3,677	Motorola Mobility Holdings, Inc.^a		142,668
	3,917	Motorola Solutions, Inc.		181,318
	5,000	NetApp, Inc.^a		181,350
	900	Novellus Systems, Inc.^a		37,161
	8,450	NVIDIA Corporation^a		117,117
	54,459	Oracle Corporation		1,396,873
	4,450	Paychex, Inc.		133,989
	23,300	QUALCOMM, Inc.		1,274,510
	2,700	Red Hat, Inc.^a		111,483
	3,800	SAIC, Inc.^a		46,702
	1,900	Salesforce.com, Inc.^a		192,774
	3,300	SanDisk Corporation^a		162,393
	10,172	Symantec Corporation^a		159,192
	5,900	TE Connectivity, Ltd.		181,779
	2,300	Teradata Corporation^a		111,573
	2,500	Teradyne, Inc.^a		34,075
	15,800	Texas Instruments, Inc.		459,938
	2,200	Total System Services, Inc.		43,032
	2,200	VeriSign, Inc.		78,584
	7,000	Visa, Inc.		710,710
	3,200	Western Digital Corporation^a		99,040
	8,562	Western Union Company		156,342
	19,183	Xerox Corporation		152,697
	3,600	Xilinx, Inc.		115,416
	17,200	Yahoo!, Inc.^a		277,436

		Total Information Technology		30,149,793


	Materials (2.3%)
	2,900	Air Products and Chemicals, Inc.		247,051
	900	Airgas, Inc.		70,272
	14,764	Alcoa, Inc.		127,709
	1,481	Allegheny Technologies, Inc.		70,792
	2,200	Ball Corporation		78,562
	1,400	Bemis Company, Inc.		42,112
	900	CF Industries Holdings, Inc.		130,482
	2,000	Cliffs Natural Resources, Inc.		124,700
	16,377	Dow Chemical Company		471,002
	12,819	E.I. du Pont de Nemours and Company		586,854
	1,900	Eastman Chemical Company		74,214
	4,200	Ecolab, Inc.		242,802
	1,000	FMC Corporation		86,040
	13,088	Freeport-McMoRan Copper & Gold, Inc.		481,507
	1,100	International Flavors & Fragrances, Inc.		57,662
	6,021	International Paper Company		178,222
	2,380	MeadWestvaco Corporation		71,281
	7,366	Monsanto Company		516,136
	4,100	Mosaic Company		206,763
	6,817	Newmont Mining Corporation		409,088
	4,400	Nucor Corporation		174,108

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

250

Balanced Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (65.5%)	Value
	Materials (2.3%) - continued
	2,300	Owens-Illinois, Inc.^a	$	44,574
	2,100	PPG Industries, Inc.		175,329
	4,100	Praxair, Inc.		438,290
	2,628	Sealed Air Corporation		45,228
	1,700	Sigma-Aldrich Corporation		106,182
	1,100	Titanium Metals Corporation		16,478
	2,000	United States Steel Corporation^b		52,920
	1,800	Vulcan Materials Company^b		70,830

		Total Materials		5,397,190


	Telecommunications Services (2.1%)
	5,400	American Tower Corporation		324,054
	81,979	AT&T, Inc.		2,479,045
	8,594	CenturyLink, Inc.		319,697
	13,810	Frontier Communications Corporation^b		71,122
	4,100	MetroPCS Communications, Inc.^a		35,588
	41,469	Sprint Nextel Corporation^a		97,037
	39,170	Verizon Communications, Inc.		1,571,500
	8,017	Windstream Corporation		94,120

		Total Telecommunications Services		4,992,163


	Utilities (2.5%)
	8,900	AES Corporation^a		105,376
	1,586	AGL Resources, Inc.		67,024
	3,400	Ameren Corporation		112,642
	6,640	American Electric Power Company, Inc.		274,299
	5,924	CenterPoint Energy, Inc.		119,013
	3,500	CMS Energy Corporation		77,280
	4,100	Consolidated Edison, Inc.		254,323
	2,800	Constellation Energy Group, Inc.		111,076
	7,930	Dominion Resources, Inc.		420,925
	2,300	DTE Energy Company		125,235
	18,442	Duke Energy Corporation		405,724
	4,500	Edison International, Inc.		186,300
	2,400	Entergy Corporation		175,320
	9,174	Exelon Corporation		397,876
	5,767	FirstEnergy Corporation		255,478
	1,107	Integrys Energy Group, Inc.		59,977
	5,800	NextEra Energy, Inc.		353,104
	3,934	NiSource, Inc.		93,669
	2,400	Northeast Utilities		86,568
	3,200	NRG Energy, Inc.^a		57,984
	1,400	ONEOK, Inc.		121,366
	3,100	Pepco Holdings, Inc.		62,930
	5,600	PG&E Corporation		230,832
	1,500	Pinnacle West Capital Corporation		72,270
	8,000	PPL Corporation		235,360
	4,091	Progress Energy, Inc.		229,178
	7,000	Public Service Enterprise Group, Inc.		231,070
	1,600	SCANA Corporation		72,096
	3,287	Sempra Energy		180,785
	11,900	Southern Company		550,851
	3,000	TECO Energy, Inc.		57,420
	3,200	Wisconsin Energy Corporation		111,872
	6,710	Xcel Energy, Inc.		185,464

		Total Utilities		6,080,687


		Total Common Stock (cost $136,522,983)		157,467,039


Principal Amount		Long-Term Fixed Income (36.3%)
	Asset-Backed Securities (1.5%)
		Countrywide Asset-Backed Certificates
	$ 284,460	5.549%, 8/25/2021^c		249,668
		Countrywide Home Loans, Inc.
	451,327	6.085%, 6/25/2021^c		306,276
		Credit Based Asset Servicing and Securitization, LLC
	306,375	5.501%, 12/25/2036		198,701
		First Horizon ABS Trust
	440,371	0.424%, 10/25/2026^c,d		321,647
	789,817	0.454%, 10/25/2034^c,d		500,503
		GMAC Mortgage Corporation Loan Trust
	1,225,441	0.474%, 8/25/2035^c,d		765,325
	745,102	0.474%, 12/25/2036^c,d		461,427
		IndyMac Seconds Asset-Backed Trust
	389,570	0.464%, 10/25/2036^c,d		71,240
		Wachovia Asset Securitization, Inc.
	927,388	0.434%, 7/25/2037^c,d,e		671,444

		Total Asset-Backed Securities		3,546,231


	Basic Materials (0.1%)
		Alcoa, Inc.
	250,000	5.400%, 4/15/2021		250,466

		Total Basic Materials		250,466


	Capital Goods (0.3%)
		Boeing Capital Corporation
	225,000	2.125%, 8/15/2016		229,848
		Danaher Corporation
	225,000	2.300%, 6/23/2016		233,862
		United Technologies Corporation
	225,000	6.050%, 6/1/2036		285,581

		Total Capital Goods		749,291


	Collateralized Mortgage Obligations (0.3%)
		Bear Stearns Mortgage Funding Trust
	193,885	0.574%, 8/25/2036^d		54,867
		Merrill Lynch Mortgage Investors, Inc.
	810,754	2.612%, 6/25/2035		647,973

		Total Collateralized Mortgage Obligations		702,840


	Commercial Mortgage-Backed Securities (3.0%)
		Banc of America Commercial Mortgage, Inc.
	600,000	5.622%, 6/10/2049		643,378

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

251

Balanced Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (36.3%)	Value
	Commercial Mortgage-Backed Securities (3.0%) - continued
		Bear Stearns Commercial Mortgage Securities, Inc.
	$1,148,248	0.428%, 3/15/2022^d,f	$	1,116,181
		Commercial Mortgage Pass-Through Certificates
	2,000,000	0.408%, 12/15/2020^d,f		1,823,888
	750,000	5.306%, 12/10/2046		813,307
		Credit Suisse Mortgage Capital Certificates
	848,743	0.448%, 10/15/2021^d,f		782,319
	700,000	5.467%, 9/15/2039		744,459
		GE Capital Commercial Mortgage Corporation
	108,202	4.641%, 3/10/2040		110,700
		GS Mortgage Securities Corporation II
	1,000,000	1.317%, 3/6/2020^d,f		991,145
		Morgan Stanley Capital I
	225,000	3.224%, 7/15/2049		232,942

		Total Commercial Mortgage-Backed Securities		7,258,319


	Communications Services (0.5%)
		AT&T, Inc.
	200,000	6.400%, 5/15/2038		247,076
		CBS Corporation
	200,000	7.875%, 9/1/2023		249,650
		Cox Communications, Inc.
	115,000	6.450%, 12/1/2036^f		123,760
		Crown Castle Towers, LLC
	250,000	4.174%, 8/15/2017^f		256,037
		News America, Inc.
	225,000	6.400%, 12/15/2035		246,553
		Time Warner Cable, Inc.
	200,000	7.300%, 7/1/2038		243,031

		Total Communications Services		1,366,107


	Consumer Cyclical (0.8%)
		California Institute of Technology
	175,000	4.700%, 11/1/2111		181,708
		Harley-Davidson Financial Services, Inc.
	250,000	3.875%, 3/15/2016^f		258,978
		University of Southern California
	150,000	5.250%, 10/1/2111		188,205
		Wal-Mart Stores, Inc.
	450,000	7.550%, 2/15/2030		657,119
		Walt Disney Company
	500,000	5.625%, 9/15/2016		592,248

		Total Consumer Cyclical		1,878,258


	Consumer Non-Cyclical (1.0%)
		AmerisourceBergen Corporation
	300,000	4.875%, 11/15/2019		336,387
		Boston Scientific Corporation
	225,000	7.000%, 11/15/2035		259,185
		Colgate-Palmolive Company
	250,000	1.250%, 5/1/2014		253,386
		GlaxoSmithKline Capital, Inc.
	200,000	6.375%, 5/15/2038		267,610
		Kellogg Company
	400,000	4.250%, 3/6/2013		415,342
		Philip Morris International, Inc.
	200,000	6.375%, 5/16/2038		260,739
		Wyeth
	450,000	6.000%, 2/15/2036		574,943

		Total Consumer Non-Cyclical		2,367,592


	Energy (0.5%)
		BP Capital Markets plc
	250,000	4.742%, 3/11/2021		283,163
		Cameron International Corporation
	100,000	4.500%, 6/1/2021		107,349
		Energy Transfer Partners, LP
	300,000	6.700%, 7/1/2018		332,828
		Petrobras International Finance Company
	175,000	5.375%, 1/27/2021		183,855
		Petro-Canada
	200,000	6.800%, 5/15/2038		258,235

		Total Energy		1,165,430


	Financials (2.7%)
		BAC Capital Trust XI
	225,000	6.625%, 5/23/2036		197,339
		Barclays Bank plc
	200,000	5.000%, 9/22/2016		207,133
		Bear Stearns Companies, LLC
	250,000	4.650%, 7/2/2018		255,580
		BNP Paribas SA
	657,000	3.313%, 12/20/2014^d		618,616
		Chubb Corporation
	400,000	6.500%, 5/15/2038		514,356
		Citigroup, Inc.
	250,000	1.302%, 4/1/2014^d		235,581
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	150,000	4.750%, 1/15/2020^f		159,535
		Danske Bank AS
	250,000	3.875%, 4/14/2016^f		232,072
		Fifth Third Bancorp
	175,000	3.625%, 1/25/2016		177,554
		FUEL Trust
	100,000	4.207%, 4/15/2016^f		100,849
	200,000	3.984%, 6/15/2016^f		199,973
		General Electric Capital Corporation
	225,000	5.875%, 1/14/2038		238,407
		HCP, Inc.
	175,000	3.750%, 2/1/2016		178,057
		Health Care REIT, Inc.
	300,000	6.125%, 4/15/2020		310,834
		HSBC Holdings plc
	200,000	6.800%, 6/1/2038		207,149
		ING Bank NV
	250,000	4.000%, 3/15/2016^f		241,561
		J.P. Morgan Chase & Company
	250,000	3.450%, 3/1/2016		253,988
		Lloyds TSB Bank plc
	150,000	5.800%, 1/13/2020^f		142,407

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

252

Balanced Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (36.3%)	Value
	Financials (2.7%) - continued
		Marsh & McLennan Companies, Inc.
	$ 225,000	4.800%, 7/15/2021	$	246,278
		MetLife, Inc.
	150,000	5.000%, 6/15/2015		163,409
		Northern Trust Corporation
	250,000	3.450%, 11/4/2020		257,431
		Preferred Term Securities XXIII, Ltd.
	1,004,612	0.746%, 12/22/2036^d,e		401,845
		Prudential Financial, Inc.
	225,000	5.700%, 12/14/2036		223,392
		SSIF Nevada, LP
	250,000	1.101%, 4/14/2014^d,f		246,035
		Wachovia Bank NA
	425,000	4.875%, 2/1/2015		450,312
		Washington Mutual Bank
	500,000	5.500%, 1/15/2013^g		50

		Total Financials		6,459,743


	Foreign Government (1.7%)
		Bank Nederlandse Gemeenten
	500,000	4.375%, 2/16/2021^f		532,955
		Chile Government International Bond
	150,000	3.875%, 8/5/2020		162,375
		Finland Government International Bond
	250,000	2.250%, 3/17/2016^f		261,375
		Italy Government International Bond
	750,000	4.375%, 6/15/2013		737,671
	300,000	5.375%, 6/12/2017		277,763
		Newfoundland Government Notes
	500,000	8.650%, 10/22/2022		742,372
		Province of British Columbia
	375,000	2.650%, 9/22/2021		385,875
		Province of New Brunswick
	250,000	2.750%, 6/15/2018		261,333
		Quebec Government Notes
	600,000	4.875%, 5/5/2014^b		654,380

		Total Foreign Government		4,016,099


	Mortgage-Backed Securities (10.4%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	746	6.000%, 5/1/2012		809
	585	7.000%, 8/1/2012		596
	1,532	6.500%, 11/1/2012		1,574
	11,273	6.000%, 2/1/2014		12,225
	22,869	5.500%, 4/1/2014		24,758
	11,272	6.000%, 4/1/2014		12,225
	4,806	6.000%, 4/1/2014		5,212
	11,569	6.500%, 6/1/2014		12,299
	9,377	7.500%, 9/1/2014		10,102
	348,904	5.500%, 12/1/2017		378,375
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	14,988	6.500%, 4/1/2024		16,783
	23,827	9.000%, 11/1/2024		29,107
	1,349	9.000%, 4/1/2025		1,651
	1,926	7.000%, 9/1/2025		2,222
	1,243	8.500%, 9/1/2025		1,490
	728	6.500%, 5/1/2026		832
	9,291	6.000%, 7/1/2026		10,332
	1,201	7.500%, 7/1/2026		1,392
	2,206	8.000%, 11/1/2026		2,614
	2,076	7.500%, 1/1/2027		2,408
	4,079	6.500%, 2/1/2027		4,673
	5,606	7.000%, 2/1/2027		6,506
	17,730	8.000%, 3/1/2027		21,010
	3,665	7.500%, 4/1/2027		4,258
	10,063	8.000%, 6/1/2027		11,947
	2,959	8.500%, 7/1/2027		3,565
	4,119	7.000%, 9/1/2027		4,779
	6,866	8.000%, 10/1/2027		8,151
	6,036	7.500%, 11/1/2027		7,013
	3,163	7.500%, 12/1/2027		3,675
	19,581	6.500%, 6/1/2028		22,436
	10,551	7.000%, 10/1/2028		12,273
	58,316	6.500%, 11/1/2028		66,820
	33,918	6.000%, 3/1/2029		37,783
	18,195	6.500%, 4/1/2029		20,848
	31,025	6.000%, 5/1/2029		34,560
	36,167	7.000%, 5/1/2029		42,156
	12,904	6.500%, 7/1/2029		14,785
	18,284	6.500%, 8/1/2029		20,950
	6,310	7.000%, 9/1/2029		7,354
	6,873	7.000%, 10/1/2029		8,011
	6,563	7.500%, 11/1/2029		7,651
	8,596	7.000%, 1/1/2030		9,954
	14,536	7.500%, 1/1/2030		16,970
	5,666	8.000%, 8/1/2030		6,725
	18,736	6.000%, 3/1/2031		20,871
	76,011	6.000%, 6/1/2031		84,672
	75,922	6.000%, 1/1/2032		84,572
	6,000,000	5.000%, 1/1/2042^h		6,447,186
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	634	6.500%, 5/1/2012		651
	594	6.500%, 7/1/2012		610
	2,029	7.000%, 10/1/2012		2,067
	9,659	6.000%, 11/1/2013		10,428
	28,589	5.500%, 12/1/2013		31,039
	14,835	6.000%, 12/1/2013		16,016
	2,660	7.500%, 4/1/2015		2,924
	4,400,000	3.000%, 1/1/2027^h		4,543,686
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	3,973	10.500%, 8/1/2020		4,614
	5,213	9.500%, 4/1/2025		6,278
	980	7.500%, 9/1/2025		1,135
	1,719	8.500%, 11/1/2025		2,015
	4,656	6.500%, 2/1/2026		5,318
	3,000	7.000%, 3/1/2026		3,474
	3,795	6.500%, 4/1/2026		4,335
	1,458	8.500%, 5/1/2026		1,713
	1,648	7.500%, 7/1/2026		1,915

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

253

Balanced Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (36.3%)	Value
	Mortgage-Backed Securities (10.4%) - continued
$	9,732	7.500%, 8/1/2026	$	11,308
	1,729	8.000%, 8/1/2026		2,021
	5,648	7.000%, 11/1/2026		6,540
	1,942	8.000%, 11/1/2026		2,271
	605	7.500%, 12/1/2026		702
	3,287	7.000%, 3/1/2027		3,806
	3,457	7.500%, 5/1/2027		4,027
	7,691	6.500%, 7/1/2027		8,792
	1,116	7.500%, 8/1/2027		1,300
	25,933	8.000%, 9/1/2027		30,299
	5,090	7.000%, 10/1/2027		5,910
	3,823	8.000%, 12/1/2027		4,466
	10,448	6.500%, 2/1/2028		11,943
	5,787	7.000%, 2/1/2028		6,718
	57,521	6.500%, 7/1/2028		65,755
	25,255	7.000%, 8/1/2028		29,390
	11,526	6.500%, 11/1/2028		13,177
	32,401	6.500%, 11/1/2028		37,039
	1,684	7.000%, 11/1/2028		1,960
	49,049	6.000%, 12/1/2028		54,677
	22,651	7.000%, 12/1/2028		26,360
	23,706	6.000%, 3/1/2029		26,426
	30,763	6.500%, 6/1/2029		35,167
	33,001	6.000%, 7/1/2029		36,787
	1,985	6.500%, 7/1/2029		2,269
	38,156	7.500%, 8/1/2029		44,613
	15,108	7.000%, 11/1/2029		17,619
	27,132	7.000%, 11/1/2029		31,642
	11,458	8.500%, 4/1/2030		13,507
	8,351	7.500%, 8/1/2030		9,781
	63,839	6.500%, 7/1/2031		72,659
	26,055	6.500%, 10/1/2031		29,654
	31,526	6.500%, 12/1/2031		35,882
	38,797	6.500%, 5/1/2032		44,060
	208,602	6.500%, 7/1/2032		236,901
	6,650,000	4.500%, 1/1/2042^h		7,076,019
	3,500,000	6.000%, 1/1/2042^h		3,853,829
		Government National Mortgage Association 15-Yr. Pass Through
	275	7.000%, 4/15/2012		282
	15,493	6.000%, 7/15/2014		16,936
		Government National Mortgage Association 30-Yr. Pass Through
	4,131	9.500%, 1/15/2025		5,022
	2,578	7.500%, 8/15/2025		3,008
	10,032	7.000%, 1/15/2026		11,635
	11,074	7.000%, 1/15/2026		12,843
	10,577	7.000%, 4/15/2026		12,266
	11,978	6.000%, 5/15/2026		13,622
	11,190	7.000%, 6/15/2026		12,977
	6,627	8.500%, 6/15/2026		7,989
	2,396	8.500%, 7/15/2026		2,888
	11,036	8.000%, 9/15/2026		13,039
	3,514	7.500%, 10/15/2026		4,103
	1,958	8.000%, 11/15/2026		2,313
	1,562	8.500%, 11/15/2026		1,883
	2,105	9.000%, 12/15/2026		2,546
	14,960	7.500%, 4/15/2027		17,507
	4,882	8.000%, 6/20/2027		5,767
	466	8.000%, 8/15/2027		552
	54,483	6.500%, 10/15/2027		63,164
	16,301	7.000%, 10/15/2027		18,952
	22,409	7.000%, 11/15/2027		26,052
	1,161	7.000%, 11/15/2027		1,350
	64,213	7.000%, 7/15/2028		74,817
	15,891	7.500%, 7/15/2028		18,635
	42,387	6.500%, 9/15/2028		49,141
	46,263	6.000%, 12/15/2028		52,787
	24,178	6.500%, 1/15/2029		28,031
	178,999	6.500%, 3/15/2029		207,521
	26,996	6.500%, 4/15/2029		31,297
	18,133	7.000%, 4/15/2029		21,168
	48,569	6.000%, 6/15/2029		55,418
	42,048	7.000%, 6/15/2029		49,088
	10,462	8.000%, 5/15/2030		12,461
	31,534	7.000%, 9/15/2031		37,009
	37,084	6.500%, 2/15/2032		42,993

		Total Mortgage-Backed Securities		25,039,716


	Technology (0.1%)
		Hewlett-Packard Company
	100,000	4.300%, 6/1/2021		102,543
		Xerox Corporation
	200,000	4.500%, 5/15/2021		202,693

		Total Technology		305,236


	Transportation (<0.1%)
		Delta Air Lines, Inc.
	142,982	4.950%, 11/23/2019^b		145,664

		Total Transportation		145,664


	U.S. Government and Agencies (12.4%)
		Federal Home Loan Mortgage Corporation
	2,000,000	0.625%, 12/29/2014		1,998,536
	1,500,000	5.125%, 11/17/2017		1,806,138
		Federal National Mortgage Association
	1,500,000	5.625%, 4/17/2028		1,964,279
		Resolution Funding Corporation
	1,000,000	8.625%, 1/15/2021		1,473,268
		Tennessee Valley Authority
	150,000	5.250%, 9/15/2039		191,477
		U.S. Treasury Bonds
	1,575,000	4.375%, 5/15/2041		2,052,176
		U.S. Treasury Notes
	4,000,000	0.125%, 8/31/2013		3,992,968
	5,250,000	2.375%, 8/31/2014		5,530,549
	1,475,000	2.375%, 9/30/2014		1,556,240
	1,400,000	1.250%, 10/31/2015		1,435,875
	900,000	2.000%, 1/31/2016		949,500
	1,000,000	2.625%, 2/29/2016		1,080,938
	1,500,000	3.000%, 2/28/2017		1,658,907
	300,000	2.750%, 2/28/2018		328,922
	1,750,000	2.375%, 6/30/2018		1,875,233
	1,900,000	1.500%, 8/31/2018		1,927,757

		Total U.S. Government and Agencies		29,822,763

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

254

Balanced Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (36.3%)	Value
	U.S. Municipals (0.1%)
		Chicago Metropolitan Water Reclamation District General Obligation Bonds (Build America Bonds)
	$ 150,000	5.720%, 12/1/2038	$	183,684

		Total U.S. Municipals		183,684


	Utilities (0.9%)
		Commonwealth Edison Company
	225,000	5.900%, 3/15/2036		275,928
		Kinder Morgan Energy Partners, LP
	200,000	4.150%, 3/1/2022^b		203,427
		Oncor Electric Delivery Company
	425,000	6.375%, 1/15/2015		485,640
		ONEOK Partners, LP
	225,000	6.650%, 10/1/2036		266,090
		Progress Energy, Inc.
	300,000	7.000%, 10/30/2031		398,891
		Southern California Edison Company
	225,000	5.000%, 1/15/2014		243,463
		Xcel Energy, Inc.
	225,000	6.500%, 7/1/2036		288,837

		Total Utilities		2,162,276


		Total Long-Term Fixed Income (cost $86,411,089)		87,419,715


Shares		Collateral Held for Securities Loaned (0.7%)
	1,713,875	Thrivent Financial Securities Lending Trust		1,713,875

		Total Collateral Held for Securities Loaned (cost $1,713,875)		1,713,875


Principal Amount		Short-Term Investments (6.5%)ⁱ
		Federal Home Loan Bank Discount Notes
	12,000,000	0.015%, 1/20/2012^j		11,999,905
		Federal National Mortgage Association Discount Notes
	3,000,000	0.010%, 1/9/2012^j		2,999,993
	650,000	0.105%, 2/22/2012^j,k		649,903

		Total Short-Term Investments (at amortized cost)		15,649,801

		Total Investments (cost $240,297,748) 109.0%	$	262,250,430

		Other Assets and Liabilities, Net (9.0%)		(21,728,390	)

		Total Net Assets 100.0%	$	240,522,040

a	Non-income producing security.

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

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

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 December 31, 2011.


Security	Acquisition Date		Cost
Preferred Term Securities XXIII, Ltd.		9/14/2006	$	1,004,612
Wachovia Asset Securitization, Inc.		3/16/2007	$	927,388

g	Defaulted security. Interest is not being accrued.

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

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

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

k	At December 31, 2011, $649,903 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Definitions:


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

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	58,348,365
Gross unrealized depreciation		(41,802,123	)

Net unrealized appreciation (depreciation)	$	16,546,242

Cost for federal income tax purposes	$	245,704,188

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

255

Balanced Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Balanced Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		16,884,715		16,884,715		—		—
Consumer Staples		18,173,161		18,173,161		—		—
Energy		19,319,842		19,319,842		—		—
Financials		21,148,364		21,148,364		—		—
Health Care		18,486,913		18,486,913		—		—
Industrials		16,834,211		16,834,211		—		—
Information Technology		30,149,793		30,149,793		—		—
Materials		5,397,190		5,397,190		—		—
Telecommunications Services		4,992,163		4,992,163		—		—
Utilities		6,080,687		6,080,687		—		—
Long-Term Fixed Income
Asset-Backed Securities		3,546,231		—		3,546,231		—
Basic Materials		250,466		—		250,466		—
Capital Goods		749,291		—		749,291		—
Collateralized Mortgage Obligations		702,840		—		702,840		—
Commercial Mortgage-Backed Securities		7,258,319		—		7,258,319		—
Communications Services		1,366,107		—		1,366,107		—
Consumer Cyclical		1,878,258		—		1,878,258		—
Consumer Non-Cyclical		2,367,592		—		2,367,592		—
Energy		1,165,430		—		1,165,430		—
Financials		6,459,743		—		6,057,898		401,845
Foreign Government		4,016,099		—		4,016,099		—
Mortgage-Backed Securities		25,039,716		—		25,039,716		—
Technology		305,236		—		305,236		—
Transportation		145,664		—		145,664		—
U.S. Government and Agencies		29,822,763		—		29,822,763		—
U.S. Municipals		183,684		—		183,684		—
Utilities		2,162,276		—		2,162,276		—
Collateral Held for Securities Loaned		1,713,875		1,713,875		—		—
Short-Term Investments		15,649,801		—		15,649,801		—

Total	$	262,250,430	$	159,180,914	$	102,667,671	$	401,845


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		34,973		34,973		—		—

Total Asset Derivatives	$	34,973	$	34,973	$	—	$	—

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Balanced Portfolio as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value December 31, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)*			Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3			Value December 31, 2011
Long-Term Fixed Income
Asset-Backed Securities		821,946		—		18,038			—		(168,540	)		—		(671,444	)		—
Financials		615,298		—		(46,069	)		—		(167,384	)		—		—			401,845

Total	$	1,437,244	$	—	($	28,031	)	$	—	($	335,924	)	$	—	($	671,444	)	$	401,845

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on December 31, 2011 of ($125,576).

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

256

Balanced Portfolio

Schedule of Investments as of December 31, 2011


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
S&P 500 Index Futures		6		March 2012	$	1,843,927	$	1,878,900	$	34,973
Total Futures Contracts									$	34,973

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Balanced Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		34,973
Total Equity Contracts			34,973

Total Asset Derivatives		$	34,973

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Balanced Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Futures	Net realized gains/(losses) on Futures contracts		344,744
Total Equity Contracts			344,744

Total		$	344,744

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Balanced Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		34,547
Total Equity Contracts			34,547

Total		$	34,547

The following table presents Balanced Portfolio’s average volume of derivative activity during the period ended December 31, 2011.


Derivative Risk Category	Futures *(Notional)**		Futures (Percentage of Average Net Assets)
Equity Contracts	$	4,146,108		1.6	%

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

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

257

Balanced Portfolio

Schedule of Investments as of December 31, 2011

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Balanced Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	962,860	$	59,189,996	$	58,438,981		1,713,875	$	1,713,875	$	15,437
Total Value and Income Earned		962,860								1,713,875		15,437

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

258

High Yield Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Bank Loans (1.4%)^a	Value
	Financials (0.5%)
		Nuveen Investments, Inc., Term Loan
	$3,605,000	12.500%, 7/31/2015	$	3,721,261

		Total Financials		3,721,261


	Technology (0.4%)
		First Data Corporation, Term Loan
	4,280,676	4.294%, 3/26/2018		3,573,166

		Total Technology		3,573,166


	Utilities (0.5%)
		Texas Competitive Electric Holdings, LLC, Term Loan
	5,788,562	4.830%, 10/10/2017^b,c		3,652,988

		Total Utilities		3,652,988

		Total Bank Loans (cost $13,134,065)		10,947,415


		Long-Term Fixed Income (92.0%)
	Asset-Backed Securities (0.5%)
		J.P. Morgan Mortgage Acquisition Corporation
	2,600,000	5.461%, 10/25/2036		1,986,829
		Renaissance Home Equity Loan Trust
	2,657,567	5.746%, 5/25/2036		1,200,732
	1,800,000	6.011%, 5/25/2036		704,885

		Total Asset-Backed Securities		3,892,446


	Basic Materials (7.8%)
		AbitibiBowater, Inc.
	4,823,000	10.250%, 10/15/2018^d		5,317,357
		APERAM
	1,570,000	7.750%, 4/1/2018^d		1,303,100
		Arch Coal, Inc.
	2,100,000	7.000%, 6/15/2019^d		2,142,000
	1,650,000	7.250%, 10/1/2020		1,687,125
	1,050,000	7.250%, 6/15/2021^d		1,078,875
		Cascades, Inc.
	1,000,000	7.750%, 12/15/2017		990,000
		CONSOL Energy, Inc.
	1,900,000	8.000%, 4/1/2017		2,080,500
	2,770,000	8.250%, 4/1/2020		3,060,850
		FMG Resources Property, Ltd.
	2,630,000	7.000%, 11/1/2015^d		2,656,300
	3,700,000	6.875%, 2/1/2018^d		3,542,750
	4,390,000	8.250%, 11/1/2019^d		4,466,825
		Graphic Packaging International, Inc.
	800,000	9.500%, 6/15/2017		876,000
	1,600,000	7.875%, 10/1/2018		1,704,000
		Hexion US Finance Corporation/Hexion Nova Scotia Finance ULC
	5,090,000	8.875%, 2/1/2018		4,771,875
	3,150,000	9.000%, 11/15/2020		2,598,750
		Lyondell Chemical Company
	705,000	8.000%, 11/1/2017		770,213
	1,345,965	11.000%, 5/1/2018		1,470,467
		LyondellBasell Industries NV
	1,600,000	6.000%, 11/15/2021^d		1,660,000
		Midwest Vanadium Pty., Ltd.
	2,630,000	11.500%, 2/15/2018^d		1,919,900
		NOVA Chemicals Corporation
	5,610,000	8.625%, 11/1/2019		6,185,025
		Novelis, Inc.
	3,950,000	8.750%, 12/15/2020		4,236,375
		Ryerson Holding Corporation
	4,770,000	Zero Coupon, 2/1/2015		2,122,650
		Ryerson, Inc.
	2,300,000	12.000%, 11/1/2015		2,323,000
		Severstal Columbus, LLC
	1,600,000	10.250%, 2/15/2018		1,676,000

		Total Basic Materials		60,639,937


	Capital Goods (7.6%)
		Associated Materials, LLC
	4,800,000	9.125%, 11/1/2017^e		4,188,000
		BE Aerospace, Inc.
	3,720,000	6.875%, 10/1/2020		4,054,800
		Case New Holland, Inc.
	5,300,000	7.875%, 12/1/2017		5,989,000
		Cemex SAB de CV
	1,550,000	5.579%, 9/30/2015^d,f		1,152,812
	5,130,000	9.000%, 1/11/2018^d		4,091,175
		Coleman Cable, Inc.
	2,420,000	9.000%, 2/15/2018		2,398,825
		EnergySolutions, Inc.
	2,650,000	10.750%, 8/15/2018		2,481,063
		Liberty Tire Recycling
	2,660,000	11.000%, 10/1/2016^d		2,653,350
		Manitowoc Company, Inc.
	4,730,000	8.500%, 11/1/2020^e		4,984,237
		Nortek, Inc.
	3,160,000	10.000%, 12/1/2018^d		2,994,100
	3,140,000	8.500%, 4/15/2021^d,e		2,653,300
		Owens-Illinois, Inc.
	3,470,000	7.800%, 5/15/2018		3,834,350
		Packaging Dynamics Corporation
	790,000	8.750%, 2/1/2016^d		790,000
		Plastipak Holdings, Inc.
	2,995,000	8.500%, 12/15/2015^d		3,054,900
	500,000	10.625%, 8/15/2019^d		552,500
		RBS Global, Inc./Rexnord Corporation
	4,520,000	8.500%, 5/1/2018		4,791,200
		Reynolds Group Issuer, Inc.
	1,580,000	9.000%, 4/15/2019^d		1,501,000
	2,630,000	8.250%, 2/15/2021^d		2,327,550
		RSC Equipment Rental, Inc.
	3,120,000	8.250%, 2/1/2021		3,159,000
		Sealed Air Corporation
	1,650,000	8.375%, 9/15/2021^d		1,823,250

		Total Capital Goods		59,474,412


	Communications Services (15.5%)
		AMC Networks, Inc.
	5,310,000	7.750%, 7/15/2021^d		5,774,625
		Cablevision Systems Corporation
	4,260,000	8.625%, 9/15/2017		4,717,950

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

259

High Yield Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (92.0%)	Value
	Communications Services (15.5%) - continued
		CCO Holdings, LLC
	$4,250,000	7.250%, 10/30/2017	$	4,478,438
	2,110,000	7.000%, 1/15/2019		2,199,675
	800,000	7.375%, 6/1/2020		844,000
		Clear Channel Worldwide Holdings, Inc.
	6,450,000	9.250%, 12/15/2017		6,966,000
		Cricket Communications, Inc.
	3,660,000	7.750%, 10/15/2020^e		3,202,500
		CSC Holdings, LLC
	4,250,000	6.750%, 11/15/2021^d		4,473,125
		Digicel, Ltd.
	4,210,000	8.250%, 9/1/2017^d		4,231,050
		Dish DBS Corporation
	3,740,000	6.750%, 6/1/2021		4,029,850
		EH Holding Corporation
	4,850,000	6.500%, 6/15/2019^d		5,056,125
		Frontier Communications Corporation
	3,190,000	8.250%, 4/15/2017		3,261,775
		GCI, Inc.
	4,200,000	6.750%, 6/1/2021		4,095,000
		Intelsat Bermuda, Ltd.
	5,700,000	11.250%, 2/4/2017		5,514,750
		Intelsat Jackson Holdings SA
	7,180,000	7.250%, 10/15/2020		7,287,700
		Intelsat Luxembourg SA
	790,000	11.500%, 2/4/2017^d		762,350
	2,712,153	11.500%, 2/4/2017		2,617,228
		Level 3 Financing, Inc.
	2,130,000	8.750%, 2/15/2017		2,167,275
	2,120,000	8.125%, 7/1/2019^d		2,088,200
		Nielsen Finance, LLC/Nielsen Finance Company
	2,800,000	7.750%, 10/15/2018		3,024,000
		NII Capital Corporation
	5,330,000	8.875%, 12/15/2019		5,609,825
	5,340,000	7.625%, 4/1/2021		5,299,950
		Quebecor Media, Inc.
	3,790,000	7.750%, 3/15/2016		3,894,225
		Satmex Escrow SA de CV
	5,230,000	9.500%, 5/15/2017		5,334,600
		Sprint Nextel Corporation
	6,040,000	9.000%, 11/15/2018^d		6,342,000
		TW Telecom Holdings, Inc.
	2,400,000	8.000%, 3/1/2018		2,556,000
		UPC Holding BV
	4,500,000	9.875%, 4/15/2018^d		4,798,125
		UPCB Finance V, Ltd.
	1,600,000	7.250%, 11/15/2021^d		1,620,000
		Videotron Ltee
	2,290,000	9.125%, 4/15/2018		2,521,862
		Virgin Media Finance plc
	1,790,000	8.375%, 10/15/2019		1,964,525
		XM Satellite Radio, Inc.
	3,680,000	7.625%, 11/1/2018^d		3,864,000

		Total Communications Services		120,596,728


	Consumer Cyclical (15.3%)
		American Axle & Manufacturing, Inc.
	2,150,000	5.250%, 2/11/2014^e		2,128,500
	2,130,000	7.875%, 3/1/2017^e		2,108,700
		Beazer Homes USA, Inc.
	3,200,000	6.875%, 7/15/2015		2,392,000
	2,630,000	9.125%, 5/15/2019		1,794,975
		Bon-Ton Department Stores, Inc.
	1,050,000	10.250%, 3/15/2014^e		673,312
		Burlington Coat Factory Warehouse Corporation
	3,650,000	10.000%, 2/15/2019		3,567,875
		Caesars Entertainment Operating Company, Inc.
	4,000,000	10.000%, 12/15/2018^e		2,740,000
		Chrysler Group, LLC
	3,870,000	8.000%, 6/15/2019^d,e		3,541,050
	4,320,000	8.250%, 6/15/2021^d		3,931,200
		Circus & Eldorado Joint Venture/Silver Legacy Capital Corporation
	2,350,000	10.125%, 3/1/2012		1,598,000
		DineEquity, Inc.
	4,200,000	9.500%, 10/30/2018		4,509,750
		Eldorado Resorts, LLC
	2,100,000	8.625%, 6/15/2019^d		1,874,250
		FireKeepers Development Authority
	3,030,000	13.875%, 5/1/2015^d		3,439,050
		Ford Motor Credit Company, LLC
	5,320,000	7.000%, 4/15/2015		5,719,000
		Gaylord Entertainment Company
	5,060,000	6.750%, 11/15/2014^e		5,009,400
		General Motors Financial Company, Inc.
	1,310,000	6.750%, 6/1/2018^d,e		1,336,200
		Lear Corporation
	2,200,000	7.875%, 3/15/2018		2,381,500
	2,200,000	8.125%, 3/15/2020		2,420,000
		Levi Strauss & Company
	2,630,000	7.625%, 5/15/2020^e		2,685,888
		Limited Brands, Inc.
	1,570,000	6.625%, 4/1/2021		1,664,200
		Marina District Finance Company, Inc.
	4,760,000	9.500%, 10/15/2015^e		4,450,600
	530,000	9.875%, 8/15/2018^e		483,625
		NCL Corporation, Ltd.
	2,170,000	11.750%, 11/15/2016		2,495,500
	4,470,000	9.500%, 11/15/2018		4,659,975
		Peninsula Gaming, LLC
	2,170,000	8.375%, 8/15/2015		2,300,200
	4,520,000	10.750%, 8/15/2017		4,734,700
		Realogy Corporation
	2,980,000	11.500%, 4/15/2017		2,324,400
		Realogy Corporation, Convertible
	1,570,000	11.000%, 4/15/2018^g		910,600
		Rite Aid Corporation
	2,870,000	7.500%, 3/1/2017		2,866,412
	2,060,000	9.500%, 6/15/2017		1,879,750
		ROC Finance, LLC
	4,780,000	12.125%, 9/1/2018^d		5,030,950

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

260

High Yield Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (92.0%)	Value
	Consumer Cyclical (15.3%) - continued
		Seminole Indian Tribe of Florida
	$5,145,000	7.804%, 10/1/2020^d	$	5,015,295
		Service Corporation International
	2,100,000	6.750%, 4/1/2015		2,257,500
		Seven Seas Cruises S de RL, LLC
	4,210,000	9.125%, 5/15/2019^d		4,304,725
		Shingle Springs Tribal Gaming Authority
	5,950,000	9.375%, 6/15/2015^g		3,361,750
		Tunica-Biloxi Gaming Authority
	4,770,000	9.000%, 11/15/2015^g		4,591,125
		West Corporation
	4,650,000	8.625%, 10/1/2018		4,696,500
	3,940,000	7.875%, 1/15/2019		3,910,450
		WMG Acquisition Corporation
	530,000	9.500%, 6/15/2016^d		575,050
	2,650,000	11.500%, 10/1/2018^d		2,630,125

		Total Consumer Cyclical		118,994,082


	Consumer Non-Cyclical (13.1%)
		Biomet, Inc.
	2,090,000	10.375%, 10/15/2017		2,262,425
	3,400,000	11.625%, 10/15/2017		3,689,000
		Capella Healthcare, Inc.
	3,960,000	9.250%, 7/1/2017		4,019,400
		Community Health Systems, Inc.
	1,644,000	8.875%, 7/15/2015^e		1,697,430
		Del Monte Corporation
	1,300,000	7.625%, 2/15/2019		1,248,000
		DJO Finance, LLC/DJO Finance Corporation
	1,600,000	9.750%, 10/15/2017^e		1,244,000
	1,730,000	7.750%, 4/15/2018		1,327,775
		Emergency Medical Services Corporation
	4,320,000	8.125%, 6/1/2019		4,309,200
		Endo Pharmaceuticals Holdings, Inc.
	790,000	7.000%, 7/15/2019		841,350
	2,640,000	7.250%, 1/15/2022		2,808,300
		Fresenius Medical Care US Finance, Inc.
	2,660,000	6.500%, 9/15/2018^d,e		2,786,350
		Grifols, Inc.
	4,380,000	8.250%, 2/1/2018		4,599,000
		HCA, Inc.
	2,710,000	8.500%, 4/15/2019		2,967,450
	4,270,000	7.250%, 9/15/2020		4,504,850
	5,180,000	7.500%, 2/15/2022		5,296,550
		Health Management Associates, Inc.
	3,200,000	7.375%, 1/15/2020^d		3,328,000
		Ingles Markets, Inc.
	1,600,000	8.875%, 5/15/2017		1,732,000
		Jarden Corporation
	1,070,000	7.500%, 1/15/2020		1,139,550
		JBS Finance II, Ltd.
	5,050,000	8.250%, 1/29/2018^g		4,582,875
		JBS USA, LLC/JBS USA Finance, Inc.
	3,150,000	11.625%, 5/1/2014		3,571,313
		Kinetic Concepts, Inc./KCI USA, Inc.
	4,740,000	10.500%, 11/1/2018^d		4,645,200
		Libbey Glass, Inc.
	749,000	10.000%, 2/15/2015		801,430
		Michael Foods, Inc.
	4,240,000	9.750%, 7/15/2018		4,462,600
		Mylan, Inc.
	3,210,000	7.875%, 7/15/2020^d		3,543,037
		Revlon Consumer Products Corporation
	3,730,000	9.750%, 11/15/2015		3,967,788
		Select Medical Corporation
	1,625,000	7.625%, 2/1/2015		1,527,500
	3,100,000	6.267%, 9/15/2015^e,f		2,604,000
		Spectrum Brands Holdings, Inc.
	930,000	9.500%, 6/15/2018^d		1,017,187
	3,700,000	9.500%, 6/15/2018		4,046,875
		Teleflex, Inc.
	4,210,000	6.875%, 6/1/2019		4,388,925
		Tenet Healthcare Corporation
	1,400,000	6.250%, 11/1/2018^d		1,424,500
	2,150,000	8.875%, 7/1/2019		2,413,375
	1,060,000	8.000%, 8/1/2020		1,061,325
		Valeant Pharmaceuticals International
	2,120,000	6.875%, 12/1/2018^d		2,114,700
	1,610,000	6.750%, 8/15/2021^d		1,553,650
		Visant Corporation
	4,890,000	10.000%, 10/1/2017		4,474,350

		Total Consumer Non-Cyclical		102,001,260


	Energy (13.6%)
		Chesapeake Energy Corporation
	3,190,000	6.875%, 8/15/2018		3,413,300
		Citgo Petroleum Corporation
	3,550,000	11.500%, 7/1/2017^g		3,922,750
		Coffeyville Resources, LLC
	1,584,000	9.000%, 4/1/2015^d		1,679,040
	3,600,000	10.875%, 4/1/2017^d		4,032,000
		Concho Resources, Inc.
	5,240,000	6.500%, 1/15/2022		5,475,800
		Connacher Oil and Gas, Ltd.
	4,720,000	8.500%, 8/1/2019^d		4,271,600
		Denbury Resources, Inc.
	800,000	9.750%, 3/1/2016		882,000
	428,000	8.250%, 2/15/2020		478,290
	1,710,000	6.375%, 8/15/2021		1,786,950
		Energy XXI Gulf Coast, Inc.
	2,110,000	9.250%, 12/15/2017		2,289,350
	1,580,000	7.750%, 6/15/2019		1,611,600
		Forest Oil Corporation
	4,130,000	7.250%, 6/15/2019		4,212,600
		Harvest Operations Corporation
	5,290,000	6.875%, 10/1/2017^d		5,475,150
		Helix Energy Solutions Group, Inc.
	4,000,000	9.500%, 1/15/2016^d		4,160,000
		Linn Energy, LLC
	2,250,000	8.625%, 4/15/2020		2,441,250
	2,195,000	7.750%, 2/1/2021		2,282,800

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

261

High Yield Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (92.0%)	Value
	Energy (13.6%) - continued
		Markwest Energy Partners, LP/Markwest Energy Finance Corporation
	$2,660,000	6.250%, 6/15/2022	$	2,779,700
		McJunkin Red Man Corporation
	3,230,000	9.500%, 12/15/2016		3,278,450
		Newfield Exploration Company
	3,900,000	6.625%, 4/15/2016		4,017,000
	2,660,000	5.750%, 1/30/2022		2,872,800
		Oasis Petroleum, Inc.
	2,670,000	7.250%, 2/1/2019		2,763,450
	1,590,000	6.500%, 11/1/2021		1,578,075
		Peabody Energy Corporation
	3,750,000	6.000%, 11/15/2018^d		3,825,000
		Petrohawk Energy Corporation
	3,190,000	7.250%, 8/15/2018		3,588,750
		Pioneer Natural Resources Company
	3,200,000	7.500%, 1/15/2020		3,753,091
		Plains Exploration & Production Company
	2,500,000	6.750%, 2/1/2022		2,618,750
		Precision Drilling Corporation
	2,450,000	6.625%, 11/15/2020		2,505,125
	1,060,000	6.500%, 12/15/2021^d		1,081,200
		QEP Resources, Inc.
	3,670,000	6.875%, 3/1/2021		3,954,425
		SandRidge Energy, Inc.
	3,680,000	8.000%, 6/1/2018^d		3,716,800
		SESI, LLC
	1,700,000	6.375%, 5/1/2019		1,729,750
	5,200,000	7.125%, 12/15/2021^d		5,460,000
		Southwestern Energy Company
	2,950,000	7.500%, 2/1/2018		3,399,875
		United Refining Company
	4,710,000	10.500%, 2/28/2018		4,403,850

		Total Energy		105,740,571


	Financials (7.3%)
		Ally Financial, Inc.
	2,080,000	7.500%, 12/31/2013		2,137,200
	2,650,000	8.000%, 3/15/2020		2,716,250
	5,590,000	7.500%, 9/15/2020		5,645,900
		Aviv Healthcare Properties, LP
	3,160,000	7.750%, 2/15/2019		3,096,800
		CIT Group, Inc.
	2,870,000	5.250%, 4/1/2014^d		2,859,238
	7,400,000	7.000%, 5/1/2017^e		7,400,000
		Community Choice Financial, Inc.
	2,620,000	10.750%, 5/1/2019^d		2,593,800
		Developers Diversified Realty Corporation
	3,190,000	7.875%, 9/1/2020		3,558,617
		Eksportfinans ASA
	2,670,000	2.375%, 5/25/2016		2,162,524
		Harbinger Group, Inc.
	2,890,000	10.625%, 11/15/2015^e		2,824,975
		Icahn Enterprises, LP
	4,730,000	7.750%, 1/15/2016		4,907,375
	5,780,000	8.000%, 1/15/2018		6,011,200
		International Lease Finance Corporation
	2,250,000	8.625%, 9/15/2015		2,306,250
	1,950,000	8.750%, 3/15/2017		2,008,500
	1,600,000	8.875%, 9/1/2017		1,656,000
		Nuveen Investments, Inc.
	2,630,000	10.500%, 11/15/2015^d		2,583,975
		Speedy Cash, Inc.
	2,100,000	10.750%, 5/15/2018^d		2,110,500

		Total Financials		56,579,104


	Technology (4.6%)
		Advanced Micro Devices, Inc.
	3,200,000	8.125%, 12/15/2017		3,320,000
	930,000	7.750%, 8/1/2020		955,575
		Amkor Technology, Inc.
	10,480,000	6.625%, 6/1/2021^e		10,087,000
		Equinix, Inc.
	3,770,000	8.125%, 3/1/2018		4,109,300
	1,050,000	7.000%, 7/15/2021		1,107,750
		First Data Corporation
	2,090,000	11.250%, 3/31/2016^e		1,734,700
	1,850,000	12.625%, 1/15/2021^d		1,609,500
		Freescale Semiconductor, Inc.
	2,110,000	8.050%, 2/1/2020^e		1,983,400
	2,400,000	10.750%, 8/1/2020		2,502,000
		NXP BV/NXP Funding, LLC
	2,660,000	9.750%, 8/1/2018^d		2,899,400
		Seagate HDD Cayman
	3,140,000	7.750%, 12/15/2018^d		3,340,175
		Sensata Technologies BV
	2,100,000	6.500%, 5/15/2019^d		2,073,750

		Total Technology		35,722,550


	Transportation (3.1%)
		American Petroleum Tankers, LLC
	1,204,000	10.250%, 5/1/2015		1,228,080
		CMA CGM SA
	4,710,000	8.500%, 4/15/2017^d		2,084,175
		Continental Airlines, Inc.
	3,000,000	6.750%, 9/15/2015^d		2,857,500
		Delta Air Lines, Inc.
	1,246,000	9.500%, 9/15/2014^d,e		1,283,380
		Hertz Corporation
	5,750,000	6.750%, 4/15/2019		5,764,375
		Navios Maritime Acquisition Corporation
	2,360,000	8.625%, 11/1/2017		1,711,000
		Navios Maritime Holdings, Inc.
	1,330,000	8.875%, 11/1/2017^e		1,266,825
	3,270,000	8.125%, 2/15/2019		2,436,150
		Navios South American Logistics, Inc./Navios Logistics Finance US, Inc.
	1,360,000	9.250%, 4/15/2019^d		1,088,000
		United Air Lines, Inc.
	2,045,487	9.750%, 1/15/2017		2,252,592

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

262

High Yield Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (92.0%)	Value
	Transportation (3.1%) - continued
		United Maritime Group, LLC/United Maritime Group Finance Corporation
	$2,140,000	11.750%, 6/15/2015	$	2,177,450

		Total Transportation		24,149,527


	Utilities (3.6%)
		AES Corporation
	5,900,000	7.375%, 7/1/2021^d,e		6,357,250
		Covanta Holding Corporation
	2,600,000	7.250%, 12/1/2020		2,733,013
		Crosstex Energy/Crosstex Energy Finance Corporation
	3,730,000	8.875%, 2/15/2018		4,075,025
		Holly Energy Partners, LP
	2,130,000	8.250%, 3/15/2018		2,236,500
		Inergy, LP
	5,060,000	7.000%, 10/1/2018		5,135,900
		Regency Energy Partners, LP
	3,670,000	6.875%, 12/1/2018		3,899,375
		Targa Resources Partners, LP
	3,460,000	7.875%, 10/15/2018		3,650,300

		Total Utilities		28,087,363

		Total Long-Term Fixed Income (cost $716,941,707)		715,877,980


Shares		Preferred Stock (1.1%)
	Financials (1.1%)
	3,381	Ally Financial, Inc., 7.000%^d,h		2,423,649
	62,690	Ally Financial, Inc., 8.500%^h		1,152,869
	104,852	Citigroup Capital XII, 8.500%		2,638,076
	26,500	Citigroup, Inc., Convertibleⁱ		2,153,125

		Total Financials		8,367,719

		Total Preferred Stock (cost $9,077,313)		8,367,719


		Common Stock (<0.1%)
	Consumer Discretionary (<0.1%)
	121,520	TVMAX Holdings, Inc.^j,k		0

		Total Consumer Discretionary		0

		Total Common Stock (cost $6,270,446)		0


		Collateral Held for Securities Loaned (6.5%)
	50,915,269	Thrivent Financial Securities Lending Trust		50,915,269

		Total Collateral Held for Securities Loaned (cost $50,915,269)		50,915,269


Principal Amount		Short-Term Investments (3.0%)^l
		Federal Home Loan Bank Discount Notes
	3,000,000	0.010%, 1/18/2012^m		2,999,986
	5,000,000	0.015%, 1/20/2012^m		4,999,961
	10,000,000	0.005%, 2/8/2012^m		9,999,947
	4,000,000	0.010%, 2/22/2012^m		3,999,942
		Federal National Mortgage Association Discount Notes
	1,600,000	0.077%, 2/22/2012^m		1,599,822

		Total Short-Term Investments (at amortized cost)		23,599,658

		Total Investments (cost $819,938,458) 104.0%	$	809,708,041

		Other Assets and Liabilities, Net (4.0%)		(31,181,760	)

		Total Net Assets 100.0%	$	778,526,281

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.

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

f	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of December 31, 2011.

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities High Yield Portfolio owned as of December 31, 2011.


Security	Acquisition Date		Cost
Citgo Petroleum Corporation		6/18/2010	$	3,508,181
JBS Finance II, Ltd.		7/22/2010		4,981,017
Realogy Corporation, Convertible		3/10/2011		1,794,797
Shingle Springs Tribal Gaming Authority		6/22/2007		5,786,644
Tunica-Biloxi Gaming Authority		11/8/2005		4,750,717

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

i	Comprised of a 79.7% prepaid stock purchase contract for common stock of Citigroup, Inc. and a 20.3% amortizing note. The quarterly payments received consists of return of capital and 6.15% interest on only the portion that is the note.

j	Security is fair valued.

k	Non-income producing security.

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

263

High Yield Portfolio

Schedule of Investments as of December 31, 2011

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

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


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

Gross unrealized appreciation	$	26,468,041
Gross unrealized depreciation		(36,796,071	)

Net unrealized appreciation (depreciation)	$	(10,328,030	)

Cost for federal income tax purposes	$	820,036,071

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing High Yield Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Financials		3,721,261		—		3,721,261		—
Technology		3,573,166		—		3,573,166		—
Utilities		3,652,988		—		3,652,988		—
Long-Term Fixed Income
Asset-Backed Securities		3,892,446		—		3,892,446		—
Basic Materials		60,639,937		—		60,639,937		—
Capital Goods		59,474,412		—		59,474,412		—
Communications Services		120,596,728		—		120,596,728		—
Consumer Cyclical		118,994,082		—		118,994,082		—
Consumer Non-Cyclical		102,001,260		—		102,001,260		—
Energy		105,740,571		—		105,740,571		—
Financials		56,579,104		—		56,579,104		—
Technology		35,722,550		—		35,722,550		—
Transportation		24,149,527		—		24,149,527		—
Utilities		28,087,363		—		28,087,363		—
Preferred Stock
Financials		8,367,719		5,944,070		2,423,649		—
Common Stock
Consumer Discretionary		—		—		—		—
Collateral Held for Securities Loaned		50,915,269		50,915,269		—		—
Short-Term Investments		23,599,658		—		23,599,658		—

Total	$	809,708,041	$	56,859,339	$	752,848,702	$	—

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for High Yield Portfolio as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value December 31, 2010		Realized Gain/ (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3			Value December 31, 2011
Long-Term Fixed Income
Transportation		2,517,314		—			(121,240	)		—		(143,482	)		—		(2,252,592	)		—
Common Stock
Consumer Discretionary ^{^}		—		—			—			—		—			—		—			—
Materials ^{^}		—		(47,568	)		47,568			—		—			—		—			—

Total	$	2,517,314	($	47,568	)	($	73,672	)	$	—	($	143,482	)	$	—	($	2,252,592	)	$	—

^	Securities in these sections are fair valued at $0.

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

264

High Yield Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for High Yield Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(146,283	)
Total Foreign Exchange Contracts			(146,283	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		3,291
Total Interest Rate Contracts			3,291
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		397,788
Total Credit Contracts			397,788

Total		$	254,796

The following table presents High Yield Portfolio's average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Interest Rate Contracts

1,329,442

0.2

N/A

Foreign Exchange Contracts

N/A

110,183

<0.1

N/A

Credit Contracts

N/A

7,947,488

1.0

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

Investment in Affiliates

A summary of transactions for the fiscal year to date, in High Yield Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	58,703,553	$	328,813,709	$	336,601,993		50,915,269	$	50,915,269	$	275,011
Total Value and Income Earned		58,703,553								50,915,269		275,011

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

265

Diversified Income Plus Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Bank Loans (6.8%)^a	Value
	Capital Goods (0.5%)
		Reynolds Group, Term Loan
	$532,869	6.500%, 8/9/2018	$	528,969

		Total Capital Goods		528,969


	Communications Services (1.8%)
		Cumulus Media Holdings, Inc., Term Loan
	1,065,000	5.750%, 9/16/2018		1,042,560
		Towerco Finance, LLC, Term Loan
	538,643	5.250%, 2/2/2017		536,397
		Univision Communications, Inc., Term Loan
	540,000	2.296%, 9/29/2014		514,350

		Total Communications Services		2,093,307


	Consumer Cyclical (0.4%)
		Chrysler Group, LLC, Term Loan
	522,375	6.000%, 5/24/2017		493,253

		Total Consumer Cyclical		493,253


	Consumer Non-Cyclical (0.8%)
		CHS/Community Health Systems, Inc., Term Loan
	26,286	2.546%, 7/25/2014		25,432
	512,662	2.757%, 7/25/2014		496,001
		Visant Corporation, Term Loan
	496,972	5.260%, 12/22/2016		465,021

		Total Consumer Non-Cyclical		986,454


	Energy (0.5%)
		GenOn Energy, Inc., Term Loan
	538,637	4.250%, 9/20/2017^b,c		536,326

		Total Energy		536,326


	Financials (0.8%)
		Nuveen Investments, Inc., Term Loan
	525,000	6.013%, 5/13/2017		503,475
		Springleaf Financial Funding Company, Term Loan
	525,000	5.500%, 5/10/2017		455,983

		Total Financials		959,458


	Technology (1.2%)
		First Data Corporation, Term Loan
	525,000	4.294%, 3/26/2018		438,228
		Freescale Semiconductor, Term Loan
	523,283	4.520%, 12/1/2016		499,474
		Intelsat Jackson Holdings SA, Term Loan
	523,684	5.250%, 4/2/2018		519,102

		Total Technology		1,456,804


	Transportation (0.4%)
		Delta Air Lines, Inc., Term Loan
	522,375	5.500%, 4/20/2017		492,338

		Total Transportation		492,338


	Utilities (0.4%)
		Calpine Corporation, Term Loan
	522,369	4.500%, 4/1/2018		511,049

		Total Utilities		511,049


		Total Bank Loans (cost $8,000,386)		8,057,958


		Long-Term Fixed Income (54.6%)
	Asset-Backed Securities (2.1%)
		Carrington Mortgage Loan Trust
	1,200,000	0.444%, 8/25/2036^d		372,231
		GSAMP Trust
	713,557	0.474%, 2/25/2036^d		555,805
	444,427	0.374%, 8/25/2036^d		404,130
		J.P. Morgan Mortgage Trust
	367,019	2.806%, 2/25/2036		264,209
		Renaissance Home Equity Loan Trust
	512,531	5.746%, 5/25/2036		231,570
	632,000	6.011%, 5/25/2036		247,493
	950,000	5.797%, 8/25/2036		388,476

		Total Asset-Backed Securities		2,463,914


	Basic Materials (2.3%)
		Alcoa, Inc.
	190,000	6.150%, 8/15/2020		197,406
		ArcelorMittal
	85,000	5.500%, 3/1/2021		78,022
		Arch Coal, Inc.
	620,000	7.000%, 6/15/2019^e		632,400
		Dow Chemical Company
	400,000	8.550%, 5/15/2019		523,331
		FMG Resources Property, Ltd.
	620,000	7.000%, 11/1/2015^e		626,200
		Novelis, Inc.
	620,000	8.375%, 12/15/2017		658,750

		Total Basic Materials		2,716,109


	Capital Goods (1.8%)
		Bombardier, Inc.
	970,000	7.750%, 3/15/2020^e,f		1,057,300
		Case New Holland, Inc.
	620,000	7.875%, 12/1/2017		700,600
		Textron, Inc.
	300,000	7.250%, 10/1/2019		339,303

		Total Capital Goods		2,097,203


	Collateralized Mortgage Obligations (5.5%)
		Bear Stearns Adjustable Rate Mortgage Trust
	442,792	2.400%, 10/25/2035^d		345,243
		Citigroup Mortgage Loan Trust, Inc.
	593,802	5.500%, 11/25/2035		501,807
		CitiMortgage Alternative Loan Trust
	869,835	5.750%, 4/25/2037		566,089
		Countrywide Alternative Loan Trust
	373,762	6.000%, 4/25/2036		242,293

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

266

Diversified Income Plus Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (54.6%)	Value
	Collateralized Mortgage Obligations (5.5%) - continued
	$ 333,327	6.000%, 1/25/2037	$	218,942
		Deutsche Alt-A Securities, Inc.
	291,219	5.500%, 10/25/2021		278,483
	1,227,160	0.970%, 4/25/2047^d		704,613
		First Horizon Mortgage Pass- Through Trust
	450,737	5.553%, 8/25/2037		297,481
		GSR Mortgage Loan Trust
	503,017	0.484%, 8/25/2046^d		377,098
		HomeBanc Mortgage Trust
	496,649	2.221%, 4/25/2037		265,206
		J.P. Morgan Mortgage Trust
	313,154	6.500%, 1/25/2035		309,356
	232,459	2.772%, 10/25/2036		169,469
	803,308	4.441%, 1/25/2037		524,061
		MASTR Alternative Loans Trust
	349,529	6.500%, 7/25/2034		365,374
		New York Mortgage Trust, Inc.
	616,421	2.805%, 5/25/2036		71,664
		Structured Adjustable Rate Mortgage Loan Trust
	494,896	5.394%, 9/25/2036		90,256
		WaMu Mortgage Pass Through Certificates
	293,579	2.312%, 11/25/2036		208,495
	189,864	2.567%, 8/25/2046		125,594
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	1,017,610	0.958%, 2/25/2047^d		373,011
		Wells Fargo Mortgage Backed Securities Trust
	494,673	6.000%, 7/25/2037		452,011

		Total Collateralized Mortgage Obligations		6,486,546


	Commercial Mortgage-Backed Securities (2.0%)
		Banc of America Commercial Mortgage, Inc.
	650,000	5.655%, 4/10/2049		606,696
		Greenwich Capital Commercial Funding Corporation
	650,000	5.867%, 12/10/2049		576,556
		LB-UBS Commercial Mortgage Trust
	650,000	6.167%, 9/15/2045		611,564
		Wachovia Bank Commercial Mortgage Trust
	650,000	0.398%, 9/15/2021^d,g		578,438

		Total Commercial Mortgage- Backed Securities		2,373,254


	Communications Services (5.3%)
		Cablevision Systems Corporation
	620,000	8.625%, 9/15/2017		686,650
		CBS Corporation
	300,000	8.875%, 5/15/2019		385,318
		CCO Holdings, LLC
	620,000	7.000%, 1/15/2019		646,350
		CenturyLink, Inc.
	350,000	6.450%, 6/15/2021		350,645
		Clear Channel Worldwide Holdings, Inc.
	620,000	9.250%, 12/15/2017		669,600
		Dish DBS Corporation
	90,000	6.750%, 6/1/2021		96,975
		EH Holding Corporation
	620,000	6.500%, 6/15/2019^e		646,350
		Intelsat Jackson Holdings SA
	620,000	7.250%, 4/1/2019^e		629,300
		News America, Inc.
	175,000	4.500%, 2/15/2021		183,489
		NII Capital Corporation
	530,000	7.625%, 4/1/2021		526,025
		Sprint Nextel Corporation
	620,000	9.000%, 11/15/2018^e		651,000
		Telecom Italia Capital SA
	85,000	6.999%, 6/4/2018		79,466
		Telefonica Emisiones SAU
	65,000	5.462%, 2/16/2021		62,027
		UPCB Finance V, Ltd.
	620,000	7.250%, 11/15/2021^e		627,750

		Total Communications Services		6,240,945


	Consumer Cyclical (4.9%)
		Chrysler Group, LLC
	560,000	8.000%, 6/15/2019^e		512,400
		Ford Motor Credit Company, LLC
	350,000	6.625%, 8/15/2017		380,996
		Home Depot, Inc.
	200,000	3.950%, 9/15/2020		217,913
		Lennar Corporation
	620,000	12.250%, 6/1/2017		737,800
		Macy’s Retail Holdings, Inc.
	260,000	6.700%, 7/15/2034		286,980
		MGM Resorts International
	610,000	11.125%, 11/15/2017		695,400
		Rite Aid Corporation
	620,000	7.500%, 3/1/2017		619,225
		Starwood Hotels & Resorts Worldwide, Inc.
	620,000	6.750%, 5/15/2018^h		700,600
		Toys R Us Property Company II, LLC
	620,000	8.500%, 12/1/2017		641,700
		Viacom, Inc.
	100,000	3.875%, 12/15/2021		102,087
		West Corporation
	275,000	7.875%, 1/15/2019		272,937
		WMG Acquisition Corporation
	620,000	11.500%, 10/1/2018^e		615,350

		Total Consumer Cyclical		5,783,388


	Consumer Non-Cyclical (4.4%)
		Amgen, Inc.
	80,000	2.500%, 11/15/2016		80,959
		Beam, Inc.
	175,000	5.375%, 1/15/2016		192,145

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

267

Diversified Income Plus Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (54.6%)	Value
	Consumer Non-Cyclical (4.4%) - continued
		Bunge Limited Finance Corporation
	$125,000	4.100%, 3/15/2016	$	129,441
		Community Health Systems, Inc.
	624,000	8.875%, 7/15/2015^h		644,280
		Gilead Sciences, Inc.
	85,000	3.050%, 12/1/2016		86,996
		HCA, Inc.
	620,000	7.500%, 2/15/2022		633,950
		JBS USA, LLC/JBS USA Finance, Inc.
	625,000	11.625%, 5/1/2014		708,594
		Kinetic Concepts, Inc./KCI USA, Inc.
	620,000	10.500%, 11/1/2018^e		607,600
		Reynolds Group Issuer, Inc.
	620,000	6.875%, 2/15/2021^e		616,900
		Safeway, Inc.
	85,000	4.750%, 12/1/2021		87,071
		Tenet Healthcare Corporation
	620,000	8.875%, 7/1/2019		695,950
		Teva Pharmaceutical Finance IV BV
	165,000	3.650%, 11/10/2021		167,827
		Valeant Pharmaceuticals International
	620,000	6.875%, 12/1/2018^e		618,450

		Total Consumer Non-Cyclical		5,270,163


	Energy (4.4%)
		BP Capital Markets plc
	175,000	4.750%, 3/10/2019		194,376
		Chesapeake Energy Corporation
	570,000	9.500%, 2/15/2015^f		652,650
		Denbury Resources, Inc.
	620,000	6.375%, 8/15/2021		647,900
		Enbridge Energy Partners, LP
	600,000	8.050%, 10/1/2037		633,961
		Enterprise Products Operating, LLC
	700,000	7.034%, 1/15/2068		728,000
		Harvest Operations Corporation
	620,000	6.875%, 10/1/2017^e		641,700
		Linn Energy, LLC
	620,000	7.750%, 2/1/2021		644,800
		Markwest Energy Partners, LP/Markwest Energy Finance Corporation
	620,000	6.500%, 8/15/2021		645,575
		Nexen, Inc.
	175,000	6.400%, 5/15/2037		185,370
		Weatherford International, Ltd.
	210,000	6.000%, 3/15/2018		233,654

		Total Energy		5,207,986


	Financials (13.5%)
		Abbey National Capital Trust I
	525,000	8.963%, 12/29/2049ⁱ		472,500
		Abbey National Treasury Services plc
	175,000	4.000%, 4/27/2016		157,002
		ABN Amro North American Holding Preferred Capital Repackage Trust I
	350,000	6.523%, 12/29/2049^e,i		238,437
		Aegon NV
	400,000	2.397%, 7/29/2049^d,i		172,600
		Ally Financial, Inc.
	620,000	8.000%, 3/15/2020		635,500
		American Express Company
	400,000	6.800%, 9/1/2066		398,000
		American International Group, Inc.
	175,000	8.250%, 8/15/2018		185,238
		Apollo Investment Corporation, Convertible
	700,000	5.750%, 1/15/2016^e		584,500
		Bank of America Corporation
	525,000	5.875%, 1/5/2021		499,709
	240,000	8.000%, 12/29/2049ⁱ		214,906
		BB&T Capital Trust IV
	200,000	6.820%, 6/12/2057		201,250
		BBVA International Preferred SA Unipersonal
	525,000	5.919%, 12/29/2049^h,i		347,566
		BNP Paribas SA
	87,000	3.600%, 2/23/2016		81,604
		CIT Group, Inc.
	620,000	7.000%, 5/1/2017		620,000
		CNA Financial Corporation
	400,000	7.350%, 11/15/2019		445,800
		Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
	525,000	11.000%, 12/29/2049^e,i		614,250
		Coventry Health Care, Inc.
	85,000	5.450%, 6/15/2021		94,453
		Credit Suisse New York, NY
	87,000	4.375%, 8/5/2020		85,301
		Developers Diversified Realty Corporation
	260,000	7.875%, 9/1/2020		290,044
		Discover Bank
	400,000	8.700%, 11/18/2019		456,074
		Eksportfinans ASA
	85,000	2.375%, 5/25/2016		68,844
		Health Care REIT, Inc.
	380,000	6.500%, 3/15/2041		380,745
		HSBC Finance Corporation
	285,000	6.676%, 1/15/2021		294,803
		Huntington National Bank
	400,000	6.600%, 6/15/2018		431,622
		Icahn Enterprises, LP
	620,000	8.000%, 1/15/2018		644,800
		ING Bank NV
	170,000	5.000%, 6/9/2021^e		164,739
		International Lease Finance Corporation
	530,000	5.750%, 5/15/2016		491,597
		J.P. Morgan Chase & Company
	170,000	3.150%, 7/5/2016		170,796
		J.P. Morgan Chase Capital XX
	440,000	6.550%, 9/29/2036		440,000
		J.P. Morgan Chase Capital XXVII
	350,000	7.000%, 11/1/2039		352,188

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

268

Diversified Income Plus Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (54.6%)	Value
	Financials (13.5%) - continued
		KeyCorp
	$110,000	5.100%, 3/24/2021	$	114,231
		LBG Capital No. 1 plc
	380,000	7.875%, 11/1/2020^e		288,040
		Lehman Brothers Holdings, Inc.
	400,000	7.000%, 9/27/2027^j		102,500
		Liberty Mutual Group, Inc.
	525,000	10.750%, 6/15/2058^e		658,875
		Lincoln National Corporation
	630,000	6.050%, 4/20/2067		524,475
		Lloyds TSB Bank plc
	100,000	6.500%, 9/14/2020^e		83,676
		MetLife Capital Trust IV
	575,000	7.875%, 12/15/2037^e		596,562
		Morgan Stanley
	190,000	5.750%, 1/25/2021		177,233
		Northern Trust Corporation
	175,000	3.375%, 8/23/2021		179,374
		Prudential Financial, Inc.
	300,000	6.200%, 11/15/2040		313,922
		Regions Bank
	400,000	7.500%, 5/15/2018		396,000
		Reinsurance Group of America, Inc.
	600,000	6.750%, 12/15/2065		520,153
		Santander Holdings USA, Inc.
	90,000	4.625%, 4/19/2016		86,428
		SLM Corporation
	350,000	8.000%, 3/25/2020		353,500
		Swiss RE Capital I, LP
	420,000	6.854%, 5/29/2049^e,i		356,940
		XL Group plc
	600,000	6.500%, 12/29/2049ⁱ		469,500
		ZFS Finance USA Trust II
	550,000	6.450%, 12/15/2065^e		500,500

		Total Financials		15,956,777


	Foreign Government (2.5%)
		Brazil Government International Bond
	550,000	4.875%, 1/22/2021		614,625
		Colombia Government International Bond
	175,000	4.375%, 7/12/2021		188,125
		Mexico Government International Bond
	275,000	5.125%, 1/15/2020		314,187
		Panama Government International Bond
	175,000	5.200%, 1/30/2020		198,187
		Peru Government International Bond
	175,000	7.125%, 3/30/2019		220,062
		Philippines Government International Bond
	350,000	4.000%, 1/15/2021		358,750
		Poland Government International Bond
	170,000	5.000%, 3/23/2022		170,850
		Russia Government International Bond
	350,000	5.000%, 4/29/2020^e		361,078
		Turkey Government International Bond
	350,000	5.625%, 3/30/2021		353,938
	200,000	5.125%, 3/25/2022		191,000

		Total Foreign Government		2,970,802


	Mortgage-Backed Securities (2.9%)
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	3,300,000	3.000%, 1/1/2027^c		3,407,765

		Total Mortgage-Backed Securities		3,407,765


	Technology (0.6%)
		Hewlett-Packard Company
	85,000	4.650%, 12/9/2021		89,682
		Seagate HDD Cayman
	620,000	7.750%, 12/15/2018^e		659,525

		Total Technology		749,207


	Transportation (0.9%)
		Avis Budget Car Rental, LLC/Avis Budget Finance, Inc.
	620,000	8.250%, 1/15/2019		615,350
		Burlington Northern Santa Fe, LLC
	175,000	3.450%, 9/15/2021		180,371
		CSX Corporation
	85,000	4.750%, 5/30/2042		87,707
		United Air Lines, Inc.
	134,375	10.400%, 11/1/2016		148,645

		Total Transportation		1,032,073


	Utilities (1.5%)
		AES Corporation
	620,000	7.375%, 7/1/2021^e		668,050
		CenterPoint Energy, Inc.
	140,000	6.500%, 5/1/2018		163,438
		NiSource Finance Corporation
	350,000	6.125%, 3/1/2022		402,942
		Southern Union Company
	200,000	3.447%, 11/1/2066^d		186,500
		TransCanada PipeLines, Ltd.
	400,000	6.350%, 5/15/2067		401,346

		Total Utilities		1,822,276


		Total Long-Term Fixed Income (cost $66,286,155)		64,578,408


Shares		Common Stock (32.1%)	Value
	Consumer Discretionary (2.7%)
	12,400	DIRECTV^k		530,224
	8,500	Gap, Inc.		157,675
	7,600	McDonald's Corporation		762,508
	5,900	Strayer Education, Inc.^h		573,421
	13,600	TJX Companies, Inc.		877,880

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

269

Diversified Income Plus Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (32.1%)	Value
	Consumer Discretionary (2.7%) - continued
	5,700	Weight Watchers International, Inc.	$	313,557

		Total Consumer Discretionary		3,215,265


	Consumer Staples (3.3%)
	6,900	Coca-Cola Company		482,793
	4,000	Colgate-Palmolive Company		369,560
	7,300	Dr. Pepper Snapple Group, Inc.		288,204
	2,400	Herbalife, Ltd.		124,008
	5,600	Kimberly-Clark Corporation		411,936
	1,200	Lorillard, Inc.		136,800
	7,200	PepsiCo, Inc.		477,720
	7,500	Philip Morris International, Inc.		588,600
	2,437	Procter & Gamble Company		162,572
	3,900	Walgreen Company		128,934
	12,700	Wal-Mart Stores, Inc.		758,952

		Total Consumer Staples		3,930,079


	Energy (3.9%)
	6,800	Chevron Corporation		723,520
	100	CNOOC, Ltd. ADR		17,468
	7,000	ConocoPhillips		510,090
	3,500	Core Laboratories NV^h		398,825
	9,300	Ecopetrol SA ADR^h		414,036
	3,000	Energen Corporation		150,000
	20,000	Energy Income and Growth Fund		565,000
	1,900	Exxon Mobil Corporation		161,044
	33,800	Marathon Oil Corporation		989,326
	3,900	Marathon Petroleum Corporation		129,831
	2,600	Murphy Oil Corporation		144,924
	2,300	Occidental Petroleum Corporation		215,510
	9,000	W&T Offshore, Inc.		190,890

		Total Energy		4,610,464


	Financials (8.6%)
	11,800	Aflac, Inc.		510,468
	6,800	Allstate Corporation		186,388
	4,000	Ameriprise Financial, Inc.		198,560
	6,489	Annaly Capital Management, Inc.		103,564
	79,500	Anworth Mortgage Asset Corporation		499,260
	62,500	Ares Capital Corporation^f		965,625
	5,200	Axis Capital Holdings, Ltd.		166,192
	21,630	Commerce Bancshares, Inc.		824,536
	1,400	Goldman Sachs Group, Inc.		126,602
	28,650	Invesco Mortgage Capital, Inc.		402,532
	17,500	iPath S&P 500 VIX Short-Term Futures ETN^h,k		621,775
	28,500	iShares MSCI Emerging Markets Index Fund		1,081,290
	44,400	MFA Financial, Inc.		298,368
	7,700	Montpelier Re Holdings, Inc.		136,675
	45,500	NFJ Dividend Interest & Premium Strategy Fund^h		728,910
	40,500	Solar Capital, Ltd.		894,645
	3,800	Travelers Companies, Inc.		224,846
	57,050	Two Harbors Investment Corporation		527,142
	9,600	U.S. Bancorp		259,680
	7,700	Validus Holdings, Ltd.		242,550
	16,600	Wells Fargo & Company		457,496
	36,000	Western Asset Emerging Markets Debt Fund, Inc.		680,400

		Total Financials		10,137,504


	Health Care (3.3%)
	10,400	Abbott Laboratories		584,792
	1,300	AstraZeneca plc ADR		60,177
	16,600	Forest Laboratories, Inc.^k		502,316
	5,900	Johnson & Johnson		386,922
	16,600	Medtronic, Inc.		634,950
	6,400	Novo Nordisk A/S ADR		737,664
	65,800	PDL BioPharma, Inc.^h		407,960
	22,453	Pfizer, Inc.		485,883
	3,100	UnitedHealth Group, Inc.		157,108

		Total Health Care		3,957,772


	Industrials (3.3%)
	3,400	3M Company		277,882
	80,700	Alerian MLP ETF^h		1,341,234
	6,300	Allegiant Travel Company^k		336,042
	3,300	Caterpillar, Inc.		298,980
	2,300	Dun & Bradstreet Corporation		172,109
	6,300	Emerson Electric Company		293,517
	4,600	KBR, Inc.		128,202
	21,000	Knight Transportation, Inc.		328,440
	10,000	Nordson Corporation		411,800
	17,000	Southwest Airlines Company		145,520
	4,000	Verisk Analytics, Inc.^k		160,520

		Total Industrials		3,894,246


	Information Technology (2.9%)
	12,600	Accenture plc		670,698
	7,200	BMC Software, Inc.^k		236,016
	9,100	Cisco Systems, Inc.		164,528
	17,000	Intel Corporation		412,250
	3,300	International Business Machines Corporation		606,804
	9,300	Lender Processing Services, Inc.		140,151
	4,900	Linear Technology Corporation		147,147
	1,000	MasterCard, Inc.		372,820
	20,500	Microsoft Corporation		532,180
	11,000	Teradyne, Inc.^k		149,930

		Total Information Technology		3,432,524


	Materials (1.0%)
	7,100	E.I. du Pont de Nemours and Company		325,038
	4,300	LyondellBasell Industries NV		139,707
	3,700	Newmont Mining Corporation		222,037
	4,100	Southern Copper Corporation		123,738
	18,800	Vale SA SP ADR		403,260

		Total Materials		1,213,780


	Telecommunications Services (1.6%)
	13,500	AT&T, Inc.		408,240
	12,100	Nippon Telegraph & Telephone Corporation ADR		306,493
	11,900	NTT DOCOMO, INC. ADR^h		218,365
	2,800	Philippine Long Distance Telephone Company ADR		161,336
	4,835	Telefonica Brasil SA ADR		132,141

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

270

Diversified Income Plus Portfolio

Schedule of Investments as of December 31, 2011


Shares		Common Stock (32.1%)	Value
	Telecommunications Services (1.6%) - continued
	15,700	Verizon Communications, Inc.	$	629,884

		Total Telecommunications Services		1,856,459


	Utilities (1.5%)
	7,800	Empire District Electric Company		164,502
	24,500	Enersis SA ADR		431,935
	4,100	Laclede Group, Inc.		165,927
	42,300	Questar Corporation		840,078
	4,100	Southern Company		189,789

		Total Utilities		1,792,231


		Total Common Stock (cost $37,588,421)		38,040,324


		Preferred Stock (0.3%)
	Financials (0.3%)
	12,800	Citigroup Capital XII, 8.500%		322,048

		Total Financials		322,048

		Total Preferred Stock (cost $339,200)		322,048


		Collateral Held for Securities Loaned (4.0%)
	4,748,550	Thrivent Financial Securities Lending Trust		4,748,550

		Total Collateral Held for Securities Loaned (cost $4,748,550)		4,748,550

Principal Amount		Short-Term Investments (1.0%)^l
		Federal National Mortgage Association Discount Notes
	$1,200,000	0.105%, 2/22/2012^m,n		1,199,821

		Total Short-Term Investments (at amortized cost)		1,199,821

		Total Investments (cost $118,162,533) 98.8%	$	116,947,109

		Other Assets and Liabilities, Net 1.2%		1,445,815

		Total Net Assets 100.0%	$	118,392,924

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 December 31, 2011.

f	All or a portion of the security was earmarked to cover written options.

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Diversified Income Plus Portfolio owned as of December 31, 2011.


Security	Acquisition Date		Cost
Wachovia Bank Commercial Mortgage Trust		4/25/2007	$	650,000

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

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

j	In bankruptcy. Interest is not being accrued.

k	Non-income producing security.

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

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

n	At December 31, 2011, $1,199,821 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.
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	$	5,184,023
Gross unrealized depreciation		(6,478,095	)

Net unrealized appreciation (depreciation)	$	(1,294,072	)

Cost for federal income tax purposes	$	118,241,181

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

271

Diversified Income Plus Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Diversified Income Plus Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Capital Goods		528,969		—		528,969		—
Communications Services		2,093,307		—		2,093,307		—
Consumer Cyclical		493,253		—		493,253		—
Consumer Non-Cyclical		986,454		—		986,454		—
Energy		536,326		—		536,326		—
Financials		959,458		—		959,458		—
Technology		1,456,804		—		1,456,804		—
Transportation		492,338		—		492,338		—
Utilities		511,049		—		511,049		—
Long-Term Fixed Income
Asset-Backed Securities		2,463,914		—		2,463,914		—
Basic Materials		2,716,109		—		2,716,109		—
Capital Goods		2,097,203		—		2,097,203		—
Collateralized Mortgage Obligations		6,486,546		—		6,486,546		—
Commercial Mortgage-Backed Securities		2,373,254		—		2,373,254		—
Communications Services		6,240,945		—		6,240,945		—
Consumer Cyclical		5,783,388		—		5,783,388		—
Consumer Non-Cyclical		5,270,163		—		5,270,163		—
Energy		5,207,986		—		5,207,986		—
Financials		15,956,777		—		15,956,777		—
Foreign Government		2,970,802		—		2,970,802		—
Mortgage-Backed Securities		3,407,765		—		3,407,765		—
Technology		749,207		—		749,207		—
Transportation		1,032,073		—		883,428		148,645
Utilities		1,822,276		—		1,822,276		—
Common Stock
Consumer Discretionary		3,215,265		3,215,265		—		—
Consumer Staples		3,930,079		3,930,079		—		—
Energy		4,610,464		4,610,464		—		—
Financials		10,137,504		10,137,504		—		—
Health Care		3,957,772		3,957,772		—		—
Industrials		3,894,246		3,894,246		—		—
Information Technology		3,432,524		3,432,524		—		—
Materials		1,213,780		1,213,780		—		—
Telecommunications Services		1,856,459		1,856,459		—		—
Utilities		1,792,231		1,792,231		—		—
Preferred Stock
Financials		322,048		322,048		—		—
Collateral Held for Securities Loaned		4,748,550		4,748,550		—		—
Short-Term Investments		1,199,821		—		1,199,821		—

Total	$	116,947,109	$	43,110,922	$	73,687,542	$	148,645


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		77,019		77,019		—		—

Total Asset Derivatives	$	77,019	$	77,019	$	—	$	—

Liability Derivatives
Futures Contracts		55,199		55,199		—		—
Call Options Written		7,050		7,050		—		—

Total Liability Derivatives	$	62,249	$	62,249	$	—	$	—

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

272

Diversified Income Plus Portfolio

Schedule of Investments as of December 31, 2011

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Diversified Income Plus Portfolio as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value December 31, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)*			Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3		Value December 31, 2011
Long-Term Fixed Income
Transportation		432,459		21,703		(24,401	)		150,500		(431,616	)		—		—		148,645

Total	$	432,459	$	21,703	($	24,401	)	$	150,500	($	431,616	)	$	—	$	—	$	148,645

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on December 31, 2011 of ($1,363).


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
5-Yr. U.S. Treasury Note Futures		26			March 2012	$	3,193,204		$	3,204,703		$	11,499
10-Yr. U.S. Treasury Note Futures		(5	)		March 2012		(645,258	)		(655,625	)		(10,367	)
S&P 500 Index Futures		(8	)		March 2012		(2,460,368	)		(2,505,200	)		(44,832	)
S&P 500 Index Mini-Futures		58			March 2012		3,567,020			3,632,540			65,520
Total Futures Contracts												$	21,820

Call Options Written	Number of Contracts			Exercise Price		Expiration Date			Value			Unrealized Gain/(Loss)
S&P 500 Mini-Futures Call Option		10		$	1,265.00		January 2012		($	8,800	)	($	2,700	)
S&P 500 Mini-Futures Call Option		20			1,270.00		January 2012			(15,300	)		(4,350	)
Total Call Options Written									($	24,100	)	($	7,050	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Diversified Income Plus Portfolio's investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		11,499
Total Interest Rate Contracts			11,499
Equity Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		65,520
Total Equity Contracts			65,520

Total Asset Derivatives		$	77,019

Liability Derivatives
Equity Contracts
Options Written	Net Assets - Net unrealized appreciation/(depreciation) on Written option contracts		7,050
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		44,832
Total Equity Contracts			51,882
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		10,367
Total Interest Rate Contracts			10,367

Total Liability Derivatives		$	62,249

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

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

273

Diversified Income Plus Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Diversified Income Plus Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Equity Contracts
Options Written	Net realized gains/(losses) on Written option contracts		(72,171	)
Futures	Net realized gains/(losses) on Futures contracts		(430,276	)
Total Equity Contracts			(502,447	)
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(1,570	)
Total Foreign Exchange Contracts			(1,570	)
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		126,783
Total Interest Rate Contracts			126,783
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(270,017	)
Total Credit Contracts			(270,017	)

Total			($647,251	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Diversified Income Plus Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Equity Contracts
Options Written	Change in net unrealized appreciation/(depreciation) on Written option contracts		(7,913	)
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(55,600	)
Total Equity Contracts			(63,513	)
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		30,430
Total Interest Rate Contracts			30,430
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		306,020
Total Credit Contracts			306,020

Total		$	272,937

The following table presents Diversified Income Plus Portfolio's average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk

Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Options
(Contracts)

Equity Contracts

9,094,301

7.9

N/A

Interest Rate Contracts

3,770,454

3.3

N/A

Foreign Exchange Contracts

N/A

398

<0.1

N/A

Credit Contracts

N/A

3,282,602

2.9

N/A

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

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

274

Diversified Income Plus Portfolio

Schedule of Investments as of December 31, 2011

Investment in Affiliates

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


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	5,464,100	$	69,357,418	$	70,072,968		4,748,550	$	4,748,550	$	30,953
Total Value and Income Earned		5,464,100								4,748,550		30,953

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

275

Partner Socially Responsible Bond Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (86.5%)	Value
	Asset-Backed Securities (7.1%)
		Americredit Automobile Receivables Trust
	$ 55,014	5.550%, 4/7/2014^a	$	55,568
	6,713	5.270%, 1/6/2015^b		6,889
		CPS Auto Trust
	14,735	6.480%, 7/15/2013^a,c		14,976
		Dominos Pizza Master Issuer, LLC
	100,000	5.261%, 4/25/2037^a,c		100,400
		DT Auto Owner Trust
	31,483	0.960%, 1/15/2014^c		31,446
	46,121	1.400%, 12/15/2041^c		46,120
		Franklin Auto Trust
	50,000	7.160%, 5/20/2016^c		51,409
		Harley Davidson Motorcycle Trust
	200,000	6.040%, 8/15/2014		202,383
		Navistar Financial Corporation Owner Trust
	150,000	2.600%, 4/20/2015^c		150,272
		Santander Drive Auto Receivables Trust
	26,620	1.010%, 7/15/2013^c		26,611
	34,496	1.370%, 8/15/2013^c		34,524

		Total Asset-Backed Securities		720,598


	Basic Materials (1.0%)
		Ecolab, Inc.
	40,000	4.350%, 12/8/2021		42,716
		Yara International ASA
	50,000	7.875%, 6/11/2019^c		61,368

		Total Basic Materials		104,084


	Capital Goods (1.3%)
		BE Aerospace, Inc.
	60,000	6.875%, 10/1/2020		65,400
		John Deere Capital Corporation
	15,000	1.250%, 12/2/2014		15,163
		Masco Corporation
	60,000	5.875%, 7/15/2012		60,890

		Total Capital Goods		141,453


	Collateralized Mortgage Obligations (0.8%)
		Countrywide Alternative Loan Trust
	37,401	4.968%, 7/25/2035		37,727
		Credit Suisse First Boston Mortgage Securities Corporation
	44,014	2.561%, 12/25/2033		8,574
		GMAC Mortgage Corporation Loan Trust
	28,555	5.500%, 10/25/2033		28,953
		J.P. Morgan Mortgage Trust
	5,483	4.701%, 7/25/2035		5,429
		Merrill Lynch Mortgage Investors Trust
	4,366	2.536%, 12/25/2035		4,271

		Total Collateralized Mortgage Obligations		84,954


	Commercial Mortgage-Backed Securities (7.5%)
		Banc of America Commercial Mortgage, Inc.
	7,964	6.186%, 6/11/2035		7,959
		Federal Home Loan Mortgage Corporation
	100,000	5.250%, 4/18/2016		117,802
		GE Capital Commercial Mortgage Corporation
	45,011	5.349%, 8/11/2036		45,482
	52,558	4.996%, 12/10/2037		53,609
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	38,974	6.162%, 5/12/2034		38,993
		LB-UBS Commercial Mortgage Trust
	100,000	4.853%, 9/15/2031		101,569
		Morgan Stanley Dean Witter Capital I
	150,000	6.550%, 7/15/2033		148,776
	147,577	5.740%, 12/15/2035		149,151
		Wachovia Bank Commercial Mortgage Trust
	77,721	4.566%, 4/15/2035		79,738
	28,547	5.230%, 7/15/2041		28,666

		Total Commercial Mortgage- Backed Securities		771,745


	Communications Services (7.5%)
		American Tower Corporation
	80,000	4.500%, 1/15/2018		81,381
	50,000	5.900%, 11/1/2021		52,568
		AT&T, Inc.
	100,000	2.950%, 5/15/2016		104,214
	50,000	3.875%, 8/15/2021		52,887
		Crown Castle Towers, LLC
	80,000	4.883%, 8/15/2020^c		81,763
		SBA Tower Trust
	60,000	4.254%, 4/15/2015^c		61,682
		Telefonica Emisiones SAU
	60,000	6.421%, 6/20/2016		62,790
	70,000	5.134%, 4/27/2020		65,752
		Time Warner Cable, Inc.
	200,000	4.000%, 9/1/2021		202,346

		Total Communications Services		765,383


	Consumer Cyclical (6.5%)
		Darden Restaurants, Inc.
	50,000	4.500%, 10/15/2021		51,299
		Gap, Inc.
	60,000	5.950%, 4/12/2021		57,228
		Home Depot, Inc.
	60,000	5.875%, 12/16/2036		75,293
		Jones Group, Inc.
	30,000	6.875%, 3/15/2019		27,000
		Lowe’s Companies, Inc.
	20,000	3.800%, 11/15/2021		20,998

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

276

Partner Socially Responsible Bond Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (86.5%)	Value
	Consumer Cyclical (6.5%) - continued
		McGuire Air Force Base/Fort Dix Privatized Military Housing Project
	$50,000	5.611%, 9/15/2051^c	$	48,135
		Ohana Military Communities, LLC
	60,000	5.880%, 10/1/2051^c		60,015
	80,000	5.462%, 10/1/2026^c		85,829
		O’Reilly Automotive, Inc.
	30,000	4.625%, 9/15/2021		31,456
		Spencer Spirit Holdings, Inc.
	50,000	11.000%, 5/1/2017^c		49,000
		Target Corporation
	10,000	3.875%, 7/15/2020		11,048
		Time Warner, Inc.
	20,000	4.000%, 1/15/2022		20,629
	30,000	5.375%, 10/15/2041		32,496
		Volkswagen International Finance NV
	100,000	0.982%, 4/1/2014^b,c		97,991

		Total Consumer Cyclical		668,417


	Consumer Non-Cyclical (4.3%)
		AmerisourceBergen Corporation
	10,000	3.500%, 11/15/2021		10,269
		Amgen, Inc.
	25,000	2.500%, 11/15/2016		25,300
	25,000	3.875%, 11/15/2021		25,228
		Aristotle Holding, Inc.
	20,000	2.750%, 11/21/2014^c		20,242
		Becton Dickinson and Company
	25,000	3.125%, 11/8/2021		25,862
		Coca-Cola Company
	70,000	1.800%, 9/1/2016		71,201
		Colgate-Palmolive Company
	25,000	1.300%, 1/15/2017		24,833
		CVS Corporation
	60,000	6.125%, 8/15/2016		69,882
		CVS Pass-Through Trust
	48,198	7.507%, 1/10/2032^c		55,746
		Dr Pepper Snapple Group, Inc.
	20,000	3.200%, 11/15/2021		20,293
		HCA, Inc.
	15,000	8.000%, 10/1/2018		15,862
		Hershey Company
	10,000	1.500%, 11/1/2016		10,006
		Kellogg Company
	20,000	1.875%, 11/17/2016		20,081
		St. Jude Medical, Inc.
	40,000	2.500%, 1/15/2016		41,260

		Total Consumer Non-Cyclical		436,065


	Energy (2.3%)
		Enterprise Products Operating, LLC
	75,000	7.034%, 1/15/2068		78,000
		Great River Energy
	41,077	5.829%, 7/1/2017^c		46,644
		Kinder Morgan Energy Partners, LP
	40,000	5.625%, 9/1/2041		41,235
		Pioneer Natural Resources Company
	60,000	5.875%, 7/15/2016		65,298

		Total Energy		231,177


	Financials (23.9%)
		Agfirst Farm Credit Bank
	120,000	6.585%, 6/15/2049^d,e		90,000
		Ally Financial, Inc.
	25,000	4.500%, 2/11/2014		24,125
		American Express Bank FSB
	60,000	0.426%, 6/12/2012^b		59,892
		American Express Credit Corporation
	25,000	2.800%, 9/19/2016		25,122
		Bank of America Corporation
	130,000	5.000%, 5/13/2021		118,409
		Bank of Montreal
	70,000	2.625%, 1/25/2016^c		72,259
		Bank of New York Mellon Corporation
	100,000	1.700%, 11/24/2014		100,542
		Bank of Nova Scotia
	100,000	1.250%, 11/7/2014^c		99,577
		Boston Properties, LP
	50,000	3.700%, 11/15/2018		51,054
		Canadian Imperial Bank of Commerce
	60,000	2.750%, 1/27/2016^c		62,072
		Capital One Financial Corporation
	100,000	4.800%, 2/21/2012		100,457
	30,000	4.750%, 7/15/2021		30,873
		Discover Bank
	60,000	8.700%, 11/18/2019		68,411
		ERP Operating, LP
	75,000	6.625%, 3/15/2012		75,763
	50,000	4.625%, 12/15/2021		50,988
		Fifth Third Bank
	60,000	0.576%, 5/17/2013^b		58,878
		FUEL Trust
	200,000	4.207%, 4/15/2016^c		201,698
		Glitnir Banki HF
	50,000	3.226%, 3/22/2012^c,f		13,000
		Goldman Sachs Group, Inc.
	50,000	5.125%, 1/15/2015		51,106
	25,000	5.250%, 7/27/2021		24,389
		J.P. Morgan Chase & Company
	50,000	4.400%, 7/22/2020		51,061
	50,000	4.350%, 8/15/2021		50,495
		Jefferies Group, Inc.
	100,000	7.750%, 3/15/2012		101,500
		Nationwide Health Properties, Inc.
	60,000	6.900%, 10/1/2037		68,259
		Nordea Bank AB
	50,000	4.875%, 5/13/2021^c		42,260
		PNC Funding Corporation
	100,000	2.700%, 9/19/2016		101,797
		Prudential Holdings, LLC
	60,000	1.434%, 12/18/2017^b,d		56,090

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

277

Partner Socially Responsible Bond Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (86.5%)	Value
	Financials (23.9%) - continued
		Royal Bank of Canada
	$100,000	1.450%, 10/30/2014	$	100,519
		Simon Property Group, LP
	30,000	4.125%, 12/1/2021		31,370
		SSIF Nevada, LP
	70,000	1.101%, 4/14/2014^b,c		68,890
		Stadshypotek AB
	60,000	1.129%, 9/30/2013^b,c		59,907
		SunTrust Bank
	25,000	0.796%, 8/24/2015^b		23,206
		Swedbank Hypotek AB
	60,000	2.125%, 8/31/2016^c		59,047
		Toronto-Dominion Bank
	50,000	2.375%, 10/19/2016		50,879
		U.S. Bank National Association
	60,000	3.778%, 4/29/2020		61,786
		US AgBank FCB
	50,000	6.110%, 4/10/2049^d,e		30,623
		Wachovia Capital Trust III
	120,000	5.570%, 3/15/2042^b,e		100,500

		Total Financials		2,436,804


	Foreign Government (1.0%)
		Province of Ontario
	100,000	3.000%, 7/16/2018		105,173

		Total Foreign Government		105,173


	Mortgage-Backed Securities (1.7%)
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	50,000	3.500%, 12/1/2041		51,422
	120,000	4.000%, 1/1/2042^g		126,056

		Total Mortgage-Backed Securities		177,478


	Technology (4.3%)
		Dun & Bradstreet Corporation
	60,000	2.875%, 11/15/2015		61,631
		Hewlett-Packard Company
	50,000	0.923%, 5/30/2014^b		48,342
		International Business Machines Corporation
	150,000	0.875%, 10/31/2014		150,054
		Symantec Corporation
	60,000	2.750%, 9/15/2015		60,998
		Xerox Corporation
	50,000	5.500%, 5/15/2012		50,829
	60,000	4.500%, 5/15/2021		60,808

		Total Technology		432,662


	Transportation (2.9%)
		APL, Ltd.
	50,000	8.000%, 1/15/2024^h		35,321
		Asciano Finance, Ltd.
	60,000	5.000%, 4/7/2018^c		60,165
		Canadian National Railway Company
	25,000	1.450%, 12/15/2016		24,860
		Ryder System, Inc.
	60,000	3.500%, 6/1/2017		60,713
		Skyway Concession Company, LLC
	50,000	0.859%, 6/30/2017^b,d		37,963
		Toll Road Investors Partnership II, LP
	800,000	Zero Coupon, 2/15/2043^d,h		86,960

		Total Transportation		305,982


	U.S. Government and Agencies (14.1%)
		Federal Home Loan Banks
	60,000	5.000%, 11/17/2017		72,006
		U.S. Treasury Bonds
	121,000	3.750%, 8/15/2041		142,307
	210,000	3.125%, 11/15/2041		220,008
		U.S. Treasury Notes
	70,000	0.375%, 11/15/2014		70,044
	70,000	0.875%, 11/30/2016		70,213
	127,000	2.125%, 8/15/2021		130,254
	731,000	2.000%, 11/15/2021		739,338

		Total U.S. Government and Agencies		1,444,170


	Utilities (0.3%)
		Consolidated Edison Company of New York, Inc.
	25,000	4.450%, 6/15/2020		28,339

		Total Utilities		28,339


		Total Long-Term Fixed Income (cost $8,765,240)		8,854,484


Principal Amount		Short-Term Investments (1.0%)ⁱ
		Federal National Mortgage Association Discount Notes
	100,000	0.105%, 2/22/2012^j,k		99,986

		Total Short-Term Investments (at amortized cost)		99,986

		Total Investments (cost $8,865,226) 87.5%	$	8,954,470

		Other Assets and Liabilities, Net 12.5%		1,275,893

		Total Net Assets 100.0%	$	10,230,363

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

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 December 31, 2011.

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

278

Partner Socially Responsible Bond Portfolio

Schedule of Investments as of December 31, 2011

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Partner Socially Responsible Bond Portfolio owned as of December 31, 2011.


Security	Acquisition Date		Cost
Agfirst Farm Credit Bank		7/10/2009	$	47,626
Prudential Holdings, LLC		2/9/2011	$	55,641
Skyway Concession Company, LLC		6/9/2008	$	43,812
Toll Road Investors Partnership II, LP		5/14/2008	$	112,512
US AgBank FCB		7/13/2009	$	18,258

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

f	In bankruptcy. Interest is not being accrued.

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

h	Security is fair valued.

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

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

k	At December 31, 2011, $99,986 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	236,171
Gross unrealized depreciation		(152,901	)

Net unrealized appreciation (depreciation)	$	83,270
Cost for federal income tax purposes	$	8,871,200

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

279

Partner Socially Responsible Bond Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Partner Socially Responsible Bond Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Long-Term Fixed Income
Asset-Backed Securities		720,598		—		720,598		—
Basic Materials		104,084		—		104,084		—
Capital Goods		141,453		—		141,453		—
Collateralized Mortgage Obligations		84,954		—		84,954		—
Commercial Mortgage-Backed Securities		771,745		—		771,745		—
Communications Services		765,383		—		765,383		—
Consumer Cyclical		668,417		—		668,417		—
Consumer Non-Cyclical		436,065		—		436,065		—
Energy		231,177		—		231,177		—
Financials		2,436,804		—		2,436,804		—
Foreign Government		105,173		—		105,173		—
Mortgage-Backed Securities		177,478		—		177,478		—
Technology		432,662		—		432,662		—
Transportation		305,982		—		183,701		122,281
U.S. Government and Agencies		1,444,170		—		1,444,170		—
Utilities		28,339		—		28,339		—
Short-Term Investments		99,986		—		99,986		—

Total	$	8,954,470	$	—	$	8,832,189	$	122,281


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		22,228		22,228		—		—

Total Asset Derivatives	$	22,228	$	22,228	$	—	$	—

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Partner Socially Responsible Bond Portfolio as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value December 31, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation / (Depreciation)*			Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Value December 31, 2011
Long-Term Fixed Income
Transportation		33,085		—		(25,204	)		—		—		114,400		—		122,281

Total	$	33,085	$	—	($	25,204	)	$	—	$	—	$	114,400	$	—	$	122,281

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on December 31, 2011 of ($23,316).


Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
10-Yr. U.S. Treasury Note Futures		9		March 2012	$	1,163,291	$	1,180,125	$	16,834
20-Yr. U.S. Treasury Bond Futures		2		March 2012		284,231		289,625		5,394
Total Futures Contracts									$	22,228

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

280

Partner Socially Responsible Bond Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Partner Socially Responsible Bond Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	22,228
Total Interest Rate Contracts			22,228

Total Asset Derivatives		$	22,228

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Partner Socially Responsible Bond Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Interest Rate Contracts
Futures	Net realized gains/(losses) on Futures contracts		(50,974	)
Total Interest Rate Contracts			(50,974	)

Total		($	50,974	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Partner Socially Responsible Bond Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		41,086
Total Interest Rate Contracts			41,086

Total		$	41,086

The following table presents Partner Socially Responsible Bond Portfolio’s average volume of derivative activity during the period ended December 31, 2011.


Derivative Risk Category	Futures (Notional*)		Futures (Percentage of Average Net Assets)
Interest Rate Contracts (Long Position)	$	533,933		6.3
Interest Rate Contracts (Short Position)	$	3,268,167		38.5

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

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

281

Income Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount	Bank Loans (1.1%)^a	Value
Capital Goods (<0.1%)
	Transdigm Group, Inc., Term Loan
$ 623,700	4.000%, 2/14/2017	$	617,856

	Total Capital Goods		617,856


Communications Services (0.1%)
	Atlantic Broadband Finance, LLC, Term Loan
1,330,582	4.000%, 3/8/2016		1,300,923
	Charter Communications Operating, LLC, Term Loan
34,373	7.250%, 3/6/2014		34,250
	Lamar Media Corporation, Term Loan
691,254	4.000%, 12/30/2016		689,181

	Total Communications Services		2,024,354


Consumer Cyclical (0.2%)
	Chrysler Group, LLC, Term Loan
2,547,200	6.000%, 5/24/2017		2,405,194

	Total Consumer Cyclical		2,405,194


Consumer Non-Cyclical (0.1%)
	Dole Food Company, Term Loan
210,700	5.043%, 7/8/2018		209,339
	Michael Foods, Inc., Term Loan
1,344,667	4.250%, 2/25/2018		1,327,858
	Solvest Ltd., Term Loan
391,300	5.029%, 7/8/2018		388,773

	Total Consumer Non-Cyclical		1,925,970


Energy (0.1%)
	MEG Energy Corporation, Term Loan
1,596,000	4.000%, 3/18/2018		1,587,525

	Total Energy		1,587,525


Financials (0.1%)
	Springleaf Financial Funding Company, Term Loan
1,625,000	5.500%, 5/10/2017		1,411,378

	Total Financials		1,411,378


Technology (0.3%)
	Freescale Semiconductor, Term Loan
1,626,399	4.520%, 12/1/2016		1,552,398
	Intelsat Jackson Holdings SA, Term Loan
1,880,550	5.250%, 4/2/2018		1,864,095
	Syniverse Holdings, Inc., Term Loan
316,800	5.250%, 12/21/2017		316,141

	Total Technology		3,732,634


Transportation (0.2%)
	Delta Air Lines, Inc., Term Loan
2,537,250	5.500%, 4/20/2017		2,391,358

	Total Transportation		2,391,358


	Total Bank Loans (cost $16,600,216)		16,096,269


	Long-Term Fixed Income (96.0%)
Asset-Backed Securities (0.9%)
	Carrington Mortgage Loan Trust
2,200,000	0.444%, 8/25/2036^b		682,425
	GMAC Mortgage Corporation Loan Trust
4,901,766	0.474%, 8/25/2035^b,c		3,061,300
5,712,450	0.474%, 12/25/2036^b,c		3,537,606
	GSAMP Trust
4,444,274	0.374%, 8/25/2036^b		4,041,298
	IndyMac Seconds Asset-Backed Trust
779,140	0.464%, 10/25/2036^b,c		142,480
	Renaissance Home Equity Loan Trust
3,037,220	5.746%, 5/25/2036		1,372,264
2,000,000	6.011%, 5/25/2036		783,206

	Total Asset-Backed Securities		13,620,579


Basic Materials (5.5%)
	AbitibiBowater, Inc.
2,104,000	10.250%, 10/15/2018^d		2,319,660
	Alcoa, Inc.
2,570,000	5.720%, 2/23/2019		2,659,012
1,325,000	6.150%, 8/15/2020		1,376,643
2,000,000	6.750%, 1/15/2028		2,056,514
	ArcelorMittal
2,500,000	9.000%, 2/15/2015		2,763,965
3,000,000	6.125%, 6/1/2018		2,962,686
2,750,000	5.250%, 8/5/2020		2,497,171
	Arch Coal, Inc.
2,080,000	7.000%, 6/15/2019^d		2,121,600
	Celulosa Arauco y Constitucion SA
2,520,000	5.000%, 1/21/2021		2,617,867
	CF Industries, Inc.
4,620,000	6.875%, 5/1/2018		5,289,900
	Cliffs Natural Resources, Inc.
3,200,000	4.875%, 4/1/2021		3,188,467
	CONSOL Energy, Inc.
510,000	8.000%, 4/1/2017		558,450
1,560,000	8.250%, 4/1/2020		1,723,800
	Domtar Corporation
1,900,000	7.125%, 8/15/2015		2,090,000
	Dow Chemical Company
3,250,000	5.900%, 2/15/2015		3,616,343
1,870,000	8.550%, 5/15/2019		2,446,573
3,850,000	4.250%, 11/15/2020		4,001,840
1,620,000	5.250%, 11/15/2041		1,704,036
	Ecolab, Inc.
1,575,000	3.000%, 12/8/2016		1,629,196
	FMG Resources Property, Ltd.
1,890,000	7.000%, 11/1/2015^d		1,908,900

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

282

Income Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount	Long-Term Fixed Income (96.0%)	Value
Basic Materials (5.5%) - continued
$ 680,000	8.250%, 11/1/2019^d	$	691,900
	Georgia-Pacific, LLC
3,480,000	5.400%, 11/1/2020^d		3,854,615
	International Paper Company
2,500,000	7.500%, 8/15/2021		3,085,898
650,000	4.750%, 2/15/2022		690,919
1,250,000	7.300%, 11/15/2039		1,520,605
	Lyondell Chemical Company
958,270	11.000%, 5/1/2018		1,046,910
	LyondellBasell Industries NV
320,000	6.000%, 11/15/2021^d		332,000
	Nalco Company
2,000,000	6.625%, 1/15/2019^d		2,315,000
	NOVA Chemicals Corporation
1,250,000	8.625%, 11/1/2019		1,378,125
	Novelis, Inc.
1,920,000	8.375%, 12/15/2017		2,040,000
	Rio Tinto Finance USA, Ltd.
3,285,000	6.500%, 7/15/2018		3,959,433
1,900,000	3.500%, 11/2/2020		1,942,000
	Teck Resources, Ltd.
1,469,000	10.250%, 5/15/2016		1,689,350
	Vale Overseas, Ltd.
3,125,000	6.875%, 11/10/2039		3,579,375
	Weyerhaeuser Company
2,570,000	7.375%, 3/15/2032		2,697,554

	Total Basic Materials		80,356,307


Capital Goods (2.7%)
	BAE Systems plc
3,880,000	4.750%, 10/11/2021^d		3,948,676
	Ball Corporation
1,940,000	5.750%, 5/15/2021		2,032,150
	Boeing Capital Corporation
1,600,000	2.125%, 8/15/2016		1,634,477
	Case New Holland, Inc.
1,250,000	7.750%, 9/1/2013		1,328,125
2,275,000	7.875%, 12/1/2017		2,570,750
	Caterpillar Financial Services Corporation
2,600,000	1.125%, 12/15/2014		2,603,232
	CNH Capital, LLC
450,000	6.250%, 11/1/2016^d		463,500
	CRH America, Inc.
1,750,000	4.125%, 1/15/2016		1,747,212
1,900,000	8.125%, 7/15/2018		2,167,925
	Crown Americas, LLC
2,690,000	7.625%, 5/15/2017		2,935,462
	John Deere Capital Corporation
3,300,000	5.350%, 4/3/2018		3,875,536
	L-3 Communications Corporation
3,250,000	3.950%, 11/15/2016		3,280,300
	Lockheed Martin Corporation
2,575,000	3.350%, 9/15/2021		2,561,605
	Republic Services, Inc.
630,000	5.500%, 9/15/2019		727,066
1,600,000	5.000%, 3/1/2020		1,796,374
2,200,000	5.250%, 11/15/2021		2,494,554
	Sealed Air Corporation
1,290,000	8.375%, 9/15/2021^d		1,425,450
	Textron, Inc.
2,500,000	6.200%, 3/15/2015		2,683,700

	Total Capital Goods		40,276,094


Collateralized Mortgage Obligations (1.5%)
	Banc of America Mortgage Securities, Inc.
4,970,537	2.764%, 9/25/2035		3,780,098
	Bear Stearns Mortgage Funding Trust
904,795	0.574%, 8/25/2036^b		256,048
	CitiMortgage Alternative Loan Trust
3,225,638	5.750%, 4/25/2037		2,099,245
	Countrywide Alternative Loan Trust
4,374,920	6.000%, 1/25/2037		2,873,614
	Deutsche Alt-A Securities, Inc.
3,067,899	0.970%, 4/25/2047^b		1,761,532
	HomeBanc Mortgage Trust
2,855,734	2.221%, 4/25/2037		1,524,933
	Merrill Lynch Mortgage Investors, Inc.
4,053,773	2.612%, 6/25/2035		3,239,864
	Wachovia Mortgage Loan Trust, LLC
3,471,174	2.790%, 5/20/2036		2,221,895
	Washington Mutual Alternative Mortgage Pass-Through Certificates
6,105,660	0.958%, 2/25/2047^b		2,238,067
	Washington Mutual Mortgage Pass-Through Certificates
872,359	0.584%, 10/25/2045^b		625,902

	Total Collateralized Mortgage Obligations		20,621,198


Commercial Mortgage-Backed Securities (2.4%)
	Banc of America Commercial Mortgage, Inc.
3,200,000	5.655%, 4/10/2049		2,986,810
	Bear Stearns Commercial Mortgage Securities, Inc.
1,377,897	0.428%, 3/15/2022^b,d		1,339,417
3,500,000	5.331%, 2/11/2044		3,685,577
	Citigroup/Deutsche Bank Commercial Mortgage
1,900,000	5.322%, 12/11/2049		2,015,241
	Commercial Mortgage Pass-Through Certificates
2,000,000	0.408%, 12/15/2020^b,d		1,823,888
	Credit Suisse First Boston Mortgage Securities
3,200,000	5.542%, 1/15/2049		3,387,449
	Credit Suisse Mortgage Capital Certificates
3,182,786	0.448%, 10/15/2021^b,d		2,933,698
3,250,000	5.467%, 9/15/2039		3,456,417

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

283

Income Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount	Long-Term Fixed Income (96.0%)	Value
Commercial Mortgage-Backed Securities (2.4%) - continued
	LB-UBS Commercial Mortgage Trust
$ 3,200,000	6.167%, 9/15/2045	$	3,010,778
	Morgan Stanley Capital, Inc.
3,200,000	5.406%, 3/15/2044		2,981,744
	Wachovia Bank Commercial Mortgage Trust
7,500,000	0.398%, 9/15/2021^b,e		6,674,280
	WaMu Commercial Mortgage Securities Trust
44,044	3.830%, 1/25/2035^d		44,177

	Total Commercial Mortgage- Backed Securities		34,339,476


Communications Services (8.5%)
	Alltel Corporation
3,875,000	7.000%, 3/15/2016		4,593,045
	America Movil SAB de CV
1,290,000	2.375%, 9/8/2016		1,286,406
3,800,000	5.000%, 3/30/2020		4,198,134
	American Tower Corporation
2,200,000	4.625%, 4/1/2015		2,293,086
1,250,000	4.500%, 1/15/2018		1,271,579
	AT&T, Inc.
5,100,000	4.450%, 5/15/2021		5,602,166
2,255,000	5.550%, 8/15/2041		2,655,075
	Cablevision Systems Corporation
1,300,000	8.625%, 9/15/2017		1,439,750
2,000,000	8.000%, 4/15/2020		2,145,000
	CBS Corporation
2,500,000	8.875%, 5/15/2019		3,210,980
1,300,000	7.875%, 9/1/2023		1,622,725
	CCO Holdings, LLC
1,880,000	7.250%, 10/30/2017		1,981,050
1,280,000	7.000%, 1/15/2019		1,334,400
	Cellco Partnership/Verizon Wireless Capital, LLC
2,600,000	8.500%, 11/15/2018		3,509,220
	CenturyLink, Inc.
2,520,000	5.150%, 6/15/2017		2,497,779
	Clear Channel Worldwide Holdings, Inc.
1,880,000	9.250%, 12/15/2017		2,030,400
	Comcast Corporation
1,900,000	6.300%, 11/15/2017		2,247,316
2,900,000	5.700%, 5/15/2018		3,337,201
2,700,000	6.400%, 5/15/2038		3,243,869
	Cox Communications, Inc.
1,900,000	9.375%, 1/15/2019^d		2,570,105
2,500,000	8.375%, 3/1/2039^d		3,347,398
	Crown Castle Towers, LLC
5,050,000	4.174%, 8/15/2017^d		5,171,942
	CSC Holdings, Inc.
1,290,000	7.625%, 7/15/2018		1,419,000
	DIRECTV Holdings, LLC/DIRECTV Financing Company, Inc.
3,875,000	5.000%, 3/1/2021		4,147,099
	Discovery Communications, LLC
1,920,000	4.375%, 6/15/2021		2,026,737
	Dish DBS Corporation
1,945,000	6.750%, 6/1/2021		2,095,737
	EH Holding Corporation
3,220,000	6.500%, 6/15/2019^d		3,356,850
	Embarq Corporation
2,600,000	7.082%, 6/1/2016		2,818,260
	Intelsat Jackson Holdings SA
1,900,000	7.500%, 4/1/2021^d		1,921,375
	NBCUniversal Media, LLC
3,750,000	5.150%, 4/30/2020		4,175,156
	News America, Inc.
1,900,000	7.625%, 11/30/2028		2,294,784
2,140,000	6.400%, 12/15/2035		2,344,995
	NII Capital Corporation
1,900,000	8.875%, 12/15/2019		1,999,750
	Qwest Communications International, Inc.
3,180,000	7.125%, 4/1/2018		3,307,200
	Qwest Corporation
600,000	8.375%, 5/1/2016		687,224
3,200,000	6.500%, 6/1/2017		3,496,000
	Rogers Communications, Inc.
2,410,000	8.750%, 5/1/2032		3,264,786
	SBA Tower Trust
3,500,000	5.101%, 4/15/2017^d		3,644,375
	Telefonica SA
1,280,000	5.877%, 7/15/2019		1,264,984
	Telemar Norte Leste SA
3,800,000	5.500%, 10/23/2020^d		3,743,000
	Time Warner Cable, Inc.
2,500,000	8.250%, 4/1/2019		3,140,030
2,550,000	6.750%, 6/15/2039		3,013,381
	Time Warner Entertainment Company, LP
1,850,000	8.375%, 3/15/2023		2,409,444
	Verizon Communications, Inc.
2,600,000	3.500%, 11/1/2021		2,706,917
	Virgin Media Finance plc
2,520,000	9.500%, 8/15/2016		2,828,700

	Total Communications Services		123,694,410


Consumer Cyclical (5.3%)
	American Honda Finance Corporation
4,400,000	3.875%, 9/21/2020^d		4,548,579
	Chrysler Group, LLC
1,290,000	8.000%, 6/15/2019^d,f		1,180,350
	Daimler Finance North America, LLC
2,260,000	3.875%, 9/15/2021^d		2,271,169
	FireKeepers Development Authority
1,240,000	13.875%, 5/1/2015^d		1,407,400
	Ford Motor Credit Company, LLC
2,130,000	8.000%, 6/1/2014^f		2,318,435
2,600,000	3.875%, 1/15/2015		2,590,297
1,930,000	7.000%, 4/15/2015		2,074,750
630,000	6.625%, 8/15/2017		685,792
	Home Depot, Inc.
3,900,000	5.875%, 12/16/2036		4,894,040

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

284

Income Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount	Long-Term Fixed Income (96.0%)	Value
Consumer Cyclical (5.3%) - continued
	Hyatt Hotels Corporation
$ 3,100,000	5.750%, 8/15/2015^d	$	3,319,706
	Hyundai Motor Manufacturing Czech
2,525,000	4.500%, 4/15/2015^d		2,585,327
	Johnson Controls, Inc.
3,150,000	5.250%, 12/1/2041		3,339,010
	KIA Motors Corporation
3,260,000	3.625%, 6/14/2016^d,f		3,231,817
	Macy’s Retail Holdings, Inc.
3,570,000	8.125%, 7/15/2015		4,121,790
3,210,000	7.450%, 7/15/2017		3,747,964
	MGM Resorts International
1,280,000	11.125%, 11/15/2017		1,459,200
1,300,000	9.000%, 3/15/2020		1,439,750
	Peninsula Gaming, LLC
480,000	10.750%, 8/15/2017		502,800
	RCI Banque SA
2,225,000	4.600%, 4/12/2016^d		2,117,944
	Sheraton Holding Corporation
1,290,000	7.375%, 11/15/2015		1,457,700
	Starwood Hotels & Resorts Worldwide, Inc.
1,850,000	6.750%, 5/15/2018^f		2,090,500
	Time Warner, Inc.
1,300,000	4.000%, 1/15/2022		1,340,912
1,600,000	7.700%, 5/1/2032		2,087,496
	Toll Brothers Finance Corporation
2,000,000	6.750%, 11/1/2019		2,103,442
	Toys R Us Property Company II, LLC
1,920,000	8.500%, 12/1/2017		1,987,200
	Viacom, Inc.
2,900,000	3.875%, 12/15/2021		2,960,520
	Wal-Mart Stores, Inc.
5,000,000	3.250%, 10/25/2020		5,346,590
4,000,000	5.250%, 9/1/2035		4,784,756
	West Corporation
1,580,000	7.875%, 1/15/2019		1,568,150
	Wyndham Worldwide Corporation
1,885,000	6.000%, 12/1/2016		2,032,784
1,270,000	5.625%, 3/1/2021		1,311,358

	Total Consumer Cyclical		76,907,528


Consumer Non-Cyclical (6.7%)
	Altria Group, Inc.
1,750,000	9.700%, 11/10/2018		2,354,473
1,595,000	4.750%, 5/5/2021		1,756,156
2,500,000	9.950%, 11/10/2038		3,802,455
	Anheuser-Busch InBev Worldwide, Inc.
2,550,000	5.375%, 1/15/2020		2,990,650
2,525,000	5.000%, 4/15/2020		2,894,130
	Aristotle Holding, Inc.
4,525,000	4.750%, 11/15/2021^d		4,682,339
	Beam, Inc.
808,000	6.375%, 6/15/2014		883,499
236,000	5.375%, 1/15/2016		259,121
1,518,000	5.875%, 1/15/2036		1,590,456
	Biomet, Inc.
2,525,000	10.000%, 10/15/2017		2,727,000
	Boston Scientific Corporation
3,800,000	4.500%, 1/15/2015		3,987,769
	Bunge Limited Finance Corporation
2,220,000	5.100%, 7/15/2015		2,323,601
1,600,000	4.100%, 3/15/2016		1,656,840
	Cargill, Inc.
1,950,000	3.250%, 11/15/2021^d		1,962,568
	Celgene Corporation
2,500,000	3.950%, 10/15/2020		2,517,805
	Community Health Systems, Inc.
1,975,000	8.875%, 7/15/2015^f		2,039,187
1,940,000	8.000%, 11/15/2019^d,f		1,959,400
	DJO Finance, LLC/DJO Finance Corporation
640,000	7.750%, 4/15/2018		491,200
	Endo Pharmaceuticals Holdings, Inc.
1,420,000	7.000%, 7/15/2019		1,512,300
	Energizer Holdings, Inc.
1,750,000	4.700%, 5/19/2021^d		1,841,693
	Express Scripts, Inc.
2,235,000	3.125%, 5/15/2016		2,247,389
	Fresenius Medical Care US Finance, Inc.
1,290,000	6.500%, 9/15/2018^d		1,351,275
	Gilead Sciences, Inc.
810,000	3.050%, 12/1/2016		829,023
875,000	4.400%, 12/1/2021		926,356
	Hasbro, Inc.
3,250,000	6.350%, 3/15/2040		3,513,507
	HCA, Inc.
2,490,000	8.500%, 4/15/2019		2,726,550
1,270,000	7.250%, 9/15/2020		1,339,850
320,000	7.500%, 2/15/2022		327,200
	Hershey Company
1,600,000	4.125%, 12/1/2020		1,789,777
	JBS Finance II, Ltd.
1,250,000	8.250%, 1/29/2018^e		1,134,375
	Kinetic Concepts, Inc./KCI USA, Inc.
1,940,000	10.500%, 11/1/2018^d		1,901,200
	Kraft Foods, Inc.
2,600,000	6.125%, 2/1/2018		3,047,621
3,200,000	5.375%, 2/10/2020		3,692,323
	Life Technologies Corporation
3,700,000	6.000%, 3/1/2020		4,136,008
	Mylan, Inc.
3,855,000	7.875%, 7/15/2020^d		4,254,956
	Philip Morris International, Inc.
4,525,000	2.900%, 11/15/2021		4,613,459
	Roche Holdings, Inc.
3,210,000	6.000%, 3/1/2019^d		3,901,476
	Safeway, Inc.
1,575,000	3.400%, 12/1/2016		1,615,268
	Tenet Healthcare Corporation
2,070,000	8.875%, 7/1/2019		2,323,575

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

285

Income Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount	Long-Term Fixed Income (96.0%)	Value
Consumer Non-Cyclical (6.7%) - continued
	Teva Pharmaceutical Finance IV BV
$ 4,225,000	3.650%, 11/10/2021	$	4,297,395
	Tyson Foods, Inc.
3,940,000	6.850%, 4/1/2016		4,324,150

	Total Consumer Non-Cyclical		98,525,375


Energy (10.9%)
	Anadarko Petroleum Corporation
3,400,000	6.375%, 9/15/2017		3,941,056
1,940,000	6.450%, 9/15/2036		2,211,796
	BG Energy Capital plc
1,575,000	4.000%, 10/15/2021^d		1,623,460
	BP Capital Markets plc
3,250,000	2.248%, 11/1/2016		3,270,725
3,525,000	4.500%, 10/1/2020		3,882,333
1,900,000	4.742%, 3/11/2021		2,152,043
	Canadian Natural Resources, Ltd.
2,275,000	3.450%, 11/15/2021		2,371,089
	CenterPoint Energy Resources Corporation
6,850,000	6.125%, 11/1/2017		7,852,655
	Chesapeake Energy Corporation
1,940,000	9.500%, 2/15/2015		2,221,300
	CNPC HK Overseas Capital, Ltd.
2,870,000	5.950%, 4/28/2041^d		3,183,892
	Concho Resources, Inc.
1,280,000	6.500%, 1/15/2022		1,337,600
	Devon Energy Corporation
3,840,000	5.600%, 7/15/2041		4,616,939
	El Paso Pipeline Partners Operating Company, LLC
1,290,000	5.000%, 10/1/2021		1,327,686
	Enbridge Energy Partners, LP
950,000	5.200%, 3/15/2020		1,055,379
3,800,000	8.050%, 10/1/2037^f		4,015,088
	Energy Transfer Partners, LP
5,120,000	6.700%, 7/1/2018		5,680,256
3,500,000	4.650%, 6/1/2021		3,428,586
	Enterprise Products Operating, LLC
2,600,000	7.034%, 1/15/2068		2,704,000
4,000,000	6.300%, 9/15/2017		4,684,512
	EQT Corporation
1,300,000	8.125%, 6/1/2019		1,524,860
	Gazprom OAO Via Gaz Capital SA
3,250,000	4.950%, 5/23/2016^d		3,254,062
	Harvest Operations Corporation
1,300,000	6.875%, 10/1/2017^d		1,345,500
	Inergy, LP
630,000	6.875%, 8/1/2021^f		633,150
	Key Energy Services, Inc.
2,075,000	6.750%, 3/1/2021		2,075,000
	Kinder Morgan Energy Partners, LP
1,270,000	3.500%, 3/1/2016		1,320,446
1,250,000	5.950%, 2/15/2018		1,428,055
3,100,000	5.800%, 3/1/2021		3,508,183
	Linn Energy, LLC
3,250,000	7.750%, 2/1/2021		3,380,000
	Marathon Oil Corporation
2,364,000	5.900%, 3/15/2018		2,767,466
	Markwest Energy Partners, LP/Markwest Energy Finance Corporation
1,910,000	6.500%, 8/15/2021		1,988,787
1,300,000	6.250%, 6/15/2022		1,358,500
	Nabors Industries, Inc.
2,575,000	4.625%, 9/15/2021^d		2,615,440
	Newfield Exploration Company
1,290,000	6.625%, 4/15/2016		1,328,700
710,000	5.750%, 1/30/2022		766,800
	Nexen, Inc.
1,910,000	7.400%, 5/1/2028		2,248,693
	Noble Energy, Inc.
3,100,000	8.250%, 3/1/2019		4,031,218
1,270,000	6.000%, 3/1/2041		1,469,337
	Odebrecht Drilling Norbe VIII/IX, Ltd.
1,225,000	6.350%, 6/30/2021^d		1,261,750
	ONEOK Partners, LP
3,250,000	6.850%, 10/15/2037		3,946,023
	Peabody Energy Corporation
810,000	6.000%, 11/15/2018^d		826,200
	Petrobras International Finance Company
2,050,000	5.750%, 1/20/2020		2,193,746
3,175,000	5.375%, 1/27/2021		3,335,658
	Pioneer Natural Resources Company
2,500,000	6.875%, 5/1/2018		2,827,440
	Plains All American Pipeline, LP
3,150,000	6.500%, 5/1/2018		3,663,778
	Plains Exploration & Production Company
1,870,000	8.625%, 10/15/2019		2,054,662
	Rowan Companies, Inc.
4,450,000	5.000%, 9/1/2017		4,675,873
	SandRidge Energy, Inc.
950,000	7.500%, 3/15/2021		942,875
	Schlumberger Investment SA
1,935,000	3.300%, 9/14/2021^d		1,987,897
	Southwestern Energy Company
2,000,000	7.500%, 2/1/2018		2,305,000
	Spectra Energy Partners, LP
3,200,000	4.600%, 6/15/2021		3,343,859
	Statoil ASA
2,600,000	3.150%, 1/23/2022		2,673,975
	Suncor Energy, Inc.
4,710,000	6.100%, 6/1/2018		5,575,528
	Transocean, Inc.
2,200,000	5.050%, 12/15/2016		2,246,363
1,920,000	7.375%, 4/15/2018		2,066,285
	Valero Energy Corporation
3,125,000	6.125%, 2/1/2020		3,476,022
	Weatherford International, Inc.
2,245,000	6.350%, 6/15/2017		2,508,092
	Weatherford International, Ltd.
4,500,000	6.000%, 3/15/2018		5,006,857

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

286

Income Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount	Long-Term Fixed Income (96.0%)	Value
Energy (10.9%) - continued
	Woodside Finance, Ltd.
$ 3,125,000	4.500%, 11/10/2014^d	$	3,290,341

	Total Energy		158,812,816


Financials (25.5%)
	Abbey National Capital Trust I
3,090,000	8.963%, 12/29/2049^g		2,781,000
	Aegon NV
2,600,000	2.397%, 7/29/2049^b,g		1,121,900
	Ally Financial, Inc.
1,900,000	4.500%, 2/11/2014		1,833,500
1,570,000	7.500%, 9/15/2020		1,585,700
	American Express Credit Corporation
5,175,000	2.800%, 9/19/2016		5,200,358
	American International Group, Inc.
3,225,000	4.250%, 9/15/2014		3,131,888
3,000,000	6.400%, 12/15/2020		3,027,690
	Associated Banc Corporation
3,180,000	5.125%, 3/28/2016		3,277,658
	Associates Corporation of North America
3,800,000	6.950%, 11/1/2018		4,129,205
	AXA SA
3,900,000	6.463%, 12/14/2018^d,g		2,476,500
	Axis Specialty Finance, LLC
3,250,000	5.875%, 6/1/2020		3,341,328
	Banco do Brasil SA
2,555,000	5.875%, 1/26/2022^d		2,557,555
	Bank of America Corporation
3,200,000	6.500%, 8/1/2016		3,222,624
2,580,000	5.625%, 10/14/2016		2,475,200
3,300,000	5.750%, 12/1/2017		3,116,919
3,880,000	7.625%, 6/1/2019		4,012,762
2,560,000	5.875%, 1/5/2021		2,436,677
	Bank of Nova Scotia
3,855,000	2.150%, 8/3/2016^d		3,882,185
	Barclays Bank plc
5,000,000	2.500%, 9/21/2015^d,f		4,932,320
	BBVA International Preferred SA Unipersonal
3,150,000	5.919%, 12/29/2049^f,g		2,085,398
	Bear Stearns Companies, LLC
2,100,000	4.650%, 7/2/2018		2,146,874
	Berkshire Hathaway, Inc.
3,215,000	3.750%, 8/15/2021		3,340,533
	Blackstone Holdings Finance Company, LLC
3,140,000	5.875%, 3/15/2021^d		3,064,006
	Boston Properties, LP
3,750,000	5.875%, 10/15/2019		4,223,104
	Capital One Capital V
1,925,000	10.250%, 8/15/2039		1,997,188
	Capital One Financial Corporation
1,500,000	6.150%, 9/1/2016		1,560,798
3,210,000	4.750%, 7/15/2021		3,303,453
	CIT Group, Inc.
950,000	5.250%, 4/1/2014^d		946,438
3,304,731	7.000%, 5/1/2017		3,304,731
	Citigroup, Inc.
3,125,000	6.010%, 1/15/2015		3,264,703
4,800,000	4.750%, 5/19/2015		4,861,243
2,700,000	6.125%, 5/15/2018		2,873,764
2,550,000	8.500%, 5/22/2019		3,001,569
1,940,000	6.125%, 8/25/2036		1,678,119
	CME Group Index Services, LLC
2,600,000	4.400%, 3/15/2018^d		2,762,448
	CNA Financial Corporation
3,775,000	7.350%, 11/15/2019		4,207,238
1,300,000	5.875%, 8/15/2020		1,335,424
	CommonWealth REIT
3,150,000	6.250%, 8/15/2016		3,339,772
	Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
1,915,000	5.250%, 5/24/2041		1,877,225
1,290,000	11.000%, 12/29/2049^d,g		1,509,300
	Corporacion Andina de Fomento
1,540,000	8.125%, 6/4/2019		1,891,587
	Credit Suisse of New York, Convertible
1,280,000	0.500%, 6/22/2018^h		1,220,864
	Discover Bank
1,875,000	8.700%, 11/18/2019		2,137,847
2,200,000	7.000%, 4/15/2020^f		2,301,790
	DnB NOR Boligkreditt
4,400,000	2.900%, 3/29/2016^d		4,473,022
	Eksportfinans ASA
3,250,000	2.375%, 5/25/2016		2,632,286
	Fairfax Financial Holdings, Ltd.
2,875,000	5.800%, 5/15/2021^d		2,740,441
	Fifth Third Bancorp
3,210,000	0.983%, 12/20/2016^b		2,829,185
2,800,000	5.450%, 1/15/2017		2,952,258
	Fifth Third Capital Trust IV
1,950,000	6.500%, 4/15/2067		1,911,000
	FUEL Trust
1,275,000	4.207%, 4/15/2016^d		1,285,824
3,200,000	3.984%, 6/15/2016^d		3,199,568
	GE Capital Trust I
4,500,000	6.375%, 11/15/2067		4,421,250
	General Electric Capital Corporation
1,900,000	6.000%, 8/7/2019		2,182,393
2,500,000	4.375%, 9/16/2020		2,554,713
1,600,000	5.300%, 2/11/2021		1,710,323
1,550,000	6.750%, 3/15/2032		1,814,959
	Goldman Sachs Group, Inc.
3,250,000	6.250%, 9/1/2017		3,397,670
2,850,000	5.950%, 1/18/2018		2,919,030
3,250,000	5.250%, 7/27/2021		3,170,505
1,260,000	6.750%, 10/1/2037		1,172,446
	Health Care Property Investors, Inc.
3,100,000	5.625%, 5/1/2017		3,287,680
	Health Care REIT, Inc.
3,200,000	6.125%, 4/15/2020		3,315,565
3,150,000	4.950%, 1/15/2021		3,012,156
	HSBC USA, Inc.
1,900,000	5.000%, 9/27/2020		1,795,513
	Huntington Bancshares, Inc.
2,850,000	7.000%, 12/15/2020		3,229,996

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

287

Income Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount	Long-Term Fixed Income (96.0%)	Value
Financials (25.5%) - continued
	Hutchinson Whampoa Finance, Ltd.
$ 2,550,000	6.000%, 12/29/2049^d,g	$	2,537,250
	Icahn Enterprises, LP
1,290,000	7.750%, 1/15/2016		1,338,375
	ING Bank NV
3,150,000	2.500%, 1/14/2016^d		3,093,231
	International Lease Finance Corporation
1,600,000	5.750%, 5/15/2016		1,484,067
3,125,000	6.750%, 9/1/2016^d		3,203,125
	J.P. Morgan Chase & Company
1,600,000	3.150%, 7/5/2016		1,607,488
3,150,000	5.500%, 10/15/2040		3,264,058
3,200,000	7.900%, 4/29/2049^g		3,407,008
	J.P. Morgan Chase Bank NA
3,215,000	5.875%, 6/13/2016		3,480,022
	J.P. Morgan Chase Capital XXV
3,100,000	6.800%, 10/1/2037		3,111,625
	KeyCorp
4,575,000	5.100%, 3/24/2021		4,750,955
	Kilroy Realty, LP
2,565,000	4.800%, 7/15/2018		2,533,438
	LBG Capital No. 1 plc
1,900,000	7.875%, 11/1/2020^d		1,440,200
	Liberty Property, LP
2,840,000	5.500%, 12/15/2016		3,070,713
1,875,000	4.750%, 10/1/2020		1,905,328
	Marsh & McLennan Companies, Inc.
1,925,000	4.800%, 7/15/2021		2,107,041
	Merrill Lynch & Company, Inc.
3,050,000	6.875%, 4/25/2018		3,007,114
3,000,000	7.750%, 5/14/2038		2,850,366
	MetLife Capital Trust IV
700,000	7.875%, 12/15/2037^d		726,250
	MetLife Capital Trust X
2,250,000	9.250%, 4/8/2038^d		2,570,625
	Morgan Stanley
3,125,000	4.200%, 11/20/2014		3,013,878
2,580,000	5.375%, 10/15/2015		2,520,993
3,730,000	6.625%, 4/1/2018		3,683,162
1,900,000	5.625%, 9/23/2019		1,759,550
4,700,000	5.500%, 1/26/2020		4,278,293
	MUFG Capital Finance 1, Ltd.
3,230,000	6.346%, 7/29/2049^g		3,280,520
	National Bank of Canada
3,890,000	2.200%, 10/19/2016^d		3,922,205
	National City Bank
5,050,000	5.800%, 6/7/2017		5,559,484
	Nationwide Building Society
2,400,000	6.250%, 2/25/2020^d		2,381,234
	Nordea Bank AB
3,170,000	4.875%, 5/13/2021^d		2,679,309
	ORIX Corporation
4,450,000	5.000%, 1/12/2016		4,674,850
	PNC Financial Services Group, Inc.
3,210,000	6.750%, 7/29/2049^f,g		3,139,155
	Preferred Term Securities XXIII, Ltd.
4,688,188	0.746%, 12/22/2036^b,e		1,875,275
	ProLogis, LP
2,550,000	6.250%, 3/15/2017	$	2,754,798
1,930,000	6.875%, 3/15/2020		2,142,927
	Prudential Financial, Inc.
1,250,000	6.200%, 1/15/2015		1,365,944
3,125,000	5.375%, 6/21/2020		3,344,472
1,120,000	5.700%, 12/14/2036		1,111,998
1,425,000	6.200%, 11/15/2040		1,491,127
	QBE Capital Funding III, Ltd.
2,240,000	7.250%, 5/24/2041^d		1,972,405
	Rabobank Capital Funding Trust II
2,126,000	5.260%, 12/29/2049^d,g		1,994,715
	Regions Bank
1,930,000	7.500%, 5/15/2018		1,910,700
	Regions Financial Corporation
3,175,000	5.750%, 6/15/2015		3,032,125
	Reinsurance Group of America, Inc.
3,785,000	5.625%, 3/15/2017		4,119,310
	Royal Bank of Scotland plc
2,500,000	4.875%, 3/16/2015		2,390,455
	Simon Property Group, LP
2,280,000	5.750%, 12/1/2015		2,550,791
1,250,000	10.350%, 4/1/2019		1,715,875
2,000,000	5.650%, 2/1/2020		2,292,116
	SLM Corporation
3,200,000	5.000%, 10/1/2013		3,200,000
3,300,000	5.375%, 5/15/2014		3,302,313
3,670,000	6.250%, 1/25/2016		3,568,998
	SSIF Nevada, LP
3,250,000	1.101%, 4/14/2014^b,d		3,198,458
	SunTrust Banks, Inc.
3,170,000	3.600%, 4/15/2016		3,228,128
	Swiss RE Capital I, LP
4,200,000	6.854%, 5/29/2049^d,g		3,569,404
	TD Ameritrade Holding Corporation
3,775,000	5.600%, 12/1/2019		4,081,711
	U.S. Bank National Association
3,200,000	3.778%, 4/29/2020		3,295,235
	UnitedHealth Group, Inc.
2,500,000	6.500%, 6/15/2037		3,179,588
	Unum Group
2,500,000	7.125%, 9/30/2016		2,852,768
	Ventas Realty, LP
3,200,000	4.750%, 6/1/2021		3,088,467
	Wachovia Bank NA
2,025,000	4.875%, 2/1/2015		2,145,603
	Wachovia Corporation
2,500,000	5.250%, 8/1/2014		2,636,933
	WEA Finance, LLC
1,500,000	7.125%, 4/15/2018^d		1,676,435
	WellPoint, Inc.
3,215,000	3.700%, 8/15/2021		3,304,023
	Wells Fargo & Company
2,520,000	2.625%, 12/15/2016		2,518,463
3,815,000	4.600%, 4/1/2021		4,183,842
	Willis North America, Inc.
3,500,000	6.200%, 3/28/2017		3,848,299
1,900,000	7.000%, 9/29/2019		2,115,017

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

288

Income Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount	Long-Term Fixed Income (96.0%)	Value
Financials (25.5%) - continued
	ZFS Finance USA Trust II
$ 2,500,000	6.450%, 12/15/2065^d,f	$	2,275,000

	Total Financials		372,500,798


Foreign Government (4.7%)
	Brazil Government International Bond
1,930,000	4.875%, 1/22/2021		2,156,775
	Chile Government International Bond
4,520,000	3.250%, 9/14/2021		4,644,300
	Export-Import Bank of Korea
2,580,000	4.375%, 9/15/2021^f		2,550,141
	Finland Government International Bond
5,100,000	2.250%, 3/17/2016^d		5,332,055
	Hydro Quebec
3,200,000	2.000%, 6/30/2016		3,266,685
	Korea Development Bank
2,500,000	4.375%, 8/10/2015		2,573,590
	Mexico Government International Bond
3,150,000	5.125%, 1/15/2020		3,598,875
2,230,000	6.050%, 1/11/2040		2,726,175
	Province of British Columbia
3,830,000	2.100%, 5/18/2016		3,985,031
3,250,000	2.650%, 9/22/2021		3,344,250
	Province of New Brunswick
3,850,000	2.750%, 6/15/2018		4,024,536
	Province of Ontario
10,500,000	2.300%, 5/10/2016		10,812,931
3,230,000	1.600%, 9/21/2016		3,220,055
8,680,000	3.000%, 7/16/2018		9,129,051
	Province of Quebec
3,230,000	5.125%, 11/14/2016		3,756,613
4,507,000	2.750%, 8/25/2021		4,501,984

	Total Foreign Government		69,623,047


Mortgage-Backed Securities (6.0%)
	Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
13,000,000	3.000%, 1/1/2027ⁱ		13,418,444
	Federal National Mortgage Association Conventional 15- Yr. Pass Through
11,375,000	3.000%, 1/1/2027ⁱ		11,746,462
	Federal National Mortgage Association Conventional 30- Yr. Pass Through
27,485,000	4.500%, 1/1/2042ⁱ		29,245,772
19,675,000	5.000%, 1/1/2042ⁱ		21,255,158
11,400,000	6.000%, 1/1/2042ⁱ		12,552,472

	Total Mortgage-Backed Securities		88,218,308


Technology (1.5%)
	Amkor Technology, Inc.
3,190,000	6.625%, 6/1/2021		3,070,375
	CA, Inc.
3,075,000	5.375%, 12/1/2019		3,354,112
	Equinix, Inc.
1,800,000	8.125%, 3/1/2018		1,962,000
640,000	7.000%, 7/15/2021		675,200
	Hewlett-Packard Company
3,200,000	2.650%, 6/1/2016		3,175,190
1,300,000	4.650%, 12/9/2021		1,371,604
	Seagate HDD Cayman
1,260,000	7.750%, 12/15/2018^d		1,340,325
	Texas Instruments, Inc.
5,000,000	2.375%, 5/16/2016		5,208,355
	Xerox Corporation
1,250,000	6.400%, 3/15/2016		1,398,670
950,000	5.625%, 12/15/2019		1,037,762

	Total Technology		22,593,593


Transportation (2.2%)
	American Airlines Pass Through Trust
1,783,373	10.375%, 7/2/2019		1,897,062
	Avis Budget Car Rental, LLC/Avis Budget Finance, Inc.
1,300,000	8.250%, 1/15/2019		1,290,250
	Burlington Northern Santa Fe, LLC
3,200,000	5.400%, 6/1/2041		3,699,245
	Continental Airlines, Inc.
2,200,000	6.750%, 9/15/2015^d		2,095,500
1,042,716	7.250%, 11/10/2019		1,111,796
	CSX Corporation
1,293,000	7.900%, 5/1/2017		1,610,662
1,280,000	4.250%, 6/1/2021		1,367,690
1,807,000	6.220%, 4/30/2040		2,213,555
	Delta Air Lines, Inc.
2,478,366	4.950%, 11/23/2019^f		2,524,836
	ERAC USA Finance, LLC
3,450,000	5.250%, 10/1/2020^d		3,719,600
1,915,000	4.500%, 8/16/2021^d		1,964,108
	Kansas City Southern de Mexico SA de CV
480,000	6.125%, 6/15/2021		493,200
	Navios Maritime Holdings, Inc.
1,510,000	8.875%, 11/1/2017^f		1,438,275
	Navios South American Logistics, Inc./Navios Logistics Finance US, Inc.
480,000	9.250%, 4/15/2019^d		384,000
	Railamerica, Inc.
1,940,000	9.250%, 7/1/2017		2,119,450
	Union Pacific Corporation
1,920,000	4.750%, 9/15/2041		2,091,752
	US Airways Group, Inc.
2,128,990	6.250%, 4/22/2023		1,966,655

	Total Transportation		31,987,636


U.S. Government and Agencies (6.4%)
	U.S. Treasury Bonds
1,500,000	4.375%, 5/15/2041		1,954,453
	U.S. Treasury Bonds, TIPS
6,500,668	0.625%, 7/15/2021		6,953,709
	U.S. Treasury Notes
3,400,000	1.500%, 6/30/2016		3,516,079
6,500,000	1.000%, 8/31/2016		6,571,097

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

289

Income Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount	Long-Term Fixed Income (96.0%)	Value
U.S. Government and Agencies (6.4%) - continued
$ 8,400,000	1.000%, 10/31/2016	$	8,481,379
4,520,000	0.875%, 12/31/2016		4,528,122
3,000,000	3.000%, 2/28/2017		3,317,814
3,190,000	2.875%, 3/31/2018		3,522,956
7,110,000	2.375%, 6/30/2018		7,618,806
5,160,000	3.625%, 2/15/2020		5,984,393
9,500,000	3.500%, 5/15/2020		10,928,715
7,020,000	2.625%, 11/15/2020		7,557,465
7,605,000	3.125%, 5/15/2021		8,491,454
7,470,000	2.125%, 8/15/2021		7,661,419
2,000,000	3.875%, 8/15/2040		2,397,500
	U.S. Treasury Notes, TIPS
3,980,569	0.125%, 4/15/2016		4,149,461

	Total U.S. Government and Agencies		93,634,822


U.S. Municipals (0.5%)
	California General Obligation Bonds (Build America Bonds)
1,280,000	7.950%, 3/1/2036		1,447,398
	Denver, Colorado City & County Airport Revenue Bonds
2,550,000	5.250%, 11/15/2022		2,903,354
	Illinois State General Obligation Bonds
3,175,000	5.877%, 3/1/2019		3,418,427

	Total U.S. Municipals		7,769,179


Utilities (4.8%)
	AES Corporation
1,565,000	7.750%, 10/15/2015		1,701,938
740,000	7.375%, 7/1/2021^d,f		797,350
	Ameren Illinois Company
3,200,000	6.125%, 11/15/2017		3,745,539
	Cleveland Electric Illuminating Company
1,775,000	5.700%, 4/1/2017		1,952,571
	Columbus Southern Power Company
2,400,000	6.050%, 5/1/2018		2,822,827
	Comision Federal de Electricidad
1,125,000	4.875%, 5/26/2021^d		1,158,750
	Commonwealth Edison Company
1,500,000	6.150%, 9/15/2017		1,781,268
	Dolphin Subsidiary II, Inc.
3,230,000	6.500%, 10/15/2016^d		3,439,950
	Dominion Resources, Inc.
2,540,000	2.879%, 9/30/2066^b		2,134,540
	DTE Energy Company
2,500,000	6.375%, 4/15/2033		3,027,178
	Exelon Generation Company, LLC
1,050,000	5.200%, 10/1/2019		1,153,418
2,500,000	4.000%, 10/1/2020		2,569,967
	Florida Power Corporation
2,000,000	6.400%, 6/15/2038		2,712,804
	ITC Holdings Corporation
3,000,000	5.875%, 9/30/2016^d		3,415,449
2,600,000	6.050%, 1/31/2018^d		3,033,547
	Nevada Power Company
2,800,000	6.750%, 7/1/2037		3,821,535
	NiSource Finance Corporation
2,800,000	6.400%, 3/15/2018		3,219,586
3,200,000	5.450%, 9/15/2020		3,544,502
	NRG Energy, Inc.
1,930,000	7.875%, 5/15/2021^d		1,881,750
	Ohio Edison Company
1,550,000	6.875%, 7/15/2036		1,879,505
	Ohio Power Company
2,200,000	5.375%, 10/1/2021		2,523,609
	Pennsylvania Electric Company
3,700,000	5.200%, 4/1/2020		4,140,293
	Power Receivables Finance, LLC
197,093	6.290%, 1/1/2012^e,f		197,035
	PSEG Power, LLC
3,600,000	5.000%, 4/1/2014		3,855,013
1,300,000	5.320%, 9/15/2016		1,449,989
	Southern Star Central Corporation
1,600,000	6.750%, 3/1/2016		1,628,000
	Southwestern Public Service Company
2,770,000	6.000%, 10/1/2036		3,219,687
	Union Electric Company
2,900,000	6.400%, 6/15/2017		3,466,384

	Total Utilities		70,273,984


	Total Long-Term Fixed Income (cost $1,362,502,405)		1,403,755,150


Shares	Preferred Stock (0.4%)
Financials (0.4%)
83,918	Citigroup Capital XII, 8.500%		2,111,377
22,000	Citigroup, Inc., Convertible^j		1,787,500
359,990	Federal National Mortgage Association, 8.250%^g,k		496,786
81,250	HSBC Holdings plc, 8.000%^g		2,117,375

	Total Financials		6,513,038


	Total Preferred Stock (cost $13,195,804)		6,513,038


	Common Stock (<0.1%)
Financials (<0.1%)
17,331	CIT Group, Inc.^k		604,332

	Total Financials		604,332


	Total Common Stock (cost $554,987)		604,332


	Collateral Held for Securities Loaned (1.9%)
27,407,116	Thrivent Financial Securities Lending Trust		27,407,116

	Total Collateral Held for Securities Loaned (cost $27,407,116)		27,407,116

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

290

Income Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount	Short-Term Investments (7.0%)^l	Value
	Federal Home Loan Bank Discount Notes
$ 7,000,000	0.020%, 1/6/2012^m	$	6,999,980
21,000,000	0.015%, 1/20/2012^m		20,999,834
21,000,000	0.010%, 2/22/2012^m		20,999,697
	Federal Home Loan Mortgage Corporation Discount Notes
5,000,000	0.005%, 2/8/2012^m		4,999,973
10,000,000	0.005%, 2/17/2012^m		9,999,935
	Federal National Mortgage Association Discount Notes
13,000,000	0.010%, 1/9/2012^m		12,999,971
5,000,000	0.020%, 1/17/2012^m		4,999,956
1,800,000	0.105%, 2/22/2012^m,n		1,799,731
	Straight-A Funding, LLC
10,000,000	0.190%, 2/13/2012^d,m		9,997,731
8,000,000	0.190%, 3/2/2012^d,m		7,997,424

	Total Short-Term Investments (at amortized cost)		101,794,232

	Total Investments (cost $1,522,054,760) 106.4%	$	1,556,170,137

	Other Assets and Liabilities, Net (6.4%)		(93,100,676	)

	Total Net Assets 100.0%	$	1,463,069,461

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

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 December 31, 2011.

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


Security	Acquisition Date		Cost
JBS Finance II, Ltd.		7/22/2010	$	1,232,925
Power Receivables Finance, LLC		9/30/2003		197,035
Preferred Term Securities XXIII, Ltd.		9/14/2006		4,688,188
Wachovia Bank Commercial Mortgage Trust		5/2/2007		7,500,408

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

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

h	Denotes equity-linked structured security. This security is linked to the common stock of Berkshire Hathaway, Inc.

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

J	Comprised of a 79.7% prepaid stock purchase contract for common stock of Citigroup, Inc. and a 20.3% amortizing note. The quarterly payments received consists of return of capital and 6.15% interest on only the portion that is the note.

k	Non-income producing security.

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

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

n	At December 31, 2011, $1,729,742 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Definitions:

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

TIPS - Treasury Inflation Protected Security.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	75,806,913
Gross unrealized depreciation		(41,704,901	)

Net unrealized appreciation (depreciation)	$	34,102,012

Cost for federal income tax purposes	$	1,522,068,125

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

291

Income Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Income Portfolio's assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Capital Goods		617,856		—		617,856		—
Communications Services		2,024,354		—		2,024,354		—
Consumer Cyclical		2,405,194		—		2,405,194		—
Consumer Non-Cyclical		1,925,970		—		1,925,970		—
Energy		1,587,525		—		1,587,525		—
Financials		1,411,378		—		1,411,378		—
Technology		3,732,634		—		3,732,634		—
Transportation		2,391,358		—		2,391,358		—
Long-Term Fixed Income
Asset-Backed Securities		13,620,579		—		13,620,579		—
Basic Materials		80,356,307		—		80,356,307		—
Capital Goods		40,276,094		—		40,276,094		—
Collateralized Mortgage Obligations		20,621,198		—		20,621,198		—
Commercial Mortgage-Backed
Securities		34,339,476		—		34,339,476		—
Communications Services		123,694,410		—		120,050,035		3,644,375
Consumer Cyclical		76,907,528		—		76,907,528		—
Consumer Non-Cyclical		98,525,375		—		98,525,375		—
Energy		158,812,816		—		158,812,816		—
Financials		372,500,798		—		369,404,659		3,096,139
Foreign Government		69,623,047		—		69,623,047		—
Mortgage-Backed Securities		88,218,308		—		88,218,308		—
Technology		22,593,593		—		22,593,593		—
Transportation		31,987,636		—		31,987,636		—
U.S. Government and Agencies		93,634,822		—		93,634,822		—
U.S. Municipals		7,769,179		—		7,769,179		—
Utilities		70,273,984		—		70,273,984		—
Preferred Stock
Financials		6,513,038		6,513,038		—		—
Common Stock
Financials		604,332		604,332		—		—
Collateral Held for Securities Loaned		27,407,116		27,407,116		—		—
Short-Term Investments		101,794,232		—		101,794,232		—

Total	$	1,556,170,137	$	34,524,486	$	1,514,905,137	$	6,740,514


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		884,106		884,106		—		—

Total Asset Derivatives	$	884,106	$	884,106	$	—	$	—

Liability Derivatives
Futures Contracts		3,326,675		3,326,675		—		—

Total Liability Derivatives	$	3,326,675	$	3,326,675	$	—	$	—

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

292

Income Portfolio

Schedule of Investments as of December 31, 2011

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Income Portfolio as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value December 31, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)*			Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3			Value December 31, 2011
Long-Term Fixed Income
Communications Services		—		—		5,593			—		—			3,638,782		—			3,644,375
Financials		2,871,390		—		(274,125	)		1,280,000		(781,126	)		—		—			3,096,139
Transportation		12,402,746		605,121		(1,067,406	)		—		(8,931,602	)		—		(3,008,859	)		—

Total	$	15,274,136	$	605,121	($	1,335,938	)	$	1,280,000	($	9,712,728	)	$	3,638,782	($	3,008,859	)	$	6,740,514

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on December 31, 2011 of ($519,170).


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Note Futures		315			March 2012	$	69,473,228		$	69,472,267		($	961	)
5-Yr. U.S. Treasury Note Futures		(595	)		March 2012		(72,987,954	)		(73,338,397	)		(350,443	)
10-Yr. U.S. Treasury Note Futures		(1,435	)		March 2012		(185,189,103	)		(188,164,374	)		(2,975,271	)
20-Yr. U.S. Treasury Bond Futures		600			March 2012		86,003,394			86,887,500			884,106
Total Futures Contracts												($	2,442,569	)

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Income Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		884,106
Total Interest Rate Contracts			884,106

Total Asset Derivatives		$	884,106

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		3,326,675
Total Interest Rate Contracts			3,326,675

Total Liability Derivatives		$	3,326,675

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

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

293

Income Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Income Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Foreign Exchange Contracts
Forward Contracts	Net realized gains/(losses) on Foreign currency transactions		(2,629	)
Total Foreign Exchange Contracts			(2,629	)
Interest Rate Contracts
Options Purchased	Net realized gains/(losses) on Investments		(319,650	)
Futures	Net realized gains/(losses) on Futures contracts		(3,483,681	)
Total Interest Rate Contracts			(3,803,331	)
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		(845,504	)
Total Credit Contracts			(845,504	)

Total		($	4,651,464	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Income Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Options Purchased	Change in net unrealized appreciation/(depreciation) on Investments		132,150
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(6,522,189	)
Total Interest Rate Contracts			(6,390,039	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		139,943
Total Credit Contracts			139,943

Total		($	6,250,096	)

The following table presents Income Portfolio’s average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Forwards
(Notional*)

Forwards
(Percentage
of Average
Net Assets)

Swaps
(Notional*)

Swaps
(Percentage
of Average
Net Assets)

Options
(Contracts)

Interest Rate Contracts

403,900,545

28.6

N/A

Foreign Exchange Contracts

N/A

5,525

<0.1

N/A

Credit Contracts

N/A

24,558,757

1.7

N/A

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

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

294

Income Portfolio

Schedule of Investments as of December 31, 2011

Investment in Affiliates

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


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011- December 31, 2011
High Yield Fund	$	18,293,310	$	—	$	18,147,903		—	$	—	$	841,733
Thrivent Financial Securities Lending Trust		13,325,870		239,982,291		225,901,045		27,407,116		27,407,116		45,717
Total Value and Income Earned		31,619,180								27,407,116		887,450

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

295

Bond Index Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (107.6%)	Value
	Asset-Backed Securities (3.0%)
		Countrywide Asset-Backed Certificates
	$ 355,574	5.549%, 8/25/2021^a	$	312,086
		Countrywide Home Loans, Inc.
	451,327	6.085%, 6/25/2021^a		306,276
		Credit Based Asset Servicing and Securitization, LLC
	382,968	5.501%, 12/25/2036		248,377
		First Horizon ABS Trust
	1,100,927	0.424%, 10/25/2026^a,b		804,116
	987,272	0.454%, 10/25/2034^a,b		625,628
		GMAC Mortgage Corporation Loan Trust
	1,225,442	0.474%, 8/25/2035^a,b		765,325
	1,490,204	0.474%, 12/25/2036^a,b		922,854
		Green Tree Financial Corporation
	20,588	6.330%, 11/1/2029		21,041
		IndyMac Seconds Asset-Backed Trust
	519,427	0.464%, 10/25/2036^a,b		94,986
		Wachovia Asset Securitization, Inc.
	1,236,517	0.434%, 7/25/2037^a,b,c		895,259

		Total Asset-Backed Securities		4,995,948


	Basic Materials (0.3%)
		Dow Chemical Company
	27,000	7.375%, 11/1/2029		34,266
		Rio Tinto Alcan, Inc.
	500,000	5.200%, 1/15/2014		534,138

		Total Basic Materials		568,404


	Capital Goods (1.4%)
		Boeing Capital Corporation
	375,000	2.125%, 8/15/2016		383,081
		Danaher Corporation
	375,000	2.300%, 6/23/2016		389,770
		General Electric Company
	600,000	5.000%, 2/1/2013		625,257
		Republic Services, Inc.
	500,000	5.250%, 11/15/2021		566,944
		United Technologies Corporation
	275,000	6.050%, 6/1/2036		349,043

		Total Capital Goods		2,314,095


	Collateralized Mortgage Obligations (0.5%)
		Bear Stearns Mortgage Funding Trust
	193,885	0.574%, 8/25/2036^b		54,867
		Merrill Lynch Mortgage Investors, Inc.
	1,013,443	2.612%, 6/25/2035		809,966

		Total Collateralized Mortgage Obligations		864,833


	Commercial Mortgage-Backed Securities (6.0%)
		Banc of America Commercial Mortgage, Inc.
	645,000	5.622%, 6/10/2049		691,631
		Bear Stearns Commercial Mortgage Securities, Inc.
	1,148,248	0.428%, 3/15/2022^b,d		1,116,181
		Commercial Mortgage Pass- Through Certificates
	2,500,000	0.408%, 12/15/2020^b,d		2,279,860
	500,000	5.306%, 12/10/2046		542,204
		Credit Suisse Mortgage Capital Certificates
	1,060,929	0.448%, 10/15/2021^b,d		977,899
	235,000	5.467%, 9/15/2039		249,926
		GE Capital Commercial Mortgage Corporation
	432,808	4.641%, 3/10/2040		442,800
		GS Mortgage Securities Corporation II
	2,000,000	1.317%, 3/6/2020^b,d		1,982,290
		LB-UBS Commercial Mortgage Trust
	900,000	4.786%, 10/15/2029		958,702
		Morgan Stanley Capital I
	500,000	3.224%, 7/15/2049		517,648

		Total Commercial Mortgage- Backed Securities		9,759,141


	Communications Services (1.5%)
		AT&T, Inc.
	300,000	6.400%, 5/15/2038		370,613
		BellSouth Corporation
	27,000	6.875%, 10/15/2031		33,647
		CBS Corporation
	350,000	7.875%, 9/1/2023		436,888
		Cox Communications, Inc.
	135,000	6.450%, 12/1/2036^d		145,284
		Crown Castle Towers, LLC
	500,000	4.174%, 8/15/2017^d		512,074
		News America, Inc.
	275,000	6.400%, 12/15/2035		301,343
		Telecom Italia Capital SA
	300,000	5.250%, 10/1/2015		275,199
		Time Warner Cable, Inc.
	300,000	7.300%, 7/1/2038		364,547
		Verizon Global Funding Corporation
	27,000	7.750%, 12/1/2030		37,603

		Total Communications Services		2,477,198


	Consumer Cyclical (1.6%)
		California Institute of Technology
	325,000	4.700%, 11/1/2111		337,457
		Daimler Finance North America, LLC
	27,000	8.500%, 1/18/2031		37,751
		Target Corporation
	27,000	7.000%, 7/15/2031		36,419
		Time Warner, Inc.
	27,000	7.625%, 4/15/2031		34,854
		Toyota Motor Credit Corporation
	500,000	1.250%, 11/17/2014		502,790

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

296

Bond Index Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (107.6%)	Value
	Consumer Cyclical (1.6%) - continued
		University of Southern California
	$ 275,000	5.250%, 10/1/2111	$	345,043
		Wal-Mart Stores, Inc.
	527,000	7.550%, 2/15/2030		769,559
		Walt Disney Company
	500,000	5.625%, 9/15/2016		592,248

		Total Consumer Cyclical		2,656,121


	Consumer Non-Cyclical (2.2%)
		AmerisourceBergen Corporation
	500,000	4.875%, 11/15/2019		560,645
		Boston Scientific Corporation
	275,000	7.000%, 11/15/2035		316,782
		Colgate-Palmolive Company
	500,000	1.250%, 5/1/2014		506,771
		GlaxoSmithKline Capital, Inc.
	300,000	6.375%, 5/15/2038		401,416
		Kellogg Company
	600,000	4.250%, 3/6/2013		623,013
	27,000	7.450%, 4/1/2031		36,820
		Kraft Foods, Inc.
	27,000	6.500%, 11/1/2031		33,567
		Philip Morris International, Inc.
	300,000	6.375%, 5/16/2038		391,108
		Wyeth
	550,000	6.000%, 2/15/2036		702,708

		Total Consumer Non-Cyclical		3,572,830


	Energy (1.5%)
		Anadarko Finance Company
	27,000	7.500%, 5/1/2031		32,667
		BP Capital Markets plc
	350,000	1.153%, 12/6/2013^b		350,870
		Cameron International Corporation
	200,000	4.500%, 6/1/2021		214,698
		ConocoPhillips Holding Company
	27,000	6.950%, 4/15/2029		36,809
		Devon Financing Corporation, ULC
	27,000	7.875%, 9/30/2031		38,192
		Energy Transfer Partners, LP
	450,000	6.700%, 7/1/2018		499,241
		Petrobras International Finance Company
	325,000	5.375%, 1/27/2021		341,445
		Petro-Canada
	300,000	6.800%, 5/15/2038		387,352
		Valero Energy Corporation
	500,000	4.750%, 6/15/2013		523,387

		Total Energy		2,424,661


	Financials (7.9%)
		African Development Bank
	250,000	6.875%, 10/15/2015		291,294
		AXA SA
	27,000	8.600%, 12/15/2030		26,592
		BAC Capital Trust XI
	275,000	6.625%, 5/23/2036		241,192
		Barclays Bank plc
	500,000	2.375%, 1/13/2014		489,388
	300,000	5.000%, 9/22/2016		310,699
		Bear Stearns Companies, LLC
	500,000	4.650%, 7/2/2018		511,161
		BNP Paribas SA
	803,000	3.313%, 12/20/2014^b		756,086
		Chubb Corporation
	600,000	6.500%, 5/15/2038		771,533
		Citigroup, Inc.
	500,000	1.302%, 4/1/2014^b		471,163
	250,000	4.700%, 5/29/2015		254,138
		Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
	350,000	4.750%, 1/15/2020^d		372,249
		Danske Bank AS
	500,000	3.875%, 4/14/2016^d		464,144
		Fifth Third Bancorp
	325,000	3.625%, 1/25/2016		329,742
		FUEL Trust
	150,000	4.207%, 4/15/2016^d		151,273
	200,000	3.984%, 6/15/2016^d		199,973
		General Electric Capital Corporation
	475,000	5.875%, 1/14/2038		503,304
		HCP, Inc.
	325,000	3.750%, 2/1/2016		330,676
		Health Care REIT, Inc.
	450,000	6.125%, 4/15/2020		466,251
		HSBC Finance Corporation
	650,000	6.375%, 11/27/2012		668,551
		HSBC Holdings plc
	300,000	6.800%, 6/1/2038		310,724
		International Lease Finance Corporation
	850,000	5.875%, 5/1/2013		837,250
		J.P. Morgan Chase & Company
	250,000	3.450%, 3/1/2016		253,988
		Lloyds TSB Bank plc
	350,000	5.800%, 1/13/2020^d		332,282
		Marsh & McLennan Companies, Inc.
	185,000	5.750%, 9/15/2015		204,878
	375,000	4.800%, 7/15/2021		410,463
		MetLife, Inc.
	200,000	5.000%, 6/15/2015		217,879
		Northern Trust Corporation
	500,000	3.450%, 11/4/2020		514,862
		Preferred Term Securities XXIII, Ltd.
	1,004,612	0.746%, 12/22/2036^b,c		401,845
		Prudential Financial, Inc.
	275,000	5.700%, 12/14/2036		273,035
		Royal Bank of Canada
	500,000	1.128%, 10/30/2014^b		498,566
		SSIF Nevada, LP
	500,000	1.101%, 4/14/2014^b,d		492,071
		Wachovia Bank NA
	500,000	4.875%, 2/1/2015		529,779
		Washington Mutual Bank
	500,000	5.500%, 1/15/2013^e		50

		Total Financials		12,887,081

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

297

Bond Index Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (107.6%)	Value
	Foreign Government (3.0%)
		Bank Nederlandse Gemeenten
	$ 750,000	4.375%, 2/16/2021^d	$	799,432
		Chile Government International Bond
	350,000	3.875%, 8/5/2020		378,875
		Finland Government International Bond
	500,000	2.250%, 3/17/2016^d		522,751
		Hydro-Quebec
	27,000	8.400%, 1/15/2022		39,481
		Italy Government International Bond
	200,000	4.375%, 6/15/2013		196,712
	700,000	5.375%, 6/12/2017		648,114
		Nova Scotia Government Notes
	250,000	7.250%, 7/27/2013		272,693
		Province of British Columbia
	750,000	2.650%, 9/22/2021		771,750
		Province of New Brunswick
	250,000	2.750%, 6/15/2018		261,333
		Quebec Government Notes
	400,000	4.875%, 5/5/2014^f		436,254
	400,000	7.500%, 7/15/2023		570,830

		Total Foreign Government		4,898,225


	Mortgage-Backed Securities (31.2%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	808	6.500%, 10/1/2012		830
	813	6.500%, 1/1/2013		850
	978	6.000%, 9/1/2013		1,061
	962	5.500%, 3/1/2014		1,042
	5,800	6.000%, 4/1/2014		6,290
	2,714	7.000%, 10/1/2014		2,890
	5,162	6.500%, 3/1/2016		5,580
	11,928	6.000%, 6/1/2016		12,958
	10,980	6.000%, 9/1/2016		11,928
	132,945	7.000%, 6/1/2017		144,925
	174,452	5.500%, 12/1/2017		189,188
	5,000,000	3.000%, 1/1/2027^g		5,160,940
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	4,243	6.500%, 4/1/2024		4,758
	4,033	7.000%, 5/1/2024		4,637
	1,195	7.500%, 8/1/2025		1,382
	14,008	8.500%, 11/1/2025		16,783
	1,531	8.000%, 1/1/2026		1,810
	1,690	7.000%, 4/1/2027		1,962
	2,532	7.500%, 7/1/2027		2,936
	4,408	7.000%, 8/1/2027		5,115
	2,387	7.500%, 10/1/2027		2,774
	2,790	7.000%, 5/1/2028		3,245
	17,417	6.000%, 8/1/2028		19,402
	6,061	6.500%, 2/1/2029		6,945
	16,310	6.000%, 3/1/2029		18,169
	9,366	7.500%, 10/1/2029		10,918
	4,081	7.500%, 11/1/2029		4,757
	5,849	6.500%, 5/1/2031		6,673
	25,844	6.000%, 6/1/2031		28,788
	6,525	7.000%, 6/1/2031		7,491
	6,923	7.000%, 6/1/2031		7,947
	19,796	6.000%, 7/1/2031		22,051
	7,222	7.000%, 9/1/2031		8,291
	10,070	6.500%, 10/1/2031		11,488
	113,812	6.000%, 1/1/2032		126,780
	25,307	6.000%, 1/1/2032		28,191
	15,058	7.000%, 5/1/2032		17,304
	114,482	6.500%, 7/1/2032		130,316
	122,786	6.500%, 10/1/2032		139,769
	174,532	6.000%, 11/1/2032		194,419
	11,500,000	5.000%, 1/1/2042^g		12,357,106
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	208	8.000%, 7/1/2012		213
	433	6.500%, 12/1/2012		445
	1,745	6.500%, 6/1/2013		1,822
	3,538	6.000%, 12/1/2013		3,819
	7,250,000	3.000%, 1/1/2027^g		7,486,756
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	3,973	10.500%, 8/1/2020		4,614
	2,747	8.000%, 12/1/2024		3,197
	3,329	7.000%, 10/1/2025		3,843
	13,548	6.500%, 11/1/2025		15,129
	622	8.500%, 12/1/2025		729
	2,420	7.500%, 1/1/2026		2,804
	3,940	6.500%, 5/1/2026		4,501
	2,145	8.000%, 9/1/2026		2,508
	4,806	7.500%, 2/1/2027		5,584
	3,452	7.000%, 3/1/2027		3,997
	4,357	9.000%, 11/1/2027		5,130
	1,936	7.000%, 1/1/2028		2,248
	39,413	7.500%, 2/1/2028		45,902
	3,431	6.000%, 5/1/2028		3,825
	1,456	6.500%, 9/1/2028		1,664
	10,037	7.000%, 10/1/2028		11,681
	24,944	7.500%, 11/1/2028		28,982
	6,769	6.500%, 2/1/2029		7,738
	21,501	6.000%, 3/1/2029		23,967
	12,189	7.000%, 3/1/2029		14,214
	26,637	6.500%, 4/1/2029		30,451
	2,499	6.500%, 8/1/2029		2,857
	7,631	7.500%, 8/1/2029		8,923
	6,912	7.000%, 10/1/2029		8,061
	7,018	7.500%, 12/1/2029		8,205
	4,326	8.000%, 4/1/2030		5,082
	1,741	7.500%, 12/1/2030		2,039
	38,165	6.000%, 5/1/2031		42,543
	107,667	6.500%, 4/1/2032		122,273
	77,594	6.500%, 5/1/2032		88,121
	63,867	7.000%, 5/1/2032		74,036
	302,623	6.500%, 7/1/2032		343,676
	148,871	6.500%, 8/1/2032		169,067
	14,450,000	4.500%, 1/1/2042^g		15,375,710
	7,500,000	6.000%, 1/1/2042^g		8,258,205
		Government National Mortgage Association 15-Yr. Pass Through
	2,220	7.000%, 9/15/2013		2,326

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

298

Bond Index Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (107.6%)	Value
	Mortgage-Backed Securities (31.2%) - continued
		Government National Mortgage Association 30-Yr. Pass Through
	$ 4,749	7.500%, 3/15/2023	$	5,521
	1,662	7.000%, 1/15/2024		1,923
	2,397	9.000%, 9/15/2024		2,876
	2,556	8.000%, 6/15/2025		3,020
	1,799	8.000%, 9/15/2026		2,125
	7,720	7.500%, 10/15/2027		9,035
	6,377	7.000%, 11/15/2027		7,414
	1,530	7.000%, 1/15/2028		1,782
	6,633	6.500%, 7/15/2028		7,690
	5,621	7.000%, 8/15/2028		6,549
	47,268	7.500%, 11/15/2028		55,429
	8,021	6.500%, 12/15/2028		9,299
	29,404	6.500%, 3/15/2029		34,090
	2,915	6.500%, 4/15/2029		3,379
	5,564	8.000%, 10/15/2030		6,627
	11,007	7.500%, 1/15/2031		12,991
	4,634	7.000%, 4/15/2031		5,439
	14,759	6.500%, 6/15/2031		17,111
	16,980	7.000%, 9/15/2031		19,928
	173,340	6.500%, 1/15/2032		200,961
	25,015	6.500%, 4/15/2032		29,001

		Total Mortgage-Backed Securities		51,399,766


	Technology (0.7%)
		Hewlett-Packard Company
	200,000	4.300%, 6/1/2021		205,086
		International Business Machines Corporation
	500,000	1.000%, 8/5/2013		503,936
		Xerox Corporation
	400,000	4.500%, 5/15/2021		405,386

		Total Technology		1,114,408


	Transportation (0.5%)
		Delta Air Lines, Inc.
	285,965	4.950%, 11/23/2019^f		291,327
		Union Pacific Corporation
	437,000	4.163%, 7/15/2022		474,307

		Total Transportation		765,634


	U.S. Government and Agencies (44.2%)
		Federal Agricultural Mortgage Corporation
	1,000,000	2.125%, 9/15/2015		1,035,354
		Federal Home Loan Banks
	1,000,000	3.625%, 5/29/2013		1,045,959
	5,000,000	0.310%, 9/16/2013^b		5,002,420
	850,000	4.500%, 9/16/2013		909,100
	1,000,000	3.625%, 10/18/2013		1,056,879
	3,750,000	5.000%, 11/17/2017		4,500,375
		Federal Home Loan Mortgage Corporation
	500,000	3.750%, 6/28/2013		525,646
	1,000,000	5.125%, 11/17/2017		1,204,092
	350,000	6.750%, 3/15/2031		526,143
		Federal National Mortgage Association
	1,000,000	0.625%, 10/30/2014		998,182
	500,000	5.960%, 9/11/2028		686,463
	100,000	6.250%, 5/15/2029		140,787
		Resolution Funding Corporation
	200,000	8.125%, 10/15/2019		290,870
		Tennessee Valley Authority
	250,000	6.000%, 3/15/2013		267,160
	350,000	5.250%, 9/15/2039		446,779
		U.S. Treasury Bonds
	2,500,000	5.250%, 11/15/2028		3,446,875
	3,975,000	4.375%, 5/15/2041		5,179,302
		U.S. Treasury Notes
	3,500,000	0.375%, 8/31/2012		3,506,153
	3,000,000	0.250%, 11/30/2013^f		3,000,351
	2,750,000	2.000%, 11/30/2013		2,840,772
	1,500,000	2.250%, 5/31/2014		1,569,258
	2,000,000	4.250%, 8/15/2014		2,203,124
	3,000,000	2.375%, 8/31/2014		3,160,314
	375,000	2.375%, 9/30/2014		395,654
	600,000	1.250%, 10/31/2015		615,375
	3,150,000	2.000%, 1/31/2016		3,323,250
	4,000,000	2.625%, 2/29/2016		4,323,752
	500,000	1.500%, 6/30/2016		517,071
	1,500,000	1.000%, 10/31/2016		1,514,532
	3,250,000	3.000%, 2/28/2017		3,594,298
	1,000,000	2.250%, 11/30/2017		1,066,875
	1,250,000	2.750%, 2/28/2018		1,370,507
	4,500,000	2.375%, 6/30/2018		4,822,029
	3,250,000	1.500%, 8/31/2018		3,297,479
	3,300,000	3.125%, 5/15/2021		3,684,655
	500,000	3.500%, 2/15/2039		562,422

		Total U.S. Government and Agencies		72,630,257


	U.S. Municipals (0.2%)
		Chicago Metropolitan Water Reclamation District General Obligation Bonds (Build America Bonds)
	350,000	5.720%, 12/1/2038		428,596

		Total U.S. Municipals		428,596


	Utilities (1.9%)
		CenterPoint Energy Houston Electric, LLC
	400,000	5.600%, 7/1/2023		488,553
		Commonwealth Edison Company
	275,000	5.900%, 3/15/2036		337,246
		FirstEnergy Corporation
	27,000	7.375%, 11/15/2031		33,204
		Kinder Morgan Energy Partners, LP
	300,000	4.150%, 3/1/2022^f		305,141
		National Rural Utilities Cooperative Finance Corporation
	27,000	8.000%, 3/1/2032		38,017

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

299

Bond Index Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (107.6%)	Value
	Utilities (1.9%) - continued
		Oncor Electric Delivery Company
	$ 475,000	6.375%, 1/15/2015	$	542,774
		ONEOK Partners, LP
	275,000	6.650%, 10/1/2036		325,221
		Progress Energy, Inc.
	400,000	7.000%, 10/30/2031		531,854
		Southern California Edison Company
	225,000	5.000%, 1/15/2014		243,463
		Xcel Energy, Inc.
	275,000	6.500%, 7/1/2036		353,023

		Total Utilities		3,198,496


		Total Long-Term Fixed Income (cost $172,583,010)		176,955,694


Shares		Collateral Held for Securities Loaned (2.5%)
	4,114,838	Thrivent Financial Securities Lending Trust		4,114,838


		Total Collateral Held for Securities Loaned (cost $4,114,838)		4,114,838


Principal Amount		Short-Term Investments (20.1%)^h
		Federal Home Loan Bank Discount Notes
	3,000,000	0.010%, 1/18/2012ⁱ		2,999,986
	4,000,000	0.015%, 1/20/2012ⁱ		3,999,969
		Federal Home Loan Mortgage Corporation Discount Notes
	7,000,000	0.030%, 1/23/2012ⁱ		6,999,871
		Federal National Mortgage Association Discount Notes
	19,000,000	0.010%, 1/11/2012ⁱ		18,999,947

		Total Short-Term Investments (at amortized cost)		32,999,773

		Total Investments (cost $209,697,621) 130.2%	$	214,070,305

		Other Assets and Liabilities, Net (30.2%)		(49,607,970	)

		Total Net Assets 100.0%	$	164,462,335

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

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 December 31, 2011.

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Bond Index Portfolio owned as of December 31, 2011.


Security	Acquisition Date		Cost
Preferred Term Securities XXIII, Ltd.		9/14/2006	$	1,004,612
Wachovia Asset Securitization, Inc.		3/16/2007	$	1,236,517

e	Defaulted security. Interest is not being accrued.

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

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

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

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

Definitions:


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


Unrealized Appreciation (Depreciation)

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

Gross unrealized appreciation	$	9,146,134
Gross unrealized depreciation		(4,838,429	)

Net unrealized appreciation (depreciation)	$	4,307,705

Cost for federal income tax purposes	$	209,762,600

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

300

Bond Index Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Bond Index Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Long-Term Fixed Income
Asset-Backed Securities		4,995,948		—		4,995,948		—
Basic Materials		568,404		—		568,404		—
Capital Goods		2,314,095		—		2,314,095		—
Collateralized Mortgage Obligations		864,833		—		864,833		—
Commercial Mortgage-Backed
Securities		9,759,141		—		9,759,141		—
Communications Services		2,477,198		—		2,477,198		—
Consumer Cyclical		2,656,121		—		2,656,121		—
Consumer Non-Cyclical		3,572,830		—		3,572,830		—
Energy		2,424,661		—		2,424,661		—
Financials		12,887,081		—		12,485,236		401,845
Foreign Government		4,898,225		—		4,898,225		—
Mortgage-Backed Securities		51,399,766		—		51,399,766		—
Technology		1,114,408		—		1,114,408		—
Transportation		765,634		—		765,634		—
U.S. Government and Agencies		72,630,257		—		72,630,257		—
U.S. Municipals		428,596		—		428,596		—
Utilities		3,198,496		—		3,198,496		—
Collateral Held for Securities Loaned		4,114,838		4,114,838		—		—
Short-Term Investments		32,999,773		—		32,999,773		—

Total	$	214,070,305	$	4,114,838	$	209,553,622	$	401,845

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Bond Index Portfolio as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value December 31, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation / (Depreciation)*		Purchases		Sales		Transfers Into Level 3		Transfers Out of Level 3		Value December 31, 2011
Long-Term Fixed Income
Asset-Backed Securities		1,095,928		—		24,051		—		(224,720)		—		(895,259)		—
Financials		615,298		—		(46,069)		—		(167,384)		—		—		401,845

Total		$1,711,226		$—		($22,018)		$—		($392,104)		$—		($895,259)		$401,845

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on December 31, 2011 of ($125,576).

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Bond Index Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
Thrivent Financial Securities Lending Trust	$	357,000	$	50,137,813	$	46,379,975		4,114,838	$	4,114,838	$	4,186
Total Value and Income Earned		357,000								4,114,838		4,186

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

301

Limited Maturity Bond Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (99.6%)	Value
	Asset-Backed Securities (11.1%)
		Avis Budget Rental Car Funding
	$5,500,000	2.370%, 11/20/2014^a	$	5,491,585
		Bank of America Auto Trust
	2,984,136	1.390%, 3/15/2014^a		2,991,519
		Carrington Mortgage Loan Trust
	1,400,000	0.444%, 8/25/2036^b		434,270
		Chrysler Financial Auto Securitization
	2,048,048	2.820%, 1/15/2016		2,061,776
		Citibank Omni Master Trust
	6,000,000	4.900%, 11/15/2018^a		6,525,804
		CNH Equipment Trust
	2,958,972	7.210%, 12/16/2013		3,012,237
		Countrywide Asset-Backed Certificates
	711,149	5.549%, 8/25/2021^c		624,171
		Countrywide Home Loans, Inc.
	2,707,961	6.085%, 6/25/2021^c		1,837,655
		Credit Based Asset Servicing and Securitization, LLC
	1,838,248	5.501%, 12/25/2036		1,192,209
		Discover Card Master Trust
	9,500,000	0.928%, 9/15/2015^b		9,562,795
		Enterprise Fleet Financing, LLC
	6,500,000	1.430%, 10/20/2016^a		6,489,665
		First Franklin Mortgage Loan Asset-Backed Certificates
	215,069	5.500%, 3/25/2036^d,e		2
		First Horizon ABS Trust
	726,009	0.424%, 9/25/2029^b,c		528,860
		First National Master Note Trust
	7,500,000	1.628%, 7/15/2015^b		7,530,525
		Ford Credit Auto Owner Trust
	473,031	3.960%, 5/15/2013		474,202
		Fosse Master Issuer plc
	6,500,000	1.805%, 10/18/2054^a,b		6,475,228
		GE Capital Credit Card Master Note Trust
	7,000,000	3.690%, 7/15/2015		7,110,243
		GMAC Mortgage Corporation Loan Trust
	1,470,530	0.474%, 8/25/2035^b,c		918,390
	2,218,301	5.750%, 10/25/2036^c		1,438,834
	3,477,144	0.474%, 12/25/2036^b,c		2,153,325
		GSAMP Trust
	2,854,227	0.474%, 2/25/2036^b		2,223,220
	2,977,663	0.374%, 8/25/2036^b		2,707,670
		Harley-Davidson Motorcycle Trust
	380,225	3.190%, 11/15/2013		380,964
		John Deere Owner Trust
	3,500,000	3.960%, 5/16/2016		3,540,205
		Mortgage Equity Conversion Asset Trust
	6,003,303	0.610%, 1/25/2042^b,d		5,312,923
	5,931,795	0.590%, 2/25/2042^b,d		5,249,639
		Nissan Auto Receivables Owner Trust
	1,503,149	4.280%, 6/16/2014		1,505,284
	6,000,000	4.740%, 8/17/2015		6,144,774
		Renaissance Home Equity Loan Trust
	3,809,834	5.608%, 5/25/2036		1,687,886
	1,250,000	5.285%, 1/25/2037		440,148
		Santander Drive Auto Receivables Trust
	3,186,242	0.950%, 8/15/2013		3,185,917
		SLM Student Loan Trust
	12,000,000	0.488%, 4/27/2020^b		11,916,072
	11,580,203	0.488%, 4/25/2022^b		11,485,697
	6,542,207	0.498%, 4/25/2023^b		6,521,612
	3,709,006	0.694%, 3/25/2025^b		3,673,429
	10,211,251	0.814%, 3/25/2026^b		10,224,444
		USAA Auto Owner Trust
	5,500,000	4.770%, 9/15/2014		5,611,139
		Volkswagen Auto Loan Enhanced Trust
	1,377,223	1.310%, 1/20/2014		1,380,165
		Wachovia Asset Securitization, Inc.
	1,545,647	0.434%, 7/25/2037^b,c,d		1,119,074
		Wachovia Student Loan Trust
	8,264,721	0.528%, 7/27/2020^b		8,215,687
		World Omni Auto Receivables Trust
	2,565,715	1.340%, 12/16/2013		2,569,797
	4,000,000	1.330%, 1/15/2018		3,989,680

		Total Asset-Backed Securities		165,938,721


	Basic Materials (0.7%)
		ArcelorMittal
	2,500,000	9.000%, 2/15/2015		2,763,965
	3,250,000	3.750%, 8/5/2015		3,106,925
		Dow Chemical Company
	2,500,000	4.850%, 8/15/2012		2,557,690
	2,000,000	2.500%, 2/15/2016		2,008,702

		Total Basic Materials		10,437,282


	Capital Goods (1.8%)
		Caterpillar Financial Services Corporation
	4,000,000	2.050%, 8/1/2016		4,106,204
		Caterpillar, Inc.
	4,500,000	1.375%, 5/27/2014		4,552,605
		CRH America, Inc.
	2,000,000	4.125%, 1/15/2016		1,996,814
		Danaher Corporation
	2,000,000	0.817%, 6/21/2013^b		2,002,916
		Eaton Corporation
	3,000,000	0.885%, 6/16/2014^b		2,998,713
		Hutchinson Whampoa Finance, Ltd.
	3,300,000	4.625%, 9/11/2015^a		3,493,017
		John Deere Capital Corporation
	5,000,000	0.791%, 10/4/2013^b		5,018,930
		Textron, Inc.
	2,700,000	6.200%, 3/15/2015		2,898,396

		Total Capital Goods		27,067,595

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

302

Limited Maturity Bond Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (99.6%)	Value
	Collateralized Mortgage Obligations (3.6%)
		American Home Mortgage Assets Trust
	$3,428,860	1.128%, 11/25/2046^b	$	1,254,236
		Banc of America Mortgage Securities, Inc.
	1,449,740	2.764%, 9/25/2035		1,102,529
		Bear Stearns Adjustable Rate Mortgage Trust
	1,857,955	2.400%, 10/25/2035^b		1,448,638
		Chase Mortgage Finance Corporation
	445,843	5.255%, 1/25/2036		31,524
		Countrywide Alternative Loan Trust
	1,410,879	5.500%, 11/25/2035		1,329,795
	1,193,380	5.500%, 2/25/2036		822,505
	2,083,295	6.000%, 1/25/2037		1,368,388
		Countrywide Home Loans, Inc.
	2,689,762	2.700%, 3/20/2036		1,101,269
	2,589,055	2.778%, 9/20/2036		1,294,978
		Deutsche Alt-A Securities, Inc.
	4,295,059	0.970%, 4/25/2047^b		2,466,146
		Federal National Mortgage Association
	10,336,295	2.250%, 6/25/2025		10,545,904
		GSR Mortgage Loan Trust
	3,581,483	0.484%, 8/25/2046^b		2,684,938
		HomeBanc Mortgage Trust
	1,986,598	2.221%, 4/25/2037		1,060,823
		Impac CMB Trust
	1,056,884	0.814%, 4/25/2035^b		828,380
	752,914	0.934%, 8/25/2035^b		439,788
		J.P. Morgan Alternative Loan Trust
	4,149,935	2.661%, 3/25/2036		2,156,775
		J.P. Morgan Mortgage Trust
	7,224	5.477%, 6/25/2036		7,151
	604,393	2.772%, 10/25/2036		440,619
		Merrill Lynch Mortgage Investors, Inc.
	2,229,575	2.612%, 6/25/2035		1,781,925
		Permanent Master plc
	10,000,000	1.880%, 7/15/2042^b,d		9,973,370
		Residential Accredit Loans, Inc.
	1,818,076	3.610%, 9/25/2035		1,070,176
		Wachovia Mortgage Loan Trust, LLC
	2,103,742	2.790%, 5/20/2036		1,346,603
		WaMu Mortgage Pass-Through Certificates
	3,705,652	1.088%, 10/25/2046^b		1,862,979
	3,590,036	1.028%, 12/25/2046^b		1,842,001
	3,812,468	0.948%, 1/25/2047^b		1,872,284
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	3,546,949	1.128%, 9/25/2046^b		1,200,242
	5,223,732	0.958%, 2/25/2047^b		1,914,790
		Washington Mutual Mortgage Pass-Through Certificates
	1,246,227	0.584%, 10/25/2045^b		894,146
		Wells Fargo Mortgage Backed Securities Trust
	556,971	2.666%, 3/25/2036		429,958
	1,530,931	2.689%, 3/25/2036		1,217,032

		Total Collateralized Mortgage Obligations		55,789,892


	Commercial Mortgage-Backed Securities (6.6%)
		Bear Stearns Commercial Mortgage Securities, Inc.
	6,074,085	5.613%, 6/11/2050		6,282,669
	1,837,197	0.428%, 3/15/2022^a,b		1,785,889
	1,563,951	5.663%, 6/11/2040		1,601,589
	250,243	5.205%, 2/11/2044		250,273
	2,000,000	5.331%, 2/11/2044		2,106,044
		Citigroup/Deutsche Bank Commercial Mortgage
	3,000,000	5.322%, 12/11/2049		3,181,959
		Commercial Mortgage Pass- Through Certificates
	1,500,000	5.306%, 12/10/2046		1,626,613
		Credit Suisse AG Guernsey
	2,000,000	2.600%, 5/27/2016^a		2,026,778
		Credit Suisse First Boston Mortgage Securities Corporation
	6,205,974	4.691%, 4/15/2037		6,414,433
		Credit Suisse Mortgage Capital Certificates
	4,000,000	5.467%, 9/15/2039		4,254,052
		Government National Mortgage Association
	5,437,439	2.870%, 3/16/2051		5,618,245
	9,662,797	2.164%, 3/16/2033		9,795,100
	8,603,381	3.214%, 1/16/2040		8,959,294
		Greenwich Capital Commercial Funding Corporation
	3,000,000	5.074%, 1/5/2036		3,095,343
	5,500,000	5.224%, 4/10/2037		5,888,757
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	6,500,000	5.429%, 12/12/2043		6,972,739
		LB-UBS Commercial Mortgage Trust
	3,656,837	5.303%, 2/15/2040		3,666,905
	2,400,000	6.167%, 9/15/2045		2,258,083
		Morgan Stanley Capital, Inc.
	2,400,000	5.406%, 3/15/2044		2,236,308
	4,251,218	5.601%, 4/12/2049		4,341,743
		NCUA Guaranteed Notes
	5,000,000	2.900%, 10/29/2020		5,279,060
		Network Rail Infrastructure Finance plc
	9,000,000	1.500%, 1/13/2014^a		9,091,170
		Wachovia Bank Commercial Mortgage Trust
	2,500,000	5.765%, 7/15/2045		2,766,245

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

303

Limited Maturity Bond Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (99.6%)	Value
	Commercial Mortgage-Backed Securities (6.6%) - continued
		WaMu Commercial Mortgage Securities Trust
$	91,942	3.830%, 1/25/2035^a	$	92,220

		Total Commercial Mortgage-Backed Securities		99,591,511


	Communications Services (2.2%)
		Alltel Corporation
	2,675,000	7.000%, 7/1/2012		2,756,205
		CBS Corporation
	2,500,000	8.875%, 5/15/2019		3,210,980
		Crown Castle Towers, LLC
	3,250,000	4.523%, 1/15/2015^a		3,389,558
	2,500,000	3.214%, 8/15/2015^a		2,527,935
	1,650,000	4.174%, 8/15/2017^a		1,689,843
		GTP Acquisition Partners I, LLC
	2,000,000	4.347%, 6/15/2016^a		1,991,488
		Qwest Communications International, Inc.
	2,000,000	7.125%, 4/1/2018		2,080,000
		SBA Tower Trust
	4,500,000	4.254%, 4/15/2015^a		4,626,149
		Telecom Italia Capital SA
	4,000,000	4.950%, 9/30/2014		3,712,816
		Telemar Norte Leste SA
	1,000,000	5.500%, 10/23/2020^a		985,000
		Time Warner Cable, Inc.
	2,400,000	5.400%, 7/2/2012		2,454,115
	3,350,000	7.500%, 4/1/2014		3,750,844

		Total Communications Services		33,174,933


	Consumer Cyclical (1.8%)
		American Honda Finance Corporation
	5,000,000	1.850%, 9/19/2014^a		5,023,425
		Daimler Finance North America, LLC
	4,000,000	1.184%, 3/28/2014^a,b		3,860,220
		Ford Motor Credit Company, LLC
	2,750,000	7.000%, 4/15/2015		2,956,250
		Harley-Davidson Financial Services, Inc.
	1,250,000	3.875%, 3/15/2016^a		1,294,890
		KIA Motors Corporation
	2,000,000	3.625%, 6/14/2016^a		1,982,710
		RCI Banque SA
	1,500,000	4.600%, 4/12/2016^a		1,427,827
		Toyota Motor Credit Corporation
	6,100,000	1.250%, 11/17/2014		6,134,032
		Volkswagen International Finance NV
	4,000,000	1.875%, 4/1/2014^a,f		4,009,852

		Total Consumer Cyclical		26,689,206


	Consumer Non-Cyclical (2.1%)
		Altria Group, Inc.
	4,000,000	4.125%, 9/11/2015		4,342,388
		Anheuser-Busch InBev Worldwide, Inc.
	2,500,000	0.972%, 1/27/2014^b		2,504,655
		Bunge Limited Finance Corporation
	1,500,000	4.100%, 3/15/2016		1,553,287
		Cargill, Inc.
	2,146,000	4.307%, 5/14/2021^a		2,332,623
		Celgene Corporation
	2,500,000	2.450%, 10/15/2015		2,532,695
		Coca-Cola Enterprises, Inc.
	3,000,000	2.000%, 8/19/2016		2,981,832
		Express Scripts, Inc.
	2,000,000	3.125%, 5/15/2016		2,011,086
		General Mills, Inc.
	2,000,000	0.811%, 5/16/2014^b		1,992,996
		Kraft Foods, Inc.
	2,500,000	4.125%, 2/9/2016		2,714,318
		Lorillard Tobacco Company
	2,000,000	3.500%, 8/4/2016		2,022,966
		Quest Diagnostics, Inc.
	3,000,000	1.424%, 3/24/2014^b		3,015,276
		Teva Pharmaceutical Finance III BV
	3,000,000	1.067%, 3/21/2014^b		2,982,576

		Total Consumer Non-Cyclical		30,986,698


	Energy (3.0%)
		BP Capital Markets plc
	5,000,000	1.153%, 12/6/2013^b		5,012,425
	4,000,000	1.140%, 3/11/2014^b		3,997,976
		Cameron International Corporation
	3,000,000	1.459%, 6/2/2014^b		3,011,925
		Cenovus Energy, Inc.
	2,000,000	4.500%, 9/15/2014		2,154,564
		CNPC HK Overseas Capital, Ltd.
	2,750,000	3.125%, 4/28/2016^a,f		2,850,931
		Energy Transfer Partners, LP
	2,000,000	6.000%, 7/1/2013		2,105,450
		Enterprise Products Operating, LLC
	4,000,000	3.200%, 2/1/2016		4,141,120
		International Petroleum Investment Company, Ltd.
	2,000,000	3.125%, 11/15/2015^a		1,995,000
		Kinder Morgan Energy Partners, LP
	1,250,000	3.500%, 3/1/2016		1,299,651
		Nabors Industries, Inc.
	1,000,000	4.625%, 9/15/2021^a		1,015,705
		Occidental Petroleum Corporation
	3,000,000	1.450%, 12/13/2013		3,052,014
		Petrobras International Finance Company
	3,000,000	3.875%, 1/27/2016		3,090,633
		Rowan Companies, Inc.
	1,500,000	5.000%, 9/1/2017		1,576,137
		Schlumberger SA
	3,500,000	2.650%, 1/15/2016^a		3,637,595
		Statoil ASA
	3,214,000	5.125%, 4/30/2014^a		3,499,519

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

304

Limited Maturity Bond Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (99.6%)	Value
	Energy (3.0%) - continued
		Valero Energy Corporation
$	650,000	6.125%, 2/1/2020	$	723,013
		Weatherford International, Ltd.
	1,500,000	6.000%, 3/15/2018		1,668,952

		Total Energy		44,832,610


	Financials (28.0%)
		Abbey National Treasury Services plc
	3,000,000	3.875%, 11/10/2014^a		2,815,521
		ABN Amro Bank NV
	6,500,000	2.198%, 1/30/2014^a,b		6,339,632
		Achmea Hypotheekbank NV
	6,079,000	3.200%, 11/3/2014^a		6,379,588
		Ally Financial, Inc.
	1,750,000	4.500%, 2/11/2014		1,688,750
		American International Group, Inc.
	2,000,000	5.050%, 10/1/2015		1,936,454
		Australia and New Zealand Banking Group, Ltd.
	6,500,000	2.400%, 11/23/2016^a		6,438,621
		Bank of America Corporation
	3,000,000	1.848%, 1/30/2014^b		2,708,466
	2,000,000	5.625%, 10/14/2016		1,918,760
		Bank of Montreal
	6,000,000	2.625%, 1/25/2016^a		6,193,596
		Bank of New York Mellon Corporation
	2,500,000	1.345%, 11/24/2014^b		2,496,160
	2,500,000	1.700%, 11/24/2014^f		2,513,558
		Bank of Nova Scotia
	3,000,000	1.250%, 11/7/2014^a		2,987,325
	4,000,000	2.150%, 8/3/2016^a		4,028,208
		Barclays Bank plc
	1,800,000	2.375%, 1/13/2014		1,761,795
	6,000,000	2.500%, 9/21/2015^a,f		5,918,784
		Barclays Bank plc, Convertible
	4,500,000	1.000%, 6/25/2017^g		4,662,900
		Bear Stearns Companies, LLC
	2,500,000	6.400%, 10/2/2017		2,793,073
	2,200,000	4.650%, 7/2/2018		2,249,106
		Berkshire Hathaway Finance Corporation
	3,250,000	0.523%, 1/13/2012^b		3,250,000
	3,000,000	2.450%, 12/15/2015		3,110,256
		Caisse centrale Desjardins du Quebec
	4,000,000	2.550%, 3/24/2016^a		4,107,336
		Canadian Imperial Bank of Commerce
	6,500,000	0.900%, 9/19/2014^a,f		6,434,058
		Capital One Financial Corporation
	4,000,000	1.553%, 7/15/2014^b		3,872,284
		CDP Financial, Inc.
	6,000,000	3.000%, 11/25/2014^a		6,239,496
		Cie de Financement Foncier
	7,500,000	2.250%, 3/7/2014^a		7,372,448
		Citigroup, Inc.
	5,000,000	6.000%, 12/13/2013		5,173,795
	4,600,000	1.302%, 4/1/2014^b		4,334,695
		CME Group Index Services, LLC
	3,000,000	4.400%, 3/15/2018^a		3,187,440
		CNA Financial Corporation
	3,000,000	6.500%, 8/15/2016		3,244,962
		Commonwealth Bank of Australia
	6,700,000	2.500%, 12/10/2012^a		6,813,310
		Cooperatieve Centrale Raiffeisen- Boerenleenbank BA
	3,000,000	2.125%, 10/13/2015		2,939,700
		Credit Agricole Home Loan SFH
	6,000,000	1.162%, 7/21/2014^a,b		5,764,326
		Credit Suisse of New York, Convertible
	1,600,000	0.500%, 6/22/2018^h		1,526,080
		Credit Suisse Securities USA, LLC
	5,500,000	1.000%, 4/28/2017^g		5,203,000
		Danske Bank AS
	4,500,000	3.875%, 4/14/2016^a		4,177,300
		Dexia Credit Local SA
	9,500,000	2.750%, 4/29/2014^a		8,632,555
		DnB NOR Boligkreditt
	6,500,000	2.900%, 3/29/2016^a		6,607,874
		Eksportfinans ASA
	2,450,000	2.375%, 5/25/2016		1,984,338
		Fifth Third Bancorp
	550,000	3.625%, 1/25/2016		558,026
		Fifth Third Bank
	4,165,000	0.576%, 5/17/2013^b		4,087,106
		FUEL Trust
	2,000,000	4.207%, 4/15/2016^a		2,016,978
	2,300,000	3.984%, 6/15/2016^a		2,299,689
		GATX Corporation
	2,000,000	4.750%, 10/1/2012		2,040,382
	2,000,000	4.750%, 5/15/2015		2,131,732
		General Electric Capital Corporation
	5,000,000	0.806%, 9/15/2014^b		4,796,610
	4,500,000	3.350%, 10/17/2016		4,686,296
		Goldman Sachs Group, Inc., Convertible
	102,940	2.600%, 3/16/2012^a,i		980,915
	2,006	0.500%, 3/30/2012^a,j		1,253,826
	97,190	0.250%, 11/9/2012^a,k		2,539,089
		HCP, Inc.
	2,000,000	2.700%, 2/1/2014		1,997,092
		Health Care REIT, Inc.
	750,000	6.125%, 4/15/2020		777,086
		HSBC Bank plc
	4,500,000	1.625%, 8/12/2013^a		4,432,725
	6,000,000	1.625%, 7/7/2014^a,f		5,930,394
		ING Bank NV
	9,500,000	2.500%, 1/14/2016^a		9,328,791
	2,500,000	4.000%, 3/15/2016^a		2,415,608
		International Lease Finance Corporation
	1,100,000	8.625%, 9/15/2015		1,127,500
		Irish Life & Permanent plc
	8,000,000	3.600%, 1/14/2013^a		6,996,608
		J.P. Morgan Chase & Company
	4,000,000	1.329%, 9/30/2013^b		3,958,484
	750,000	3.150%, 7/5/2016		753,510
	600,000	4.350%, 8/15/2021		605,944

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

305

Limited Maturity Bond Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (99.6%)	Value
	Financials (28.0%) - continued
		J.P. Morgan Chase Bank NA
	$1,800,000	5.875%, 6/13/2016	$	1,948,379
		Landwirtschaftliche Rentenbank
	7,000,000	0.746%, 3/15/2016^a,b		6,981,828
		Lehman Brothers Holdings E- Capital Trust I
	3,500,000	1.259%, 8/19/2065^b,l		350
		Lloyds TSB Bank plc
	5,500,000	4.375%, 1/12/2015^a		5,294,608
	300,000	6.500%, 9/14/2020^a		251,028
		MetLife, Inc.
	3,500,000	1.685%, 8/6/2013^b		3,513,282
		Metropolitan Life Global Funding I
	2,680,000	5.125%, 4/10/2013^a		2,799,616
	3,250,000	3.650%, 6/14/2018^a		3,373,490
		Morgan Stanley
	3,000,000	4.750%, 4/1/2014		2,955,261
	2,000,000	4.200%, 11/20/2014		1,928,882
		National Australia Bank, Ltd.
	3,500,000	1.372%, 7/25/2014^a,b		3,477,422
		National Bank of Canada
	3,000,000	1.650%, 1/30/2014^a		3,031,674
	2,750,000	2.200%, 10/19/2016^a		2,772,767
		Nationwide Building Society
	4,000,000	4.650%, 2/25/2015^a		3,966,620
		NCUA Guaranteed Notes
	3,974,485	0.624%, 12/7/2020^b		3,976,758
		Nederlandse Waterschapsbank NV
	6,500,000	1.375%, 5/16/2014^a		6,485,173
	3,000,000	1.250%, 10/20/2014^a		2,976,786
		New York Life Global Funding
	6,000,000	3.000%, 5/4/2015^a		6,283,890
		Nordea Eiendomskreditt AS
	6,000,000	1.875%, 4/7/2014^a		6,005,424
		Oesterreichische Kontrollbank AG
	9,000,000	2.000%, 6/3/2016		8,970,471
		ORIX Corporation
	4,000,000	5.000%, 1/12/2016		4,202,112
		Private Export Funding Corporation
	5,000,000	2.125%, 7/15/2016		5,198,560
		ProLogis LP, Convertible
	2,000,000	2.250%, 4/1/2037		1,995,000
		Prudential Financial, Inc.
	3,000,000	5.100%, 9/20/2014		3,226,668
	2,000,000	6.100%, 6/15/2017		2,195,700
		Rabobank Capital Funding Trust II
	1,856,000	5.260%, 12/29/2049^a,m		1,741,388
		Reinsurance Group of America, Inc.
	2,500,000	6.450%, 11/15/2019		2,808,618
		Royal Bank of Canada
	5,000,000	1.128%, 10/30/2014^b		4,985,655
	6,500,000	3.125%, 4/14/2015^a,f		6,819,924
		Santander US Debt SA Unipersonal
	1,750,000	2.991%, 10/7/2013^a		1,673,023
		SLM Corporation
	1,500,000	8.000%, 3/25/2020		1,515,000
		SSIF Nevada, LP
	5,000,000	1.101%, 4/14/2014^a,b		4,920,705
		Stadshypotek AB
	6,000,000	1.129%, 9/30/2013^a,b		5,990,682
		State Street Capital Trust III
	2,000,000	5.536%, 3/15/2042^b,m		1,967,460
		Sumitomo Mitsui Banking Corporation
	4,000,000	1.366%, 7/22/2014^a,b,f		4,015,348
		Svenske Exportkredit AB
	5,000,000	3.250%, 9/16/2014		5,165,785
		Swedbank AB
	5,000,000	2.800%, 2/10/2012^a		4,997,700
		Swedbank Hypotek AB
	7,000,000	1.024%, 3/28/2014^a,b		6,880,489
		Toronto-Dominion Bank
	4,000,000	0.600%, 7/26/2013^b		3,994,196
	3,000,000	2.200%, 7/29/2015^a,f		3,071,865
		U.S. Bank National Association
	4,000,000	3.778%, 4/29/2020		4,119,044
		U.S. Central Federal Credit Union
	6,500,000	1.900%, 10/19/2012		6,590,681
		UnitedHealth Group, Inc.
	2,000,000	5.500%, 11/15/2012		2,077,146
		Vestjysk Bank AS
	9,500,000	1.109%, 6/17/2013^a,b		9,543,073
		Wachovia Corporation
	4,000,000	5.250%, 8/1/2014		4,219,092
		WEA Finance, LLC/WT Finance Australia, Pty, Ltd.
	3,350,000	5.750%, 9/2/2015^a		3,560,755
		Wells Fargo & Company
	4,500,000	2.625%, 12/15/2016		4,497,255
		Westpac Banking Corporation
	5,000,000	1.309%, 3/31/2014^a,b		5,014,340

		Total Financials		419,500,914


	Foreign Government (5.1%)
		Bank Nederlandse Gemeenten NV
	6,500,000	1.500%, 3/28/2014^a		6,498,551
	7,500,000	1.000%, 11/17/2014^a,f		7,386,465
		Corporacion Andina de Fomento
	4,500,000	5.750%, 1/12/2017		4,921,821
		European Investment Bank
	9,000,000	1.250%, 2/14/2014^f		8,996,607
		Finland Government International Bond
	5,500,000	2.250%, 3/17/2016^a		5,750,256
		Hydro Quebec
	3,000,000	2.000%, 6/30/2016		3,062,517
		Kommunalbanken AS
	7,500,000	2.750%, 5/5/2015^a		7,782,487
		Korea Housing Finance Corporation
	3,000,000	3.500%, 12/15/2016^a		3,021,954
		Kreditanstalt fuer Wiederaufbau
	10,000,000	0.295%, 6/17/2013^b		9,995,270
		Mexico Government International Bond
	1,250,000	5.125%, 1/15/2020		1,428,125

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

306

Limited Maturity Bond Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount	Long-Term Fixed Income (99.6%)	Value
Foreign Government (5.1%) - continued
	Poland Government International Bond
$2,000,000	5.125%, 4/21/2021	$	2,035,000
	Province of British Columbia
6,500,000	2.100%, 5/18/2016		6,763,107
575,000	2.650%, 9/22/2021		591,675
	Province of New Brunswick
3,000,000	2.750%, 6/15/2018		3,136,002
	Province of Ontario
5,000,000	1.600%, 9/21/2016		4,984,605

	Total Foreign Government		76,354,442


Mortgage-Backed Securities (2.6%)
	Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
4,550,000	3.000%, 1/1/2027ⁿ		4,696,455
	Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
3,332,875	6.500%, 9/1/2037		3,739,709
	Federal National Mortgage Association Conventional 15- Yr. Pass Through
8,250,000	3.000%, 1/1/2027ⁿ		8,519,412
	Federal National Mortgage Association Conventional 30- Yr. Pass Through
4,267,328	5.830%, 9/1/2037^b		4,623,842
2,182,481	5.618%, 10/1/2037^b		2,356,719
13,000,000	6.000%, 1/1/2042ⁿ		14,314,222

	Total Mortgage-Backed Securities		38,250,359


Technology (0.9%)
	Affiliated Computer Services, Inc.
2,000,000	5.200%, 6/1/2015		2,146,996
	Hewlett-Packard Company
3,000,000	0.923%, 5/30/2014^b		2,900,541
	Symantec Corporation
1,000,000	2.750%, 9/15/2015		1,016,627
	Texas Instruments, Inc.
3,000,000	0.637%, 5/15/2013^b,f		3,006,021
2,000,000	2.375%, 5/16/2016		2,083,342
	Xerox Corporation
3,000,000	1.281%, 5/16/2014^b		2,955,945

	Total Technology		14,109,472


Transportation (0.9%)
	Continental Airlines, Inc.
2,650,000	6.750%, 9/15/2015^a		2,524,125
	CSX Corporation
2,500,000	6.250%, 4/1/2015		2,856,525
	Delta Air Lines, Inc.
1,750,000	6.750%, 5/23/2017		1,612,188
	Erac USA Finance Company
4,500,000	2.750%, 7/1/2013^a		4,575,910
	US Airways Group, Inc.
1,838,673	6.250%, 4/22/2023		1,698,474

	Total Transportation		13,267,222


U.S. Government and Agencies (28.4%)
	FDIC Structured Sale Guaranteed Notes
8,000,000	Zero Coupon, 1/7/2013^a		7,957,040
	Federal Agricultural Mortgage Corporation
8,000,000	1.250%, 12/6/2013		8,113,296
3,500,000	2.000%, 7/27/2016		3,595,550
	Federal Farm Credit Bank
10,000,000	1.375%, 6/25/2013		10,163,180
17,950,000	0.516%, 9/23/2013^b		17,974,197
	Federal Home Loan Banks
10,000,000	0.324%, 2/10/2012^b		9,995,330
10,000,000	0.310%, 9/16/2013^b		10,004,840
	Federal Home Loan Mortgage Corporation
14,000,000	0.235%, 6/17/2013^b		14,005,992
16,500,000	0.625%, 12/29/2014		16,487,922
	Federal National Mortgage Association
7,000,000	5.125%, 1/2/2014		7,569,100
11,600,000	0.625%, 10/30/2014		11,578,911
10,500,000	1.375%, 11/15/2016		10,592,736
	U.S. Treasury Bonds
8,375,000	4.375%, 5/15/2041		10,912,365
	U.S. Treasury Notes
8,500,000	0.625%, 12/31/2012		8,539,848
41,000,000	0.250%, 11/30/2013^f		41,004,797
12,000,000	1.500%, 12/31/2013		12,298,128
25,800,000	2.250%, 5/31/2014		26,991,238
52,550,000	0.750%, 6/15/2014		53,120,640
18,700,000	2.375%, 9/30/2014		19,729,959
51,400,000	2.000%, 1/31/2016		54,227,000
10,000,000	1.500%, 6/30/2016		10,341,410
3,875,000	2.750%, 2/28/2018		4,248,573
8,250,000	2.375%, 6/30/2018		8,840,387
4,500,000	1.500%, 8/31/2018		4,565,741
	U.S. Treasury Notes, TIPS
11,284,350	0.125%, 4/15/2016		11,763,935
10,711,050	1.875%, 7/15/2019		12,619,791
15,526,800	1.125%, 1/15/2021		17,316,015

	Total U.S. Government and Agencies		424,557,921


Utilities (0.8%)
	Commonwealth Edison Company
3,300,000	1.625%, 1/15/2014		3,323,935
	National Rural Utilities Cooperative Finance Corporation
2,650,000	5.500%, 7/1/2013		2,834,273
	Oncor Electric Delivery Company, LLC
2,700,000	5.750%, 9/30/2020		3,051,138
	ONEOK Partners, LP
650,000	8.625%, 3/1/2019		834,397
	Power Receivables Finance, LLC
31,120	6.290%, 1/1/2012^d		31,111

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

307

Limited Maturity Bond Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount	Long-Term Fixed Income (99.6%)	Value
Utilities (0.8%) - continued
	Virginia Electric & Power Company
$1,360,000	5.100%, 11/30/2012	$	1,412,637

	Total Utilities		11,487,491


	Total Long-Term Fixed Income (cost $1,511,889,071)		1,492,036,269


Shares	Mutual Funds (1.3%)
Fixed Income Mutual Funds (1.3%)
4,208,125	Thrivent High Yield Fund		19,694,026

	Total Fixed Income Mutual Funds		19,694,026


	Total Mutual Funds (cost $15,500,000)		19,694,026


	Preferred Stock (0.2%)
Financials (0.2%)
18,750	Citigroup, Inc., Convertible^o		1,523,437
148,505	Federal National Mortgage Association, 8.250%^m,p		204,937
66,000	HSBC Holdings plc, 8.000%^m		1,719,960

	Total Financials		3,448,334


	Total Preferred Stock (cost $6,626,911)		3,448,334


	Collateral Held for Securities Loaned (5.9%)
88,106,653	Thrivent Financial Securities Lending Trust		88,106,653

	Total Collateral Held for Securities Loaned (cost $88,106,653)		88,106,653


Principal Amount	Short-Term Investments (0.2%)^q
	Federal National Mortgage Association Discount Notes
2,800,000	0.105%, 2/22/2012^r,s		2,799,582

	Total Short-Term Investments (at amortized cost)		2,799,582

	Total Investments (cost $1,624,922,217) 107.2%	$	1,606,084,864

	Other Assets and Liabilities, Net (7.2%)		(108,252,463	)

	Total Net Assets 100.0%	$	1,497,832,401

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 December 31, 2011.

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

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Limited Maturity Bond Portfolio owned as of December 31, 2011.


Security	Acquisition Date		Cost
First Franklin Mortgage Loan Asset-Backed Certificates		4/19/2006	$	214,738
Mortgage Equity Conversion Asset Trust		2/14/2007	$	5,931,795
Mortgage Equity Conversion Asset Trust		1/18/2007	$	6,003,302
Permanent Master plc		10/26/2011	$	10,000,000
Power Receivables Finance, LLC		9/30/2003	$	31,111
Wachovia Asset Securitization, Inc.		3/16/2007	$	1,545,647

e	Defaulted security. Interest is not being accrued.

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

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

h	Denotes equity-linked structured security. This security is linked to the common stock of Berkshire Hathaway, Inc.

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

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

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

l	In bankruptcy. Interest is not being accrued.

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

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

o	Comprised of a 79.7% prepaid stock purchase contract for common stock of Citigroup, Inc. and a 20.3% amortizing note. The quarterly payments received consists of return of capital and 6.15% interest on only the portion that is the note.

p	Non-income producing security.

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

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

s	At December 31, 2011, $2,799,582 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Definitions:


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

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

308

Limited Maturity Bond Portfolio

Schedule of Investments as of December 31, 2011

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	31,854,687
Gross unrealized depreciation		(50,964,813	)

Net unrealized appreciation (depreciation)	$	(19,110,126	)
Cost for federal income tax purposes	$	1,625,194,990

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Limited Maturity Bond Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Long-Term Fixed Income
Asset-Backed Securities		165,938,721		—		155,376,159		10,562,562
Basic Materials		10,437,282		—		10,437,282		—
Capital Goods		27,067,595		—		27,067,595		—
Collateralized Mortgage Obligations		55,789,892		—		55,789,892		—
Commercial Mortgage-Backed Securities		106,090,062		—		106,090,062		—
Communications Services		33,174,933		—		33,174,933		—
Consumer Cyclical		26,689,206		—		26,689,206		—
Consumer Non-Cyclical		30,986,698		—		30,986,698		—
Energy		44,832,610		—		44,832,610		—
Financials		426,887,379		—		410,721,569		16,165,810
Foreign Government		62,469,426		—		62,469,426		—
Mortgage-Backed Securities		38,250,359		—		38,250,359		—
Technology		14,109,472		—		14,109,472		—
Transportation		13,267,222		—		13,267,222		—
U.S. Government and Agencies		424,557,921		—		424,557,921		—
Utilities		11,487,491		—		11,487,491		—
Mutual Funds
Fixed Income Mutual Funds		19,694,026		19,694,026		—		—
Preferred Stock
Financials		3,448,334		3,448,334		—		—
Collateral Held for Securities Loaned		88,106,653		88,106,653		—		—
Short-Term Investments		2,799,582		—		2,799,582		—

Total	$	1,606,084,864	$	111,249,013	$	1,468,107,479	$	26,728,372


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		7,368		7,368		—		—

Total Asset Derivatives	$	7,368	$	7,368	$	—	$	—

Liability Derivatives
Futures Contracts		1,984,090		1,984,090		—		—
Credit Default Swaps		731,073		—		731,073		—

Total Liability Derivatives	$	2,715,163	$	1,984,090	$	731,073	$	—

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

309

Limited Maturity Bond Portfolio

Schedule of Investments as of December 31, 2011

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Limited Maturity Bond Portfolio as discussed in item 2(A) of the Notes to Financial Statements.


Investments in Securities	Value December 31, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)*			Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3			Value December 31, 2011
Long-Term Fixed Income
Asset-Backed Securities		13,112,902		—		(714,237	)		—		(717,029	)		—		(1,119,074	)		10,562,562
Financials		18,030,517		24,783		(1,545,737	)		7,238,428		(3,605,423	)		—		(3,976,758	)		16,165,810
Transportation		11,511,420		753,355		(939,701	)		—		(11,325,074	)		—		—			—
U.S. Government and Agencies		6,714,931		3,638		—			—		(6,718,569	)		—		—			—

Total	$	49,369,770	$	781,776	($	3,199,675	)	$	7,238,428	($	22,366,095	)	$	—	($	5,095,832	)	$	26,728,372

*	Includes the change in net unrealized appreciation/(depreciation) on level 3 securities held on December 31, 2011 of ($2,231,498).


Futures Contracts	Number of Contracts Long/(Short)			Expiration Date		Notional Principal Amount			Value			Unrealized Gain/(Loss)
2-Yr. U.S. Treasury Note Futures		(55	)		March 2012	($	12,125,614	)	($	12,130,079	)	($	4,465	)
5-Yr. U.S. Treasury Note Futures		(1,865	)		March 2012		(228,777,368	)		(229,875,815	)		(1,098,447	)
10-Yr. U.S. Treasury Note Futures		(425	)		March 2012		(54,846,947	)		(55,728,125	)		(881,178	)
20-Yr. U.S. Treasury Bond Futures		5			March 2012		716,695			724,063			7,368
Total Futures Contracts												($	1,976,722	)


Credit Default Swaps and Counterparty	Buy/Sell Protection¹	Termination Date		Notional Principal Amount²		Upfront Payments Received (Made)			Value³		Unrealized Gain/(Loss)
CDX HY, Series 17, 5 Year, at 5.00%; Bank of America	Buy		12/20/2016	$	11,515,000	($	1,309,754	)	$	809,048	($	500,706	)
CDX IG, Series 17, 5 Year, at 1.00%; J.P. Morgan Chase and Co.	Buy		12/20/2016		23,500,000		(445,089	)		214,722		(230,367	)
Total Credit Default Swaps									$	1,023,770	($	731,073	)

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

2	The maximum potential amount of future payments Limited Maturity Bond Portfolio could be required to make as the seller or receive as the buyer of protection.

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

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

310

Limited Maturity Bond Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Limited Maturity Bond Portfolio's investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts	$	7,368
Total Interest Rate Contracts			7,368

Total Asset Derivatives		$	7,368

Liability Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		1,984,090
Total Interest Rate Contracts			1,984,090
Credit Contracts
Credit Default Swaps	Receivable/Payable - Swap agreements, at value; Net Assets - Net unrealized appreciation/(depreciation) on Swap agreements		731,073
Total Credit Contracts			731,073

Total Liability Derivatives		$	2,715,163

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

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Limited Maturity Bond Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Interest Rate Contracts
Options Purchased	Net realized gains/(losses) on Investments		(864,971	)
Futures	Net realized gains/(losses) on Futures contracts		(16,483,488	)
Total Interest Rate Contracts			(17,348,459	)
Credit Contracts
Credit Default Swaps	Net realized gains/(losses) on Swap agreements		1,049,461
Total Credit Contracts			1,049,461

Total			($16,298,998	)

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Limited Maturity Bond Portfolio's investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Options Purchased	Change in net unrealized appreciation/(depreciation) on Investments		41,025
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		(6,820,686	)
Total Interest Rate Contracts			(6,779,661	)
Credit Contracts
Credit Default Swaps	Change in net unrealized appreciation/(depreciation) on Swap agreements		(518,321	)
Total Credit Contracts			(518,321	)

Total		($	7,297,982	)

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

311

Limited Maturity Bond Portfolio

Schedule of Investments as of December 31, 2011

The following table presents Limited Maturity Bond Portfolio's average volume of derivative activity during the period ended December 31, 2011.


Derivative Risk Category	Futures (Notional*)		Futures (Percentage of Average Net Assets)			Swaps *(Notional)**		Swaps (Percentage of Average Net Assets)			Options (Contracts)
Interest Rate Contracts	$	291,626,529		20.2	%		N/A		N/A			220
Credit Contracts		N/A		N/A		$	49,100,486		3.4	%		N/A

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

Investment in Affiliates

A summary of transactions for the fiscal year to date, in Limited Maturity Bond Portfolio, is as follows:


Portfolio	Value December 31, 2010		Gross Purchases		Gross Sales		Shares Held at December 31, 2011		Value December 31, 2011		Income Earned January 1, 2011 - December 31, 2011
High Yield Fund	$	20,367,326	$	—	$	—		4,208,125	$	19,694,026	$	1,570,420
Thrivent Financial Securities Lending Trust		10,590,250		534,402,376		456,885,973		88,106,653		88,106,653		48,944
Total Value and Income Earned		30,957,576								107,800,679		1,619,364

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

312

Mortgage Securities Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (105.4%)	Value
	Asset-Backed Securities (8.1%)
		Carrington Mortgage Loan Trust
	$ 200,000	0.444%, 8/25/2036^a	$	62,039
		Countrywide Asset-Backed Certificates
	195,000	5.859%, 10/25/2046		99,864
		Credit Based Asset Servicing and Securitization, LLC
	122,550	5.501%, 12/25/2036		79,481
		First Horizon ABS Trust
	440,371	0.424%, 10/25/2026^a,b		321,646
	789,817	0.454%, 10/25/2034^a,b		500,502
		GMAC Mortgage Corporation Loan Trust
	980,353	0.474%, 8/25/2035^a,b		612,260
		GSAMP Trust
	296,285	0.374%, 8/25/2036^a		269,420
		Popular ABS Mortgage Pass- Through Trust
	100,000	5.297%, 11/25/2035		67,271
		Renaissance Home Equity Loan Trust
	250,000	5.797%, 8/25/2036		102,230
	200,000	5.285%, 1/25/2037		70,424
		Wachovia Asset Securitization, Inc.
	618,259	0.434%, 7/25/2037^a,b,c		447,630

		Total Asset-Backed Securities		2,632,767


	Collateralized Mortgage Obligations (10.3%)
		Banc of America Mortgage Securities, Inc.
	414,211	2.764%, 9/25/2035		315,008
		CitiMortgage Alternative Loan Trust
	228,332	5.750%, 4/25/2037		148,598
		Countrywide Alternative Loan Trust
	105,702	5.500%, 10/25/2035		97,772
	119,338	5.500%, 2/25/2036		82,250
	166,664	6.000%, 1/25/2037		109,471
		Credit Suisse First Boston Mortgage Securities Corporation
	28,494	1.034%, 5/25/2034^a		24,781
		Federal National Mortgage Association
	387,611	2.250%, 6/25/2025		395,471
		GSR Mortgage Loan Trust
	61,620	0.484%, 8/25/2046^a		46,194
		Impac CMB Trust
	352,295	0.814%, 4/25/2035^a		276,127
	62,814	0.934%, 8/25/2035^a		36,691
		J.P. Morgan Mortgage Trust
	177,454	6.500%, 1/25/2035		175,302
	688	5.477%, 6/25/2036		681
	82,087	2.772%, 10/25/2036		59,844
		Merrill Lynch Mortgage Investors, Inc.
	638,469	2.612%, 6/25/2035		510,279
		MLCC Mortgage Investors, Inc.
	197,064	0.954%, 8/25/2029^a		167,161
		Residential Accredit Loans, Inc.
	143,396	5.500%, 12/25/2034		145,018
	204,534	3.610%, 9/25/2035		120,395
		WaMu Mortgage Pass Through Certificates
	105,946	5.933%, 10/25/2036		72,523
	63,288	2.567%, 8/25/2046		41,865
		Wells Fargo Mortgage Backed Securities Trust
	401,019	2.666%, 3/25/2036		309,570
	109,922	2.696%, 4/25/2036		89,635
	121,195	6.000%, 7/25/2037		110,743

		Total Collateralized Mortgage Obligations		3,335,379


	Commercial Mortgage-Backed Securities (7.5%)
		Banc of America Commercial Mortgage, Inc.
	75,000	5.655%, 4/10/2049		70,003
		Bear Stearns Commercial Mortgage Securities, Inc.
	46,918	5.663%, 6/11/2040		48,048
		Commercial Mortgage Pass- Through Certificates
	250,000	5.306%, 12/10/2046		271,102
		Government National Mortgage Association
	263,531	2.164%, 3/16/2033		267,139
		LB-UBS Commercial Mortgage Trust
	300,000	4.786%, 10/15/2029		319,567
	130,804	5.303%, 2/15/2040		131,164
	100,000	5.866%, 9/15/2045		109,681
		Morgan Stanley Capital I
	100,000	3.224%, 7/15/2049		103,530
		Wachovia Bank Commercial Mortgage Trust
	1,250,000	0.398%, 9/15/2021^a,c		1,112,380

		Total Commercial Mortgage- Backed Securities		2,432,614


	Mortgage-Backed Securities (75.8%)
		Federal Home Loan Mortgage Corporation Gold 20-Yr. Pass Through
	122,120	5.500%, 9/1/2024		133,860
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	3,000,000	5.000%, 1/1/2042^d		3,223,593
		Federal National Mortgage Association Conventional 15- Yr. Pass Through
	8,000,000	3.000%, 1/1/2027^d		8,261,248
		Federal National Mortgage Association Conventional 20- Yr. Pass Through
	791,779	6.000%, 8/1/2024		883,007

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

313

Mortgage Securities Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Long-Term Fixed Income (105.4%)	Value
	Mortgage-Backed Securities (75.8%) - continued
		Federal National Mortgage Association Conventional 30- Yr. Pass Through
	$8,750,000	4.500%, 1/1/2042^d	$	9,310,552
	2,500,000	6.000%, 1/1/2042^d		2,752,735

		Total Mortgage-Backed Securities		24,564,995


	U.S. Government and Agencies (3.7%)
		U.S. Treasury Notes
	1,125,000	2.250%, 7/31/2018		1,196,543

		Total U.S. Government and Agencies		1,196,543

		Total Long-Term Fixed Income (cost $35,482,225)		34,162,298


Principal Amount		Short-Term Investments (62.0%)^e	Value
		Federal Home Loan Bank Discount Notes
	3,000,000	0.020%, 1/6/2012^f		2,999,992
		Federal Home Loan Mortgage Corporation Discount Notes
	17,000,000	0.030%, 1/23/2012^f		16,999,688
		Federal National Mortgage Association Discount Notes
	100,000	0.090%, 2/22/2012^f,g		99,987

		Total Short-Term Investments (at amortized cost)		20,099,667

		Total Investments (cost $55,581,892) 167.4%	$	54,261,965

		Other Assets and Liabilities, Net (67.4%)		(21,839,637	)

		Total Net Assets 100.0%	$	32,422,328

a	Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of December 31, 2011.

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

Denotes restricted securities. Restricted securities are investment securities which have been deemed illiquid and cannot be offered for public sale without first being registered under the Securities Act of 1933. The following table indicates the acquisition date and cost of restricted securities Mortgage Securities Portfolio owned as of December 31, 2011.


Security	Acquisition Date		Cost
Wachovia Asset Securitization, Inc.		3/16/2007	$	618,259
Wachovia Bank Commercial
Mortgage Trust		2/28/2007		1,250,101

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

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

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

g	At December 31, 2011, $99,987 of investments were held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

Unrealized Appreciation (Depreciation)

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


Gross unrealized appreciation	$	463,878
Gross unrealized depreciation		(1,783,805	)

Net unrealized appreciation (depreciation)	$	(1,319,927	)
Cost for federal income tax purposes	$	55,581,892

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

314

Mortgage Securities Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Mortgage Securities Portfolio’s assets carried at fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Long-Term Fixed Income
Asset-Backed Securities		2,632,767		—		2,632,767		—
Collateralized Mortgage Obligations		3,335,379		—		3,335,379		—
Commercial Mortgage-Backed Securities		2,432,614		—		2,432,614		—
Mortgage-Backed Securities		24,564,995		—		24,564,995		—
U.S. Government and Agencies		1,196,543		—		1,196,543		—
Short-Term Investments		20,099,667		—		20,099,667		—

Total	$	54,261,965	$	—	$	54,261,965	$	—


Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		5,688		5,688		—		—

Total Asset Derivatives	$	5,688	$	5,688	$	—	$	—

The following table is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value for Mortgage Securities Portfolio.


Investments in Securities	Value December 31, 2010		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Purchases		Sales			Transfers Into Level 3		Transfers Out of Level 3			Value December 31, 2011
Long-Term Fixed Income
Asset-Backed Securities		547,964		—		12,026		—		(112,360	)		—		(447,630	)		—

Total	$	547,964	$	—	$	12,026	$	—	($	112,360	)	$	—	($	447,630	)	$	—

Futures Contracts

Number of
Contracts
Long/(Short)

Expiration
Date

Notional
Principal
Amount

Value

Unrealized
Gain/(Loss)

10-Yr. U.S. Treasury Note Futures

March 2012

649,937

655,625

$5,688

Total Futures Contracts

$5,688

The following table summarizes the fair value and Statement of Assets and Liabilities location, as of December 31, 2011, for Mortgage Securities Portfolio’s investments in financial derivative instruments by primary risk exposure as discussed under item (2) Significant Accounting Policies of the Notes to Financial Statements.


Derivatives by risk category	Statement of Assets and Liabilities Location	Fair Value
Asset Derivatives
Interest Rate Contracts
Futures*	Net Assets - Net unrealized appreciation/(depreciation) on Futures contracts		5,688
Total Interest Rate Contracts			5,688

Total Asset Derivatives		$	5,688

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

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

315

Mortgage Securities Portfolio

Schedule of Investments as of December 31, 2011

The following table summarizes the net realized gains/(losses) and Statement of Operations location, for the period ended December 31, 2011, for Mortgage Securities Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Realized Gains/(Losses) recognized in Income
Interest Rate Contracts
Options Written	Net realized gains/(losses) on Written option contracts		1,016
Options Purchased	Net realized gains/(losses) on Investments		(5,811	)
Futures	Net realized gains/(losses) on Futures contracts		54,331
Total Interest Rate Contracts			49,536

Total		$	49,536

The following table summarizes the change in net unrealized appreciation/(depreciation) and Statement of Operations location, for the period ended December 31, 2011, for Mortgage Securities Portfolio’s investments in financial derivative instruments by primary risk exposure.


Derivatives by risk category	Statement of Operations Location	Change in unrealized appreciation/(depreciation) recognized in Income
Interest Rate Contracts
Futures	Change in net unrealized appreciation/(depreciation) on Futures contracts		21,406
Total Interest Rate Contracts			21,406

Total		$	21,406

The following table presents Mortgage Securities Portfolio’s average volume of derivative activity during the period ended December 31, 2011.

Derivative Risk

Category

Futures
(Notional*)

Futures
(Percentage
of Average
Net Assets)

Options
(Contracts)

Interest Rate Contracts

627,461

1.9

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

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

316

Money Market Portfolio

Schedule of Investments as of December 31, 2011


Principal Amount		Asset Backed Commercial Paper (18.2%)^a	Value
		Chariot Funding, LLC
	$1,720,000	0.250%, 4/13/2012^b,c	$	1,718,770
	1,720,000	0.300%, 5/29/2012^b,c		1,717,864
		Dealers Capital Access
	1,000,000	0.500%, 1/20/2012^b		999,736
	1,700,000	0.550%, 1/27/2012^b		1,699,325
	1,720,000	0.600%, 2/15/2012^b		1,718,710
	1,720,000	0.580%, 2/28/2012^b		1,718,393
	1,710,000	0.520%, 3/22/2012^b		1,707,999
		Golden Funding Corporation
	1,735,000	0.500%, 2/22/2012^b,c		1,733,747
	1,710,000	0.600%, 3/8/2012^b,c		1,708,091
	1,700,000	0.510%, 3/9/2012^b,c		1,698,362
		Jupiter Securitization Company, LLC
	1,710,000	0.220%, 2/22/2012^b,c		1,709,457
		Kells Funding, LLC
	2,450,000	0.420%, 1/17/2012^b,c		2,449,542
	1,840,000	0.410%, 1/25/2012^b,c		1,839,497
		Nieuw Amsterdam Receivables Corporation
	1,850,000	0.450%, 2/14/2012^b,c		1,848,983
		Sydney Capital Corporation
	1,730,000	0.350%, 2/16/2012^b,c		1,729,226
	1,725,000	0.350%, 3/15/2012^b,c		1,723,759
		Thunder Bay Funding, LLC
	1,710,000	0.240%, 1/17/2012^b,c		1,709,818
	1,770,000	0.250%, 2/15/2012^b,c		1,769,447

		Total Asset Backed Commercial Paper		31,200,726


		Financial Company Commercial Paper (23.0%)^a
		AllianceBernstein, LP
	1,725,000	0.250%, 1/18/2012^c		1,724,796
		Bank of Nova Scotia
	1,890,000	0.300%, 2/10/2012		1,890,000
		Bank of Nova Scotia/Houston
	780,000	0.493%, 6/11/2012^d		780,000
	1,580,000	0.740%, 9/12/2012^d		1,581,337
		Barclays Bank plc
	1,570,000	1.327%, 3/5/2012^b,c,d		1,572,291
	1,455,000	0.671%, 4/10/2012^b,c,d		1,456,067
		General Electric Capital Corporation
	910,000	0.511%, 2/15/2012^b		915,947
	1,600,000	0.660%, 6/12/2012^b,d		1,600,016
	1,375,000	0.568%, 6/15/2012^b		1,408,837
	1,600,000	0.592%, 7/27/2012^b,d		1,601,587
		J.P. Morgan Chase & Company
	1,770,000	0.578%, 2/22/2012^d		1,770,193
		J.P. Morgan Chase Bank NA
	795,000	0.435%, 5/18/2012^d		795,000
		Prudential Funding, LLC
	875,000	0.410%, 2/21/2012^b		874,492
		Royal Bank of Canada
	1,570,000	0.265%, 4/5/2012^d		1,570,000
	1,550,000	0.401%, 7/9/2012^d		1,550,000
		Royal Bank of Canada, New York
	1,770,000	0.471%, 5/16/2012^d		1,770,249
	1,000,000	1.184%, 6/18/2012^d		1,003,396
		Toronto-Dominion Bank NY
	850,000	0.356%, 1/12/2012^d		850,000

		Financial Company Commercial Paper (23.0%)^a
	1,890,000	0.300%, 2/10/2012		1,890,000
	885,000	0.426%, 10/19/2012^d		885,000
		US Bank NA
	1,785,000	0.310%, 3/30/2012		1,783,632
	1,770,000	0.340%, 4/16/2012		1,768,228
		US Bank NA Caymans
	4,000,000	0.020%, 1/3/2012		4,000,000
		Wells Fargo & Company
	1,700,000	0.506%, 1/24/2012^d		1,700,079
		Westpac Banking Corporation
	780,000	0.610%, 1/10/2012^c,d		780,005
	1,810,000	0.470%, 3/16/2012^c		1,808,228

		Total Financial Company Commercial Paper		39,329,380


		Government Agency Debt (19.5%)^a
		Federal Farm Credit Bank
	900,000	0.170%, 8/8/2012^b,d		899,935
		Federal Home Loan Banks
	2,000,000	0.170%, 3/20/2012^b,d		1,999,953
	1,570,000	0.190%, 1/25/2013^b,d		1,570,084
		Federal Home Loan Mortgage Corporation
	2,000,000	0.070%, 1/25/2012^b,d		1,999,686
	1,130,000	0.210%, 10/12/2012^b,d		1,130,541
	930,000	0.270%, 9/3/2013^b,d		929,662
		Federal National Mortgage Association
	3,570,000	0.270%, 9/13/2012^b,d		3,571,965
	2,000,000	0.315%, 9/17/2012^b,d		2,000,000
	900,000	0.240%, 11/23/2012^b,d		899,840
	850,000	0.310%, 10/28/2013^b,d		849,843
		Overseas Private Investment Corporation
	1,896,551	0.090%, 1/4/2012^b,d		1,896,551
	5,435,000	0.489%, 12/9/2012^b		5,436,710
	2,115,000	0.500%, 12/9/2012^b		2,115,665
	3,515,000	0.500%, 12/9/2012^b		3,516,106
	1,280,000	0.500%, 12/9/2012^b		1,280,359
		Straight-A Funding, LLC
	3,060,000	0.090%, 1/18/2012^b,c		3,059,870

		Total Government Agency Debt		33,156,770


Shares		Investment Company (6.7%)	Value
		AIM Investments Institutional Government and Agency Portfolio
	15,000	0.020%		15,000
		BlackRock Cash Funds
	7,533,000	0.150%		7,533,000
		Dreyfus Institutional Cash Advantage Fund
	3,780,000	0.060%		3,780,000

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

317

Money Market Portfolio

Schedule of Investments as of December 31, 2011


Shares		Investment Company (6.7%)	Value
		DWS Money Market Series
	150,029	0.090%	$	150,029

		Total Investment Company		11,478,029


Principal Amount		Other Commercial Paper (7.7%)^a
		Caisse D’Amortissement de la Dette Sociale
	$1,600,000	0.537%, 6/22/2012^b,c,d		1,600,000
		Erste Abwicklungsanstalt
	850,000	0.530%, 1/23/2012^b,c		849,725
		Georgia Transmission Corporation
	1,140,000	0.310%, 1/27/2012^c		1,139,745
	860,000	0.400%, 4/12/2012^c		859,025
		Louis Dreyfus Commodities, LLC
	2,000,000	0.500%, 1/3/2012^b		1,999,944
		Nestle Capital Corporation
	1,000,000	0.210%, 2/6/2012^b,c		999,790
		Reckitt Benckiser Treasury Services plc
	1,850,000	0.460%, 3/8/2012^b,c		1,848,416
	1,810,000	0.470%, 3/14/2012^b,c		1,808,275
		Toyota Motor Credit Corporation
	1,850,000	0.420%, 2/27/2012^b		1,848,770

		Total Other Commercial Paper		12,953,690


		Other Municipal Debt (0.5%)^a
		County of Hamilton, Tennessee
	850,000	0.430%, 1/27/2012^b		850,000

		Total Other Municipal Debt		850,000


		Variable Rate Demand Note (10.6%)^a
		Andrew W. Mellon Foundation
	2,230,000	0.180%, 1/6/2012^d		2,230,000
		Denver, Colorado Airport System Revenue Bonds
	5,200,000	0.100%, 1/6/2012^b,d		5,200,000
		Douglas County, Nebraska Hospital Authority No. 2 Health Facilities Revenue Refunding Bonds (Children’s Hospital)
	1,600,000	0.070%, 1/3/2012^b,d		1,600,000
		Lancaster County, Nebraska Hospital Authority No. 1 Hospital Revenue Refunding Bonds (BryanLGH Medical Center)
	1,910,000	0.100%, 1/6/2012^b,d		1,910,000
		Louisiana Housing Finance Agency Qualified Gulf Opportunity Zone Bonds (Canterbury House Apartments - Sherwood)
	2,000,000	0.120%, 1/6/2012^b,d		2,000,000
		Pitney Road Partners, LLC
	1,400,000	0.250%, 1/6/2012^b,c,d		1,400,000
		St. Cloud, Minnesota Health Care Refunding Revenue Bonds (CentraCare Health System)
	$2,050,000	0.070%, 1/6/2012^b,d		2,050,000
		Wisconsin State Health & Educational Facilities Authority Revenue Prohealth Care Inc.
	1,565,000	0.070%, 1/3/2012^b,d		1,565,000

		Total Variable Rate Demand Note		17,955,000

		Total Investments (at amortized cost) 86.2%	$	146,923,595

		Other Assets and Liabilities, Net 13.8%		23,536,286

		Total Net Assets 100.0%	$	170,459,881

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

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

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 December 31, 2011.


Cost for federal income tax purposes		$	146,923,595

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

318

Money Market Portfolio

Schedule of Investments as of December 31, 2011

Fair Valuation Measurements

The following table is a summary of the inputs used, as of December 31, 2011, in valuing Money Market Portfolio's assets carried at fair value or amortized cost, which approximates fair value.


Investments in Securities	Total		Level 1		Level 2		Level 3
Asset Backed Commercial Paper		31,200,726		—		31,200,726		—
Financial Company Commercial Paper		39,329,380		—		39,329,380		—
Government Agency Debt		33,156,770		—		33,156,770		—
Investment Company		11,478,029		11,478,029		—		—
Other Commercial Paper		12,953,690		—		12,953,690		—
Other Municipal Debt		850,000		—		850,000		—
Variable Rate Demand Note		17,955,000		—		17,955,000		—

Total	$	146,923,595	$	11,478,029	$	135,445,566	$	—

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

319

Thrivent Series Fund, Inc.

Statement of Assets and Liabilities


*As of December 31, 2011*	Aggressive Allocation Portfolio			Moderately Aggressive Allocation Portfolio			Moderate Allocation Portfolio			Moderately Conservative Allocation Portfolio
Assets
Investments at cost	$	610,639,824		$	2,924,067,468		$	4,418,060,078		$	2,222,573,373
Investments in securities at value		277,265,305			1,231,154,890			1,703,061,136			942,747,161
Investments in affiliates at value		277,982,691			1,515,057,548			2,544,701,887			1,242,836,799
Investments at Value		555,247,996			2,746,212,438			4,247,763,023			2,185,583,960
Cash		18,370,223			36,475,646			41,605,382			34,054,585
Dividends and interest receivable		485,351			2,341,532			3,893,263			2,000,402
Prepaid expenses		1,814			4,765			6,152			3,027
Receivable for investments sold		22,369			60,583			65,722			30,328
Receivable for fund shares sold		260,549			1,152,983			3,018,955			2,408,167
Unrealized gain on forward contracts		—			—			—			—
Receivable from affiliate		—			—			—			—
Receivable for variation margin		456,560			791,875			505,433			690,568
Total Assets		574,844,862			2,787,039,822			4,296,857,930			2,224,771,037
Liabilities
Accrued expenses		26,637			41,969			50,341			30,896
Payable for investments purchased		13,358,066			123,856,928			155,458,312			165,160,363
Payable upon return of collateral for securities loaned		—			—			—			—
Payable for fund shares redeemed		162,501			467,060			139,191			367,033
Unrealized loss on forward contracts		—			—			—			—
Swap agreements, at value		51,641			1,136,109			5,301,844			2,874,701
Payable for variation margin		465,197			1,033,788			1,052,648			458,733
Payable to affiliate		222,343			874,749			1,168,959			591,547
Mortgage dollar roll deferred revenue		4,157			27,939			39,919			20,970
Total Liabilities		14,290,542			127,438,542			163,211,214			169,504,243
Net Assets
Capital stock (beneficial interest)		588,022,679			2,771,379,332			4,204,860,716			2,039,024,879
Accumulated undistributed net investment income/(loss)		3,736,236			34,451,457			74,101,970			38,926,840
Accumulated undistributed net realized gain/(loss)		23,360,227			29,284,500			20,308,304			8,876,117
Net unrealized appreciation/(depreciation) on:
Investments		4,248,167			21,746,687			23,178,066			9,679,824
Affiliated investments		(59,639,995	)		(199,601,717	)		(193,475,121	)		(46,669,237	)
Futures contracts		824,119			2,188,451			3,754,072			4,983,831
Foreign currency forward contracts		—			—			—			—
Foreign currency transactions		(360	)		(934	)		(841	)		—
Swap agreements		3,247			153,504			919,550			444,540
Total Net Assets	$	560,554,320		$	2,659,601,280		$	4,133,646,716		$	2,055,266,794
Sharesof beneficial interest outstanding		49,162,058			237,665,015			367,386,708			182,172,883
Net asset value per share	$	11.40		$	11.19		$	11.25		$	11.28

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

320

Thrivent Series Fund, Inc.

Statement of Assets and Liabilities – continued


Partner Technology Portfolio			Partner Healthcare Portfolio			Partner Natural Resources Portfolio			Partner Emerging Markets Portfolio			Real Estate Securities Portfolio			Partner Utilities Portfolio			Partner Small Cap Growth Portfolio

$	29,598,193		$	16,231,107		$	34,917,328		$	36,828,169		$	129,063,605		$	8,277,626		$	194,842,929
	28,564,542			17,773,069			29,634,765			37,876,253			107,368,085			9,050,619			193,151,122
	3,695,344			—			—			—			—			—			20,479,131
	32,259,886			17,773,069			29,634,765			37,876,253			107,368,085			9,050,619			213,630,253
	1,063,175			142,291			1,950,340			1,010,547	^(a)		334,428			2,038,433			4,601,969
	23,593			52,618			22,223			33,684			407,453			18,624			34,346
	917			888			901			899			1,392			872			1,183
	—			47,189			—			36,825			—			—			90,132
	2,797			2,084			29,974			1,974			933			17,775			1,119
	—			—			—			254			—			—			—
	—			—			—			—			—			1,481			—
	—			—			—			—			—			—			—
	33,350,368			18,018,139			31,638,203			38,960,436			108,112,291			11,127,804			218,359,002

	14,197			9,261			8,908			21,114			40,745			8,713			25,960
	—			—			—			28,235			—			—			208,567
	3,695,344			—			—			—			—			—			20,479,131
	5,940			969			6,021			25,956			32,027			544			618
	—			—			—			78			—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	19,477			8,197			20,871			31,481			73,520			—			154,300
	—			—			—			—			—			—			—
	3,734,958			18,427			35,800			106,864			146,292			9,257			20,868,576

	33,969,745			16,177,843			32,775,209			37,355,786			130,852,908			10,981,244			190,692,805
	(11,463	)		32,857			71,401			221,915			4,269,528			189,443			(21,909	)
	(7,004,565	)		247,722			4,038,356			228,549			(5,460,821	)		(825,115	)		(11,967,794	)

	2,661,693			1,541,962			(5,282,563	)		1,048,084			(21,695,520	)		772,993			18,787,324
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			176			—			—			—
	—			(672	)		—			(938	)		(96	)		(18	)		—
	—			—			—			—			—			—			—
$	29,615,410		$	17,999,712		$	31,602,403		$	38,853,572		$	107,965,999		$	11,118,547		$	197,490,426
	4,776,439			1,598,488			3,794,545			3,556,844			6,846,011			1,285,525			15,899,277
$	6.20		$	11.26		$	8.33		$	10.92		$	15.77		$	8.65		$	12.42

^(a)	Includes foreign currency holdings of $26,871 (cost $27,021).

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

321

Thrivent Series Fund, Inc.

Statement of Assets and Liabilities – continued


*As of December 31, 2011*	Partner Small Cap Value Portfolio			Small Cap Stock Portfolio			Small Cap Index Portfolio		Mid Cap Growth Portfolio II
Assets
Investments at cost	$	224,265,235		$	251,406,458		$	175,732,350	$	15,805,668
Investments in securities at value		245,061,668			250,617,058			186,690,699		16,047,349
Investments in affiliates at value		15,559,565			2,316,500			16,002,829		17,250
Investments at Value		260,621,233			252,933,558			202,693,528		16,064,599
Cash		5,250,129			13,427,614			2,607,231		953,416
Dividends and interest receivable		343,008			114,658			212,835		6,307
Prepaid expenses		1,313			1,353			1,244		1,106
Receivable for investments sold		8,109			—			12,235		4,647
Receivable for fund shares sold		1,075			6,706			11,963		320
Unrealized gain on forward contracts		—			—			—		—
Receivable from affiliate		—			—			—		—
Receivable for variation margin		—			—			—		—
Total Assets		266,224,867			266,483,889			205,539,036		17,030,395
Liabilities
Accrued expenses		31,075			45,546			50,259		19,477
Payable for investments purchased		70,602			—			343,533		—
Payable upon return of collateral for securities loaned		15,559,565			2,316,500			16,002,829		17,250
Payable for fund shares redeemed		9,623			7,277			80,675		12,733
Unrealized loss on forward contracts		—			—			—		—
Payable for variation margin		—			119,280			12,292		—
Payable to affiliate		172,852			157,284			59,132		9,088
Total Liabilities		15,843,717			2,645,887			16,548,720		58,548
Net Assets
Capital stock (beneficial interest)		216,350,058			299,079,432			149,733,026		14,429,012
Accumulated undistributed net investment income/(loss)		886,760			(42,048	)		1,250,358		(16,096	)
Accumulated undistributed net realized gain/(loss)		(3,211,666	)		(37,164,614	)		10,985,886		2,300,000
Net unrealized appreciation/(depreciation) on:
Investments		36,355,998			1,527,100			26,961,178		258,931
Futures contracts		—			438,132			59,868		—
Foreign currency forward contracts		—			—			—		—
Foreign currency transactions		—			—			—		—
Total Net Assets	$	250,381,150		$	263,838,002		$	188,990,316	$	16,971,847
Shares of beneficial interest outstanding		13,429,501			22,003,520			14,800,318		1,849,840
Net asset value per share	$	18.64		$	11.99		$	12.77	$	9.17

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

322

Thrivent Series Fund, Inc.

Statement of Assets and Liabilities – continued


Mid Cap Growth Portfolio			Partner Mid Cap Value Portfolio			Mid Cap Stock Portfolio			Mid Cap Index Portfolio		Partner Worldwide Allocation Portfolio			Partner International Stock Portfolio			Partner Socially Responsible Stock Portfolio

$	288,642,956		$	200,576,146		$	408,279,449		$	69,469,295	$	507,384,728		$	825,845,962		$	5,668,501
	332,277,143			207,367,708			448,448,449			75,991,414		482,060,261			703,632,728			5,908,698
	—			3,702,175			9,724,975			3,326,354		—			38,197,124			—
	332,277,143			211,069,883			458,173,424			79,317,768		482,060,261			741,829,852			5,908,698
	16,592,060			8,084,290			8,398,059			2,250,939		11,892,627	^(a)		5,340,289	^(b)		351,112
	143,354			475,574			424,363			79,877		1,610,518			1,497,069			4,224
	1,553			1,234			1,691			1,025		1,451			2,436			867
	84,239			268,343			318,120			40,750		630,309			—			—
	5,414			442			2,955			505		237			7,879			106
	—			—			—			—		152,667			—			—
	—			—			—			—		—			—			4,933
	—			—			—			—		16,833			—			—
	349,103,763			219,899,766			467,318,612			81,690,864		496,364,903			748,677,525			6,269,940

	63,953			23,233			51,394			19,475		52,277			127,703			9,163
	—			203,822			229,719			162,852		165,719			—			114,392
	—			3,702,175			9,724,975			3,326,354		—			38,197,124			—
	80,072			557			19,367			34,096		16,473			46,393			94
	—			—			—			—		161,139			142			—
	—			—			—			9,520		5,062			—			—
	126,224			139,916			267,739			24,545		377,821			478,658			—
	270,249			4,069,703			10,293,194			3,576,842		778,491			38,850,020			123,649

	333,038,070			207,457,577			465,145,568			62,734,386		525,232,470			1,024,414,105			6,304,040
	699,790			1,893,645			1,068,813			620,714		(97,092	)		19,809,786			(5,140	)
	(28,538,533	)		(4,014,896	)		(59,082,938	)		4,825,077		(4,218,911	)		(250,371,602	)		(392,806	)

	43,634,187			10,493,737			49,893,975			9,848,473		(25,324,467	)		(84,016,110	)		240,197
	—			—			—			85,372		22,100			—			—
	—			—			—			—		(8,472	)		(142	)		—
	—			—			—			—		(19,216	)		(8,532	)		—
$	348,833,514		$	215,830,063		$	457,025,418		$	78,114,022	$	495,586,412		$	709,827,505		$	6,146,291
	19,933,836			17,252,233			39,813,988			6,625,001		67,048,254			77,286,224			604,748
$	17.50		$	12.51		$	11.48		$	11.79	$	7.39		$	9.18		$	10.16

^(a)	Includes foreign currency holdings of $71,944 (cost $72,175).

^(b)	Includes foreign currency holdings of $32,099 (cost $31,925).

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

323

Thrivent Series Fund, Inc.

Statement of Assets and Liabilities – continued


*As of December 31, 2011*	Partner All Cap Growth Portfolio			Partner All Cap Value Portfolio			Partner All Cap Portfolio			Large Cap Growth Portfolio II
Assets
Investments at cost	$	11,455,458		$	6,828,826		$	49,639,043		$	13,586,589
Investments in securities at value		12,138,770			6,359,144			50,801,448			12,718,260
Investments in affiliates at value		—			—			—			—
Investments at Value		12,138,770			6,359,144			50,801,448			12,718,260
Cash		571,876			412,780			543,799			212,350
Dividends and interest receivable		2,327			10,371			64,748			16,750
Prepaid expenses		876			871			976			1,533
Receivable for investments sold		96,324			—			110,726			—
Receivable for fund shares sold		5,278			—			663			311
Receivable from affiliate		—			4,370			—			—
Total Assets		12,815,451			6,787,536			51,522,360			12,949,204
Liabilities
Accrued expenses		8,993			9,164			15,852			31,470
Payable for investments purchased		95,670			67,404			95,974			—
Payable upon return of collateral for securities loaned		—			—			—			—
Payable for fund shares redeemed		235			5,254			9,057			3,325
Open options written, at value		—			—			—			—
Payable for variation margin		—			—			—			—
Payable to affiliate		1,052			—			33,375			7,423
Mortgage dollar roll deferred revenue		—			—			—			—
Total Liabilities		105,950			81,822			154,258			42,218
Net Assets
Capital stock (beneficial interest)		12,133,538			7,568,889			64,341,628			9,459,802
Accumulated undistributed net investment income/(loss)		(6,326	)		38,289			284,934			242,609
Accumulated undistributed net realized gain/(loss)		(101,023	)		(431,782	)		(14,420,865	)		4,072,904
Net unrealized appreciation/(depreciation) on:
Investments		683,312			(469,682	)		1,162,405			(868,329	)
Written option contracts		—			—			—			—
Futures contracts		—			—			—			—
Total Net Assets	$	12,709,501		$	6,705,714		$	51,368,102		$	12,906,986
Shares of beneficial interest outstanding		1,359,607			825,628			6,085,163			2,025,271
Net asset value per share	$	9.35		$	8.12		$	8.44		$	6.37

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

324

Thrivent Series Fund, Inc.

Statement of Assets and Liabilities – continued


Large Cap Growth Portfolio			Partner Growth Stock Portfolio			Large Cap Value Portfolio			Large Cap Stock Portfolio			Large Cap Index Portfolio			Equity Income Plus Portfolio			Balanced Portfolio

$	776,631,318		$	36,368,668		$	704,723,019		$	547,069,600		$	253,051,735		$	80,610,472		$	240,297,748
	788,001,985			49,886,594			747,655,183			552,439,194			286,342,362			80,654,167			260,536,555
	—			1,659,825			6,250,075			1,256,975			1,237,026			—			1,713,875
	788,001,985			51,546,419			753,905,258			553,696,169			287,579,388			80,654,167			262,250,430
	17,005,650			1,200,854			3,595,600			13,054,054			4,685,904			7,613,945			1,272,393
	1,094,744			42,381			1,314,040			811,928			437,990			153,455			708,528
	2,733			971			2,276			2,003			1,478			970			1,373
	—			34,765			—			—			45,760			—			24,960
	44,018			11,993			13,665			8,942			14,808			24,964			10,218
	—			—			—			—			—			—			—
	806,149,130			52,837,383			758,830,839			567,573,096			292,765,328			88,447,501			264,267,902

	196,927			15,674			87,681			84,328			77,065			10,241			69,951
	—			25,724			—			—			—			—			21,816,420
	—			1,659,825			6,250,075			1,256,975			1,237,026			—			1,713,875
	379,418			4,934			47,151			32,459			56,192			1,795			49,526
	—			—			—			24,100			—			270,465			—
	—			—			—			8,400			20,400			37,423			7,200
	289,653			31,411			391,656			317,247			89,344			49,758			75,446
	—			—			—			—			—			—			13,444
	865,998			1,737,568			6,776,563			1,723,509			1,480,027			369,682			23,745,862

	1,145,033,219			39,377,117			827,849,977			664,030,620			276,118,031			93,701,322			212,115,057
	74,149			(11,999	)		13,258,241			5,991,140			5,168,346			1,497,783			5,214,816
	(351,194,903	)		(3,443,054	)		(138,236,181	)		(110,832,494	)		(24,710,018	)		(7,251,020	)		1,204,512

	11,370,667			15,177,751			49,182,239			6,626,569			34,527,653			43,695			21,952,682
	—			—			—			(7,050	)		—			(89,026	)		—
	—			—			—			40,802			181,289			175,065			34,973
$	805,283,132		$	51,099,815		$	752,054,276		$	565,849,587		$	291,285,301		$	88,077,819		$	240,522,040
	50,445,809			4,479,057			72,354,692			69,766,364			16,445,505			9,995,282			16,608,053
$	15.96		$	11.41		$	10.39		$	8.11		$	17.71		$	8.81		$	14.48

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

325

Thrivent Series Fund, Inc.

Statement of Assets and Liabilities – continued


*As of December 31, 2011*	High Yield Portfolio			Diversified Income Plus Portfolio			Partner Socially Responsible Bond Portfolio			Income Portfolio
Assets
Investments at cost	$	819,938,458		$	118,162,533		$	8,865,226		$	1,522,054,760
Investments in securities at value		758,792,772			112,198,559			8,954,470			1,528,763,021
Investments in affiliates at value		50,915,269			4,748,550			—			27,407,116
Investments at Value		809,708,041			116,947,109			8,954,470			1,556,170,137
Cash		5,024,731			9,088,477			1,370,737			11,939,758
Dividends and interest receivable		14,543,124			1,060,385			67,141			15,775,146
Prepaid expenses		2,263			1,025			871			3,240
Receivable for investments sold		710,747			4,467			—			65,680
Receivable for fund shares sold		28,567			59,627			17,687			58,428
Swap agreements, at value		—			—			—			—
Receivable from affiliate		—			—			3,670			—
Receivable for variation margin		—			14,069			3,156			212,111
Total Assets		830,017,473			127,175,159			10,417,732			1,584,224,500
Liabilities
Accrued expenses		93,332			19,920			9,155			136,242
Payable for investments purchased		—			3,915,328			176,483			92,410,938
Payable upon return of collateral for securities loaned		50,915,269			4,748,550			—			27,407,116
Payable for fund shares redeemed		207,460			15,702			1,731			123,240
Open options written, at value		—			24,100			—			—
Payable for variation margin		—			15,309			—			505,857
Payable to affiliate		275,131			41,746			—			518,807
Mortgage dollar roll deferred revenue		—			1,580			—			52,839
Total Liabilities		51,491,192			8,782,235			187,369			121,155,039
Net Assets
Capital stock (beneficial interest)		920,072,598			130,481,817			9,814,861			1,456,253,953
Accumulated undistributed net investment income/(loss)		431,283			5,453,179			(849	)		117,953
Accumulated undistributed net realized gain/(loss)		(131,747,183	)		(16,341,418	)		304,879			(24,975,253	)
Net unrealized appreciation/(depreciation) on:
Investments		(10,230,417	)		(1,215,424	)		89,244			34,115,377
Affiliated investments		—			—			—			—
Written option contracts		—			(7,050	)		—			—
Futures contracts		—			21,820			22,228			(2,442,569	)
Swap agreements		—			—			—			—
Total Net Assets	$	778,526,281		$	118,392,924		$	10,230,363		$	1,463,069,461
Shares of beneficial interest outstanding		166,983,768			18,055,186			955,411			145,059,373
Net asset value per share	$	4.66		$	6.56		$	10.71		$	10.09

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

326

Thrivent Series Fund, Inc.

Statement of Assets and Liabilities – continued


Bond Index Portfolio		Limited Maturity Bond Portfolio			Mortgage Securities Portfolio			Money Market Portfolio

$	209,697,621	$	1,624,922,217		$	55,581,892		$	146,923,595
	209,955,467		1,498,284,185			54,261,965			146,923,595
	4,114,838		107,800,679			—			—
	214,070,305		1,606,084,864			54,261,965			146,923,595	^(a)
	2,123,315		30,170			1,667,137			20,086,527
	861,702		7,281,489			34,496			51,853
	1,147		2,954			918			1,258
	—		24,698			—			3,418,924
	147,692		66,845			1,357			172,405
	—		1,023,770			—			—
	—		—			—			—
	—		1,563			1,406			—
	217,204,161		1,614,516,353			55,967,279			170,654,562

	38,035		107,952			13,849			3,526
	48,429,487		27,419,711			23,498,701			—
	4,114,838		88,106,653			—			—
	65,252		56,649			4,242			159,566
	—		—			—			—
	—		444,366			—			—
	51,385		529,364			14,292			31,589
	42,829		19,257			13,867			—
	52,741,826		116,683,952			23,544,951			194,681

	158,107,030		1,533,909,346			32,939,471			170,459,881
	28,355		(327,345	)		1,082			—
	1,954,266		(14,204,452	)		796,014			—

	4,372,684		(23,031,380	)		(1,319,927	)		—
	—		4,194,027			—			—
	—		—			—			—
	—		(1,976,722	)		5,688			—
	—		(731,073	)		—			—
$	164,462,335	$	1,497,832,401		$	32,422,328		$	170,459,881
	14,667,623		154,862,611			3,103,892			170,459,881
$	11.21	$	9.67		$	10.45		$	1.00

^(a)	Securities held by this fund are valued on the basis of amortized cost, which approximates market value.

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

327

Thrivent Series Fund, Inc.

Statement of Operations


*For the year ended December 31, 2011*	Aggressive Allocation Portfolio			Moderately Aggressive Allocation Portfolio			Moderate Allocation Portfolio			Moderately Conservative Allocation Portfolio
Investment Income
Dividends	$	2,727,290		$	7,902,378		$	9,013,465		$	3,009,529
Interest		1,336,581			9,787,584			19,526,578			10,875,563
Income from mortgage dollar rolls		103,259			710,563			982,292			646,714
Income from securities loaned		—			—			—			—
Income from affiliated investments		1,201,949			22,615,200			54,968,213			30,160,586
Foreign tax withholding		(46,035	)		(113,431	)		(115,993	)		(19,597	)
Total Investment Income		5,323,044			40,902,294			84,374,555			44,672,795
Expenses
Adviser fees		2,190,801			7,781,800			10,373,411			5,091,906
Sub-Adviser fees		—			—			—			—
Administrative service fees		197,390			607,003			863,541			443,692
Audit and legal fees		26,090			56,888			74,098			42,340
Custody fees		91,804			111,819			119,430			65,540
Insurance expenses		6,850			19,101			26,094			13,388
Directors’ fees		11,987			30,291			41,180			23,319
Other expenses		25,344			28,274			29,334			18,537
Total Expenses Before Reimbursement		2,550,266			8,635,176			11,527,088			5,698,722
Less:
Reimbursement from adviser		(83,194	)		—			—			—
Custody earnings credit		(342	)		(138	)		(115	)		(126	)
Total Net Expenses		2,466,730			8,635,038			11,526,973			5,698,596
Net Investment Income/(Loss)		2,856,314			32,267,256			72,847,582			38,974,199
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		8,027,155			17,000,724			15,901,155			10,760,400
Affiliated investments		8,590,870			1,192,103			(8,951,111	)		(3,366,805	)
In-kind redemptions		—			—			—			—
Distributions of realized capital gains from affiliated investments		2,512,593			7,908,996			7,676,263			1,989,590
Written option contracts		813			2,031			2,438			813
Futures contracts		5,675,239			5,433,220			8,059,841			435,152
Foreign currency transactions		(40,422	)		(109,687	)		(100,276	)		(952	)
Swap agreements		127,472			1,654,393			2,499,043			1,077,349
Change in net unrealized appreciation/(depreciation) on:
Investments		(16,351,058	)		(28,738,622	)		(30,310,436	)		(15,799,899	)
Affiliated investments		(35,591,325	)		(117,867,488	)		(119,605,006	)		(37,213,151	)
Futures contracts		846,963			1,743,367			2,177,286			3,843,944
Foreign currency forward contracts		—			—			—			—
Foreign currency transactions		(360	)		(934	)		(841	)		—
Swap agreements		3,247			153,504			919,550			444,540
Net Realized and Unrealized Gains/(Losses)		(26,198,813	)		(111,628,393	)		(121,732,094	)		(37,829,019	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(23,342,499	)	$	(79,361,137	)	$	(48,884,512	)	$	1,145,180

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

328

Thrivent Series Fund, Inc.

Statement of Operations – continued


Partner Technology Portfolio			Partner Healthcare Portfolio			Partner Natural Resources Portfolio			Partner Emerging Markets Portfolio			Real Estate Securities Portfolio			Partner Utilities Portfolio			Partner Small Cap Growth Portfolio

$	148,344		$	297,955		$	444,177		$	1,191,323		$	6,815,495		$	277,889		$	647,845
	111			—			540			23			8,659			—			3,595
	—			—			—			—			—			—			—
	159,163			—			—			—			45,529			—			126,593
	—			—			—			—			—			—			—
	—			(19,169	)		(5,720	)		(93,838	)		(8,147	)		(310	)		—
	307,618			278,786			438,997			1,097,508			6,861,536			277,579			778,033

	100,349			54,521			225,886			186,805			2,346,960			60,909			782,654
	150,523			118,128			30,164			301,077			—			7,727			1,328,003
	86,690			83,635			86,828			88,132			138,674			81,830			122,213
	17,261			16,964			17,136			37,003			22,188			16,805			20,025
	7,542			8,416			6,164			42,781			17,721			4,140			37,771
	3,399			3,294			3,401			3,430			5,234			3,235			4,556
	4,809			4,580			4,580			4,580			17,266			4,580			12,306
	7,826			8,756			8,063			12,649			10,638			8,141			10,526
	378,399			298,294			382,222			676,457			2,558,681			187,367			2,318,054

	—			(62,556	)		—			(93,320	)		—			(104,613	)		(211,066	)
	(195	)		(172	)		(772	)		(538	)		(24	)		(248	)		(836	)
	378,204			235,566			381,450			582,599			2,558,657			82,506			2,106,152
	(70,586	)		43,220			57,547			514,909			4,302,879			195,073			(1,328,119	)


	3,927,971			248,326			4,348,045			1,076,613			14,742,097			129,974			30,411,991
	—			—			—			—			—			—			—
	—			—			—			—			32,083,911			—			—

	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			(5,117	)		(7,499	)		(8,387	)		(494	)		(231	)		—
	—			—			—			—			—			—			—

	(8,364,415	)		(993,415	)		(9,582,100	)		(6,285,582	)		(49,731,717	)		487,001			(37,113,124	)
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	—			—			—			176			—			—			—
	—			(2,714	)		(131	)		(2,874	)		639			(90	)		—
	—			—			—			—			—			—			—
	(4,436,444	)		(752,920	)		(5,241,685	)		(5,220,054	)		(2,905,564	)		616,654			(6,701,133	)

$	(4,507,030	)	$	(709,700	)	$	(5,184,138	)	$	(4,705,145	)	$	1,397,315		$	811,727		$	(8,029,252	)

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

329

Thrivent Series Fund, Inc.

Statement of Operations – continued


*For the year ended December 31, 2011*	Partner Small Cap Value Portfolio			Small Cap Stock Portfolio			Small Cap Index Portfolio			Mid Cap Growth Portfolio II
Investment Income
Dividends	$	3,532,186		$	1,819,294		$	2,128,198		$	815,558
Interest		2,907			19,526			1,324			6,054
Income from securities loaned		42,334			53,126			86,384			10,908
Foreign tax withholding		(3,549	)		(138	)		—			(1,132	)
Total Investment Income		3,573,878			1,891,808			2,215,906			831,388
Expenses
Adviser fees		513,515			1,953,949			713,450			1,271,796
Sub-Adviser fees		1,540,545			—			—			—
Administrative service fees		131,351			137,045			120,769			108,262
Audit and legal fees		20,973			21,530			20,203			19,254
Custody fees		15,021			20,920			34,630			13,674
Insurance expenses		4,852			5,076			4,518			4,167
Directors’ fees		14,170			15,719			13,119			10,277
Other expenses		10,339			10,131			16,002			9,143
Total Expenses Before Reimbursement		2,250,766			2,164,370			922,691			1,436,573
Less:
Reimbursement from adviser		—			—			—			(423,932	)
Custody earnings credit		(251	)		(107	)		(229	)		(128	)
Total Net Expenses		2,250,515			2,164,263			922,462			1,012,513
Net Investment Income/(Loss)		1,323,363			(272,455	)		1,293,444			(181,125	)
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		3,364,198			39,441,336			16,005,145			6,198,365
In-kind redemptions		—			—			—			31,095,319
Futures contracts		—			(733,975	)		(146,843	)		—
Foreign currency transactions		(124	)		(8,424	)		—			—
Swap agreements		—			—			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments		(9,846,842	)		(52,971,169	)		(15,822,439	)		(38,135,402	)
Futures contracts		—			9,714			23,449			—
Foreign currency forward contracts		—			—			—			—
Foreign currency transactions		—			—			—			—
Net Realized and Unrealized Gains/(Losses)		(6,482,768	)		(14,262,518	)		59,312			(841,718	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(5,159,405	)	$	(14,534,973	)	$	1,352,756		$	(1,022,843	)

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

330

Thrivent Series Fund, Inc.

Statement of Operations – continued


Mid Cap Growth Portfolio		Partner Mid Cap Value Portfolio			Mid Cap Stock Portfolio			Mid Cap Index Portfolio			Partner Worldwide Allocation Portfolio			Partner International Stock Portfolio			Partner Socially Responsible Stock Portfolio

	$2,588,966	$	3,820,929		$	4,736,554		$	1,089,367		$	15,222,367		$	28,491,788		$	55,361
	11,615		3,121			16,601			854			3,434,500			8,153			—
	22,570		21,863			34,110			10,959			—			901,065			—
	(5,457)		(103	)		(3,430	)		—			(1,273,136	)		(2,404,457	)		(1,179	)
	2,617,694		3,845,810			4,783,835			1,101,180			17,383,731			26,996,549			54,182

	1,571,119		620,883			3,317,962			307,814			1,995,791			4,010,441			16,461
	—		1,094,224			—			—			2,696,768			2,875,041			27,436
	158,556		125,737			179,014			97,589			187,472			245,887			81,098
	23,424		20,406			24,885			18,190			32,435			31,031			16,750
	18,167		28,255			20,269			20,180			312,735			257,187			6,779
	5,705		4,630			6,434			3,763			6,328			8,422			3,214
	20,236		12,818			23,065			5,036			22,948			37,316			4,580
	10,760		9,470			10,939			12,933			64,913			33,657			7,857
	1,807,967		1,916,423			3,582,568			465,505			5,319,390			7,498,982			164,175

	—		—			—			—			—			(692,700	)		(110,272	)
	(160)		(237	)		(109	)		(443	)		(2,110	)		(326	)		(77	)
	1,807,807		1,916,186			3,582,459			465,062			5,317,280			6,805,956			53,826
	809,887		1,929,624			1,201,376			636,118			12,066,451			20,190,593			356


	17,854,603		19,848,018			31,255,555			7,706,917			16,835,029			39,196,279	^(a)		217,579
	—		—			—			—			—			—			—
	—		—			—			(274,923	)		263,275			—			—
	—		—			—			—			(395,141	)		(406,656	)		—
	—		—			—			—			(2,150	)		—			—

	(38,786,888)		(36,357,876	)		(62,951,078	)		(9,589,245	)		(98,990,540	)		(174,309,362	)		(398,153	)
	—		—			—			62,284			136,128			—			—
	—		—			—			—			87,952			3,246			—
	—		—			—			—			(45,555	)		(118,385	)		—
	(20,932,285)		(16,509,858	)		(31,695,523	)		(2,094,967	)		(82,111,002	)		(135,634,878	)		(180,574	)
	$(20,122,398)	$	(14,580,234	)	$	(30,494,147	)	$	(1,458,849	)	$	(70,044,551	)	$	(115,444,285	)	$	(180,218	)

^(a)	Includes foreign capital gain taxes paid of $14,610.

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

331

Thrivent Series Fund, Inc.

Statement of Operations – continued


*For the year ended December 31, 2011*	Partner All Cap Growth Portfolio			Partner All Cap Value Portfolio			Partner All Cap Portfolio			Large Cap Growth Portfolio II
Investment Income
Dividends	$	100,716		$	117,781		$	925,770		$	3,551,088
Interest		—			—			—			9,599
Income from mortgage dollar rolls		—			—			—			—
Income from securities loaned		—			—			1,086			39,168
Foreign tax withholding		(2,004	)		(1,772	)		(8,190	)		(129,414	)
Total Investment Income		98,712			116,009			918,666			3,470,441
Expenses
Adviser fees		40,219			22,213			201,422			2,750,520
Sub-Adviser fees		87,141			33,320			345,296			—
Administrative service fees		82,681			81,481			91,510			148,763
Audit and legal fees		16,866			16,796			17,679			22,851
Custody fees		5,596			9,386			36,938			22,187
Insurance expenses		3,267			3,232			3,556			5,550
Directors’ fees		4,581			4,581			4,791			18,120
Other expenses		8,272			7,832			8,918			10,011
Total Expenses Before Reimbursement		248,623			178,841			710,110			2,978,002
Less:
Reimbursement from adviser		(114,415	)		(106,150	)		(115,098	)		(644,955	)
Custody earnings credit		(202	)		(182	)		(260	)		(125	)
Total Net Expenses		134,006			72,509			594,752			2,332,922
Net Investment Income/(Loss)		(35,294	)		43,500			323,914			1,137,519
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		992,252			591,455			5,397,966			17,210,060
In-kind redemptions		—			—			—			(3,957,731	)
Written option contracts		—			—			—			—
Futures contracts		—			—			—			—
Foreign currency transactions		—			35			—			—
Change in net unrealized appreciation/(depreciation) on:
Investments		(2,010,738	)		(1,408,253	)		(8,435,631	)		(47,505,736	)
Written option contracts		—			—			—			—
Futures contracts		—			—			—			—
Foreign currency transactions		—			—			—			—
Net Realized and Unrealized Gains/(Losses)		(1,018,486	)		(816,763	)		(3,037,665	)		(34,253,407	)
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	(1,053,780	)	$	(773,263	)	$	(2,713,751	)	$	(33,115,888	)

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

332

Thrivent Series Fund, Inc.

Statement of Operations – continued


Large Cap Growth Portfolio			Partner Growth Stock Portfolio			Large Cap Value Portfolio			Large Cap Stock Portfolio			Large Cap Index Portfolio			Equity Income Plus Portfolio			Balanced Portfolio

$	9,109,247		$	426,050		$	18,487,757		$	10,304,736		$	6,509,901		$	1,897,540		$	3,457,216
	7,040			36			8,400			29,896			4,869			362,158			2,225,596
	—			—			—			—			—			—			714,766
	49,988			9,850			24,332			30,503			26,260			—			15,437
	(162,928	)		(1,227	)		(118,411	)		(128,354	)		—			(30,904	)		—
	9,003,347			434,709			18,402,078			10,236,781			6,541,030			2,228,794			6,413,015

	3,635,164			228,592			4,718,767			3,857,242			1,064,255			555,413			891,758
	—			228,593			—			—			—			—			—
	261,758			91,430			237,292			201,122			142,617			97,090			131,260
	32,408			17,664			29,664			26,734			24,176			19,682			22,178
	47,708			19,565			27,664			40,264			32,794			15,739			35,754
	9,011			3,547			8,196			7,011			5,171			3,698			4,772
	43,293			4,848			34,365			28,098			17,883			4,607			15,711
	14,050			9,519			12,557			12,117			15,653			11,621			24,493
	4,043,392			603,758			5,068,505			4,172,588			1,302,549			707,850			1,125,926

	—			(57,148	)		—			—			—			—			—
	(110	)		(124	)		(102	)		(274	)		(162	)		(736	)		(290	)
	4,043,282			546,486			5,068,403			4,172,314			1,302,387			707,114			1,125,636
	4,960,065			(111,777	)		13,333,675			6,064,467			5,238,643			1,521,680			5,287,379
	95,643,198			6,716,623			46,625,093			41,261,604			4,192,361			3,228,434			6,989,930


	—			—			—			—			—			—			—
	339,935			—			—			34,439			—			(187,135	)		—
	—			—			—			2,164,456			(413,657	)		(177,087	)		344,744
	—			(996	)		—			—			—			—			—

	(147,794,994	)		(7,257,902	)		(84,034,835	)		(76,328,882	)		(3,224,336	)		(6,795,261	)		(1,997,826	)
	—			—			—			(15,675	)		—			(90,464	)		—
	—			—			—			(655,273	)		95,140			28,994			34,547
	—			392			—			—			—			—			—
	(51,811,861	)		(541,883	)		(37,409,742	)		(33,539,331	)		649,508			(3,992,519	)		5,371,395

$	(46,851,796	)	$	(653,660	)	$	(24,076,067	)	$	(27,474,864	)	$	5,888,151		$	(2,470,839	)	$	10,658,774

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

333

Thrivent Series Fund, Inc.

Statement of Operations – continued


*For the year ended December 31, 2011*	High Yield Portfolio			Diversified Income Plus Portfolio			Partner Socially Responsible Bond Portfolio			Income Portfolio
Investment Income
Dividends	$	683,853		$	1,691,678		$	—		$	560,657
Interest		63,448,730			4,622,063			290,453			66,588,027
Income from mortgage dollar rolls		—			9,166			—			2,175,003
Income from securities loaned		275,011			30,953			—			45,717
Income from affiliated investments		—			—			—			841,733
Foreign tax withholding		—			(23,973	)		—			—
Total Investment Income		64,407,594			6,329,887			290,453			70,211,137
Expenses
Adviser fees		3,119,514			458,207			25,491			5,653,792
Sub-Adviser fees		—			—			33,988			—
Administrative service fees		235,976			102,910			81,699			362,690
Audit and legal fees		29,275			18,385			16,820			38,009
Custody fees		25,360			18,279			7,094			48,811
Insurance expenses		7,787			3,862			3,230			11,245
Directors’ fees		34,554			8,799			4,580			57,348
Other expenses		22,862			17,022			11,321			39,107
Total Expenses Before Reimbursement		3,475,328			627,464			184,223			6,211,002
Less:
Reimbursement from adviser		—			—			(126,121	)		(42,463	)
Custody earnings credit		(157	)		(763	)		(227	)		(148	)
Total Net Expenses		3,475,171			626,701			57,875			6,168,391
Net Investment Income/(Loss)		60,932,423			5,703,186			232,578			64,042,746
Realized and Unrealized Gains/(Losses)
Net realized gains/(losses) on:
Investments		20,765,705			3,770,932			366,809			27,266,316
Affiliated investments		—			—			—			4,847,903
Written option contracts		—			(72,171	)		—			—
Futures contracts		3,291			(303,493	)		(50,974	)		(3,483,681	)
Foreign currency transactions		(167,342	)		(1,459	)		—			(22,823	)
Swap agreements		397,788			(270,017	)		—			(845,504	)
Change in net unrealized appreciation/(depreciation) on:
Investments		(45,857,753	)		(6,657,456	)		(38,458	)		129,613
Affiliated investments		—			—			—			(4,993,310	)
Written option contracts		—			(7,913	)		—			—
Futures contracts		—			(25,170	)		41,086			(6,522,189	)
Swap agreements		—			306,020			—			139,943
Net Realized and Unrealized Gains/(Losses)		(24,858,311	)		(3,260,727	)		318,463			16,516,268
Net Increase/(Decrease) in Net Assets Resulting From Operations	$	36,074,112		$	2,442,459		$	551,041		$	80,559,014

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

334

Thrivent Series Fund, Inc.

Statement of Operations – continued


Bond Index Portfolio			Limited Maturity Bond Portfolio			Mortgage Securities Portfolio			Money Market Portfolio

$	—		$	316,576		$	—		$	13,332
	3,748,677			36,988,438			588,735			479,918
	1,451,520			596,493			662,768			—
	4,186			48,944			—			—
	—			1,570,420			—			—
	—			—			—			—
	5,204,383			39,520,871			1,251,503			493,250

	552,188			5,763,592			165,474			669,639
	—			—			—			—
	111,553			368,180			86,619			113,482
	19,295			37,976			17,221			19,056
	16,942			46,356			9,627			17,189
	4,086			11,330			3,378			4,121
	11,150			56,766			4,795			12,862
	17,809			28,050			9,249			9,478
	733,023			6,312,250			296,363			845,827

	—			(77,877	)		—			(349,498	)
	(330	)		(131	)		(513	)		(29	)
	732,693			6,234,242			295,850			496,300
	4,471,690			33,286,629			955,653			(3,050	)


	2,271,157			13,397,540			892,579			3,050
	—			—			—			—
	—			—			1,016			—
	—			(16,483,488	)		54,331			—
	—			—			—			—
	—			1,049,461			—			—

	5,624,220			(11,888,274	)		(460,143	)		—
	—			(673,300	)		—			—
	—			—			—			—
	—			(6,820,686	)		21,406			—
	—			(518,321	)		—			—
	7,895,377			(21,937,068	)		509,189			3,050
$	12,367,067		$	11,349,561		$	1,464,842		$	—

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

335

Thrivent Series Fund, Inc.

Statement of Changes in Net Assets


	Aggressive Allocation Portfolio						Moderately Aggressive Allocation Portfolio
*For the periods ended*	12/31/2011			12/31/2010			12/31/2011			12/31/2010
Operations
Net investment income/(loss)	$	2,856,314		$	4,932,595		$	32,267,256		$	39,949,882
Net realized gains/(losses)		24,893,720			12,868,104			33,081,780			54,407,266
Change in net unrealized appreciation/(depreciation)		(51,092,533	)		69,017,762			(144,710,173	)		231,966,142
Net Change in Net Assets Resulting From Operations		(23,342,499	)		86,818,461			(79,361,137	)		326,323,290
Distributions to Shareholders
From net investment income		(7,624,972	)		(7,662,901	)		(51,900,841	)		(49,859,905	)
From net realized gains		(9,854,172	)		(4,658,714	)		(31,682,401	)		(32,185,155	)
Total Distributions to Shareholders		(17,479,144	)		(12,321,615	)		(83,583,242	)		(82,045,060	)
Capital Stock Transactions
Sold		54,562,284			49,645,698			339,804,960			298,120,172
Distributions reinvested		17,479,144			12,321,615			83,583,242			82,045,060
Redeemed		(57,770,507	)		(46,935,716	)		(106,396,856	)		(101,856,910	)
Total Capital Stock Transactions		14,270,921			15,031,597			316,991,346			278,308,322
Net Increase/(Decrease) in Net Assets		(26,550,722	)		89,528,443			154,046,967			522,586,552
Net Assets, Beginning of Period		587,105,042			497,576,599			2,505,554,313			1,982,967,761
Net Assets, End of Period	$	560,554,320		$	587,105,042		$	2,659,601,280		$	2,505,554,313
Accumulated Undistributed Net Investment Income/(Loss)	$	3,736,236		$	7,673,941		$	34,451,457		$	52,006,434
Capital Stock Share Transactions
Sold		4,497,044			4,524,218			28,933,351			27,140,256
Distributions reinvested		1,452,649			1,191,980			7,154,139			7,946,176
Redeemed		(4,814,726	)		(4,349,806	)		(9,153,921	)		(9,392,696	)

Total Capital Stock Share Transactions		1,134,967			1,366,392			26,933,569			25,693,736

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

336

Thrivent Series Fund, Inc.

Statement of Changes in Net Assets – continued


Moderate Allocation Portfolio						Moderately Conservative Allocation Portfolio						Partner Technology Portfolio						Partner Healthcare Portfolio
12/31/2011			12/31/2010			12/31/2011			12/31/2010			12/31/2011			12/31/2010			12/31/2011			12/31/2010

$	72,847,582		$	76,087,432		$	38,974,199		$	36,500,892		$	(70,586	)	$	(178,783	)	$	43,220		$	(23,805	)
	25,087,353			73,544,508			10,895,547			24,333,345			3,927,971			3,132,366			243,209			616,981
	(146,819,447	)		257,696,702			(48,724,566	)		86,495,720			(8,364,415	)		4,253,477			(996,129	)		1,033,839
	(48,884,512	)		407,328,642			1,145,180			147,329,957			(4,507,030	)		7,207,060			(709,700	)		1,627,015

	(86,731,755	)		(76,890,890	)		(38,905,574	)		(31,302,287	)		—			—			—			(23,542	)
	(56,121,130	)		(45,561,952	)		(23,432,837	)		(19,836,135	)		—			—			(593,771	)		(262,307	)
	(142,852,885	)		(122,452,842	)		(62,338,411	)		(51,138,422	)		—			—			(593,771	)		(285,849	)

	735,610,343			614,351,156			524,415,702			427,186,569			4,028,249			4,407,853			3,532,995			5,259,908
	142,852,885			122,452,842			62,338,411			51,138,422			—			—			593,771			285,849
	(122,448,401	)		(110,836,145	)		(61,611,570	)		(58,578,795	)		(6,210,837	)		(6,258,515	)		(2,691,766	)		(2,317,699	)
	756,014,827			625,967,853			525,142,543			419,746,196			(2,182,588	)		(1,850,662	)		1,435,000			3,228,058
	564,277,430			910,843,653			463,949,312			515,937,731			(6,689,618	)		5,356,398			131,529			4,569,224
	3,569,369,286			2,658,525,633			1,591,317,482			1,075,379,751			36,305,028			30,948,630			17,868,183			13,298,959
$	4,133,646,716		$	3,569,369,286		$	2,055,266,794		$	1,591,317,482		$	29,615,410		$	36,305,028		$	17,999,712		$	17,868,183
$	74,101,970		$	86,827,001		$	38,926,840		$	38,931,043		$	(11,463	)	$	(10,525	)	$	32,857		$	(5,246	)

	62,941,549			55,461,086			45,578,099			38,370,189			588,137			724,915			299,511			455,646
	12,349,397			11,646,203			5,439,794			4,793,583			—			—			49,636			26,100
	(10,622,664	)		(10,069,318	)		(5,337,581	)		(5,244,829	)		(915,838	)		(1,059,465	)		(229,385	)		(203,825	)

	6 4,668,282			57,037,971			45,680,312			37,918,943			(327,701	)		(334,550	)		119,762			277,921

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

337

Thrivent Series Fund, Inc.

Statement of Changes in Net Assets – continued


	Partner Natural Resources Portfolio						Partner Emerging Markets Portfolio
*For the periods ended*	12/31/2011			12/31/2010			12/31/2011			12/31/2010
Operations
Net investment income/(loss)	$	57,547		$	(12,343	)	$	514,909		$	190,917
Net realized gains/(losses)		4,340,546			(7,377	)		1,068,226			(19,638	)
Change in net unrealized appreciation/(depreciation)		(9,582,231	)		3,874,560			(6,288,280	)		6,533,560
Net Change in Net Assets Resulting From Operations		(5,184,138	)		3,854,840			(4,705,145	)		6,704,839
Distributions to Shareholders
From net investment income		(24,409	)		(19,477	)		(432,330	)		—
Total Distributions to Shareholders		(24,409	)		(19,477	)		(432,330	)		—
Capital Stock Transactions
Sold		12,752,094			7,563,833			12,171,485			22,150,878
Distributions reinvested		24,409			19,477			432,330			—
Redeemed		(4,664,964	)		(3,851,104	)		(9,556,440	)		(5,338,930	)
In-kind redemptions		—			—			—			—
Total Capital Stock Transactions		8,111,539			3,732,206			3,047,375			16,811,948
Net Increase/(Decrease) in Net Assets		2,902,992			7,567,569			(2,090,100	)		23,516,787
Net Assets, Beginning of Period		28,699,411			21,131,842			40,943,672			17,426,885
Net Assets, End of Period	$	31,602,403		$	28,699,411		$	38,853,572		$	40,943,672
Accumulated Undistributed Net Investment Income/(Loss)	$	71,401		$	(16,267	)	$	221,915		$	147,723
Capital Stock Share Transactions
Sold		1,293,529			912,419			1,023,676			2,019,483
Distributions reinvested		2,450			2,527			35,959			—
Redeemed		(502,842	)		(482,071	)		(810,480	)		(504,508	)
In-kind redemptions		—			—			—			—

Total Capital Stock Share Transactions		793,137			432,875			249,155			1,514,975

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

338

Thrivent Series Fund, Inc.

Statement of Changes in Net Assets – continued


Real Estate Securities Portfolio						Partner Utilities Portfolio						Partner Small Cap Growth Portfolio						Partner Small Cap Value Portfolio
12/31/2011			12/31/2010			12/31/2011			12/31/2010			12/31/2011			12/31/2010			12/31/2011			12/31/2010

$	4,302,879		$	4,836,890		$	195,073		$	195,676		$	(1,328,119	)	$	(1,082,589	)	$	1,323,363		$	1,842,784
	46,825,514			7,698,310			129,743			(295,153	)		30,411,991			22,505,875			3,364,074			6,589,551
	(49,731,078	)		60,495,701			486,911			605,367			(37,113,124	)		25,265,662			(9,846,842	)		44,504,600
	1,397,315			73,030,901			811,727			505,890			(8,029,252	)		46,688,948			(5,159,405	)		52,936,935

	—			(8,680,000	)		(188,302	)		(150,229	)		—			—			(560,137	)		(2,402,557	)
	—			(8,680,000	)		(188,302	)		(150,229	)		—			—			(560,137	)		(2,402,557	)

	10,492,356			22,234,058			3,664,291			2,299,675			5,269,479			9,014,114			4,001,480			12,437,630
	—			8,680,000			188,302			150,229			—			—			560,137			2,402,557
	(26,179,966	)		(31,217,013	)		(1,264,285	)		(1,275,037	)		(8,274,466	)		(7,664,976	)		(15,399,807	)		(24,782,056	)
	(207,194,357	)		—			—			—			—			—			—			—
	(222,881,967	)		(302,955	)		2,588,308			1,174,867			(3,004,987	)		1,349,138			(10,838,190	)		(9,941,869	)
	(221,484,652	)		64,047,946			3,211,733			1,530,528			(11,034,239	)		48,038,086			(16,557,732	)		40,592,509
	329,450,651			265,402,705			7,906,814			6,376,286			208,524,665			160,486,579			266,938,882			226,346,373
$	107,965,999		$	329,450,651		$	11,118,547		$	7,906,814		$	197,490,426		$	208,524,665		$	250,381,150		$	266,938,882
$	4,269,528		$	(32,857	)	$	189,443		$	190,394		$	(21,909	)	$	(210,701	)	$	886,760		$	13,432

	686,920			1,766,561			438,639			302,294			389,293			850,994			213,874			758,747
	—			598,464			22,572			20,755			—			—			29,458			130,058
	(1,720,834	)		(2,377,533	)		(152,395	)		(167,856	)		(631,342	)		(718,272	)		(816,570	)		(1,410,305	)
	(14,854,346	)		—			—			—			—			—			—			—

	(15,888,260	)		(12,508	)		308,816			155,193			(242,049	)		132,722			(573,238	)		(521,500	)

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

339

Thrivent Series Fund, Inc.

Statement of Changes in Net Assets – continued


	Small Cap Stock Portfolio						Small Cap Index Portfolio
*For the periods ended*	12/31/2011			12/31/2010			12/31/2011			12/31/2010
Operations
Net investment income/(loss)	$	(272,455	)	$	(291,640	)	$	1,293,444		$	1,743,657
Net realized gains/(losses)		38,698,937			55,417,334			15,858,302			13,215,131
Change in net unrealized appreciation/(depreciation)		(52,961,455	)		6,615,584			(15,798,990	)		32,309,249
Net Change in Net Assets Resulting From Operations		(14,534,973	)		61,741,278			1,352,756			47,268,037
Distributions to Shareholders
From net investment income		—			(107,303	)		(1,738,716	)		(1,688,689	)
From net realized gains		—			—			(5,929,388	)		—
Total Distributions to Shareholders		—			(107,303	)		(7,668,104	)		(1,688,689	)
Capital Stock Transactions
Sold		9,883,221			13,439,189			3,467,541			3,643,585
Distributions reinvested		—			107,303			7,668,104			1,688,689
Redeemed		(34,747,549	)		(30,435,902	)		(35,931,155	)		(34,729,940	)
In-kind redemptions		—			—			—			—
Total Capital Stock Transactions		(24,864,328	)		(16,889,410	)		(24,795,510	)		(29,397,666	)
Net Increase/(Decrease) in Net Assets		(39,399,301	)		44,744,565			(31,110,858	)		16,181,682
Net Assets, Beginning of Period		303,237,303			258,492,738			220,101,174			203,919,492
Net Assets, End of Period	$	263,838,002		$	303,237,303		$	188,990,316		$	220,101,174
Accumulated Undistributed Net Investment Income/(Loss)	$	(42,048	)	$	(38,794	)	$	1,250,358		$	1,708,671
Capital Stock Share Transactions
Sold		817,829			1,298,393			266,080			318,673
Distributions reinvested		—			10,599			585,316			155,052
Redeemed		(2,759,965	)		(2,886,516	)		(2,742,693	)		(3,081,494	)
In-kind redemptions		—			—			—			—

Total Capital Stock Share Transactions		(1,942,136	)		(1,577,524	)		(1,891,297	)		(2,607,769	)

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

340

Thrivent Series Fund, Inc.

Statement of Changes in Net Assets – continued


Mid Cap Growth Portfolio II						Mid Cap Growth Portfolio						Partner Mid Cap Value Portfolio						Mid Cap Stock Portfolio
12/31/2011			12/31/2010			12/31/2011			12/31/2010			12/31/2011			12/31/2010			12/31/2011			12/31/2010

$	(181,125	)	$	158,648		$	809,887		$	1,258,925		$	1,929,624		$	1,465,614		$	1,201,376		$	2,039,361
	37,293,684			17,017,642			17,854,603			34,366,352			19,848,018			19,361,980			31,255,555			36,061,225
	(38,135,402	)		18,083,987			(38,786,888	)		62,196,129			(36,357,876	)		25,881,479			(62,951,078	)		69,833,782
	(1,022,843	)		35,260,277			(20,122,398	)		97,821,406			(14,580,234	)		46,709,073			(30,494,147	)		107,934,368

	(164,024	)		—			(1,271,495	)		(947,099	)		(501,793	)		(1,688,800	)		(227,230	)		(2,143,045	)
	(5,762,903	)		(12,175,789	)		—			—			—			—			—			—
	(5,926,927	)		(12,175,789	)		(1,271,495	)		(947,099	)		(501,793	)		(1,688,800	)		(227,230	)		(2,143,045	)

	1,181,655			4,127,514			14,564,553			12,318,445			3,149,836			10,033,281			4,514,214			16,381,052
	5,926,927			12,175,789			1,271,495			947,099			501,793			1,688,800			227,230			2,143,045
	(9,586,659	)d		(5,002,263	)		(65,517,978	)		(55,446,013	)		(4,902,288	)		(8,283,642	)		(28,471,182	)		(56,361,371	)
	(133,828,325	)		—			—			—			—			—			—			—
	(136,306,402	)		11,301,040			(49,681,930	)		(42,180,469	)		(1,250,659	)		3,438,439			(23,729,738	)		(37,837,274	)
	(143,256,172	)		34,385,528			(71,075,823	)		54,693,838			(16,332,686	)		48,458,712			(54,451,115	)		67,954,049
	160,228,019			125,842,491			419,909,337			365,215,499			232,162,749			183,704,037			511,476,533			443,522,484
$	16,971,847		$	160,228,019		$	348,833,514		$	419,909,337		$	215,830,063		$	232,162,749		$	457,025,418		$	511,476,533
$	(16,096	)	$	127,388		$	699,790		$	1,151,918		$	1,893,645		$	476,775		$	1,068,813		$	138,855

	119,495			478,499			778,985			780,913			238,184			903,936			364,509			1,646,930
	605,165			1,262,455			67,592			63,855			36,760			136,786			18,241			180,466
	(993,586	)		(563,662	)		(3,532,552	)		(3,557,867	)		(368,342	)		(680,225	)		(2,306,482	)		(5,350,949	)
	(13,980,645	)		—			—			—			—			—			—			—

	(14,249,571	)		1,177,292			(2,685,975	)		(2,713,099	)		(93,398	)		360,497			(1,923,732	)		(3,523,553	)

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

341

Thrivent Series Fund, Inc.

Statement of Changes in Net Assets – continued


	Mid Cap Index Portfolio						Partner Worldwide Allocation Portfolio
*For the periods ended*	12/31/2011			12/31/2010			12/31/2011			12/31/2010
Operations
Net investment income/(loss)	$	636,118		$	710,547		$	12,066,451		$	6,499,765
Net realized gains/(losses)		7,431,994			6,190,215			16,701,013			5,131,016
Change in net unrealized appreciation/(depreciation)		(9,526,961	)		13,514,870			(98,812,015	)		46,651,811
Net Change in Net Assets Resulting From Operations		(1,458,849	)		20,415,632			(70,044,551	)		58,282,592
Distributions to Shareholders
From net investment income		(714,334	)		(915,779	)		(11,145,255	)		(6,741,083	)
From net realized gains		(5,251,300	)		—			(9,296,969	)		—
Total Distributions to Shareholders		(5,965,634	)		(915,779	)		(20,442,224	)		(6,741,083	)
Capital Stock Transactions
Sold		3,054,967			3,692,861			51,510,070			215,387,135
Distributions reinvested		5,965,634			915,779			20,442,224			6,741,083
Redeemed		(17,658,888	)		(16,864,029	)		(8,484,281	)		(5,936,398	)
Total Capital Stock Transactions		(8,638,287	)		(12,255,389	)		63,468,013			216,191,820
Net Increase/(Decrease) in Net Assets		(16,062,770	)		7,244,464			(27,018,762	)		267,733,329
Net Assets, Beginning of Period		94,176,792			86,932,328			522,605,174			254,871,845
Net Assets, End of Period	$	78,114,022		$	94,176,792		$	495,586,412		$	522,605,174
Accumulated Undistributed Net Investment Income/(Loss)	$	620,714		$	698,930		$	(97,092	)	$	(925,747	)
Capital Stock Share Transactions
Sold		240,808			330,237			5,715,846			27,030,292
Distributions reinvested		472,525			86,004			2,759,006			768,871
Redeemed		(1,381,798	)		(1,506,899	)		(997,461	)		(757,779	)

Total Capital Stock Share Transactions		(668,465	)		(1,090,658	)		7,477,391			27,041,384

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

342

Thrivent Series Fund, Inc.

Statement of Changes in Net Assets – continued


Partner International Stock Portfolio						Partner Socially Responsible Stock Portfolio						Partner All Cap Growth Portfolio						Partner All Cap Value Portfolio
12/31/2011			12/31/2010			12/31/2011			12/31/2010			12/31/2011			12/31/2010			12/31/2011			12/31/2010

$	20,190,593		$	16,436,338		$	356		$	2,201		$	(35,294	)	$	(14,613	)	$	43,500		$	24,879
	38,789,623			7,284,176			217,579			(9,014	)		992,252			156,516			591,490			439,956
	(174,424,501	)		46,575,330			(398,153	)		709,608			(2,010,738	)		1,970,797			(1,408,253	)		630,686
	(115,444,285	)		70,295,844			(180,218	)		702,795			(1,053,780	)		2,112,700			(773,263	)		1,095,521

	(312,749	)		(16,065,985	)		(45	)		(4,433	)		—			—			(44,465	)		—
	—			—			—			—			—			—			—			—
	(312,749	)		(16,065,985	)		(45	)		(4,433	)		—			—			(44,465	)		—

	7,217,381			4,983,579			2,616,339			1,834,566			4,620,594			4,249,755			1,688,814			2,323,618
	312,749			16,065,985			45			4,433			—			—			44,465			—
	(71,285,023	)		(68,883,073	)		(717,117	)		(2,240,089	)		(2,615,700	)		(2,700,508	)		(1,567,521	)		(1,584,915	)
	(63,754,893	)		(47,833,509	)		1,899,267			(401,090	)		2,004,894			1,549,247			165,758			738,703
	(179,511,927	)		6,396,350			1,719,004			297,272			951,114			3,661,947			(651,970	)		1,834,224
	889,339,432			882,943,082			4,427,287			4,130,015			11,758,387			8,096,440			7,357,684			5,523,460
$	709,827,505		$	889,339,432		$	6,146,291		$	4,427,287		$	12,709,501		$	11,758,387		$	6,705,714		$	7,357,684
$	19,809,786		$	(589,578	)	$	(5,140	)	$	(5,207	)	$	(6,326	)	$	(5,260	)	$	38,289		$	39,887

	683,763			514,732			245,680			201,950			448,817			490,313			188,169			289,627
	29,241			1,508,576			4			428			—			—			4,853			—
	(6,757,650	)		(7,059,463	)		(68,601	)		(246,241	)		(257,354	)		(330,236	)		(176,547	)		(202,448	)

	(6,044,646	)		(5,036,155	)		177,083			(43,863	)		191,463			160,077			16,475			87,179

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

343

Thrivent Series Fund, Inc.

Statement of Changes in Net Assets – continued


	Partner All Cap Portfolio						Large Cap Growth Portfolio II
*For the periods ended*	12/31/2011			12/31/2010			12/31/2011			12/31/2010
Operations
Net investment income/(loss)	$	323,914		$	284,298		$	1,137,519		$	1,138,069
Net realized gains/(losses)		5,397,966			5,317,492			13,252,329			42,707,448
Change in net unrealized appreciation/(depreciation)		(8,435,631	)		3,419,746			(47,505,736	)		(14,270,355	)
Net Change in Net Assets Resulting From Operations		(2,713,751	)		9,021,536			(33,115,888	)		29,575,162
Distributions to Shareholders
From net investment income		(361,337	)		(425,206	)		(548,812	)		(1,062,853	)
From net realized gains		—			—			(7,238,369	)		(46,391,869	)
Total Distributions to Shareholders		(361,337	)		(425,206	)		(7,787,181	)		(47,454,722	)
Capital Stock Transactions
Sold		2,630,190			2,965,952			683,861			13,054,152
Distributions reinvested		361,337			425,206			7,787,181			47,454,722
Redeemed		(10,971,976	)		(12,178,664	)		(4,428,415	)		(14,902,948	)
In-kind redemptions		—			—			(335,344,769	)		—
Total Capital Stock Transactions		(7,980,449	)		(8,787,506	)		(331,302,142	)		45,605,926
Net Increase/(Decrease) in Net Assets		(11,055,537	)		(191,176	)		(372,205,211	)		27,726,366
Net Assets, Beginning of Period		62,423,639			62,614,815			385,112,197			357,385,831
Net Assets, End of Period	$	51,368,102		$	62,423,639		$	12,906,986		$	385,112,197
Accumulated Undistributed Net Investment Income/(Loss)	$	284,934		$	277,270		$	242,609		$	520,973
Capital Stock Share Transactions
Sold		292,227			373,560			98,054			1,814,296
Distributions reinvested		41,168			56,045			1,155,762			6,959,263
Redeemed		(1,242,268	)		(1,537,172	)		(669,723	)		(2,072,421	)
In-kind redemptions		—			—			(54,050,379	)		—

Total Capital Stock Share Transactions		(908,873	)		(1,107,567	)		(53,466,286	)		6,701,138

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

344

Thrivent Series Fund, Inc.

Statement of Changes in Net Assets – continued


Large Cap Growth Portfolio						Partner Growth Stock Portfolio						Large Cap Value Portfolio						Large Cap Stock Portfolio
12/31/2011			12/31/2010			12/31/2011			12/31/2010			12/31/2011			12/31/2010			12/31/2011			12/31/2010

$	4,960,065		$	5,398,474		$	(111,777	)	$	(111,541	)	$	13,333,675		$	10,379,540		$	6,064,467		$	4,398,244
	95,983,133			74,005,891			6,715,627			3,250,837			46,625,093			34,506,203			43,460,499			49,849,838
	(147,794,994	)		17,421,764			(7,257,510	)		5,778,826			(84,034,835	)		46,319,560			(76,999,830	)		7,449,282
	(46,851,796	)		96,826,129			(653,660	)		8,918,122			(24,076,067	)		91,205,303			(27,474,864	)		61,697,364

	(4,952,199	)		(5,477,772	)		—			(10,928	)		(178,536	)		(10,382,197	)		(72,332	)		(4,434,436	)
	—			—			—			—			—			—			—			—
	(4,952,199	)		(5,477,772	)		—			(10,928	)		(178,536	)		(10,382,197	)		(72,332	)		(4,434,436	)

	31,961,443			14,875,050			2,771,906			2,657,012			5,504,321			26,733,249			4,646,041			13,368,032
	4,952,199			5,477,772			—			10,928			178,536			10,382,197			72,332			4,434,436
	(163,129,043	)		(153,711,612	)		(12,445,518	)		(11,486,072	)		(40,657,075	)		(39,675,311	)		(39,602,993	)		(64,056,535	)
	—			—			—			—			—			—			—			—
	(126,215,401	)		(133,358,790	)		(9,673,612	)		(8,818,132	)		(34,974,218	)		(2,559,865	)		(34,884,620	)		(46,254,067	)
	(178,019,396	)		(42,010,433	)		(10,327,272	)		89,062			(59,228,821	)		78,263,241			(62,431,816	)		11,008,861
	983,302,528			1,025,312,961			61,427,087			61,338,025			811,283,097			733,019,856			628,281,403			617,272,542
$	805,283,132		$	983,302,528		$	51,099,815		$	61,427,087		$	752,054,276		$	811,283,097		$	565,849,587		$	628,281,403
$	74,149		$	137,213		$	(11,999	)	$	(11,051	)	$	13,258,241		$	131,811		$	5,991,140		$	11,693

	1,852,307			965,096			234,864			255,064			512,876			2,762,528			549,110			1,738,095
	308,812			325,518			—			1,117			16,597			968,598			8,524			522,294
	(9,617,541	)		(9,972,843	)		(1,060,071	)		(1,127,792	)		(3,805,123	)		(4,067,316	)		(4,701,845	)		(8,255,951	)
	—			—			—			—			—			—			—			—

	(7,456,422	)		(8,682,229	)		(825,207	)		(871,611	)		(3,275,650	)		(336,190	)		(4,144,211	)		(5,995,562	)

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

345

Thrivent Series Fund, Inc.

Statement of Changes in Net Assets – continued


	Large Cap Index Portfolio						Equity Income Plus Portfolio
*For the periods ended*	12/31/2011			12/31/2010			12/31/2011			12/31/2010
Operations
Net investment income/(loss)	$	5,238,643		$	5,292,660		$	1,521,680		$	1,257,472
Net realized gains/(losses)		3,778,704			2,484,140			2,864,212			1,748,795
Change in net unrealized appreciation/(depreciation)		(3,129,196	)		35,968,282			(6,856,731	)		6,746,238
Net Change in Net Assets Resulting From Operations		5,888,151			43,745,082			(2,470,839	)		9,752,505
Distributions to Shareholders
From net investment income		(5,204,623	)		(6,071,009	)		(238,167	)		(1,091,095	)
From net realized gains		—			—			—			—
Total Distributions to Shareholders		(5,204,623	)		(6,071,009	)		(238,167	)		(1,091,095	)
Capital Stock Transactions
Sold		6,327,864			4,998,559			17,179,648			12,697,884
Distributions reinvested		5,204,623			6,071,009			238,167			1,091,095
Redeemed		(52,460,205	)		(55,384,625	)		(2,933,661	)		(1,126,810	)
Total Capital Stock Transactions		(40,927,718	)		(44,315,057	)		14,484,154			12,662,169
Net Increase/(Decrease) in Net Assets		(40,244,190	)		(6,640,984	)		11,775,148			21,323,579
Net Assets, Beginning of Period		331,529,491			338,170,475			76,302,671			54,979,092
Net Assets, End of Period	$	291,285,301		$	331,529,491		$	88,077,819		$	76,302,671
Accumulated Undistributed Net Investment Income/(Loss)	$	5,168,346		$	5,235,385		$	1,497,783		$	232,290
Capital Stock Share Transactions
Sold		356,181			312,434			1,868,977			1,490,262
Distributions reinvested		294,086			396,951			25,758			121,252
Redeemed		(2,925,178	)		(3,450,988	)		(322,694	)		(139,940	)

Total Capital Stock Share Transactions		(2,274,911	)		(2,741,603	)		1,572,041			1,471,574

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

346

Thrivent Series Fund, Inc.

Statement of Changes in Net Assets – continued


Balanced Portfolio						High Yield Portfolio						Diversified Income Plus Portfolio						Partner Socially Responsible Bond Portfolio
12/31/2011			12/31/2010			12/31/2011			12/31/2010			12/31/2011			12/31/2010			12/31/2011			12/31/2010

$	5,287,379		$	5,784,781		$	60,932,423		$	64,037,035		$	5,703,186		$	5,935,878		$	232,578		$	221,472
	7,334,674			9,675,197			20,999,442			18,724,722			3,123,792			2,684,198			315,835			242,800
	(1,963,279	)		18,180,722			(45,857,753	)		23,998,230			(6,384,519	)		5,500,594			2,628			11,620
	10,658,774			33,640,700			36,074,112			106,759,987			2,442,459			14,120,670			551,041			475,892

	(5,741,540	)		(7,030,465	)		(60,572,233	)		(64,046,375	)		(5,830,693	)		(4,650,351	)		(232,005	)		(221,596	)
	(8,517,319	)		(1,826,310	)		—			—			—			—			—			(275,856	)
	(14,258,859	)		(8,856,775	)		(60,572,233	)		(64,046,375	)		(5,830,693	)		(4,650,351	)		(232,005	)		(497,452	)

	8,642,974			5,772,338			80,264,421			80,573,299			26,678,361			17,961,894			3,646,516			5,658,903
	14,258,859			8,856,775			60,572,233			64,046,375			5,830,693			4,650,351			232,005			497,432
	(49,372,777	)		(49,978,166	)		(120,800,753	)		(160,313,331	)		(16,736,539	)		(13,225,573	)		(2,769,272	)		(3,516,635	)
	(26,470,944	)		(35,349,053	)		20,035,901			(15,693,657	)		15,772,515			9,386,672			1,109,249			2,639,700
	(30,071,029	)		(10,565,128	)		(4,462,220	)		27,019,955			12,384,281			18,856,991			1,428,285			2,618,140
	270,593,069			281,158,197			782,988,501			755,968,546			106,008,643			87,151,652			8,802,078			6,183,938
$	240,522,040		$	270,593,069		$	778,526,281		$	782,988,501		$	118,392,924		$	106,008,643		$	10,230,363		$	8,802,078
$	5,214,816		$	5,723,736		$	431,283		$	529,058		$	5,453,179		$	5,812,376		$	(849	)	$	(1,422	)

	582,865			421,740			16,614,795			17,296,149			3,954,790			2,825,605			346,053			530,437
	999,857			670,373			12,711,981			13,795,413			888,202			770,104			22,178			47,873
	(3,360,829	)		(3,631,342	)		(25,047,046	)		(34,205,099	)		(2,502,061	)		(2,084,239	)		(266,171	)		(333,345	)

	(1,778,107	)		(2,539,229	)		4,279,730			(3,113,537	)		2,340,931			1,511,470			102,060			244,965

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

347

Thrivent Series Fund, Inc.

Statement of Changes in Net Assets – continued


	Income Portfolio						Bond Index Portfolio
*For the periods ended*	12/31/2011			12/31/2010			12/31/2011			12/31/2010
Operations
Net investment income/(loss)	$	64,042,746		$	64,673,260		$	4,471,690		$	5,102,426
Net realized gains/(losses)		27,762,211			39,392,671			2,271,157			2,020,684
Change in net unrealized appreciation/(depreciation)		(11,245,943	)		35,474,734			5,624,220			7,104,007
Net Change in Net Assets Resulting From Operations		80,559,014			139,540,665			12,367,067			14,227,117
Distributions to Shareholders
From net investment income		(63,413,810	)		(64,435,842	)		(4,452,733	)		(5,092,427	)
From net realized gains		—			—			(996,560	)		—
Total Distributions to Shareholders		(63,413,810	)		(64,435,842	)		(5,449,293	)		(5,092,427	)
Capital Stock Transactions
Sold		165,217,508			155,625,675			23,741,777			20,751,109
Distributions reinvested		63,413,810			64,435,842			5,449,293			5,092,427
Redeemed		(104,919,017	)		(251,110,099	)		(33,033,339	)		(30,119,545	)
Total Capital Stock Transactions		123,712,301			(31,048,582	)		(3,842,269	)		(4,276,009	)
Net Increase/(Decrease) in Net Assets		140,857,505			44,056,241			3,075,505			4,858,681
Net Assets, Beginning of Period		1,322,211,956			1,278,155,715			161,386,830			156,528,149
Net Assets, End of Period	$	1,463,069,461		$	1,322,211,956		$	164,462,335		$	161,386,830
Accumulated Undistributed Net Investment Income/(Loss)	$	117,953		$	393,275		$	28,355		$	9,363
Capital Stock Share Transactions
Sold		16,387,092			15,895,157			2,152,749			1,954,827
Distributions reinvested		6,298,371			6,592,114			498,530			481,492
Redeemed		(10,426,939	)		(25,853,912	)		(3,029,092	)		(2,841,577	)

Total Capital Stock Share Transactions		12,258,524			(3,366,641	)		(377,813	)		(405,258	)

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

348

Thrivent Series Fund, Inc.

Statement of Changes in Net Assets – continued


Limited Maturity Bond Portfolio						Mortgage Securities Portfolio						Money Market Portfolio
12/31/2011			12/31/2010			12/31/2011			12/31/2010			12/31/2011			12/31/2010

$	33,286,629		$	39,553,618		$	955,653		$	1,134,436		$	(3,050	)	$	(16,636	)
	(2,036,487	)		9,160,097			947,926			54,666			3,050			16,636
	(19,900,581	)		11,950,491			(438,737	)		2,547,643			—			—
	11,349,561			60,664,206			1,464,842			3,736,745			—			—

	(32,036,799	)		(39,165,559	)		(954,571	)		(1,134,436	)		—			—
	—			—			(126,365	)		(314,976	)		—			—
	(32,036,799	)		(39,165,559	)		(1,080,936	)		(1,449,412	)		—			—

	235,573,770			239,166,783			4,387,941			5,167,343			111,357,087			61,776,705
	32,036,799			39,165,559			1,080,936			1,449,412			—			—
	(67,825,943	)		(86,736,588	)		(6,958,496	)		(6,929,109	)		(112,663,789	)		(136,018,196	)
	199,784,626			191,595,754			(1,489,619	)		(312,354	)		(1,306,702	)		(74,241,491	)
	179,097,388			213,094,401			(1,105,713	)		1,974,979			(1,306,702	)		(74,241,491	)
	1,318,735,013			1,105,640,612			33,528,041			31,553,062			171,766,583			246,008,074
$	1,497,832,401		$	1,318,735,013		$	32,422,328		$	33,528,041		$	170,459,881		$	171,766,583
$	(327,345	)	$	(141,600	)	$	1,082		$	—		$	—		$	—

	23,994,742			24,480,712			421,586			507,606			111,357,087			61,776,705
	3,270,092			4,010,919			103,802			142,609			—			—
	(6,938,394	)		(8,886,056	)		(668,997	)		(681,460	)		(112,663,789	)		(136,018,196	)

	20,326,440			19,605,575			(143,609	)		(31,245	)		(1,306,702	)		(74,241,491	)

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

349

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011

(1) ORGANIZATION

Thrivent Series Fund, Inc. (the “Fund”), a company organized under the laws of Minnesota, is registered under the Investment Company Act of 1940 (the “1940 Act”). The Fund is divided into forty-one separate series (each, a “Portfolio”), each with its own investment objective and policies. The Fund consists of four asset allocation portfolios, twenty-eight equity portfolios, two hybrid portfolios, six fixed-income portfolios, and one money market portfolio. The assets of each Portfolio are segregated, and each has a separate class of capital stock.

Shares in the Fund are currently sold, without sales charges, only to retirement plans sponsored by Thrivent Financial for Lutherans (“Thrivent Financial” or the “Adviser”) or separate accounts of Thrivent Financial or Thrivent Life Insurance Company (“Thrivent Life”), which are used to fund benefits of variable life insurance and variable annuity contracts issued by Thrivent Financial and Thrivent Life.

Under the Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with service providers and others that provide general damage clauses. The Fund’s maximum exposure under these contracts is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

(2) SIGNIFICANT ACCOUNTING POLICIES

(A) Valuation of Investments – Securities traded on U.S. or foreign securities exchanges or included in a national market system are valued at the official closing price at the close of each business day unless otherwise stated below. Over-the-counter securities and listed securities for which no price is readily available are valued at the current bid price considered best to represent the value at that time. Swap agreements are valued at the fair value of the contract as furnished by an independent pricing service. Security prices are based on quotes that are obtained from an independent pricing service approved by the Board of Directors. The pricing service, in determining values of fixed-income securities, takes into consideration such factors as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, and other yield and risk factors it deems relevant in determining valuations. Securities which cannot be valued by the approved pricing service are valued using valuations obtained from dealers that make markets in the securities. Exchange-listed options and futures contracts are valued at the last quoted sales price. Investments in open-ended mutual funds are valued at their net asset value at the close of each business day. Short-term securities are valued at amortized cost (which approximates market value) to the extent it is not materially different than market value.

Securities held by Money Market Portfolio are valued on the basis of amortized cost, whereby a portfolio security is valued at its cost initially and thereafter valued to reflect a constant amortization to maturity of any discount or premium. Money Market Portfolio and the Adviser follow procedures necessary to maintain a constant net asset value of $1.00 per share.

Financial Accounting Standards Board (FASB) guidelines require increased fair value disclosure intended to improve the consistency and comparability of fair value measurements used in financial reporting. The guidelines define fair value, establish a framework for measuring fair value in U.S. Generally Accepted Accounting Principles (“GAAP”) and expand disclosures about fair value requirements. The various inputs used to determine the fair value of the Portfolios’ investments are summarized in three broad levels: Level 1 includes quoted prices in active markets for identical securities, typically categorized in this level are U.S. equity securities, futures and options; Level 2 includes other significant observable inputs such as quoted prices for similar securities, interest rates, prepayment speeds and credit risk, typically categorized in this level are fixed income securities, international equity securities, swaps and forward contracts; and Level 3 includes significant unobservable inputs such as the Adviser’s own assumptions and broker evaluations in determining the fair value of investments. Of the Level 3 securities, those for which market values were not readily available or were deemed unreliable were fair valued as determined in good faith under procedures established by the Board of Directors. As of December 31, 2011, the following Portfolios held these types of Level 3 securities:


Portfolio	Number of Securities		Percent of Portfolio’s Net Assets
Partner Worldwide Allocation		2		0.18	%
Partner Growth Stock		9		1.19	%
High Yield		1		0.00	%
Partner Socially Responsible Bond		2		1.20	%

The valuation levels are not necessarily an indication of the risk associated with investing in these securities or other investments.

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 Portfolios, under the supervision of the Board of Directors, evaluate the impacts of these events and may adjust the valuation of foreign

350

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011

securities to reflect the fair value as of the close of the U.S. markets. The Board of Directors has authorized the Adviser to make fair valuation determinations pursuant to policies approved by the Board of Directors.

(B) Foreign Currency Translation – The accounting records of each Portfolio 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 Portfolios do not separately report the effect of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized and unrealized gain or loss from investments in the Statement of Operations.

For federal income tax purposes, the Portfolios treat the effect of changes in foreign exchange rates arising from actual foreign currency transactions and the changes in foreign exchange rates between the trade date and settlement date as ordinary income.

(C) Foreign Currency Forward Contracts – In connection with purchases and sales of securities denominated in foreign currencies all Portfolios, except Money Market Portfolio, may enter into foreign currency forward contracts. Additionally, the Portfolios may enter into such contracts to hedge certain other foreign-currency-denominated investments. These contracts are recorded at value and the related realized and change in 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 Portfolios 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 Portfolio is exposed to counterparty risk equal to the discounted net amount of payments to the Portfolio. During the year ended December 31, 2011, Aggressive Allocation Portfolio, Moderately Aggressive Allocation Portfolio, Moderate Allocation Portfolio, Moderately Conservative Allocation Portfolio, Partner Healthcare Portfolio, Partner Natural Resources Portfolio, Partner Emerging Markets Portfolio, Real Estate Securities Portfolio, Partner Utilities Portfolio, Partner Small Cap Value Portfolio, Small Cap Stock Portfolio, Partner Worldwide Allocation Portfolio, Partner International Stock Portfolio, Partner All Cap Value Portfolio, Partner Growth Stock Portfolio, High Yield Portfolio, Diversified Income Plus Portfolio and Income Portfolio 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 Portfolios may also invest in securities of companies located in emerging markets. Future economic or political developments could adversely affect the liquidity or value, or both, of such securities.

(E) Federal Income Taxes – No provision has been made for income taxes because each Portfolio’s policy is to qualify as a regulated investment company under the Internal Revenue Code and distribute substantially all investment company taxable income and net capital gain on a timely basis. It is also the intention of each Portfolio to distribute an amount sufficient to avoid imposition of any federal excise tax. The Portfolios, accordingly, anticipate paying no federal taxes and no federal tax provision was recorded. Each Portfolio is treated as a separate taxable entity for federal income tax purposes. Certain Portfolios may utilize earnings and profits distributed to shareholders on the redemption of shares as part of the dividends paid deduction.

Foreign Income Taxes – Certain Portfolios are subject to foreign income taxes imposed by certain countries in which they invest. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates. These amounts are shown as foreign dividend tax withholding in the Statement of Operations. The Portfolios pay tax on foreign capital gains, where applicable. These amounts are shown as part of net realized gains/(losses) on investments in the Statement of Operations.

GAAP requires management of the Portfolios to make additional tax disclosures with respect to the tax effects of certain income tax positions, whether those positions were taken on previously filed tax returns or are expected to be taken on future returns. These positions must meet a “more likely than not” standard that, based on the technical merits of the position, would have a greater than 50 percent likelihood of being sustained upon examination. In evaluating whether a tax position has met the more-likely-than-not recognition threshold, management of the Portfolio must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information.

351

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011

Management of the Portfolios analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions. Open tax years are those that are open for examination by taxing authorities. Major jurisdictions for the Portfolios include U.S. Federal, Minnesota, and Wisconsin, as well as certain foreign countries. As of December 31, 2011, open U.S. Federal, Minnesota, and Wisconsin tax years include the tax years ended December 31, 2008, through 2011. Additionally, as of December 31, 2011, the tax year ended December 31, 2007, is open for Wisconsin. The Portfolios have no examinations in progress and none are expected at this time.

As of December 31, 2011, management of the Portfolios has reviewed all open tax years and major jurisdictions and concluded that there is no effect to the Portfolios’ tax liability, financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits related to uncertain income tax positions taken or expected to be taken in future tax returns. The Portfolios are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

(F) Expenses and Income – Estimated expenses are accrued daily. The Portfolios are charged for those expenses that are directly attributable to them. Expenses that are not directly attributable to a Portfolio are allocated among all appropriate Portfolios in proportion to their respective net assets, number of shareholder accounts or other reasonable basis.

Interest income is accrued daily including accretion of market discount and original issue discount and amortization of premium. Paydown gains and losses on mortgage- and asset-backed securities are recorded as components of interest income. Dividend income is recorded on the ex-dividend date.

For certain securities, including real estate investment trusts, the Fund records distributions received in excess of income as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available. Actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions as adjustments to investment income, unrealized appreciation/depreciation and realized gain/loss on investments as necessary, once the issuers provide information about the actual composition of the distributions.

(G) Custody Earnings Credit – The Portfolios have a deposit arrangement with the custodian whereby interest earned on uninvested cash balances is used to pay a portion of custodian fees. This deposit arrangement is an alternative to overnight investments. Earnings credits are shown as a reduction of total expenses on the Statement of Operations.

(H) Distributions to Shareholders – Dividends and capital gain distributions are recorded on the ex-dividend date. With the exception of Money Market Portfolio, net realized gains from securities transactions, if any, are paid at least annually after the close of the fiscal year. Any Portfolio subject to excise tax would require an additional distribution prior to the close of the fiscal year.

Dividends are declared and reinvested daily for High Yield Portfolio, Partner Socially Responsible Bond Portfolio, Income Portfolio, Bond Index Portfolio, Limited Maturity Bond Portfolio and Mortgage Securities Portfolio; declared daily and reinvested monthly for Money Market Portfolio; and declared and reinvested at least annually for all other Portfolios.

(I) Options – All Portfolios, with the exception of Money Market Portfolio, may buy put and call options and write put and covered call options. The Portfolios 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 Portfolios 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 Portfolio will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds upon sale for a written call option or the cost of a security for purchased put and call options is adjusted by the amount of premium received or paid.

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

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Notes to Financial Statements

As of December 31, 2011

the counterparty. Risks of loss may exceed amounts recognized on the Statement of Assets and Liabilities. During the year ended December 31, 2011, Aggressive Allocation Portfolio, Moderately Aggressive Allocation Portfolio, Moderate Allocation Portfolio, Moderately Conservative Allocation Portfolio and Mortgage Securities Porfolio engaged in over-the-counter options. Partner All Cap Growth Portfolio, Large Cap Growth Portfolio, Large Cap Stock Portfolio, Equity Income Plus Portfolio, Diversified Income Plus Portfolio, Income Portfolio, Limited Maturity Bond Portfolio and Mortgage Securities Portfolio engaged in exchange-traded options.

(J) Futures Contracts – Certain Portfolios may use futures contracts to manage the exposure to interest rate and market or currency fluctuations. Gains or losses on futures contracts can offset changes in the yield of securities. When a futures contract is opened, cash or other investments equal to the required “initial margin deposit” are held on deposit with and pledged to the broker. Additional securities held by the Portfolios may be earmarked to cover open futures contracts. The futures contract’s daily change in value (“variation margin”) is either paid to or received from the broker, and is recorded as an unrealized gain or loss. When the contract is closed, realized gain or loss is recorded equal to the difference between the value of the contract when opened and the value of the contract when closed. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities. Exchange-traded futures have no significant counterparty risk as the exchange guarantees the contracts against default. During the year ended December 31, 2011, Aggressive Allocation Portfolio, Moderately Aggressive Allocation Portfolio, Moderate Allocation Portfolio, Moderately Conservative Allocation Portfolio, Small Cap Stock Portfolio, Small Cap Index Portfolio, Mid Cap Index Portfolio, Partner Worldwide Allocation Portfolio, Large Cap Stock Portfolio, Large Cap Index Portfolio, Equity Income Plus Portfolio, Balanced Portfolio, High Yield Portfolio, Diversified Income Plus Portfolio, Partner Socially Responsible Bond Portfolio, Income Portfolio, Limited Maturity Bond Portfolio and Mortgage Securities Portfolio engaged in this type of investment.

(K) Swap Agreements – Certain Portfolios 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 Portfolio is contractually obligated to make, or in the case of the counterparty defaulting, the net amount of payments that the Portfolio is contractually entitled to receive. Risks of loss may exceed amounts recognized on the Statement of Assets and Liabilities. If there is a default by the counterparty, the Portfolio may have contractual remedies pursuant to the agreements related to the transaction. The contracts are valued daily and unrealized appreciation or depreciation is recorded. Swap agreements are valued at fair value of the contract as provided by an independent pricing service. The pricing service takes into account such factors as swap curves, default probabilities, recent trades, recovery rates and other factors it deems relevant in determining valuations. The Portfolio accrues for the periodic payment and amortizes upfront payments, if any, on swap agreements on a daily basis with the net amount recorded as realized gains or losses on the Statement of Operations. Receipts and payments received or made as a result of a credit event or termination of the contract are also recognized as realized gains or losses on the Statement of Operations. Collateral, in the form of cash or securities, may be required to be held with the Portfolio’s custodian, or a third party, in connection with these agreements. These swap agreements are over-the-counter and the Portfolio is exposed to counterparty risk, which is the discounted net amount of payments owed to the Portfolio. This risk is partially mitigated by the Portfolio’s collateral posting requirements. As the swap increases in value to the Portfolio, the Portfolio receives collateral from the counterparty.

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

Certain Portfolios enter into credit default derivative contracts directly through credit default swaps (CDS) or through credit default swap indices (CDX Indices). CDX Indices are static pools of equally weighted credit default swaps referencing corporate bonds and/or loans designed to provide diversified credit exposure to these asset classes. Portfolios sell default protection and assume long-risk

353

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011

positions in individual credits or indices. Index positions are entered into to gain exposure to the corporate bond and/or loan markets in a cost-efficient and diversified structure. In the event that a position defaults, by going into bankruptcy and failing to pay interest or principal on borrowed money, within any given CDX Index held, the maximum potential amount of future payments required would be equal to the pro-rata share of that position within the index based on the notional amount of the index. In the event of a default under a CDS contract, the maximum potential amount of future payments would be the notional amount. For CDS, the default events could be bankruptcy and failing to pay interest or principal on borrowed money or a restructuring. A restructuring is a change in the underlying obligations which would include reduction in interest or principal, maturity extension and subordination to other obligations. Refer to the credit default swap tables located within the Portfolios’ Schedules of Investments for additional information as of December 31, 2011. During the year ended December 31, 2011, Aggressive Allocation Portfolio, Moderately Aggressive Allocation Portfolio, Moderate Allocation Portfolio, Moderately Conservative Allocation Portfolio, Partner Worldwide Allocation Portfolio, High Yield Portfolio, Diversified Income Plus Portfolio, Income Portfolio and Limited Maturity Bond Portfolio engaged in these types of investments.

(L) Mortgage Dollar Roll Transactions – Certain Portfolios enter into dollar roll transactions on securities issued or to be issued by the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation, in which the Portfolios transfer mortgage securities to a counterparty and simultaneously agree to the return of similar (same type and coupon) securities at a later date at an agreed upon price. The Portfolios maintain liquid securities having a value not less than the agreed upon price (including accrued interest) for such dollar rolls. The value of the securities that the Portfolios are required to accept on return may decline below the agreed upon price of those securities.

During the term of the agreement, the Portfolios forgo principal and interest paid on the mortgage securities transferred. The Portfolios are compensated from negotiated fees paid by brokers offered as an inducement to the Portfolios to "roll over" their commitments, thus enhancing the yield. Mortgage dollar rolls may be renewed with a new return date and agreed upon price and a cash settlement made on settlement date without physical delivery of the securities subject to the contract. The fees received are recognized over the roll period and are included in Income from mortgage dollar rolls in the Statement of Operations. The recognition of the gains/losses are deferred until the closing of the roll and are included in Net realized gains/(losses) in the Statement of Operations. During the year ended December 31, 2011, Aggressive Allocation Portfolio, Moderately Aggressive Allocation Portfolio, Moderate Allocation Portfolio, Moderately Conservative Allocation Portfolio, Balanced Portfolio, Diversified Income Plus Portfolio, Income Portfolio, Bond Index Portfolio, Limited Maturity Bond Portfolio and Mortgage Securities Portfolio engaged in this type of transaction.

(M) Securities Lending – The Fund has entered into a Securities Lending Agreement (the “Agreement”) with Deutsche Bank AG (“Deutsche”). The Agreement authorizes Deutsche to lend securities to authorized borrowers on behalf of the Portfolios. Pursuant to the Agreement, all loaned securities are initially collateralized by cash equal to at least 102% of the value of the loaned securities. All cash collateral received is invested in Thrivent Financial Securities Lending Trust. The Portfolios receive dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. Amounts earned on investments in Thrivent Financial Securities Lending Trust, net of rebates, fees paid to Deutsche for services provided and any other securities lending expenses, are included in Income from securities loaned on the Statement of Operations. By investing any cash collateral it receives in these transactions, a Portfolio could realize additional gains or losses. If the borrower fails to return the securities or the invested collateral has declined in value, the Portfolio could lose money.

During the year ended December 31, 2011, all Portfolios except Aggressive Allocation Portfolio, Moderately Aggressive Allocation Portfolio, Moderate Allocation Portfolio, Moderately Conservative Allocation Portfolio, Partner Healthcare Portfolio, Partner Natural Resources Portfolio, Partner Emerging Markets Portfolio, Partner Utilities Portfolio, Partner Worldwide Allocation Portfolio, Partner Socially Responsible Stock Portfolio, Partner All Cap Growth Portfolio, Partner All Cap Value Portfolio, Equity Income Plus Portfolio, Partner Socially Responsible Bond Portfolio, Mortgage Securities Portfolio and Money Market Portfolio had securities on loan. As of December 31, 2011, the value of securities on loan is as follows:


Portfolio	Securities on Loan
Partner Technology	$	3,578,307
Partner Small Cap Growth		19,839,850
Partner Small Cap Value		14,374,031
Small Cap Stock		2,294,584
Small Cap Index		15,456,976
Mid Cap Growth II		16,944
Partner Mid Cap Value		3,592,368
Mid Cap Stock		9,539,944
Mid Cap Index		3,225,956
Partner International Stock		35,131,290
Partner Growth Stock		1,598,368
Large Cap Value		6,047,947
Large Cap Stock		1,228,527
Large Cap Index		1,201,566

354

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011


Portfolio	Securities on Loan
Balanced		1,669,833
High Yield		48,860,126
Diversified Income Plus		4,604,450
Income		26,506,868
Bond Index		4,032,722
Limited Maturity Bond		86,022,268

(N) When Issued and Delayed Delivery Transactions – Certain Portfolios may purchase or sell securities on a when-issued or delayed delivery basis. These transactions involve a commitment by a Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed delivery purchases are outstanding, a Portfolio will designate liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed delivery basis, a Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. A Portfolio may dispose of a delayed delivery transaction after it is entered into, and may sell when-issued securities before they are delivered, which may result in a capital gain or loss. When a Portfolio has sold a security on a delayed delivery basis, a Portfolio does not participate in future gains and losses with respect to the security.

(O) Treasury Inflation Protected Securities – Certain Portfolios may invest in treasury inflation protected securities (TIPS). These securities are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate is generally fixed at issuance. Interest is paid based on the principal value, which is adjusted for inflation. Any increase in the principal amount will be included as taxable interest in the Statement of Operations and received upon maturity or sale of the security. During the year ended December 31, 2011, Aggressive Allocation Portfolio, Moderately Aggressive Allocation Portfolio, Moderate Allocation Portfolio, Moderately Conservative Allocation Portfolio, Balanced Portfolio, Income Portfolio, Bond Index Portfolio, Limited Maturity Bond Portfolio and Mortgage Securities Portfolio engaged in this type of investment.

(P) Repurchase Agreements – Each Portfolio may engage in repurchase agreement transactions in pursuit of its investment objective. A repurchase agreement consists of a purchase and a simultaneous agreement to resell an investment for later delivery at an agreed upon price and rate of interest. The Portfolio uses a third-party custodian to maintain the collateral. If the original seller of a security subject to a repurchase agreement fails to repurchase the security at the agreed upon time, the Portfolio could incur a loss due to a drop in the value of the security during the time it takes the Portfolio to either sell the security or take action to enforce the original seller’s agreement to repurchase the security. Also, if a defaulting original seller filed for bankruptcy or became insolvent, disposition of such security might be delayed by pending legal action. The Portfolio may only enter into repurchase agreements with banks and other recognized financial institutions such as broker/dealers that are found by the Adviser or subadviser to be creditworthy. During the year ended December 31, 2011, Aggressive Allocation Portfolio, Moderately Aggressive Allocation Portfolio, Moderate Allocation Portfolio, Moderately Conservative Allocation Portfolio, Real Estate Securities Portfolio, Partner International Stock Portfolio, Large Cap Growth Portfolio, Large Cap Value Portfolio, Large Cap Stock Portfolio, High Yield Portfolio, Income Portfolio and Limited Maturity Bond Portfolio engaged in this type of investment.

(Q) Equity-Linked Structured Securities – Certain Portfolios may invest in equity-linked structured notes. Equity-linked structured notes are debt securities which combine the characteristics of common stock and the sale of an option. The return component is based upon the performance of a single equity security, a basket of equity securities, or an equity index and the sale of an option. There is no guaranteed return of principal with these securities. The appreciation potential of these securities may be limited by a maximum payment or call right and can be influenced by many unpredictable factors. In addition to the performance of the equity, the nature and credit of the issuer may also impact return. During the year ended December 31, 2011, High Yield Porfolio, Diversified Income Plus Portfolio, Income Portfolio and Limited Maturity Bond Portfolio engaged in this type of investment.

(R) Credit Risk – The Portfolios may be susceptible to credit risk to the extent the issuer or counterparty defaults on its payment obligation. The Portfolios’ policy is to monitor the creditworthiness of the issuers. Interest receivable on defaulted securities is monitored for the ability to collect payments in default and adjusted accordingly.

(S) Accounting Estimates – The preparation of financial statements in conformity with GAAP 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.

(T) Loan Commitments – Certain Portfolios may enter into loan commitments, which generally have interest rates which are reset daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the

355

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011

certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders. Loan commitments often require prepayments from excess cash flows or allow the borrower to repay at its election. The rate at which the borrower repays cannot be predicted with accuracy. Therefore, the remaining maturity may be considerably less than the stated maturity shown in the Schedule of Investments.

All or a portion of these loan commitments may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. Therefore, the Portfolio must have funds sufficient to cover its contractual obligation. These unfunded loan commitments, which are marked-to-market daily, are presented in the Schedule of Investments.

(U) Loss Contingencies – High Yield Portfolio and Income Portfolio are defendants in an adversary action filed on July 31, 2009 by the Official Committee of Unsecured Creditors of Motors Liquidation Company, formerly known as General Motors Corporation (GM), against prior and current holders of term loan debt of GM. The suit seeks to determine whether GM’s term loan facility was secured at the time it entered bankruptcy. High Yield Portfolio at one time held term loans in an original principal amount of at least $4,627,531 and, if the plaintiffs are successful, it is reasonably possible that the Portfolio will be required to make payments in some amount. Management does not believe it is possible at this time to predict with any reasonable certainty the amount or probability of any potential loss.

Balanced Portfolio and Large Cap Index Portfolio are named in a class of over 3,000 shareholder defendants in an adversary action filed in federal court on November 1, 2010 by the Official Committee of Unsecured Creditors of Tribune Company (“Tribune”). The suit seeks to determine whether stock repurchases of Tribune stock in connection with a leveraged buyout of Tribune in 2007 (the “LBO Transaction”) were fraudulent transactions that can be voided requiring repurchase payments to be returned to the Tribune bankruptcy estate. Balanced Portfolio and Large Cap Index Portfolio tendered Tribune stock in the LBO Transaction in exchange for $115,600 and $219,300 respectively. If the plaintiffs are successful, it is reasonably possible that these Portfolios would be required to return payments in some amount. Management does not believe it is possible at this time to predict with any reasonable certainty the amount or probability of any potential loss.

Balanced Portfolio and Large Cap Index Portfolio are defendants in an adversary action filed in the state of Minnesota on June 2, 2011 by the successor trustees of certain series of debt securities issued by Tribune Company (“Tribune”). The suit seeks to determine whether stock repurchases of Tribune stock in connection with a leveraged buyout of Tribune in 2007 (the “LBO Transaction”) were fraudulent transactions that can be voided requiring repurchase payments to be returned to the holders of certain notes issued by Tribune prior to the LBO Transaction. Balanced Portfolio and Large Cap Index Portfolio tendered Tribune stock in the LBO Transaction in exchange for $115,600 and $219,300 respectively. If the plaintiffs are successful, it is reasonably possible that these Portfolios would be required to return payments in some amount. Management does not believe it is possible at this time to predict with any reasonable certainty the amount or probability of any potential loss.

Mid Cap Index Portfolio is a potential defendant in an adversary action filed on October 22, 2010 by the trustee of the LB Creditor Trust (“Trustee”). The suit seeks to determine whether certain pre-bankruptcy distributions in December 2007 by Lyondell Chemical Company (“Lyondell”) to its shareholders were fraudulent transactions that can be voided and repaid to Lyondell’s creditors. Mid Cap Index Portfolio owned shares of Lyondell stock before the merger. On December 21, 2007, Mid Cap Index Portfolio tendered its shares of Lyondell for $1,542,720.

(V) Litigation – Awards from class action litigation are recorded as a reduction of cost if the Portfolio still owns the applicable securities on the payment date. If the Portfolio no longer owns the applicable securities, the proceeds are recorded as realized gains.

(W) Recent Accounting Pronouncements – In May 2011, FASB released Accounting Standards Update 2011-04 (ASU 2011-04), Fair Value Measurement (Topic 820), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (IFRSs). This updated standard is a collaboration between FASB and International Accounting Standards Board (IASB) to ensure that fair value has the same meaning in U.S. GAAP and in IFRSs and that their respective fair value measurement and disclosure requirements are materially the same. The amendments adopted include additional disclosures about transfers between Level 1 and Level 2 of the fair value hierarchy and information about the sensitivity of the fair value measurement of the Level 3 assets to changes in unobservable inputs and any interrelationships between those unobservable inputs. The disclosures required by ASU 2011-04 will be in effective for any reporting period (annual or quarterly interim) beginning after December 15, 2011. Management is currently evaluating the application of ASU 2011-04 and its impact, if any, on the Fund’s financial statements.

356

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011

(X) In-kind Redemptions – During the year ended December 31, 2011, the Thrivent Asset Allocation Portfolios, as the shareholders of underlying Thrivent Series Funds (the “underlying portfolios”), redeemed their shares in-kind (“in-kind redemption”). The underlying portfolios distributed portfolio securities rather than cash as payment for the redemption of these fund shares. For financial reporting purposes, the underlying funds recognize gain on these transactions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; they recognize a loss if the cost exceeds the value. Gains or losses on in-kind redemptions are not recognized for tax purposes. The realized gains or losses below are included in the Statement of Operations of the underlying portfolios as net realized gains/losses on in-kind redemptions. The in-kind amounts and shares redeemed are included in the Capital Stock Transactions of the Statement of Changes in Net Assets of the underlying portfolios. These in-kind transactions were conducted at market value. The transactions were as follows:


Underlying Portfolio	Underlying Shares Redeemed		Date		In-kind Amount		Realized Gain/(Loss)
Aggressive Allocation Portfolio
Real Estate Securities		810,212		10/17/2011	$	11,301,165	($	1,195,433	)
Mid Cap Growth II		4,438,418		11/11/2011		42,486,309		6,007,001
Large Cap Growth II		3,733,062		11/21/2011		23,161,040		(1,897,783	)
Moderately Aggressive Allocation Portfolio
Real Estate Securities		5,203,112		10/17/2011	$	72,575,081	$	1,481,061
Mid Cap Growth II		6,718,565		11/11/2011		64,312,796		16,763,029
Large Cap Growth II		22,733,298		11/21/2011		141,044,198		(6,185,156	)
Moderate Allocation Portfolio
Real Estate Securities		6,860,851		10/17/2011	$	95,697,896	$	21,151,702
Mid Cap Growth II		2,823,662		11/11/2011		27,029,220		8,325,290
Large Cap Growth II		22,153,231		11/21/2011		137,445,293		2,311,946
Moderately Conservative Allocation Portfolio
Real Estate Securities		1,980,171		10/17/2011	$	27,620,215	$	10,646,581
Large Cap Growth II		5,430,788		11/21/2011		33,694,238		1,813,262

(Y) Other – For financial statement purposes, investment security transactions are accounted for on the trade date. Realized gains and losses from investment transactions are determined on a specific cost identification basis, which is the same basis used for federal income tax purposes.

357

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011

(3) FEES AND COMPENSATION PAID TO AFFILIATES

(A) Investment Advisory Fees – The Fund has entered into an Investment Advisory Agreement with Thrivent Financial, the Adviser. Under the Investment Advisory Agreement, each of the Portfolios pays a fee for investment advisory services. The fees are accrued daily and paid monthly.

The four Asset Allocation Portfolios – Aggressive Allocation Portfolio, Moderately Aggressive Allocation Portfolio, Moderate Allocation Portfolio and Moderately Conservative Allocation Portfolio – pay investment advisory fees for asset allocation services. In addition, for investments (other than underlying Thrivent Portfolios) held directly by the Asset Allocation Portfolios, each Asset Allocation Portfolio will pay an additional advisory fee. The annual rates of fees as a percentage of average daily net assets under the Investment Advisory Agreement are as follows:


Portfolio (M – Millions)	$0 to $500M			$500 to $2,000M			Over $2,000M
Aggressive Allocation		0.150	%		0.125	%		0.100	%
Aggressive Allocation – Direct Holdings		0.600	%		0.600	%		0.600	%
Moderately Aggressive Allocation		0.150	%		0.125	%		0.100	%
Moderately Aggressive Allocation – Direct Holdings		0.550	%		0.550	%		0.550	%
Moderate Allocation		0.150	%		0.125	%		0.100	%
Moderate Allocation – Direct Holdings		0.500	%		0.500	%		0.500	%
Moderately Conservative Allocation		0.150	%		0.125	%		0.100	%
Moderately Conservative Allocation – Direct Holdings		0.450	%		0.450	%		0.450	%

For all other Portfolios, the annual rates of fees as a percent of average daily net assets under the Investment Advisory Agreement were as follows:


Portfolio (M - Millions)	$0 to $50M			$50 to $200M			$200 to $250M			$250 to $500M			$500 to $750M			$750 to $1,000M			$1,000 to $1,500M			$1,500 to $2,000M			$2,000 to $2,500M			$2,500 to $5,000M			Over $5,000M
Partner Technology		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%
Partner Healthcare		0.950	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%
Partner Natural Resources		0.750	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%
Partner Emerging Markets		1.200	%		1.070	%		1.070	%		1.070	%		1.070	%		1.070	%		1.070	%		1.070	%		1.070	%		1.070	%		1.070	%
Real Estate Securities		0.800	%		0.800	%		0.800	%		0.800	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%		0.750	%
Partner Utilities		0.750	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%		0.725	%
Partner Small Cap Growth		1.000	%		1.000	%		1.000	%		1.000	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%
Partner Small Cap Value		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%
Small Cap Stock		0.700	%		0.700	%		0.650	%		0.650	%		0.650	%		0.650	%		0.600	%		0.600	%		0.600	%		0.550	%		0.525	%
Small Cap Index		0.350	%		0.350	%		0.350	%		0.300	%		0.250	%		0.250	%		0.200	%		0.150	%		0.100	%		0.100	%		0.100	%
Mid Cap Growth II		0.900	%		0.900	%		0.900	%		0.900	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%		0.800	%
Mid Cap Growth		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%
Partner Mid Cap Value		0.750	%		0.750	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%
Mid Cap Stock		0.700	%		0.700	%		0.650	%		0.650	%		0.650	%		0.650	%		0.600	%		0.600	%		0.600	%		0.550	%		0.525	%
Mid Cap Index		0.350	%		0.350	%		0.350	%		0.300	%		0.250	%		0.250	%		0.200	%		0.150	%		0.100	%		0.100	%		0.100	%
Partner Worldwide Allocation		0.900	%		0.900	%		0.900	%		0.850	%		0.850	%		0.850	%		0.850	%		0.850	%		0.850	%		0.850	%		0.850	%
Partner International Stock		0.850	%		0.850	%		0.850	%		0.850	%		0.800	%		0.800	%		0.750	%		0.700	%		0.700	%		0.700	%		0.700	%
Partner Socially Responsible Stock		0.800	%		0.775	%		0.775	%		0.775	%		0.775	%		0.775	%		0.775	%		0.775	%		0.775	%		0.775	%		0.775	%
Partner All Cap Growth		0.950	%		0.950	%		0.950	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%
Partner All Cap Value		0.750	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%
Partner All Cap		0.950	%		0.950	%		0.950	%		0.950	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%		0.900	%
Large Cap Growth II		0.800	%		0.800	%		0.800	%		0.800	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%
Large Cap Growth		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%
Partner Growth Stock		0.800	%		0.800	%		0.800	%		0.800	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%		0.700	%
Large Cap Value		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%
Large Cap Stock		0.650	%		0.650	%		0.650	%		0.650	%		0.575	%		0.550	%		0.475	%		0.475	%		0.475	%		0.450	%		0.425	%
Large Cap Index		0.350	%		0.350	%		0.350	%		0.300	%		0.250	%		0.250	%		0.200	%		0.150	%		0.100	%		0.100	%		0.100	%
Equity Income Plus		0.650	%		0.650	%		0.650	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%		0.600	%
Balanced		0.350	%		0.350	%		0.350	%		0.300	%		0.300	%		0.300	%		0.300	%		0.300	%		0.300	%		0.300	%		0.300	%
High Yield		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%
Diversified Income Plus		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%

358

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011


Portfolio (M - Millions)	$0 to $50M			$50 to $200M			$200 to $250M			$250 to $500M			$500 to $750M			$750 to $1,000M			$1,000 to $1,500M			$1,500 to $2,000M			$2,000 to $2,500M			$2,500 to $5,000M			Over $5,000M
Partner Socially Responsible Bond		0.700	%		0.675	%		0.675	%		0.675	%		0.675	%		0.675	%		0.675	%		0.675	%		0.675	%		0.675	%		0.675	%
Income		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%
Bond Index		0.350	%		0.350	%		0.350	%		0.300	%		0.250	%		0.250	%		0.200	%		0.150	%		0.100	%		0.100	%		0.100	%
Limited Maturity Bond		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%
Mortgage Securities		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%		0.500	%
Money Market		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%		0.400	%

(B) Sub-Adviser Fees – The following subadvisory fees are charged as part of the total investment advisory fees stated in the table above. The subadvisory fees are borne directly by the Adviser and do not increase the overall fees paid by the Portfolio.

Partner Technology Portfolio

The Adviser has entered into a subadvisory agreement with Goldman Sachs Asset Management, LP (“GSAM”) for the performance of subadvisory services. The fee payable is equal to 0.45% of average daily net assets.

Partner Healthcare Portfolio

The Adviser has entered into a subadvisory agreement with Sectoral Asset Management, Inc. for the performance of subadvisory services. The fee payable is equal to 0.65% of the first $50 million of average daily net assets, 0.60% of the next $50 million, 0.40% of the next $150 million and 0.35% of average daily net assets over $250 million.

Partner Emerging Markets Portfolio

The Adviser has entered into a subadvisory agreement with Aberdeen Asset Management Investment Services Limited (“Aberdeen”) for the performance of subadvisory services. The fee payable is equal to 0.85% of the first $50 million of average daily net assets, 0.72% of the next $50 million and 0.68% of average daily net assets over $100 million. Thrivent Partner Worldwide Allocation Portfolio and Thrivent Partner Worldwide Allocation Fund are included in determining breakpoints for the assets managed by Aberdeen.

Partner Small Cap Growth Portfolio

The Adviser has entered into a subadvisory agreement with Turner Investment Partners, Inc. (“Turner”) for the performance of subadvisory services. For assets that are invested in companies that have market capitalizations that fall within the bottom half of the Russell 2000^® Growth Index (the “microcap portion”), the fee payable is equal to 0.80% of the average daily net assets in that microcap portion. For all other assets, the fee payable is equal to 0.65% of the average daily net assets when the entire portfolio assets (including the microcap portion) are no greater than $100 million, 0.60% of the average daily net assets when the entire portfolio assets are greater than $100 million but no greater than $350 million, and 0.575% of the average daily net assets when the entire portfolio assets are greater than $350 million. Thrivent Partner Small Cap Growth Fund (including the microcap portion of that Fund) is included in determining breakpoints for the assets managed by Turner.

Partner Small Cap Value Portfolio

The Adviser has entered into a subadvisory agreement with T. Rowe Price Associates, Inc. for the performance of subadvisory services. The fee payable is equal to 0.60% of average daily net assets.

Partner Mid Cap Value Portfolio

The Adviser has entered into a subadvisory agreement with GSAM for the performance of subadvisory services. The fee payable is equal to 0.50% of average daily net assets for the first $200 million and 0.45% for assets over $200 million. Thrivent Partner Mid Cap Value Fund is included in determining breakpoints for the assets managed by GSAM. Partner Worldwide Allocation Portfolio The Adviser has entered into subadvisory agreements with Mercator Asset Management, LP (“Mercator”), Principal Global Investors, LLC (“Principal”), Aberdeen, Victory Capital Management, Inc. (“Victory”) and GSAM for the performance of subadvisory services.

The fee payable for Mercator is equal to 0.75% of the first $25 million of average daily net assets managed by Mercator, 0.60% of the next $25 million, 0.55% of the next $25 million, 0.50% of the next $225 million, 0.40% of the next $200 million and 0.20% of average daily net assets over $500 million. Thrivent Partner Worldwide Allocation Fund and Thrivent Partner International Stock Portfolio are included in determining breakpoints for the assets managed by Mercator.

The fee payable for Principal is equal to 0.35% of the first $500 million of average daily net assets managed by Principal, 0.30% of the next $500 million and 0.25% of average daily net assets over $1 billion. Thrivent Partner Worldwide Allocation Fund and Thrivent Partner International Stock Portfolio are included in determining breakpoints for the assets managed by Principal.

The fee payable for Aberdeen is equal to 0.85% of the first $50 million of average daily net assets managed by Aberdeen, 0.72% of the next $50 million and 0.68% of average daily net assets over $100 million. Thrivent Partner Emerging Markets Portfolio and Partner Worldwide Allocation Fund are

359

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011

included in determining breakpoints for the assets managed by Aberdeen.

The fee payable for Victory is equal to 0.95% of the first $25 million of average daily net assets, 0.85% of the next $75 million, 0.80% of the next $50 million, 0.75% of the next $100 million and 0.70% of average daily net assets over $250 million. Thrivent Partner Worldwide Allocation Fund is included in determining breakpoints for the assets managed by Victory.

The fee payable for GSAM is equal to 0.55% of the first $50 million of average daily net assets managed by GSAM, 0.50% of the next $200 million and 0.45% of average daily net assets over $250 million. Thrivent Partner Worldwide Allocation Fund is included in determining breakpoints for the assets managed by GSAM.

Partner International Stock Portfolio

The Adviser has entered into subadvisory agreements with Principal and Mercator for the performance of subadvisory services.

The fee payable for Mercator is equal to 0.75% of the first $25 million of average daily net assets managed by Mercator, 0.60% of the next $25 million, 0.55% of the next $25 million, 0.50% of the next $225 million, 0.40% of the next $200 million and 0.20% of average daily net assets over $500 million. Thrivent Partner International Stock Fund, Thrivent Partner Worldwide Allocation Portfolio and Thrivent Partner Worldwide Allocation Fund are included in determining breakpoints for the assets managed by Mercator.

The fee payable for Principal is equal to 0.35% of the first $500 million of average daily net assets managed by Principal, 0.30% of the next $500 million and 0.25% of average daily net assets over $1 billion. Thrivent Partner International Stock Fund, Thrivent Partner Worldwide Allocation Portfolio and Thrivent Partner Worldwide Allocation Fund are included in determining breakpoints for the assets managed by Principal.

Partner Socially Responsible Stock Portfolio

The Adviser has entered into a subadvisory agreement with Calvert Investment Management, Inc. (formally Calvert Asset Management Company, Inc.) (“Calvert”) for the performance of subadvisory services. The fee payable is equal to 0.50% of average daily net assets for the first $50 million, 0.475% for the next $50 million, 0.45% for the next $50 million, 0.425% of the next $100 million and 0.40% for assets over $250 million.

Partner All Cap Growth Portfolio

The Adviser has entered into a subadvisory agreement with Calamos Advisors LLC for the performance of subadvisory services. The fee payable is equal to 0.65% of average daily net assets.

Partner All Cap Value Portfolio

The Adviser has entered into a subadvisory agreement with OppenheimerFunds, Inc. for the performance of subadvisory services. The fee payable is equal to 0.45% of the first $50 million of average daily net assets, 0.40% of the next $200 million and 0.35% of average daily net assets over $250 million.

Partner All Cap Portfolio

The Adviser has entered into a subadvisory agreement with Pyramis Global Advisors, LLC (“Pyramis Advisors”) for the performance of subadvisory services. Pyramis Advisors is a wholly owned subsidiary of Fidelity Management & Research Corporation. The fee payable is equal to 0.60% of average daily net assets for the first $100 million, 0.55% for the next $400 million, 0.50% for the next $250 million and 0.45% for assets over $750 million.

Partner Growth Stock Portfolio

The Adviser has entered into a subadvisory agreement with T. Rowe Price Associates, Inc. for the performance of subadvisory services. The fee payable is equal to 0.40% of average daily net assets for the first $500 million and 0.35% for assets over $500 million.

Partner Socially Responsible Bond Portfolio

The Adviser has entered into a subadvisory agreement with Calvert for the performance of subadvisory services. The fee payable is equal to 0.40% of average daily net assets for the first $50 million, 0.375% for the next $50 million, 0.35% for the next $50 million, 0.325% of the next $100 million and 0.30% for assets over $250 million.

(C) Expense Reimbursements – As of December 31, 2011, the following voluntary expense reimbursements, as a percentage of net assets, were in effect:


Portfolio	Expense Reimbursement			Expiration Date
Partner Small Cap Growth		0.10	%		N/A
Mid Cap Growth II		0.30	%		N/A
Partner International Stock		0.08	%		N/A
Partner All Cap		0.20	%		N/A
Large Cap Growth II		0.15	%¹		N/A
Partner Growth Stock		0.10	%		N/A
Money Market		0.21	%²		N/A

¹	Prior expense reimbursement of 0.25% expired on April 30, 2011.

²	Thrivent Asset Mgt. has voluntarily agreed to reimburse certain portfolio level expenses of Thrivent Money Market Portfolio to the extent necessary in order to maintain a minimum annualized net yield of 0.00%.

360

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011

As of December 31, 2011, contractual expense reimbursements to limit expenses to the following percentages were in effect:


Portfolio	Expense Limit			Expiration Date
Aggressive Allocation		0.89	%¹		5/15/2011
Partner Healthcare		1.25	%²		4/30/2012
Partner Natural Resources		1.19	%		4/30/2012
Partner Emerging Markets		1.40	%³		4/30/2012
Partner Utilities		0.90	%		4/30/2012
Partner Worldwide Allocation		1.00	%		4/30/2012
Partner Socially Responsible Stock		0.98	%		4/30/2012
Partner All Cap Growth		1.00	%		4/30/2012
Partner All Cap Value		0.98	%		4/30/2012
Equity Income Plus		0.85	%		4/30/2012
Partner Socially Responsible Bond		0.68	%		4/30/2012

¹	All direct and indirect expenses are subject to the contractual expense limit.

²	Prior contractual expense limit of 1.39% expired on April 30, 2011.

³	Prior contractual expense limit of 1.50% expired on April 30, 2011.

Thrivent does not recoup amounts previously reimbursed or waived in prior fiscal years.

Each equity, hybrid and fixed income Portfolio may invest cash in High Yield Fund and Money Market Portfolio, subject to certain limitations. During the year ended December 31, 2011, Income Portfolio and Limited Maturity Bond Portfolio invested in High Yield Fund. During the year ended December 31, 2011, no Portfolios invested in Money Market Portfolio. These related-party transactions are subject to the same terms as non-related party transactions except that, to avoid duplicate investment advisory fees, Thrivent Financial reimburses an amount equal to the advisory fee which is charged to the Portfolio for its investment in High Yield Fund or Money Market Portfolio.

(D) Other Expenses – The Fund has entered into an accounting and administrative services agreement with the Adviser to provide certain accounting and administrative personnel and services to the Portfolios. For the year ended December 31, 2011, the Adviser received aggregate fees for accounting and administrative personnel and services of $7,402,519 from the Fund.

Each Director is eligible to participate in a deferred compensation plan with respect to fees received from the Fund. Participants in the plan may designate their deferred Director’s fees as if invested in any one of the portfolios of Thrivent Mutual Funds. The value of each Director’s deferred compensation account will increase or decrease as if it were invested in shares of the selected portfolios of Thrivent Mutual Funds. Their fees as well as the change in value are included in Director’s fees in the Statement of Operations. The deferred fees remain in the appropriate fund until distribution in accordance with the plan. The deferred fee liability, included in accrued expenses in the Statement of Assets and Liabilities, is unsecured.

Those Directors not participating in the above plan received $565,382 in fees from the Fund for the year ended December 31, 2011. In addition, the Fund reimbursed independent Directors for reasonable expenses incurred in relation to attendance at the meetings and industry conferences.

Certain officers and non-independent directors of the Fund are officers and directors of Thrivent Financial and Thrivent Life; however, they receive no compensation from the Fund.

(E) Indirect Expenses – Some Portfolios invest in other mutual funds. Fees and expenses of those underlying funds are not included in the Portfolios’ expense ratios. The Portfolios indirectly bear their proportionate share of the annualized weighted average expense ratio of the underlying funds in which they invest.

(4) TAX INFORMATION

Distributions are based on amounts calculated in accordance with applicable federal income tax regulations, which may differ from GAAP. To the extent that these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassifications.

On the Statement of Assets and Liabilities, as a result of permanent book-to-tax differences, reclassification adjustments were made as follows [Increase (Decrease)]:


Portfolio	Accumulated Net Investment Income/(Loss)			Accumulated Net Realized Gain/(Loss)			Capital Stock
Aggressive Allocation	$	830,953		$	(830,953	) $		—
Moderately Aggressive Allocation		2,078,608			(2,078,608	)		—
Moderate Allocation		1,159,142			(1,159,142	)		—
Moderately Conservative Allocation		(72,828	)		72,828			—
Partner Technology		69,648			—			(69,648	)
Partner Healthcare		(5,117	)		5,117			—
Partner Natural Resources		54,530			(54,530	)		—
Partner Emerging Markets		(8,387	)		8,387			—
Real Estate Securities		(494	)		(32,924,296	)		32,924,790
Partner Utilities		(7,722	)		7,722			—

361

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011


Portfolio	Accumulated Net Investment Income/(Loss)			Accumulated Net Realized Gain/(Loss)			Capital Stock
Partner Small Cap Growth		1,516,911			(1,284,051	)		(232,860	)
Partner Small Cap Value		110,102			(110,102	)		—
Small Cap Stock		269,201			8,424			(277,625	)
Small Cap Index		(13,041	)		13,041			—
Mid Cap Growth II		201,665			(34,805,106	)		34,603,441
Mid Cap Growth		9,480			(9,480	)		—
Partner Mid Cap Value		(10,961	)		10,961			—
Mid Cap Stock		(44,188	)		44,188			—
Partner Worldwide Allocation		(92,541	)		92,541			—
Partner International Stock		521,520			(521,520	)		—
Partner Socially Responsible Stock		(244	)		244			—
Partner All Cap Growth		34,228			—			(34,228	)
Partner All Cap Value		(633	)		633			—
Partner All Cap		45,087			(45,087	)		—
Large Cap Growth II		(867,071	)		(9,153,017	)		10,020,088
Large Cap Growth		(70,930	)		109,531,404			(109,460,474	)
Partner Growth Stock		110,829			996			(111,825	)
Large Cap Value		(28,709	)		28,709			—
Large Cap Stock		(12,688	)		12,688			—
Large Cap Index		(101,059	)		101,059			—
Equity Income Plus		(18,020	)		18,220			(200	)
Balanced		(54,759	)		54,759			—
High Yield		(457,965	)		344,085,464			(343,627,499	)
Diversified Income Plus		(231,690	)		73,690			158,000
Income		(904,258	)		904,258			—
Bond Index		35			(35	)		—
Limited Maturity Bond		(1,435,575	)		1,435,575			—
Money Market		3,050			(3,050	)		—

At December 31, 2011, the components of distributable earnings on a tax basis were as follows:


Portfolio	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain
Aggressive Allocation	$	8,474,435	$	20,858,286
Moderately Aggressive Allocation		42,258,689		29,976,332
Moderate Allocation		80,123,575		25,316,658
Moderately Conservative Allocation		44,927,476		11,650,410
Partner Healthcare		55,995		248,326
Partner Natural Resources		77,727		4,038,356
Partner Emerging Markets		252,692		239,345
Real Estate Securities		4,306,245		—
Partner Utilities		195,769		—
Partner Small Cap Value		1,706,505		—
Small Cap Index		1,510,323		15,713,467
Mid Cap Growth II		—		2,300,000
Mid Cap Growth		760,026		—
Partner Mid Cap Value		1,912,517		—
Mid Cap Stock		1,116,616		—
Mid Cap Index		712,523		7,728,514
Partner Worldwide Allocation		182,626		—
Partner International Stock		19,917,035		—
Partner Socially Responsible Stock		1,186		—
Partner All Cap Value		44,615		—
Partner All Cap		295,655		—
Large Cap Growth II		2,703,926		1,639,164
Large Cap Growth		265,318		—
Large Cap Value		13,341,407		—
Large Cap Stock		6,069,916		—
Large Cap Index		5,240,636		—
Equity Income Plus		1,504,441		—
Balanced		7,073,128		5,504,467
High Yield		520,280		—
Diversified Income Plus		5,482,226		—
Partner Socially Responsible Bond		269,930		72,641
Income		250,591		—
Bond Index		1,693,768		397,118
Limited Maturity Bond		179,322		—
Mortgage Securities		539,659		273,995

At December 31, 2011, the following Portfolios had accumulated net realized capital loss carryovers expiring as follows:


Portfolio	Capital Loss Carryover		Expiration Year
Partner Technology	$	4,459,684		2016
		2,198,564		2017

	$	6,658,248

Real Estate Securities		5,422,551		2017

	$	5,422,551

Partner Utilities		243,838		2016
		285,260		2017
		296,017		2018

	$	825,115

Partner Small Cap Growth		11,257,434		2017

	$	11,257,434

Partner Small Cap Value		2,378,572		2017

	$	2,378,572

Small Cap Stock		36,568,210		2017

	$	36,568,210

Mid Cap Growth		27,868,536		2017

	$	27,868,536

362

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011


Portfolio	Capital Loss Carryover		Expiration Year
Partner Mid Cap Value		3,299,792		2017

	$	3,299,792

Mid Cap Stock		28,879,374		2016
		27,996,719		2017

	$	56,876,093

Partner International Stock		62,173,678		2016
		186,079,623		2017

	$	248,253,301

Partner Socially Responsible Stock		372,232		2017
		14,165		2018

	$	386,397

Partner All Cap Growth		96,601		2017

	$	96,601

Partner All Cap Value		430,652		2017

	$	430,652

Partner All Cap		2,829,972		2016
		11,312,120		2017

	$	14,142,092

Large Cap Growth		163,432,783		2016
		185,657,815		2017

	$	349,090,598

Partner Growth Stock		3,322,166		2017

	$	3,322,166

Large Cap Value		137,096,888		2017

	$	137,096,888

Large Cap Stock		10,258,437		2016
		98,352,276		2017

	$	108,610,713

Large Cap Index		3,715,464		2017

	$	3,715,464

Equity Income Plus		1,483,204		2016
		5,497,079		2017

	$	6,980,283

High Yield		30,516,064		2012
		10,993,224		2013
		560,014		2014
		42,742,264		2016
		46,838,004		2017

	$	131,649,570

Diversified Income Plus		6,851,449		2016
		9,354,607		2017

	$	16,206,056

Income		17,759,581		2017

	$	17,759,581

Limited Maturity Bond		2,169,430		2016
		6,959,975		2017

	$	9,129,405

To the extent that these Portfolios realize future net capital gains, taxable distributions will be reduced by any unused capital loss carryovers as permitted by the Internal Revenue Code.

Capital losses generated during the year ending December 31, 2011 and later, will be subject to the provisions of the Regulated Investment Company Modernization Act of 2010 (the Act). The Act made several changes to the tax rules that impact the Portfolios. Under the Act, if the losses are not reduced by gains, the losses will be carried forward with no expiration and with the short-term or long-term character of the loss retained. Additionally, these capital losses must be fully utilized before those capital loss carryovers listed with noted expiration dates in the table above, which may make them more likely to expire unused. No new capital losses were generated during the year ending December 31, 2011.

During the fiscal year 2011, capital loss carryovers utilized by the Portfolios were as follows:


	Capital Loss
Portfolio	Carryover
Partner Technology		3,776,166
Partner Natural Resources		245,911
Partner Emerging Markets		836,629
Real Estate Securities		13,507,120
Partner Utilities		131,326
Partner Small Cap Growth		29,195,487
Partner Small Cap Value		3,243,122
Small Cap Stock		38,446,602
Mid Cap Growth		14,619,993
Partner Mid Cap Value		19,555,967
Mid Cap Stock		29,902,527
Partner Worldwide Allocation		10,601,730
Partner International Stock		36,957,830
Partner Socially Responsible Stock		220,068
Partner All Cap Growth		991,013
Partner All Cap Value		588,160
Partner All Cap		5,275,378
Large Cap Growth		88,825,021
Partner Growth Stock		6,686,142
Large Cap Value		46,283,016
Large Cap Stock		40,979,562
Large Cap Index		788,145
Equity Income Plus		2,955,420
High Yield		21,298,636
Diversified Income Plus		3,036,854
Income		34,772,686
Limited Maturity Bond		728,793

363

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011

In addition, the following capital loss carryovers expired during the fiscal year 2011: Large Cap Growth Portfolio, $109,531,404; High Yield Portfolio, $343,627,499. The following Portfolios deferred, on a tax basis, the following Post-October 2011 losses:


Portfolio	Post-October Loss
Partner Worldwide Allocation	$	3,057,155

These amounts are deferred for tax purposes, deemed to occur in the next fiscal year, and are subject to the provisions of the Regulated Investment Company Modernization Act of 2010. If the losses are not reduced by gains during the next fiscal year, the losses will be carried forward with no expiration and with the short-term or long-term character of the loss retained.

The tax character of distributions paid during the years ended December 31, 2011 and 2010 was as follows:


	Ordinary Income				Long-Term Capital Gain				Return of Capital
Portfolio	12/31/2011		12/31/2010		12/31/2011		12/31/2010		12/31/2011		12/31/2010
Aggressive Allocation	$	14,282,959	$	12,321,615	$	3,196,185	$	—	$	—	$	—
Moderately Aggressive Allocation		68,387,593		82,045,060		15,195,649		—		—		—
Moderate Allocation		111,192,082		122,452,842		31,660,803		—		—		—
Moderately Conservative Allocation		48,557,013		48,468,152		13,781,398		2,670,270		—		—
Partner Healthcare		58,257		285,849		535,514		—		—		—
Partner Natural Resources		24,409		19,477		—		—		—		—
Partner Emerging Markets		432,330		—		—		—		—		—
Real Estate Securities		—		8,680,000		—		—		—		—
Partner Utilities		188,302		150,229		—		—		—		—
Partner Small Cap Value		560,137		2,402,557		—		—		—		—
Small Cap Stock		—		107,303		—		—		—		—
Small Cap Index		1,738,716		1,688,689		5,929,388		—		—		—
Mid Cap Growth II		2,445,054		3,887,907		3,481,873		8,287,882		—		—
Mid Cap Growth		1,271,495		947,099		—		—		—		—
Partner Mid Cap Value		501,793		1,688,800		—		—		—		—
Mid Cap Stock		227,230		2,143,045		—		—		—		—
Mid Cap Index		714,334		915,779		5,251,300		—		—		—
Partner Worldwide Allocation		11,145,255		6,741,083		9,296,969		—		—		—
Partner International Stock		312,749		16,065,985		—		—		—		—
Partner Socially Responsible Stock		45		4,433		—		—		—		—
Partner All Cap Value		44,465		—		—		—		—		—
Partner All Cap		361,337		425,206		—		—		—		—
Large Cap Growth II		6,076,312		28,106,422		1,710,869		19,348,300		—		—
Large Cap Growth		4,952,199		5,477,772		—		—		—		—
Partner Growth Stock		—		10,928		—		—		—		—
Large Cap Value		178,536		10,382,197		—		—		—		—
Large Cap Stock		72,332		4,434,436		—		—		—		—
Large Cap Index		5,204,623		6,071,009		—		—		—		—
Equity Income Plus		238,167		1,091,095		—		—		—		—
Balanced		6,991,678		8,856,775		7,267,181		—		—		—
High Yield		60,572,233		64,046,375		—		—		—		—
Diversified Income Plus		5,830,693		4,650,351		—		—		—		—
Partner Socially Responsible Bond		232,005		380,002		—		117,450		—		—
Income		63,413,810		64,435,842		—		—		—		—
Bond Index		4,585,471		5,092,427		863,822		—		—		—
Limited Maturity Bond		32,036,799		39,165,559		—		—		—		—
Mortgage Securities		1,080,936		1,389,516		—		59,896		—		—

364

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011

(5) SECURITY TRANSACTIONS

(A) Purchases and Sales of Investment Securities – For the year ended December 31, 2011, the cost of purchases and the proceeds from sales of investment securities, other than U.S. Government and short-term securities, were as follows:


	In thousands
Portfolio	Purchases		Sales
Aggressive Allocation	$	358,279	$	451,728
Moderately Aggressive Allocation		1,137,944		1,344,489
Moderate Allocation		1,521,064		1,469,204
Moderately Conservative Allocation		630,916		467,843
Partner Technology		18,541		21,733
Partner Healthcare		13,100		12,010
Partner Natural Resources		46,513		37,668
Partner Emerging Markets		5,971		2,403
Real Estate Securities		45,075		51,284
Partner Utilities		8,831		7,803
Partner Small Cap Growth		210,087		214,365
Partner Small Cap Value		24,541		33,910
Small Cap Stock		221,496		259,968
Small Cap Index		26,526		55,838
Mid Cap Growth II		108,611		108,695
Mid Cap Growth		254,459		299,469
Partner Mid Cap Value		171,659		173,724
Mid Cap Stock		169,673		191,547
Mid Cap Index		13,561		27,720
Partner Worldwide Allocation		392,191		335,188
Partner International Stock		606,441		640,506
Partner Socially Responsible Stock		4,098		2,420
Partner All Cap Growth		11,499		9,914
Partner All Cap Value		9,791		9,783
Partner All Cap		71,502		79,848
Large Cap Growth II		549,729		537,814
Large Cap Growth		1,953,153		2,076,858
Partner Growth Stock		15,012		25,417
Large Cap Value		568,431		589,152
Large Cap Stock		814,952		804,143
Large Cap Index		12,574		51,282
Equity Income Plus		161,780		149,147
Balanced		17,434		40,804
High Yield		428,537		428,266
Diversified Income Plus		140,130		129,289
Partner Socially Responsible Bond		8,548		8,474
Income		895,534		891,654
Bond Index		22,157		22,504
Limited Maturity Bond		687,476		642,375
Mortgage Securities		282		3,052

Purchases and Sales of U.S. Government Securities were:


	In thousands
Portfolio	Purchases		Sales
Aggressive Allocation	$	72,038	$	60,872
Moderately Aggressive Allocation		468,696		335,800
Moderate Allocation		655,926		462,484
Moderately Conservative Allocation		460,569		276,679
Partner Worldwide Allocation		1,200		—
Balanced		356,860		367,813
Diversified Income Plus		8,085		4,714
Partner Socially Responsible Bond		11,662		11,387
Income		1,171,254		1,069,600
Bond Index		681,984		687,232
Limited Maturity Bond		832,530		639,735
Mortgage Securities		296,294		294,878

(B) Investments in Restricted Securities – Certain Portfolios may own restricted securities that have been deemed illiquid and were purchased in private placement transactions without registration under the Securities Act of 1933. Unless such securities subsequently become registered, they generally may be resold only in privately negotiated transactions with a limited number of purchasers. As of December 31, 2011, the following Portfolios held restricted securities:


Portfolio	Number of Securities		Percent of Portfolio’s Net Assets
Partner Growth Stock		10		1.45	%
Balanced		2		0.45	%
High Yield		5		2.23	%
Diversified Income Plus		1		0.49	%
Partner Socially Responsible Bond		5		2.95	%
Income		4		0.68	%
Bond Index		2		0.79	%
Limited Maturity Bond		6		1.45	%
Mortgage Securities		2		4.81	%

The Portfolios have no right to require registration of unregistered securities.

(C) Investments in High-Yielding Securities – High Yield Portfolio invests primarily in high-yielding fixed income securities. Each of the other Portfolios, except Money Market Portfolio, may also invest in high-yielding securities. These securities will typically be in lower rated categories or will be non-rated and generally will involve more risk than securities in higher rated 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 Portfolio’s hedging strategy unsuccessful and could result in a loss to the Portfolio. In the event that a liquid secondary market would not exist, the Portfolio could be prevented from entering into a closing transaction which could result in additional losses to the Portfolio.

365

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011

(E) Written Option Contracts – The number of contracts and premium amounts associated with covered call option contracts written during the year ended December 31, 2011, were as follows:


	Number of Contracts			Premium Amount
Aggressive Allocation
Balance at December 31, 2010		—		$	—
Opened		3			9,313
Closed		—			—
Expired		(1	)		(813	)
Exercised		(2	)		(8,500	)

Balance at December 31, 2011		—		$	—

Moderately Aggressive Allocation
Balance at December 31, 2010		—		$	—
Opened		6			23,281
Closed		—			—
Expired		(1	)		(2,031	)
Exercised		(5	)		(21,250	)

Balance at December 31, 2011		—		$	—

Moderate Allocation
Balance at December 31, 2010		—		$	—
Opened		7			27,938
Closed		—			—
Expired		(1	)		(2,438	)
Exercised		(6	)		(25,500	)

Balance at December 31, 2011		—		$	—

Moderately Conservative Allocation
Balance at December 31, 2010		—		$	—
Opened		3			9,313
Closed		—			—
Expired		(1	)		(813	)
Exercised		(2	)		(8,500	)

Balance at December 31, 2011		—		$	—

Large Cap Growth
Balance at December 31, 2010		—		$	—
Opened		4,520			681,226
Closed		(1,746	)		(309,961	)
Expired		(2,376	)		(307,358	)
Exercised		(398	)		(63,907	)

Balance at December 31, 2011		—		$	—

Large Cap Stock
Balance at December 31, 2010		300		$	126,750
Opened		3,315			1,407,023
Closed		(3,490	)		(1,489,020	)
Expired		(95	)		(27,703	)
Exercised		—			—

Balance at December 31, 2011		30		$	17,050

Equity Income Plus
Balance at December 31, 2010		50		$	21,125
Opened		3,552			1,394,772
Closed		(2,601	)		(1,198,918	)
Expired		(110	)		(35,540	)
Exercised		—			—

Balance at December 31, 2011		891		$	181,439

Diversified Income Plus
Balance at December 31, 2010		30		$	12,675
Opened		1,380			645,058
Closed		(1,320	)		(623,042	)
Expired		(60	)		(17,641	)
Exercised		—			—

Balance at December 31, 2011		30		$	17,050

Mortgage Securities
Balance at December 31, 2010		—		$	—
Opened		3			11,641
Closed		—			—
Expired		(1	)		(1,016	)
Exercised		(2	)		(10,625	)

Balance at December 31, 2011		—		$	—

(6) SECURITY TRANSACTIONS WITH AFFILIATED FUNDS

The Portfolios are permitted to purchase or sell securities from or to certain other Portfolios under specified conditions outlined in procedures adopted by the Board of Directors. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolio from or to another portfolio or fund that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Directors and/ or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is executed at the current market price. Pursuant to these procedures, during the year ended December 31, 2011, the Portfolios engaged in purchases and sales of securities of $19,583,679 and $22,354,851 respectively.

(7) SHARES OF BENEFICIAL INTEREST

The shares of each Portfolio have equal rights and privileges with all shares of that Portfolio. Shares in the Portfolio are currently sold only to separate accounts of Thrivent Financial, Thrivent Life and retirement plans sponsored by Thrivent Financial.

366

Thrivent Series Fund, Inc.

Notes to Financial Statements

As of December 31, 2011

Authorized capital stock consists of ten billion shares as follows:


Portfolio	Shares Authorized		Par Value
Aggressive Allocation		300,000,000	$	0.01
Moderately Aggressive Allocation		550,000,000		0.01
Moderate Allocation		850,000,000		0.01
Moderately Conservative Allocation		600,000,000		0.01
Partner Technology		100,000,000		0.01
Partner Healthcare		50,000,000		0.01
Partner Natural Resources		200,000,000		0.01
Partner Emerging Markets		150,000,000		0.01
Real Estate Securities		200,000,000		0.01
Partner Utilities		150,000,000		0.01
Partner Small Cap Growth		50,000,000		0.01
Partner Small Cap Value		150,000,000		0.01
Small Cap Stock		200,000,000		0.01
Small Cap Index		200,000,000		0.01
Mid Cap Growth II		200,000,000		0.01
Mid Cap Growth		200,000,000		0.01
Partner Mid Cap Value		50,000,000		0.01
Mid Cap Stock		200,000,000		0.01
Mid Cap Index		200,000,000		0.01
Partner Worldwide Allocation		200,000,000		0.01
Partner International Stock		250,000,000		0.01
Partner Socially Responsible Stock		100,000,000		0.01
Partner All Cap Growth		200,000,000		0.01
Partner All Cap Value		50,000,000		0.01
Partner All Cap		200,000,000		0.01
Large Cap Growth II		200,000,000		0.01
Large Cap Growth		300,000,000		0.01
Partner Growth Stock		100,000,000		0.01
Large Cap Value		200,000,000		0.01
Large Cap Stock		250,000,000		0.01
Large Cap Index		200,000,000		0.01
Equity Income Plus		200,000,000		0.01
Balanced		200,000,000		0.01
High Yield		300,000,000		0.01
Diversified Income Plus		200,000,000		0.01
Partner Socially Responsible Bond		50,000,000		0.01
Income		300,000,000		0.01
Bond Index		200,000,000		0.01
Limited Maturity Bond		450,000,000		0.01
Mortgage Securities		50,000,000		0.01
Money Market		1,200,000,000		0.01

(8) SUBSEQUENT EVENTS

Management of the Portfolios has evaluated the impact of subsequent events and, except as already included in the Notes to Financial Statements, has determined that no additional items require disclosure.

367

Thrivent Series Fund, Inc.

Financial Highlights


	FOR A SHARE OUSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)			Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
AGGRESSIVE ALLOCATION PORTFOLIO
Year Ended 12/31/2011	$	12.22	$	0.06		$	(0.52	)	$	(0.46	)	$	(0.16	)	$	(0.20	)
Year Ended 12/31/2010		10.66		0.10			1.72			1.82			(0.16	)		(0.10	)
Year Ended 12/31/2009		8.51		0.09			2.47			2.56			(0.41	)		—
Year Ended 12/31/2008		14.09		0.25			(5.34	)		(5.09	)		(0.18	)		(0.31	)
Year Ended 12/31/2007		13.01		0.13			1.09			1.22			(0.08	)		(0.06	)

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO
Year Ended 12/31/2011		11.89		0.12			(0.45	)		(0.33	)		(0.23	)		(0.14	)
Year Ended 12/31/2010		10.72		0.17			1.42			1.59			(0.25	)		(0.17	)
Year Ended 12/31/2009		8.64		0.17			2.37			2.54			(0.46	)		—
Year Ended 12/31/2008		13.48		0.33			(4.71	)		(4.38	)		(0.23	)		(0.23	)
Year Ended 12/31/2007		12.66		0.18			0.80			0.98			(0.11	)		(0.05	)

MODERATE ALLOCATION PORTFOLIO
Year Ended 12/31/2011		11.79		0.17			(0.28	)		(0.11	)		(0.26	)		(0.17	)
Year Ended 12/31/2010		10.82		0.22			1.21			1.43			(0.29	)		(0.17	)
Year Ended 12/31/2009		8.92		0.23			2.14			2.37			(0.47	)		—
Year Ended 12/31/2008		12.82		0.37			(3.83	)		(3.46	)		(0.27	)		(0.17	)
Year Ended 12/31/2007		12.22		0.24			0.58			0.82			(0.15	)		(0.07	)

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO
Year Ended 12/31/2011		11.66		0.18			(0.16	)		0.02			(0.25	)		(0.15	)
Year Ended 12/31/2010		10.91		0.23			0.97			1.20			(0.28	)		(0.17	)
Year Ended 12/31/2009		9.27		0.24			1.82			2.06			(0.42	)		—
Year Ended 12/31/2008		12.08		0.37			(2.80	)		(2.43	)		(0.29	)		(0.09	)
Year Ended 12/31/2007		11.69		0.27			0.39			0.66			(0.20	)		(0.07	)

PARTNER TECHNOLOGY PORTFOLIO
Year Ended 12/31/2011		7.11		(0.01	)		(0.90	)		(0.91	)		—			—
Year Ended 12/31/2010		5.69		(0.04	)		1.46			1.42			—			—
Year Ended 12/31/2009		3.63		(0.03	)		2.09			2.06			—			—
Year Ended 12/31/2008		8.24		—			(3.59	)		(3.59	)		—			(1.02	)
Year Ended 12/31/2007		7.67		(0.01	)		0.85			0.84			—			(0.27	)

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

*	All per share amounts have been rounded to the nearest cent.

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

368

Thrivent Series Fund, Inc.

Financial Highlights – continued


				RATIOS / SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

$	(0.36)	$	11.40		(3.93	)%	$	560.6		0.42	%		0.49	%		0.43	%		0.47	%		74	%
	(0.26)		12.22		17.53	%		587.1		0.34	%		0.95	%		0.39	%		0.90	%		68	%
	(0.41)		10.66		30.62	%		497.6		0.23	%		1.29	%		0.26	%		1.27	%		22	%
	(0.49)		8.51		(37.23	)%		354.3		0.20	%		2.45	%		0.20	%		2.45	%		30	%
	(0.14)		14.09		9.33	%		496.4		0.15	%		1.17	%		0.20	%		1.12	%		16	%


	(0.37)		11.19		(2.86	)%		2,659.6		0.33	%		1.22	%		0.33	%		1.22	%		64	%
	(0.42)		11.89		15.43	%		2,505.6		0.28	%		1.83	%		0.28	%		1.83	%		39	%
	(0.46)		10.72		29.80	%		1,983.0		0.20	%		2.41	%		0.20	%		2.41	%		17	%
	(0.46)		8.64		(33.40	)%		1,354.6		0.17	%		3.36	%		0.17	%		3.36	%		27	%
	(0.16)		13.48		7.74	%		1,780.8		0.13	%		1.86	%		0.17	%		1.82	%		18	%


	(0.43)		11.25		(1.02	)%		4,133.6		0.29	%		1.86	%		0.29	%		1.86	%		53	%
	(0.46)		11.79		13.68	%		3,569.4		0.26	%		2.51	%		0.26	%		2.51	%		30	%
	(0.47)		10.82		26.89	%		2,658.5		0.19	%		3.16	%		0.19	%		3.16	%		16	%
	(0.44)		8.92		(27.74	)%		1,811.6		0.17	%		3.91	%		0.17	%		3.91	%		22	%
	(0.22)		12.82		6.75	%		2,168.9		0.14	%		2.68	%		0.17	%		2.65	%		18	%


	(0.40)		11.28		0.20	%		2,055.3		0.31	%		2.14	%		0.31	%		2.14	%		46	%
	(0.45)		11.66		11.41	%		1,591.3		0.28	%		2.81	%		0.28	%		2.81	%		30	%
	(0.42)		10.91		22.53	%		1,075.4		0.22	%		3.41	%		0.22	%		3.41	%		16	%
	(0.38)		9.27		(20.61	)%		714.8		0.18	%		4.09	%		0.18	%		4.09	%		21	%
	(0.27)		12.08		5.59	%		756.9		0.17	%		3.36	%		0.19	%		3.34	%		13	%


	—		6.20		(12.83	)%		29.6		1.13	%		(0.21	)%		1.13	%		(0.21	)%		56	%
	—		7.11		25.00	%		36.3		1.15	%		(0.57	)%		1.15	%		(0.57	)%		54	%
	—		5.69		56.58	%		30.9		1.22	%		(0.67	)%		1.23	%		(0.68	)%		181	%
	(1.02)		3.63		(48.32	)%		24.3		0.89	%		(0.01	)%		0.91	%		(0.03	)%		269	%
	(0.27)		8.24		11.08	%		56.6		0.86	%		(0.14	)%		0.87	%		(0.15	)%		147	%

(b)

Total investment return assumes dividend reinvestment and does not reflect any deduction for sales charges. Not annualized for periods less than one year. Total return shown does not reflect charges and expenses imposed on contract holders by the variable accounts. Those charges and expenses reduce the return received by contract holders as compared to the return presented.

**	Computed on an annualized basis for periods less than one year.

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

369

Thrivent Series Fund, Inc.

Financial Highlights – continued


	FOR A SHARE OUSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)			Net Realized and Unrealized Gain/(Loss) on Investments^(a⁾			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments			Return of Capital
PARTNER HEALTHCARE PORTFOLIO
Year Ended 12/31/2011	$	12.08	$	0.03		$	(0.46	)	$	(0.43	)	$	—		$	(0.39	)	$	—
Year Ended 12/31/2010		11.08		(0.02	)		1.22			1.20			(0.02	)		(0.18	)		—
Year Ended 12/31/2009		8.94		0.02			2.12			2.14			—			—			—
Year Ended 12/31/2008 ^(c)		10.00		—			(1.05	)		(1.05	)		(0.01	)		—			—

PARTNER NATURAL RESOURCES PORTFOLIO
Year Ended 12/31/2011		9.56		0.02			(1.24	)		(1.22	)		(0.01	)		—			—
Year Ended 12/31/2010		8.23		—			1.34			1.34			(0.01	)		—			—
Year Ended 12/31/2009		5.72		0.01			2.50			2.51			—			—			—
Year Ended 12/31/2008 ^(c)		10.00		0.01			(4.28	)		(4.27	)		(0.01	)		—			—

PARTNER EMERGING MARKETS PORTFOLIO
Year Ended 12/31/2011		12.38		0.15			(1.48	)		(1.33	)		(0.13	)		—			—
Year Ended 12/31/2010		9.72		0.06			2.60			2.66			—			—			—
Year Ended 12/31/2009		5.59		0.04			4.13			4.17			(0.04	)		—			—
Year Ended 12/31/2008 ^(c)		10.00		0.06			(4.42	)		(4.36	)		(0.05	)		—			—

REAL ESTATE SECURITIES PORTFOLIO
Year Ended 12/31/2011 ^(d)		14.49		0.22			1.06			1.28			—			—			—
Year Ended 12/31/2010		11.67		0.22			2.99			3.21			(0.39	)		—			—
Year Ended 12/31/2009		9.34		0.29			2.44			2.73			(0.29	)		—			(0.11	)
Year Ended 12/31/2008		17.74		0.41			(6.35	)		(5.94	)		(0.74	)		(1.46	)		(0.26	)
Year Ended 12/31/2007		22.93		0.32			(3.84	)		(3.52	)		(0.30	)		(1.37	)		—

PARTNER UTILITIES PORTFOLIO
Year Ended 12/31/2011		8.10		0.13			0.60			0.73			(0.18	)		—			—
Year Ended 12/31/2010		7.76		0.18			0.33			0.51			(0.17	)		—			—
Year Ended 12/31/2009		6.93		0.18			0.65			0.83			—			—			—
Year Ended 12/31/2008 ^(c)		10.00		0.12			(3.08	)		(2.96	)		(0.11	)		—			—

PARTNER SMALL CAP GROWTH PORTFOLIO
Year Ended 12/31/2011		12.92		(0.08	)		(0.42	)		(0.50	)		—			—			—
Year Ended 12/31/2010		10.03		(0.07	)		2.96			2.89			—			—			—
Year Ended 12/31/2009		7.45		(0.03	)		2.62			2.59			(0.01	)		—			—
Year Ended 12/31/2008		13.94		0.01			(5.77	)		(5.76	)		—			(0.73	)		—
Year Ended 12/31/2007		13.58		(0.04	)		1.21			1.17			—			(0.81	)		—

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

^(c)	Since inception, April 30, 2008.

^(d)	Per share amounts have been calculated using the average shares outstanding method.

*	All per share amounts have been rounded to the nearest cent.

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

370

Thrivent Series Fund, Inc.

Financial Highlights – continued


				RATIOS / SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

$	(0.39)	$	11.26		(3.79	)%	$	18.0		1.30	%		0.24	%		1.64	%		(0.11	)%		66	%
	(0.20)		12.08		11.13	%		17.9		1.39	%		(0.15	)%		1.71	%		(0.47	)%		45	%
	—		11.08		23.83	%		13.3		1.39	%		0.19	%		2.10	%		(0.52	)%		80	%
	(0.01)		8.94		(10.48	)%		7.1		1.39	%		(0.09	)%		2.12	%		(0.83	)%		40	%


	(0.01)		8.33		(12.84	)%		31.6		1.12	%		0.17	%		1.12	%		0.17	%		118	%
	(0.01)		9.56		16.33	%		28.7		1.20	%		(0.06	)%		1.28	%		(0.15	)%		2	%
	—		8.23		43.72	%		21.1		1.19	%		0.15	%		1.70	%		(0.36	)%		2	%
	(0.01)		5.72		(42.68	)%		6.6		1.19	%		0.23	%		1.87	%		(0.45	)%		1	%


	(0.13)		10.92		(10.83	)%		38.9		1.43	%		1.27	%		1.66	%		1.04	%		6	%
	—		12.38		27.33	%		40.9		1.50	%		0.74	%		1.88	%		0.36	%		4	%
	(0.04)		9.72		74.70	%		17.4		1.50	%		0.78	%		2.91	%		(0.63	)%		13	%
	(0.05)		5.59		(43.58	)%		5.3		1.50	%		1.18	%		2.68	%		0.00	%		25	%


	—		15.77		8.83	%		108.0		0.87	%		1.47	%		0.87	%		1.47	%		16	%
	(0.39)		14.49		27.56	%		329.5		0.87	%		1.62	%		0.87	%		1.62	%		15	%
	(0.40)		11.67		29.08	%		265.4		0.89	%		3.34	%		0.90	%		3.33	%		18	%
	(2.46)		9.34		(37.24	)%		197.4		0.85	%		2.74	%		0.86	%		2.73	%		45	%
	(1.67)		17.74		(16.80	)%		326.4		0.86	%		1.60	%		0.86	%		1.60	%		71	%


	(0.18)		8.65		9.08	%		11.1		0.90	%		2.13	%		2.05	%		0.99	%		92	%
	(0.17)		8.10		6.69	%		7.9		0.91	%		2.80	%		2.48	%		1.23	%		22	%
	—		7.76		12.00	%		6.4		0.90	%		2.93	%		3.10	%		0.73	%		22	%
	(0.11)		6.93		(29.57	)%		4.4		0.90	%		2.55	%		2.31	%		1.14	%		22	%


	—		12.42		(3.85	)%		197.5		1.00	%		(0.63	)%		1.10	%		(0.73	)%		101	%
	—		12.92		28.86	%		208.5		1.01	%		(0.62	)%		1.11	%		(0.72	)%		100	%
	(0.01)		10.03		34.75	%		160.5		1.02	%		(0.39	)%		1.14	%		(0.51	)%		118	%
	(0.73)		7.45		(43.23	)%		112.5		0.98	%		0.08	%		1.09	%		(0.04	)%		199	%
	(0.81)		13.94		8.52	%		167.6		0.99	%		(0.32	)%		1.10	%		(0.42	)%		98	%

^(b)

**	Computed on an annualized basis for periods less than one year.

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

371

Thrivent Series Fund, Inc.

Financial Highlights – continued


	FOR A SHARE OUSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)			Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
PARTNER SMALL CAP VALUE PORTFOLIO
Year Ended 12/31/2011	$	19.06	$	0.10		$	(0.48	)	$	(0.38	)	$	(0.04	)	$	—
Year Ended 12/31/2010		15.58		0.13			3.52			3.65			(0.17	)		—
Year Ended 12/31/2009		12.07		0.11			3.52			3.63			(0.11	)		(0.01	)
Year Ended 12/31/2008		18.44		0.13			(4.85	)		(4.72	)		(0.20	)		(1.45	)
Year Ended 12/31/2007		19.57		0.11			(0.21	)		(0.10	)		(0.07	)		(0.96	)

SMALL CAP STOCK PORTFOLIO
Year Ended 12/31/2011		12.66		(0.01	)		(0.66	)		(0.67	)		—			—
Year Ended 12/31/2010		10.13		(0.01	)		2.54			2.53			—			—
Year Ended 12/31/2009		8.49		0.07			1.65			1.72			(0.08	)		—
Year Ended 12/31/2008		15.48		0.06			(5.34	)		(5.28	)		(0.13	)		(1.58	)
Year Ended 12/31/2007		15.43		0.10			0.88			0.98			(0.05	)		(0.88	)

SMALL CAP INDEX PORTFOLIO
Year Ended 12/31/2011		13.19		0.10			(0.02	)		0.08			(0.11	)		(0.39	)
Year Ended 12/31/2010		10.57		0.11			2.60			2.71			(0.09	)		—
Year Ended 12/31/2009		10.54		0.11			2.03			2.14			(0.22	)		(1.89	)
Year Ended 12/31/2008		19.21		0.22			(5.15	)		(4.93	)		(0.20	)		(3.54	)
Year Ended 12/31/2007		21.55		0.24			(0.11	)		0.13			(0.14	)		(2.33	)

MID CAP GROWTH PORTFOLIO II
Year Ended 12/31/2011 ^(c)		9.95		(0.01	)		(0.40	)		(0.41	)		(0.01	)		(0.36	)
Year Ended 12/31/2010		8.43		0.01			2.32			2.33			—			(0.81	)
Year Ended 12/31/2009		5.65		—			2.78			2.78			—			—
Year Ended 12/31/2008		11.42		0.01			(4.37	)		(4.36	)		(0.03	)		(1.38	)
Year Ended 12/31/2007		11.37		0.03			2.13			2.16			(0.06	)		(2.05	)

MID CAP GROWTH PORTFOLIO
Year Ended 12/31/2011		18.56		0.04			(1.04	)		(1.00	)		(0.06	)		—
Year Ended 12/31/2010		14.42		0.06			4.12			4.18			(0.04	)		—
Year Ended 12/31/2009		9.55		0.04			4.83			4.87			—			—
Year Ended 12/31/2008		20.18		0.10			(7.19	)		(7.09	)		(0.18	)		(3.36	)
Year Ended 12/31/2007		17.59		0.08			3.38			3.46			(0.08	)		(0.79	)

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

^(c)	Per share amounts have been calculated using the average shares outstanding method.

*	All per share amounts have been rounded to the nearest cent.

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

372

Thrivent Series Fund, Inc.

Financial Highlights – continued


				RATIOS / SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

$	(0.04)	$	18.64		(1.99	)%	$	250.4		0.88	%		0.52	%		0.88	%		0.52	%		10	%
	(0.17)		19.06		23.46	%		266.9		0.88	%		0.75	%		0.88	%		0.75	%		19	%
	(0.12)		15.58		30.24	%		226.3		0.89	%		0.86	%		0.90	%		0.85	%		19	%
	(1.65)		12.07		(27.05	)%		167.9		0.86	%		1.08	%		0.87	%		1.07	%		31	%
	(1.03)		18.44		(1.03	)%		185.6		0.86	%		0.68	%		0.87	%		0.66	%		29	%


	—		11.99		(5.31	)%		263.8		0.76	%		(0.10	)%		0.76	%		(0.10	)%		88	%
	—		12.66		25.09	%		303.2		0.77	%		(0.11	)%		0.77	%		(0.11	)%		208	%
	(0.08)		10.13		20.38	%		258.5		0.78	%		0.65	%		0.78	%		0.65	%		254	%
	(1.71)		8.49		(37.52	)%		288.1		0.73	%		0.66	%		0.75	%		0.64	%		286	%
	(0.93)		15.48		6.14	%		399.9		0.72	%		0.66	%		0.74	%		0.65	%		126	%


	(0.50)		12.77		0.53	%		189.0		0.45	%		0.63	%		0.45	%		0.63	%		13	%
	(0.09)		13.19		25.88	%		220.1		0.46	%		0.86	%		0.46	%		0.86	%		11	%
	(2.11)		10.57		25.29	%		203.9		0.47	%		0.94	%		0.48	%		0.94	%		13	%
	(3.74)		10.54		(31.07	)%		192.2		0.42	%		1.28	%		0.42	%		1.28	%		31	%
	(2.47)		19.21		(0.50	)%		357.9		0.39	%		1.00	%		0.39	%		0.99	%		16	%


	(0.37)		9.17		(4.32	)%		17.0		0.72	%		(0.13	)%		1.02	%		(0.43	)%		83	%
	(0.81)		9.95		28.03	%		160.2		0.72	%		0.12	%		1.02	%		(0.18	)%		55	%
	—		8.43		49.31	%		125.8		0.68	%		(0.05	)%		1.05	%		(0.42	)%		73	%
	(1.41)		5.65		(42.71	)%		80.8		0.56	%		0.30	%		1.07	%		(0.22	)%		104	%
	(2.11)		11.42		19.80	%		32.4		0.59	%		0.18	%		1.11	%		(0.33	)%		81	%


	(0.06)		17.50		(5.43	)%		348.8		0.46	%		0.21	%		0.46	%		0.21	%		67	%
	(0.04)		18.56		29.11	%		419.9		0.46	%		0.34	%		0.46	%		0.34	%		48	%
	—		14.42		50.94	%		365.2		0.48	%		0.30	%		0.48	%		0.29	%		61	%
	(3.54)		9.55		(41.13	)%		275.1		0.44	%		0.54	%		0.45	%		0.52	%		82	%
	(0.87)		20.18		19.92	%		669.8		0.44	%		0.35	%		0.45	%		0.34	%		80	%

^(b)

**	Computed on an annualized basis for periods less than one year.

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

373

Thrivent Series Fund, Inc.

Financial Highlights – continued


	FOR A SHARE OUSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
PARTNER MID CAP VALUE PORTFOLIO
Year Ended 12/31/2011	$	13.38	$	0.11	$	(0.95	)	$	(0.84	)	$	(0.03	)	$	—
Year Ended 12/31/2010		10.82		0.08		2.58			2.66			(0.10	)		—
Year Ended 12/31/2009		8.25		0.12		2.54			2.66			(0.09	)		—
Year Ended 12/31/2008		13.41		0.08		(4.61	)		(4.53	)		(0.18	)		(0.45	)
Year Ended 12/31/2007		13.06		0.14		0.28			0.42			—			(0.07	)

MID CAP STOCK PORTFOLIO
Year Ended 12/31/2011		12.25		0.03		(0.79	)		(0.76	)		(0.01	)		—
Year Ended 12/31/2010		9.80		0.05		2.45			2.50			(0.05	)		—
Year Ended 12/31/2009		7.08		0.05		2.72			2.77			(0.05	)		—
Year Ended 12/31/2008		13.15		0.04		(5.08	)		(5.04	)		(0.12	)		(0.91	)
Year Ended 12/31/2007		13.41		0.08		0.76			0.84			(0.12	)		(0.98	)

MID CAP INDEX PORTFOLIO
Year Ended 12/31/2011		12.91		0.10		(0.33	)		(0.23	)		(0.11	)		(0.78	)
Year Ended 12/31/2010		10.37		0.11		2.55			2.66			(0.12	)		—
Year Ended 12/31/2009		8.31		0.12		2.72			2.84			(0.18	)		(0.60	)
Year Ended 12/31/2008		15.20		0.19		(5.02	)		(4.83	)		(0.19	)		(1.87	)
Year Ended 12/31/2007		15.05		0.20		1.00			1.20			(0.15	)		(0.90	)

PARTNER WORLDWIDE ALLOCATION PORTFOLIO
Year Ended 12/31/2011		8.77		0.19		(1.26	)		(1.07	)		(0.17	)		(0.14	)
Year Ended 12/31/2010		7.84		0.11		0.93			1.04			(0.11	)		—
Year Ended 12/31/2009		6.03		0.10		1.81			1.91			(0.10	)		—
Year Ended 12/31/2008 ^(c)		10.00		0.07		(3.98	)		(3.91	)		(0.06	)		—

PARTNER INTERNATIONAL STOCK PORTFOLIO
Year Ended 12/31/2011		10.67		0.26		(1.75	)		(1.49	)		—			—
Year Ended 12/31/2010		9.99		0.20		0.68			0.88			(0.20	)		—
Year Ended 12/31/2009		8.18		0.20		1.82			2.02			(0.21	)		—
Year Ended 12/31/2008		17.26		0.33		(6.56	)		(6.23	)		(0.68	)		(2.17	)
Year Ended 12/31/2007		16.32		0.36		1.37			1.73			(0.24	)		(0.55	)

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

^(c)	Since inception, April 30, 2008.

*	All per share amounts have been rounded to the nearest cent.

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

374

Thrivent Series Fund, Inc.

Financial Highlights – continued


				RATIOS / SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

$	(0.03)	$	12.51		(6.33	)%	$	215.8		0.84	%		0.84	%		0.84	%		0.84	%		76	%
	(0.10)		13.38		24.73	%		232.2		0.85	%		0.72	%		0.85	%		0.72	%		91	%
	(0.09)		10.82		32.33	%		183.7		0.87	%		1.42	%		0.88	%		1.41	%		114	%
	(0.63)		8.25		(35.05	)%		123.3		0.83	%		1.41	%		0.85	%		1.39	%		97	%
	(0.07)		13.41		3.16	%		95.0		0.89	%		1.24	%		0.90	%		1.23	%		85	%


	(0.01)		11.48		(6.29	)%		457.0		0.72	%		0.24	%		0.72	%		0.24	%		35	%
	(0.05)		12.25		25.60	%		511.5		0.73	%		0.45	%		0.73	%		0.45	%		78	%
	(0.05)		9.80		39.10	%		443.5		0.73	%		0.55	%		0.74	%		0.54	%		53	%
	(1.03)		7.08		(40.75	)%		379.9		0.72	%		0.81	%		0.73	%		0.80	%		234	%
	(1.10)		13.15		5.70	%		387.9		0.72	%		0.70	%		0.74	%		0.69	%		215	%


	(0.89)		11.79		(2.23	)%		78.1		0.53	%		0.72	%		0.53	%		0.72	%		16	%
	(0.12)		12.91		25.91	%		94.2		0.54	%		0.81	%		0.54	%		0.81	%		13	%
	(0.78)		10.37		36.69	%		86.9		0.56	%		1.19	%		0.57	%		1.19	%		18	%
	(2.06)		8.31		(36.29	)%		75.1		0.46	%		1.33	%		0.46	%		1.32	%		24	%
	(1.05)		15.20		7.63	%		146.2		0.43	%		1.16	%		0.43	%		1.15	%		20	%


	(0.31)		7.39		(12.13	)%		495.6		0.99	%		2.25	%		0.99	%		2.25	%		64	%
	(0.11)		8.77		13.43	%		522.6		1.00	%		1.73	%		1.05	%		1.68	%		84	%
	(0.10)		7.84		31.67	%		254.9		1.00	%		2.01	%		1.20	%		1.81	%		80	%
	(0.06)		6.03		(39.09	)%		105.9		1.00	%		2.17	%		1.25	%		1.92	%		49	%


	—		9.18		(13.91	)%		709.8		0.82	%		2.43	%		0.90	%		2.35	%		73	%
	(0.20)		10.67		8.78	%		889.3		0.83	%		1.97	%		0.91	%		1.89	%		100	%
	(0.21)		9.99		24.79	%		882.9		0.85	%		2.29	%		0.91	%		2.23	%		76	%
	(2.85)		8.18		(41.10	)%		778.1		0.81	%		2.54	%		0.89	%		2.46	%		70	%
	(0.79)		17.26		10.57	%		1,443.8		0.81	%		2.11	%		0.88	%		2.04	%		113	%

^(b)

**	Computed on an annualized basis for periods less than one year.

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

375

Thrivent Series Fund, Inc.

Financial Highlights – continued


	FOR A SHARE OUSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)			Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
PARTNER SOCIALLY RESPONSIBLE STOCK PORTFOLIO
Year Ended 12/31/2011	$	10.35	$	—		$	(0.19	)	$	(0.19	)	$	—		$	—
Year Ended 12/31/2010		8.76		—			1.60			1.60			(0.01	)		—
Year Ended 12/31/2009		6.48		0.03			2.29			2.32			(0.04	)		—
Year Ended 12/31/2008 ^(c)		10.00		0.02			(3.52	)		(3.50	)		(0.02	)		—

PARTNER ALL CAP GROWTH PORTFOLIO
Year Ended 12/31/2011		10.07		(0.03	)		(0.69	)		(0.72	)		—			—
Year Ended 12/31/2010		8.03		(0.01	)		2.05			2.04			—			—
Year Ended 12/31/2009		5.34		(0.01	)		2.70			2.69			—			—
Year Ended 12/31/2008 ^(c)		10.00		(0.01	)		(4.65	)		(4.66	)		—			—

PARTNER ALL CAP VALUE PORTFOLIO
Year Ended 12/31/2011		9.09		0.05			(0.97	)		(0.92	)		(0.05	)		—
Year Ended 12/31/2010		7.65		0.03			1.41			1.44			—			—
Year Ended 12/31/2009		5.47		0.06			2.20			2.26			(0.08	)		—
Year Ended 12/31/2008 ^(c)		10.00		0.08			(4.51	)		(4.43	)		(0.10	)		—

PARTNER ALL CAP PORTFOLIO
Year Ended 12/31/2011		8.93		0.06			(0.49	)		(0.43	)		(0.06	)		—
Year Ended 12/31/2010		7.73		0.04			1.22			1.26			(0.06	)		—
Year Ended 12/31/2009		6.10		0.06			1.66			1.72			(0.09	)		—
Year Ended 12/31/2008		13.00		0.09			(5.05	)		(4.96	)		(0.08	)		(1.86	)
Year Ended 12/31/2007		12.03		0.07			2.28			2.35			(0.06	)		(1.32	)

LARGE CAP GROWTH PORTFOLIO II
Year Ended 12/31/2011 ^(d)		6.94		0.02			(0.45	)		(0.43	)		(0.01	)		(0.13	)
Year Ended 12/31/2010		7.32		0.02			0.55			0.57			(0.02	)		(0.93	)
Year Ended 12/31/2009		5.85		0.05			2.26			2.31			(0.04	)		(0.80	)
Year Ended 12/31/2008		11.96		0.02			(4.49	)		(4.47	)		(0.06	)		(1.58	)
Year Ended 12/31/2007		11.00		0.06			1.71			1.77			(0.08	)		(0.73	)

LARGE CAP GROWTH PORTFOLIO
Year Ended 12/31/2011		16.98		0.10			(1.02	)		(0.92	)		(0.10	)		—
Year Ended 12/31/2010		15.40		0.09			1.58			1.67			(0.09	)		—
Year Ended 12/31/2009		10.96		0.11			4.43			4.54			(0.10	)		—
Year Ended 12/31/2008		19.23		0.18			(8.26	)		(8.08	)		(0.19	)		—
Year Ended 12/31/2007		16.64		0.12			2.67			2.79			(0.20	)		—

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

^(c)	Since inception, April 30, 2008.

^(d)	Per share amounts have been calculated using the average shares outstanding method.

*	All per share amounts have been rounded to the nearest cent.

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

376

Thrivent Series Fund, Inc.

Financial Highlights – continued


				RATIOS / SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/ (Loss)			Expenses			Net Investment Income/ (Loss)			Portfolio Turnover Rate

$	—	$	10.16		(1.82	)%	$	6.1		0.98	%		0.01	%		2.99	%		(2.00	)%		45	%
	(0.01)		10.35		18.31	%		4.4		0.98	%		0.05	%		3.63	%		(2.60	)%		41	%
	(0.04)		8.76		35.65	%		4.1		0.98	%		0.41	%		4.06	%		(2.67	)%		41	%
	(0.02)		6.48		(34.98	)%		3.2		0.98	%		0.30	%		2.19	%		(0.92	)%		32	%


	—		9.35		(7.13	)%		12.7		1.00	%		(0.26	)%		1.85	%		(1.12	)%		76	%
	—		10.07		25.33	%		11.8		1.00	%		(0.17	)%		2.26	%		(1.42	)%		77	%
	—		8.03		50.32	%		8.1		1.00	%		(0.15	)%		3.79	%		(2.94	)%		46	%
	—		5.34		(46.57	)%		2.4		1.00	%		(0.14	)%		2.64	%		(1.79	)%		62	%


	(0.05)		8.12		(10.16	)%		6.7		0.98	%		0.59	%		2.42	%		(0.85	)%		139	%
	—		9.09		18.86	%		7.4		0.99	%		0.39	%		2.77	%		(1.39	)%		146	%
	(0.08)		7.65		41.20	%		5.5		0.98	%		1.26	%		4.67	%		(2.43	)%		143	%
	(0.10)		5.47		(44.21	)%		2.5		0.98	%		1.43	%		2.80	%		(0.40	)%		168	%


	(0.06)		8.44		(4.83	)%		51.4		1.03	%		0.56	%		1.23	%		0.36	%		124	%
	(0.06)		8.93		16.34	%		62.4		1.02	%		0.47	%		1.22	%		0.27	%		180	%
	(0.09)		7.73		28.48	%		62.6		1.04	%		0.76	%		1.24	%		0.56	%		231	%
	(1.94)		6.10		(42.91	)%		56.2		0.86	%		0.84	%		1.07	%		0.64	%		260	%
	(1.38)		13.00		20.37	%		117.6		0.84	%		0.61	%		1.05	%		0.41	%		169	%


	(0.14)		6.37		(6.25	)%		12.9		0.68	%		0.33	%		0.87	%		0.14	%		169	%
	(0.95)		6.94		8.35	%		385.1		0.62	%		0.32	%		0.87	%		0.07	%		231	%
	(0.84)		7.32		39.78	%		357.4		0.57	%		0.67	%		0.87	%		0.37	%		235	%
	(1.64)		5.85		(41.92	)%		309.0		0.62	%		0.90	%		1.03	%		0.49	%		149	%
	(0.81)		11.96		16.47	%		34.0		0.65	%		0.39	%		1.06	%		(0.01	)%		156	%


	(0.10)		15.96		(5.42	)%		805.3		0.44	%		0.55	%		0.44	%		0.55	%		216	%
	(0.09)		16.98		10.90	%		983.3		0.45	%		0.56	%		0.45	%		0.56	%		231	%
	(0.10)		15.40		41.40	%		1,025.3		0.45	%		0.79	%		0.45	%		0.79	%		216	%
	(0.19)		10.96		(42.00	)%		844.5		0.44	%		0.74	%		0.45	%		0.73	%		177	%
	(0.20)		19.23		16.75	%		2,553.5		0.44	%		0.63	%		0.45	%		0.63	%		163	%

^(b)

**	Computed on an annualized basis for periods less than one year.

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

377

Thrivent Series Fund, Inc.

Financial Highlights – continued


	FOR A SHARE OUSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations									Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)			Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
PARTNER GROWTH STOCK PORTFOLIO
Year Ended 12/31/2011	$	11.58	$	(0.03	)	$	(0.14	)	$	(0.17	)	$	—		$	—
Year Ended 12/31/2010		9.93		(0.02	)		1.67			1.65			—			—
Year Ended 12/31/2009		6.96		—			3.00			3.00			(0.03	)		—
Year Ended 12/31/2008		13.55		0.05			(5.29	)		(5.24	)		(0.09	)		(1.26	)
Year Ended 12/31/2007		13.08		0.08			1.14			1.22			(0.07	)		(0.68	)

LARGE CAP VALUE PORTFOLIO
Year Ended 12/31/2011		10.73		0.18			(0.52	)		(0.34	)		—			—
Year Ended 12/31/2010		9.65		0.14			1.08			1.22			(0.14	)		—
Year Ended 12/31/2009		8.10		0.16			1.55			1.71			(0.16	)		—
Year Ended 12/31/2008		13.41		0.23			(4.66	)		(4.43	)		(0.43	)		(0.45	)
Year Ended 12/31/2007		13.50		0.19			0.48			0.67			(0.17	)		(0.59	)

LARGE CAP STOCK PORTFOLIO
Year Ended 12/31/2011		8.50		0.09			(0.48	)		(0.39	)		—			—
Year Ended 12/31/2010		7.72		0.06			0.78			0.84			(0.06	)		—
Year Ended 12/31/2009		6.11		0.07			1.61			1.68			(0.07	)		—
Year Ended 12/31/2008		11.04		0.15			(4.05	)		(3.90	)		(0.28	)		(0.75	)
Year Ended 12/31/2007		10.54		0.12			0.68			0.80			(0.12	)		(0.18	)

LARGE CAP INDEX PORTFOLIO
Year Ended 12/31/2011		17.71		0.34			(0.04	)		0.30			(0.30	)		—
Year Ended 12/31/2010		15.76		0.30			1.95			2.25			(0.30	)		—
Year Ended 12/31/2009		13.72		0.33			2.98			3.31			(0.45	)		(0.82	)
Year Ended 12/31/2008		25.18		0.47			(8.99	)		(8.52	)		(0.50	)		(2.44	)
Year Ended 12/31/2007		25.32		0.49			0.87			1.36			(0.44	)		(1.06	)

EQUITY INCOME PLUS PORTFOLIO
Year Ended 12/31/2011		9.06		0.15			(0.37	)		(0.22	)		(0.03	)		—
Year Ended 12/31/2010		7.91		0.15			1.13			1.28			(0.13	)		—
Year Ended 12/31/2009		6.89		0.14			1.01			1.15			(0.13	)		—
Year Ended 12/31/2008 ^(c)		10.00		0.15			(3.11	)		(2.96	)		(0.15	)		—

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

^(c)	Since inception, April 30, 2008.

*	All per share amounts have been rounded to the nearest cent.

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

378

Thrivent Series Fund, Inc.

Financial Highlights – continued


				RATIOS / SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

$	—	$	11.41		(1.49	)%	$	51.1		0.96	%		(0.20	)%		1.06	%		(0.30	)%		26	%
	—		11.58		16.62	%		61.4		0.95	%		(0.19	)%		1.05	%		(0.29	)%		36	%
	(0.03)		9.93		43.17	%		61.3		0.98	%		0.01	%		1.08	%		(0.09	)%		53	%
	(1.35)		6.96		(42.13	)%		52.1		0.82	%		0.34	%		0.92	%		0.23	%		44	%
	(0.75)		13.55		9.28	%		118.1		0.80	%		0.59	%		0.91	%		0.48	%		55	%


	—		10.39		(3.08	)%		752.1		0.64	%		1.70	%		0.64	%		1.70	%		73	%
	(0.14)		10.73		12.61	%		811.3		0.65	%		1.39	%		0.65	%		1.39	%		109	%
	(0.16)		9.65		21.11	%		733.0		0.65	%		1.77	%		0.65	%		1.77	%		110	%
	(0.88)		8.10		(34.33	)%		664.1		0.64	%		2.16	%		0.65	%		2.16	%		53	%
	(0.76)		13.41		4.70	%		1,004.9		0.64	%		1.68	%		0.65	%		1.67	%		37	%


	—		8.11		(4.58	)%		565.8		0.69	%		1.00	%		0.69	%		1.00	%		139	%
	(0.06)		8.50		10.82	%		628.3		0.69	%		0.74	%		0.69	%		0.74	%		181	%
	(0.07)		7.72		27.59	%		617.3		0.70	%		1.03	%		0.71	%		1.03	%		169	%
	(1.03)		6.11		(37.68	)%		497.4		0.66	%		1.42	%		0.67	%		1.41	%		100	%
	(0.30)		11.04		7.57	%		1,060.1		0.65	%		1.31	%		0.66	%		1.30	%		114	%


	(0.30)		17.71		1.71	%		291.3		0.42	%		1.67	%		0.42	%		1.67	%		4	%
	(0.30)		17.71		14.63	%		331.5		0.42	%		1.64	%		0.42	%		1.64	%		6	%
	(1.27)		15.76		26.20	%		338.2		0.43	%		2.00	%		0.43	%		2.00	%		7	%
	(2.94)		13.72		(37.12	)%		319.7		0.38	%		2.01	%		0.39	%		2.00	%		8	%
	(1.50)		25.18		5.17	%		633.5		0.36	%		1.64	%		0.36	%		1.64	%		5	%


	(0.03)		8.81		(2.46	)%		88.1		0.83	%		1.78	%		0.83	%		1.78	%		195	%
	(0.13)		9.06		16.23	%		76.3		0.85	%		2.06	%		0.89	%		2.02	%		362	%
	(0.13)		7.91		16.68	%		55.0		0.85	%		2.24	%		0.99	%		2.10	%		416	%
	(0.15)		6.89		(29.58	)%		41.4		0.80	%		2.74	%		0.84	%		2.71	%		74	%

^(b)

**	Computed on an annualized basis for periods less than one year.

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

379

Thrivent Series Fund, Inc.

Financial Highlights – continued


	FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
BALANCED PORTFOLIO
Year Ended 12/31/2011	$	14.72	$	0.34	$	0.26		$	0.60		$	(0.34	)	$	(0.50	)
Year Ended 12/31/2010		13.44		0.34		1.39			1.73			(0.36	)		(0.09	)
Year Ended 12/31/2009		11.75		0.38		2.06			2.44			(0.55	)		(0.20	)
Year Ended 12/31/2008		17.16		0.56		(4.82	)		(4.26	)		(0.58	)		(0.57	)
Year Ended 12/31/2007		16.77		0.57		0.35			0.92			(0.53	)		—

HIGH YIELD PORTFOLIO
Year Ended 12/31/2011		4.81		0.37		(0.15	)		0.22			(0.37	)		—
Year Ended 12/31/2010		4.56		0.38		0.25			0.63			(0.38	)		—
Year Ended 12/31/2009		3.48		0.38		1.07			1.45			(0.37	)		—
Year Ended 12/31/2008		4.84		0.37		(1.34	)		(0.97	)		(0.39	)		—
Year Ended 12/31/2007		5.11		0.40		(0.26	)		0.14			(0.41	)		—

DIVERSIFIED INCOME PLUS PORTFOLIO
Year Ended 12/31/2011		6.75		0.29		(0.13	)		0.16			(0.35	)		—
Year Ended 12/31/2010		6.14		0.38		0.55			0.93			(0.32	)		—
Year Ended 12/31/2009		5.01		0.43		1.15			1.58			(0.45	)		—
Year Ended 12/31/2008		6.98		0.46		(2.00	)		(1.54	)		(0.43	)		—
Year Ended 12/31/2007		7.19		0.34		(0.41	)		(0.07	)		(0.14	)		—

PARTNER SOCIALLY RESPONSIBLE BOND PORTFOLIO
Year Ended 12/31/2011		10.31		0.29		0.40			0.69			(0.29	)		—
Year Ended 12/31/2010		10.16		0.33		0.48			0.81			(0.33	)		(0.33	)
Year Ended 12/31/2009		10.02		0.43		0.62			1.05			(0.36	)		(0.55	)
Year Ended 12/31/2008 ^(c)		10.00		0.26		0.01			0.27			(0.25	)		—

INCOME PORTFOLIO
Year Ended 12/31/2011		9.96		0.46		0.12			0.58			(0.45	)		—
Year Ended 12/31/2010		9.39		0.49		0.57			1.06			(0.49	)		—
Year Ended 12/31/2009		8.20		0.50		1.19			1.69			(0.50	)		—
Year Ended 12/31/2008		9.74		0.51		(1.53	)		(1.02	)		(0.52	)		—
Year Ended 12/31/2007		9.90		0.53		(0.17	)		0.36			(0.52	)		—

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

^(c)	Since inception, April 30, 2008.

*	All per share amounts have been rounded to the nearest cent.

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

380

Thrivent Series Fund, Inc.

Financial Highlights – continued


				RATIOS / SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/ (Loss)			Expenses			Net Investment Income/ (Loss)			Portfolio Turnover Rate

$	(0.84)	$	14.48		4.18	%	$	240.5		0.44	%		2.06	%		0.44	%		2.06	%		143	%
	(0.45)		14.72		13.30	%		270.6		0.44	%		2.13	%		0.44	%		2.13	%		136	%
	(0.75)		13.44		21.76	%		281.2		0.44	%		2.55	%		0.44	%		2.54	%		115	%
	(1.15)		11.75		(26.06	)%		280.0		0.39	%		3.00	%		0.41	%		2.98	%		133	%
	(0.53)		17.16		5.46	%		488.4		0.38	%		2.78	%		0.39	%		2.77	%		121	%


	(0.37)		4.66		4.71	%		778.5		0.45	%		7.81	%		0.45	%		7.81	%		58	%
	(0.38)		4.81		14.58	%		783.0		0.45	%		8.20	%		0.45	%		8.20	%		82	%
	(0.37)		4.56		43.49	%		756.0		0.45	%		9.28	%		0.46	%		9.28	%		61	%
	(0.39)		3.48		(21.19	)%		597.2		0.43	%		8.63	%		0.45	%		8.61	%		50	%
	(0.41)		4.84		2.71	%		774.6		0.45	%		8.00	%		0.45	%		8.00	%		69	%


	(0.35)		6.56		2.32	%		118.4		0.55	%		4.98	%		0.55	%		4.98	%		127	%
	(0.32)		6.75		15.85	%		106.0		0.57	%		6.28	%		0.57	%		6.28	%		116	%
	(0.45)		6.14		33.06	%		87.2		0.61	%		7.08	%		0.63	%		7.07	%		88	%
	(0.43)		5.01		(23.30	)%		75.0		0.51	%		5.61	%		0.52	%		5.59	%		115	%
	(0.14)		6.98		(0.99	)%		131.3		0.48	%		5.30	%		0.50	%		5.28	%		168	%


	(0.29)		10.71		6.70	%		10.2		0.68	%		2.73	%		2.17	%		1.25	%		254	%
	(0.66)		10.31		8.05	%		8.8		0.69	%		3.09	%		2.40	%		1.39	%		146	%
	(0.91)		10.16		10.98	%		6.2		0.68	%		4.17	%		2.51	%		2.33	%		148	%
	(0.25)		10.02		2.68	%		6.8		0.68	%		3.89	%		1.66	%		2.91	%		60	%


	(0.45)		10.09		5.96	%		1,463.1		0.44	%		4.53	%		0.44	%		4.53	%		142	%
	(0.49)		9.96		11.55	%		1,322.2		0.44	%		5.06	%		0.44	%		5.05	%		146	%
	(0.50)		9.39		21.29	%		1,278.2		0.44	%		5.72	%		0.45	%		5.71	%		160	%
	(0.52)		8.20		(10.85	)%		1,097.1		0.44	%		5.61	%		0.45	%		5.60	%		160	%
	(0.52)		9.74		3.77	%		1,418.3		0.44	%		5.43	%		0.45	%		5.43	%		228	%

^(b)

**	Computed on an annualized basis for periods less than one year.

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

381

Thrivent Series Fund, Inc.

Financial Highlights – continued


	FOR A SHARE OUSTANDING THROUGHOUT EACH PERIOD*
			Income from Investment Operations								Less Distributions from
	Net Asset Value, Beginning of Period		Net Investment Income/(Loss)		Net Realized and Unrealized Gain/(Loss) on Investments^(a)			Total from Investment Operations			Net Investment Income			Net Realized Gain on Investments
BOND INDEX PORTFOLIO
Year Ended 12/31/2011	$	10.73	$	0.31	$	0.55		$	0.86		$	(0.31	)	$	(0.07	)
Year Ended 12/31/2010		10.13		0.33		0.60			0.93			(0.33	)		—
Year Ended 12/31/2009		9.72		0.37		0.43			0.80			(0.39	)		—
Year Ended 12/31/2008		10.29		0.48		(0.56	)		(0.08	)		(0.49	)		—
Year Ended 12/31/2007		10.22		0.50		0.07			0.57			(0.50	)		—

LIMITED MATURITY BOND PORTFOLIO
Year Ended 12/31/2011		9.80		0.23		(0.14	)		0.09			(0.22	)		—
Year Ended 12/31/2010		9.62		0.32		0.18			0.50			(0.32	)		—
Year Ended 12/31/2009		8.79		0.39		0.82			1.21			(0.38	)		—
Year Ended 12/31/2008		9.84		0.42		(1.04	)		(0.62	)		(0.43	)		—
Year Ended 12/31/2007		9.92		0.47		(0.08	)		0.39			(0.47	)		—

MORTGAGE SECURITIES PORTFOLIO
Year Ended 12/31/2011		10.32		0.30		0.17			0.47			(0.30	)		(0.04	)
Year Ended 12/31/2010		9.62		0.35		0.80			1.15			(0.35	)		(0.10	)
Year Ended 12/31/2009		8.82		0.43		0.69			1.12			(0.32	)		—
Year Ended 12/31/2008		9.71		0.44		(0.91	)		(0.47	)		(0.42	)		—
Year Ended 12/31/2007		9.71		0.49		(0.01	)		0.48			(0.48	)		—

MONEY MARKET PORTFOLIO
Year Ended 12/31/2011		1.00		—		—			—			—			—
Year Ended 12/31/2010		1.00		—		—			—			—			—
Year Ended 12/31/2009		1.00		—		—			—			—			—
Year Ended 12/31/2008		1.00		0.03		—			0.03			(0.03	)		—
Year Ended 12/31/2007		1.00		0.05		—			0.05			(0.05	)		—

^(a)	The amount shown may not correlate with the change in aggregate gains and losses of portfolio securities due to the timing of sales and redemptions of fund shares.

*	All per share amounts have been rounded to the nearest cent.

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

382

Thrivent Series Fund, Inc.

Financial Highlights – continued


				RATIOS / SUPPLEMENTAL DATA
									Ratio to Average Net Assets**						Ratios to Average Net Assets Before Expenses Waived, Credited or Paid Indirectly**
Total Distributions		Net Asset Value, End of Period		Total Return^(b)			Net Assets, End of Period (in millions)		Expenses			Net Investment Income/(Loss)			Expenses			Net Investment Income/(Loss)			Portfolio Turnover Rate

$	(0.38)	$	11.21		8.23	%	$	164.5		0.46	%		2.83	%		0.46	%		2.83	%		415	%
	(0.33)		10.73		9.24	%		161.4		0.46	%		3.12	%		0.46	%		3.12	%		387	%
	(0.39)		10.13		8.47	%		156.5		0.46	%		3.78	%		0.47	%		3.77	%		388	%
	(0.49)		9.72		(0.82	)%		174.6		0.39	%		4.83	%		0.43	%		4.79	%		346	%
	(0.50)		10.29		5.66	%		215.2		0.40	%		4.86	%		0.43	%		4.84	%		331	%


	(0.22)		9.67		0.90	%		1,497.8		0.43	%		2.31	%		0.44	%		2.30	%		91	%
	(0.32)		9.80		5.25	%		1,318.7		0.43	%		3.27	%		0.44	%		3.27	%		102	%
	(0.38)		9.62		14.04	%		1,105.6		0.44	%		4.23	%		0.45	%		4.23	%		145	%
	(0.43)		8.79		(6.46	)%		925.9		0.44	%		4.44	%		0.45	%		4.43	%		121	%
	(0.47)		9.84		3.98	%		973.8		0.44	%		4.82	%		0.45	%		4.81	%		128	%


	(0.34)		10.45		4.53	%		32.4		0.90	%		2.89	%		0.90	%		2.89	%		854	%
	(0.45)		10.32		12.09	%		33.5		0.89	%		3.43	%		0.89	%		3.43	%		676	%
	(0.32)		9.62		13.02	%		31.6		0.92	%		4.67	%		0.92	%		4.67	%		643	%
	(0.42)		8.82		(4.96	)%		35.2		0.67	%		4.67	%		0.67	%		4.67	%		721	%
	(0.48)		9.71		5.09	%		49.8		0.65	%		5.05	%		0.65	%		5.05	%		731	%


	—		1.00		0.00	%		170.5		0.30	%		0.00	%		0.51	%		(0.21	)%		N/A
	—		1.00		0.00	%		171.8		0.31	%		(0.01	)%		0.50	%		(0.19	)%		N/A
	—		1.00		0.43	%		246.0		0.39	%		0.47	%		0.49	%		0.37	%		N/A
	(0.03)		1.00		2.95	%		683.4		0.36	%		2.93	%		0.46	%		2.83	%		N/A
	(0.05)		1.00		5.14	%		741.6		0.35	%		5.03	%		0.45	%		4.93	%		N/A

^(b)

**	Computed on an annualized basis for periods less than one year.

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

383

Additional Information

(unaudited)

Proxy Voting

The policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities are attached to the Fund’s Statement of Additional Information. You may request a free copy of the Statement of Additional Information or the report of how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 by calling 1-800-847-4836. You also may review the Statement of Additional Information or the report of how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 at Thrivent.com or www.sec.gov.

Quarterly Schedule of Portfolio Holdings

The Fund 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 Fund’s Forms N-Q by calling 1-800-847-4836. The Fund’s most recent Form N-Q Schedule of Investments also is available at Thrivent.com or www.sec.gov. You also may review and copy the Forms N-Q for the Fund at the SEC’s Public Reference Room in Washington, DC. You may get information about the operation of the Public Reference Room by calling 1-800-SEC-0330.

Board Approval of Investment Advisory Agreement and Subadvisory Agreements

Both the Investment Company Act of 1940 (the “Investment Company Act”) and the terms of the Investment Advisory and Subadvisory Agreements of the Thrivent Series Fund, Inc. (the “Fund”) require that these agreements be approved annually by the Board of Directors (the “Board”), including a majority of the Directors who are not “interested persons” of the Fund, as defined in the Investment Company Act (the “Independent Directors”).

At its meeting on November 29, 2011, the Board voted unanimously to renew the existing Investment Advisory Agreement between the Fund and Thrivent Financial for Lutherans (the “Adviser”) for each series (each, a “Portfolio”) of the Fund. The Board also unanimously approved the Subadvisory Agreements for each of the Portfolios for which there is an investment subadviser (each a “Subadviser”). The Adviser and Subadvisers are referred to, collectively, as the “Advisory Organizations.” In connection with its evaluation of the agreements with the Advisory Organizations, the Board reviewed a broad range of information requested for this purpose and considered a variety of factors, including the following:

The nature, extent, and quality of the services provided by the Advisory Organizations;

The performance of the Portfolios;

The advisory fee and net operating expense ratio of each Portfolio compared to a peer group;

The cost of services provided and profit realized by the Adviser;

The extent to which economies of scale may be realized as the Portfolios grow;

Whether the breakpoint levels reflect these economies of scale for the benefit of shareholders;

Other benefits realized by the Adviser from its relationship with the Fund; and

Any other factors that the Board deemed relevant to its consideration.

In connection with the renewal process, the Contracts Committee of the Board (consisting of each of the Independent Directors) met on six occasions from March 8 to November 29, 2011 to consider information relevant to the renewal process. The Independent Directors also retained the services of Management Practice, Inc. (“MPI”) as an independent consultant to assist in the compilation, organization, and evaluation of relevant information. This information included statistical comparisons of the advisory fees, total operating expenses and performance of each of the Portfolios in comparison to a peer group of comparable funds; detailed information prepared by management with respect to the cost of services provided to the Portfolios and fees charged, including effective advisory fees that take into account breakpoints and fee waivers by the Adviser; profit realized by the Adviser and its affiliates that provide services to the Portfolios; and information regarding the types of services furnished to the Portfolios, the personnel providing the services, changes in staff and systems improvements. The Board also received reports from the Adviser’s investment management staff with respect to the performance of the Portfolios. In addition to its review of the information

384

Additional Information

(unaudited)

presented to the Board during the contract renewal process, the Board also considered information obtained from management throughout the course of the year.

The Independent Directors were represented by independent counsel throughout the review process and during executive sessions without management present to consider reapproval of the agreements. Each Independent Director relied on his or her own business judgment in determining the weight to be given to each factor considered in evaluating the materials that were presented. The Contract Committee’s and Board’s review and conclusions were based on a comprehensive consideration of all information presented to them and were not the result of any single controlling factor. In addition, each Director may have weighed individual factors differently. The key factors considered and the conclusions reached are described below.

Nature, Extent and Quality of Services

At each of the Board’s regular quarterly meetings, management presented information describing the services furnished to the Portfolios by the Adviser and, as appropriate, the Subadvisers. During these meetings, management reported on the investment management, portfolio trading and compliance services provided to the Portfolios under the Advisory and Subadvisory Agreements. During the renewal process, the Board considered the specific services provided under the Advisory Agreement. The Board also considered information relating to the investment experience and qualifications of the Adviser’s portfolio managers and those of the Subadvisers.

The Board received reports at each of its quarterly meetings from the Adviser’s Directors of Equity and Fixed Income Investments, as supplemented by the Adviser’s Chief Investment Officer, who was also present at all of the meetings. At each quarterly meeting, the Directors of Equity and Fixed Income Investments presented information about each of the Portfolios. These reports and presentations gave the Board the opportunity to evaluate the portfolio managers’ abilities and the quality of services they provide to the Portfolios. Information was also presented to the Board describing the portfolio compliance functions performed by the Adviser and the Adviser’s oversight of the Subadvisers to the Fund. The Independent Directors also met in-person with and received quarterly reports from the Fund’s Chief Compliance Officer.

The Board considered the adequacy of the Advisory Organizations’ resources used to provide services to the Fund pursuant to the Advisory and Subadvisory Agreements. The Adviser reviewed with the Board the Adviser’s ongoing program to enhance portfolio management capabilities, including recruitment and retention of portfolio managers, research analysts, and other personnel, and investment in additional and updated technology systems and applications to improve investment research, trading, portfolio compliance, and investment reporting functions. The Adviser also discussed improved risk controls. The Board viewed these actions as a positive factor in reapproving the existing Advisory Agreement, as they demonstrated the Adviser’s commitment to provide the Portfolios with quality service and competitive investment performance. The Board concluded that, within the context of its full deliberations, the nature, extent and quality of the investment advisory services provided to the Portfolios by the Adviser and Subadvisers supported renewal of the Advisory Agreement and Subadvisory Agreements.

Performance of the Portfolios

In connection with each of its regular quarterly meetings, the Board received information on the performance of each Portfolio, including net performance, relative performance rankings within each Portfolio’s Lipper peer group, Morningstar ratings, and performance as compared to benchmark index returns. At each quarterly Board meeting, the Directors of Equities and Fixed Income Investments reviewed with the Board the economic and market environment, risk management, and style consistency in connection with management of the Portfolios. The Board considered investment performance for each Portfolio, to the extent applicable, over the one-, three-, five-, and ten-year periods. When evaluating investment performance, the Board considered longer-term performance and the trend of performance, and focused particularly upon the three-year performance record.

For the three-year period ended June 30, 2011, the Board noted the average ranking of the Portfolios against their Lipper categories was 44% (with 1% being the best) and that 61% of the Portfolios performed in the top two quartiles. The Board concluded that the performance of each individual Portfolio was either satisfactory compared to its peer group or that the Adviser had taken appropriate actions in an effort to improve performance.

Advisory Fees and Fund Expenses

385

Additional Information

(unaudited)

The Board reviewed information prepared by MPI comparing each Portfolio’s advisory fee with the advisory fee of its peer group. The Board considered both the contractual and effective advisory fees for each of the Portfolios. The Board noted that the majority of the Portfolios’ advisory fees were at or below the medians of their peer groups. More specifically, the Board observed that 57.8% of the Portfolios comprising 72.8% of the Fund’s assets had gross advisory fees below their peer group medians. The Board also considered advisory fees after the voluntary and contractual fee waivers and expense reimbursements provided by the Adviser for several of the Portfolios, noting that 68.9% of the Portfolios, representing 75.3% of total Fund assets, had effective advisory fees at or below their peer group medians. The Board viewed favorably the Adviser’s proposal to continue or extend fee waivers for certain Portfolios and considered the effect of the waivers in lowering the Portfolios’ expenses.

On the basis of its review, the Board concluded that the advisory fees charged to the Portfolios for investment management services were not excessive.

The Board also reviewed information prepared by MPI comparing each Portfolio’s overall expense ratio with the expense ratio of its peer group. The Board noted that approximately 85% of the Portfolios had net operating expenses at or below the median of their peer groups.

Cost of Services and Profitability

The Board considered the Adviser’s estimates of its profitability, which included allocations by the Adviser of its costs in providing advisory services to the Portfolios. The internal audit department (i.e., Business Risk Management) of the Adviser conducted a review of such allocations and a department representative reported to the Board his views regarding the reasonableness and consistency of these allocations. The Board considered the profitability of the Adviser both overall and on a Portfolio-by-Portfolio basis. The Board also considered the expense reimbursements and waivers in effect. Based on its review of the data prepared by MPI and expense and profit information provided by the Adviser, the Board concluded that the profits earned by the Adviser from the Advisory Agreement were not excessive in light of the nature, extent and quality of services provided to the Portfolios.

With respect to fees paid to Subadvisers under the Subadvisory Agreements, the Board did not consider profitability information with respect to the Subadvisers, which are not affiliated with the Adviser. The Board considered that those contracts had been negotiated on an arm’s-length basis between the Adviser and each Subadviser, and that each Subadviser’s separate profitability from its relationship with the Portfolios was not a material factor in determining whether to renew the agreement.

Economies of Scale and Breakpoints

The Board considered information regarding the extent to which economies of scale may be realized as a Portfolio’s assets increase and whether the fee levels reflect these economies of scale for the benefit of shareholders. The Adviser explained its general goal with respect to the employment of fee waivers, expense reimbursements and breakpoints. The Board considered information provided by the Adviser related to advisory fee rates, breakpoints in the advisory fee rates and fee waivers provided by the Adviser. The Board also considered management’s view that it is difficult to generalize as to whether, or to what extent, economies in the advisory function may be realized as a Portfolio’s assets increase. The Board noted that expected economies of scale, where they exist, may be shared through the use of fee breakpoints, fee waivers by the Adviser, and/or a lower overall fee rate.

Other Benefits to the Adviser and its Affiliates

The Board considered information regarding potential “fall-out” or ancillary benefits that the Adviser and its affiliates may receive as a result of their relationship with the Fund, both tangible and intangible, such as their ability to leverage investment professionals who manage other portfolios, reputational benefits in the investment advisory community and the engagement of affiliates as service providers to the Portfolios. The Board noted that such benefits were difficult to quantify but were consistent with benefits received by other mutual fund advisers.

The Board also considered other potential benefits to the Adviser and its affiliates derived from its relationship with the Fund, including, among other things, research received by the Adviser generated from commission dollars spent on the

386

Additional Information

(unaudited)

Portfolios’ portfolio trading. The Board reviewed with the Adviser these arrangements and the reasonableness of the costs relative to the services performed.

Based on the factors discussed above, the Contracts Committee unanimously recommended approval of the Advisory Agreement and the Subadvisory Agreements, and the Board, including all of the Independent Directors voting separately, approved each of the agreements.

387

Board of Directors and Officers

The following table provides information about the Directors and Officers of the Fund. Each Director oversees each of the 41 series of the Fund and also serves as:

•

Trustee of Thrivent Mutual Funds, a registered investment company consisting of 25 funds that offer Class A and Institutional Class shares.

•

Trustee of Thrivent Financial Securities Lending Trust, a registered investment company consisting of one portfolio that serves as a cash collateral fund for a securities lending program sponsored by Thrivent Financial.

The 41 series of the Fund, the 25 funds of Thrivent Mutual Funds and Thrivent Financial Securities Lending Trust are referred to herein as the “Fund Complex.” The Statement of Additional Information includes additional information about the Directors and is available, without charge, by calling 1-800-847-4836.

Interested Director ⁽¹⁾


Name, Address and Age	Position with Trust and Length of Service ⁽²⁾	Number of Portfolios in Fund Complex Overseen by Trustee	Principal Occupation During the Past 5 Years	Other Directorships Held Currently and Within Past 5 Years
Russell W. Swansen 625 Fourth Avenue South Minneapolis, MN Age 54	President since 2008; Trustee since 2009; Vice President from 2004 until 2008	67	Senior Vice President, Chief Investment Officer, Thrivent Financial since 2003	None
Independent Directors ⁽³⁾
Name, Address and Age	Position with Trust and Length of Service ⁽²⁾	Number of Portfolios in Fund Complex Overseen by Trustee	Principal Occupation During the Past 5 Years	Other Directorships Held Currently and Within Past 5 Years
F. Gregory Campbell 625 Fourth Avenue South Minneapolis, MN Age 72	Trustee from 1992 until December 2011	67	President, Carthage College	Currently, Director of Optique Funds, Inc., an investment company consisting of one portfolio; Kenosha Hospital and Medical Center, Prairie School Board and United Health Systems Board. Previously, Director of the National Association of Independent Colleges and Universities

388

Board of Directors and Officers


Name, Address and Age	Position with Trust and Length of Service ⁽²⁾	Number of Portfolios in Fund Complex Overseen by Trustee	Principal Occupation During the Past 5 Years	Other Directorships Held Currently and Within Past 5 Years
Janice B. Case 625 Fourth Avenue South Minneapolis, MN Age 59	Trustee since 2011	67	Independent Trustee of North American Electric Reliability Corporation (self-regulatory organization) since 2008; Independent Director of Western Electricity Coordinating Council (nonprofit corporation coordinating and promoting bulk electric system reliability) from 2002 through 2008; Independent Director/Trustee of three affiliated family of funds (AEGON/Transamerica Series Trust (consisted of 40 funds), Transamerica IDEX Funds (consisted of 53 funds) and Transamerica Income Shares, Inc. (consisted of one fund)) from 2001 through 2007; Independent Director of Central Vermont Public Service Corporation (electric utility) from 2001 through 2007; Advisory Board Director of AmSouth Bank, N.A. from 1997 through 2007	Please see principal occupation during the past 5 years

Richard L. Gady 625 Fourth Avenue South Minneapolis, MN Age 68	Trustee since 1987	67	Retired	None

Richard A. Hauser 625 Fourth Avenue South Minneapolis, MN Age 68	Trustee since 2004	67	Vice President and Assistant General Counsel, Boeing Company since 2007; President, National Legal Center for the Public Interest from 2004 to 2007	Previously, Director of Washington Hospital Center

Marc S. Joseph 625 Fourth Avenue South Minneapolis, MN Age 51	Trustee since 2011	67	Managing Director of GraniteRidgeLLP (consulting and advisory firm) since 2009; Managing Director of MJosephLLC (private investing and consulting firm) since 2004	None

389

Board of Directors and Officers


Name, Address and Age	Position with Trust and Length of Service ⁽²⁾	Number of Portfolios in Fund Complex Overseen by Trustee	Principal Occupation During the Past 5 Years	Other Directorships Held Currently and Within Past 5 Years
Paul R. Laubscher 625 Fourth Avenue South Minneapolis, MN Age 55	Trustee since 2009	67	Portfolio Manager for U.S. and international equity portfolios and private real estate portfolios of IBM Retirement Funds	None

Connie M. Levi 625 Fourth Avenue South Minneapolis, MN Age 72	Chair from 2009 until December 2011; Trustee from 2004 until December 2011	67	Retired	None

James A. Nussle 625 Fourth Avenue South Minneapolis, MN Age 51	Trustee since 2011	67	President and Chief Operating Officer of Growth Energy (trade association) since 2010; Advisory Board member of AVISTA Capital Partners (private equity firm) since 2010; Contributor on CNBC (media) since 2010; CEO of The Nussle Group LLC (consulting firm) since 2009; Director of the Office of Management and Budget from 2007 through 2009; CEO of The Nussle Group, Navigating Strategies LLC (consulting firm) from January 2007 through September 2007; and Member of Congress in U.S. House of Representatives from 1991 through 2007	Currently, Advisory Board member of AVISTA Capital Partners

Douglas D. Sims 625 Fourth Avenue South Minneapolis, MN Age 65	Trustee since 2006	67	Retired	Currently, Director of Keystone Neighbourhood Company, Keystone Center and Keystone Science School. Previously, Director of the Center for Corporate Excellence

390

Board of Directors and Officers

Name, Address

and Age

Position

with Trust and

Length of Service ⁽²⁾

Number of

Portfolios in

Fund

Complex

Overseen by

Trustee

Principal Occupation

During the Past 5 Years

Other Directorships Held
Currently and Within

Past 5 Years

Constance L. Souders 625 Fourth Avenue South Minneapolis, MN

Age 61

Trustee since 2007

Retired; previously Director from 1983 to 2007, Executive Vice President from 2001 to 2007 and AML Compliance Officer from 2003 to 2007 of Harbor Capital Advisors, Inc.; Director from 1992 to 2007, President from 2000 to 2007 and AML Compliance Officer from 2003 to 2007 of Harbor Services Group, Inc.; Director from 1992 to 2007, Executive Vice President from 2001 to 2007, Chief Compliance Officer from 2004 to 2007, AML Compliance Officer from 2003 to 2007, Supervisory Registered Principal from 2000 to 2007, of Harbor Funds Distributors, Inc.; Vice President from 2000 to 2007 of Harbor Funds

None

391

Board of Directors and Officers

Executive Officers


Name, Address and Age	Position with Trust and Length of Service (2)	Principal Occupation During the Past 5 Years
Russell W. Swansen 625 Fourth Avenue South Minneapolis, MN Age 54	President since 2008; Trustee since 2009; Vice President from 2004 until 2008	Senior Vice President, Chief Investment Officer, Thrivent Financial since 2003

David S. Royal 625 Fourth Avenue South Minneapolis, MN Age 40	Secretary and Chief Legal Officer since 2006	Vice President and Managing Counsel, since 2006 and Interim Investment Company and Investment Adviser Chief Compliance Officer from May 2010 until December 2010, Thrivent Financial

Gerard V. Vaillancourt 625 Fourth Avenue South Minneapolis, MN Age 44	Treasurer and Principal Accounting Officer since 2005	Vice President, Mutual Fund Accounting, Thrivent Financial since 2006

Ted S. Dryden 625 Fourth Avenue South Minneapolis, MN Age 46	Chief Compliance Officer since 2010	Investment Company and Investment Adviser Chief Compliance Officer, Thrivent Financial since December 2010; Chief Compliance Officer, OptumHealth Financial Services from 2009 to 2010; Vice President, Asset Management Compliance, Ameriprise Financial from 2006 to 2009

Janice M. Guimond 625 Fourth Avenue South Minneapolis, MN Age 47	Vice President since 2005	Vice President, Investment Operations, Thrivent Financial since 2004

Karl D. Anderson 625 Fourth Avenue South Minneapolis, MN Age 50	Vice President since 2006	Vice President, Products, Thrivent Financial since 2005

Kathleen M. Koelling 4321 North Ballard Road Appleton, WI Age 34	Anti-Money Laundering Officer since 2011	Privacy and Anti-Money Laundering Officer, Thrivent Financial since 2010; Senior Counsel, Thrivent Financial since 2002

Mark D. Anema 625 Fourth Avenue South Minneapolis, MN Age 50	Assistant Vice President since 2007	Vice President, Accumulation and Retirement Income Solutions, Thrivent Financial since 2007; Vice President, Strategic Planning, Thrivent Financial from 2004 to 2007

James M. Odland 625 Fourth Avenue South Minneapolis, MN Age 56	Assistant Secretary since 2006	Vice President and Managing Counsel, Thrivent Financial since 2005

Rebecca A. Paulzine 625 Fourth Avenue South Minneapolis, MN Age 32	Assistant Secretary since 2010	Counsel, Thrivent Financial since January 2010; Associate, Faegre & Benson LLP from 2005 to December 2009

John L. Sullivan 625 Fourth Avenue South Minneapolis, MN Age 41	Assistant Secretary since 2007	Senior Counsel, Thrivent Financial since 2007; Senior Counsel, Division of Investment Management of the SEC from 2000 to 2007

392

Board of Directors and Officers


Name, Address and Age	Position with Trust and Length of Service ⁽²⁾	Principal Occupation During the Past 5 Years
Todd J. Kelly 4321 North Ballard Road Appleton, WI Age 42	Assistant Treasurer since 1999	Director, Fund Accounting Operations, Thrivent Financial since 2002

Sarah L. Bergstrom 625 Fourth Avenue South Minneapolis, MN Age 34	Assistant Treasurer since 2007	Director, Fund Accounting Administration, Thrivent Financial since 2007; Manager, Fund Accounting Administration, Thrivent Financial from 2005 to 2007

(1)	“Interested person” of the Fund as defined in the Investment Company Act of 1940 by virtue of positions with Thrivent Financial. Mr. Swansen is considered an interested person because of his principal occupation with Thrivent Financial.

(2)	Each Director generally serves an indefinite term until her or his successor is duly elected and qualified. Officers serve at the discretion of the board until their successors are duly appointed and qualified.

(3)	The Directors other than Mr. Swansen are not “interested persons” of the Fund and are referred to as “Independent Directors.”

393

Thrivent Series Fund, Inc.

Supplement to Prospectus dated April 30, 2011

With respect to

Thrivent Partner Technology Portfolio

The summary section of the prospectus of Thrivent Partner Technology Portfolio is amended. The following is added to the description under “Portfolio Manager(s)”:

GSAM uses its Growth Investment Team to manage the Portfolio. Steven M. Barry, David G. Shell, CFA, Scott Kolar, CFA, and Jeff Rabinowitz, CFA are portfolio managers to the Portfolio. Mr. Barry and Mr. Shell are both Managing Directors, Chief Investment Officers and Senior Portfolio Managers at GSAM; they have been with GSAM since the respective years of 1999 and 1997 and have been portfolio managers of this Portfolio since 2009. Mr. Kolar and Mr. Rabinowitz are both Managing Directors and Senior Portfolio Managers. They have been with GSAM since 1997 and 1999, respectively, and have been portfolio managers of this Portfolio since the respective years of 2010 and 2011.

The “Portfolio Management” section of the prospectus is also amended. The description under Thrivent Partner Technology Portfolio is deleted and replaced with the following:

Effective December 31, 2011, Mr. Shell will retire and will no longer have portfolio management responsibilities with respect to the Portfolio. All references to Mr. Shell in the Prospectus are deleted as of that date.

The date of this Supplement is November 22, 2011.

Please include this Supplement with your Prospectus.

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400

LOGO

Item 2.

Code of Ethics

As of the end of the period covered by this report, registrant has adopted a code of ethics (as defined in Item 2 of
Form N-CSR) applicable to registrant’s Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer. No waivers were granted to such code of ethics during the period covered by this report. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

Registrant’s Board of Directors has determined that Constance L. Souders, an independent director, is the Audit Committee Financial Expert.

Item 4.

Principal Accountant Fees and Services

(a)

Audit Fees

The aggregate fees billed by registrant’s independent public accountants, PricewaterhouseCoopers LLP (“PwC”), for each of the last two complete fiscal years and the fiscal period covered by this report for professional services rendered in connection with the audit of registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $556,733 for the year ended December 31, 2010 and $568,000 for the year ended December 31, 2011.

(b)

Audit-Related Fees

The aggregate fees PwC billed to registrant for each of the last two fiscal years for assurance and other services which are reasonably related to the performance of registrant’s audit and are not reported under Item 4(a) were $0 for the fiscal year ended December 31, 2010 and $0 for the fiscal year ended December 31, 2011. The aggregate fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for assurance and other services directly related to the operations and financial reporting of registrant were $0 for the year ended December 31, 2010 and $0 for the year ended December 31, 2011.

(c)

Tax Fees

The aggregate tax fees PwC billed to registrant for each of the last two fiscal years for tax compliance, tax advice, and tax planning services were $139,492 for the year ended December 31, 2010 and $147,062 for the year ended December 31, 2011. The aggregate tax fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for services directly related to the operations and financial reporting of registrant were $0 for the year ended December 31, 2010 and $0 for the year ended December 31, 2011.

(d)

All Other Fees

The aggregate fees PwC billed to registrant for each of the last two fiscal years for products and services provided other than the services reported in paragraphs (a) through (c) of this item were $0 for the year ended December 31, 2010 and $0 for the year ended December 31, 2011. The aggregate fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for products and services provided other than the services reported in paragraphs (a) through (c) of this item were $1,500 for the year ended December 31, 2010 and $1,800 for the year ended December 31, 2011. These payments were for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards. These $1,800 figures are also reported in response to item 4(g) below.

(e)

Registrant’s audit committee charter, adopted in February 2010, provides that the audit committee (comprised of the independent Directors of registrant) is responsible for pre-approval of all auditing services performed for the registrant. The audit committee also is responsible for pre-approval (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Securities Exchange Act of 1934) of all non-auditing services performed for the registrant or for any service affiliate of registrant. In addition, registrant’s audit committee charter permits a designated member of the audit committee to pre-approve, between meetings, one or more audit or non-audit service projects, subject to an expense limit and notification to the audit committee at the next committee meeting. Registrant’s audit committee pre-approved all fees described above that PwC billed to registrant.

(f)

Less than 50% of the hours billed by PwC for auditing services to registrant for the fiscal year ended December 31, 2011, were for work performed by persons other than full-time, permanent employees of PwC.

(g)

The aggregate non-audit fees billed by PwC to registrant and to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal years ending December 31, 2010 and December 31, 2011 were $1,500 and $1,800, respectively. These $1,800 figures are also reported in response to item 4(d) above.

(h)

Registrant’s audit committee has considered the non-audit services provided to the registrant and registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser as described above and determined that these services do not compromise PwC’s independence.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Schedule of Investments

(a)

Registrant’s Schedule of Investments is included in the report to shareholders filed under Item 1.

(b)

Not applicable to this filing.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 9.

Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees.

Item 10.

Controls and Procedures

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

(a)(ii) Registrant’s President and Treasurer are aware of no change in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) 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 11.

Exhibits

(a)

The code of ethics pursuant to Item 2 is attached hereto.

(b)

Certifications pursuant to Rules 30a-2(a) and 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

SIGNATURES

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

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.