UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number: 811-4603

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)

Michael W. Kremenak

Secretary and Chief Legal Officer

625 Fourth Avenue South

Minneapolis, Minnesota 55415

(Name and address of agent for service)

Registrant’s telephone number, including area code: (612) 844-4198

Date of fiscal year end: December 31

Date of reporting period: March 31, 2016

Item 1. Schedule of Investments

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (54.9%)	Value
	Consumer Discretionary (9.3%)
	11,537	Aaron’s, Inc.		$289,579
	670	Abercrombie & Fitch Company		21,132
	1,000	Aisan Industry Company, Ltd.		7,860
	17,446	Amazon.com, Inc.a		10,356,643
	2,111	American Public Education, Inc.a		43,550
	5,320	Ascena Retail Group, Inc.a		58,839
	380	Autoliv, Inc.		45,022
	6,720	AutoZone, Inc.a		5,353,757
	200	Bayerische Motoren Werke AG		15,967
	10,000	Bed Bath & Beyond, Inc.a		496,400
	1,500	Berkeley Group Holdings plc		69,163
	1,100	Betsson ABa		17,045
	1,430	Big 5 Sporting Goods Corporation		15,887
	5,510	Big Lots, Inc.		249,548
	6,400	Bloomin’ Brands, Inc.		107,968
	6,930	BorgWarner, Inc.		266,112
	3,220	Boyd Gaming Corporationa		66,525
	300	Brembo SPA		15,510
	800	Bridgestone Corporation		29,858
	27,337	Brunswick Corporation		1,311,629
	900	Bunzl plc		26,106
	18,756	Burlington Stores, Inc.a		1,054,837
	8,960	Caleres, Inc.		253,478
	5,940	Callaway Golf Company		54,173
	2,000	Calsonic Kansei Corporation		14,861
	8,496	Cedar Fair, LP		505,087
	7,900	Cheesecake Factory, Inc.		419,411
	9,870	Children’s Place, Inc.		823,849
	1,240	Chuy’s Holdings, Inc.a		38,527
	25,770	Cinemark Holdings, Inc.		923,339
	1,000	Cineworld Group plc		7,704
	95,308	Comcast Corporation		5,821,413
	600	Compass Group plc		10,577
	28,248	Core-Mark Holding Company, Inc.		2,303,907
	3,292	CSS Industries, Inc.		91,946
	4,223	Culp, Inc.		110,727
	200	Daimler AG		15,307
	15,970	Dana Holding Corporation		225,017
	6,600	Debenhams plc		7,121
	10,257	Delphi Automotive plc		769,480
	2,800	Denso Corporation		112,394
	2,740	DeVry Education Group, Inc.		47,320
	62,280	Discovery Communications, Inc.a		1,783,076
	12,750	DISH Network Corporationa		589,815
	5,770	Dollar General Corporation		493,912
	19,031	Dollar Tree, Inc.a		1,569,296
	5,180	Domino’s Pizza, Inc.		683,035
	715	Dorman Products, Inc.a		38,910
	874	Drew Industries, Inc.		56,338
	9,400	DSW, Inc.		259,816
	3,900	EDION Corporation		29,556
	339	El Pollo Loco Holdings, Inc.a		4,522
	6,302	Ethan Allen Interiors, Inc.		200,530
	1,400	Eutelsat Communications		45,152
	5,768	Expedia, Inc.		621,906
	5,835	Finish Line, Inc.		123,118
	12,600	Ford Motor Company		170,100
	3,518	Fossil, Inc.a		156,270
	3,870	General Motors Company		121,634
	11,940	Gentex Corporation		187,339
	29,106	G-III Apparel Group, Ltd.a		1,422,992
	4,000	Gunze, Ltd.		11,314
	2,100	Hakuhodo Dy Holdings, Inc.		23,776
	6,650	Harley-Davidson, Inc.		341,344
	10,556	Harman International Industries, Inc.		939,906
	4,492	Haverty Furniture Companies, Inc.		95,051

Shares		Common Stock (54.9%)	Value
	Consumer Discretionary (9.3%) - continued
	200	Hennes & Mauritz AB		$6,657
	47,740	Home Depot, Inc.		6,369,948
	4,100	Honda Motor Company, Ltd.		112,098
	20,140	Houghton Mifflin Harcourt Companya		401,592
	620	Imax Corporationa		19,276
	3,800	Inchcape plc		39,413
	6,810	Interpublic Group of Companies, Inc.		156,289
	600	Intertek Group plc		27,243
	6,680	Jack in the Box, Inc.		426,652
	21,627	Kate Spade & Companya		551,921
	6,500	Krispy Kreme Doughnuts, Inc.a		101,335
	8,066	L Brands, Inc.		708,275
	41,320	Las Vegas Sands Corporation		2,135,418
	8,455	La-Z-Boy, Inc.		226,087
	4,230	Lear Corporation		470,249
	7,150	Liberty Interactive Corporationa		180,538
	229	Linamar Corporation		11,018
	4,862	Lithia Motors, Inc.		424,598
	19,980	LKQ Corporationa		637,961
	6,560	Lowe’s Companies, Inc.		496,920
	200	LVMH Moet Hennessy Louis Vuitton SE		34,175
	5,520	Macy’s, Inc.		243,377
	1,000	Marks and Spencer Group plc		5,827
	17,395	MDC Partners, Inc.		410,522
	2,500	Michael Kors Holdings, Ltd.a		142,400
	5,850	Nautilus, Inc.a		113,022
	2,545	New Media Investment Group, Inc.		42,349
	32,400	Newell Rubbermaid, Inc.		1,434,996
	13,550	News Corporation, Class A		173,034
	73,020	NIKE, Inc.		4,488,539
	1,800	NOK Corporation		30,709
	500	Nokian Renkaat Oyj		17,640
	29,021	Nord Anglia Education, Inc.a		606,249
	68,860	Nutrisystem, Inc.		1,437,108
	4,604	O’Reilly Automotive, Inc.a		1,259,931
	21,190	Oxford Industries, Inc.		1,424,604
	2,000	PanaHome Corporation		14,997
	20,110	Papa John’s International, Inc.		1,089,761
	54,730	Papa Murphy’s Holdings, Inc.a		654,024
	3,800	Persimmon plc		113,548
	300	ProSiebenSat.1 Media AG		15,401
	17,400	PulteGroup, Inc.		325,554
	15,679	PVH Corporation		1,553,162
	3,549	Ralph Lauren Corporation		341,627
	500	RELX NV		8,717
	3,030	Rent-A-Center, Inc.		48,025
	6,927	Restoration Hardware Holdings, Inc.a		290,241
	1,930	Retailmenot, Inc.a		15,459
	100	Rightmove plc		6,039
	31,876	Ross Stores, Inc.		1,845,620
	3,350	Ruth’s Hospitality Group, Inc.		61,673
	17,630	Sally Beauty Holdings, Inc.a		570,859
	7,100	Scripps Networks Interactive, Inc.		465,050
	900	Sekisui House, Ltd.		15,184
	5,070	Select Comfort Corporationa		98,307
	9,170	Service Corporation International		226,316
	1,000	SHOWA Corporation		8,724
	4,670	Signet Jewelers, Ltd.		579,220
	9,630	Skechers USA, Inc.a		293,234
	1,400	Sports Direct International plca		7,594
	3,052	Sportsman’s Warehouse Holdings, Inc.a		38,455
	400	Stanley Electric Company, Ltd.		9,040
	48,490	Staples, Inc.		534,845
	2,700	Star Entertainment Group, Ltd.		11,743

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

1

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (54.9%)	Value
	Consumer Discretionary (9.3%) - continued
	76,410	Starbucks Corporation		$4,561,677
	12,981	Starwood Hotels & Resorts Worldwide, Inc.		1,083,005
	5,644	Stein Mart, Inc.		41,371
	3,100	Sumitomo Forestry Company, Ltd.		35,586
	1,500	Sumitomo Rubber Industries, Ltd.		23,177
	1,270	Tailored Brands, Inc.		22,733
	400	Tamron Company, Ltd.		6,551
	3,100	Tatts Group, Ltd.		8,981
	10,305	Tenneco, Inc.a		530,811
	20,100	Time, Inc.		310,344
	600	Tokai Rika Company, Ltd.		11,277
	41,746	Toll Brothers, Inc.a		1,231,924
	1,310	Tower International, Inc.		35,632
	1,100	Toyota Motor Corporation		58,339
	41,596	Tuesday Morning Corporationa		340,255
	2,880	Twenty-First Century Fox, Inc.		80,294
	3,600	UBM plc		31,018
	2,039	Ulta Salon Cosmetics & Fragrance, Inc.a		395,036
	4,660	Under Armour, Inc.a		395,308
	500	USS Company, Ltd.		7,979
	7,035	Vail Resorts, Inc.		940,579
	100	Valora Holding AG		24,970
	7,620	Vera Bradley, Inc.a		154,991
	6,839	VF Corporation		442,894
	3,810	Vitamin Shoppe, Inc.a		117,958
	2,000	Wacoal Holdings Corporation		23,867
	2,500	WH Smith plc		65,123
	300	Whitbread plc		17,030
	960	Winnebago Industries, Inc.		21,552
	2,300	Wolters Kluwer NV		91,673
	1,570	Wolverine World Wide, Inc.		28,919
	2,300	WPP plc		53,534
	6,150	Wyndham Worldwide Corporation		470,045
	500	Yokohama Rubber Company, Ltd.		8,219
	7,780	Yum! Brands, Inc.		636,793
	19,760	Zoe’s Kitchen, Inc.a		770,442
		Total		90,133,559
	Consumer Staples (2.5%)
	500	AarhusKarlshamn AB		39,688
	24,900	Altria Group, Inc.		1,560,234
	20,410	Aramark		675,979
	5,570	Archer-Daniels-Midland Company		202,247
	12,590	Avon Products, Inc.		60,558
	1,700	Axfood AB		31,372
	11,800	Blue Buffalo Pet Products, Inc.a		302,788
	1,291	Boston Beer Company, Inc.a		238,925
	1,700	British American Tobacco plc		99,409
	1,200	Britvic plc		12,230
	3,790	Brown-Forman Corporation		373,201
	12,500	Campbell Soup Company		797,375
	11,706	Casey’s General Stores, Inc.		1,326,524
	43,640	Coca-Cola Company		2,024,460
	2,700	Coca-Cola HBC AG		57,257
	49,610	CVS Health Corporation		5,146,045
	41,840	Flowers Foods, Inc.		772,366
	3,400	General Mills, Inc.		215,390
	5,996	Hain Celestial Group, Inc.a		245,296
	500	Henkel AG & Company KGaA		49,029
	15,340	Hormel Foods Corporation		663,302
	4,100	Imperial Tobacco Group plc		227,005
	5,700	Ingredion, Inc.		608,703
	300	Japan Tobacco, Inc.		12,487
	1,100	Jeronimo Martins SGPS SA		17,982

Shares		Common Stock (54.9%)	Value
	Consumer Staples (2.5%) - continued
	1,200	Kao Corporation		$63,986
	1,150	Kimberly-Clark Corporation		154,686
	7,800	Koninklijke Ahold NV		175,199
	200	KOSE Corporation		19,443
	5,550	Kroger Company		212,287
	2,450	Lancaster Colony Corporation		270,896
	1,810	McCormick & Company, Inc.		180,059
	5,100	Molson Coors Brewing Company		490,518
	25,890	Mondelez International, Inc.		1,038,707
	8,419	Monster Beverage Corporationa		1,122,926
	1,700	Nestle SA		126,855
	1,000	Nippon Meat Packers, Inc.		22,011
	2,000	Nisshin OilliO Group, Ltd.		8,161
	750	Omega Protein Corporationa		12,705
	3,520	PepsiCo, Inc.		360,730
	2,291	Philip Morris International, Inc.		224,770
	1,760	Pinnacle Foods, Inc.		78,637
	7,752	SpartanNash Company		234,963
	700	Suedzucker AG		12,318
	400	Sugi Holdings Company, Ltd.		21,104
	2,300	Swedish Match AB		77,966
	2,700	Tyson Foods, Inc.		179,982
	13,366	United Natural Foods, Inc.a		538,650
	1,900	Universal Corporation		107,939
	4,080	Walgreens Boots Alliance, Inc.		343,699
	56,410	WhiteWave Foods Companya		2,292,502
	1,300	Woolworths, Ltd.		22,002
		Total		24,153,553
	Energy (6.5%)
	12,635	Archrock, Inc.		101,080
	7,516	Atwood Oceanics, Inc.		68,922
	68,040	Baker Hughes, Inc.		2,982,193
	48,492	BP plc		242,622
	2,997	Bristow Group, Inc.		56,703
	54,834	Callon Petroleum Companya		485,281
	50,780	Cameron International Corporationa		3,404,799
	90,950	Canadian Natural Resources, Ltd.		2,455,650
	59	Canadian Natural Resources, Ltd.		1,596
	74,850	Chevron Corporation		7,140,690
	2,480	Cimarex Energy Company		241,230
	1,297	Clayton Williams Energy, Inc.a		11,569
	294,556	Cobalt International Energy, Inc.a		874,831
	25,407	Concho Resources, Inc.a		2,567,123
	35,315	Continental Resources, Inc.a		1,072,163
	7,030	Delek US Holdings, Inc.		107,137
	7,540	Devon Energy Corporation		206,898
	5,190	Diamond Offshore Drilling, Inc.		112,779
	14,336	Diamondback Energy, Inc.a		1,106,453
	26,950	Ensco plc		279,472
	64,866	EOG Resources, Inc.		4,707,974
	8,880	EP Energy Corporationa		40,138
	67,881	EQT Corporation		4,565,676
	31,610	Exxon Mobil Corporation		2,642,280
	17,440	FMC Technologies, Inc.a		477,158
	4,690	Green Plains, Inc.		74,852
	4,080	Gulfport Energy Corporationa		115,627
	28,870	Halliburton Company		1,031,236
	8,060	Helmerich & Payne, Inc.		473,283
	14,809	HollyFrontier Corporation		523,054
	188,978	Marathon Oil Corporation		2,105,215
	101,800	Marathon Petroleum Corporation		3,784,924
	18,280	Nabors Industries, Ltd.		168,176
	1,635	Noble Energy, Inc.		51,355
	12,411	Oasis Petroleum, Inc.a		90,352
	3,000	Oceaneering International, Inc.		99,720

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

2

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (54.9%)	Value
	Energy (6.5%) - continued
	5,650	Oil States International, Inc.a		$178,088
	2,222	OMV AG		62,390
	70,150	Parsley Energy, Inc.a		1,585,390
	57,770	Patterson-UTI Energy, Inc.		1,017,907
	790	PDC Energy, Inc.a		46,966
	206,150	Petroleo Brasileiro SA ADRa		1,203,916
	8,280	Pioneer Energy Services Corporationa		18,216
	1,830	QEP Resources, Inc.		25,821
	139,687	Rowan Companies plc		2,248,961
	1,708	Royal Dutch Shell plc		41,391
	20	Royal Dutch Shell plc, Class A		483
	1,000	Royal Dutch Shell plc, Class B		24,335
	32,975	RPC, Inc.		467,586
	4,300	RSP Permian, Inc.a		124,872
	29,550	Schlumberger, Ltd.		2,179,313
	2,210	SM Energy Company		41,415
	89,860	Southwestern Energy Companya		725,170
	6,890	Spectra Energy Corporation		210,834
	1,318	Statoil ASA		20,585
	146,780	Suncor Energy, Inc. ADR		4,081,952
	3,240	Superior Energy Services, Inc.		43,384
	16,430	Teekay Tankers, Ltd.		60,298
	5,667	Tesco Corporation		48,793
	630	Tesoro Corporation		54,186
	11,140	TETRA Technologies, Inc.a		70,739
	1,300	Total SA		59,152
	40,791	U.S. Silica Holdings, Inc.		926,772
	316,140	Weatherford International plca		2,459,569
	7,248	Western Refining, Inc.		210,844
	1,375	World Fuel Services Corporation		66,798
	40,120	WPX Energy, Inc.a		280,439
		Total		63,056,776
	Financials (6.9%)
	1,490	Acadia Realty Trust		52,344
	500	AEON Financial Service Company, Ltd.		11,771
	11,823	Affiliated Managers Group, Inc.a		1,920,055
	2,000	Allianz SE		324,811
	11,340	Allied World Assurance Company Holdings AG		396,220
	9,590	American Assets Trust, Inc.		382,833
	6,490	American Campus Communities, Inc.		305,614
	6,565	American Financial Group, Inc.		461,979
	3,440	American International Group, Inc.		185,932
	28,261	Ameris Bancorp		835,960
	1,580	AMERISAFE, Inc.		83,013
	56,990	Anworth Mortgage Asset Corporation		265,573
	1,450	Apartment Investment & Management Company		60,639
	9,656	Argo Group International Holdings, Ltd.		554,158
	2,940	Ashford Hospitality Prime, Inc.		34,310
	3,260	Ashford Hospitality Trust, Inc.		20,799
	8,345	Aspen Insurance Holdings, Ltd.		398,056
	1,670	Associated Banc-Corp		29,960
	51,340	Assured Guaranty, Ltd.		1,298,902
	5,500	Australia & New Zealand Banking Group, Ltd.		98,595
	3,390	BancorpSouth, Inc.		72,241
	8,700	Bank Hapoalim, Ltd.		45,160
	125,020	Bank of America Corporation		1,690,270
	7,000	Bank of East Asia, Ltd.		26,164
	10,150	Bank of New York Mellon Corporation		373,824
	3,221	Bank of Nova Scotia		157,410
	2,400	Bank of Queensland, Ltd.		22,252

Shares		Common Stock (54.9%)	Value
	Financials (6.9%) - continued
	22,722	Bank of the Ozarks, Inc.		$953,642
	19,000	Bank of Yokohama, Ltd.b		86,069
	2,110	BankFinancial Corporation		24,940
	26,000	BB&T Corporation		865,020
	25,664	BBCN Bancorp, Inc.		389,836
	5,700	BinckBank NV		42,430
	6,150	Blackstone Group, LP		172,507
	4,680	Boston Private Financial Holdings, Inc.		53,586
	4,677	Brixmor Property Group, Inc.		119,825
	8,630	Brookline Bancorp, Inc.		95,016
	13,160	Brown & Brown, Inc.		471,128
	5,050	Camden Property Trust		424,654
	1,041	Canadian Western Bank		19,357
	1,850	Capital One Financial Corporation		128,223
	7,700	CapitaMall Trust		11,933
	7,750	Cathay General Bancorp		219,557
	47,000	CBL & Associates Properties, Inc.		559,300
	7,900	CBRE Group, Inc.a		227,678
	18,023	Cedar Realty Trust, Inc.		130,306
	10,180	Charles Schwab Corporation		285,244
	1,820	Chatham Lodging Trust		39,003
	2,000	Chiba Bank, Ltd.		9,961
	1,380	Chubb, Ltd.		164,427
	10,380	Citigroup, Inc.		433,365
	3,220	Clifton Bancorp, Inc.		48,686
	14,580	CNO Financial Group, Inc.		261,274
	2,400	CNP Assurances		37,374
	49,836	CoBiz Financial, Inc.		589,062
	4,961	Columbia Banking System, Inc.		148,433
	7,460	Comerica, Inc.		282,510
	1,590	Commerce Bancshares, Inc.		71,470
	3,190	Communications Sales & Leasing, Inc.		70,978
	36,320	Corporate Office Properties Trust		953,037
	1,660	CyrusOne, Inc.		75,779
	600	Daiwa House Industry Company, Ltd.		16,865
	8,540	DCT Industrial Trust, Inc.		337,074
	300	Derwent London plc		13,557
	10,900	DEXUS Property Group		66,192
	5,500	Digital Realty Trust, Inc.		486,695
	5,200	Direct Line Insurance Group plc		27,582
	3,410	Douglas Emmett, Inc.		102,675
	29,800	Duke Realty Corporation		671,692
	20,820	E*TRADE Financial Corporationa		509,882
	9,988	East West Bancorp, Inc.		324,410
	3,980	Empire State Realty Trust, Inc.		69,769
	5,437	Employers Holdings, Inc.		152,997
	9,070	Endurance Specialty Holdings, Ltd.		592,634
	2,810	Enova International, Inc.a		17,731
	8,830	Equity One, Inc.		253,068
	2,500	Erste Group Bank AGa		70,168
	27,499	Essent Group, Ltd.a		571,979
	20,995	EverBank Financial Corporation		316,815
	14,683	Evercore Partners, Inc.		759,845
	10,770	F.N.B. Corporation		140,118
	12,900	FelCor Lodging Trust, Inc.		104,748
	58,290	Fifth Third Bancorp		972,860
	13,010	First Commonwealth Financial Corporation		115,269
	3,090	First Financial Bancorp		56,176
	1,070	First Financial Corporation		36,605
	6,500	First Industrial Realty Trust, Inc.		147,810
	1,070	First Merchants Corporation		25,220
	16,730	First Midwest Bancorp, Inc.		301,475
	1,120	First NBC Bank Holding Companya		23,061

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

3

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (54.9%)	Value
	Financials (6.9%) - continued
	8,298	First Potomac Realty Trust		$75,180
	29,448	First Republic Bank		1,962,415
	5,800	FlexiGroup, Ltd.		11,001
	4,690	Franklin Street Properties Corporation		49,761
	6,900	Frasers Centrepoint Trust		10,234
	16,000	Fukuoka Financial Group, Inc.		52,120
	1,558	Getty Realty Corporation		30,895
	4,381	Glacier Bancorp, Inc.		111,365
	9,400	Goldman Sachs Group, Inc.		1,475,612
	1,900	Great Portland Estates plc		19,835
	18,740	Great Western Bancorp, Inc.		511,040
	9,345	Green Bancorp, Inc.a		70,742
	760	Greenhill & Company, Inc.		16,872
	2,052	H&R Real Estate Investment Trust		33,164
	900	Hamborner REIT AG		9,743
	17,820	Hancock Holding Company		409,147
	2,000	Hang Seng Bank, Ltd.		35,388
	56,222	Hanmi Financial Corporation		1,238,008
	900	Hannover Rueckversicherung SE		104,600
	4,030	Hanover Insurance Group, Inc.		363,587
	28,830	Hartford Financial Services Group, Inc.		1,328,486
	7,109	Hatteras Financial Corporation		101,659
	9,900	Henderson Group plc		36,621
	2,960	HFF, Inc.		81,489
	2,650	Highwoods Properties, Inc.		126,696
	5,092	Home BancShares, Inc.		208,517
	1,160	Hometrust Bancshares, Inc.a		21,263
	17,160	Horace Mann Educators Corporation		543,800
	3,890	Hospitality Properties Trust		103,318
	28,448	Host Hotels & Resorts, Inc.		475,082
	13,984	Houlihan Lokey, Inc.		348,202
	4,170	Hudson Pacific Properties, Inc.		120,596
	2,100	Hufvudstaden AB		33,214
	95,950	Huntington Bancshares, Inc.		915,363
	16,000	Hysan Development Company, Ltd.		68,187
	517	Intact Financial Corporation		36,197
	5,589	Intercontinental Exchange, Inc.		1,314,197
	6,830	Invesco, Ltd.		210,159
	10,100	Investec plc		74,088
	28,140	Investors Bancorp, Inc.		327,550
	77,023	J.P. Morgan Chase & Company		4,561,302
	37,190	Janus Capital Group, Inc.		544,090
	109,550	KeyCorp		1,209,432
	3,590	Kimco Realty Corporation		103,320
	25,750	Liberty Property Trust		861,595
	1,434	Lincoln National Corporation		56,213
	11,000	Link REIT		65,347
	4,650	M&T Bank Corporation		516,150
	1,800	Macquarie Group, Ltd.		91,105
	2,790	McGraw-Hill Financial, Inc.		276,154
	7,180	MetLife, Inc.		315,489
	32,800	Mizuho Financial Group, Inc.		48,881
	22,790	Morgan Stanley		569,978
	5,680	MSCI, Inc.		420,774
	200	Muenchener Rueckversicherungs-Gesellschaft AG		40,589
	3,450	Nasdaq, Inc.		229,011
	1,800	National Australia Bank, Ltd.		36,142
	1,928	National Bank of Canada		63,077
	990	National Storage Affiliates Trust		20,988
	640	Navigators Group, Inc.a		53,677
	34,000	New World Development Company, Ltd.		32,451
	2,790	NMI Holdings, Inc.a		14,090

Shares		Common Stock (54.9%)	Value
	Financials (6.9%) - continued
	7,160	NorthStar Asset Management Corporation, Inc.		$81,266
	5,420	NorthStar Realty Europe Corporation		62,872
	2,700	Old Mutual plc		7,458
	2,790	Old National Bancorp		34,010
	9,280	Oritani Financial Corporation		157,482
	32,519	PacWest Bancorp		1,208,081
	14,960	Parkway Properties, Inc.		234,274
	16,893	Pebblebrook Hotel Trust		491,080
	940	Pennsylvania Real Estate Investment Trust		20,539
	12,850	Physicians Realty Trust		238,753
	6,040	Piedmont Office Realty Trust, Inc.		122,672
	460	Piper Jaffray Companiesa		22,798
	2,360	Popular, Inc.		67,520
	2,710	Post Properties, Inc.		161,895
	1,387	Potlatch Corporation		43,690
	2,600	Poundland Group plc		5,819
	586	Power Corporation of Canada		13,518
	16,800	Primerica, Inc.		748,104
	1,290	PrivateBancorp, Inc.		49,794
	11,010	Provident Financial Services, Inc.		222,292
	7,200	Ramco-Gershenson Properties Trust		129,816
	20,258	Raymond James Financial, Inc.		964,483
	2,020	Rayonier, Inc. REIT		49,854
	3,320	RE/MAX Holdings, Inc.		113,876
	4,405	Realogy Holdings Corporationa		159,065
	12,271	Renasant Corporation		403,839
	10,060	Retail Properties of America, Inc.		159,451
	393	Safety Insurance Group, Inc.		22,425
	200	Sampo Oyj		9,473
	4,661	Sandy Spring Bancorp, Inc.		129,716
	1,300	Schroders plc		49,978
	3,190	Selective Insurance Group, Inc.		116,786
	7,020	Senior Housing Property Trust		125,588
	3,750	Silver Bay Realty Trust Corporation REIT		55,687
	188,150	SLM Corporationa		1,196,634
	3,820	Sovran Self Storage, Inc.		450,569
	7,430	Spirit Realty Captial, Inc.		83,587
	40,168	Stifel Financial Corporationa		1,188,973
	34,100	Stockland		111,561
	3,770	Store Capital Corporation		97,568
	11,000	Sumitomo Mitsui Trust Holdings, Inc.		32,202
	14,461	Summit Hotel Properties, Inc.		173,098
	14,879	SVB Financial Groupa		1,518,402
	1,000	Swiss Re AG		92,340
	5,800	Synchrony Financiala		166,228
	39,520	Synovus Financial Corporation		1,142,523
	5,200	T&D Holdings, Inc.		48,573
	300	Talanx AG		10,224
	25,700	Talmer Bancorp, Inc.		464,913
	44,030	TCF Financial Corporation		539,808
	29,849	TD Ameritrade Holding Corporation		941,139
	21,783	Terreno Realty Corporation		510,811
	1,150	Territorial Bancorp, Inc.		29,969
	200	Tokio Marine Holdings, Inc.		6,758
	618	Toronto-Dominion Bank		26,676
	2,740	TriCo Bancshares		69,377
	5,220	TrustCo Bank Corporation		31,633
	2,100	U.S. Bancorp		85,239
	1,480	Union Bankshares Corporation		36,452
	9,608	United Community Banks, Inc.		177,460
	7,970	United Financial Bancorp, Inc.		100,342
	6,100	United Overseas Bank, Ltd.		85,327
	1,670	Urstadt Biddle Properties, Inc.		34,986

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

4

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (54.9%)	Value
	Financials (6.9%) - continued
	3,220	Waddell & Reed Financial, Inc.		$75,799
	1,230	Washington Federal, Inc.		27,859
	510	Webster Financial Corporation		18,309
	4,000	Wells Fargo & Company		193,440
	13,048	Western Alliance Bancorpa		435,542
	11,800	Wing Tai Holdings, Ltd.		15,393
	1,409	Wintrust Financial Corporation		62,475
	6,750	WisdomTree Investments, Inc.		77,153
	1,545	WSFS Financial Corporation		50,243
	4,937	XL Group plc		181,682
	57,141	Zions Bancorporation		1,383,384
		Total		67,513,280
	Health Care (7.5%)
	54,840	Abbott Laboratories		2,293,957
	1,500	AbbVie, Inc.		85,680
	12,700	ABIOMED, Inc.a		1,204,087
	21,869	Acadia Healthcare Company, Inc.a		1,205,201
	1,300	Aceto Corporation		30,628
	10,440	Acorda Therapeutics, Inc.a		276,138
	100	Actelion, Ltd.		14,924
	6,470	Aetna, Inc.		726,904
	40,124	Akorn, Inc.a		944,118
	3,150	Albany Molecular Research, Inc.a		48,164
	17,868	Align Technology, Inc.a		1,298,825
	25,184	Allergan plca		6,750,068
	5,411	Allscripts Healthcare Solutions, Inc.a		71,479
	12,267	AmerisourceBergen Corporation		1,061,709
	1,550	Amgen, Inc.		232,391
	9,438	AMN Healthcare Services, Inc.a		317,211
	2,100	AmSurg Corporationa		156,660
	3,058	Anacor Pharmaceuticals, Inc.a		163,450
	6,241	Analogic Corporation		493,101
	1,000	Astellas Pharmaceutical, Inc.		13,290
	10,744	Asterias Biotherapeutics, Inc.a		50,497
	296	Atrion Corporation		117,027
	7,012	BioMarin Pharmaceutical, Inc.a		578,350
	570	Bio-Rad Laboratories, Inc.a		77,930
	3,410	Boston Scientific Corporationa		64,142
	2,860	Bristol-Myers Squibb Company		182,697
	4,258	C.R. Bard, Inc.		862,969
	4,720	Cambrex Corporationa		207,680
	1,200	Cardinal Health, Inc.		98,340
	25,501	Cardiovascular Systems, Inc.a		264,445
	20,802	Centene Corporationa		1,280,779
	62,497	Cerner Corporationa		3,309,841
	1,550	CONMED Corporation		65,007
	1,500	Cross Country Healthcare, Inc.a		17,445
	300	CSL, Ltd.		23,313
	14,680	Dentsply Sirona, Inc.		904,728
	75,143	Depomed, Inc.a		1,046,742
	18,680	Edwards Lifesciences Corporationa		1,647,763
	10,500	Ensign Group, Inc.		237,720
	29,921	Envision Healthcare Holdings, Inc.a		610,388
	1,500	Essilor International SA		184,824
	50,083	ExamWorks Group, Inc.a		1,480,453
	2,950	Express Scripts Holding Companya		202,635
	100	Gerresheimer AG		7,824
	65,508	Gilead Sciences, Inc.		6,017,565
	4,170	Globus Medical, Inc.a		99,038
	12,490	Greatbatch, Inc.a		445,144
	3,460	Haemonetics Corporationa		121,031
	7,320	HCA Holdings, Inc.a		571,326
	22,313	HealthEquity, Inc.a		550,462
	6,850	HealthSouth Corporation		257,766
	1,450	Healthways, Inc.a		14,630

Shares		Common Stock (54.9%)	Value
	Health Care (7.5%) - continued
	1,600	Hikma Pharmaceuticals plc		$45,434
	3,300	Hill-Rom Holdings, Inc.		165,990
	21,450	Hologic, Inc.a		740,025
	760	ICON plca		57,076
	16,761	Impax Laboratories, Inc.a		536,687
	23,500	Inogen, Inc.a		1,057,030
	44,166	Intersect ENT, Inc.a		839,154
	42,928	Ironwood Pharmaceuticals, Inc.a		469,632
	12,350	Kindred Healthcare, Inc.		152,523
	200	Lonza Group AG		33,808
	2,700	Magellan Health Services, Inc.a		183,411
	3,654	Medtronic plc		274,050
	9,780	Merck & Company, Inc.		517,460
	600	Merck KGaA		49,910
	2,268	Mettler-Toledo International, Inc.a		781,916
	100,433	Mylan NV		4,655,070
	1,680	Myriad Genetics, Inc.a		62,882
	2,128	National Healthcare Corporation		132,574
	620	Natural Health Trends Corporation		20,553
	670	Neogen Corporationa		33,735
	15,202	Neurocrine Biosciences, Inc.a		601,239
	13,400	Nevro Corporationa		753,884
	2,900	Novartis AG		209,821
	2,000	Novo Nordisk AS		108,307
	41,571	NuVasive, Inc.a		2,022,429
	16,980	Omnicell, Inc.a		473,233
	14,110	PerkinElmer, Inc.		697,881
	8,020	Perrigo Company plc		1,025,999
	50,070	Pfizer, Inc.		1,484,075
	3,960	PharMerica Corporationa		87,556
	2,680	Progenics Pharmaceuticals, Inc.a		11,685
	4,000	Prothena Corporation plca		164,640
	5,785	Quintiles Transnational Holdings, Inc.a		376,604
	130	Regeneron Pharmaceuticals, Inc.a		46,857
	4,050	Roche Holding AG ADR		124,031
	200	Roche Holding AG-Genusschein		49,108
	2,200	Sanofi		176,871
	8,540	STERIS plc		606,767
	29,968	Team Health Holdings, Inc.a		1,252,962
	20,827	Teleflex, Inc.		3,270,047
	4,283	Triple-S Management Corporationa		106,475
	10,523	UnitedHealth Group, Inc.		1,356,415
	15,044	Universal Health Services, Inc.		1,876,288
	2,360	VCA Antech, Inc.a		136,148
	51,600	Veeva Systems, Inc.a		1,292,064
	34,186	Vertex Pharmaceuticals, Inc.a		2,717,445
	4,600	Waters Corporationa		606,832
	1,760	Wellcare Health Plans, Inc.a		163,240
	8,620	West Pharmaceutical Services, Inc.		597,538
	8,360	Zoetis, Inc.		370,599
		Total		72,564,446
	Industrials (6.2%)
	25,034	3M Company		4,171,415
	8,065	ABM Industries, Inc.		260,580
	12,650	Actuant Corporation		312,581
	600	Adecco SA		39,031
	2,640	AECOMa		81,286
	5,664	Aegion Corporationa		119,454
	680	Aerovironment, Inc.a		19,258
	7,900	AGCO Corporation		392,630
	1,000	Aida Engineering, Ltd.		8,688
	11,400	Air New Zealand, Ltd.		22,539
	500	Airbus Group NV		33,129
	2,240	Allison Transmission Holdings, Inc.		60,435

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

5

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (54.9%)	Value
	Industrials (6.2%) - continued
	900	Amada Holdings Company, Ltd.		$8,769
	1,850	AMETEK, Inc.		92,463
	200	Andritz AG		10,957
	1,500	Applied Industrial Technologies, Inc.		65,100
	5,000	Asahi Glass Company, Ltd.		27,359
	2,521	Astec Industries, Inc.		117,655
	300	Atlas Copco Aktiebolag		7,529
	11,030	AZZ, Inc.		624,298
	10,346	B/E Aerospace, Inc.		477,158
	700	Babcock International Group plc		9,532
	2,757	Beacon Roofing Supply, Inc.a		113,065
	1,100	Boeing Company		139,634
	1,510	Brady Corporation		40,528
	1,400	Briggs & Stratton Corporation		33,488
	610	Brink’s Company		20,490
	20,330	BWX Technologies, Inc.		682,275
	4,760	Caterpillar, Inc.		364,330
	1,690	CBIZ, Inc.a		17,052
	5,090	CEB, Inc.		329,476
	3,000	Central Glass Company, Ltd.		16,277
	1,060	Chart Industries, Inc.a		23,023
	2,329	CIRCOR International, Inc.		108,042
	21,421	CLARCOR, Inc.		1,237,920
	9,130	Colfax Corporationa		261,027
	5,052	Comfort Systems USA, Inc.		160,502
	500	Compagnie de Saint-Gobain		21,962
	13,460	Copart, Inc.a		548,764
	300	Croda International plc		13,063
	5,918	CSX Corporation		152,388
	10,550	Curtiss-Wright Corporation		798,318
	1,000	Dai Nippon Printing Company, Ltd.		8,874
	9,210	Danaher Corporation		873,661
	1,300	Dart Group plc		12,398
	92,550	Delta Air Lines, Inc.		4,505,334
	900	Deutsche Post AG		24,979
	300	DSV AS		12,478
	28,254	EMCOR Group, Inc.		1,373,144
	2,770	Emerson Electric Company		150,633
	6,225	Equifax, Inc.		711,455
	3,879	ESCO Technologies, Inc.		151,203
	13,000	Expeditors International of Washington, Inc.		634,530
	400	FANUC Corporation		61,947
	9,921	Federal Signal Corporation		131,552
	1,300	Ferrovial SA		27,899
	2,630	Flowserve Corporation		116,798
	28,080	Fluor Corporation		1,507,896
	27,737	Fortune Brands Home and Security, Inc.		1,554,381
	3,207	Franklin Electric Company, Inc.		103,169
	14,062	FTI Consulting, Inc.a		499,342
	2,000	Fuji Electric Company, Ltd.		6,915
	1,720	G & K Services, Inc.		125,990
	859	Galliford Try plc		17,674
	11,510	General Electric Company		365,903
	5,331	Gibraltar Industries, Inc.a		152,467
	31,704	Granite Construction, Inc.		1,515,451
	9,334	H&E Equipment Services, Inc.		163,625
	1,440	Hackett Group, Inc.		21,773
	1,000	Hankyu Hanshin Holdings, Inc.		6,377
	35,910	Healthcare Services Group, Inc.		1,321,847
	15,390	Heico Corporation		925,401
	3,830	Herman Miller, Inc.		118,309
	5,770	Hexcel Corporation		252,207
	7,617	HNI Corporation		298,358
	100	Hochtief AG		12,212

Shares		Common Stock (54.9%)	Value
	Industrials (6.2%) - continued
	2,515	Honeywell International, Inc.		$281,806
	200	Hoshizaki Electric Company, Ltd.		16,682
	1,663	Hub Group, Inc.a		67,834
	6,470	Huntington Ingalls Industries, Inc.		886,002
	21,918	Huron Consulting Group, Inc.a		1,275,408
	870	Illinois Tool Works, Inc.		89,123
	600	Inaba Denki Sangyo Company, Ltd.		18,874
	3,200	Ingersoll-Rand plc		198,432
	3,680	Insperity, Inc.		190,366
	1,030	Interface, Inc.		19,096
	1,700	Intrum Justitia AB		59,908
	8,100	ITOCHU Corporation		99,540
	2,200	ITT Corporation		81,158
	11,044	JB Hunt Transport Services, Inc.		930,347
	100	Jungheinrich AG		9,111
	3,930	KAR Auction Services, Inc.		149,890
	5,061	Kforce, Inc.		99,094
	3,000	KITZ Corporation		12,974
	910	Knoll, Inc.		19,702
	2,300	KONE Oyj		110,701
	700	Koninklijke Boskalis Westminster NV		27,435
	15,870	Korn/Ferry International		448,962
	100	Kuehne & Nagel International AG		14,212
	1,490	Landstar System, Inc.		96,269
	1,000	Lincoln Electric Holdings, Inc.		58,570
	11,330	Manpower, Inc.		922,489
	20,700	Masco Corporation		651,015
	11,810	Meritor, Inc.a		95,189
	10,933	Middleby Corporationa		1,167,316
	1,200	MIRAIT Holdings Corporation		9,546
	1,000	Mitsuboshi Belting, Ltd.		8,047
	2,660	MRC Global, Inc.a		34,952
	6,998	MSA Safety, Inc.		338,353
	1,500	MTR Corporation, Ltd.		7,434
	22,820	Mueller Water Products, Inc.		225,462
	8,469	Navigant Consulting, Inc.a		133,895
	8,813	Nielsen Holdings plc		464,093
	1,300	Nikkon Holdings Company, Ltd.		23,528
	2,000	Nippon Express Company, Ltd.		9,093
	2,100	Nitto Kogyo Corporation		33,451
	1,349	Nordson Corporation		102,578
	1,720	Norfolk Southern Corporation		143,190
	1,810	Northrop Grumman Corporation		358,199
	6,000	Old Dominion Freight Line, Inc.a		417,720
	25,637	On Assignment, Inc.a		946,518
	20,475	Oshkosh Corporation		836,813
	25,435	PGT, Inc.a		250,280
	18,326	Progressive Waste Solutions, Ltd.		568,656
	17,800	Proto Labs, Inc.a		1,372,202
	1,550	Quanex Building Products Corporation		26,908
	100	Randstad Holding NV		5,531
	26,410	Raven Industries, Inc.		423,088
	6,210	Resources Connection, Inc.		96,628
	2,360	Rexnord Corporationa		47,719
	200	Rieter Holding AG		43,180
	14,989	Ritchie Brothers Auctioneers, Inc.		405,902
	13,880	Rockwell Automation, Inc.		1,578,850
	10,760	Rockwell Collins, Inc.		992,180
	4,158	Roper Industries, Inc.		759,958
	915	Ryder System, Inc.		59,274
	377	Saft Groupe SA		11,383
	15,390	Saia, Inc.a		433,228
	1,800	Sanwa Holdings Corporation		13,391
	4,200	SIG plc		8,794
	1,160	SkyWest, Inc.		23,188

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

6

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (54.9%)	Value
	Industrials (6.2%) - continued
	59,021	Southwest Airlines Company		$2,644,141
	4,410	Spirit Aerosystems Holdings, Inc.a		200,038
	2,486	Stericycle, Inc.a		313,708
	24,606	Swift Transportation Companya		458,410
	11,506	Tennant Company		592,329
	1,280	Tetra Tech, Inc.		38,170
	3,191	Textron, Inc.		116,344
	2,000	Toppan Printing Company, Ltd.		16,768
	6,530	Toro Company		562,364
	22,950	TransUniona		633,650
	200	Travis Perkins plc		5,239
	680	TrueBlue, Inc.a		17,782
	5,519	Tyco International plc		202,602
	780	UniFirst Corporation		85,114
	3,270	United Continental Holdings, Inc.a		195,742
	2,700	United Parcel Service, Inc.		284,769
	8,802	United Rentals, Inc.a		547,396
	3,003	Universal Forest Products, Inc.		257,717
	3,635	Universal Truckload Services, Inc.		59,868
	100	Vestas Wind Systems AS		7,046
	6,550	WABCO Holdings, Inc.a		700,326
	1,160	Wabtec Corporation		91,976
	15,996	WageWorks, Inc.a		809,558
	20,510	Waste Connections, Inc.		1,324,741
	3,002	Watsco, Inc.		404,489
	452	WSP Global, Inc.		13,399
	25,760	Xylem, Inc.		1,053,584
	1,190	YRC Worldwide, Inc.a		11,091
	400	Yuasa Trading Company, Ltd.		9,397
		Total		60,778,127
	Information Technology (13.0%)
	1,874	Advanced Energy Industries, Inc.a		65,196
	30,529	Agilent Technologies, Inc.		1,216,581
	15,060	Akamai Technologies, Inc.a		836,884
	4,550	Alliance Data Systems Corporationa		1,001,000
	9,083	Alphabet, Inc., Class Aa		6,929,421
	7,477	Alphabet, Inc., Class Ca		5,569,991
	200	Amadeus IT Holding SA		8,553
	18,502	Ambarella, Inc.a		827,039
	10,420	Amkor Technology, Inc.a		61,374
	31,585	Amphenol Corporation		1,826,245
	2,128	ANSYS, Inc.a		190,371
	85,464	Apple, Inc.		9,314,721
	48,034	Applied Materials, Inc.		1,017,360
	29,582	Arista Networks, Inc.a		1,866,624
	2,430	ARRIS International plca		55,696
	16,983	Aspen Technology, Inc.a		613,596
	180	AtoS		14,619
	5,480	Avnet, Inc.		242,764
	6,050	AVX Corporation		76,049
	4,346	Belden, Inc.		266,757
	1,620	Benchmark Electronics, Inc.a		37,341
	43,570	Booz Allen Hamilton Holding Corporation		1,319,300
	16,340	Broadridge Financial Solutions, Inc.		969,125
	69,858	Brocade Communications Systems, Inc.		739,098
	10,814	Brooks Automation, Inc.		112,466
	3,376	Cabot Microelectronics Corporation		138,112
	7,459	CACI International, Inc.a		795,875
	1,100	Canon, Inc.		32,805
	17,399	Cavium, Inc.a		1,064,123
	2,940	CDK Global, Inc.		136,857
	6,260	CDW Corporation		259,790

Shares		Common Stock (54.9%)	Value
	Information Technology (13.0%) - continued
	1,540	Check Point Software Technologies, Ltd.a		$134,704
	5,290	Ciber, Inc.a		11,162
	25,890	Ciena Corporationa		492,428
	11,300	Cirrus Logic, Inc.a		411,433
	71,000	Cisco Systems, Inc.		2,021,370
	870	Citrix Systems, Inc.a		68,365
	24,310	Cognex Corporation		946,874
	6,650	Cognizant Technology Solutions Corporationa		416,955
	2,550	Coherent, Inc.a		234,345
	2,900	Comtech Telecommunications Corporation		67,773
	7,460	Convergys Corporation		207,164
	16,890	CoreLogic, Inc.a		586,083
	39,276	Criteo SA ADRa		1,626,812
	1,510	Cvent, Inc.a		32,314
	20,511	Demandware, Inc.a		801,980
	10,680	DST Systems, Inc.		1,204,384
	3,100	EarthLink Holdings Corporation		17,577
	15,850	eBay, Inc.a		378,181
	6,163	Electro Rent Corporation		57,069
	7,300	EMC Corporation		194,545
	19,950	Envestnet, Inc.a		542,640
	3,770	EVERTEC, Inc.		52,705
	3,800	ExlService Holdings, Inc.a		196,840
	5,042	F5 Networks, Inc.a		533,696
	5,747	Fabrineta		185,915
	87,010	Facebook, Inc.a		9,927,841
	10,092	FEI Company		898,289
	29,407	Finisar Corporationa		536,384
	33,740	FLIR Systems, Inc.		1,111,733
	25,972	Fortinet, Inc.a		795,522
	3,400	FUJIFILM Holdings NPV		134,393
	6,440	Genpact, Ltd.a		175,104
	6,560	Glu Mobile, Inc.a		18,499
	41,202	Guidewire Software, Inc.a		2,244,685
	3,400	Harmonic, Inc.a		11,118
	8,050	Hewlett-Packard Company		99,176
	1,000	Hitachi Kokusai Electric, Inc.		12,005
	600	Hoya Corporation		22,806
	3,997	IAC/InterActiveCorporation		188,179
	11,388	Imperva, Inc.a		575,094
	20,020	Intel Corporation		647,647
	700	IT Holdings Corporation		16,557
	600	ITOCHU Techno-Solutions Corporation		11,321
	9,579	Ixiaa		119,354
	21,760	Juniper Networks, Inc.		555,098
	300	Kyocera Corporation		13,209
	6,460	Lam Research Corporation		533,596
	2,990	Liberty Tripadvisor Holdings, Inc.a		66,258
	4,300	Linear Technology Corporation		191,608
	4,040	Lionbridge Technologies, Inc.a		20,442
	1,406	Littelfuse, Inc.		173,093
	9,074	Manhattan Associates, Inc.a		516,038
	7,955	Marvell Technology Group, Ltd.		82,016
	4,500	Maxim Integrated Products, Inc.		165,510
	1,180	MAXIMUS, Inc.		62,115
	2,800	Methode Electronics, Inc.		81,872
	32,950	Microsemi Corporationa		1,262,314
	150,940	Microsoft Corporation		8,336,416
	21,009	Monolithic Power Systems, Inc.		1,337,013
	460	Morningstar, Inc.		40,604
	37,164	Nanometrics, Inc.a		588,678
	24,530	National Instruments Corporation		738,598

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

7

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (54.9%)	Value
	Information Technology (13.0%) - continued
	1,100	NEC Networks & System Integration Corporation		$17,080
	1,500	NETGEAR, Inc.a		60,555
	9,001	Nice Systems, Ltd. ADR		583,175
	600	NS Solutions Corporation		11,769
	76,879	NVIDIA Corporation		2,739,199
	10,070	NXP Semiconductors NVa		816,375
	50,400	Oclaro, Inc.a		272,160
	1,870	ON Semiconductor Corporationa		17,933
	8,150	Oracle Corporation		333,416
	5,750	Palo Alto Networks, Inc.a		938,055
	39,190	Pandora Media, Inc.a		350,751
	23,100	Paylocity Holding Corporationa		756,294
	135,924	PayPal Holdings, Inc.a		5,246,666
	18,360	Pegasystems, Inc.		465,977
	7,720	Plantronics, Inc.		302,547
	30,750	Polycom, Inc.a		342,862
	18,933	Progress Software Corporationa		456,664
	32,916	Proofpoint, Inc.a		1,770,222
	7,190	PTC, Inc.a		238,420
	14,526	QLIK Technologies, Inc.a		420,092
	3,140	QUALCOMM, Inc.		160,580
	680	Qualys, Inc.a		17,211
	5,590	RealPage, Inc.a		116,496
	11,350	Red Hat, Inc.a		845,688
	3,900	Ruckus Wireless, Inc.a		38,259
	96,090	Salesforce.com, Inc.a		7,094,325
	1,140	Sanmina Corporationa		26,653
	600	SAP SE		48,281
	1,210	ScanSource, Inc.a		48,860
	7,621	ServiceNow, Inc.a		466,253
	2,400	Shinko Electric Industries Company, Ltd.		13,491
	5,250	ShoreTel, Inc.a		39,060
	5,350	Symantec Corporation		98,333
	12,752	Synopsys, Inc.a		617,707
	100	TDK Corporation		5,549
	940	Tech Data Corporationa		72,164
	58,831	Teradyne, Inc.		1,270,161
	2,460	Tessera Technologies, Inc.		76,260
	5,530	Texas Instruments, Inc.		317,533
	4,690	Trimble Navigation, Ltd.a		116,312
	9,222	Tyler Technologies, Inc.a		1,186,041
	9,366	Ultimate Software Group, Inc.a		1,812,321
	200	United Internet AG		10,021
	56,824	Virtusa Corporationa		2,128,627
	96,470	Visa, Inc.		7,378,026
	9,210	Xerox Corporation		102,784
	94,720	Xilinx, Inc.		4,492,570
		Total		126,079,010
	Materials (2.0%)
	9,350	Agnico Eagle Mines, Ltd.		338,096
	100	Air Liquide SA		11,219
	2,350	Albemarle Corporation		150,236
	49,050	Alcoa, Inc.		469,899
	2,576	American Vanguard Corporationa		40,649
	200	Aurubis AG		9,938
	5,700	Avery Dennison Corporation		411,027
	6,853	Axalta Coating Systems, Ltd.a		200,108
	6,878	Balchem Corporation		426,574
	7,900	Ball Corporation		563,191
	52,110	Barrick Gold Corporation		707,654
	1,720	Bemis Company, Inc.		89,062
	8,800	BHP Billiton, Ltd.		113,712
	2,600	BillerudKorsnas AB		42,443

Shares		Common Stock (54.9%)	Value
	Materials (2.0%) - continued
	720	Boise Cascade Companya		$14,918
	2,900	Boral, Ltd.		13,717
	700	Buzzi Unicem SPA		12,067
	7,650	Cabot Corporation		369,725
	560	Carpenter Technology Corporation		19,169
	63	CCL Industries, Inc.		11,957
	7,397	Celanese Corporation		484,504
	29,223	Chemtura Corporationa		771,487
	1,028	Clearwater Paper Corporationa		49,868
	24,000	Crown Holdings, Inc.a		1,190,160
	4,300	Daicel Corporation		58,615
	3,390	Dow Chemical Company		172,415
	1,900	Eagle Materials, Inc.		133,209
	4,100	Eastman Chemical Company		296,143
	36,190	Eldorado Gold Corporation		114,360
	200	Evonik Industries AG		5,982
	2,010	Ferroglobe plc		17,708
	16,795	FMC Corporation		678,014
	41,020	Freeport-McMoRan, Inc.		424,147
	35,490	Goldcorp, Inc.		576,003
	800	Hexpol AB		8,876
	400	Holmen AB		13,084
	2,327	Innospec, Inc.		100,899
	23,960	International Paper Company		983,318
	500	JFE Holdings, Inc.		6,715
	62,460	Kinross Gold Corporationa		212,364
	910	Koppers Holdings, Inc.a		20,448
	200	LafargeHolcim, Ltd.		9,392
	2,420	Martin Marietta Materials, Inc.		386,014
	690	Materion Corporation		18,271
	1,374	Minerals Technologies, Inc.		78,112
	1,300	Mitsubishi Chemical Holdings Corporation		6,787
	8,640	Mosaic Company		233,280
	7,088	Myers Industries, Inc.		91,152
	27,390	Newmont Mining Corporation		728,026
	200	Nippon Shokubai Company, Ltd.		10,188
	900	Nippon Steel & Sumitomo Metal Corporation		17,255
	4,608	Norsk Hydro ASA		18,932
	800	Novozymes AS		35,925
	2,000	Oji Holdings Corporation		8,033
	10,880	Olin Corporation		188,986
	3,390	OMNOVA Solutions, Inc.a		18,848
	34,460	Owens-Illinois, Inc.a		549,982
	15,577	Packaging Corporation of America		940,851
	19,703	PolyOne Corporation		596,016
	2,430	Rayonier Advanced Materials, Inc.		23,085
	2,680	Reliance Steel & Aluminum Company		185,429
	200	Rio Tinto, Ltd.		6,512
	3,370	Royal Gold, Inc.		172,847
	3,500	RPM International, Inc.		165,655
	1,880	Schnitzer Steel Industries, Inc.		34,667
	8,329	Scotts Miracle-Gro Company		606,101
	10,400	Sealed Air Corporation		499,304
	15,860	Silver Wheaton Corporation		262,959
	8,560	Sonoco Products Company		415,759
	43,412	Steel Dynamics, Inc.		977,204
	2,740	Stillwater Mining Companya		29,181
	2,000	Sumitomo Seika Chemicals Company, Ltd.		9,878
	27,710	Teck Resources, Ltd.		210,873
	1,000	Tosoh Corporation		4,200
	300	Umicore		14,892
	1,800	UPM-Kymmene Oyj		32,543
	5,100	Vulcan Materials Company		538,407

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

8

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (54.9%)	Value
	Materials (2.0%) - continued
	1,120	Westlake Chemical Corporation		$51,856
	14,314	Westrock Company		558,675
	52,460	Yamana Gold, Inc.		159,478
	2,216	Yara International ASA		83,188
		Total		19,312,423
	Telecommunications Services (0.3%)
	993	BCE, Inc.		45,255
	9,320	Cincinnati Bell, Inc.a		36,068
	2,300	Elisa Oyja		89,312
	1,520	FairPoint Communications, Inc.a		22,618
	2,200	Freenet AG		65,708
	2,030	General Communication, Inc.a		37,190
	30,900	KCOM Group plc		47,708
	9,585	Level 3 Communications, Inc.a		506,567
	2,200	Orange SA		38,418
	11,000	ORBCOMM, Inc.a		111,430
	800	Proximus SA		27,300
	11,604	SBA Communications Corporationa		1,162,373
	3,600	Telefonica Deutschland Holding AG		19,461
	5,658	Verizon Communications, Inc.		305,985
	23,790	Vonage Holdings Corporationa		108,720
		Total		2,624,113
	Utilities (0.7%)
	1,280	Ameren Corporation		64,128
	3,980	American States Water Company		156,653
	4,360	Aqua America, Inc.		138,735
	1,940	Artesian Resources Corporation		54,242
	11,800	Avista Corporation		481,204
	4,480	California Water Service Group		119,706
	7,170	CenterPoint Energy, Inc.		149,996
	340	Chesapeake Utilities Corporation		21,410
	2,500	CLP Holdings, Ltd.		22,628
	1,640	Consolidated Water Company, Ltd.		19,959
	2,970	Dynegy, Inc.a		42,679
	8,230	Edison International, Inc.		591,655
	17,000	Electricidade de Portugal SA		60,358
	3,775	FirstEnergy Corporation		135,787
	7,090	Great Plains Energy, Inc.		228,652
	9,625	Laclede Group, Inc.		652,094
	14,380	MDU Resources Group, Inc.		279,835
	830	Middlesex Water Company		25,605
	1,830	New Jersey Resources Corporation		66,667
	570	Northwest Natural Gas Company		30,694
	8,390	PG&E Corporation		501,051
	3,091	PNM Resources, Inc.		104,228
	2,000	Portland General Electric Company		78,980
	13,350	Public Service Enterprise Group, Inc.		629,319
	9,700	Redes Energeticas Nacionais SGPS SA		31,758
	2,350	Renewable Energy Group, Inc.a		22,184
	200	Severn Trent plc		6,230
	13,700	Southern Company		708,701
	3,140	Southwest Gas Corporation		206,769
	14,555	Talen Energy Corporationa		130,995
	2,000	Toho Gas Company, Ltd.		14,196
	3,940	UGI Corporation		158,743
	3,800	United Utilities Group plc		50,301
	1,112	Unitil Corporation		47,249
	6,430	Vectren Corporation		325,101
	400	Veolia Environnement SA		9,628
	2,850	WEC Energy Group, Inc.		171,199

Shares		Common Stock (54.9%)	Value
	Utilities (0.7%) - continued
	3,520	Westar Energy, Inc.		$174,627
		Total		6,713,946
		Total Common Stock (cost $486,279,230)		532,929,233
Shares		Registered Investment Companies (31.9%)	Value
	Affiliated Equity Holdings (28.0%)
	3,449,494	Thrivent Large Cap Stock Portfolio		39,293,872
	2,929,577	Thrivent Large Cap Value Portfolio		45,726,593
	2,971,037	Thrivent Mid Cap Stock Portfolio		50,111,286
	11,767,231	Thrivent Partner Worldwide Allocation Portfolio		105,674,440
	1,990,971	Thrivent Small Cap Stock Portfolio		30,929,342
		Total		271,735,533
	Affiliated Fixed Income Holdings (2.7%)
	1,695,054	Thrivent High Yield Portfolio		7,683,339
	456,189	Thrivent Income Portfolio		4,586,659
	925,156	Thrivent Limited Maturity Bond Portfolio		9,027,671
	466,943	Thrivent Opportunity Income Plus Portfolio		4,633,803
		Total		25,931,472
	Equity Funds/ETFs (1.2%)
	3,650	iShares MSCI EAFE Index Fund		208,525
	23,045	iShares Russell 2000 Growth Index Fund		3,057,611
	17,151	iShares Russell 2000 Index Fund		1,897,244
	4,850	iShares Russell 2000 Value Index Fund		452,069
	3,640	Market Vectors Oil Service ETF		96,860
	9,910	Materials Select Sector SPDR Fund		444,067
	23,058	SPDR S&P 500 ETF Trust		4,739,802
	13,940	SPDR S&P Biotech ETF		720,140
	310	SPDR S&P MidCap 400 ETF Trust		81,443
		Total		11,697,761
		Total Registered Investment Companies (cost $311,613,798)		309,364,766
Principal Amount		Long-Term Fixed Income (2.7%)	Value
	Asset-Backed Securities (<0.1%)
		Renaissance Home Equity Loan Trust
	$643,438	6.011%, 5/25/2036c		435,430
		Total		435,430
	Collateralized Mortgage Obligations (<0.1%)
		MASTR Alternative Loans Trust
	30,707	0.883%, 12/25/2035d		14,565
		Residential Asset Securitization Trust
	46,959	0.813%, 8/25/2037d		13,044
		Sequoia Mortgage Trust
	128,364	2.919%, 9/20/2046		102,352
		WaMu Mortgage Pass Through Certificates
	57,385	2.432%, 9/25/2036		51,425
	84,115	2.454%, 10/25/2036		72,377
		Total		253,763

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

9

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (2.7%)	Value
	Mortgage-Backed Securities (1.3%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	$875,000	3.000%, 4/1/2031e		$914,717
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	875,000	4.000%, 4/1/2046e		933,857
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	900,000	3.500%, 4/1/2030e		950,409
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	5,975,000	3.500%, 4/1/2046e		6,264,648
	1,825,000	4.000%, 4/1/2046e		1,949,898
	1,575,000	4.500%, 4/1/2046e		1,713,797
		Total		12,727,326
	U.S. Government and Agencies (1.4%)
		Federal Home Loan Bank
	2,000,000	0.220%, 5/2/2016		2,000,086
		Tennessee Valley Authority
	165,000	5.250%, 9/15/2039		210,587
		U.S. Treasury Bonds
	2,800,000	3.625%, 2/15/2044		3,396,859
		U.S. Treasury Bonds, TIPS
	966,411	0.625%, 1/15/2026		1,010,316
		U.S. Treasury Notes
	225,000	0.625%, 10/15/2016		225,220
	400,000	0.875%, 11/15/2017		401,000
	825,000	1.500%, 10/31/2019		839,212
	1,425,000	1.875%, 6/30/2020		1,468,585
	665,000	1.375%, 9/30/2020		670,559
	250,000	2.125%, 9/30/2021		260,244
	250,000	1.625%, 8/15/2022		251,924
	2,100,000	2.250%, 11/15/2024		2,189,414
		U.S. Treasury Notes, TIPS
	338,918	0.125%, 4/15/2018		344,915
		Total		13,268,921
		Total Long-Term Fixed Income (cost $25,964,352)		26,685,440
Shares or Principal Amount		Short-Term Investments (12.0%)f	Value
		Federal Agricultural Mortgage Corporation Discount Notes
	1,000,000	0.400%, 7/25/2016		998,722
		Federal Home Loan Bank Discount Notes
	3,400,000	0.370%, 4/8/2016g		3,399,755
	5,500,000	0.365%, 4/11/2016g		5,499,442
	5,900,000	0.390%, 4/27/2016g		5,898,340
	10,000,000	0.290%, 5/2/2016		9,997,503
	1,350,000	0.290%, 5/4/2016		1,349,641
	3,900,000	0.290%, 5/13/2016		3,898,681
		Federal Home Loan Mortgage Corporation Discount Notes
	100,000	0.320%, 4/8/2016		99,994
		Federal National Mortgage Association Discount Notes
	100,000	0.320%, 4/13/2016g		99,989

Shares or Principal Amount		Short-Term Investments (12.0%)f	Value
		Thrivent Cash Management Trust
	84,765,903	0.290%		$84,765,903
		Total Short-Term Investments (at amortized cost)		116,007,970
		Total Investments (cost $939,865,350) 101.5%		$984,987,409
		Other Assets and Liabilities, Net (1.5%)		(14,369,871)
		Total Net Assets 100.0%		$970,617,538

a Non-income producing security.

b Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in the Notes to Financial Statements.

c 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 March 31, 2016.

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 March 31, 2016.

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 All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

    Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund.
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	$	102,518,638
Gross unrealized depreciation		(57,396,579)
Net unrealized appreciation (depreciation)	$	45,122,059
Cost for federal income tax purposes	$	939,865,350

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

10

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing Aggressive Allocation Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		90,133,559		88,711,197		1,422,362		–
Consumer Staples		24,153,553		23,058,049		1,095,504		–
Energy		63,056,776		62,604,222		452,554		–
Financials		67,513,280		65,008,345		2,418,866		86,069
Health Care		72,564,446		71,647,012		917,434		–
Industrials		60,778,127		59,772,875		1,005,252		–
Information Technology		126,079,010		125,706,551		372,459		–
Materials		19,312,423		18,746,373		566,050		–
Telecommunications Services		2,624,113		2,290,951		333,162		–
Utilities		6,713,946		6,518,847		195,099		–
Registered Investment Companies
Affiliated Equity Holdings		271,735,533		271,735,533		–		–
Affiliated Fixed Income Holdings		25,931,472		25,931,472		–		–
Equity Funds/ETFs		11,697,761		11,697,761		–		–
Long-Term Fixed Income
Asset-Backed Securities		435,430		–		435,430		–
Collateralized Mortgage Obligations		253,763		–		253,763		–
Mortgage-Backed Securities		12,727,326		–		12,727,326		–
U.S. Government and Agencies		13,268,921		–		13,268,921		–
Short-Term Investments		31,242,067		–		31,242,067		–
Subtotal Investments in Securities	$	900,221,506	$	833,429,188	$	66,706,249	$	86,069
Other Investments*	Total
Short-Term Investments		84,765,903
Subtotal Other Investments	$	84,765,903
Total Investments at Value	$	984,987,409

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		3,273,600		3,273,600		–		–
Total Asset Derivatives	$	3,273,600	$	3,273,600	$	–	$	–
Liability Derivatives
Futures Contracts		6,247,425		6,247,425		–		–
Total Liability Derivatives	$	6,247,425	$	6,247,425	$	–	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

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

11

AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

The following table presents Aggressive Allocation Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $10,698,367 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date	Notional Principal Amount		Value		Unrealized Gain/(Loss)
CBOT 10-Yr. U.S. Treasury Note		14	June 2016	$	1,825,732	$	1,825,469		($263)
CBOT 2-Yr. U.S. Treasury Note		3	June 2016		656,119		656,250		131
CBOT 5-Yr. U.S. Treasury Note		32	June 2016		3,869,849		3,877,250		7,401
CBOT U.S. Long Bond		(9)	June 2016		(1,488,557)		(1,479,938)		8,619
CME E-mini S&P Mid-Cap 400 Index		(657)	June 2016		(90,708,224)		(94,686,840)		(3,978,616)
CME S&P 500 Index		163	June 2016		80,350,357		83,598,625		3,248,268
CME Ultra Long Term U.S. Treasury Bond		8	June 2016		1,384,901		1,380,250		(4,651)
Eurex Euro STOXX 50 Index		1,745	June 2016		59,492,028		58,200,703		(1,291,325)
ICE mini MSCI EAFE Index		394	June 2016		32,013,169		32,022,350		9,181
NYBOT NYF mini Russell 2000 Index		(187)	June 2016		(19,776,950)		(20,749,520)		(972,570)
Total Futures Contracts								($	2,973,825)

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

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

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Opportunity Income Plus	$	4,541,113	$	38,710	$	–		466,943	$	4,633,803	$	38,734
Small Cap Stock		30,912,419		–		–		1,990,971		30,929,342		–
Mid Cap Stock		49,700,986		–		–		2,971,037		50,111,286		–
Partner Worldwide Allocation		105,949,793		–		–		11,767,231		105,674,440		–
Large Cap Value		45,459,708		–		–		2,929,577		45,726,593		–
Large Cap Stock		40,107,608		–		–		3,449,494		39,293,872		–
High Yield		7,480,973		107,805		–		1,695,054		7,683,339		107,830
Income		4,443,283		41,367		–		456,189		4,586,659		41,238
Limited Maturity Bond		8,953,804		41,524		–		925,156		9,027,671		41,423
Cash Management Trust-Short Term Investment		31,326,929		102,221,819		48,782,845		84,765,903		84,765,903		51,779
Total Value and Income Earned	$	328,876,616							$	382,432,908	$	281,004

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

12

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (1.1%)a	Value
	Basic Materials (0.1%)
		Alpha Natural Resources, Inc., Term Loan
	$325,000	0.000%, 5/22/2020b,c,d		$99,395
		Axalta Coating Systems US Holdings, Inc., Term Loan
	761,567	3.750%, 2/1/2020		756,176
		Fortescue Metals Group, Ltd., Term Loan
	1,088,321	4.250%, 6/30/2019b,c		916,605
		Ineos US Finance, LLC, Term Loan
	1,344,502	3.750%, 12/15/2020		1,320,973
		NewPage Corporation, Delayed Draw
	228,667	11.000%, 7/26/2017		193,223
		NewPage Corporation, Term Loan
	228,667	10.136%, 7/26/2017		193,223
	1,136,333	0.000%, 2/11/2021d		166,189
		Tronox Pigments BV, Term Loan
	455,646	4.500%, 3/19/2020		420,562
		Total		4,066,346
	Capital Goods (<0.1%)
		Accudyne Industries, LLC, Term Loan
	438,294	4.000%, 12/13/2019		381,316
		ADS Waste Holdings, Inc., Term Loan
	413,756	3.750%, 10/9/2019		409,961
		Total		791,277
	Communications Services (0.4%)
		Birch Communication Inc., Term Loan
	1,395,625	7.750%, 7/17/2020		1,207,216
		Cengage Learning Acquisitions, Term Loan
	1,004,797	7.000%, 3/31/2020		999,060
		Fairpoint Communications, Term Loan
	804,240	7.500%, 2/14/2019		795,860
		Grande Communications Networks, LLC, Term Loan
	724,532	4.500%, 5/29/2020		711,548
		Hargray Communications Group, Inc., Term Loan
	788,877	5.250%, 6/26/2019		783,947
		Integra Telecom Holdings, Inc., Term Loan
	503,353	5.250%, 8/14/2020		473,404
	220,520	9.750%, 2/12/2021		209,082
		Intelsat Jackson Holdings SA, Term Loan
	267,851	3.750%, 6/30/2019b,c		249,340
		Level 3 Communications, Inc., Term Loan
	1,555,000	4.000%, 1/15/2020		1,558,405
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	2,765,000	4.500%, 1/7/2022		2,633,663
		LTS Buyer, LLC, Term Loan
	771,463	4.000%, 4/13/2020		761,820
	39,215	8.000%, 4/12/2021		37,483
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	804,532	4.912%, 3/22/2019		801,177
		NEP Broadcasting, LLC, Term Loan
	68,572	10.000%, 7/22/2020		62,914

Principal Amount		Bank Loans (1.1%)a	Value
	Communications Services (0.4%) - continued
		NEP/NCP Holdco, Inc., Term Loan
	$1,037,151	4.250%, 1/22/2020b,c		$956,772
		NTelos, Inc., Term Loan
	357,050	5.750%, 11/9/2019		354,372
		SBA Senior Finance II, LLC, Term Loan
	535,950	3.250%, 6/10/2022		531,737
		Syniverse Holdings, Inc., Term Loan
	700,131	4.000%, 4/23/2019		516,928
		TNS, Inc., Term Loan
	422,051	5.000%, 2/14/2020		415,061
		Univision Communications, Inc., Term Loan
	981,713	4.000%, 3/1/2020		970,973
		Virgin Media Investment Holdings, Ltd., Term Loan
	263,349	3.500%, 6/30/2023		260,947
		WideOpenWest Finance, LLC, Term Loan
	514,121	4.500%, 4/1/2019b,c		507,972
		WMG Acquisition Corporation, Term Loan
	324,169	0.000%, 7/1/2020b,c		319,170
		XO Communications, LLC, Term Loan
	294,000	4.250%, 3/20/2021		292,636
		Yankee Cable Acquisition, LLC, Term Loan
	638,923	4.250%, 3/1/2020		635,198
		Zayo Group, LLC, Term Loan
	1,274,106	3.750%, 5/6/2021		1,266,678
		Total		18,313,363
	Consumer Cyclical (0.2%)
		Amaya BV, Term Loan
	1,369,421	5.000%, 8/1/2021		1,255,472
		Burlington Coat Factory Warehouse Corporation, Term Loan
	728,516	4.250%, 8/13/2021		728,385
		Ceridian HCM Holding, Inc., Term Loan
	344,636	4.500%, 9/15/2020		331,712
		Golden Nugget, Inc., Delayed Draw
	140,516	5.500%, 11/21/2019		139,726
		Golden Nugget, Inc., Term Loan
	327,871	5.500%, 11/21/2019		326,029
		IMG Worldwide, Inc., Term Loan
	475,164	5.250%, 5/6/2021		474,275
	400,000	8.250%, 5/6/2022		380,000
		J.C. Penney Corporation, Inc., Term Loan
	359,067	6.000%, 5/22/2018		359,426
		Las Vegas Sands, LLC, Term Loan
	946,468	3.250%, 12/19/2020b,c		945,549
		Marina District Finance Company, Inc., Term Loan
	766,523	6.500%, 8/15/2018		764,929
		MGM Resorts International, Term Loan
	754,650	3.500%, 12/20/2019		752,492
		Mohegan Tribal Gaming Authority, Term Loan
	837,807	5.500%, 6/15/2018		809,012
		ROC Finance, LLC, Term Loan
	523,171	5.000%, 6/20/2019		502,244

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

13

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (1.1%)a	Value
	Consumer Cyclical (0.2%) - continued
		Scientific Games International, Inc., Term Loan
	$406,679	6.000%, 10/18/2020		$393,210
	925,552	6.000%, 10/1/2021b,c		893,592
		Total		9,056,053
	Consumer Non-Cyclical (0.1%)
		Albertson’s, LLC, Term Loan
	1,068,343	5.500%, 3/21/2019		1,067,744
	678,300	5.500%, 12/21/2022		678,666
		Catalina Marketing Corporation, Term Loan
	299,662	4.500%, 4/9/2021		254,713
		Endo Luxembourg Finance I Co Sarl, Term Loan
	583,537	3.750%, 9/26/2022		574,055
		Mallinckrodt International Finance SA, Term Loan
	275,000	0.000%, 3/19/2021b,c		267,897
		Ortho-Clinical Diagnostics, Inc., Term Loan
	1,030,743	4.750%, 6/30/2021		953,437
		Supervalu, Inc., Term Loan
	1,095,451	4.500%, 3/21/2019		1,069,708
		Valeant Pharmaceuticals International, Inc., Term Loan
	1,875,000	Zero Coupon, 4/1/2022b,c		1,767,975
		Total		6,634,195
	Energy (0.1%)
		Altice US Finance I Corporation, Term Loan
	566,694	4.250%, 12/14/2022		563,419
		Arch Coal, Inc., Term Loan
	2,554,175	7.500%, 5/16/2018b,c,d		901,420
		Energy Solutions, LLC, Term Loan
	472,404	6.750%, 5/29/2020b,c		434,611
		Expro Holdings UK 2, Ltd., Term Loan
	443,250	5.750%, 9/2/2021		297,718
		Houston Fuel Oil Terminal, LLC, Term Loan
	835,941	4.250%, 8/19/2021		752,347
		McJunkin Red Man Corporation, Term Loan
	409,163	4.750%, 11/8/2019		390,750
		Pacific Drilling SA, Term Loan
	481,387	4.500%, 6/3/2018		149,745
		Targa Resources Partners, LP, Term Loan
	111,628	5.750%, 2/27/2022		100,465
		Total		3,590,475
	Financials (0.1%)
		DJO Finance, LLC, Term Loan
	547,250	4.250%, 6/7/2020		534,483
		Harland Clarke Holdings Corporation, Term Loan
	707,813	6.000%, 8/4/2019		681,270
		MoneyGram International, Inc., Term Loan
	860,831	4.250%, 3/27/2020		803,801

Principal Amount		Bank Loans (1.1%)a	Value
	Financials (0.1%) - continued
		WaveDivision Holdings, LLC, Term Loan
	$967,949	4.000%, 10/15/2019		$958,269
		Total		2,977,823
	Technology (0.1%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	1,475,000	4.250%, 2/1/2023b,c		1,466,784
		First Data Corporation, Term Loan
	1,194,779	3.932%, 3/23/2018b,c		1,191,494
	640,000	3.932%, 9/24/2018		638,669
	294,997	0.000%, 3/24/2021b,c		294,260
	100,000	4.182%, 7/8/2022		99,300
		ON Semiconductor Corporation, Term Loan
	810,000	0.000%, 3/31/2023b,c		810,251
		SS&C European Holdings SARL, Term Loan
	285,875	4.007%, 7/8/2022		286,277
	41,439	4.018%, 7/8/2022		41,498
		Western Digital Corporation, Term Loan
	1,075,000	0.000%, 3/16/2023b,c		1,061,229
		Total		5,889,762
	Transportation (<0.1%)
		OSG Bulk Ships, Inc., Term Loan
	665,589	5.250%, 8/5/2019b,c		599,030
		United Airlines, Inc., Term Loan
	596,550	3.250%, 4/1/2019		593,866
		XPO Logistics, Inc., Term Loan
	648,375	0.000%, 11/1/2021b,c		649,996
		Total		1,842,892
	Utilities (<0.1%)
		Calpine Corporation, Term Loan
	1,125,484	4.000%, 10/9/2019b,c		1,119,857
		Intergen NV, Term Loan
	476,525	5.500%, 6/15/2020		425,298
		Total		1,545,155
		Total Bank Loans (cost $59,471,677)		54,707,341
Shares		Common Stock (41.4%)	Value
	Consumer Discretionary (6.5%)
	60,547	Aaron’s, Inc.		1,519,730
	6,240	Abercrombie & Fitch Company		196,810
	3,200	Aisan Industry Company, Ltd.		25,152
	58,712	Amazon.com, Inc.e		34,853,792
	19,506	American Public Education, Inc.e		402,409
	25,640	Ascena Retail Group, Inc.e		283,578
	1,290	Autoliv, Inc.f		152,839
	22,470	AutoZone, Inc.e		17,901,624
	500	Bayerische Motoren Werke AG		39,917
	40,400	Bed Bath & Beyond, Inc.e		2,005,456
	5,300	Berkeley Group Holdings plc		244,376
	3,900	Betsson ABe		60,432
	13,220	Big 5 Sporting Goods Corporation		146,874
	31,840	Big Lots, Inc.		1,442,034
	30,820	Bloomin’ Brands, Inc.		519,933
	28,640	BorgWarner, Inc.		1,099,776
	11,420	Boyd Gaming Corporatione		235,937
	1,000	Brembo SPA		51,701

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

14

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (41.4%)	Value
	Consumer Discretionary (6.5%) - continued
	2,700	Bridgestone Corporation		$100,772
	58,689	Brunswick Corporation		2,815,898
	3,300	Bunzl plc		95,722
	40,271	Burlington Stores, Inc.e		2,264,841
	37,850	Caleres, Inc.		1,070,777
	54,890	Callaway Golf Company		500,597
	5,000	Calsonic Kansei Corporation		37,152
	26,965	Cedar Fair, LP		1,603,069
	23,450	Cheesecake Factory, Inc.		1,244,961
	49,010	Children’s Place, Inc.		4,090,865
	11,460	Chuy’s Holdings, Inc.e		356,062
	131,280	Cinemark Holdings, Inc.		4,703,762
	3,500	Cineworld Group plc		26,965
	412,276	Comcast Corporation		25,181,818
	1,900	Compass Group plc		33,494
	200	Continental AG		45,362
	71,238	Core-Mark Holding Company, Inc.		5,810,171
	30,482	CSS Industries, Inc.		851,362
	39,054	Culp, Inc.		1,023,996
	900	Daimler AG		68,880
	76,980	Dana Holding Corporation		1,084,648
	22,300	Debenhams plc		24,061
	58,714	Delphi Automotive plc		4,404,724
	9,700	Denso Corporation		389,363
	13,170	DeVry Education Group, Inc.f		227,446
	277,293	Discovery Communications, Inc.e,f		7,938,899
	37,750	DISH Network Corporatione		1,746,315
	20,470	Dollar General Corporation		1,752,232
	57,170	Dollar Tree, Inc.e		4,714,238
	15,510	Domino’s Pizza, Inc.		2,045,149
	6,571	Dorman Products, Inc.e		357,594
	8,048	Drew Industries, Inc.		518,774
	45,300	DSW, Inc.		1,252,092
	13,100	EDION Corporationf		99,279
	3,139	El Pollo Loco Holdings, Inc.e		41,874
	46,465	Ethan Allen Interiors, Inc.		1,478,516
	4,800	Eutelsat Communications		154,807
	17,320	Expedia, Inc.		1,867,442
	38,300	Finish Line, Inc.		808,130
	44,690	Ford Motor Company		603,315
	16,989	Fossil, Inc.e,f		754,651
	13,740	General Motors Company		431,848
	63,440	Gentex Corporationf		995,374
	71,918	G-III Apparel Group, Ltd.e		3,516,071
	12,000	Gunze, Ltd.		33,943
	7,200	Hakuhodo Dy Holdings, Inc.		81,517
	106,268	Harley-Davidson, Inc.		5,454,736
	31,736	Harman International Industries, Inc.		2,825,773
	41,420	Haverty Furniture Companies, Inc.		876,447
	700	Hennes & Mauritz AB		23,299
	160,330	Home Depot, Inc.		21,392,832
	13,800	Honda Motor Company, Ltd.		377,307
	63,880	Houghton Mifflin Harcourt Companye		1,273,767
	5,740	Imax Corporatione		178,457
	12,900	Inchcape plc		133,796
	34,350	Interpublic Group of Companies, Inc.		788,333
	2,000	Intertek Group plc		90,809
	27,380	Jack in the Box, Inc.		1,748,761
	50,077	Kate Spade & Companye		1,277,965
	60,030	Krispy Kreme Doughnuts, Inc.e		935,868
	24,179	L Brands, Inc.		2,123,158
	138,757	Las Vegas Sands Corporation		7,170,962
	43,803	La-Z-Boy, Inc.		1,171,292
	17,190	Lear Corporation		1,911,012
	25,400	Liberty Interactive Corporatione		641,350
	775	Linamar Corporation		37,290

Shares		Common Stock (41.4%)	Value
	Consumer Discretionary (6.5%) - continued
	10,661	Lithia Motors, Inc.		$931,025
	70,860	LKQ Corporatione		2,262,560
	87,660	Lowe’s Companies, Inc.		6,640,245
	700	LVMH Moet Hennessy Louis Vuitton SE		119,614
	19,580	Macy’s, Inc.		863,282
	3,600	Marks and Spencer Group plc		20,978
	54,902	MDC Partners, Inc.		1,295,687
	12,010	Michael Kors Holdings, Ltd.e		684,090
	20,900	Nautilus, Inc.e		403,788
	23,587	New Media Investment Group, Inc.		392,488
	97,280	Newell Rubbermaid, Inc.f		4,308,531
	55,630	News Corporation, Class A		710,395
	245,670	NIKE, Inc.		15,101,335
	6,200	NOK Corporation		105,775
	2,000	Nokian Renkaat Oyj		70,561
	63,227	Nord Anglia Education, Inc.e,f		1,320,812
	182,870	Nutrisystem, Inc.		3,816,497
	13,787	O’Reilly Automotive, Inc.e		3,772,950
	52,645	Oxford Industries, Inc.		3,539,323
	300	Paddy Power plc		41,844
	5,000	PanaHome Corporation		37,491
	50,380	Papa John’s International, Inc.		2,730,092
	117,354	Papa Murphy’s Holdings, Inc.e,f		1,402,380
	13,100	Persimmon plc		391,443
	1,200	ProSiebenSat.1 Media AG		61,602
	72,290	PulteGroup, Inc.		1,352,546
	50,964	PVH Corporation		5,048,494
	10,682	Ralph Lauren Corporation		1,028,249
	1,900	RELX NV		33,126
	28,030	Rent-A-Center, Inc.		444,276
	14,810	Restoration Hardware Holdings, Inc.e		620,539
	17,860	Retailmenot, Inc.e		143,059
	500	Rightmove plc		30,193
	95,614	Ross Stores, Inc.		5,536,051
	30,990	Ruth’s Hospitality Group, Inc.		570,526
	75,920	Sally Beauty Holdings, Inc.e		2,458,290
	21,050	Scripps Networks Interactive, Inc.		1,378,775
	3,200	Sekisui House, Ltd.		53,989
	20,330	Select Comfort Corporatione		394,199
	32,530	Service Corporation International		802,840
	3,300	SHOWA Corporation		28,788
	14,050	Signet Jewelers, Ltd.		1,742,622
	20,609	Skechers USA, Inc.e		627,544
	4,800	Sports Direct International plce		26,037
	28,157	Sportsman’s Warehouse Holdings, Inc.e		354,778
	1,500	Stanley Electric Company, Ltd.		33,902
	218,540	Staples, Inc.		2,410,496
	8,900	Star Entertainment Group, Ltd.		38,707
	256,240	Starbucks Corporation		15,297,528
	38,960	Starwood Hotels & Resorts Worldwide, Inc.		3,250,433
	52,184	Stein Mart, Inc.		382,509
	10,500	Sumitomo Forestry Company, Ltd.		120,533
	5,100	Sumitomo Rubber Industries, Ltd.		78,801
	11,790	Tailored Brands, Inc.		211,041
	1,100	Tamron Company, Ltd.		18,015
	10,500	Tatts Group, Ltd.		30,421
	22,066	Tenneco, Inc.e		1,136,620
	59,450	Time, Inc.		917,908
	2,100	Tokai Rika Company, Ltd.		39,469
	136,227	Toll Brothers, Inc.e		4,020,059
	12,140	Tower International, Inc.		330,208
	3,900	Toyota Motor Corporation		206,838
	131,978	Tuesday Morning Corporatione		1,079,580

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

15

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (41.4%)	Value
	Consumer Discretionary (6.5%) - continued
	10,220	Twenty-First Century Fox, Inc.		$284,934
	12,000	UBM plc		103,393
	6,122	Ulta Salon Cosmetics & Fragrance, Inc.e		1,186,076
	14,022	Under Armour, Inc.e,f		1,189,486
	2,000	USS Company, Ltd.		31,914
	14,910	Vail Resorts, Inc.		1,993,467
	206	Valora Holding AG		51,438
	50,860	Vera Bradley, Inc.e		1,034,492
	20,546	VF Corporation		1,330,559
	15,670	Vitamin Shoppe, Inc.e,f		485,143
	5,000	Wacoal Holdings Corporation		59,667
	8,500	WH Smith plc		221,417
	1,300	Whitbread plc		73,796
	8,890	Winnebago Industries, Inc.		199,581
	7,900	Wolters Kluwer NV		314,875
	7,570	Wolverine World Wide, Inc.		139,439
	7,800	WPP plc		181,548
	22,050	Wyndham Worldwide Corporation		1,685,282
	1,500	Yokohama Rubber Company, Ltd.		24,658
	27,570	Yum! Brands, Inc.		2,256,605
	46,250	Zoe’s Kitchen, Inc.e,f		1,803,288
		Total		318,818,247
	Consumer Staples (1.9%)
	1,800	AarhusKarlshamn AB		142,876
	89,450	Altria Group, Inc.		5,604,937
	97,620	Aramark		3,233,174
	19,770	Archer-Daniels-Midland Company		717,849
	61,260	Avon Products, Inc.		294,661
	6,000	Axfood AB		110,725
	25,300	Blue Buffalo Pet Products, Inc.e,f		649,198
	2,706	Boston Beer Company, Inc.e,f		500,799
	5,700	British American Tobacco plc		333,312
	4,173	Britvic plc		42,529
	13,440	Brown-Forman Corporation		1,323,437
	44,600	Campbell Soup Company		2,845,034
	29,464	Casey’s General Stores, Inc.		3,338,861
	154,790	Coca-Cola Company		7,180,708
	8,900	Coca-Cola HBC AG		188,736
	230,770	CVS Health Corporation		23,937,772
	227,330	Flowers Foods, Inc.		4,196,512
	12,070	General Mills, Inc.		764,635
	18,026	Hain Celestial Group, Inc.e		737,444
	1,900	Henkel AG & Company KGaA		186,309
	54,400	Hormel Foods Corporation		2,352,256
	14,000	Imperial Tobacco Group plc		775,139
	16,900	Ingredion, Inc.		1,804,751
	1,000	Japan Tobacco, Inc.		41,623
	3,700	Jeronimo Martins SGPS SA		60,484
	4,000	Kao Corporation		213,288
	17,220	Kimberly-Clark Corporation		2,316,262
	26,500	Koninklijke Ahold NV		595,226
	600	KOSE Corporation		58,330
	19,710	Kroger Company		753,908
	11,810	Lancaster Colony Corporation		1,305,832
	6,420	McCormick & Company, Inc.		638,662
	15,050	Molson Coors Brewing Company		1,447,509
	91,810	Mondelez International, Inc.		3,683,417
	25,298	Monster Beverage Corporatione		3,374,247
	5,600	Nestle SA		417,876
	4,000	Nippon Meat Packers, Inc.		88,044
	6,500	Nisshin OilliO Group, Ltd.		26,522
	6,960	Omega Protein Corporatione		117,902
	12,460	PepsiCo, Inc.		1,276,901
	35,916	Philip Morris International, Inc.		3,523,719

Shares		Common Stock (41.4%)	Value
	Consumer Staples (1.9%) - continued
	16,300	Pinnacle Foods, Inc.		$728,284
	61,169	SpartanNash Company		1,854,032
	2,200	Suedzucker AG		38,712
	1,300	Sugi Holdings Company, Ltd.		68,587
	7,800	Swedish Match AB		264,405
	9,590	Tyson Foods, Inc.		639,269
	40,114	United Natural Foods, Inc.e		1,616,594
	17,490	Universal Corporationf		993,607
	14,470	Walgreens Boots Alliance, Inc.		1,218,953
	152,930	WhiteWave Foods Companye		6,215,075
	4,400	Woolworths, Ltd.		74,469
		Total		94,913,393
	Energy (5.2%)
	91,252	Archrock, Inc.		730,016
	69,484	Atwood Oceanics, Inc.f		637,168
	288,660	Baker Hughes, Inc.		12,651,968
	164,057	BP plc		820,834
	20,968	Bristow Group, Inc.		396,715
	153,391	Callon Petroleum Companye		1,357,510
	190,560	Cameron International Corporatione		12,777,048
	201	Canadian Natural Resources, Ltd.		5,437
	341,150	Canadian Natural Resources, Ltd.		9,211,050
	340,240	Chevron Corporation		32,458,896
	7,395	Cimarex Energy Company		719,312
	11,979	Clayton Williams Energy, Inc.e,f		106,853
	1,105,474	Cobalt International Energy, Inc.e		3,283,258
	90,414	Concho Resources, Inc.e		9,135,431
	125,120	Continental Resources, Inc.e,f		3,798,643
	41,990	Delek US Holdings, Inc.		639,928
	85,300	Devon Energy Corporation		2,340,632
	24,990	Diamond Offshore Drilling, Inc.		543,033
	36,353	Diamondback Energy, Inc.e		2,805,725
	129,892	Ensco plc		1,346,980
	267,922	EOG Resources, Inc.		19,445,779
	42,830	EP Energy Corporatione,f		193,592
	276,381	EQT Corporation		18,589,386
	112,070	Exxon Mobil Corporation		9,367,931
	84,080	FMC Technologies, Inc.e		2,300,429
	28,360	Green Plains, Inc.		452,626
	19,700	Gulfport Energy Corporatione		558,298
	102,360	Halliburton Company		3,656,299
	24,200	Helmerich & Payne, Inc.f		1,421,024
	56,169	HollyFrontier Corporation		1,983,889
	999,478	Marathon Oil Corporation		11,134,185
	382,100	Marathon Petroleum Corporation		14,206,478
	88,130	Nabors Industries, Ltd.		810,796
	7,880	Noble Energy, Inc.		247,511
	114,745	Oasis Petroleum, Inc.e,f		835,344
	14,490	Oceaneering International, Inc.		481,648
	30,330	Oil States International, Inc.e		956,002
	7,727	OMV AG		216,961
	187,233	Parsley Energy, Inc.e		4,231,466
	181,400	Patterson-UTI Energy, Inc.		3,196,268
	7,330	PDC Energy, Inc.e		435,768
	773,700	Petroleo Brasileiro SA ADRe,f		4,518,408
	76,530	Pioneer Energy Services Corporatione		168,366
	16,930	QEP Resources, Inc.		238,882
	538,094	Rowan Companies plc		8,663,313
	5,827	Royal Dutch Shell plc		141,210
	69	Royal Dutch Shell plc, Class A		1,666
	3,327	Royal Dutch Shell plc, Class B		80,961
	101,985	RPC, Inc.f		1,446,147
	13,700	RSP Permian, Inc.e		397,848
	110,830	Schlumberger, Ltd.		8,173,712
	20,450	SM Energy Companyf		383,233

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

16

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (41.4%)	Value
	Energy (5.2%) - continued
	396,700	Southwestern Energy Companye,f		$3,201,369
	24,440	Spectra Energy Corporation		747,864
	4,458	Statoil ASA		69,627
	550,910	Suncor Energy, Inc. ADR		15,320,807
	15,610	Superior Energy Services, Inc.		209,018
	151,751	Teekay Tankers, Ltd.		556,926
	52,394	Tesco Corporation		451,112
	1,950	Tesoro Corporation		167,719
	103,010	TETRA Technologies, Inc.e		654,113
	4,600	Total SA		209,307
	95,768	U.S. Silica Holdings, Inc.f		2,175,849
	1,690	Vantage Drilling Internationale		185,900
	1,471,080	Weatherford International plce		11,445,002
	42,965	Western Refining, Inc.f		1,249,852
	4,050	World Fuel Services Corporation		196,749
	165,060	WPX Energy, Inc.e		1,153,769
		Total		252,696,846
	Financials (6.3%)
	13,810	Acadia Realty Trust		485,145
	1,700	AEON Financial Service Company, Ltd.		40,022
	36,027	Affiliated Managers Group, Inc.e		5,850,785
	6,700	Allianz SE		1,088,116
	39,210	Allied World Assurance Company Holdings AG		1,369,997
	30,420	American Assets Trust, Inc.		1,214,366
	31,270	American Campus Communities, Inc.		1,472,504
	49,880	American Financial Group, Inc.		3,510,056
	43,010	American International Group, Inc.		2,324,690
	75,227	Ameris Bancorp		2,225,215
	5,610	AMERISAFE, Inc.		294,749
	349,400	Anworth Mortgage Asset Corporation		1,628,204
	13,440	Apartment Investment & Management Company		562,061
	30,663	Argo Group International Holdings, Ltd.		1,759,750
	27,240	Ashford Hospitality Prime, Inc.		317,891
	30,150	Ashford Hospitality Trust, Inc.		192,357
	49,670	Aspen Insurance Holdings, Ltd.		2,369,259
	15,440	Associated Banc-Corp		276,994
	167,380	Assured Guaranty, Ltd.		4,234,714
	18,500	Australia & New Zealand Banking Group, Ltd.		331,639
	16,340	BancorpSouth, Inc.		348,205
	29,500	Bank Hapoalim, Ltd.		153,129
	755,670	Bank of America Corporation		10,216,658
	24,200	Bank of East Asia, Ltd.		90,453
	36,150	Bank of New York Mellon Corporation		1,331,404
	10,890	Bank of Nova Scotia		532,195
	8,024	Bank of Queensland, Ltd.		74,397
	50,852	Bank of the Ozarks, Inc.		2,134,258
	65,000	Bank of Yokohama, Ltd.g		294,445
	19,520	BankFinancial Corporation		230,726
	92,350	BB&T Corporation		3,072,484
	111,858	BBCN Bancorp, Inc.		1,699,123
	18,900	BinckBank NV		140,690
	99,550	Blackstone Group, LP		2,792,378
	43,270	Boston Private Financial Holdings, Inc.		495,441
	30,179	Brixmor Property Group, Inc.		773,186
	79,800	Brookline Bancorp, Inc.		878,598
	56,650	Brown & Brown, Inc.		2,028,070
	14,950	Camden Property Trust		1,257,145
	3,521	Canadian Western Bank		65,472
	29,300	Capital One Financial Corporation		2,030,783

Shares		Common Stock (41.4%)	Value
	Financials (6.3%) - continued
	25,200	CapitaMall Trust		$39,054
	52,440	Cathay General Bancorp		1,485,625
	261,070	CBL & Associates Properties, Inc.		3,106,733
	28,020	CBRE Group, Inc.e		807,536
	166,466	Cedar Realty Trust, Inc.		1,203,549
	99,600	Charles Schwab Corporation		2,790,792
	16,830	Chatham Lodging Trust		360,667
	7,000	Chiba Bank, Ltd.		34,865
	22,150	Chubb, Ltd.		2,639,172
	165,850	Citigroup, Inc.		6,924,237
	29,780	Clifton Bancorp, Inc.		450,274
	46,260	CNO Financial Group, Inc.		828,979
	8,000	CNP Assurances		124,581
	292,522	CoBiz Financial, Inc.		3,457,610
	45,892	Columbia Banking System, Inc.		1,373,089
	82,480	Comerica, Inc.		3,123,518
	10,950	Commerce Bancshares, Inc.		492,202
	29,500	Communications Sales & Leasing, Inc.		656,375
	193,610	Corporate Office Properties Trust		5,080,326
	15,380	CyrusOne, Inc.		702,097
	1,800	Daiwa House Industry Company, Ltd.		50,595
	37,370	DCT Industrial Trust, Inc.		1,474,994
	1,200	Derwent London plc		54,228
	36,700	DEXUS Property Group		222,865
	16,300	Digital Realty Trust, Inc.		1,442,387
	17,408	Direct Line Insurance Group plc		92,335
	31,570	Douglas Emmett, Inc.		950,573
	91,970	Duke Realty Corporation		2,073,004
	93,380	E*TRADE Financial Corporatione		2,286,876
	73,433	East West Bancorp, Inc.		2,385,104
	36,840	Empire State Realty Trust, Inc.		645,805
	50,274	Employers Holdings, Inc.		1,414,710
	47,260	Endurance Specialty Holdings, Ltd.		3,087,968
	25,990	Enova International, Inc.e		163,997
	53,700	Equity One, Inc.		1,539,042
	8,700	Erste Group Bank AGe		244,184
	61,902	Essent Group, Ltd.e		1,287,562
	148,550	EverBank Financial Corporation		2,241,620
	31,527	Evercore Partners, Inc.		1,631,522
	73,250	F.N.B. Corporation		952,983
	119,260	FelCor Lodging Trust, Inc.		968,391
	332,430	Fifth Third Bancorp		5,548,257
	120,270	First Commonwealth Financial Corporation		1,065,592
	28,580	First Financial Bancorp		519,584
	9,890	First Financial Corporation		338,337
	49,110	First Industrial Realty Trust, Inc.		1,116,761
	9,950	First Merchants Corporation		234,522
	113,460	First Midwest Bancorp, Inc.		2,044,549
	10,380	First NBC Bank Holding Companye		213,724
	76,748	First Potomac Realty Trust		695,337
	87,901	First Republic Bank		5,857,723
	19,200	FlexiGroup, Ltd.		36,419
	43,350	Franklin Street Properties Corporation		459,944
	23,000	Frasers Centrepoint Trust		34,112
	53,000	Fukuoka Financial Group, Inc.		172,646
	14,479	Getty Realty Corporation		287,119
	40,499	Glacier Bancorp, Inc.		1,029,485
	31,660	Goldman Sachs Group, Inc.		4,969,987
	6,400	Great Portland Estates plc		66,814
	97,390	Great Western Bancorp, Inc.		2,655,825
	78,197	Green Bancorp, Inc.e		591,951
	7,030	Greenhill & Company, Inc.		156,066
	6,945	H&R Real Estate Investment Trust		112,243

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

17

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (41.4%)	Value
	Financials (6.3%) - continued
	3,099	Hamborner REIT AG		$33,550
	95,920	Hancock Holding Company		2,202,323
	6,700	Hang Seng Bank, Ltd.		118,550
	163,563	Hanmi Financial Corporation		3,601,657
	3,100	Hannover Rueckversicherung SE		360,290
	19,440	Hanover Insurance Group, Inc.		1,753,877
	114,160	Hartford Financial Services Group, Inc.		5,260,493
	65,688	Hatteras Financial Corporation		939,338
	33,600	Henderson Group plc		124,289
	19,090	HFF, Inc.		525,548
	9,400	Highwoods Properties, Inc.		449,414
	47,014	Home BancShares, Inc.		1,925,223
	10,770	Hometrust Bancshares, Inc.e		197,414
	58,040	Horace Mann Educators Corporation		1,839,288
	35,950	Hospitality Properties Trust		954,832
	84,195	Host Hotels & Resorts, Inc.		1,406,056
	41,224	Houlihan Lokey, Inc.		1,026,478
	20,120	Hudson Pacific Properties, Inc.		581,870
	7,000	Hufvudstaden AB		110,713
	283,600	Huntington Bancshares, Inc.		2,705,544
	53,000	Hysan Development Company, Ltd.		225,869
	1,750	Intact Financial Corporation		122,524
	26,079	Intercontinental Exchange, Inc.		6,132,216
	109,360	Invesco, Ltd.		3,365,007
	33,900	Investec plc		248,671
	142,470	Investors Bancorp, Inc.		1,658,351
	259,930	J.P. Morgan Chase & Company		15,393,055
	117,990	Janus Capital Group, Inc.		1,726,194
	372,680	KeyCorp		4,114,387
	17,260	Kimco Realty Corporation		496,743
	124,440	Liberty Property Trust		4,163,762
	6,879	Lincoln National Corporation		269,657
	36,500	Link REIT		216,834
	13,800	M&T Bank Corporation		1,531,800
	6,400	Macquarie Group, Ltd.		323,930
	9,900	McGraw-Hill Financial, Inc.		979,902
	115,240	MetLife, Inc.		5,063,646
	111,000	Mizuho Financial Group, Inc.		165,421
	177,700	Morgan Stanley		4,444,277
	20,170	MSCI, Inc.		1,494,194
	500	Muenchener Rueckversicherungs-Gesellschaft AG		101,472
	10,125	Nasdaq, Inc.		672,097
	6,100	National Australia Bank, Ltd.		122,481
	6,517	National Bank of Canada		213,211
	9,160	National Storage Affiliates Trust		194,192
	3,110	Navigators Group, Inc.e		260,836
	115,000	New World Development Company, Ltd.		109,759
	25,790	NMI Holdings, Inc.e		130,240
	34,490	NorthStar Asset Management Corporation, Inc.		391,462
	50,120	NorthStar Realty Europe Corporation		581,392
	9,300	Old Mutual plc		25,688
	25,830	Old National Bancorp		314,868
	63,850	Oritani Financial Corporation		1,083,535
	83,395	PacWest Bancorp		3,098,124
	47,470	Parkway Properties, Inc.		743,380
	45,401	Pebblebrook Hotel Trust		1,319,807
	8,760	Pennsylvania Real Estate Investment Trust		191,406
	36,050	Physicians Realty Trust		669,809
	23,670	Piedmont Office Realty Trust, Inc.		480,738
	4,270	Piper Jaffray Companiese		211,621
	14,390	Popular, Inc.		411,698

Shares		Common Stock (41.4%)	Value
	Financials (6.3%) - continued
	16,630	Post Properties, Inc.		$993,476
	12,765	Potlatch Corporation		402,097
	8,900	Poundland Group plc		19,920
	1,984	Power Corporation of Canada		45,768
	53,320	Primerica, Inc.f		2,374,340
	11,970	PrivateBancorp, Inc.		462,042
	75,710	Provident Financial Services, Inc.		1,528,585
	66,590	Ramco-Gershenson Properties Trust		1,200,618
	73,013	Raymond James Financial, Inc.		3,476,149
	18,680	Rayonier, Inc. REIT		461,022
	30,700	RE/MAX Holdings, Inc.		1,053,010
	33,650	Realogy Holdings Corporatione		1,215,102
	38,945	Renasant Corporation		1,281,680
	40,900	Retail Properties of America, Inc.		648,265
	3,567	Safety Insurance Group, Inc.		203,533
	700	Sampo Oyj		33,155
	43,043	Sandy Spring Bancorp, Inc.		1,197,887
	4,500	Schroders plc		173,000
	18,610	Selective Insurance Group, Inc.		681,312
	33,790	Senior Housing Property Trust		604,503
	34,670	Silver Bay Realty Trust Corporation REIT		514,850
	485,230	SLM Corporatione		3,086,063
	23,420	Sovran Self Storage, Inc.		2,762,389
	68,700	Spirit Realty Captial, Inc.		772,875
	102,429	Stifel Financial Corporatione		3,031,898
	115,120	Stockland		376,626
	34,920	Store Capital Corporation		903,730
	36,000	Sumitomo Mitsui Trust Holdings, Inc.		105,389
	72,323	Summit Hotel Properties, Inc.		865,706
	54,609	SVB Financial Groupe		5,572,848
	3,600	Swiss Re AG		332,423
	94,000	Synchrony Financiale		2,694,040
	125,370	Synovus Financial Corporation		3,624,447
	17,900	T&D Holdings, Inc.		167,205
	1,000	Talanx AG		34,079
	81,490	Talmer Bancorp, Inc.		1,474,154
	260,550	TCF Financial Corporation		3,194,343
	93,874	TD Ameritrade Holding Corporation		2,959,847
	69,081	Terreno Realty Corporation		1,619,949
	10,710	Territorial Bancorp, Inc.		279,103
	700	Tokio Marine Holdings, Inc.		23,652
	2,091	Toronto-Dominion Bank		90,257
	25,395	TriCo Bancshares		643,001
	48,320	TrustCo Bank Corporation		292,819
	7,600	U.S. Bancorp		308,484
	7,130	Union Bankshares Corporation		175,612
	36,356	United Community Banks, Inc.		671,495
	73,700	United Financial Bancorp, Inc.		927,883
	20,314	United Overseas Bank, Ltd.		284,152
	15,440	Urstadt Biddle Properties, Inc.		323,468
	29,790	Waddell & Reed Financial, Inc.		701,257
	11,420	Washington Federal, Inc.		258,663
	4,640	Webster Financial Corporation		166,576
	14,200	Wells Fargo & Company		686,712
	32,986	Western Alliance Bancorpe		1,101,073
	39,800	Wing Tai Holdings, Ltd.		51,917
	12,970	Wintrust Financial Corporation		575,090
	62,410	WisdomTree Investments, Inc.f		713,346
	14,323	WSFS Financial Corporation		465,784
	23,800	XL Group plc		875,840
	295,533	Zions Bancorporation		7,154,854
		Total		309,787,143
	Health Care (5.1%)
	183,682	Abbott Laboratories		7,683,418

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

18

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (41.4%)	Value
	Health Care (5.1%) - continued
	5,330	AbbVie, Inc.		$304,450
	27,324	ABIOMED, Inc.e		2,590,588
	46,796	Acadia Healthcare Company, Inc.e		2,578,928
	12,090	Aceto Corporation		284,840
	26,810	Acorda Therapeutics, Inc.e		709,125
	400	Actelion, Ltd.		59,696
	22,930	Aetna, Inc.		2,576,186
	99,278	Akorn, Inc.e		2,336,011
	11,180	Albany Molecular Research, Inc.e,f		170,942
	45,532	Align Technology, Inc.e		3,309,721
	84,806	Allergan plce		22,730,552
	26,103	Allscripts Healthcare Solutions, Inc.e		344,821
	37,971	AmerisourceBergen Corporation		3,286,390
	24,700	Amgen, Inc.		3,703,271
	32,254	AMN Healthcare Services, Inc.e		1,084,057
	7,600	AmSurg Corporatione		566,960
	6,541	Anacor Pharmaceuticals, Inc.e,f		349,617
	26,870	Analogic Corporation		2,122,999
	3,500	Astellas Pharmaceutical, Inc.		46,513
	99,313	Asterias Biotherapeutics, Inc.e,f		466,771
	2,844	Atrion Corporation		1,124,404
	200	Bayer AG		23,436
	21,104	BioMarin Pharmaceutical, Inc.e		1,740,658
	2,790	Bio-Rad Laboratories, Inc.e		381,449
	12,110	Boston Scientific Corporatione		227,789
	10,160	Bristol-Myers Squibb Company		649,021
	12,587	C.R. Bard, Inc.		2,551,007
	16,710	Cambrex Corporatione		735,240
	4,200	Cardinal Health, Inc.		344,190
	54,482	Cardiovascular Systems, Inc.e		564,978
	53,444	Centene Corporatione		3,290,547
	210,211	Cerner Corporatione		11,132,775
	10,160	CONMED Corporation		426,110
	13,870	Cross Country Healthcare, Inc.e		161,308
	800	CSL, Ltd.		62,169
	58,590	Dentsply Sirona, Inc.		3,610,902
	187,544	Depomed, Inc.e,f		2,612,488
	66,940	Edwards Lifesciences Corporatione		5,904,777
	54,720	Ensign Group, Inc.		1,238,861
	89,755	Envision Healthcare Holdings, Inc.e		1,831,002
	4,900	Essilor International SA		603,759
	114,790	ExamWorks Group, Inc.e		3,393,192
	47,600	Express Scripts Holding Companye		3,269,644
	400	Gerresheimer AG		31,296
	221,215	Gilead Sciences, Inc.		20,320,810
	20,080	Globus Medical, Inc.e		476,900
	39,650	Greatbatch, Inc.e		1,413,126
	14,420	Haemonetics Corporatione		504,412
	25,950	HCA Holdings, Inc.e		2,025,398
	47,987	HealthEquity, Inc.e		1,183,839
	33,010	HealthSouth Corporation		1,242,166
	13,350	Healthways, Inc.e		134,702
	5,600	Hikma Pharmaceuticals plc		159,020
	11,900	Hill-Rom Holdings, Inc.		598,570
	63,450	Hologic, Inc.e		2,189,025
	2,560	ICON plce		192,256
	35,929	Impax Laboratories, Inc.e		1,150,447
	50,500	Inogen, Inc.e		2,271,490
	94,917	Intersect ENT, Inc.e		1,803,423
	97,226	Ironwood Pharmaceuticals, Inc.e		1,063,652
	59,540	Kindred Healthcare, Inc.		735,319
	700	Lonza Group AG		118,329
	9,600	Magellan Health Services, Inc.e		652,128
	58,528	Medtronic plc		4,389,600
	156,690	Merck & Company, Inc.		8,290,468
	2,100	Merck KGaA		174,686

Shares		Common Stock (41.4%)	Value
	Health Care (5.1%) - continued
	6,808	Mettler-Toledo International, Inc.e		$2,347,126
	330,986	Mylan NV		15,341,201
	5,980	Myriad Genetics, Inc.e,f		223,831
	19,634	National Healthcare Corporation		1,223,198
	5,780	Natural Health Trends Corporationf		191,607
	3,240	Neogen Corporatione		163,134
	38,684	Neurocrine Biosciences, Inc.e		1,529,952
	28,800	Nevro Corporatione,f		1,620,288
	10,000	Novartis AG		723,519
	6,900	Novo Nordisk AS		373,660
	103,513	NuVasive, Inc.e		5,035,908
	53,850	Omnicell, Inc.e		1,500,800
	60,390	PerkinElmer, Inc.		2,986,889
	24,080	Perrigo Company plc		3,080,554
	299,980	Pfizer, Inc.		8,891,407
	15,720	PharMerica Corporatione		347,569
	24,830	Progenics Pharmaceuticals, Inc.e		108,259
	8,600	Prothena Corporation plce		353,976
	32,870	Quintiles Transnational Holdings, Inc.e		2,139,837
	480	Regeneron Pharmaceuticals, Inc.e		173,011
	65,300	Roche Holding AG ADR		1,999,813
	900	Roche Holding AG-Genusschein		220,986
	7,500	Sanofi		602,970
	34,190	STERIS plc		2,429,200
	74,451	Team Health Holdings, Inc.e		3,112,796
	57,215	Teleflex, Inc.		8,983,327
	39,533	Triple-S Management Corporatione		982,790
	54,986	UnitedHealth Group, Inc.		7,087,695
	44,947	Universal Health Services, Inc.		5,605,790
	11,390	VCA Antech, Inc.e		657,089
	110,800	Veeva Systems, Inc.e,f		2,774,432
	113,684	Vertex Pharmaceuticals, Inc.e		9,036,741
	13,650	Waters Corporatione		1,800,708
	8,480	Wellcare Health Plans, Inc.e		786,520
	35,190	West Pharmaceutical Services, Inc.		2,439,371
	25,940	Zoetis, Inc.		1,149,920
		Total		252,332,498
	Industrials (4.6%)
	84,213	3M Company		14,032,412
	38,870	ABM Industries, Inc.		1,255,890
	37,400	Actuant Corporation		924,154
	2,000	Adecco SA		130,102
	12,720	AECOMe		391,649
	52,416	Aegion Corporatione		1,105,453
	6,340	Aerovironment, Inc.e		179,549
	23,350	AGCO Corporation		1,160,495
	3,000	Aida Engineering, Ltd.		26,063
	38,213	Air New Zealand, Ltd.		75,550
	1,700	Airbus Group NV		112,638
	7,970	Allison Transmission Holdings, Inc.		215,031
	3,300	Amada Holdings Company, Ltd.		32,154
	6,550	AMETEK, Inc.		327,369
	900	Andritz AG		49,306
	5,320	Applied Industrial Technologies, Inc.		230,888
	17,000	Asahi Glass Company, Ltd.		93,021
	23,288	Astec Industries, Inc.		1,086,851
	1,100	Atlas Copco Aktiebolag		27,607
	35,010	AZZ, Inc.		1,981,566
	31,056	B/E Aerospace, Inc.		1,432,303
	2,700	Babcock International Group plc		36,767
	25,470	Beacon Roofing Supply, Inc.e		1,044,525
	17,450	Boeing Company		2,215,103
	7,320	Brady Corporation		196,469
	12,990	Briggs & Stratton Corporation		310,721

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

19

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (41.4%)	Value
	Industrials (4.6%) - continued
	5,660	Brink’s Company		$190,119
	66,270	BWX Technologies, Inc.		2,224,021
	16,880	Caterpillar, Inc.		1,291,995
	15,630	CBIZ, Inc.e		157,707
	22,910	CEB, Inc.		1,482,964
	8,900	Central Glass Company, Ltd.		48,288
	9,800	Chart Industries, Inc.e		212,856
	21,522	CIRCOR International, Inc.		998,406
	56,699	CLARCOR, Inc.		3,276,635
	43,990	Colfax Corporatione		1,257,674
	46,638	Comfort Systems USA, Inc.		1,481,689
	1,900	Compagnie de Saint-Gobain		83,456
	67,620	Copart, Inc.e		2,756,867
	1,100	Croda International plc		47,897
	94,450	CSX Corporation		2,432,087
	33,480	Curtiss-Wright Corporation		2,533,432
	4,000	Dai Nippon Printing Company, Ltd.		35,496
	32,640	Danaher Corporation		3,096,230
	4,362	Dart Group plc		41,599
	339,330	Delta Air Lines, Inc.		16,518,584
	3,100	Deutsche Post AG		86,037
	1,000	DSV AS		41,594
	95,864	EMCOR Group, Inc.		4,658,990
	9,840	Emerson Electric Company		535,099
	18,400	Equifax, Inc.		2,102,936
	35,770	ESCO Technologies, Inc.		1,394,315
	46,300	Expeditors International of Washington, Inc.		2,259,903
	1,400	FANUC Corporation		216,816
	47,518	Federal Signal Corporation		630,089
	4,600	Ferrovial SA		98,721
	12,650	Flowserve Corporation		561,786
	100	Flughafen Zuerich AG		89,460
	94,490	Fluor Corporation		5,074,113
	83,190	Fortune Brands Home and Security, Inc.		4,661,968
	29,716	Franklin Electric Company, Inc.		955,964
	35,225	FTI Consulting, Inc.e		1,250,840
	8,000	Fuji Electric Company, Ltd.		27,661
	15,816	G & K Services, Inc.		1,158,522
	2,961	Galliford Try plc		60,922
	40,840	General Electric Company		1,298,304
	49,224	Gibraltar Industries, Inc.e		1,407,806
	91,283	Granite Construction, Inc.		4,363,327
	20,020	H&E Equipment Services, Inc.		350,951
	13,350	Hackett Group, Inc.		201,852
	4,000	Hankyu Hanshin Holdings, Inc.		25,509
	77,251	Healthcare Services Group, Inc.		2,843,609
	44,296	Heico Corporation		2,663,518
	15,720	Herman Miller, Inc.		485,591
	27,820	Hexcel Corporation		1,216,012
	24,171	HNI Corporation		946,778
	600	Hochtief AG		73,270
	39,372	Honeywell International, Inc.		4,411,633
	500	Hoshizaki Electric Company, Ltd.		41,705
	15,314	Hub Group, Inc.e		624,658
	21,540	Huntington Ingalls Industries, Inc.		2,949,688
	52,017	Huron Consulting Group, Inc.e		3,026,869
	3,070	Illinois Tool Works, Inc.		314,491
	2,100	Inaba Denki Sangyo Company, Ltd.		66,060
	50,850	Ingersoll-Rand plc		3,153,208
	16,340	Insperity, Inc.		845,268
	9,580	Interface, Inc.		177,613
	5,700	Intrum Justitia AB		200,869
	27,000	ITOCHU Corporation		331,799
	10,570	ITT Corporation		389,927

Shares		Common Stock (41.4%)	Value
	Industrials (4.6%) - continued
	33,183	JB Hunt Transport Services, Inc.		$2,795,336
	500	Jungheinrich AG		45,554
	18,980	KAR Auction Services, Inc.		723,897
	2,000	Keisei Electric Railway Company, Ltd.		28,137
	46,814	Kforce, Inc.		916,618
	10,000	KITZ Corporation		43,246
	8,470	Knoll, Inc.		183,376
	7,900	KONE Oyjf		380,234
	2,200	Koninklijke Boskalis Westminster NV		86,225
	83,130	Korn/Ferry International		2,351,748
	400	Kuehne & Nagel International AG		56,847
	8,989	Landstar System, Inc.		580,779
	4,800	Lincoln Electric Holdings, Inc.		281,136
	38,240	Manpower, Inc.		3,113,501
	61,200	Masco Corporation		1,924,740
	78,810	Meritor, Inc.e		635,209
	23,508	Middleby Corporatione		2,509,949
	3,900	MIRAIT Holdings Corporation		31,026
	4,000	Mitsuboshi Belting, Ltd.		32,186
	24,620	MRC Global, Inc.e		323,507
	22,201	MSA Safety, Inc.		1,073,418
	6,500	MTR Corporation, Ltd.		32,215
	103,090	Mueller Water Products, Inc.		1,018,529
	78,267	Navigant Consulting, Inc.e		1,237,401
	26,464	Nielsen Holdings plc		1,393,594
	4,200	Nikkon Holdings Company, Ltd.		76,015
	7,000	Nippon Express Company, Ltd.		31,825
	7,000	Nitto Kogyo Corporation		111,502
	12,536	Nordson Corporation		953,237
	28,750	Norfolk Southern Corporation		2,393,437
	6,390	Northrop Grumman Corporation		1,264,581
	18,017	Old Dominion Freight Line, Inc.e		1,254,344
	55,186	On Assignment, Inc.e		2,037,467
	60,666	Oshkosh Corporation		2,479,419
	57,492	PGT, Inc.e		565,721
	58,102	Progressive Waste Solutions, Ltd.		1,802,905
	41,416	Proto Labs, Inc.e,f		3,192,759
	14,330	Quanex Building Products Corporation		248,769
	400	Randstad Holding NV		22,125
	83,780	Raven Industries, Inc.		1,342,156
	22,050	Resources Connection, Inc.		343,098
	11,380	Rexnord Corporatione		230,104
	474	Rieter Holding AG		102,336
	39,042	Ritchie Brothers Auctioneers, Inc.f		1,057,257
	57,042	Rockwell Automation, Inc.		6,488,527
	32,360	Rockwell Collins, Inc.		2,983,916
	12,502	Roper Industries, Inc.		2,284,991
	4,400	Ryder System, Inc.		285,032
	1,348	Saft Groupe SA		40,703
	32,913	Saia, Inc.e		926,501
	6,100	Sanwa Holdings Corporation		45,379
	100	Schindler Holding AG		18,423
	14,300	SIG plc		29,941
	10,770	SkyWest, Inc.		215,292
	176,021	Southwest Airlines Company		7,885,741
	20,820	Spirit Aerosystems Holdings, Inc.e		944,395
	7,428	Stericycle, Inc.e		937,339
	70,705	Swift Transportation Companye,f		1,317,234
	36,510	Tennant Company		1,879,535
	6,180	Tetra Tech, Inc.		184,288
	15,339	Textron, Inc.		559,260
	7,000	Toppan Printing Company, Ltd.		58,690
	29,520	Toro Company		2,542,262
	72,840	TransUnione		2,011,112
	1,000	Travis Perkins plc		26,196

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

20

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (41.4%)	Value
	Industrials (4.6%) - continued
	6,290	TrueBlue, Inc.e		$164,483
	26,563	Tyco International plc		975,128
	3,790	UniFirst Corporation		413,565
	11,610	United Continental Holdings, Inc.e		694,975
	45,100	United Parcel Service, Inc.		4,756,697
	26,429	United Rentals, Inc.e		1,643,620
	19,636	Universal Forest Products, Inc.		1,685,162
	33,649	Universal Truckload Services, Inc.		554,199
	500	Vestas Wind Systems AS		35,230
	19,350	WABCO Holdings, Inc.e		2,068,902
	5,570	Wabtec Corporation		441,645
	34,203	WageWorks, Inc.e		1,731,014
	61,530	Waste Connections, Inc.		3,974,223
	6,339	Watsco, Inc.		854,117
	1,530	WSP Global, Inc.		45,355
	107,000	Xylem, Inc.		4,376,300
	11,000	YRC Worldwide, Inc.e		102,520
	900	Yuasa Trading Company, Ltd.		21,143
		Total		224,628,189
	Information Technology (9.0%)
	17,286	Advanced Energy Industries, Inc.e		601,380
	94,670	Agilent Technologies, Inc.		3,772,599
	45,210	Akamai Technologies, Inc.e		2,512,320
	13,500	Alliance Data Systems Corporatione		2,970,000
	31,333	Alphabet, Inc., Class Ae		23,903,946
	29,327	Alphabet, Inc., Class Ce		21,847,149
	700	Amadeus IT Holding SA		29,935
	39,733	Ambarella, Inc.e,f		1,776,065
	50,220	Amkor Technology, Inc.e		295,796
	94,764	Amphenol Corporation		5,479,254
	6,381	ANSYS, Inc.e		570,844
	289,306	Apple, Inc.		31,531,461
	142,052	Applied Materials, Inc.		3,008,661
	74,928	Arista Networks, Inc.e,f		4,727,957
	8,640	ARRIS International plce		198,029
	41,300	Aspen Technology, Inc.e		1,492,169
	800	AtoS		64,975
	24,170	Avnet, Inc.		1,070,731
	29,170	AVX Corporation		366,667
	29,343	Belden, Inc.		1,801,073
	7,840	Benchmark Electronics, Inc.e		180,712
	134,770	Booz Allen Hamilton Holding Corporation		4,080,836
	51,830	Broadridge Financial Solutions, Inc.		3,074,037
	329,683	Brocade Communications Systems, Inc.		3,488,046
	99,978	Brooks Automation, Inc.		1,039,771
	31,152	Cabot Microelectronics Corporation		1,274,428
	27,151	CACI International, Inc.e		2,897,012
	3,800	Canon, Inc.		113,327
	37,331	Cavium, Inc.e		2,283,164
	10,420	CDK Global, Inc.		485,051
	33,320	CDW Corporation		1,382,780
	5,210	Check Point Software Technologies, Ltd.e,f		455,719
	48,950	Ciber, Inc.e		103,284
	77,661	Ciena Corporatione		1,477,112
	24,100	Cirrus Logic, Inc.e		877,481
	546,690	Cisco Systems, Inc.		15,564,264
	3,100	Citrix Systems, Inc.e		243,598
	67,825	Cognex Corporation		2,641,784
	23,550	Cognizant Technology Solutions Corporatione		1,476,585
	12,260	Coherent, Inc.e		1,126,694

Shares		Common Stock (41.4%)	Value
	Information Technology (9.0%) - continued
	10,500	Comtech Telecommunications Corporation		$245,385
	35,940	Convergys Corporation		998,054
	76,620	CoreLogic, Inc.e		2,658,714
	98,249	Criteo SA ADRe		4,069,474
	13,970	Cvent, Inc.e		298,958
	44,094	Demandware, Inc.e		1,724,075
	27,692	DST Systems, Inc.		3,122,827
	28,670	EarthLink Holdings Corporation		162,559
	56,250	eBay, Inc.e		1,342,125
	56,637	Electro Rent Corporation		524,459
	117,850	EMC Corporation		3,140,702
	48,850	Envestnet, Inc.e		1,328,720
	18,190	EVERTEC, Inc.		254,296
	15,640	ExlService Holdings, Inc.e		810,152
	15,160	F5 Networks, Inc.e		1,604,686
	53,132	Fabrinete		1,718,820
	292,390	Facebook, Inc.e		33,361,699
	25,793	FEI Company		2,295,835
	72,354	Finisar Corporatione		1,319,737
	108,730	FLIR Systems, Inc.		3,582,654
	77,911	Fortinet, Inc.e		2,386,414
	11,500	FUJIFILM Holdings NPV		454,564
	30,990	Genpact, Ltd.e		842,618
	60,600	Glu Mobile, Inc.e,f		170,892
	103,517	Guidewire Software, Inc.e		5,639,606
	31,420	Harmonic, Inc.e		102,743
	28,560	Hewlett-Packard Company		351,859
	3,000	Hitachi Kokusai Electric, Inc.		36,015
	2,100	Hoya Corporation		79,822
	12,030	IAC/InterActiveCorporation		566,372
	34,169	Imperva, Inc.e		1,725,535
	120,810	Intel Corporation		3,908,203
	2,400	IT Holdings Corporation		56,766
	1,600	ITOCHU Techno-Solutions Corporation		30,190
	88,573	Ixiae		1,103,620
	64,327	Juniper Networks, Inc.		1,640,982
	1,000	Kyocera Corporation		44,031
	19,420	Lam Research Corporation		1,604,092
	17,900	Liberty Tripadvisor Holdings, Inc.e		396,664
	15,260	Linear Technology Corporation		679,986
	37,340	Lionbridge Technologies, Inc.e		188,940
	13,075	Littelfuse, Inc.		1,609,663
	20,794	Manhattan Associates, Inc.e		1,182,555
	38,330	Marvell Technology Group, Ltd.		395,182
	21,676	Maxim Integrated Products, Inc.		797,243
	10,940	MAXIMUS, Inc.		575,882
	25,898	Methode Electronics, Inc.		757,258
	107,190	Microsemi Corporatione		4,106,449
	636,930	Microsoft Corporation		35,177,644
	58,121	Monolithic Power Systems, Inc.		3,698,820
	2,230	Morningstar, Inc.		196,842
	79,781	Nanometrics, Inc.e		1,263,731
	77,830	National Instruments Corporation		2,343,461
	3,700	NEC Networks & System Integration Corporation		57,450
	5,340	NETGEAR, Inc.e		215,576
	27,026	Nice Systems, Ltd. ADRf		1,751,015
	2,000	NS Solutions Corporation		39,230
	237,866	NVIDIA Corporation		8,475,166
	30,226	NXP Semiconductors NVe		2,450,422
	108,300	Oclaro, Inc.e,f		584,820
	17,290	ON Semiconductor Corporatione		165,811
	130,750	Oracle Corporation		5,348,982
	17,350	Palo Alto Networks, Inc.e		2,830,479

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

21

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (41.4%)	Value
	Information Technology (9.0%) - continued
	117,560	Pandora Media, Inc.e,f		$1,052,162
	49,700	Paylocity Holding Corporatione		1,627,178
	452,578	PayPal Holdings, Inc.e		17,469,511
	58,240	Pegasystems, Inc.		1,478,131
	24,482	Plantronics, Inc.		959,450
	125,970	Polycom, Inc.e		1,404,565
	85,194	Progress Software Corporatione		2,054,879
	70,655	Proofpoint, Inc.e,f		3,799,826
	42,870	PTC, Inc.e		1,421,569
	43,607	QLIK Technologies, Inc.e		1,261,114
	11,130	QUALCOMM, Inc.		569,188
	6,360	Qualys, Inc.e		160,972
	30,960	RealPage, Inc.e		645,206
	33,600	Red Hat, Inc.e		2,503,536
	35,970	Ruckus Wireless, Inc.e		352,866
	326,230	Salesforce.com, Inc.e		24,085,561
	10,610	Sanmina Corporatione		248,062
	2,000	SAP SE		160,937
	11,200	ScanSource, Inc.e		452,256
	22,828	ServiceNow, Inc.e		1,396,617
	8,300	Shinko Electric Industries Company, Ltd.		46,658
	48,540	ShoreTel, Inc.e		361,138
	19,000	Symantec Corporation		349,220
	38,284	Synopsys, Inc.e		1,854,477
	400	TDK Corporation		22,194
	4,550	Tech Data Corporatione		349,304
	233,984	Teradyne, Inc.		5,051,715
	11,850	Tessera Technologies, Inc.		367,350
	88,950	Texas Instruments, Inc.		5,107,509
	22,570	Trimble Navigation, Ltd.e		559,736
	19,900	Tyler Technologies, Inc.e		2,559,339
	100	U-Blox AGe		19,205
	24,537	Ultimate Software Group, Inc.e		4,747,910
	600	United Internet AG		30,062
	146,395	Virtusa Corporatione		5,483,957
	324,010	Visa, Inc.		24,780,285
	36,790	Xerox Corporation		410,576
	321,020	Xilinx, Inc.		15,225,979
		Total		443,314,422
	Materials (1.7%)
	35,100	Agnico Eagle Mines, Ltd.		1,269,216
	400	Air Liquide SA		44,876
	38,607	Albemarle Corporation		2,468,146
	183,750	Alcoa, Inc.f		1,760,325
	23,763	American Vanguard Corporatione		374,980
	400	Aurubis AG		19,876
	21,100	Avery Dennison Corporation		1,521,521
	32,991	Axalta Coating Systems, Ltd.e		963,337
	21,829	Balchem Corporation		1,353,835
	29,350	Ball Corporation		2,092,361
	195,600	Barrick Gold Corporation		2,656,248
	6,130	Bemis Company, Inc.		317,411
	29,800	BHP Billiton, Ltd.		385,069
	8,600	BillerudKorsnas AB		140,390
	6,710	Boise Cascade Companye		139,031
	9,700	Boral, Ltd.		45,882
	2,500	Buzzi Unicem SPA		43,097
	32,890	Cabot Corporation		1,589,574
	5,220	Carpenter Technology Corporation		178,681
	215	CCL Industries, Inc.		40,807
	22,987	Celanese Corporation		1,505,648
	75,252	Chemtura Corporatione		1,986,653
	9,442	Clearwater Paper Corporatione		458,031
	99,470	Crown Holdings, Inc.e		4,932,717

Shares		Common Stock (41.4%)	Value
	Materials (1.7%) - continued
	14,400	Daicel Corporation		$196,292
	54,630	Dow Chemical Company		2,778,482
	7,150	Eagle Materials, Inc.		501,287
	14,700	Eastman Chemical Company		1,061,781
	135,850	Eldorado Gold Corporation		429,286
	800	Evonik Industries AG		23,926
	18,630	Ferroglobe plc		164,130
	50,413	FMC Corporation		2,035,173
	153,920	Freeport-McMoRan, Inc.f		1,591,533
	100	Givaudan SA		195,980
	133,200	Goldcorp, Inc.		2,161,836
	2,900	Hexpol AB		32,175
	1,500	Holmen AB		49,064
	21,503	Innospec, Inc.		932,370
	89,950	International Paper Company		3,691,548
	1,800	JFE Holdings, Inc.		24,174
	234,450	Kinross Gold Corporatione		797,130
	8,350	Koppers Holdings, Inc.e		187,625
	500	LafargeHolcim, Ltd.		23,480
	200	Linde AG		29,060
	9,100	Martin Marietta Materials, Inc.		1,451,541
	6,400	Materion Corporation		169,472
	12,650	Minerals Technologies, Inc.		719,152
	4,600	Mitsubishi Chemical Holdings Corporation		24,017
	102,910	Mosaic Company		2,778,570
	65,565	Myers Industries, Inc.		843,166
	107,860	Newmont Mining Corporation		2,866,919
	900	Nippon Shokubai Company, Ltd.		45,845
	3,000	Nippon Steel & Sumitomo Metal Corporation		57,515
	15,577	Norsk Hydro ASA		63,998
	2,800	Novozymes AS		125,738
	5,000	Oji Holdings Corporation		20,082
	52,460	Olin Corporation		911,230
	31,350	OMNOVA Solutions, Inc.e		174,306
	111,500	Owens-Illinois, Inc.e		1,779,540
	63,960	Packaging Corporation of America		3,863,184
	52,375	PolyOne Corporation		1,584,344
	22,490	Rayonier Advanced Materials, Inc.		213,655
	15,600	Reliance Steel & Aluminum Company		1,079,364
	800	Rio Tinto, Ltd.		26,049
	12,650	Royal Gold, Inc.		648,819
	12,500	RPM International, Inc.		591,625
	17,390	Schnitzer Steel Industries, Inc.		320,672
	31,794	Scotts Miracle-Gro Company		2,313,649
	38,850	Sealed Air Corporation		1,865,188
	59,550	Silver Wheaton Corporation		987,339
	41,290	Sonoco Products Company		2,005,455
	156,342	Steel Dynamics, Inc.		3,519,258
	25,350	Stillwater Mining Companye		269,977
	5,000	Sumitomo Seika Chemicals Company, Ltd.		24,696
	104,000	Teck Resources, Ltd.f		791,440
	5,000	Tosoh Corporation		20,998
	1,100	Umicore		54,604
	6,100	UPM-Kymmene Oyj		110,286
	19,150	Vulcan Materials Company		2,021,666
	3,970	Westlake Chemical Corporation		183,811
	53,555	Westrock Company		2,090,252
	196,900	Yamana Gold, Inc.		598,576
	7,498	Yara International ASA		281,473
		Total		80,691,515
	Telecommunications Services (0.3%)
	3,361	BCE, Inc.		153,176

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

22

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (41.4%)	Value
	Telecommunications Services (0.3%) - continued
	86,170	Cincinnati Bell, Inc.e		$333,478
	7,800	Elisa Oyje,f		302,884
	14,120	FairPoint Communications, Inc.e,f		210,106
	7,600	Freenet AG		226,990
	18,820	General Communication, Inc.e		344,782
	106,322	KCOM Group plc		164,157
	28,797	Level 3 Communications, Inc.e		1,521,922
	7,400	Orange SA		129,226
	23,600	ORBCOMM, Inc.e		239,068
	2,700	Proximus SA		92,136
	34,856	SBA Communications Corporatione		3,491,526
	12,300	Telefonica Deutschland Holding AG		66,491
	90,629	Verizon Communications, Inc.		4,901,216
	121,110	Vonage Holdings Corporatione		553,473
		Total		12,730,631
	Utilities (0.8%)
	6,180	Ameren Corporation		309,618
	28,920	American States Water Company		1,138,291
	21,010	Aqua America, Inc.		668,538
	17,960	Artesian Resources Corporation		502,162
	77,840	Avista Corporation		3,174,315
	35,120	California Water Service Group		938,406
	34,510	CenterPoint Energy, Inc.		721,949
	3,180	Chesapeake Utilities Corporation		200,245
	8,000	CLP Holdings, Ltd.		72,411
	15,200	Consolidated Water Company, Ltd.		184,984
	27,520	Dynegy, Inc.e		395,462
	29,190	Edison International, Inc.		2,098,469
	57,300	Electricidade de Portugal SA		203,441
	18,171	FirstEnergy Corporation		653,611
	42,110	Great Plains Energy, Inc.		1,358,047
	30,533	Laclede Group, Inc.		2,068,611
	94,330	MDU Resources Group, Inc.		1,835,662
	7,670	Middlesex Water Company		236,620
	8,810	New Jersey Resources Corporation		320,948
	5,300	Northwest Natural Gas Company		285,405
	134,740	PG&E Corporation		8,046,673
	28,576	PNM Resources, Inc.		963,583
	18,510	Portland General Electric Company		730,960
	39,550	Public Service Enterprise Group, Inc.		1,864,387
	32,600	Redes Energeticas Nacionais SGPS SA		106,733
	21,740	Renewable Energy Group, Inc.e		205,226
	900	Severn Trent plc		28,036
	48,800	Southern Company		2,524,424
	29,034	Southwest Gas Corporation		1,911,889
	134,484	Talen Energy Corporatione		1,210,356
	5,000	Toho Gas Company, Ltd.		35,490
	36,460	UGI Corporation		1,468,973
	12,900	United Utilities Group plc		170,758
	6,890	Unitil Corporation		292,756
	30,990	Vectren Corporation		1,566,854
	1,400	Veolia Environnement SA		33,696
	10,100	WEC Energy Group, Inc.		606,707
	14,900	Westar Energy, Inc.		739,189
		Total		39,873,885
		Total Common Stock (cost $1,873,700,520)		2,029,786,769
Shares		Registered Investment Companies (35.8%)	Value
	Affiliated Equity Holdings (28.5%)
	24,425,365	Thrivent Large Cap Stock Portfolio		278,234,221
	20,124,267	Thrivent Large Cap Value Portfolio		314,111,640

Shares		Registered Investment Companies (35.8%)	Value
	Affiliated Equity Holdings (28.5%) - continued
	16,750,392	Thrivent Mid Cap Stock Portfolio		$282,522,159
	48,917,066	Thrivent Partner Worldwide Allocation Portfolio		439,294,823
	5,277,294	Thrivent Small Cap Stock Portfolio		81,981,706
		Total		1,396,144,549
	Affiliated Fixed Income Holdings (5.9%)
	10,421,715	Thrivent High Yield Portfolio		47,239,550
	14,831,024	Thrivent Income Portfolio		149,115,568
	9,351,888	Thrivent Limited Maturity Bond Portfolio		91,255,728
		Total		287,610,846
	Equity Funds/ETFs (0.8%)
	190	iShares MSCI EAFE Index Fund		10,855
	31,241	iShares Russell 2000 Growth Index Fund		4,145,056
	81,869	iShares Russell 2000 Index Fund		9,056,349
	15,400	iShares Russell 2000 Value Index Fund		1,435,434
	11,530	Market Vectors Oil Service ETF		306,813
	31,460	Materials Select Sector SPDR Fundf		1,409,723
	104,361	SPDR S&P 500 ETF Trust		21,452,447
	33,540	SPDR S&P Biotech ETFf		1,732,676
	1,370	SPDR S&P MidCap 400 ETF Trust		359,926
		Total		39,909,279
	Fixed Income Funds/ETFs (0.6%)
	35,000	iShares Barclays 1-3 Year Credit Bond Fund		3,689,700
	238,000	iShares iBoxx $ Investment Grade Corporate Bond ETF		28,279,160
		Total		31,968,860
		Total Registered Investment Companies (cost $1,635,619,358)		1,755,633,534
Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Asset-Backed Securities (0.5%)
		Access Group, Inc.
	384,530	0.933%, 2/25/2036h,i		371,964
		Ares CLO, Ltd.
	1,275,000	1.911%, 10/12/2023*,i		1,266,530
	750,000	2.098%, 11/15/2025*,i		746,126
		BA Credit Card Trust
	650,000	0.816%, 6/15/2021i		649,480
		Betony CLO, Ltd.
	350,000	2.132%, 4/15/2027*,i		346,104
		Capital One Multi-Asset Execution Trust
	800,000	0.816%, 1/18/2022i		798,779
		Chase Issuance Trust
	500,000	1.590%, 2/18/2020		503,792
	375,000	1.620%, 7/15/2020		378,066
		Chesapeake Funding, LLC
	209,848	0.891%, 1/7/2025h,i		209,439
		Countrywide Asset-Backed Certificates
	458,844	5.530%, 4/25/2047		510,964
		DRB Prime Student Loan Trust
	938,873	3.200%, 1/25/2040*		930,681
		Edlinc Student Loan Funding Trust
	297,665	3.435%, 10/1/2025*,i		299,419

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

23

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Asset-Backed Securities (0.5%) - continued
		Enterprise Fleet Financing, LLC
	$37,708	1.060%, 3/20/2019h		$37,690
	393,292	0.870%, 9/20/2019h		392,105
		FirstEnergy Ohio PIRB Special Purpose Trust
	121,929	0.679%, 1/15/2019		121,641
		Ford Credit Auto Owner Trust
	485,000	2.260%, 11/15/2025h		491,358
		Golden Credit Card Trust
	250,000	0.866%, 9/15/2018h,i		250,000
		GoldenTree Loan Opportunities IX, Ltd.
	400,000	2.128%, 10/29/2026*,i		395,984
		Golub Capital Partners CLO 23M, Ltd.
	350,000	2.106%, 5/5/2027*,i		345,850
		Morgan Stanley Bank of America Merrill Lynch Trust
	1,425,000	3.176%, 8/15/2045		1,489,927
	1,425,000	3.246%, 12/15/2047		1,475,176
		Morgan Stanley Capital, Inc.
	949,553	0.583%, 2/25/2037i		480,606
		OneMain Financial Issuance Trust
	750,000	4.100%, 3/20/2028h		754,747
		OZLM VIII, Ltd.
	385,000	2.060%, 10/17/2026*,i		381,623
		Pretium Mortgage Credit Partners, LLC
	2,161,937	4.375%, 11/27/2030*		2,156,926
		Race Point IX CLO, Ltd.
	900,000	2.132%, 4/15/2027*,i		887,362
		Renaissance Home Equity Loan Trust
	1,205,344	5.746%, 5/25/2036j		784,439
	2,771,730	6.011%, 5/25/2036j		1,875,701
	1,209,384	5.580%, 11/25/2036j		614,623
		SLM Student Loan Trust
	422,741	1.027%, 7/15/2022h,i		420,347
	626,646	1.036%, 8/15/2022h,i		624,734
	357,087	1.019%, 4/25/2023h,i		356,467
	450,000	1.486%, 5/17/2027h,i		446,333
		SoFi Professional Loan Program, LLC
	848,483	2.420%, 3/25/2030h		838,196
		U.S. Small Business Administration
	509,816	3.191%, 3/10/2024		535,292
		Vericrest Opportunity Loan Transferee
	1,397,534	3.375%, 10/25/2058*,j		1,378,155
	446,575	3.500%, 2/25/2055*,j		443,943
		Volvo Financial Equipment, LLC
	27,208	0.740%, 3/15/2017h		27,203
	787,872	0.820%, 4/16/2018h		786,220
		World Financial Network Credit Card Master Trust
	650,000	0.910%, 3/16/2020		649,992
		Total		26,453,984
	Basic Materials (0.1%)
		Albemarle Corporation
	105,000	3.000%, 12/1/2019		105,628
		Anglo American plc
	772,000	3.625%, 5/14/2020f,h		660,539
		ArcelorMittal SA
	670,000	6.500%, 3/1/2021f		659,950

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Basic Materials (0.1%) - continued
		Corporacion Nacional del Cobre de Chile
	$280,000	4.500%, 9/16/2025f,h		$285,374
		First Quantum Minerals, Ltd.
	355,000	6.750%, 2/15/2020h		243,175
	355,000	7.000%, 2/15/2021h		237,850
		Georgia-Pacific, LLC
	245,000	2.539%, 11/15/2019h		246,007
		Glencore Funding, LLC
	180,000	1.680%, 4/16/2018h,i		162,000
		NOVA Chemicals Corporation
	1,100,000	5.250%, 8/1/2023h		1,075,250
		Novelis, Inc.
	365,000	8.375%, 12/15/2017		371,205
	500,000	8.750%, 12/15/2020		504,650
		Sappi Papier Holding GmbH
	605,000	6.625%, 4/15/2021h		625,673
		Xstrata Finance Canada, Ltd.
	278,000	2.700%, 10/25/2017h		272,440
		Yamana Gold, Inc.
	325,000	4.950%, 7/15/2024		274,625
		Total		5,724,366
	Capital Goods (0.3%)
		AECOM
	920,000	5.875%, 10/15/2024		947,600
		Aircastle, Ltd.
	845,000	5.000%, 4/1/2023		849,225
		Ball Corporation
	560,000	4.375%, 12/15/2020		582,750
		Building Materials Corporation of America
	660,000	6.000%, 10/15/2025h		697,950
		Case New Holland, Inc.
	450,000	7.875%, 12/1/2017		483,750
		Cemex Finance, LLC
	900,000	9.375%, 10/12/2017h		990,000
		CNH Industrial Capital, LLC
	370,000	4.375%, 11/6/2020f		363,525
		Crown Americas Capital Corporation IV
	670,000	4.500%, 1/15/2023		683,400
		General Electric Company
	607,000	5.000%, 12/29/2049k		625,210
		HD Supply, Inc.
	860,000	5.750%, 4/15/2024c,h		883,650
		Huntington Ingalls Industries, Inc.
	850,000	5.000%, 12/15/2021h		892,500
		L-3 Communications Corporation
	384,000	1.500%, 5/28/2017		382,684
		Lockheed Martin Corporation
	389,000	2.500%, 11/23/2020		398,438
	448,000	4.500%, 5/15/2036		481,901
		Martin Marietta Materials, Inc.
	230,000	1.729%, 6/30/2017i		227,890
		Newell Rubbermaid, Inc.
	224,000	2.600%, 3/29/2019		227,257
	336,000	5.500%, 4/1/2046		365,029
		Northrop Grumman Corporation
	350,000	3.850%, 4/15/2045		346,351
		Owens-Brockway Glass Container, Inc.
	960,000	5.000%, 1/15/2022h		981,677
		Pentair Finance SA
	295,000	2.900%, 9/15/2018		295,846

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

24

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Capital Goods (0.3%) - continued
		Reynolds Group Issuer, Inc.
	$629,634	5.750%, 10/15/2020		$646,162
		Roper Industries, Inc.
	601,000	2.050%, 10/1/2018		606,759
		Standard Industries, Inc.
	415,000	5.500%, 2/15/2023h		424,338
		Textron, Inc.
	150,000	5.600%, 12/1/2017		157,612
	400,000	7.250%, 10/1/2019		457,830
	185,000	5.950%, 9/21/2021		209,806
		United Rentals North America, Inc.
	1,340,000	5.500%, 7/15/2025		1,333,019
		Waste Management, Inc.
	90,000	3.125%, 3/1/2025		92,235
		Total		15,634,394
	Collateralized Mortgage Obligations (0.8%)
		Alm Loan Funding CLO
	385,000	2.050%, 10/17/2026*,i		381,293
		Apidos CLO XVIII
	375,000	2.033%, 7/22/2026*,i		369,640
		Babson CLO, Ltd.
	385,000	2.010%, 10/17/2026*,i		378,007
		BCAP, LLC Trust
	1,069,362	0.613%, 3/25/2037i		886,122
		Birchwood Park CLO, Ltd.
	385,000	2.062%, 7/15/2026*,i		381,718
		BlueMountain CLO, Ltd.
	385,000	2.102%, 10/15/2026*,i		383,162
		Carlyle Global Market Strategies CLO, Ltd.
	385,000	1.920%, 7/20/2023*,i		382,699
	400,000	2.122%, 10/15/2026*,i		397,179
		Cent CLO 16, LP
	385,000	1.866%, 8/1/2024*,i		383,472
		Cent CLO 22, Ltd.
	400,000	2.100%, 11/7/2026*,i		387,285
		Citigroup Mortgage Loan Trust, Inc.
	403,219	5.500%, 11/25/2035		382,391
		CitiMortgage Alternative Loan Trust
	1,357,185	5.750%, 4/25/2037		1,141,883
		Countrywide Alternative Loan Trust
	526,751	2.652%, 10/25/2035		461,185
	378,708	6.500%, 8/25/2036		276,642
	263,501	6.000%, 1/25/2037		251,206
	1,255,594	5.500%, 5/25/2037		1,062,172
	1,167,120	7.000%, 10/25/2037		840,315
		Countrywide Home Loans, Inc.
	496,535	5.750%, 4/25/2037		443,610
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	132,628	5.500%, 10/25/2021		128,022
	388,259	6.000%, 10/25/2021		339,502
		Dryden 34 Senior Loan Fund CLO
	385,000	2.052%, 10/15/2026*,i		381,576
		Federal Home Loan Mortgage Corporation
	1,410,632	3.000%, 2/15/2033l		170,357
		Federal National Mortgage Association
	2,870,056	3.500%, 1/25/2033l		373,351
		Galaxy XX CLO, Ltd.
	1,200,000	2.074%, 7/20/2027*,i		1,182,522
		Golub Capital Partners CLO 22B, Ltd.
	725,000	2.098%, 2/20/2027*,i		716,763

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Collateralized Mortgage Obligations (0.8%) - continued
		HomeBanc Mortgage Trust
	$2,166,616	2.337%, 4/25/2037		$1,618,014
		J.P. Morgan Mortgage Trust
	875,654	2.663%, 10/25/2036		782,394
	1,229,653	0.813%, 1/25/2037i		729,809
	1,455,231	6.250%, 8/25/2037		1,106,037
		Limerock CLO III, LLC
	1,150,000	2.154%, 10/20/2026*,i		1,112,571
		Madison Park Funding XIV CLO, Ltd.
	425,000	2.074%, 7/20/2026*,i		422,533
		Madison Park Funding, Ltd.
	1,100,000	1.908%, 8/15/2022*,i		1,093,309
		Magnetite XII, Ltd.
	1,200,000	2.122%, 4/15/2027*,i		1,184,036
		MASTR Alternative Loans Trust
	318,911	6.500%, 7/25/2034		325,567
	752,320	0.883%, 12/25/2035i		356,841
		Merrill Lynch Alternative Note Asset Trust
	307,426	6.000%, 3/25/2037		269,739
		Mountain View CLO, Ltd.
	1,200,000	2.082%, 7/15/2027*,i		1,158,611
		Neuberger Berman CLO, Ltd.
	300,000	2.089%, 8/4/2025*,i		297,616
		NZCG Funding CLO, Ltd.
	1,200,000	2.171%, 4/27/2027*,i		1,191,258
		Octagon Investment Partners XX CLO, Ltd.
	385,000	2.058%, 8/12/2026*,i		381,232
		OHA Loan Funding, Ltd.
	1,150,000	2.154%, 10/20/2026*,i		1,133,040
		Residential Asset Securitization Trust
	1,173,968	0.813%, 8/25/2037i		326,094
		Sequoia Mortgage Trust
	770,183	2.919%, 9/20/2046		614,115
		Shackleton VII CLO, Ltd.
	1,200,000	2.162%, 4/15/2027*,i		1,187,636
		Symphony CLO VIII, Ltd.
	374,232	1.717%, 1/9/2023*,i		372,687
		Symphony CLO XV, Ltd.
	1,150,000	2.070%, 10/17/2026*,i		1,138,480
		TBW Mortgage-Backed Trust
	3,363,978	5.965%, 7/25/2037		2,147,711
		Voya CLO 3, Ltd.
	385,000	2.039%, 7/25/2026*,i		381,279
		WaMu Mortgage Pass Through Certificates
	208,672	2.432%, 9/25/2036		186,999
	412,167	2.454%, 10/25/2036		354,649
	2,887,807	2.193%, 11/25/2036		2,484,906
		Washington Mutual Mortgage Pass Through Certificates
	2,020,096	1.101%, 2/25/2047i		1,404,488
		Total		36,243,725
	Commercial Mortgage-Backed Securities (0.5%)
		Commercial Mortgage Pass-Through Certificates
	780,000	1.488%, 6/8/2030h,i		774,848
		Credit Suisse First Boston Mortgage Securities
	2,800,000	5.542%, 1/15/2049		2,850,297

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

25

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Commercial Mortgage-Backed Securities (0.5%) - continued
		Credit Suisse Mortgage Capital Certificates
	$1,700,000	5.509%, 9/15/2039		$1,714,452
		Federal National Mortgage Association
	328,861	1.272%, 1/25/2017		328,786
		Greenwich Capital Commercial Funding Corporation
	1,750,000	5.867%, 12/10/2049		1,799,395
		GS Mortgage Securities Trust
	2,450,000	3.666%, 9/10/2047		2,605,165
	1,650,000	3.506%, 10/10/2048		1,730,755
	1,825,000	3.734%, 11/10/2048		1,954,750
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	1,300,000	5.699%, 2/12/2049		1,327,475
		JPMBB Commercial Mortgage Securities Trust
	1,175,000	3.231%, 1/15/2048		1,218,827
	1,650,000	3.598%, 11/15/2048		1,741,130
		Morgan Stanley Bank of America Merrill Lynch Trust
	1,750,000	3.753%, 12/15/2047		1,871,774
	1,650,000	3.635%, 10/15/2048		1,748,903
		Morgan Stanley Capital, Inc.
	900,000	5.406%, 3/15/2044		928,219
		SCG Trust
	425,000	1.836%, 11/15/2026h,i		422,385
		UBS Commercial Mortgage Trust
	2,150,000	3.400%, 5/10/2045		2,267,487
		WFRBS Commercial Mortgage Trust
	1,200,000	2.870%, 11/15/2045		1,234,802
		Total		26,519,450
	Communications Services (0.7%)
		21st Century Fox America, Inc.
	460,000	6.900%, 3/1/2019		523,369
		Altice Financing SA
	770,000	6.625%, 2/15/2023h		771,925
		AMC Networks, Inc.
	1,335,000	5.000%, 4/1/2024		1,340,006
		America Movil SAB de CV
	425,000	1.632%, 9/12/2016i		424,831
	288,000	5.000%, 10/16/2019		316,113
		American Tower Corporation
	50,000	2.800%, 6/1/2020		50,254
	560,000	3.300%, 2/15/2021		569,588
	295,000	3.450%, 9/15/2021		301,650
		AT&T, Inc.
	212,000	5.875%, 10/1/2019		239,610
	165,000	1.559%, 6/30/2020i		163,317
	349,000	3.875%, 8/15/2021		371,377
	275,000	3.000%, 6/30/2022		278,998
	784,000	6.350%, 3/15/2040		909,482
	355,000	5.550%, 8/15/2041		381,055
	450,000	5.150%, 3/15/2042		453,578
	275,000	4.750%, 5/15/2046		268,251
		British Sky Broadcasting Group plc
	320,000	2.625%, 9/16/2019h		323,321
		CBS Corporation
	241,000	4.000%, 1/15/2026		251,725
		CCO Holdings, LLC
	630,000	7.375%, 6/1/2020		655,594
	900,000	5.875%, 4/1/2024h		942,750

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Communications Services (0.7%) - continued
		CCO Safari II, LLC
	$452,000	6.834%, 10/23/2055h		$487,782
	288,000	3.579%, 7/23/2020h		294,289
	448,000	4.908%, 7/23/2025h		472,558
		CenturyLink, Inc.
	775,000	6.450%, 6/15/2021		785,168
	175,000	7.500%, 4/1/2024c		175,438
		Clear Channel Worldwide Holdings, Inc.
	995,000	6.500%, 11/15/2022		990,025
		Columbus International, Inc.
	895,000	7.375%, 3/30/2021h		953,175
		Comcast Corporation
	360,000	2.750%, 3/1/2023		372,012
	960,000	4.400%, 8/15/2035		1,040,074
	140,000	4.650%, 7/15/2042		155,731
	677,000	4.750%, 3/1/2044		763,636
		Cox Communications, Inc.
	184,000	9.375%, 1/15/2019h		216,011
		Crown Castle International Corporation
	521,000	3.400%, 2/15/2021		528,764
	595,000	5.250%, 1/15/2023		641,856
		Crown Castle Towers, LLC
	100,000	4.174%, 8/15/2017h		102,610
		Digicel, Ltd.
	1,295,000	6.000%, 4/15/2021*		1,159,025
		Dish DBS Corporation
	875,000	5.875%, 7/15/2022		829,062
		FairPoint Communications, Inc.
	685,000	8.750%, 8/15/2019h		649,037
		Frontier Communications Corporation
	1,090,000	8.875%, 9/15/2020h		1,132,237
		Hughes Satellite Systems Corporation
	567,000	6.500%, 6/15/2019		624,409
		Level 3 Communications, Inc.
	920,000	5.375%, 1/15/2024h		931,500
		Level 3 Financing, Inc.
	335,000	5.375%, 5/1/2025		339,188
		McGraw Hill Financial, Inc.
	448,000	3.300%, 8/14/2020		463,461
		McGraw-Hill Global Education Holdings, LLC
	850,000	9.750%, 4/1/2021		922,250
		Numericable-SFR
	1,165,000	6.000%, 5/15/2022h		1,135,875
		Omnicom Group, Inc.
	224,000	3.600%, 4/15/2026c		229,456
		Quebecor Media, Inc.
	610,000	5.750%, 1/15/2023		628,300
		SES Global Americas Holdings GP
	365,000	2.500%, 3/25/2019h		360,214
		Sprint Communications, Inc.
	650,000	9.000%, 11/15/2018h		680,875
		Sprint Corporation
	640,000	7.625%, 2/15/2025		475,200
		Telefonica Emisiones SAU
	244,000	3.192%, 4/27/2018		250,329
		Time Warner Entertainment Company, LP
	459,000	8.375%, 3/15/2023		586,882
		Time Warner, Inc.
	968,000	3.600%, 7/15/2025		993,602

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

26

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Communications Services (0.7%) - continued
	$265,000	6.250%, 3/29/2041		$306,315
		T-Mobile USA, Inc.
	1,040,000	6.125%, 1/15/2022		1,073,800
		Unitymedia Hessen GmbH & Company KG
	385,000	5.500%, 1/15/2023h		394,625
		Univision Communications, Inc.
	450,000	5.125%, 5/15/2023h		447,750
	200,000	5.125%, 2/15/2025h		197,500
		UPCB Finance V, Ltd.
	567,000	7.250%, 11/15/2021h		599,602
		Verizon Communications, Inc.
	350,000	1.412%, 6/17/2019i		349,168
	1,025,000	3.000%, 11/1/2021		1,064,998
	1,008,000	5.150%, 9/15/2023		1,163,447
	78,000	5.050%, 3/15/2034		84,541
	319,000	4.272%, 1/15/2036		317,402
	748,000	4.522%, 9/15/2048		749,272
		Total		36,655,245
	Consumer Cyclical (0.4%)
		Automatic Data Processing, Inc.
	100,000	3.375%, 9/15/2025		106,908
		Cinemark USA, Inc.
	500,000	4.875%, 6/1/2023h		504,225
	630,000	4.875%, 6/1/2023		635,323
		CVS Health Corporation
	110,000	2.250%, 8/12/2019		112,754
	870,000	4.875%, 7/20/2035		970,023
	188,000	6.125%, 9/15/2039		237,740
		Delphi Automotive plc
	560,000	3.150%, 11/19/2020		571,734
		eBay, Inc.
	225,000	2.500%, 3/9/2018		228,650
		Ford Motor Company
	205,000	7.450%, 7/16/2031		267,082
		Ford Motor Credit Company, LLC
	1,036,000	5.000%, 5/15/2018		1,093,938
	450,000	2.943%, 1/8/2019		456,943
		General Motors Company
	220,000	6.600%, 4/1/2036		242,086
	429,000	6.250%, 10/2/2043		458,190
		General Motors Financial Company, Inc.
	630,000	3.250%, 5/15/2018		640,485
	332,000	3.700%, 11/24/2020		338,346
	224,000	4.200%, 3/1/2021		231,364
	385,000	4.300%, 7/13/2025		381,073
	210,000	5.250%, 3/1/2026		219,644
		Hilton Worldwide Finance, LLC
	1,100,000	5.625%, 10/15/2021		1,139,820
		Home Depot, Inc.
	184,000	2.625%, 6/1/2022		190,336
	280,000	3.000%, 4/1/2026		293,937
		Hyundai Capital America
	336,000	2.400%, 10/30/2018h		338,242
	336,000	3.000%, 10/30/2020h		341,098
		Jaguar Land Rover Automotive plc
	630,000	5.625%, 2/1/2023h		647,325
		KB Home
	503,000	4.750%, 5/15/2019		501,114
		L Brands, Inc.
	630,000	5.625%, 2/15/2022		686,335
		Lennar Corporation
	630,000	4.125%, 12/1/2018		642,600

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Consumer Cyclical (0.4%) - continued
	$660,000	4.875%, 12/15/2023		$660,000
		Live Nation Entertainment, Inc.
	200,000	5.375%, 6/15/2022h		203,500
		McDonald’s Corporation
	335,000	2.750%, 12/9/2020		346,969
		MGM Resorts International
	915,000	6.000%, 3/15/2023f		947,025
		PulteGroup, Inc.
	940,000	4.250%, 3/1/2021		954,100
		Rite Aid Corporation
	880,000	6.125%, 4/1/2023h		932,800
		Six Flags Entertainment Corporation
	920,000	5.250%, 1/15/2021h		945,300
		Toll Brothers Finance Corporation
	100,000	8.910%, 10/15/2017		109,500
	186,000	4.000%, 12/31/2018		192,510
		West Corporation
	1,065,000	5.375%, 7/15/2022h		976,924
		ZF North America Capital, Inc.
	970,000	4.500%, 4/29/2022h		989,400
		Total		19,735,343
	Consumer Non-Cyclical (0.7%)
		AbbVie, Inc.
	315,000	2.500%, 5/14/2020		320,693
	220,000	3.600%, 5/14/2025		230,938
		Actavis Funding SCS
	336,000	3.800%, 3/15/2025		349,690
	675,000	4.550%, 3/15/2035		695,459
	1,008,000	4.850%, 6/15/2044		1,073,457
		Altria Group, Inc.
	925,000	2.850%, 8/9/2022		955,482
		Amgen, Inc.
	150,000	2.125%, 5/1/2020		151,838
	224,000	2.700%, 5/1/2022		228,296
	300,000	3.125%, 5/1/2025		303,927
		Anheuser-Busch Inbev Finance, Inc.
	240,000	1.879%, 2/1/2021i		244,245
	336,000	3.650%, 2/1/2026		353,342
	1,120,000	4.700%, 2/1/2036		1,210,388
		B&G Foods, Inc.
	480,000	4.625%, 6/1/2021		486,000
		BAT International Finance plc
	220,000	1.144%, 6/15/2018h,i		218,488
		Becton, Dickinson and Company
	577,000	6.375%, 8/1/2019		657,530
		Biogen, Inc.
	210,000	3.625%, 9/15/2022		222,116
		Boston Scientific Corporation
	200,000	6.000%, 1/15/2020		225,757
	350,000	4.125%, 10/1/2023		367,023
	325,000	3.850%, 5/15/2025		337,020
		Bunge Limited Finance Corporation
	282,000	8.500%, 6/15/2019		327,572
	305,000	3.500%, 11/24/2020		309,507
		Cardinal Health, Inc.
	120,000	1.950%, 6/15/2018		120,561
	138,000	4.900%, 9/15/2045		146,130
		Celgene Corporation
	495,000	2.875%, 8/15/2020		509,829
	120,000	3.550%, 8/15/2022		125,817
	495,000	5.000%, 8/15/2045		535,260
		Centene Escrow Corporation
	900,000	5.625%, 2/15/2021h		938,250

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

27

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Consumer Non-Cyclical (0.7%) - continued
		CHS/Community Health Systems, Inc.
	$975,000	7.125%, 7/15/2020		$921,375
		Church & Dwight Company, Inc.
	140,000	2.450%, 12/15/2019		141,662
		Cigna Corporation
	265,000	5.375%, 2/15/2042		291,340
		EMD Finance, LLC
	235,000	0.992%, 3/17/2017h,i		234,173
	280,000	2.950%, 3/19/2022h		285,800
		Energizer Holdings, Inc.
	820,000	5.500%, 6/15/2025h		824,100
		Envision Healthcare Corporation
	970,000	5.125%, 7/1/2022h		984,550
		Express Scripts Holding Company
	224,000	3.900%, 2/15/2022		233,549
	525,000	4.500%, 2/25/2026		543,568
		Fresenius Medical Care US Finance II, Inc.
	630,000	5.875%, 1/31/2022h		692,055
		Gilead Sciences, Inc.
	120,000	2.550%, 9/1/2020		123,578
		Grifols Worldwide Operations, Ltd.
	790,000	5.250%, 4/1/2022		811,725
		H. J. Heinz Company
	350,000	3.500%, 7/15/2022h		367,319
		HCA, Inc.
	670,000	3.750%, 3/15/2019		686,348
	585,000	5.250%, 6/15/2026		599,625
		Imperial Tobacco Finance plc
	450,000	2.950%, 7/21/2020h		462,605
		JBS USA, LLC
	670,000	5.750%, 6/15/2025h		586,250
		Johnson & Johnson
	560,000	3.700%, 3/1/2046		587,958
		Kraft Foods Group, Inc.
	360,000	5.000%, 6/4/2042		391,876
		Laboratory Corporation of America Holdings
	165,000	2.625%, 2/1/2020		165,693
		LifePoint Health, Inc.
	750,000	5.500%, 12/1/2021		783,750
		McKesson Corporation
	448,000	3.796%, 3/15/2024		467,659
	225,000	4.883%, 3/15/2044		239,123
		Mead Johnson Nutrition Company
	200,000	3.000%, 11/15/2020		205,523
		Medco Health Solutions, Inc.
	176,000	7.125%, 3/15/2018		193,509
		Medtronic plc
	1,085,000	4.375%, 3/15/2035		1,174,650
		Merck & Company, Inc.
	175,000	0.996%, 2/10/2020i		174,133
	88,000	3.700%, 2/10/2045		89,552
		Mondelez International, Inc.
	247,000	1.136%, 2/1/2019i		243,451
		Mylan NV
	450,000	3.000%, 12/15/2018h		456,175
	175,000	3.750%, 12/15/2020h		179,054
		PepsiCo, Inc.
	450,000	2.850%, 2/24/2026		461,692
		Perrigo Finance Unlimited Company
	675,000	3.500%, 3/15/2021		691,698
		Reynolds American, Inc.
	235,000	2.300%, 8/21/2017		238,139

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Consumer Non-Cyclical (0.7%) - continued
	$672,000	5.700%, 8/15/2035		$785,881
		Roche Holdings, Inc.
	336,000	4.000%, 11/28/2044h		363,874
		SABMiller Holdings, Inc.
	184,000	3.750%, 1/15/2022h		195,207
		Safeway, Inc.
	10,000	3.400%, 12/1/2016		10,000
		Spectrum Brands Escrow Corporation
	300,000	6.375%, 11/15/2020		315,900
		Spectrum Brands, Inc.
	470,000	5.750%, 7/15/2025		499,375
		Tenet Healthcare Corporation
	1,255,000	8.125%, 4/1/2022		1,291,081
		TreeHouse Foods, Inc.
	450,000	4.875%, 3/15/2022		460,125
		UnitedHealth Group, Inc.
	360,000	4.625%, 7/15/2035		401,896
		VRX Escrow Corporation
	1,495,000	6.125%, 4/15/2025f,h		1,151,150
		Total		32,652,361
	Energy (0.4%)
		Anadarko Petroleum Corporation
	320,000	4.850%, 3/15/2021		323,394
		Antero Resources Corporation
	240,000	5.125%, 12/1/2022		217,800
	500,000	5.625%, 6/1/2023		460,000
		Boardwalk Pipelines, Ltd.
	310,000	5.875%, 11/15/2016		310,725
		BP Capital Markets plc
	452,000	3.062%, 3/17/2022		460,655
	665,000	3.535%, 11/4/2024		679,401
		Buckeye Partners, LP
	288,000	2.650%, 11/15/2018		285,948
		Cameron International Corporation
	280,000	4.000%, 12/15/2023		285,674
	250,000	3.700%, 6/15/2024		249,733
		Canadian Natural Resources, Ltd.
	585,000	3.450%, 11/15/2021		541,499
	175,000	6.250%, 3/15/2038		160,970
		CNOOC Nexen Finance
	345,000	1.625%, 4/30/2017		344,291
		CNPC General Capital, Ltd.
	192,000	2.750%, 4/19/2017h		194,218
		Columbia Pipeline Group, Inc.
	450,000	2.450%, 6/1/2018h		445,480
		Concho Resources, Inc.
	625,000	6.500%, 1/15/2022		623,438
	629,634	5.500%, 10/1/2022		618,615
		ConocoPhillips Company
	280,000	4.200%, 3/15/2021		292,408
	336,000	5.950%, 3/15/2046		361,456
		Crestwood Midstream Partners, LP
	400,000	6.125%, 3/1/2022		300,000
		Devon Energy Corporation
	340,000	3.250%, 5/15/2022f		286,277
	224,000	5.850%, 12/15/2025		216,213
		Enbridge Energy Partners, LP
	560,000	4.375%, 10/15/2020		542,415
		Enbridge, Inc.
	245,000	1.083%, 6/2/2017f,i		234,833
		Energy Transfer Partners, LP
	914,000	4.650%, 6/1/2021		878,254
	265,000	4.900%, 3/15/2035		209,814

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

28

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Energy (0.4%) - continued
		Enterprise Products Operating, LLC
	$300,000	5.250%, 1/31/2020		$324,524
	172,000	5.100%, 2/15/2045		166,946
		EQT Corporation
	162,000	5.150%, 3/1/2018		161,803
	118,000	8.125%, 6/1/2019		127,156
	250,000	4.875%, 11/15/2021		239,247
		Exxon Mobil Corporation
	180,000	4.114%, 3/1/2046		190,854
		Kinder Morgan, Inc.
	242,000	5.300%, 12/1/2034		208,289
	225,000	5.550%, 6/1/2045		199,964
		Magellan Midstream Partners, LP
	75,000	5.000%, 3/1/2026		81,107
	90,000	4.200%, 3/15/2045		75,283
		Marathon Oil Corporation
	460,000	2.700%, 6/1/2020f		390,357
		Marathon Petroleum Corporation
	165,000	3.400%, 12/15/2020		162,291
	176,000	4.750%, 9/15/2044		140,845
		MEG Energy Corporation
	630,000	6.500%, 3/15/2021h		380,363
		Newfield Exploration Company
	630,000	5.625%, 7/1/2024		590,625
		Noble Energy, Inc.
	202,000	5.625%, 5/1/2021		203,010
		Petrobras International Finance Company
	550,000	5.750%, 1/20/2020		477,813
		Petroleos Mexicanos
	324,000	5.500%, 2/4/2019h		339,390
	175,000	3.500%, 1/30/2023		158,594
	199,500	2.378%, 4/15/2025		204,017
		Pioneer Natural Resources Company
	121,000	3.450%, 1/15/2021		120,362
	225,000	4.450%, 1/15/2026		226,769
		Regency Energy Partners, LP
	670,000	5.000%, 10/1/2022		629,653
		Rice Energy, Inc.
	750,000	6.250%, 5/1/2022		652,500
		Sabine Pass Liquefaction, LLC
	670,000	5.625%, 3/1/2025		639,013
		Schlumberger Holdings Corporation
	165,000	3.000%, 12/21/2020h		167,283
		Shell International Finance BV
	165,000	1.071%, 5/11/2020i		160,214
		Suncor Energy, Inc.
	270,000	3.600%, 12/1/2024		267,307
		Sunoco Logistics Partners Operations, LP
	760,000	4.400%, 4/1/2021		746,325
		Targa Resources Partners, LP
	540,000	6.625%, 10/1/2020h		533,250
		Total		18,488,665
	Financials (1.2%)
		Abbey National Treasury Services plc
	132,000	3.050%, 8/23/2018		135,640
		ABN AMRO Bank NV
	450,000	4.750%, 7/28/2025h		453,257
		ACE INA Holdings, Inc.
	448,000	2.300%, 11/3/2020		455,460
	335,000	4.350%, 11/3/2045		365,087
		AerCap Ireland Capital, Ltd.
	925,000	5.000%, 10/1/2021		957,375

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Financials (1.2%) - continued
		Air Lease Corporation
	$220,000	2.125%, 1/15/2018		$217,800
	90,000	2.625%, 9/4/2018		89,432
		Ally Financial, Inc.
	440,000	3.750%, 11/18/2019		435,600
	475,000	4.125%, 3/30/2020		471,438
		American Express Credit Corporation
	350,000	1.189%, 3/18/2019i		345,065
		American International Group, Inc.
	150,000	3.300%, 3/1/2021		153,177
	336,000	4.125%, 2/15/2024		350,115
	150,000	3.900%, 4/1/2026		150,468
		Aon plc
	168,000	3.875%, 12/15/2025		171,277
		Argos Merger Sub, Inc.
	1,080,000	7.125%, 3/15/2023h		1,148,040
		Avalonbay Communities, Inc.
	500,000	3.500%, 11/15/2025		518,001
		Aviation Capital Group Corporation
	132,000	3.875%, 9/27/2016h		132,660
		Banco Santander Chile
	435,000	1.517%, 4/11/2017h,i		431,194
		Bank of America Corporation
	370,000	1.694%, 3/22/2018i		370,647
	295,000	1.482%, 4/1/2019i		292,168
	350,000	2.625%, 10/19/2020		352,439
	995,000	3.300%, 1/11/2023		1,003,360
	150,000	4.000%, 4/1/2024		157,344
	250,000	4.000%, 1/22/2025		250,379
	201,000	5.875%, 2/7/2042		243,591
	573,000	8.000%, 12/29/2049k		560,824
		Bank of New York Mellon Corporation
	560,000	2.500%, 4/15/2021		571,059
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	145,000	2.850%, 9/8/2021h		147,088
		Barclays Bank plc
	280,000	10.179%, 6/12/2021h		355,781
		Barclays plc
	264,000	2.750%, 11/8/2019		262,207
	448,000	3.650%, 3/16/2025		420,070
		BB&T Corporation
	150,000	1.337%, 1/15/2020i		147,991
		BBVA Banco Continental SA
	350,000	2.250%, 7/29/2016h		350,175
		Berkshire Hathaway, Inc.
	280,000	2.750%, 3/15/2023		285,557
		BPCE SA
	258,000	5.700%, 10/22/2023h		273,277
	360,000	4.500%, 3/15/2025h		356,436
		Caisse Centrale Desjardins du Quebec
	210,000	1.283%, 1/29/2018h,i		209,349
		Capital One Financial Corporation
	321,000	6.150%, 9/1/2016		327,516
	235,000	2.450%, 4/24/2019		237,496
		CIT Group, Inc.
	905,000	5.000%, 8/15/2022		915,742
		Citigroup, Inc.
	245,000	1.390%, 4/8/2019i		241,351
	368,000	2.650%, 10/26/2020		371,471
	450,000	2.700%, 3/30/2021		453,281
	244,000	4.050%, 7/30/2022		253,932
	685,000	4.400%, 6/10/2025		698,503
	925,000	4.650%, 7/30/2045		968,691

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

29

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Financials (1.2%) - continued
		Citizens Bank NA
	$625,000	2.300%, 12/3/2018		$628,532
		CoBank ACB
	120,000	1.234%, 6/15/2022*,i		112,226
		Compass Bank
	30,000	2.750%, 9/29/2019		29,875
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	228,000	3.950%, 11/9/2022		233,556
		Credit Agricole SA
	290,000	1.422%, 4/15/2019h,i		286,926
		Credit Suisse AG
	231,000	5.400%, 1/14/2020		250,367
		Credit Suisse Group Funding, Ltd.
	672,000	2.750%, 3/26/2020		663,158
	448,000	3.750%, 3/26/2025		427,976
		CyrusOne, LP
	630,000	6.375%, 11/15/2022		653,625
		Digital Realty Trust LP
	280,000	3.400%, 10/1/2020		286,245
		Discover Bank
	510,000	8.700%, 11/18/2019		594,043
		Discover Financial Services
	188,000	6.450%, 6/12/2017		197,067
		Duke Realty, LP
	88,000	3.875%, 2/15/2021		90,856
	264,000	4.375%, 6/15/2022		278,028
		ERP Operating, LP
	90,000	3.375%, 6/1/2025		92,722
		European Investment Bank
	445,000	1.875%, 3/15/2019		454,122
		Fifth Third Bancorp
	286,000	5.450%, 1/15/2017		292,990
	148,000	2.875%, 7/27/2020		150,063
	145,000	2.875%, 10/1/2021		147,693
		GE Capital International Funding Company
	919,000	4.418%, 11/15/2035h		998,395
		Genworth Financial, Inc.
	248,000	7.700%, 6/15/2020f		218,860
		Goldman Sachs Group, Inc.
	390,000	1.818%, 4/30/2018i		391,650
	205,000	1.718%, 11/15/2018i		204,979
	624,000	5.375%, 3/15/2020		692,411
	210,000	1.779%, 4/23/2020i		208,698
	896,000	5.250%, 7/27/2021		1,008,560
	224,000	3.500%, 1/23/2025		226,090
	400,000	4.800%, 7/8/2044		418,238
	184,000	5.150%, 5/22/2045		186,922
	390,000	4.750%, 10/21/2045		407,635
		Hartford Financial Services Group, Inc.
	544,000	5.125%, 4/15/2022		608,587
		HBOS plc
	558,000	6.750%, 5/21/2018h		603,383
		HCP, Inc.
	705,000	4.000%, 12/1/2022		708,527
	176,000	3.400%, 2/1/2025		161,952
		HSBC Bank plc
	495,000	1.258%, 5/15/2018h,i		492,386
		HSBC Holdings plc
	450,000	3.400%, 3/8/2021		459,222
	336,000	6.375%, 12/29/2049f,k		317,520
		Huntington Bancshares, Inc.
	66,000	2.600%, 8/2/2018		66,539

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Financials (1.2%) - continued
		Huntington National Bank
	$250,000	2.200%, 11/6/2018		$250,409
		Hutchison Whampoa International 14, Ltd.
	275,000	3.625%, 10/31/2024h		285,668
		Icahn Enterprises, LP
	625,000	6.000%, 8/1/2020		607,812
		ING Capital Funding Trust III
	265,000	4.231%, 12/29/2049i,k		257,712
		International Lease Finance Corporation
	383,000	2.584%, 6/15/2016i		383,357
		Intesa Sanpaolo SPA
	450,000	5.250%, 1/12/2024		485,957
		J.P. Morgan Chase & Company
	326,000	6.300%, 4/23/2019		368,689
	165,000	2.250%, 1/23/2020		166,305
	560,000	4.500%, 1/24/2022		617,989
	336,000	3.200%, 1/25/2023		344,672
	352,000	3.625%, 5/13/2024		367,032
	690,000	3.125%, 1/23/2025		692,413
	360,000	3.300%, 4/1/2026		362,924
	582,000	7.900%, 4/29/2049k		582,000
		KeyBank NA
	365,000	2.350%, 3/8/2019		368,308
		KeyCorp
	300,000	2.900%, 9/15/2020		304,917
		Liberty Mutual Group, Inc.
	445,000	4.950%, 5/1/2022h		484,508
		Liberty Property, LP
	618,000	3.750%, 4/1/2025		615,844
		Lloyds Bank plc
	235,000	1.160%, 3/16/2018i		233,274
	225,000	4.650%, 3/24/2026		222,990
		Merrill Lynch & Company, Inc.
	610,000	6.050%, 5/16/2016		614,204
	675,000	6.400%, 8/28/2017		717,450
		MetLife, Inc.
	355,000	4.050%, 3/1/2045		335,824
		Mizuho Bank, Ltd.
	282,000	1.850%, 3/21/2018h		282,054
		Morgan Stanley
	1,018,000	6.625%, 4/1/2018		1,112,201
	260,000	1.899%, 4/25/2018i		261,581
	210,000	1.761%, 1/27/2020i		208,631
	155,000	4.875%, 11/1/2022		167,934
	275,000	4.000%, 7/23/2025		287,550
	540,000	4.350%, 9/8/2026		555,704
	220,000	4.300%, 1/27/2045		221,373
	560,000	5.550%, 12/29/2049k		552,020
		MPT Operating Partnership, LP
	725,000	6.375%, 3/1/2024		763,063
	450,000	5.500%, 5/1/2024		452,250
		National City Corporation
	288,000	6.875%, 5/15/2019		324,194
		Prudential Financial, Inc.
	145,000	2.350%, 8/15/2019		146,825
		Quicken Loans, Inc.
	980,000	5.750%, 5/1/2025h		950,600
		Realty Income Corporation
	58,000	2.000%, 1/31/2018		58,221
		Regions Bank
	250,000	7.500%, 5/15/2018		275,491
		Regions Financial Corporation
	250,000	2.250%, 9/14/2018		249,571

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

30

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Financials (1.2%) - continued
	$336,000	3.200%, 2/8/2021		$338,795
		Reinsurance Group of America, Inc.
	105,000	5.625%, 3/15/2017		108,911
	252,000	5.000%, 6/1/2021		273,844
		Reliance Standard Life Global Funding II
	230,000	2.500%, 4/24/2019h		231,862
		Royal Bank of Scotland Group plc
	295,000	1.569%, 3/31/2017i		294,573
	650,000	7.500%, 12/29/2049k		604,500
		Santander Holdings USA, Inc.
	295,000	3.450%, 8/27/2018		300,014
		Santander UK Group Holdings plc
	380,000	2.875%, 10/16/2020		378,072
	325,000	4.750%, 9/15/2025h		307,400
		Simon Property Group, LP
	100,000	10.350%, 4/1/2019		123,335
	150,000	2.500%, 9/1/2020		152,744
	400,000	2.750%, 2/1/2023		404,653
		Skandinaviska Enskilda Banken AB
	365,000	2.375%, 3/25/2019h		368,444
		State Street Corporation
	233,000	1.518%, 8/18/2020i		231,952
		Sumitomo Mitsui Banking Corporation
	250,000	1.200%, 1/16/2018i		248,827
		Svenska Handelsbanken AB
	330,000	1.132%, 6/17/2019i		325,080
		Synchrony Financial
	140,000	1.849%, 2/3/2020i		135,328
	155,000	3.750%, 8/15/2021		159,112
	625,000	4.250%, 8/15/2024		635,544
		Toronto-Dominion Bank
	165,000	1.562%, 12/14/2020i		165,479
		UBS Group Funding Jersey, Ltd.
	560,000	2.950%, 9/24/2020h		561,855
	336,000	4.125%, 9/24/2025h		336,479
		UnitedHealth Group, Inc.
	100,000	3.350%, 7/15/2022		106,381
		USB Realty Corporation
	140,000	1.769%, 12/29/2049h,i,k		111,650
		Voya Financial, Inc.
	344,000	2.900%, 2/15/2018		349,299
		Wells Fargo & Company
	210,000	1.298%, 1/30/2020i		208,021
	450,000	2.550%, 12/7/2020		458,248
	1,317,000	3.450%, 2/13/2023		1,350,610
	350,000	3.000%, 2/19/2025		352,841
	430,000	4.900%, 11/17/2045		461,537
		Welltower, Inc.
	58,000	2.250%, 3/15/2018		58,319
	185,000	3.750%, 3/15/2023		184,803
	165,000	4.000%, 6/1/2025		165,090
		Total		59,342,558
	Foreign Government (<0.1%)
		Eksportfinans ASA
	111,000	5.500%, 5/25/2016		111,601
		Export-Import Bank of Korea
	205,000	2.250%, 1/21/2020		206,706
		Kommunalbanken AS
	335,000	1.500%, 10/22/2019h		336,678
		Total		654,985

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Mortgage-Backed Securities (4.7%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	$3,000,000	3.000%, 5/1/2030c		$3,130,547
	15,800,000	3.000%, 4/1/2031c		16,517,172
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	12,300,000	4.000%, 4/1/2046c		13,127,367
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	15,525,000	3.500%, 4/1/2030c		16,394,554
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,967,702	1.733%, 7/1/2043i		2,008,116
	458,583	2.025%, 7/1/2043i		472,503
	454,261	2.070%, 8/1/2043i		468,760
	91,175,000	3.500%, 4/1/2046c		95,594,854
	45,500,000	4.000%, 4/1/2046c		48,613,906
	33,339,000	4.500%, 4/1/2046c		36,276,999
		Total		232,604,778
	Technology (0.3%)
		Amphenol Corporation
	188,000	2.550%, 1/30/2019		189,499
		Apple, Inc.
	165,000	0.917%, 5/6/2020i		162,268
	784,000	3.200%, 5/13/2025		821,368
	336,000	4.650%, 2/23/2046		366,796
		Baidu, Inc.
	525,000	2.750%, 6/9/2019		531,155
		Cisco Systems, Inc.
	220,000	1.135%, 3/1/2019i		219,930
		CommScope Technologies Finance, LLC
	650,000	6.000%, 6/15/2025h		656,094
		Denali Borrower, LLC
	670,000	5.625%, 10/15/2020h		706,766
		Equinix, Inc.
	450,000	5.750%, 1/1/2025		472,500
		Fidelity National Information Services, Inc.
	400,000	2.850%, 10/15/2018		406,520
	338,000	3.625%, 10/15/2020		349,331
		First Data Corporation
	450,000	5.375%, 8/15/2023h		461,250
		Freescale Semiconductor, Inc.
	670,000	6.000%, 1/15/2022h		710,200
		Hewlett Packard Enterprise Company
	280,000	2.450%, 10/5/2017h		281,828
	140,000	2.850%, 10/5/2018h		142,351
	140,000	4.400%, 10/15/2022h		146,269
		IMS Health, Inc.
	863,000	6.000%, 11/1/2020h		886,733
		Intel Corporation
	85,000	3.100%, 7/29/2022		89,864
	180,000	3.700%, 7/29/2025		197,159
		Iron Mountain, Inc.
	825,000	6.000%, 8/15/2023		866,250
		Microsoft Corporation
	700,000	4.750%, 11/3/2055		777,892
	700,000	4.200%, 11/3/2035		750,322

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

31

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Technology (0.3%) - continued
		Oracle Corporation
	$150,000	2.500%, 5/15/2022		$153,022
	460,000	2.950%, 5/15/2025		471,214
		Plantronics, Inc.
	670,000	5.500%, 5/31/2023h		658,275
		Qualcomm, Inc.
	336,000	3.000%, 5/20/2022		350,336
		Seagate HDD Cayman
	368,000	4.875%, 6/1/2027h		277,048
		Sensata Technologies UK Financing Company plc
	540,000	6.250%, 2/15/2026h		575,100
		Western Digital Corporation
	890,000	10.500%, 4/1/2024c,h		892,225
		Total		13,569,565
	Transportation (0.1%)
		Air Canada Pass Through Trust
	135,808	3.875%, 3/15/2023h		131,564
		American Airlines Pass Through Trust
	289,035	3.375%, 5/1/2027		281,809
		Avis Budget Car Rental, LLC
	665,000	5.125%, 6/1/2022f,h		629,672
	500,000	6.375%, 4/1/2024h		500,575
		Burlington Northern Santa Fe, LLC
	350,000	5.050%, 3/1/2041		399,896
		Canadian Pacific Railway Company
	65,000	7.125%, 10/15/2031		83,609
	150,000	4.800%, 8/1/2045		153,505
		Continental Airlines, Inc.
	144,698	4.150%, 4/11/2024		149,400
		CSX Corporation
	115,000	3.700%, 11/1/2023		122,794
		Delta Air Lines, Inc.
	81,528	4.950%, 5/23/2019		85,808
		ERAC USA Finance, LLC
	67,000	2.800%, 11/1/2018h		68,029
		FedEx Corporation
	450,000	3.900%, 2/1/2035		435,620
		J.B. Hunt Transport Services, Inc.
	135,000	3.300%, 8/15/2022		137,611
		Southwest Airlines Company
	285,000	2.750%, 11/6/2019		293,176
		Virgin Australia Holdings, Ltd.
	77,312	5.000%, 10/23/2023h		78,859
		XPO Logistics, Inc.
	690,000	6.500%, 6/15/2022f,h		670,163
		Total		4,222,090
	U.S. Government and Agencies (4.6%)
		Federal Home Loan Bank
	30,000,000	0.220%, 5/2/2016		30,001,290
		Federal National Mortgage Association
	405,000	6.250%, 5/15/2029		577,619
		Tennessee Valley Authority
	390,000	5.250%, 9/15/2039		497,752
		U.S. Treasury Bonds
	4,150,000	6.500%, 11/15/2026		6,024,148
	2,900,000	5.250%, 11/15/2028		3,966,429
	2,050,000	4.375%, 5/15/2040		2,758,291
	34,845,000	3.000%, 5/15/2042		37,834,039
	14,300,000	3.625%, 2/15/2044		17,348,245
	3,750,000	2.500%, 2/15/2046		3,656,396

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	U.S. Government and Agencies (4.6%) - continued
		U.S. Treasury Bonds, TIPS
	$1,718,751	0.125%, 4/15/2019		$1,755,835
	100,544	2.375%, 1/15/2025		119,730
	22,141,621	0.625%, 1/15/2026		23,147,515
	65,764	2.125%, 2/15/2040		83,998
	576,636	0.750%, 2/15/2042		559,623
		U.S. Treasury Notes
	2,000,000	1.000%, 8/31/2016m		2,004,922
	385,000	0.875%, 11/15/2017		385,962
	4,500,000	1.000%, 3/15/2019		4,517,577
	8,415,000	1.500%, 10/31/2019		8,559,965
	23,030,000	1.875%, 6/30/2020		23,734,396
	4,070,000	1.375%, 9/30/2020		4,104,021
	2,000,000	2.125%, 6/30/2022		2,077,734
	1,015,000	1.625%, 8/15/2022		1,022,810
	7,435,000	2.250%, 11/15/2024		7,751,567
		U.S. Treasury Notes, TIPS
	7,560,523	0.125%, 4/15/2018		7,694,307
	36,153,179	0.125%, 1/15/2023		36,449,743
		Total		226,633,914
	Utilities (0.3%)
		AES Corporation
	630,000	7.375%, 7/1/2021		705,600
		American Electric Power Company, Inc.
	718,000	2.950%, 12/15/2022		727,091
		Arizona Public Service Company
	180,000	2.200%, 1/15/2020		182,065
		Berkshire Hathaway Energy Company
	132,000	2.400%, 2/1/2020		134,498
		Calpine Corporation
	670,000	5.375%, 1/15/2023f		649,485
		Commonwealth Edison Company
	355,000	3.700%, 3/1/2045		348,944
	280,000	4.350%, 11/15/2045		306,274
		Consolidated Edison Company of New York, Inc.
	168,000	4.500%, 12/1/2045		183,215
		Covanta Holding Corporation
	350,000	7.250%, 12/1/2020		361,375
		DCP Midstream, LLC
	298,000	4.750%, 9/30/2021h		233,833
		DTE Electric Company
	265,000	3.700%, 3/15/2045		262,174
		DTE Energy Company
	70,000	2.400%, 12/1/2019		70,539
		Duke Energy Corporation
	468,000	2.100%, 6/15/2018		470,237
		Dynegy, Inc.
	680,000	6.750%, 11/1/2019		676,600
		Edison International
	450,000	2.950%, 3/15/2023		454,071
		EDP Finance BV
	348,000	4.125%, 1/15/2020h		348,487
		Enel Finance International NV
	84,000	6.250%, 9/15/2017h		89,628
		Energy Transfer Equity, LP
	670,000	5.500%, 6/1/2027		537,675
		Eversource Energy
	150,000	1.600%, 1/15/2018		149,256
		Exelon Corporation
	240,000	5.100%, 6/15/2045h		260,856
		Exelon Generation Company, LLC
	300,000	5.200%, 10/1/2019		326,710

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

32

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (15.6%)	Value
	Utilities (0.3%) - continued
	$135,000	2.950%, 1/15/2020		$135,869
		ITC Holdings Corporation
	67,000	4.050%, 7/1/2023		69,199
	265,000	5.300%, 7/1/2043		272,180
		Kinder Morgan Energy Partners, LP
	340,000	3.500%, 3/1/2021		327,283
		MidAmerican Energy Holdings Company
	435,000	6.500%, 9/15/2037		567,245
		Monongahela Power Company
	275,000	5.400%, 12/15/2043h		326,009
		MPLX LP
	1,185,000	4.875%, 12/1/2024h		1,094,036
		National Rural Utilities Cooperative Finance Corporation
	400,000	2.300%, 11/1/2020		407,230
		NextEra Energy Capital Holdings, Inc.
	280,000	2.300%, 4/1/2019		281,621
		NiSource Finance Corporation
	615,000	5.650%, 2/1/2045		731,683
		Northern States Power Company
	410,000	4.125%, 5/15/2044		437,890
		NRG Energy, Inc.
	630,000	6.625%, 3/15/2023		587,670
		Oncor Electric Delivery Company, LLC
	258,000	3.750%, 4/1/2045		242,212
		Pacific Gas & Electric Company
	347,000	5.625%, 11/30/2017		369,378
	336,000	4.250%, 3/15/2046		356,922
		PG&E Corporation
	140,000	2.400%, 3/1/2019		141,868
		PPL Capital Funding, Inc.
	144,000	3.500%, 12/1/2022		149,434
	515,000	5.000%, 3/15/2044		552,017
		Sempra Energy
	365,000	6.150%, 6/15/2018		395,518
	170,000	2.400%, 3/15/2020		170,607
		Southern California Edison Company
	100,000	2.400%, 2/1/2022		100,962
		Southwestern Electric Power Company
	180,000	3.900%, 4/1/2045		164,994
		TransAlta Corporation
	336,000	1.900%, 6/3/2017		324,513
		Williams Companies, Inc.
	192,000	7.875%, 9/1/2021		177,550
		Total		15,862,503
		Total Long-Term Fixed Income (cost $758,246,540)		770,997,926
Shares		Collateral Held for Securities Loaned (1.5%)	Value
	72,344,228	Thrivent Cash Management Trust		72,344,228
		Total Collateral Held for Securities Loaned (cost $72,344,228)		72,344,228

Shares or Principal Amount		Short-Term Investments (10.9%)n	Value
		Federal Home Loan Bank Discount Notes
	4,640,000	0.380%, 4/1/2016		$4,640,000
	5,000,000	0.370%, 4/6/2016		4,999,743
	13,100,000	0.370%, 4/8/2016o		13,099,058
	14,500,000	0.365%, 4/11/2016o		14,498,530
	1,300,000	0.376%, 4/22/2016o		1,299,715
	10,000,000	0.390%, 4/27/2016o		9,997,186
	10,000,000	0.290%, 5/2/2016o		9,997,503
	11,090,000	0.297%, 5/3/2016		11,087,076
	5,000,000	0.400%, 5/4/2016o		4,998,167
	2,500,000	0.290%, 5/5/2016		2,499,315
	1,800,000	0.300%, 5/6/2016		1,799,475
	7,225,000	0.309%, 5/10/2016		7,222,583
	26,146,000	0.316%, 5/13/2016		26,136,366
	5,000,000	0.300%, 5/18/2016		4,998,042
	17,600,000	0.300%, 5/19/2016o		17,592,960
	9,400,000	0.380%, 5/20/2016		9,395,138
	5,000,000	0.270%, 5/23/2016		4,998,050
	15,000,000	0.250%, 5/25/2016		14,994,375
		Federal Home Loan Mortgage Corporation Discount Notes
	100,000	0.320%, 4/8/2016		99,994
		Federal National Mortgage Association Discount Notes
	4,000,000	0.334%, 6/8/2016		3,997,476
		Thrivent Cash Management Trust
	365,246,295	0.290%		365,246,295
		Total Short-Term Investments (at amortized cost)		533,597,047
		Total Investments (cost $4,932,979,370) 106.3%		$5,217,066,845
		Other Assets and Liabilities, Net (6.3%)		(311,377,044)
		Total Net Assets 100.0%		$4,905,689,801

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

33

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

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 In bankruptcy. Interest is not being accrued.

e Non-income producing security.

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

g Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in the Notes to Financial Statements.

h Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of March 31, 2016, the value of these investments was $64,175,338 or 1.3% of total net assets.

i 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 March 31, 2016.

j Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of March 31, 2016.

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

l Denotes interest only security. Interest only securities represent the right to receive monthly interest payments on an underlying pool of mortgages or assets. The principal shown is the outstanding par amount of the pool as of the end of the period. The actual effective yield of the security is different than the stated coupon rate.

m At March 31, 2016, $50,123 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

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

o All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

* 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 value of all restricted securities held in Moderately Aggressive Allocation Portfolio as of March 31, 2016 was $27,629,558 or 0.6% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of March 31, 2016.

Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	384,807
Apidos CLO XVIII, 7/22/2026		6/25/2014		374,062
Ares CLO, Ltd., 10/12/2023		5/15/2015		1,275,000
Ares CLO, Ltd., 11/15/2025		11/26/2014		750,000
Babson CLO, Ltd., 10/17/2026		8/15/2014		384,808
Betony CLO, Ltd., 4/15/2027		2/25/2015		350,000
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		385,000
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014		384,611
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		400,000
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		385,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		385,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		400,000
CoBank ACB, 6/15/2022		10/18/2013		116,673
Digicel, Ltd., 4/15/2021		8/18/2014		1,227,109
DRB Prime Student Loan Trust, 1/25/2040		12/4/2015		915,593
Dryden 34 Senior Loan Fund CLO, 10/15/2026		7/21/2014		385,000
Edlinc Student Loan Funding Trust, 10/1/2025		2/28/2013		299,727
Galaxy XX CLO, Ltd., 7/20/2027		5/20/2015		1,200,000
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/3/2014		399,600
Golub Capital Partners CLO 22B, Ltd., 2/20/2027		2/6/2015		721,303
Golub Capital Partners CLO 23M, Ltd., 5/5/2027		5/18/2015		349,125
Limerock CLO III, LLC, 10/20/2026		10/16/2014		1,150,000
Madison Park Funding XIV CLO, Ltd., 7/20/2026		7/3/2014		424,490
Madison Park Funding, Ltd., 8/15/2022		5/8/2015		1,100,000
Magnetite XII, Ltd., 4/15/2027		2/6/2015		1,200,000
Mountain View CLO, Ltd., 7/15/2027		5/13/2015		1,196,892
Neuberger Berman CLO, Ltd., 8/4/2025		6/19/2014		300,000
NZCG Funding CLO, Ltd., 4/27/2027		3/27/2015		1,200,000
Octagon Investment Partners XX CLO, Ltd., 8/12/2026		7/10/2014		385,000
OHA Loan Funding, Ltd., 10/20/2026		11/6/2014		1,147,125
OZLM VIII, Ltd., 10/17/2026		8/7/2014		382,805
Pretium Mortgage Credit Partners, LLC, 11/27/2030		11/6/2015		2,159,889
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		900,000
Shackleton VII CLO, Ltd., 4/15/2027		3/27/2015		1,200,000
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014		374,232
Symphony CLO XV, Ltd., 10/17/2026		10/17/2014		1,141,375
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		446,104
Vericrest Opportunity Loan Transferee, 10/25/2058		1/13/2016		1,378,318
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		384,422

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

34

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Moderately Aggressive Allocation Portfolio as of March 31, 2016:

Securities Lending Transactions
Taxable Debt Security	$	6,837,340
Common Stock		63,091,444
Total lending	$	69,928,784
Gross amount payable upon return of collateral for securities loaned	$	72,344,228
Net amounts due to counterparty	$	2,415,444

    Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
CLO	-	Collateralized Loan Obligation
ETF	-	Exchange Traded Fund.
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	$	470,559,414
Gross unrealized depreciation		(186,471,939)
Net unrealized appreciation (depreciation)	$	284,087,475
Cost for federal income tax purposes	$	4,932,979,370

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

35

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing Moderately Aggressive Allocation Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		4,066,346		–		4,066,346		–
Capital Goods		791,277		–		791,277		–
Communications Services		18,313,363		–		16,751,775		1,561,588
Consumer Cyclical		9,056,053		–		8,173,809		882,244
Consumer Non-Cyclical		6,634,195		–		6,634,195		–
Energy		3,590,475		–		2,303,052		1,287,423
Financials		2,977,823		–		2,977,823		–
Technology		5,889,762		–		5,595,502		294,260
Transportation		1,842,892		–		1,243,862		599,030
Utilities		1,545,155		–		1,545,155		–
Common Stock
Consumer Discretionary		318,818,247		313,892,018		4,926,229		–
Consumer Staples		94,913,393		91,186,201		3,727,192		–
Energy		252,696,846		251,150,843		1,546,003		–
Financials		309,787,143		301,330,849		8,161,849		294,445
Health Care		252,332,498		249,132,459		3,200,039		–
Industrials		224,628,189		221,027,289		3,600,900		–
Information Technology		443,314,422		442,029,061		1,285,361		–
Materials		80,691,515		78,542,066		2,149,449		–
Telecommunications Services		12,730,631		11,595,571		1,135,060		–
Utilities		39,873,885		39,223,320		650,565		–
Registered Investment Companies
Affiliated Equity Holdings		1,396,144,549		1,396,144,549		–		–
Affiliated Fixed Income Holdings		287,610,846		287,610,846		–		–
Fixed Income Funds/ETFs		31,968,860		31,968,860		–		–
Equity Funds/ETFs		39,909,279		39,909,279		–		–
Long-Term Fixed Income
Asset-Backed Securities		26,453,984		–		26,453,984		–
Basic Materials		5,724,366		–		5,724,366		–
Capital Goods		15,634,394		–		15,634,394		–
Collateralized Mortgage Obligations		36,243,725		–		36,243,725		–
Commercial Mortgage-Backed Securities		26,519,450		–		26,519,450		–
Communications Services		36,655,245		–		36,655,245		–
Consumer Cyclical		19,735,343		–		19,735,343		–
Consumer Non-Cyclical		32,652,361		–		32,652,361		–
Energy		18,488,665		–		18,488,665		–
Financials		59,342,558		–		59,342,558		–
Foreign Government		654,985		–		654,985		–
Mortgage-Backed Securities		232,604,778		–		232,604,778		–
Technology		13,569,565		–		13,569,565		–
Transportation		4,222,090		–		4,222,090		–
U.S. Government and Agencies		226,633,914		–		226,633,914		–
Utilities		15,862,503		–		15,862,503		–
Short-Term Investments		168,350,752		–		168,350,752		–
Subtotal Investments in Securities	$	4,779,476,322	$	3,754,743,211	$	1,019,814,121	$	4,918,990
Other Investments*	Total
Short-Term Investments		365,246,295
Collateral Held for Securities Loaned		72,344,228
Subtotal Other Investments	$	437,590,523
Total Investments at Value	$	5,217,066,845

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

36

MODERATELY AGGRESSIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		6,852,384		6,852,384		–		–
Total Asset Derivatives	$	6,852,384	$	6,852,384	$	–	$	–
Liability Derivatives
Futures Contracts		20,636,128		20,636,128		–		–
Total Liability Derivatives	$	20,636,128	$	20,636,128	$	–	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents Moderately Aggressive Allocation Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $42,489,819 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date	Notional Principal Amount		Value		Unrealized Gain/(Loss)
CBOT 10-Yr. U.S. Treasury Note		175	June 2016	$	22,821,654	$	22,818,361	($	3,293)
CBOT 2-Yr. U.S. Treasury Note		36	June 2016		7,873,422		7,875,000		1,578
CBOT 5-Yr. U.S. Treasury Note		1,057	June 2016		127,825,959		128,070,411		244,452
CBOT U.S. Long Bond		5	June 2016		826,305		822,187		(4,118)
CME E-mini S&P Mid-Cap 400 Index		(2,228)	June 2016		(307,604,506)		(321,099,360)		(13,494,854)
CME S&P 500 Index		327	June 2016		161,193,661		167,710,125		6,516,464
CME Ultra Long Term U.S. Treasury Bond		(13)	June 2016		(2,260,942)		(2,242,907)		18,035
Eurex Euro STOXX 50 Index		7,251	June 2016		247,208,133		241,174,691		(6,033,442)
ICE mini MSCI EAFE Index		1,174	June 2016		95,344,995		95,416,850		71,855
NYBOT NYF mini Russell 2000 Index		(302)	June 2016		(32,409,500)		(33,509,921)		(1,100,421)
Total Futures Contracts								($	13,783,744)

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

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

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Small Cap Stock	$	81,936,849	$	–	$	–		5,277,294	$	81,981,706	$	–
Mid Cap Stock		280,208,930		–		–		16,750,392		282,522,159		–
Partner Worldwide Allocation		440,439,482		–		–		48,917,066		439,294,823		–
Large Cap Value		312,278,320		–		–		20,124,267		314,111,640		–
Large Cap Stock		283,996,164		–		–		24,425,365		278,234,221		–
High Yield		45,995,339		662,819		–		10,421,715		47,239,550		662,974
Income		144,454,320		1,344,869		–		14,831,024		149,115,568		1,340,689
Limited Maturity Bond		90,509,050		419,745		–		9,351,888		91,255,728		418,722
Cash Management Trust-Collateral Investment		80,456,520		223,144,488		231,256,780		72,344,228		72,344,228		211,465
Cash Management Trust-Short Term Investment		108,913,011		468,129,089		211,795,805		365,246,295		365,246,295		237,577
Total Value and Income Earned	$	1,869,187,985							$	2,121,345,918	$	2,871,427

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

37

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (1.9%)a	Value
	Basic Materials (0.2%)
		Alpha Natural Resources, Inc., Term Loan
	$4,204,724	3.500%, 5/22/2020b		$1,285,931
		Fortescue Metals Group, Ltd., Term Loan
	2,142,855	4.250%, 6/30/2019		1,804,755
		Ineos US Finance, LLC, Term Loan
	3,793,609	3.750%, 12/15/2020		3,727,221
		NewPage Corporation, Delayed Draw
	1,306,667	11.000%, 7/26/2017		1,104,134
		NewPage Corporation, Term Loan
	1,306,667	10.136%, 7/26/2017		1,104,133
	6,493,933	0.000%, 2/11/2021b		949,650
		Tronox Pigments BV, Term Loan
	2,992,603	4.500%, 3/19/2020		2,762,173
		Total		12,737,997
	Capital Goods (<0.1%)
		Accudyne Industries, LLC, Term Loan
	1,529,557	4.000%, 12/13/2019		1,330,714
		ADS Waste Holdings, Inc., Term Loan
	1,433,923	3.750%, 10/9/2019		1,420,775
		Total		2,751,489
	Communications Services (0.6%)
		Birch Communication Inc., Term Loan
	7,820,313	7.750%, 7/17/2020		6,764,570
		Cengage Learning Acquisitions, Term Loan
	3,533,273	7.000%, 3/31/2020		3,513,098
		Fairpoint Communications, Term Loan
	2,889,852	7.500%, 2/14/2019		2,859,740
		Grande Communications Networks, LLC, Term Loan
	2,538,294	4.500%, 5/29/2020		2,492,808
		Hargray Communications Group, Inc., Term Loan
	2,841,240	5.250%, 6/26/2019		2,823,482
		Integra Telecom Holdings, Inc., Term Loan
	1,856,388	5.250%, 8/14/2020		1,745,933
	890,900	9.750%, 2/12/2021		844,689
		Intelsat Jackson Holdings SA, Term Loan
	919,236	3.750%, 6/30/2019c,d		855,708
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	4,380,000	4.500%, 1/7/2022		4,171,950
	1,000,000	7.750%, 7/7/2023		925,000
		LTS Buyer, LLC, Term Loan
	2,968,612	4.000%, 4/13/2020		2,931,505
	135,987	8.000%, 4/12/2021		129,981
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	2,896,402	4.912%, 3/22/2019		2,884,324
		NEP Broadcasting, LLC, Term Loan
	242,857	10.000%, 7/22/2020		222,821
		NEP/NCP Holdco, Inc., Term Loan
	3,872,549	4.250%, 1/22/2020c,d		3,572,426
		NTelos, Inc., Term Loan
	1,230,375	5.750%, 11/9/2019		1,221,147
		Syniverse Holdings, Inc., Term Loan
	2,490,763	4.000%, 4/23/2019		1,839,005

Principal Amount		Bank Loans (1.9%)a	Value
	Communications Services (0.6%) - continued
		TNS, Inc., Term Loan
	$2,711,581	5.000%, 2/14/2020		$2,666,677
		Univision Communications, Inc., Term Loan
	3,466,462	4.000%, 3/1/2020		3,428,538
		WideOpenWest Finance, LLC, Term Loan
	1,849,435	4.500%, 4/1/2019c,d		1,827,316
		Yankee Cable Acquisition, LLC, Term Loan
	2,305,051	4.250%, 3/1/2020		2,291,613
		Zayo Group, LLC, Term Loan
	4,611,927	3.750%, 5/6/2021		4,585,039
		Total		54,597,370
	Consumer Cyclical (0.4%)
		Amaya BV, Term Loan
	5,178,359	5.000%, 8/1/2021		4,747,468
		Burlington Coat Factory Warehouse Corporation, Term Loan
	1,754,092	4.250%, 8/13/2021		1,753,776
		Ceridian HCM Holding, Inc., Term Loan
	1,654,908	4.500%, 9/15/2020		1,592,849
		Golden Nugget, Inc., Delayed Draw
	492,503	5.500%, 11/21/2019		489,735
		Golden Nugget, Inc., Term Loan
	1,149,173	5.500%, 11/21/2019		1,142,714
		IMG Worldwide, Inc., Term Loan
	2,898,594	5.250%, 5/6/2021		2,893,174
	1,480,000	8.250%, 5/6/2022c,d		1,406,000
		J.C. Penney Corporation, Inc., Term Loan
	3,862,399	6.000%, 5/22/2018		3,866,262
		Marina District Finance Company, Inc., Term Loan
	1,605,013	6.500%, 8/15/2018		1,601,675
		Mohegan Tribal Gaming Authority, Term Loan
	3,081,112	5.500%, 6/15/2018		2,975,214
		ROC Finance, LLC, Term Loan
	2,034,608	5.000%, 6/20/2019		1,953,224
		Scientific Games International, Inc., Term Loan
	4,503,605	6.000%, 10/18/2020		4,354,445
	1,836,404	6.000%, 10/1/2021		1,772,992
		Total		30,549,528
	Consumer Non-Cyclical (0.3%)
		Albertson’s, LLC, Term Loan
	6,842,865	5.500%, 3/21/2019		6,839,033
	847,875	5.500%, 12/21/2022		848,333
		Catalina Marketing Corporation, Term Loan
	3,632,258	4.500%, 4/9/2021		3,087,419
		JBS USA, LLC, Term Loan
	922,688	4.000%, 10/30/2022		916,920
		Ortho-Clinical Diagnostics, Inc., Term Loan
	4,104,017	4.750%, 6/30/2021		3,796,216
		Sterigenics-Nordion Holdings, LLC, Term Loan
	910,425	4.250%, 5/16/2022		901,321
		Supervalu, Inc., Term Loan
	4,064,531	4.500%, 3/21/2019		3,969,015

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

38

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (1.9%)a	Value
	Consumer Non-Cyclical (0.3%) - continued
		Valeant Pharmaceuticals International, Inc., Term Loan
	$6,260,000	Zero Coupon, 4/1/2022c,d		$5,902,679
		Total		26,260,936
	Energy (0.2%)
		Altice US Finance I Corporation, Term Loan
	1,985,733	4.250%, 12/14/2022		1,974,256
		Arch Coal, Inc., Term Loan
	3,415,842	7.500%, 5/16/2018b		1,205,519
		Energy Solutions, LLC, Term Loan
	2,438,304	6.750%, 5/29/2020c,d		2,243,239
		Expro Holdings UK 2, Ltd., Term Loan
	2,545,000	5.750%, 9/2/2021c,d		1,709,400
		Fieldwood Energy, LLC, Term Loan
	2,052,773	3.875%, 10/1/2018		1,384,760
		Houston Fuel Oil Terminal, LLC, Term Loan
	3,025,696	4.250%, 8/19/2021		2,723,126
		McJunkin Red Man Corporation, Term Loan
	1,428,770	4.750%, 11/8/2019		1,364,476
		Pacific Drilling SA, Term Loan
	2,358,313	4.500%, 6/3/2018		733,600
		Targa Resources Partners, LP, Term Loan
	269,767	5.750%, 2/27/2022		242,791
		Total		13,581,167
	Financials (0.1%)
		DJO Finance, LLC, Term Loan
	1,447,725	4.250%, 6/7/2020		1,413,950
		Harland Clarke Holdings Corporation, Term Loan
	2,491,404	7.000%, 5/22/2018c,d		2,444,690
		MoneyGram International, Inc., Term Loan
	3,072,344	4.250%, 3/27/2020		2,868,801
		WaveDivision Holdings, LLC, Term Loan
	3,541,050	4.000%, 10/15/2019		3,505,640
		Total		10,233,081
	Technology (0.1%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	3,500,000	4.250%, 2/1/2023		3,480,505
		First Data Corporation, Term Loan
	5,360,361	3.932%, 3/23/2018c,d		5,345,620
	1,355,000	3.932%, 9/24/2018		1,352,182
	1,345,683	0.000%, 3/24/2021c,d		1,342,319
	500,000	4.182%, 7/8/2022		496,500
		Total		12,017,126
	Transportation (<0.1%)
		OSG Bulk Ships, Inc., Term Loan
	3,563,091	5.250%, 8/5/2019c,d		3,206,782
		Total		3,206,782

Principal Amount		Bank Loans (1.9%)a	Value
	Utilities (<0.1%)
		Intergen NV, Term Loan
	$1,672,700	5.500%, 6/15/2020		$1,492,885
		Total		1,492,885
		Total Bank Loans (cost $188,038,851)		167,428,361
Shares		Common Stock (33.7%)	Value
	Consumer Discretionary (5.2%)
	82,892	Aaron’s, Inc.		2,080,589
	10,940	Abercrombie & Fitch Company		345,048
	8,600	Aisan Industry Company, Ltd.		67,597
	79,962	Amazon.com, Inc.e		47,468,642
	34,204	American Public Education, Inc.e		705,629
	31,300	Ascena Retail Group, Inc.e		346,178
	3,440	Autoliv, Inc.f		407,571
	30,540	AutoZone, Inc.e		24,330,913
	1,200	Bayerische Motoren Werke AG		95,801
	52,790	Bed Bath & Beyond, Inc.e		2,620,496
	14,200	Berkeley Group Holdings plc		654,744
	10,500	Betsson ABe		162,702
	23,190	Big 5 Sporting Goods Corporation		257,641
	44,760	Big Lots, Inc.		2,027,180
	37,630	Bloomin’ Brands, Inc.		634,818
	37,080	BorgWarner, Inc.		1,423,872
	15,770	Boyd Gaming Corporatione		325,808
	2,600	Brembo SPA		134,422
	7,200	Bridgestone Corporation		268,725
	60,395	Brunswick Corporation		2,897,752
	8,800	Bunzl plc		255,259
	41,496	Burlington Stores, Inc.e		2,333,735
	48,590	Caleres, Inc.		1,374,611
	96,240	Callaway Golf Company		877,709
	12,000	Calsonic Kansei Corporation		89,164
	21,109	Cedar Fair, LP		1,254,930
	41,510	Cheesecake Factory, Inc.		2,203,766
	71,230	Children’s Place, Inc.		5,945,568
	20,090	Chuy’s Holdings, Inc.e		624,196
	193,230	Cinemark Holdings, Inc.		6,923,431
	9,300	Cineworld Group plc		71,651
	664,134	Comcast Corporation		40,565,305
	5,100	Compass Group plc		89,904
	500	Continental AG		113,405
	65,132	Core-Mark Holding Company, Inc.		5,312,166
	53,440	CSS Industries, Inc.		1,492,579
	68,463	Culp, Inc.		1,795,100
	2,500	Daimler AG		191,332
	93,980	Dana Holding Corporation		1,324,178
	59,600	Debenhams plc		64,306
	108,611	Delphi Automotive plc		8,147,997
	25,800	Denso Corporation		1,035,626
	16,080	DeVry Education Group, Inc.f		277,702
	437,582	Discovery Communications, Inc.e,f		12,527,973
	66,840	DISH Network Corporatione		3,092,018
	28,260	Dollar General Corporation		2,419,056
	77,573	Dollar Tree, Inc.e		6,396,670
	21,080	Domino’s Pizza, Inc.		2,779,609
	11,522	Dorman Products, Inc.e,f		627,027
	14,109	Drew Industries, Inc.		909,466
	55,310	DSW, Inc.		1,528,768
	34,800	EDION Corporationf		263,734
	5,504	El Pollo Loco Holdings, Inc.e		73,423
	78,715	Ethan Allen Interiors, Inc.		2,504,711
	12,900	Eutelsat Communications		416,042
	23,497	Expedia, Inc.		2,533,447

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

39

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (33.7%)	Value
	Consumer Discretionary (5.2%) - continued
	58,100	Finish Line, Inc.		$1,225,910
	61,710	Ford Motor Company		833,085
	20,733	Fossil, Inc.e,f		920,960
	18,970	General Motors Company		596,227
	84,020	Gentex Corporationf		1,318,274
	66,805	G-III Apparel Group, Ltd.e		3,266,096
	34,000	Gunze, Ltd.		96,171
	19,200	Hakuhodo Dy Holdings, Inc.		217,378
	236,498	Harley-Davidson, Inc.		12,139,442
	43,076	Harman International Industries, Inc.		3,835,487
	72,601	Haverty Furniture Companies, Inc.		1,536,237
	1,900	Hennes & Mauritz AB		63,240
	217,550	Home Depot, Inc.		29,027,696
	36,900	Honda Motor Company, Ltd.		1,008,887
	50,000	Houghton Mifflin Harcourt Companye		997,000
	10,070	Imax Corporatione		313,076
	34,500	Inchcape plc		357,826
	53,590	Interpublic Group of Companies, Inc.		1,229,891
	5,500	Intertek Group plc		249,725
	35,540	Jack in the Box, Inc.		2,269,940
	51,559	Kate Spade & Companye		1,315,786
	105,240	Krispy Kreme Doughnuts, Inc.e		1,640,692
	32,808	L Brands, Inc.		2,880,870
	188,435	Las Vegas Sands Corporation		9,738,321
	56,880	La-Z-Boy, Inc.		1,520,971
	22,430	Lear Corporation		2,493,543
	35,000	Liberty Interactive Corporatione		883,750
	2,062	Linamar Corporation		99,214
	11,031	Lithia Motors, Inc.		963,337
	97,860	LKQ Corporatione		3,124,670
	191,030	Lowe’s Companies, Inc.		14,470,523
	2,000	LVMH Moet Hennessy Louis Vuitton SE		341,754
	27,030	Macy’s, Inc.		1,191,753
	9,800	Marks and Spencer Group plc		57,108
	42,707	MDC Partners, Inc.		1,007,885
	14,660	Michael Kors Holdings, Ltd.e		835,034
	28,900	Nautilus, Inc.e		558,348
	41,362	New Media Investment Group, Inc.		688,264
	132,030	Newell Rubbermaid, Inc.f		5,847,609
	72,230	News Corporation, Class A		922,377
	333,610	NIKE, Inc.		20,507,007
	16,300	NOK Corporation		278,086
	5,300	Nokian Renkaat Oyj		186,987
	65,138	Nord Anglia Education, Inc.e,f		1,360,733
	161,640	Nutrisystem, Inc.		3,373,427
	18,731	O’Reilly Automotive, Inc.e		5,125,925
	48,801	Oxford Industries, Inc.		3,280,891
	800	Paddy Power plc		111,583
	14,000	PanaHome Corporation		104,976
	46,210	Papa John’s International, Inc.		2,504,120
	120,737	Papa Murphy’s Holdings, Inc.e,f		1,442,807
	34,900	Persimmon plc		1,042,852
	3,300	ProSiebenSat.1 Media AG		169,405
	93,420	PulteGroup, Inc.		1,747,888
	68,238	PVH Corporation		6,759,656
	14,502	Ralph Lauren Corporation		1,395,963
	5,200	RELX NV		90,660
	49,150	Rent-A-Center, Inc.		779,028
	15,225	Restoration Hardware Holdings, Inc.e		637,928
	31,320	Retailmenot, Inc.e		250,873
	1,400	Rightmove plc		84,541
	129,718	Ross Stores, Inc.		7,510,672
	54,340	Ruth’s Hospitality Group, Inc.		1,000,399
	96,720	Sally Beauty Holdings, Inc.e		3,131,794
	37,270	Scripps Networks Interactive, Inc.		2,441,185

Shares		Common Stock (33.7%)	Value
	Consumer Discretionary (5.2%) - continued
	8,500	Sekisui House, Ltd.		$143,408
	26,660	Select Comfort Corporatione		516,937
	44,930	Service Corporation International		1,108,872
	9,000	SHOWA Corporation		78,512
	19,100	Signet Jewelers, Ltd.		2,368,973
	21,229	Skechers USA, Inc.e		646,423
	12,800	Sports Direct International plce		69,431
	49,363	Sportsman’s Warehouse Holdings, Inc.e		621,974
	4,000	Stanley Electric Company, Ltd.		90,405
	273,540	Staples, Inc.		3,017,146
	24,100	Star Entertainment Group, Ltd.		104,813
	347,930	Starbucks Corporation		20,771,421
	52,875	Starwood Hotels & Resorts Worldwide, Inc.		4,411,361
	91,484	Stein Mart, Inc.		670,578
	27,700	Sumitomo Forestry Company, Ltd.		317,979
	13,800	Sumitomo Rubber Industries, Ltd.		213,227
	20,680	Tailored Brands, Inc.		370,172
	3,800	Tamron Company, Ltd.		62,234
	28,000	Tatts Group, Ltd.		81,123
	22,674	Tenneco, Inc.e		1,167,938
	105,280	Time, Inc.		1,625,523
	5,600	Tokai Rika Company, Ltd.		105,251
	202,324	Toll Brothers, Inc.e		5,970,581
	21,290	Tower International, Inc.		579,088
	10,400	Toyota Motor Corporation		551,568
	103,297	Tuesday Morning Corporatione		844,969
	14,110	Twenty-First Century Fox, Inc.		393,387
	32,400	UBM plc		279,162
	8,312	Ulta Salon Cosmetics & Fragrance, Inc.e		1,610,367
	19,053	Under Armour, Inc.e		1,616,266
	5,300	USS Company, Ltd.		84,573
	15,409	Vail Resorts, Inc.		2,060,183
	453	Valora Holding AG		113,114
	84,630	Vera Bradley, Inc.e		1,721,374
	27,892	VF Corporation		1,806,286
	20,360	Vitamin Shoppe, Inc.e,f		630,346
	12,000	Wacoal Holdings Corporation		143,201
	22,900	WH Smith plc		596,524
	3,400	Whitbread plc		193,004
	15,580	Winnebago Industries, Inc.		349,771
	21,200	Wolters Kluwer NV		844,982
	9,240	Wolverine World Wide, Inc.		170,201
	21,100	WPP plc		491,112
	30,550	Wyndham Worldwide Corporation		2,334,937
	4,100	Yokohama Rubber Company, Ltd.		67,399
	38,070	Yum! Brands, Inc.		3,116,030
	44,590	Zoe’s Kitchen, Inc.e,f		1,738,564
		Total		449,966,125
	Consumer Staples (1.7%)
	4,600	AarhusKarlshamn AB		365,128
	123,550	Altria Group, Inc.		7,741,643
	137,500	Aramark		4,554,000
	27,300	Archer-Daniels-Midland Company		991,263
	74,780	Avon Products, Inc.		359,692
	15,600	Axfood AB		287,886
	26,000	Blue Buffalo Pet Products, Inc.e,f		667,160
	2,764	Boston Beer Company, Inc.e,f		511,533
	15,300	British American Tobacco plc		894,679
	11,198	Britvic plc		114,124
	18,570	Brown-Forman Corporation		1,828,588
	61,700	Campbell Soup Company		3,935,843
	26,886	Casey’s General Stores, Inc.		3,046,722

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

40

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (33.7%)	Value
	Consumer Staples (1.7%) - continued
	213,750	Coca-Cola Company		$9,915,863
	24,000	Coca-Cola HBC AG		508,950
	383,350	CVS Health Corporation		39,764,895
	340,260	Flowers Foods, Inc.		6,281,200
	16,660	General Mills, Inc.		1,055,411
	24,460	Hain Celestial Group, Inc.e		1,000,659
	5,100	Henkel AG & Company KGaA		500,092
	75,120	Hormel Foods Corporation		3,248,189
	37,100	Imperial Tobacco Group plc		2,054,119
	29,920	Ingredion, Inc.		3,195,157
	2,500	Japan Tobacco, Inc.		104,057
	10,000	Jeronimo Martins SGPS SA		163,470
	10,500	Kao Corporation		559,881
	38,220	Kimberly-Clark Corporation		5,140,972
	70,600	Koninklijke Ahold NV		1,585,772
	1,600	KOSE Corporation		155,548
	27,210	Kroger Company		1,040,783
	14,420	Lancaster Colony Corporation		1,594,419
	8,870	McCormick & Company, Inc.		882,388
	26,680	Molson Coors Brewing Company		2,566,082
	126,790	Mondelez International, Inc.		5,086,815
	34,330	Monster Beverage Corporatione		4,578,935
	14,900	Nestle SA		1,111,849
	10,000	Nippon Meat Packers, Inc.		220,109
	19,200	Nisshin OilliO Group, Ltd.		78,342
	12,200	Omega Protein Corporatione		206,668
	17,210	PepsiCo, Inc.		1,763,681
	79,866	Philip Morris International, Inc.		7,835,653
	28,580	Pinnacle Foods, Inc.		1,276,954
	101,113	SpartanNash Company		3,064,735
	5,700	Suedzucker AG		100,300
	3,400	Sugi Holdings Company, Ltd.		179,382
	20,900	Swedish Match AB		708,470
	13,240	Tyson Foods, Inc.		882,578
	54,418	United Natural Foods, Inc.e		2,193,045
	30,650	Universal Corporationf		1,741,227
	19,990	Walgreens Boots Alliance, Inc.		1,683,958
	173,470	WhiteWave Foods Companye		7,049,821
	11,800	Woolworths, Ltd.		199,712
		Total		146,578,402
	Energy (4.0%)
	145,090	Archrock, Inc.		1,160,720
	121,809	Atwood Oceanics, Inc.f		1,116,989
	405,660	Baker Hughes, Inc.		17,780,078
	436,432	BP plc		2,183,621
	32,679	Bristow Group, Inc.		618,287
	130,671	Callon Petroleum Companye		1,156,438
	240,120	Cameron International Corporatione		16,100,046
	429,880	Canadian Natural Resources, Ltd.		11,606,760
	534	Canadian Natural Resources, Ltd.		14,444
	501,810	Chevron Corporation		47,872,674
	13,130	Cimarex Energy Company		1,277,155
	21,002	Clayton Williams Energy, Inc.e,f		187,338
	1,393,031	Cobalt International Energy, Inc.e		4,137,302
	115,852	Concho Resources, Inc.e		11,705,686
	171,985	Continental Resources, Inc.e,f		5,221,465
	60,210	Delek US Holdings, Inc.		917,600
	181,160	Devon Energy Corporation		4,971,030
	30,510	Diamond Offshore Drilling, Inc.f		662,982
	43,786	Diamondback Energy, Inc.e		3,379,403
	158,577	Ensco plc		1,644,444
	384,084	EOG Resources, Inc.		27,876,817
	52,290	EP Energy Corporatione,f		236,351
	389,801	EQT Corporation		26,218,015
	154,760	Exxon Mobil Corporation		12,936,388

Shares		Common Stock (33.7%)	Value
	Energy (4.0%) - continued
	102,650	FMC Technologies, Inc.e		$2,808,504
	46,160	Green Plains, Inc.		736,714
	24,060	Gulfport Energy Corporatione		681,860
	141,350	Halliburton Company		5,049,022
	32,850	Helmerich & Payne, Inc.f		1,928,952
	74,202	HollyFrontier Corporation		2,620,815
	1,624,711	Marathon Oil Corporation		18,099,281
	481,490	Marathon Petroleum Corporation		17,901,798
	107,590	Nabors Industries, Ltd.		989,828
	9,620	Noble Energy, Inc.		302,164
	201,150	Oasis Petroleum, Inc.e,f		1,464,372
	17,690	Oceaneering International, Inc.		588,016
	40,440	Oil States International, Inc.e		1,274,669
	20,657	OMV AG		580,014
	203,028	Parsley Energy, Inc.e		4,588,433
	243,200	Patterson-UTI Energy, Inc.		4,285,184
	12,860	PDC Energy, Inc.e		764,527
	974,958	Petroleo Brasileiro SA ADRe,f		5,693,755
	134,170	Pioneer Energy Services Corporatione		295,174
	29,680	QEP Resources, Inc.		418,785
	681,305	Rowan Companies plc		10,969,011
	15,475	Royal Dutch Shell plc		375,017
	181	Royal Dutch Shell plc, Class A		4,370
	8,672	Royal Dutch Shell plc, Class B		211,030
	117,740	RPC, Inc.f		1,669,553
	10,700	RSP Permian, Inc.e		310,728
	139,650	Schlumberger, Ltd.		10,299,188
	35,847	SM Energy Companyf		671,773
	574,800	Southwestern Energy Companye,f		4,638,636
	33,750	Spectra Energy Corporation		1,032,750
	11,852	Statoil ASA		185,109
	694,210	Suncor Energy, Inc. ADR		19,305,980
	19,060	Superior Energy Services, Inc.		255,213
	266,032	Teekay Tankers, Ltd.		976,337
	91,845	Tesco Corporation		790,785
	3,440	Tesoro Corporation		295,874
	180,580	TETRA Technologies, Inc.e		1,146,683
	12,400	Total SA		564,218
	120,589	U.S. Silica Holdings, Inc.f		2,739,782
	5,693	Vantage Drilling Internationale		626,230
	2,211,960	Weatherford International plce		17,209,049
	61,343	Western Refining, Inc.f		1,784,468
	7,220	World Fuel Services Corporation		350,748
	185,080	WPX Energy, Inc.e		1,293,709
		Total		349,760,141
	Financials (5.5%)
	24,220	Acadia Realty Trust		850,849
	4,600	AEON Financial Service Company, Ltd.		108,295
	43,542	Affiliated Managers Group, Inc.e		7,071,221
	17,800	Allianz SE		2,890,817
	34,800	Allied World Assurance Company Holdings AG		1,215,912
	23,810	American Assets Trust, Inc.		950,495
	38,180	American Campus Communities, Inc.		1,797,896
	81,220	American Financial Group, Inc.		5,715,451
	92,700	American International Group, Inc.		5,010,435
	66,430	Ameris Bancorp		1,964,999
	7,750	AMERISAFE, Inc.		407,185
	571,450	Anworth Mortgage Asset Corporation		2,662,957
	23,560	Apartment Investment & Management Company		985,279
	23,995	Argo Group International Holdings, Ltd.		1,377,073
	47,750	Ashford Hospitality Prime, Inc.		557,243

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

41

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (33.7%)	Value
	Financials (5.5%) - continued
	52,860	Ashford Hospitality Trust, Inc.		$337,247
	71,140	Aspen Insurance Holdings, Ltd.		3,393,378
	27,070	Associated Banc-Corp		485,636
	209,340	Assured Guaranty, Ltd.		5,296,302
	49,300	Australia & New Zealand Banking Group, Ltd.		883,772
	19,950	BancorpSouth, Inc.		425,134
	78,600	Bank Hapoalim, Ltd.		407,999
	1,382,720	Bank of America Corporation		18,694,374
	64,400	Bank of East Asia, Ltd.		240,711
	49,900	Bank of New York Mellon Corporation		1,837,817
	28,952	Bank of Nova Scotia		1,414,886
	21,264	Bank of Queensland, Ltd.		197,155
	52,365	Bank of the Ozarks, Inc.		2,197,759
	175,000	Bank of Yokohama, Ltd.g		792,738
	34,220	BankFinancial Corporation		404,480
	127,550	BB&T Corporation		4,243,588
	132,514	BBCN Bancorp, Inc.		2,012,888
	51,100	BinckBank NV		380,383
	221,650	Blackstone Group, LP		6,217,282
	75,860	Boston Private Financial Holdings, Inc.		868,597
	45,356	Brixmor Property Group, Inc.		1,162,021
	139,910	Brookline Bancorp, Inc.		1,540,409
	72,190	Brown & Brown, Inc.		2,584,402
	26,480	Camden Property Trust		2,226,703
	9,363	Canadian Western Bank		174,103
	65,150	Capital One Financial Corporation		4,515,546
	68,900	CapitaMall Trust		106,778
	80,800	Cathay General Bancorp		2,289,064
	390,270	CBL & Associates Properties, Inc.		4,644,213
	38,700	CBRE Group, Inc.e		1,115,334
	291,831	Cedar Realty Trust, Inc.		2,109,938
	206,590	Charles Schwab Corporation		5,788,652
	29,510	Chatham Lodging Trust		632,399
	21,000	Chiba Bank, Ltd.		104,594
	49,400	Chubb, Ltd.		5,886,010
	369,290	Citigroup, Inc.		15,417,857
	52,200	Clifton Bancorp, Inc.		789,264
	36,210	CNO Financial Group, Inc.		648,883
	21,500	CNP Assurances		334,812
	427,572	CoBiz Financial, Inc.		5,053,901
	80,453	Columbia Banking System, Inc.		2,407,154
	167,300	Comerica, Inc.		6,335,651
	17,010	Commerce Bancshares, Inc.		764,599
	51,710	Communications Sales & Leasing, Inc.		1,150,548
	289,470	Corporate Office Properties Trust		7,595,693
	26,960	CyrusOne, Inc.		1,230,724
	4,700	Daiwa House Industry Company, Ltd.		132,109
	53,120	DCT Industrial Trust, Inc.		2,096,646
	3,300	Derwent London plc		149,126
	97,600	DEXUS Property Group		592,687
	28,920	Digital Realty Trust, Inc.		2,559,131
	46,375	Direct Line Insurance Group plc		245,982
	55,341	Douglas Emmett, Inc.		1,666,318
	153,980	Duke Realty Corporation		3,470,709
	136,100	E*TRADE Financial Corporatione		3,333,089
	117,815	East West Bancorp, Inc.		3,826,631
	64,590	Empire State Realty Trust, Inc.		1,132,263
	88,138	Employers Holdings, Inc.		2,480,203
	66,440	Endurance Specialty Holdings, Ltd.		4,341,190
	45,570	Enova International, Inc.e		287,547
	77,920	Equity One, Inc.		2,233,187
	23,100	Erste Group Bank AGe		648,350
	63,737	Essent Group, Ltd.e		1,325,730

Shares		Common Stock (33.7%)	Value
	Financials (5.5%) - continued
	234,050	EverBank Financial Corporation		$3,531,815
	32,372	Evercore Partners, Inc.		1,675,251
	122,330	F.N.B. Corporation		1,591,513
	209,070	FelCor Lodging Trust, Inc.		1,697,648
	576,430	Fifth Third Bancorp		9,620,617
	210,850	First Commonwealth Financial Corporation		1,868,131
	50,110	First Financial Bancorp		911,000
	17,340	First Financial Corporation		593,201
	79,770	First Industrial Realty Trust, Inc.		1,813,970
	17,450	First Merchants Corporation		411,297
	181,390	First Midwest Bancorp, Inc.		3,268,648
	18,200	First NBC Bank Holding Companye		374,738
	134,549	First Potomac Realty Trust		1,219,014
	133,855	First Republic Bank		8,920,097
	51,800	FlexiGroup, Ltd.f		98,254
	75,990	Franklin Street Properties Corporation		806,254
	61,900	Frasers Centrepoint Trust		91,806
	144,000	Fukuoka Financial Group, Inc.		469,076
	25,390	Getty Realty Corporation		503,484
	70,998	Glacier Bancorp, Inc.		1,804,769
	42,970	Goldman Sachs Group, Inc.		6,745,431
	17,100	Great Portland Estates plc		178,519
	145,110	Great Western Bancorp, Inc.		3,957,150
	137,090	Green Bancorp, Inc.e		1,037,771
	12,340	Greenhill & Company, Inc.		273,948
	18,470	H&R Real Estate Investment Trust		298,506
	8,533	Hamborner REIT AG		92,378
	136,690	Hancock Holding Company		3,138,402
	17,800	Hang Seng Bank, Ltd.		314,953
	136,756	Hanmi Financial Corporation		3,011,367
	8,100	Hannover Rueckversicherung SE		941,403
	23,740	Hanover Insurance Group, Inc.		2,141,823
	150,500	Hartford Financial Services Group, Inc.		6,935,040
	115,158	Hatteras Financial Corporation		1,646,759
	89,400	Henderson Group plc		330,696
	28,650	HFF, Inc.		788,734
	12,950	Highwoods Properties, Inc.		619,139
	82,408	Home BancShares, Inc.		3,374,608
	18,890	Hometrust Bancshares, Inc.e		346,254
	50,671	Horace Mann Educators Corporation		1,605,764
	63,020	Hospitality Properties Trust		1,673,811
	149,086	Host Hotels & Resorts, Inc.		2,489,736
	32,266	Houlihan Lokey, Inc.		803,423
	24,560	Hudson Pacific Properties, Inc.		710,275
	18,900	Hufvudstaden AB		298,926
	502,140	Huntington Bancshares, Inc.		4,790,416
	141,000	Hysan Development Company, Ltd.		600,898
	4,653	Intact Financial Corporation		325,773
	45,243	Intercontinental Exchange, Inc.		10,638,439
	243,380	Invesco, Ltd.		7,488,803
	91,200	Investec plc		668,992
	222,550	Investors Bancorp, Inc.		2,590,482
	353,268	J.P. Morgan Chase & Company		20,920,531
	92,350	Janus Capital Group, Inc.		1,351,080
	569,010	KeyCorp		6,281,870
	21,070	Kimco Realty Corporation		606,395
	174,150	Liberty Property Trust		5,827,059
	8,390	Lincoln National Corporation		328,888
	97,500	Link REIT		579,213
	24,410	M&T Bank Corporation		2,709,510
	17,000	Macquarie Group, Ltd.		860,438
	13,670	McGraw-Hill Financial, Inc.		1,353,057
	256,520	MetLife, Inc.		11,271,489

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

42

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (33.7%)	Value
	Financials (5.5%) - continued
	294,000	Mizuho Financial Group, Inc.		$438,143
	350,350	Morgan Stanley		8,762,253
	27,860	MSCI, Inc.		2,063,869
	1,500	Muenchener Rueckversicherungs-Gesellschaft AG		304,417
	17,885	Nasdaq, Inc.		1,187,206
	16,400	National Australia Bank, Ltd.		329,294
	17,000	National Bank of Canada		556,173
	16,060	National Storage Affiliates Trust		340,472
	3,800	Navigators Group, Inc.e		318,706
	306,000	New World Development Company, Ltd.		292,055
	45,220	NMI Holdings, Inc.e		228,361
	42,110	NorthStar Asset Management Corporation, Inc.		477,949
	87,870	NorthStar Realty Europe Corporation		1,019,292
	24,600	Old Mutual plc		67,948
	45,290	Old National Bancorp		552,085
	106,720	Oritani Financial Corporation		1,811,038
	75,493	PacWest Bancorp		2,804,565
	37,150	Parkway Properties, Inc.		581,769
	47,296	Pebblebrook Hotel Trust		1,374,895
	15,360	Pennsylvania Real Estate Investment Trust		335,616
	29,850	Physicians Realty Trust		554,613
	31,350	Piedmont Office Realty Trust, Inc.		636,718
	7,480	Piper Jaffray Companiese		370,709
	20,860	Popular, Inc.		596,805
	24,220	Post Properties, Inc.		1,446,903
	22,375	Potlatch Corporation		704,812
	23,800	Poundland Group plc		53,268
	5,279	Power Corporation of Canada		121,778
	41,730	Primerica, Inc.f		1,858,237
	20,990	PrivateBancorp, Inc.		810,214
	117,620	Provident Financial Services, Inc.		2,374,748
	116,740	Ramco-Gershenson Properties Trust		2,104,822
	110,697	Raymond James Financial, Inc.		5,270,284
	32,760	Rayonier, Inc. REIT		808,517
	53,820	RE/MAX Holdings, Inc.		1,846,026
	54,900	Realogy Holdings Corporatione		1,982,439
	30,474	Renasant Corporation		1,002,899
	53,330	Retail Properties of America, Inc.		845,281
	6,247	Safety Insurance Group, Inc.		356,454
	1,900	Sampo Oyj		89,993
	75,453	Sandy Spring Bancorp, Inc.		2,099,857
	11,700	Schroders plc		449,801
	26,310	Selective Insurance Group, Inc.		963,209
	41,250	Senior Housing Property Trust		737,962
	60,780	Silver Bay Realty Trust Corporation REIT		902,583
	592,730	SLM Corporatione		3,769,763
	35,020	Sovran Self Storage, Inc.		4,130,609
	120,450	Spirit Realty Captial, Inc.		1,355,063
	93,123	Stifel Financial Corporatione		2,756,441
	306,027	Stockland		1,001,196
	61,220	Store Capital Corporation		1,584,374
	97,000	Sumitomo Mitsui Trust Holdings, Inc.		283,966
	112,576	Summit Hotel Properties, Inc.		1,347,535
	74,847	SVB Financial Groupe		7,638,136
	9,500	Swiss Re AG		877,227
	209,100	Synchrony Financiale		5,992,806
	98,130	Synovus Financial Corporation		2,836,938
	47,000	T&D Holdings, Inc.		439,029
	2,800	Talanx AG		95,421
	63,880	Talmer Bancorp, Inc.		1,155,589
	399,870	TCF Financial Corporation		4,902,406

Shares		Common Stock (33.7%)	Value
	Financials (5.5%) - continued
	128,064	TD Ameritrade Holding Corporation		$4,037,858
	54,076	Terreno Realty Corporation		1,268,082
	18,780	Territorial Bancorp, Inc.		489,407
	2,000	Tokio Marine Holdings, Inc.		67,576
	5,559	Toronto-Dominion Bank		239,952
	44,520	TriCo Bancshares		1,127,246
	84,710	TrustCo Bank Corporation		513,343
	10,500	U.S. Bancorp		426,195
	8,710	Union Bankshares Corporation		214,527
	37,097	United Community Banks, Inc.		685,182
	129,200	United Financial Bancorp, Inc.		1,626,628
	55,319	United Overseas Bank, Ltd.		773,802
	27,070	Urstadt Biddle Properties, Inc.		567,116
	52,230	Waddell & Reed Financial, Inc.		1,229,494
	20,030	Washington Federal, Inc.		453,679
	8,120	Webster Financial Corporation		291,508
	19,610	Wells Fargo & Company		948,340
	38,670	Western Alliance Bancorpe		1,290,805
	106,100	Wing Tai Holdings, Ltd.		138,403
	22,729	Wintrust Financial Corporation		1,007,804
	109,410	WisdomTree Investments, Inc.f		1,250,556
	25,109	WSFS Financial Corporation		816,545
	29,060	XL Group plc		1,069,408
	530,756	Zions Bancorporation		12,849,603
		Total		482,031,711
	Health Care (4.1%)
	249,298	Abbott Laboratories		10,428,135
	7,360	AbbVie, Inc.		420,403
	28,036	ABIOMED, Inc.e		2,658,093
	48,118	Acadia Healthcare Company, Inc.e		2,651,783
	21,200	Aceto Corporation		499,472
	24,220	Acorda Therapeutics, Inc.e		640,619
	1,100	Actelion, Ltd.		164,164
	31,670	Aetna, Inc.		3,558,125
	93,520	Akorn, Inc.e		2,200,526
	15,440	Albany Molecular Research, Inc.e		236,078
	42,541	Align Technology, Inc.e		3,092,305
	115,168	Allergan plce		30,868,479
	31,863	Allscripts Healthcare Solutions, Inc.e		420,910
	51,738	AmerisourceBergen Corporation		4,477,924
	54,800	Amgen, Inc.		8,216,164
	41,705	AMN Healthcare Services, Inc.e		1,401,705
	10,500	AmSurg Corporatione		783,300
	6,787	Anacor Pharmaceuticals, Inc.e,f		362,765
	31,435	Analogic Corporation		2,483,679
	9,100	Astellas Pharmaceutical, Inc.		120,935
	174,100	Asterias Biotherapeutics, Inc.e,f		818,270
	4,989	Atrion Corporation		1,972,451
	600	Bayer AG		70,308
	28,626	BioMarin Pharmaceutical, Inc.e		2,361,072
	3,400	Bio-Rad Laboratories, Inc.e		464,848
	16,720	Boston Scientific Corporatione		314,503
	14,040	Bristol-Myers Squibb Company		896,875
	22,341	C.R. Bard, Inc.		4,527,850
	23,070	Cambrex Corporatione		1,015,080
	5,800	Cardinal Health, Inc.		475,310
	55,985	Cardiovascular Systems, Inc.e		580,564
	63,090	Centene Corporatione		3,884,451
	285,443	Cerner Corporatione		15,117,061
	15,360	CONMED Corporation		644,198
	24,310	Cross Country Healthcare, Inc.e		282,725
	2,000	CSL, Ltd.		155,422
	76,950	Dentsply Sirona, Inc.		4,742,429
	172,953	Depomed, Inc.e,f		2,409,235
	96,590	Edwards Lifesciences Corporatione		8,520,204

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

43

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (33.7%)	Value
	Health Care (4.1%) - continued
	78,406	Ensign Group, Inc.		$1,775,112
	121,784	Envision Healthcare Holdings, Inc.e		2,484,394
	13,000	Essilor International SA		1,601,809
	112,503	ExamWorks Group, Inc.e		3,325,589
	105,950	Express Scripts Holding Companye		7,277,706
	1,100	Gerresheimer AG		86,065
	300,881	Gilead Sciences, Inc.		27,638,929
	24,520	Globus Medical, Inc.e		582,350
	31,030	Greatbatch, Inc.e		1,105,909
	18,640	Haemonetics Corporatione		652,027
	35,840	HCA Holdings, Inc.e		2,797,312
	49,309	HealthEquity, Inc.e		1,216,453
	40,300	HealthSouth Corporation		1,516,489
	23,390	Healthways, Inc.e		236,005
	14,600	Hikma Pharmaceuticals plc		414,587
	16,500	Hill-Rom Holdings, Inc.		829,950
	112,340	Hologic, Inc.e		3,875,730
	6,803	ICON plce		510,905
	36,905	Impax Laboratories, Inc.e		1,181,698
	52,000	Inogen, Inc.e		2,338,960
	97,609	Intersect ENT, Inc.e		1,854,571
	99,966	Ironwood Pharmaceuticals, Inc.e		1,093,628
	72,700	Kindred Healthcare, Inc.		897,845
	2,000	Lonza Group AG		338,083
	13,300	Magellan Health Services, Inc.e		903,469
	130,094	Medtronic plc		9,757,050
	348,720	Merck & Company, Inc.		18,450,775
	5,700	Merck KGaA		474,148
	9,253	Mettler-Toledo International, Inc.e		3,190,064
	449,213	Mylan NV		20,821,023
	8,260	Myriad Genetics, Inc.e,f		309,172
	34,418	National Healthcare Corporation		2,144,241
	10,140	Natural Health Trends Corporationf		336,141
	3,950	Neogen Corporatione		198,883
	35,576	Neurocrine Biosciences, Inc.e		1,407,031
	29,600	Nevro Corporatione,f		1,665,296
	26,800	Novartis AG		1,939,032
	18,400	Novo Nordisk AS		996,426
	95,439	NuVasive, Inc.e		4,643,107
	42,150	Omnicell, Inc.e		1,174,721
	79,880	PerkinElmer, Inc.		3,950,865
	32,678	Perrigo Company plc		4,180,497
	546,870	Pfizer, Inc.		16,209,227
	20,760	PharMerica Corporatione		459,004
	43,520	Progenics Pharmaceuticals, Inc.e		189,747
	8,800	Prothena Corporation plce		362,208
	48,590	Quintiles Transnational Holdings, Inc.e		3,163,209
	660	Regeneron Pharmaceuticals, Inc.e		237,890
	145,400	Roche Holding AG ADR		4,452,875
	2,400	Roche Holding AG-Genusschein		589,297
	20,000	Sanofi		1,607,920
	44,860	STERIS plc		3,187,303
	88,363	Team Health Holdings, Inc.e		3,694,457
	63,154	Teleflex, Inc.		9,915,810
	69,292	Triple-S Management Corporatione		1,722,599
	95,176	UnitedHealth Group, Inc.		12,268,186
	69,047	Universal Health Services, Inc.		8,611,542
	13,910	VCA Antech, Inc.e		802,468
	113,900	Veeva Systems, Inc.e,f		2,852,056
	154,384	Vertex Pharmaceuticals, Inc.e		12,271,984
	24,160	Waters Corporatione		3,187,187
	10,350	Wellcare Health Plans, Inc.e		959,963
	37,620	West Pharmaceutical Services, Inc.		2,607,818

Shares		Common Stock (33.7%)	Value
	Health Care (4.1%) - continued
	35,330	Zoetis, Inc.		$1,566,179
		Total		358,031,396
	Industrials (3.7%)
	114,297	3M Company		19,045,309
	47,460	ABM Industries, Inc.		1,533,433
	66,250	Actuant Corporation		1,637,037
	5,500	Adecco SA		357,781
	15,520	AECOMe		477,861
	91,897	Aegion Corporatione		1,938,108
	11,120	Aerovironment, Inc.e		314,918
	41,350	AGCO Corporation		2,055,095
	8,700	Aida Engineering, Ltd.		75,583
	102,839	Air New Zealand, Ltd.		203,321
	4,500	Airbus Group NV		298,159
	11,010	Allison Transmission Holdings, Inc.		297,050
	8,900	Amada Holdings Company, Ltd.		86,720
	9,040	AMETEK, Inc.		451,819
	2,500	Andritz AG		136,960
	7,340	Applied Industrial Technologies, Inc.		318,556
	47,000	Asahi Glass Company, Ltd.		257,176
	40,822	Astec Industries, Inc.		1,905,163
	3,000	Atlas Copco Aktiebolag		75,292
	27,400	AZZ, Inc.		1,550,840
	42,153	B/E Aerospace, Inc.		1,944,096
	7,100	Babcock International Group plc		96,683
	44,648	Beacon Roofing Supply, Inc.e		1,831,014
	38,750	Boeing Company		4,918,925
	8,940	Brady Corporation		239,950
	22,780	Briggs & Stratton Corporation		544,898
	9,920	Brink’s Company		333,213
	61,660	BWX Technologies, Inc.		2,069,310
	23,310	Caterpillar, Inc.		1,784,147
	27,400	CBIZ, Inc.e		276,466
	28,710	CEB, Inc.		1,858,398
	23,200	Central Glass Company, Ltd.		125,874
	17,180	Chart Industries, Inc.e		373,150
	37,733	CIRCOR International, Inc.		1,750,434
	50,018	CLARCOR, Inc.		2,890,540
	53,710	Colfax Corporatione		1,535,569
	81,744	Comfort Systems USA, Inc.		2,597,007
	5,200	Compagnie de Saint-Gobain		228,406
	92,900	Copart, Inc.e		3,787,533
	3,000	Croda International plc		130,628
	210,100	CSX Corporation		5,410,075
	26,210	Curtiss-Wright Corporation		1,983,311
	12,000	Dai Nippon Printing Company, Ltd.		106,489
	45,070	Danaher Corporation		4,275,340
	11,788	Dart Group plc		112,418
	490,040	Delta Air Lines, Inc.		23,855,147
	8,300	Deutsche Post AG		230,358
	2,700	DSV AS		112,304
	83,021	EMCOR Group, Inc.		4,034,821
	13,600	Emerson Electric Company		739,568
	32,575	Equifax, Inc.		3,722,997
	62,709	ESCO Technologies, Inc.		2,444,397
	64,000	Expeditors International of Washington, Inc.		3,123,840
	3,900	FANUC Corporation		603,987
	73,134	Federal Signal Corporation		969,757
	12,400	Ferrovial SA		266,116
	15,440	Flowserve Corporation		685,690
	300	Flughafen Zuerich AG		268,379
	128,250	Fluor Corporation		6,887,025
	112,889	Fortune Brands Home and Security, Inc.		6,326,300

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

44

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (33.7%)	Value
	Industrials (3.7%) - continued
	52,104	Franklin Electric Company, Inc.		$1,676,186
	32,373	FTI Consulting, Inc.e		1,149,565
	23,000	Fuji Electric Company, Ltd.		79,524
	27,723	G & K Services, Inc.		2,030,710
	8,025	Galliford Try plc		165,114
	56,400	General Electric Company		1,792,956
	100	Georg Fischer AG		80,756
	86,288	Gibraltar Industries, Inc.e		2,467,837
	76,605	Granite Construction, Inc.		3,661,719
	20,532	H&E Equipment Services, Inc.		359,926
	23,410	Hackett Group, Inc.		353,959
	13,000	Hankyu Hanshin Holdings, Inc.		82,904
	79,392	Healthcare Services Group, Inc.		2,922,420
	48,993	Heico Corporation		2,945,949
	20,450	Herman Miller, Inc.		631,700
	33,970	Hexcel Corporation		1,484,829
	18,918	HNI Corporation		741,018
	1,600	Hochtief AG		195,386
	87,572	Honeywell International, Inc.		9,812,443
	1,400	Hoshizaki Electric Company, Ltd.		116,775
	26,839	Hub Group, Inc.e		1,094,763
	34,610	Huntington Ingalls Industries, Inc.		4,739,493
	49,647	Huron Consulting Group, Inc.e		2,888,959
	4,240	Illinois Tool Works, Inc.		434,346
	6,000	Inaba Denki Sangyo Company, Ltd.		188,743
	113,050	Ingersoll-Rand plc		7,010,230
	20,680	Insperity, Inc.		1,069,776
	16,790	Interface, Inc.		311,287
	15,100	Intrum Justitia AB		532,127
	72,500	ITOCHU Corporation		890,941
	12,900	ITT Corporation		475,881
	45,044	JB Hunt Transport Services, Inc.		3,794,507
	1,100	Jungheinrich AG		100,218
	23,170	KAR Auction Services, Inc.		883,704
	6,000	Keisei Electric Railway Company, Ltd.		84,412
	82,083	Kforce, Inc.		1,607,185
	26,900	KITZ Corporation		116,331
	14,850	Knoll, Inc.		321,502
	21,100	KONE Oyjf		1,015,562
	5,900	Koninklijke Boskalis Westminster NV		231,239
	120,280	Korn/Ferry International		3,402,721
	1,200	Kuehne & Nagel International AG		170,540
	12,973	Landstar System, Inc.		838,186
	6,000	Lincoln Electric Holdings, Inc.		351,420
	50,370	Manpower, Inc.		4,101,125
	108,300	Masco Corporation		3,406,035
	120,620	Meritor, Inc.e		972,197
	24,138	Middleby Corporatione		2,577,214
	10,600	MIRAIT Holdings Corporation		84,326
	12,000	Mitsuboshi Belting, Ltd.		96,559
	43,170	MRC Global, Inc.e		567,254
	17,372	MSA Safety, Inc.		839,936
	17,500	MTR Corporation, Ltd.		86,732
	143,320	Mueller Water Products, Inc.		1,416,002
	137,219	Navigant Consulting, Inc.e		2,169,432
	35,922	Nielsen Holdings plc		1,891,653
	11,500	Nikkon Holdings Company, Ltd.		208,136
	18,000	Nippon Express Company, Ltd.		81,837
	18,900	Nitto Kogyo Corporation		301,056
	21,977	Nordson Corporation		1,671,131
	63,650	Norfolk Southern Corporation		5,298,862
	8,820	Northrop Grumman Corporation		1,745,478
	24,440	Old Dominion Freight Line, Inc.e		1,701,513
	56,758	On Assignment, Inc.e		2,095,505
	107,388	Oshkosh Corporation		4,388,948
	59,266	PGT, Inc.e		583,177

Shares		Common Stock (33.7%)	Value
	Industrials (3.7%) - continued
	45,486	Progressive Waste Solutions, Ltd.		$1,411,431
	40,084	Proto Labs, Inc.e,f		3,090,076
	25,130	Quanex Building Products Corporation		436,257
	1,200	Randstad Holding NV		66,374
	65,570	Raven Industries, Inc.		1,050,431
	30,450	Resources Connection, Inc.		473,802
	13,900	Rexnord Corporatione		281,058
	1,055	Rieter Holding AG		227,773
	34,935	Ritchie Brothers Auctioneers, Inc.f		946,040
	88,878	Rockwell Automation, Inc.		10,109,872
	43,910	Rockwell Collins, Inc.		4,048,941
	16,966	Roper Industries, Inc.		3,100,876
	5,370	Ryder System, Inc.		347,869
	3,560	Saft Groupe SA		107,493
	33,888	Saia, Inc.e		953,947
	16,400	Sanwa Holdings Corporation		122,004
	500	Schindler Holding AG		92,114
	38,100	SIG plc		79,773
	18,890	SkyWest, Inc.		377,611
	272,070	Southwest Airlines Company		12,188,736
	28,330	Spirit Aerosystems Holdings, Inc.e		1,285,049
	10,076	Stericycle, Inc.e		1,271,490
	78,859	Swift Transportation Companye,f		1,469,143
	28,575	Tennant Company		1,471,041
	7,550	Tetra Tech, Inc.		225,141
	18,723	Textron, Inc.		682,641
	18,000	Toppan Printing Company, Ltd.		150,916
	37,160	Toro Company		3,200,219
	57,010	TransUnione		1,574,046
	2,600	Travis Perkins plc		68,109
	11,020	TrueBlue, Inc.e		288,173
	32,436	Tyco International plc		1,190,726
	4,620	UniFirst Corporation		504,134
	16,030	United Continental Holdings, Inc.e		959,556
	100,450	United Parcel Service, Inc.		10,594,461
	35,874	United Rentals, Inc.e		2,231,004
	31,935	Universal Forest Products, Inc.		2,740,662
	58,983	Universal Truckload Services, Inc.		971,450
	1,400	Vestas Wind Systems AS		98,644
	34,260	WABCO Holdings, Inc.e		3,663,079
	6,800	Wabtec Corporation		539,172
	35,224	WageWorks, Inc.e		1,782,687
	83,480	Waste Connections, Inc.		5,391,973
	6,585	Watsco, Inc.		887,263
	4,069	WSP Global, Inc.		120,621
	138,310	Xylem, Inc.		5,656,879
	19,300	YRC Worldwide, Inc.e		179,876
	3,500	Yuasa Trading Company, Ltd.		82,223
		Total		318,873,454
	Information Technology (7.1%)
	30,303	Advanced Energy Industries, Inc.e		1,054,241
	128,950	Agilent Technologies, Inc.		5,138,657
	61,350	Akamai Technologies, Inc.e		3,409,219
	23,960	Alliance Data Systems Corporatione		5,271,200
	42,634	Alphabet, Inc., Class Ae		32,525,479
	43,459	Alphabet, Inc., Class Ce		32,374,782
	1,900	Amadeus IT Holding SA		81,252
	40,902	Ambarella, Inc.e,f		1,828,319
	61,320	Amkor Technology, Inc.e		361,175
	128,577	Amphenol Corporation		7,434,322
	8,661	ANSYS, Inc.e		774,813
	393,889	Apple, Inc.		42,929,962
	251,511	Applied Materials, Inc.		5,327,003
	68,316	Arista Networks, Inc.e		4,310,740

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

45

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (33.7%)	Value
	Information Technology (7.1%) - continued
	11,930	ARRIS International plce		$273,436
	44,106	Aspen Technology, Inc.e		1,593,550
	2,200	AtoS		178,681
	30,530	Avnet, Inc.		1,352,479
	35,620	AVX Corporation		447,743
	45,193	Belden, Inc.		2,773,946
	9,570	Benchmark Electronics, Inc.e		220,588
	141,040	Booz Allen Hamilton Holding Corporation		4,270,691
	40,570	Broadridge Financial Solutions, Inc.		2,406,207
	457,449	Brocade Communications Systems, Inc.		4,839,810
	175,275	Brooks Automation, Inc.		1,822,860
	54,612	Cabot Microelectronics Corporation		2,234,177
	25,724	CACI International, Inc.e		2,744,751
	10,000	Canon, Inc.		298,230
	38,358	Cavium, Inc.e		2,345,975
	14,400	CDK Global, Inc.		670,320
	52,720	CDW Corporation		2,187,880
	13,840	Check Point Software Technologies, Ltd.e,f		1,210,585
	85,820	Ciber, Inc.e		181,080
	105,387	Ciena Corporatione		2,004,461
	24,800	Cirrus Logic, Inc.e		902,968
	1,074,570	Cisco Systems, Inc.		30,593,008
	4,280	Citrix Systems, Inc.e		336,322
	75,239	Cognex Corporation		2,930,559
	32,550	Cognizant Technology Solutions Corporatione		2,040,885
	14,960	Coherent, Inc.e		1,374,824
	14,500	Comtech Telecommunications Corporation		338,865
	43,880	Convergys Corporation		1,218,548
	105,520	CoreLogic, Inc.e		3,661,544
	105,195	Criteo SA ADRe		4,357,177
	24,490	Cvent, Inc.e		524,086
	45,373	Demandware, Inc.e		1,774,084
	24,986	DST Systems, Inc.		2,817,671
	50,270	EarthLink Holdings Corporation		285,031
	77,650	eBay, Inc.e		1,852,729
	99,300	Electro Rent Corporation		919,518
	262,300	EMC Corporation		6,990,295
	45,780	Envestnet, Inc.e		1,245,216
	22,210	EVERTEC, Inc.		310,496
	20,260	ExlService Holdings, Inc.e		1,049,468
	20,580	F5 Networks, Inc.e		2,178,393
	93,157	Fabrinete		3,013,629
	396,900	Facebook, Inc.e		45,286,290
	23,307	FEI Company		2,074,556
	67,481	Finisar Corporatione		1,230,853
	145,000	FLIR Systems, Inc.		4,777,750
	105,719	Fortinet, Inc.e		3,238,173
	30,600	FUJIFILM Holdings NPV		1,209,536
	47,710	Genpact, Ltd.e		1,297,235
	106,230	Glu Mobile, Inc.e,f		299,569
	102,238	Guidewire Software, Inc.e		5,569,926
	55,080	Harmonic, Inc.e		180,112
	39,440	Hewlett-Packard Company		485,901
	7,000	Hitachi Kokusai Electric, Inc.		84,035
	5,600	Hoya Corporation		212,860
	16,341	IAC/InterActiveCorporation		769,334
	46,370	Imperva, Inc.e		2,341,685
	220,860	Intel Corporation		7,144,821
	6,300	IT Holdings Corporation		149,011
	5,200	ITOCHU Techno-Solutions Corporation		98,117

Shares		Common Stock (33.7%)	Value
	Information Technology (7.1%) - continued
	155,275	Ixiae		$1,934,726
	113,984	Juniper Networks, Inc.		2,907,732
	2,700	Kyocera Corporation		118,884
	26,350	Lam Research Corporation		2,176,510
	25,700	Liberty Tripadvisor Holdings, Inc.e		569,512
	21,080	Linear Technology Corporation		939,325
	65,470	Lionbridge Technologies, Inc.e		331,278
	22,934	Littelfuse, Inc.		2,823,405
	21,348	Manhattan Associates, Inc.e		1,214,061
	46,800	Marvell Technology Group, Ltd.		482,508
	26,460	Maxim Integrated Products, Inc.		973,199
	19,190	MAXIMUS, Inc.		1,010,162
	45,407	Methode Electronics, Inc.		1,327,701
	90,120	Microsemi Corporatione		3,452,497
	1,003,000	Microsoft Corporation		55,395,690
	70,506	Monolithic Power Systems, Inc.		4,487,002
	2,720	Morningstar, Inc.		240,094
	82,107	Nanometrics, Inc.e		1,300,575
	60,920	National Instruments Corporation		1,834,301
	9,800	NEC Networks & System Integration Corporation		152,165
	7,380	NETGEAR, Inc.e		297,931
	36,686	Nice Systems, Ltd. ADRf		2,376,886
	5,000	NS Solutions Corporation		98,076
	396,314	NVIDIA Corporation		14,120,668
	41,035	NXP Semiconductors NVe		3,326,707
	111,500	Oclaro, Inc.e,f		602,100
	30,310	ON Semiconductor Corporatione		290,673
	291,000	Oracle Corporation		11,904,810
	23,550	Palo Alto Networks, Inc.e		3,841,947
	159,480	Pandora Media, Inc.e,f		1,427,346
	51,000	Paylocity Holding Corporatione		1,669,740
	628,104	PayPal Holdings, Inc.e		24,244,814
	45,590	Pegasystems, Inc.		1,157,074
	19,166	Plantronics, Inc.		751,116
	163,720	Polycom, Inc.e		1,825,478
	150,137	Progress Software Corporatione		3,621,304
	72,689	Proofpoint, Inc.e,f		3,909,214
	61,420	PTC, Inc.e		2,036,687
	59,179	QLIK Technologies, Inc.e		1,711,457
	15,370	QUALCOMM, Inc.		786,022
	11,160	Qualys, Inc.e		282,460
	42,210	RealPage, Inc.e		879,656
	59,510	Red Hat, Inc.e		4,434,090
	63,060	Ruckus Wireless, Inc.e		618,619
	444,260	Salesforce.com, Inc.e		32,799,716
	18,610	Sanmina Corporatione		435,102
	5,200	SAP SE		418,437
	19,640	ScanSource, Inc.e		793,063
	30,965	ServiceNow, Inc.e		1,894,439
	22,200	Shinko Electric Industries Company, Ltd.		124,795
	85,100	ShoreTel, Inc.e		633,144
	26,250	Symantec Corporation		482,475
	51,948	Synopsys, Inc.e		2,516,361
	1,200	TDK Corporation		66,583
	5,560	Tech Data Corporatione		426,841
	353,617	Teradyne, Inc.		7,634,591
	14,460	Tessera Technologies, Inc.		448,260
	197,870	Texas Instruments, Inc.		11,361,695
	27,560	Trimble Navigation, Ltd.e		683,488
	20,426	Tyler Technologies, Inc.e		2,626,988
	300	U-Blox AGe		57,616
	29,615	Ultimate Software Group, Inc.e		5,730,502
	1,800	United Internet AG		90,186
	131,836	Virtusa Corporatione		4,938,577

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

46

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (33.7%)	Value
	Information Technology (7.1%) - continued
	439,790	Visa, Inc.		$33,635,139
	48,220	Xerox Corporation		538,135
	435,320	Xilinx, Inc.		20,647,228
		Total		622,913,257
	Materials (1.3%)
	44,230	Agnico Eagle Mines, Ltd.		1,599,357
	1,100	Air Liquide SA		123,410
	86,400	Albemarle Corporation		5,523,552
	231,540	Alcoa, Inc.f		2,218,153
	41,654	American Vanguard Corporatione		657,300
	1,100	Aurubis AG		54,660
	26,580	Avery Dennison Corporation		1,916,684
	40,282	Axalta Coating Systems, Ltd.e		1,176,234
	17,094	Balchem Corporation		1,060,170
	36,980	Ball Corporation		2,636,304
	246,470	Barrick Gold Corporation		3,347,063
	8,470	Bemis Company, Inc.		438,577
	79,500	BHP Billiton, Ltd.		1,027,281
	22,800	BillerudKorsnas AB		372,196
	11,760	Boise Cascade Companye		243,667
	25,800	Boral, Ltd.		122,035
	6,500	Buzzi Unicem SPA		112,051
	41,950	Cabot Corporation		2,027,443
	9,160	Carpenter Technology Corporation		313,547
	573	CCL Industries, Inc.		108,754
	31,327	Celanese Corporation		2,051,918
	67,866	Chemtura Corporatione		1,791,662
	16,541	Clearwater Paper Corporatione		802,404
	125,900	Crown Holdings, Inc.e		6,243,381
	38,700	Daicel Corporation		527,536
	121,600	Dow Chemical Company		6,184,576
	9,000	Eagle Materials, Inc.		630,990
	20,350	Eastman Chemical Company		1,469,880
	171,180	Eldorado Gold Corporation		540,929
	2,300	Evonik Industries AG		68,787
	32,660	Ferroglobe plc		287,735
	68,426	FMC Corporation		2,762,358
	193,960	Freeport-McMoRan, Inc.f		2,005,546
	100	Givaudan SA		195,980
	167,840	Goldcorp, Inc.		2,724,043
	7,800	Hexpol AB		86,541
	3,600	Holmen AB		117,754
	37,688	Innospec, Inc.		1,634,152
	113,340	International Paper Company		4,651,474
	4,900	JFE Holdings, Inc.		65,808
	295,430	Kinross Gold Corporatione		1,004,462
	14,630	Koppers Holdings, Inc.e		328,736
	1,300	LafargeHolcim, Ltd.		61,048
	400	Linde AG		58,119
	11,460	Martin Marietta Materials, Inc.		1,827,985
	11,220	Materion Corporation		297,106
	22,175	Minerals Technologies, Inc.		1,260,649
	12,300	Mitsubishi Chemical Holdings Corporation		64,220
	213,560	Mosaic Company		5,766,120
	114,947	Myers Industries, Inc.		1,478,218
	134,900	Newmont Mining Corporation		3,585,642
	2,400	Nippon Shokubai Company, Ltd.		122,253
	7,800	Nippon Steel & Sumitomo Metal Corporation		149,539
	41,414	Norsk Hydro ASA		170,150
	7,600	Novozymes AS		341,289
	18,000	Oji Holdings Corporation		72,296
	64,040	Olin Corporation		1,112,375
	54,970	OMNOVA Solutions, Inc.e		305,633

Shares		Common Stock (33.7%)	Value
	Materials (1.3%) - continued
	174,840	Owens-Illinois, Inc.e		$2,790,446
	81,284	Packaging Corporation of America		4,909,554
	52,029	PolyOne Corporation		1,573,877
	39,440	Rayonier Advanced Materials, Inc.		374,680
	22,020	Reliance Steel & Aluminum Company		1,523,564
	2,300	Rio Tinto, Ltd.		74,891
	15,940	Royal Gold, Inc.		817,563
	17,300	RPM International, Inc.		818,809
	30,490	Schnitzer Steel Industries, Inc.		562,236
	31,555	Scotts Miracle-Gro Company		2,296,257
	48,950	Sealed Air Corporation		2,350,090
	75,030	Silver Wheaton Corporation		1,243,997
	50,420	Sonoco Products Company		2,448,899
	259,793	Steel Dynamics, Inc.		5,847,940
	44,450	Stillwater Mining Companye		473,392
	15,000	Sumitomo Seika Chemicals Company, Ltd.		74,087
	131,050	Teck Resources, Ltd.f		997,291
	15,000	Tosoh Corporation		62,994
	2,900	Umicore		143,956
	16,200	UPM-Kymmene Oyj		292,890
	24,130	Vulcan Materials Company		2,547,404
	5,480	Westlake Chemical Corporation		253,724
	67,479	Westrock Company		2,633,705
	248,110	Yamana Gold, Inc.		754,254
	19,937	Yara International ASA		748,431
		Total		114,542,663
	Telecommunications Services (0.3%)
	8,938	BCE, Inc.		407,346
	151,070	Cincinnati Bell, Inc.e		584,641
	21,000	Elisa Oyje,f		815,457
	24,760	FairPoint Communications, Inc.e,f		368,429
	20,400	Freenet AG		609,289
	33,000	General Communication, Inc.e		604,560
	278,449	KCOM Group plc		429,915
	39,087	Level 3 Communications, Inc.e		2,065,748
	19,700	Orange SA		344,020
	24,200	ORBCOMM, Inc.e		245,146
	7,100	Proximus SA		242,284
	47,312	SBA Communications Corporatione		4,739,243
	32,700	Telefonica Deutschland Holding AG		176,769
	201,506	Verizon Communications, Inc.		10,897,445
	189,460	Vonage Holdings Corporatione		865,832
		Total		23,396,124
	Utilities (0.8%)
	7,550	Ameren Corporation		378,255
	46,090	American States Water Company		1,814,102
	25,650	Aqua America, Inc.		816,183
	31,490	Artesian Resources Corporation		880,460
	124,290	Avista Corporation		5,068,546
	57,860	California Water Service Group		1,546,019
	42,140	CenterPoint Energy, Inc.		881,569
	5,570	Chesapeake Utilities Corporation		350,743
	20,500	CLP Holdings, Ltd.		185,554
	26,650	Consolidated Water Company, Ltd.		324,331
	48,260	Dynegy, Inc.e		693,496
	40,310	Edison International, Inc.		2,897,886
	152,400	Electricidade de Portugal SA		541,088
	22,178	FirstEnergy Corporation		797,743
	60,240	Great Plains Energy, Inc.		1,942,740
	23,898	Laclede Group, Inc.		1,619,089
	143,030	MDU Resources Group, Inc.		2,783,364
	13,450	Middlesex Water Company		414,933
	10,760	New Jersey Resources Corporation		391,987

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

47

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (33.7%)	Value
	Utilities (0.8%) - continued
	9,290	Northwest Natural Gas Company		$500,266
	299,850	PG&E Corporation		17,907,042
	50,100	PNM Resources, Inc.		1,689,372
	32,450	Portland General Electric Company		1,281,451
	70,060	Public Service Enterprise Group, Inc.		3,302,628
	87,700	Redes Energeticas Nacionais SGPS SA		287,132
	38,100	Renewable Energy Group, Inc.e		359,664
	2,600	Severn Trent plc		80,993
	67,400	Southern Company		3,486,602
	50,898	Southwest Gas Corporation		3,351,633
	235,766	Talen Energy Corporatione		2,121,894
	14,000	Toho Gas Company, Ltd.		99,371
	63,920	UGI Corporation		2,575,337
	34,200	United Utilities Group plc		452,706
	11,102	Unitil Corporation		471,724
	37,840	Vectren Corporation		1,913,190
	3,900	Veolia Environnement SA		93,869
	13,950	WEC Energy Group, Inc.		837,976
	19,150	Westar Energy, Inc.		950,032
		Total		66,090,970
		Total Common Stock (cost $2,740,825,434)		2,932,184,243
Shares		Registered Investment Companies (29.7%)	Value
	Affiliated Equity Holdings (17.2%)
	22,633,380	Thrivent Large Cap Stock Portfolio		257,821,354
	27,999,217	Thrivent Large Cap Value Portfolio		437,028,582
	13,836,768	Thrivent Mid Cap Stock Portfolio		233,379,231
	55,766,496	Thrivent Partner Worldwide Allocation Portfolio		500,805,440
	4,191,815	Thrivent Small Cap Stock Portfolio		65,119,002
		Total		1,494,153,609
	Affiliated Fixed Income Holdings (11.1%)
	33,993,905	Thrivent High Yield Portfolio		154,087,574
	50,490,624	Thrivent Income Portfolio		507,647,884
	31,261,123	Thrivent Limited Maturity Bond Portfolio		305,046,041
		Total		966,781,499
	Equity Funds/ETFs (0.5%)
	29,111	iShares Russell 2000 Growth Index Fund		3,862,448
	105,173	iShares Russell 2000 Index Fund		11,634,237
	12,060	iShares Russell 2000 Value Index Fund		1,124,113
	9,030	Market Vectors Oil Service ETFf		240,288
	24,620	Materials Select Sector SPDR Fund		1,103,222
	126,855	SPDR S&P 500 ETF Trustf		26,076,314
	31,760	SPDR S&P Biotech ETF		1,640,722
	1,650	SPDR S&P MidCap 400 ETF Trust		433,488
		Total		46,114,832
	Fixed Income Funds/ETFs (0.9%)
	123,000	iShares Barclays 1-3 Year Credit Bond Fund		12,966,660
	549,900	iShares iBoxx $ Investment Grade Corporate Bond ETF		65,339,118
		Total		78,305,778
		Total Registered Investment Companies (cost $2,427,606,410)		2,585,355,718

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Asset-Backed Securities (1.2%)
		Access Group, Inc.
	$828,219	0.933%, 2/25/2036h,i		$801,153
		Ares CLO, Ltd.
	4,400,000	1.911%, 10/12/2023*,i		4,370,770
	2,750,000	2.098%, 11/15/2025*,i		2,735,796
		BA Credit Card Trust
	1,750,000	0.816%, 6/15/2021i		1,748,599
		Bayview Opportunity Master Fund Trust
	1,248,852	3.228%, 7/28/2034*,j		1,247,057
	3,207,164	3.721%, 2/28/2035*		3,205,426
	1,802,866	3.721%, 7/28/2035h,j		1,797,443
		Betony CLO, Ltd.
	1,260,000	2.132%, 4/15/2027*,i		1,245,975
		CAM Mortgage, LLC
	1,843,196	3.500%, 7/15/2064*,j		1,844,849
		Capital One Multi-Asset Execution Trust
	2,250,000	0.816%, 1/18/2022i		2,246,566
		Chase Issuance Trust
	1,375,000	1.590%, 2/18/2020		1,385,427
	2,525,000	1.620%, 7/15/2020		2,545,643
		Chesapeake Funding, LLC
	1,259,091	0.891%, 1/7/2025h,i		1,256,632
		Countrywide Asset-Backed Certificates
	917,687	5.530%, 4/25/2047		1,021,929
		DRB Prime Student Loan Trust
	1,298,266	3.170%, 7/25/2031*		1,289,173
	1,032,760	3.200%, 1/25/2040*		1,023,749
		Edlinc Student Loan Funding Trust
	82,564	3.435%, 10/1/2025*,i		83,051
		Enterprise Fleet Financing, LLC
	588,249	1.060%, 3/20/2019h		587,964
	589,937	0.870%, 9/20/2019h		588,158
		FirstEnergy Ohio PIRB Special Purpose Trust
	262,617	0.679%, 1/15/2019		261,995
		Ford Credit Auto Owner Trust
	1,350,000	2.260%, 11/15/2025h		1,367,698
		Golden Credit Card Trust
	2,000,000	0.866%, 9/15/2018h,i		2,000,000
		GoldenTree Loan Opportunities IX, Ltd.
	1,400,000	2.128%, 10/29/2026*,i		1,385,945
		Golub Capital Partners CLO 23M, Ltd.
	1,350,000	2.106%, 5/5/2027*,i		1,333,994
		Lehman XS Trust
	6,084,763	5.440%, 8/25/2035j		5,302,844
		Morgan Stanley Bank of America Merrill Lynch Trust
	5,400,000	3.176%, 8/15/2045		5,646,041
	5,400,000	3.246%, 12/15/2047		5,590,140
		Morgan Stanley Capital, Inc.
	2,760,555	0.583%, 2/25/2037i		1,397,227
		OneMain Financial Issuance Trust
	2,600,000	4.100%, 3/20/2028h		2,616,458
		OZLM VIII, Ltd.
	1,400,000	2.060%, 10/17/2026*,i		1,387,721
		Pretium Mortgage Credit Partners, LLC
	3,003,403	4.125%, 10/27/2030*		2,985,874
		Race Point IX CLO, Ltd.
	3,260,000	2.132%, 4/15/2027*,i		3,214,223

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

48

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Asset-Backed Securities (1.2%) - continued
		Renaissance Home Equity Loan Trust
	$6,434,374	6.011%, 5/25/2036j		$4,354,306
	3,628,152	5.580%, 11/25/2036j		1,843,868
		SLM Student Loan Trust
	1,479,595	1.027%, 7/15/2022h,i		1,471,216
	244,231	1.036%, 8/15/2022h,i		243,486
	892,717	1.019%, 4/25/2023h,i		891,168
	125,000	1.486%, 5/17/2027h,i		123,981
		SoFi Professional Loan Program, LLC
	2,874,451	2.420%, 3/25/2030h		2,839,602
		Sunset Mortgage Loan Company, LLC
	2,833,229	4.459%, 9/16/2045*,j		2,834,349
		U.S. Residential Opportunity Fund III Trust
	1,624,818	3.721%, 1/27/2035*		1,611,325
		U.S. Small Business Administration
	894,414	3.191%, 3/10/2024		939,108
		Vericrest Opportunity Loan Transferee
	7,142,952	3.375%, 10/25/2058*,j		7,043,902
	3,917,766	3.500%, 6/26/2045h		3,870,888
	3,892,453	3.500%, 6/26/2045h,j		3,827,739
	3,063,581	3.625%, 7/25/2045h,j		3,041,802
	1,756,528	3.500%, 2/25/2055*,j		1,746,176
		Volvo Financial Equipment, LLC
	58,601	0.740%, 3/15/2017h		58,592
	1,575,745	0.820%, 4/16/2018h		1,572,439
		World Financial Network Credit Card Master Trust
	1,400,000	0.910%, 3/16/2020		1,399,983
		Total		105,229,450
	Basic Materials (0.2%)
		Albemarle Corporation
	395,000	3.000%, 12/1/2019		397,365
		Anglo American plc
	2,433,000	3.625%, 5/14/2020h		2,081,724
		ArcelorMittal SA
	1,425,000	6.500%, 3/1/2021f		1,403,625
		Corporacion Nacional del Cobre de Chile
	1,525,000	4.500%, 9/16/2025f,h		1,554,269
		First Quantum Minerals, Ltd.
	621,000	6.750%, 2/15/2020h		425,385
	621,000	7.000%, 2/15/2021h		416,070
		Georgia-Pacific, LLC
	920,000	2.539%, 11/15/2019h		923,781
		Glencore Funding, LLC
	680,000	1.680%, 4/16/2018h,i		612,000
		Novelis, Inc.
	1,130,000	8.375%, 12/15/2017		1,149,210
	1,560,000	8.750%, 12/15/2020		1,574,508
		Sappi Papier Holding GmbH
	1,995,000	6.625%, 4/15/2021h		2,063,169
		Xstrata Finance Canada, Ltd.
	1,520,000	2.700%, 10/25/2017h		1,489,600
		Yamana Gold, Inc.
	1,285,000	4.950%, 7/15/2024		1,085,825
		Total		15,176,531
	Capital Goods (0.6%)
		AECOM
	3,030,000	5.875%, 10/15/2024		3,120,900

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Capital Goods (0.6%) - continued
		Aircastle, Ltd.
	$2,875,000	5.000%, 4/1/2023		$2,889,375
		Ball Corporation
	1,415,000	4.375%, 12/15/2020		1,472,484
		Building Materials Corporation of America
	2,355,000	6.000%, 10/15/2025h		2,490,412
		Case New Holland, Inc.
	1,500,000	7.875%, 12/1/2017		1,612,500
		Cemex Finance, LLC
	2,970,000	9.375%, 10/12/2017h		3,267,000
		CNH Industrial Capital, LLC
	1,155,000	4.375%, 11/6/2020f		1,134,787
		Crown Americas Capital Corporation IV
	1,470,000	4.500%, 1/15/2023		1,499,400
		General Electric Company
	2,095,000	5.000%, 12/29/2049k		2,157,850
		HD Supply, Inc.
	2,805,000	5.750%, 4/15/2024d,h		2,882,137
		Huntington Ingalls Industries, Inc.
	2,975,000	5.000%, 11/15/2025h		3,112,594
		L-3 Communications Corporation
	1,336,000	1.500%, 5/28/2017		1,331,421
		Lockheed Martin Corporation
	1,332,000	2.500%, 11/23/2020		1,364,317
	1,544,000	4.500%, 5/15/2036		1,660,839
		Martin Marietta Materials, Inc.
	960,000	1.729%, 6/30/2017i		951,194
		Newell Rubbermaid, Inc.
	772,000	2.600%, 3/29/2019		783,226
	1,093,000	5.500%, 4/1/2046		1,187,431
		Northrop Grumman Corporation
	1,310,000	3.850%, 4/15/2045		1,296,343
		Owens-Brockway Glass Container, Inc.
	1,460,000	5.000%, 1/15/2022h		1,492,967
	1,500,000	5.875%, 8/15/2023f,h		1,562,812
		Pentair Finance SA
	1,500,000	2.900%, 9/15/2018		1,504,302
		Reynolds Group Issuer, Inc.
	2,401,432	5.750%, 10/15/2020		2,464,470
		Roper Industries, Inc.
	2,070,000	2.050%, 10/1/2018		2,089,837
		Standard Industries, Inc.
	800,000	5.500%, 2/15/2023h		818,000
		Textron, Inc.
	785,000	5.600%, 12/1/2017		824,836
	1,225,000	7.250%, 10/1/2019		1,402,106
	685,000	5.950%, 9/21/2021		776,848
		United Rentals North America, Inc.
	4,640,000	5.500%, 7/15/2025		4,615,826
		Waste Management, Inc.
	310,000	3.125%, 3/1/2025		317,698
		Total		52,083,912
	Collateralized Mortgage Obligations (1.3%)
		Alm Loan Funding CLO
	1,400,000	2.050%, 10/17/2026*,i		1,386,520
		Alternative Loan Trust
	1,376,895	6.000%, 6/25/2036		1,173,067
		Apidos CLO XVIII
	1,400,000	2.033%, 7/22/2026*,i		1,379,988
		Babson CLO, Ltd.
	1,400,000	2.010%, 10/17/2026*,i		1,374,572

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

49

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Collateralized Mortgage Obligations (1.3%) - continued
		BCAP, LLC Trust
	$3,118,971	0.613%, 3/25/2037i		$2,584,521
		Birchwood Park CLO, Ltd.
	1,400,000	2.062%, 7/15/2026*,i		1,388,065
		BlueMountain CLO, Ltd.
	1,400,000	2.102%, 10/15/2026*,i		1,393,318
		Carlyle Global Market Strategies CLO, Ltd.
	1,400,000	1.920%, 7/20/2023*,i		1,391,634
	1,400,000	2.122%, 10/15/2026*,i		1,390,125
		Cent CLO 16, LP
	1,400,000	1.866%, 8/1/2024*,i		1,394,442
		Cent CLO 22, Ltd.
	1,400,000	2.100%, 11/7/2026*,i		1,355,497
		Citigroup Mortgage Loan Trust, Inc.
	940,844	5.500%, 11/25/2035		892,245
		CitiMortgage Alternative Loan Trust
	3,102,137	5.750%, 4/25/2037		2,610,019
		Countrywide Alternative Loan Trust
	1,992,493	2.652%, 10/25/2035		1,744,481
	1,310,879	6.000%, 4/25/2036		1,140,159
	614,835	6.000%, 1/25/2037		586,147
	3,641,573	5.500%, 5/25/2037		3,080,595
	3,381,217	7.000%, 10/25/2037		2,434,443
		Countrywide Home Loans, Inc.
	1,117,205	5.750%, 4/25/2037		998,123
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	309,464	5.500%, 10/25/2021		298,718
	892,750	6.000%, 10/25/2021		780,640
		Dryden 34 Senior Loan Fund CLO
	1,400,000	2.052%, 10/15/2026*,i		1,387,548
		Federal Home Loan Mortgage Corporation
	4,751,604	3.000%, 2/15/2033l		573,834
		Federal National Mortgage Association
	9,751,274	3.500%, 1/25/2033l		1,268,493
		First Horizon Alternative Mortgage Securities Trust
	2,824,966	6.000%, 8/25/2036i		2,240,538
		Galaxy XX CLO, Ltd.
	4,500,000	2.074%, 7/20/2027*,i		4,434,456
		Golub Capital Partners CLO 22B, Ltd.
	2,700,000	2.098%, 2/20/2027*,i		2,669,323
		HomeBanc Mortgage Trust
	1,799,689	2.337%, 4/25/2037		1,343,996
		IndyMac INDX Mortgage Loan Trust
	3,713,109	1.073%, 7/25/2045i		2,987,395
		J.P. Morgan Alternative Loan Trust
	1,829,782	6.500%, 3/25/2036		1,494,629
		J.P. Morgan Mortgage Trust
	633,557	2.755%, 6/25/2036		540,022
	294,833	2.663%, 10/25/2036		263,433
	3,403,504	0.813%, 1/25/2037i		2,020,007
	3,906,146	6.250%, 8/25/2037		2,968,836
		Limerock CLO III, LLC
	4,500,000	2.154%, 10/20/2026*,i		4,353,539
		Madison Park Funding XIV CLO, Ltd.
	1,525,000	2.074%, 7/20/2026*,i		1,516,147
		Madison Park Funding, Ltd.
	4,250,000	1.908%, 8/15/2022*,i		4,224,149
		Magnetite XII, Ltd.
	4,425,000	2.122%, 4/15/2027*,i		4,366,135

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Collateralized Mortgage Obligations (1.3%) - continued
		MASTR Alternative Loans Trust
	$740,697	6.500%, 7/25/2034		$756,156
	2,241,608	0.883%, 12/25/2035i		1,063,241
		Merrill Lynch Alternative Note Asset Trust
	717,326	6.000%, 3/25/2037		629,391
		Mountain View CLO, Ltd.
	4,525,000	2.082%, 7/15/2027*,i		4,368,930
		Neuberger Berman CLO, Ltd.
	1,100,000	2.089%, 8/4/2025*,i		1,091,258
		NZCG Funding CLO, Ltd.
	4,500,000	2.171%, 4/27/2027*,i		4,467,218
		Oak Hill Advisors Residential Loan Trust
	1,856,015	3.475%, 1/25/2055*,j		1,845,002
		Octagon Investment Partners XX CLO, Ltd.
	1,400,000	2.058%, 8/12/2026*,i		1,386,297
		OHA Loan Funding, Ltd.
	4,500,000	2.154%, 10/20/2026*,i		4,433,633
		Residential Accredit Loans, Inc. Trust
	8,403,243	0.613%, 11/25/2036i		5,979,370
		Residential Asset Securitization Trust
	3,545,384	0.813%, 8/25/2037i		984,805
		Sequoia Mortgage Trust
	3,080,731	2.919%, 9/20/2046		2,456,459
		Shackleton VII CLO, Ltd.
	4,500,000	2.162%, 4/15/2027*,i		4,453,634
		Symphony CLO VIII, Ltd.
	1,360,842	1.717%, 1/9/2023*,i		1,355,227
		Symphony CLO XV, Ltd.
	4,500,000	2.070%, 10/17/2026*,i		4,454,924
		Voya CLO 3, Ltd.
	1,400,000	2.039%, 7/25/2026*,i		1,386,469
		WaMu Mortgage Pass Through Certificates
	292,140	2.432%, 9/25/2036		261,798
	1,026,211	2.454%, 10/25/2036		883,003
	2,887,807	2.193%, 11/25/2036		2,484,906
	3,287,752	1.975%, 1/25/2037		2,747,520
		Total		116,919,040
	Commercial Mortgage-Backed Securities (1.2%)
		Commercial Mortgage Pass-Through Certificates
	1,680,000	1.488%, 6/8/2030h,i		1,668,903
		Credit Suisse First Boston Mortgage Securities
	7,200,000	5.542%, 1/15/2049		7,329,335
		Credit Suisse Mortgage Capital Certificates
	5,368,000	5.509%, 9/15/2039		5,413,634
		Federal National Mortgage Association
	747,411	1.272%, 1/25/2017		747,240
		Greenwich Capital Commercial Funding Corporation
	4,650,000	5.867%, 12/10/2049		4,781,249
		GS Mortgage Securities Trust
	1,648,419	2.999%, 8/10/2044		1,650,916
	6,600,000	3.666%, 9/10/2047		7,017,996
	6,500,000	3.506%, 10/10/2048		6,818,126
	6,225,000	3.734%, 11/10/2048		6,667,571

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

50

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Commercial Mortgage-Backed Securities (1.2%) - continued
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	$2,750,000	3.507%, 5/15/2045		$2,941,732
	3,650,000	5.699%, 2/12/2049		3,727,141
		JPMBB Commercial Mortgage Securities Trust
	4,500,000	3.231%, 1/15/2048		4,667,847
	6,500,000	3.598%, 11/15/2048		6,858,996
		Morgan Stanley Bank of America Merrill Lynch Trust
	6,000,000	3.753%, 12/15/2047		6,417,513
	6,525,000	3.635%, 10/15/2048		6,916,116
		Morgan Stanley Capital, Inc.
	6,580,000	5.406%, 3/15/2044		6,786,312
		SCG Trust
	1,150,000	1.836%, 11/15/2026h,i		1,142,925
		UBS Commercial Mortgage Trust
	8,150,000	3.400%, 5/10/2045		8,595,358
		Wells Fargo Commercial Mortgage Trust
	4,000,000	3.617%, 9/15/2057		4,247,221
	3,750,000	3.839%, 9/15/2058		4,040,386
		WFRBS Commercial Mortgage Trust
	2,000,000	2.870%, 11/15/2045		2,058,004
		Total		100,494,521
	Communications Services (1.4%)
		21st Century Fox America, Inc.
	1,620,000	6.900%, 3/1/2019		1,843,168
		Altice Financing SA
	2,400,000	6.625%, 2/15/2023h		2,406,000
		AMC Networks, Inc.
	4,360,000	5.000%, 4/1/2024		4,376,350
		America Movil SAB de CV
	1,125,000	1.632%, 9/12/2016i		1,124,553
	1,039,000	5.000%, 10/16/2019		1,140,423
		American Tower Corporation
	180,000	2.800%, 6/1/2020		180,916
	1,930,000	3.300%, 2/15/2021		1,963,045
	910,000	3.450%, 9/15/2021		930,514
		AT&T, Inc.
	707,000	5.875%, 10/1/2019		799,078
	615,000	1.559%, 6/30/2020i		608,726
	1,212,000	3.875%, 8/15/2021		1,289,711
	1,015,000	3.000%, 6/30/2022		1,029,758
	2,702,000	6.350%, 3/15/2040		3,134,463
	1,300,000	5.550%, 8/15/2041		1,395,411
	1,527,000	5.150%, 3/15/2042		1,539,143
	772,000	4.750%, 5/15/2046		753,053
		British Sky Broadcasting Group plc
	1,130,000	2.625%, 9/16/2019h		1,141,726
		CBS Corporation
	1,030,000	4.000%, 1/15/2026		1,075,836
		CCO Holdings, LLC
	1,100,000	7.375%, 6/1/2020		1,144,687
	3,100,000	5.875%, 4/1/2024h		3,247,250
		CCO Safari II, LLC
	1,530,000	6.834%, 10/23/2055h		1,651,121
	920,000	3.579%, 7/23/2020h		940,090
	1,560,000	4.908%, 7/23/2025h		1,645,513
		CCOH Safari, LLC
	1,300,000	5.750%, 2/15/2026h		1,345,500
		CenturyLink, Inc.
	2,315,000	6.450%, 6/15/2021		2,345,373

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Communications Services (1.4%) - continued
	$565,000	7.500%, 4/1/2024d		$566,413
		Clear Channel Worldwide Holdings, Inc.
	3,270,000	6.500%, 11/15/2022		3,253,650
		Columbus International, Inc.
	2,945,000	7.375%, 3/30/2021h		3,136,425
		Comcast Corporation
	1,225,000	2.750%, 3/1/2023		1,265,876
	3,265,000	4.400%, 8/15/2035		3,537,334
	539,000	4.650%, 7/15/2042		599,563
	2,253,000	4.750%, 3/1/2044		2,541,319
		Cox Communications, Inc.
	648,000	9.375%, 1/15/2019h		760,735
	1,475,000	3.850%, 2/1/2025h		1,422,829
		Crown Castle International Corporation
	1,774,000	3.400%, 2/15/2021		1,800,436
	1,265,000	5.250%, 1/15/2023		1,364,619
		Crown Castle Towers, LLC
	540,000	4.174%, 8/15/2017h		554,092
		Digicel, Ltd.
	3,875,000	6.000%, 4/15/2021*		3,468,125
		Dish DBS Corporation
	2,880,000	5.875%, 7/15/2022		2,728,800
		FairPoint Communications, Inc.
	2,260,000	8.750%, 8/15/2019h		2,141,350
		Frontier Communications Corporation
	3,250,000	8.875%, 9/15/2020h		3,375,937
		Hughes Satellite Systems Corporation
	2,290,000	6.500%, 6/15/2019		2,521,862
		Level 3 Communications, Inc.
	3,020,000	5.375%, 1/15/2024h		3,057,750
		Level 3 Financing, Inc.
	995,000	5.375%, 5/1/2025		1,007,437
		McGraw Hill Financial, Inc.
	1,544,000	3.300%, 8/14/2020		1,597,285
		McGraw-Hill Global Education Holdings, LLC
	2,705,000	9.750%, 4/1/2021		2,934,925
		Numericable-SFR
	3,480,000	6.000%, 5/15/2022h		3,393,000
		Omnicom Group, Inc.
	750,000	3.600%, 4/15/2026d		768,267
		Quebecor Media, Inc.
	2,005,000	5.750%, 1/15/2023		2,065,150
		SES Global Americas Holdings GP
	1,035,000	2.500%, 3/25/2019h		1,021,428
		Sprint Communications, Inc.
	2,300,000	9.000%, 11/15/2018h		2,409,250
		Sprint Corporation
	1,400,000	7.625%, 2/15/2025		1,039,500
		Telefonica Emisiones SAU
	1,110,000	3.192%, 4/27/2018		1,138,793
		Time Warner Entertainment Company, LP
	1,691,000	8.375%, 3/15/2023		2,162,128
		Time Warner, Inc.
	3,152,000	3.600%, 7/15/2025		3,235,364
	975,000	6.250%, 3/29/2041		1,127,009
		T-Mobile USA, Inc.
	3,570,000	6.125%, 1/15/2022		3,686,025

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

51

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Communications Services (1.4%) - continued
		Unitymedia Hessen GmbH & Company KG
	$2,190,000	5.500%, 1/15/2023h		$2,244,750
		Univision Communications, Inc.
	970,000	5.125%, 5/15/2023h		965,150
	650,000	5.125%, 2/15/2025h		641,875
		UPCB Finance V, Ltd.
	990,000	7.250%, 11/15/2021h		1,046,925
		Verizon Communications, Inc.
	945,000	1.412%, 6/17/2019i		942,753
	2,485,000	3.000%, 11/1/2021		2,581,970
	3,489,000	5.150%, 9/15/2023		4,027,049
	650,000	5.050%, 3/15/2034		704,511
	1,165,000	4.272%, 1/15/2036		1,159,166
	2,530,000	4.522%, 9/15/2048		2,534,304
		Total		121,582,537
	Consumer Cyclical (0.8%)
		Automatic Data Processing, Inc.
	500,000	3.375%, 9/15/2025		534,539
		Cinemark USA, Inc.
	1,625,000	4.875%, 6/1/2023h		1,638,731
	1,900,000	4.875%, 6/1/2023		1,916,055
		CVS Health Corporation
	400,000	2.250%, 8/12/2019		410,016
	2,900,000	4.875%, 7/20/2035		3,233,410
	652,000	6.125%, 9/15/2039		824,502
		Delphi Automotive plc
	1,930,000	3.150%, 11/19/2020		1,970,441
		eBay, Inc.
	760,000	2.500%, 3/9/2018		772,327
		Ford Motor Company
	625,000	7.450%, 7/16/2031		814,276
		Ford Motor Credit Company, LLC
	2,024,000	5.000%, 5/15/2018		2,137,192
	1,470,000	2.551%, 10/5/2018		1,475,086
	1,525,000	2.943%, 1/8/2019		1,548,528
		General Motors Company
	750,000	6.600%, 4/1/2036		825,292
	1,401,000	6.250%, 10/2/2043		1,496,327
		General Motors Financial Company, Inc.
	2,150,000	3.250%, 5/15/2018		2,185,782
	1,156,000	3.700%, 11/24/2020		1,178,095
	772,000	4.200%, 3/1/2021		797,381
	1,630,000	4.300%, 7/13/2025		1,613,372
	750,000	5.250%, 3/1/2026		784,445
		GLP Capital, LP
	1,465,000	4.875%, 11/1/2020		1,523,600
		Goodyear Tire & Rubber Company
	1,550,000	5.125%, 11/15/2023		1,584,875
		Hilton Worldwide Finance, LLC
	3,265,000	5.625%, 10/15/2021		3,383,193
		Home Depot, Inc.
	676,000	2.625%, 6/1/2022		699,277
	965,000	3.000%, 4/1/2026		1,013,032
		Hyundai Capital America
	1,158,000	2.400%, 10/30/2018h		1,165,726
	1,158,000	3.000%, 10/30/2020h		1,175,571
		Jaguar Land Rover Automotive plc
	1,270,000	4.125%, 12/15/2018h		1,300,162
	1,100,000	5.625%, 2/1/2023h		1,130,250
		KB Home
	1,815,000	4.750%, 5/15/2019		1,808,194

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Consumer Cyclical (0.8%) - continued
		L Brands, Inc.
	$2,100,000	5.625%, 2/15/2022		$2,287,782
		Lennar Corporation
	1,100,000	4.125%, 12/1/2018		1,122,000
	1,445,000	4.875%, 12/15/2023		1,445,000
		Live Nation Entertainment, Inc.
	2,150,000	5.375%, 6/15/2022h		2,187,625
		McDonald’s Corporation
	1,100,000	2.750%, 12/9/2020		1,139,301
		MGM Resorts International
	3,140,000	6.000%, 3/15/2023f		3,249,900
		PulteGroup, Inc.
	2,810,000	4.250%, 3/1/2021		2,852,150
		Rite Aid Corporation
	2,955,000	6.125%, 4/1/2023h		3,132,300
		Royal Caribbean Cruises, Ltd.
	1,450,000	5.250%, 11/15/2022		1,529,750
		Six Flags Entertainment Corporation
	2,850,000	5.250%, 1/15/2021h		2,928,375
		Toll Brothers Finance Corporation
	620,000	8.910%, 10/15/2017		678,900
	609,000	4.000%, 12/31/2018		630,315
		West Corporation
	3,470,000	5.375%, 7/15/2022h		3,183,031
		ZF North America Capital, Inc.
	3,200,000	4.500%, 4/29/2022h		3,264,000
		Total		70,570,106
	Consumer Non-Cyclical (1.3%)
		AbbVie, Inc.
	1,150,000	2.500%, 5/14/2020		1,170,783
	825,000	3.600%, 5/14/2025		866,017
		Actavis Funding SCS
	1,158,000	3.800%, 3/15/2025		1,205,180
	2,350,000	4.550%, 3/15/2035		2,421,228
	3,474,000	4.850%, 6/15/2044		3,699,595
		Altria Group, Inc.
	2,990,000	2.850%, 8/9/2022		3,088,529
		Amgen, Inc.
	565,000	2.125%, 5/1/2020		571,924
	772,000	2.700%, 5/1/2022		786,806
	875,000	3.125%, 5/1/2025		886,453
		Anheuser-Busch Inbev Finance, Inc.
	815,000	1.879%, 2/1/2021i		829,415
	1,154,000	3.650%, 2/1/2026		1,213,561
	3,860,000	4.700%, 2/1/2036		4,171,517
		B&G Foods, Inc.
	1,050,000	4.625%, 6/1/2021		1,063,125
		BAT International Finance plc
	825,000	1.144%, 6/15/2018h,i		819,329
		Becton, Dickinson and Company
	1,904,000	6.375%, 8/1/2019		2,169,734
		Biogen, Inc.
	1,100,000	3.625%, 9/15/2022		1,163,466
		Boston Scientific Corporation
	740,000	6.000%, 1/15/2020		835,302
	1,300,000	4.125%, 10/1/2023		1,363,228
	1,025,000	3.850%, 5/15/2025		1,062,910
		Bunge Limited Finance Corporation
	960,000	8.500%, 6/15/2019		1,115,138
	1,230,000	3.500%, 11/24/2020		1,248,176
		Cardinal Health, Inc.
	450,000	1.950%, 6/15/2018		452,102
	507,000	4.900%, 9/15/2045		536,868

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

52

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Consumer Non-Cyclical (1.3%) - continued
		Celgene Corporation
	$1,685,000	2.875%, 8/15/2020		$1,735,478
	445,000	3.550%, 8/15/2022		466,572
	1,685,000	5.000%, 8/15/2045		1,822,048
		Centene Escrow Corporation
	3,100,000	5.625%, 2/15/2021h		3,231,750
		CHS/Community Health Systems, Inc.
	3,205,000	7.125%, 7/15/2020f		3,028,725
		Church & Dwight Company, Inc.
	530,000	2.450%, 12/15/2019		536,294
		Cigna Corporation
	980,000	5.375%, 2/15/2042		1,077,410
		Cott Beverages, Inc.
	1,470,000	5.375%, 7/1/2022		1,492,050
		EMD Finance, LLC
	880,000	0.992%, 3/17/2017h,i		876,902
	1,520,000	2.950%, 3/19/2022h		1,551,485
		Endo Finance, LLC
	2,025,000	6.000%, 2/1/2025h		1,898,437
		Energizer Holdings, Inc.
	2,749,000	5.500%, 6/15/2025h		2,762,745
		Envision Healthcare Corporation
	3,165,000	5.125%, 7/1/2022h		3,212,475
		Express Scripts Holding Company
	772,000	3.900%, 2/15/2022		804,909
	1,820,000	4.500%, 2/25/2026		1,884,368
		Fresenius Medical Care US Finance II, Inc.
	1,100,000	5.875%, 1/31/2022h		1,208,350
		Gilead Sciences, Inc.
	435,000	2.550%, 9/1/2020		447,970
		Grifols Worldwide Operations, Ltd.
	3,000,000	5.250%, 4/1/2022		3,082,500
		H. J. Heinz Company
	1,250,000	3.500%, 7/15/2022h		1,311,855
		HCA, Inc.
	1,470,000	3.750%, 3/15/2019		1,505,868
	1,000,000	4.750%, 5/1/2023		1,017,500
	1,430,000	5.250%, 6/15/2026		1,465,750
		Hologic, Inc.
	1,000,000	5.250%, 7/15/2022h		1,042,500
		Imperial Tobacco Finance plc
	1,765,000	2.950%, 7/21/2020h		1,814,438
		JBS USA, LLC
	2,220,000	5.750%, 6/15/2025h		1,942,500
		Johnson & Johnson
	1,930,000	3.700%, 3/1/2046		2,026,355
		Kraft Foods Group, Inc.
	1,330,000	5.000%, 6/4/2042		1,447,764
		Laboratory Corporation of America Holdings
	620,000	2.625%, 2/1/2020		622,605
		LifePoint Health, Inc.
	2,200,000	5.500%, 12/1/2021		2,299,000
		McKesson Corporation
	1,522,000	3.796%, 3/15/2024		1,588,788
	825,000	4.883%, 3/15/2044		876,786
		Mead Johnson Nutrition Company
	735,000	3.000%, 11/15/2020		755,296
		Medco Health Solutions, Inc.
	700,000	7.125%, 3/15/2018		769,637
		Medtronic plc
	3,855,000	4.375%, 3/15/2035		4,173,527

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Consumer Non-Cyclical (1.3%) - continued
		Merck & Company, Inc.
	$660,000	0.996%, 2/10/2020i		$656,731
	330,000	3.700%, 2/10/2045		335,819
		Mondelez International, Inc.
	672,000	1.136%, 2/1/2019i		662,345
		Mylan NV
	1,550,000	3.000%, 12/15/2018h		1,571,271
	590,000	3.750%, 12/15/2020h		603,667
		PepsiCo, Inc.
	1,545,000	2.850%, 2/24/2026		1,585,144
		Perrigo Finance Unlimited Company
	2,315,000	3.500%, 3/15/2021		2,372,268
		Quintiles Transnational Holdings, Inc.
	800,000	4.875%, 5/15/2023h		820,720
		Reynolds American, Inc.
	800,000	2.300%, 8/21/2017		810,686
	2,338,000	5.700%, 8/15/2035		2,734,211
		Roche Holdings, Inc.
	1,158,000	4.000%, 11/28/2044h		1,254,065
		SABMiller Holdings, Inc.
	676,000	3.750%, 1/15/2022h		717,172
		Safeway, Inc.
	62,000	3.400%, 12/1/2016		62,000
		Spectrum Brands Escrow Corporation
	1,390,000	6.375%, 11/15/2020		1,463,670
		Spectrum Brands, Inc.
	1,550,000	5.750%, 7/15/2025		1,646,875
		Tenet Healthcare Corporation
	3,700,000	8.125%, 4/1/2022		3,806,375
		TreeHouse Foods, Inc.
	970,000	4.875%, 3/15/2022		991,825
		UnitedHealth Group, Inc.
	1,850,000	4.625%, 7/15/2035		2,065,299
		VRX Escrow Corporation
	4,500,000	6.125%, 4/15/2025f,h		3,465,000
		Total		116,146,166
	Energy (0.7%)
		Anadarko Petroleum Corporation
	1,085,000	4.850%, 3/15/2021		1,096,509
		Antero Resources Corporation
	960,000	5.125%, 12/1/2022		871,200
	1,500,000	5.625%, 6/1/2023		1,380,000
		Boardwalk Pipelines, Ltd.
	1,140,000	5.875%, 11/15/2016		1,142,668
		BP Capital Markets plc
	1,590,000	3.062%, 3/17/2022		1,620,445
	2,285,000	3.535%, 11/4/2024		2,334,482
		Buckeye Partners, LP
	1,182,000	2.650%, 11/15/2018		1,173,577
		Cameron International Corporation
	1,544,000	4.000%, 12/15/2023		1,575,289
	150,000	3.700%, 6/15/2024		149,840
		Canadian Natural Resources, Ltd.
	1,600,000	3.450%, 11/15/2021		1,481,024
	930,000	6.250%, 3/15/2038		855,442
		CNOOC Nexen Finance
	651,000	1.625%, 4/30/2017		649,663
		CNPC General Capital, Ltd.
	543,000	2.750%, 4/19/2017h		549,273
		Columbia Pipeline Group, Inc.
	1,480,000	2.450%, 6/1/2018h		1,465,135
		Concho Resources, Inc.
	2,907,000	6.500%, 1/15/2022		2,899,732

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

53

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Energy (0.7%) - continued
	$1,101,432	5.500%, 10/1/2022		$1,082,157
		ConocoPhillips Company
	965,000	4.200%, 3/15/2021		1,007,764
	1,150,000	5.950%, 3/15/2046		1,237,126
		Crestwood Midstream Partners, LP
	775,000	6.125%, 3/1/2022		581,250
		Devon Energy Corporation
	1,150,000	3.250%, 5/15/2022f		968,289
	772,000	5.850%, 12/15/2025f		745,164
		Enbridge Energy Partners, LP
	1,930,000	4.375%, 10/15/2020		1,869,394
		Enbridge, Inc.
	700,000	1.083%, 6/2/2017f,i		670,950
		Energy Transfer Partners, LP
	3,060,000	4.650%, 6/1/2021		2,940,326
	970,000	4.900%, 3/15/2035		767,997
		Enterprise Products Operating, LLC
	1,650,000	5.250%, 1/31/2020		1,784,879
	942,000	5.100%, 2/15/2045		914,319
		EQT Corporation
	659,000	5.150%, 3/1/2018		658,199
	770,000	8.125%, 6/1/2019		829,748
	425,000	4.875%, 11/15/2021		406,720
		Exxon Mobil Corporation
	625,000	4.114%, 3/1/2046		662,688
		Kinder Morgan, Inc.
	908,000	5.300%, 12/1/2034		781,513
	760,000	5.550%, 6/1/2045		675,433
		Magellan Midstream Partners, LP
	245,000	5.000%, 3/1/2026		264,950
	320,000	4.200%, 3/15/2045		267,675
		Marathon Oil Corporation
	1,700,000	2.700%, 6/1/2020		1,442,625
		Marathon Petroleum Corporation
	560,000	3.400%, 12/15/2020		550,805
	640,000	4.750%, 9/15/2044		512,165
		MEG Energy Corporation
	1,100,000	6.500%, 3/15/2021h		664,125
		Newfield Exploration Company
	2,000,000	5.625%, 7/1/2024		1,875,000
		Noble Energy, Inc.
	970,000	5.625%, 5/1/2021		974,850
		Petrobras International Finance Company
	1,890,000	5.750%, 1/20/2020		1,641,937
		Petroleos Mexicanos
	1,107,000	5.500%, 2/4/2019h		1,159,583
	650,000	3.500%, 1/30/2023		589,063
	760,000	2.378%, 4/15/2025		777,206
		Pioneer Natural Resources Company
	413,000	3.450%, 1/15/2021		410,822
	750,000	4.450%, 1/15/2026		755,898
		Regency Energy Partners, LP
	1,470,000	5.000%, 10/1/2022		1,381,478
		Rice Energy, Inc.
	2,440,000	6.250%, 5/1/2022		2,122,800
		Sabine Pass Liquefaction, LLC
	1,430,000	5.625%, 3/1/2025		1,363,862
		Schlumberger Holdings Corporation
	560,000	3.000%, 12/21/2020h		567,748
		Shell International Finance BV
	615,000	1.071%, 5/11/2020i		597,162
		Suncor Energy, Inc.
	990,000	3.600%, 12/1/2024		980,125

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Energy (0.7%) - continued
		Sunoco Logistics Partners Operations, LP
	$2,660,000	4.400%, 4/1/2021		$2,612,139
		Targa Resources Partners, LP
	1,000,000	6.625%, 10/1/2020f,h		987,500
		WPX Energy, Inc.
	1,500,000	7.500%, 8/1/2020		1,170,000
		Total		61,497,713
	Financials (2.4%)
		Abbey National Treasury Services plc
	608,000	3.050%, 8/23/2018		624,768
		ABN AMRO Bank NV
	1,550,000	4.750%, 7/28/2025h		1,561,219
		ACE INA Holdings, Inc.
	1,544,000	2.300%, 11/3/2020		1,569,709
	1,115,000	4.350%, 11/3/2045		1,215,139
		AerCap Ireland Capital, Ltd.
	3,165,000	5.000%, 10/1/2021		3,275,775
		Air Lease Corporation
	800,000	2.125%, 1/15/2018		792,000
	339,000	2.625%, 9/4/2018		336,860
		Ally Financial, Inc.
	960,000	3.750%, 11/18/2019		950,400
	2,025,000	4.125%, 3/30/2020		2,009,813
		American Express Credit Corporation
	945,000	1.189%, 3/18/2019i		931,676
		American International Group, Inc.
	530,000	3.300%, 3/1/2021		541,225
	1,154,000	4.125%, 2/15/2024		1,202,477
	525,000	3.900%, 4/1/2026		526,637
		Aon plc
	577,000	3.875%, 12/15/2025		588,256
		Argos Merger Sub, Inc.
	2,730,000	7.125%, 3/15/2023h		2,901,990
		Avalonbay Communities, Inc.
	1,650,000	3.500%, 11/15/2025		1,709,403
		Aviation Capital Group Corporation
	608,000	3.875%, 9/27/2016h		611,040
		Banco Santander Chile
	1,200,000	1.517%, 4/11/2017h,i		1,189,500
		Bank of America Corporation
	1,325,000	1.694%, 3/22/2018i		1,327,319
	840,000	1.482%, 4/1/2019i		831,936
	1,300,000	2.625%, 10/19/2020		1,309,058
	1,280,000	3.300%, 1/11/2023		1,290,755
	640,000	4.000%, 4/1/2024		671,334
	965,000	4.000%, 1/22/2025		966,464
	718,000	5.875%, 2/7/2042		870,143
	2,356,000	8.000%, 12/29/2049k		2,305,935
		Bank of New York Mellon Corporation
	1,930,000	2.500%, 4/15/2021		1,968,114
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	530,000	2.850%, 9/8/2021h		537,631
		Barclays Bank plc
	970,000	10.179%, 6/12/2021h		1,232,528
		Barclays plc
	990,000	2.750%, 11/8/2019		983,278
	1,544,000	3.650%, 3/16/2025		1,447,742
		BB&T Corporation
	560,000	1.337%, 1/15/2020i		552,498
		BBVA Banco Continental SA
	1,185,000	2.250%, 7/29/2016h		1,185,593
		Berkshire Hathaway, Inc.
	965,000	2.750%, 3/15/2023		984,151

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

54

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Financials (2.4%) - continued
		BPCE SA
	$960,000	5.700%, 10/22/2023h		$1,016,844
	1,475,000	4.500%, 3/15/2025h		1,460,399
		Caisse Centrale Desjardins du Quebec
	780,000	1.283%, 1/29/2018h,i		777,584
		Capital One Financial Corporation
	1,228,000	6.150%, 9/1/2016		1,252,927
	820,000	2.450%, 4/24/2019		828,711
		CIT Group, Inc.
	2,970,000	5.000%, 8/15/2022		3,005,254
		Citigroup, Inc.
	700,000	1.390%, 4/8/2019i		689,575
	1,260,000	2.650%, 10/26/2020		1,271,883
	1,555,000	2.700%, 3/30/2021		1,566,336
	850,000	4.050%, 7/30/2022		884,598
	2,515,000	4.400%, 6/10/2025		2,564,576
	3,100,000	4.650%, 7/30/2045		3,246,425
		Citizens Bank NA
	1,865,000	2.300%, 12/3/2018		1,875,539
		CoBank ACB
	495,000	1.234%, 6/15/2022*,i		462,932
		Compass Bank
	920,000	2.750%, 9/29/2019		916,175
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	795,000	3.950%, 11/9/2022		814,373
		Credit Agricole SA
	820,000	1.422%, 4/15/2019h,i		811,308
		Credit Suisse AG
	772,000	5.400%, 1/14/2020		836,723
		Credit Suisse Group Funding, Ltd.
	2,316,000	2.750%, 3/26/2020		2,285,526
	1,544,000	3.750%, 3/26/2025		1,474,989
		CyrusOne, LP
	1,900,000	6.375%, 11/15/2022		1,971,250
		Digital Realty Trust LP
	1,500,000	3.400%, 10/1/2020		1,533,455
		Discover Bank
	1,750,000	8.700%, 11/18/2019		2,038,384
		Discover Financial Services
	640,000	6.450%, 6/12/2017		670,867
		Duke Realty, LP
	330,000	3.875%, 2/15/2021		340,710
	990,000	4.375%, 6/15/2022		1,042,606
		ERP Operating, LP
	337,000	3.375%, 6/1/2025		347,191
		European Investment Bank
	1,215,000	1.875%, 3/15/2019		1,239,908
		Fifth Third Bancorp
	991,000	5.450%, 1/15/2017		1,015,222
	740,000	2.875%, 7/27/2020		750,316
	530,000	2.875%, 10/1/2021		539,844
		GE Capital International Funding Company
	3,052,000	4.418%, 11/15/2035h		3,315,671
		Genworth Financial, Inc.
	890,000	7.700%, 6/15/2020f		785,425
		Goldman Sachs Group, Inc.
	840,000	1.818%, 4/30/2018i		843,553
	620,000	1.718%, 11/15/2018i		619,938
	1,345,000	5.375%, 3/15/2020		1,492,456
	780,000	1.779%, 4/23/2020i		775,164
	3,088,000	5.250%, 7/27/2021		3,475,930
	772,000	3.500%, 1/23/2025		779,202

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Financials (2.4%) - continued
	$2,475,000	4.800%, 7/8/2044		$2,587,848
	676,000	5.150%, 5/22/2045		686,737
	1,260,000	4.750%, 10/21/2045		1,316,976
		Hartford Financial Services Group, Inc.
	1,960,000	5.125%, 4/15/2022		2,192,705
		HBOS plc
	1,932,000	6.750%, 5/21/2018h		2,089,133
		HCP, Inc.
	2,430,000	4.000%, 12/1/2022		2,442,157
	660,000	3.400%, 2/1/2025		607,319
		HSBC Bank plc
	1,765,000	1.258%, 5/15/2018h,i		1,755,679
		HSBC Holdings plc
	1,550,000	3.400%, 3/8/2021		1,581,764
	1,158,000	6.375%, 12/29/2049f,k		1,094,310
		Huntington Bancshares, Inc.
	304,000	2.600%, 8/2/2018		306,483
		Huntington National Bank
	1,030,000	2.200%, 11/6/2018		1,031,685
		Hutchison Whampoa International 14, Ltd.
	1,014,000	3.625%, 10/31/2024h		1,053,334
		Icahn Enterprises, LP
	2,430,000	6.000%, 8/1/2020		2,363,175
		ING Capital Funding Trust III
	1,015,000	4.231%, 12/29/2049i,k		987,087
		International Lease Finance Corporation
	1,060,000	2.584%, 6/15/2016i		1,060,989
	1,150,000	8.875%, 9/1/2017		1,236,825
		Intesa Sanpaolo SPA
	1,605,000	5.250%, 1/12/2024		1,733,246
		J.P. Morgan Chase & Company
	1,215,000	6.300%, 4/23/2019		1,374,103
	625,000	2.250%, 1/23/2020		629,944
	1,930,000	4.500%, 1/24/2022		2,129,853
	1,158,000	3.200%, 1/25/2023		1,187,888
	1,320,000	3.625%, 5/13/2024		1,376,371
	2,585,000	3.125%, 1/23/2025		2,594,040
	1,250,000	3.300%, 4/1/2026		1,260,151
	2,335,000	7.900%, 4/29/2049k		2,335,000
		KeyBank NA
	1,225,000	2.350%, 3/8/2019		1,236,101
		KeyCorp
	1,600,000	2.900%, 9/15/2020		1,626,222
		Liberty Mutual Group, Inc.
	1,502,000	4.950%, 5/1/2022h		1,635,349
		Liberty Property, LP
	2,210,000	3.750%, 4/1/2025		2,202,292
		Lloyds Bank plc
	885,000	1.160%, 3/16/2018i		878,501
	800,000	4.650%, 3/24/2026		792,854
		Merrill Lynch & Company, Inc.
	2,240,000	6.050%, 5/16/2016		2,255,438
	2,295,000	6.400%, 8/28/2017		2,439,330
		MetLife, Inc.
	1,300,000	4.050%, 3/1/2045		1,229,777
		Mizuho Bank, Ltd.
	960,000	1.850%, 3/21/2018h		960,182
		Morgan Stanley
	2,625,000	6.625%, 4/1/2018		2,867,904
	560,000	1.899%, 4/25/2018i		563,406
	780,000	1.761%, 1/27/2020i		774,915
	670,000	4.875%, 11/1/2022		725,908

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

55

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Financials (2.4%) - continued
	$1,530,000	4.000%, 7/23/2025		$1,599,822
	1,925,000	4.350%, 9/8/2026		1,980,981
	815,000	4.300%, 1/27/2045		820,086
	2,020,000	5.550%, 12/29/2049k		1,991,215
		MPT Operating Partnership, LP
	2,200,000	6.375%, 3/1/2024		2,315,500
	970,000	5.500%, 5/1/2024		974,850
		National City Corporation
	975,000	6.875%, 5/15/2019		1,097,533
		Prudential Financial, Inc.
	530,000	2.350%, 8/15/2019		536,670
		Quicken Loans, Inc.
	3,265,000	5.750%, 5/1/2025h		3,167,050
		Realty Income Corporation
	302,000	2.000%, 1/31/2018		303,152
		Regions Bank
	344,000	7.500%, 5/15/2018		379,076
		Regions Financial Corporation
	1,400,000	2.250%, 9/14/2018		1,397,596
	1,158,000	3.200%, 2/8/2021		1,167,631
		Reinsurance Group of America, Inc.
	500,000	5.625%, 3/15/2017		518,626
	990,000	5.000%, 6/1/2021		1,075,814
		Reliance Standard Life Global Funding II
	660,000	2.500%, 4/24/2019h		665,344
		Royal Bank of Scotland Group plc
	835,000	1.569%, 3/31/2017i		833,790
	2,250,000	7.500%, 12/29/2049k		2,092,500
		Santander Holdings USA, Inc.
	1,030,000	3.450%, 8/27/2018		1,047,505
		Santander UK Group Holdings plc
	1,351,000	2.875%, 10/16/2020		1,344,144
	1,200,000	4.750%, 9/15/2025h		1,135,014
		Simon Property Group, LP
	620,000	10.350%, 4/1/2019		764,679
	570,000	2.500%, 9/1/2020		580,429
	1,400,000	2.750%, 2/1/2023		1,416,285
		Skandinaviska Enskilda Banken AB
	1,025,000	2.375%, 3/25/2019h		1,034,671
		State Street Corporation
	873,000	1.518%, 8/18/2020i		869,075
		Sumitomo Mitsui Banking Corporation
	930,000	1.200%, 1/16/2018i		925,635
		Svenska Handelsbanken AB
	1,190,000	1.132%, 6/17/2019i		1,172,257
		Synchrony Financial
	520,000	1.849%, 2/3/2020i		502,649
	560,000	3.750%, 8/15/2021		574,855
	2,125,000	4.250%, 8/15/2024		2,160,849
		Toronto-Dominion Bank
	560,000	1.562%, 12/14/2020i		561,624
		UBS Group Funding Jersey, Ltd.
	1,930,000	2.950%, 9/24/2020h		1,936,394
	1,158,000	4.125%, 9/24/2025h		1,159,651
		UnitedHealth Group, Inc.
	375,000	3.350%, 7/15/2022		398,928
		USB Realty Corporation
	535,000	1.769%, 12/29/2049h,i,k		426,662
		Voya Financial, Inc.
	1,185,000	2.900%, 2/15/2018		1,203,255
		Wells Fargo & Company
	780,000	1.298%, 1/30/2020i		772,651
	1,550,000	2.550%, 12/7/2020		1,578,408

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Financials (2.4%) - continued
	$3,960,000	3.450%, 2/13/2023		$4,061,059
	1,320,000	3.000%, 2/19/2025		1,330,716
	1,500,000	4.900%, 11/17/2045		1,610,013
		Welltower, Inc.
	300,000	2.250%, 3/15/2018		301,651
	655,000	3.750%, 3/15/2023		654,302
	740,000	4.000%, 6/1/2025		740,404
		Total		205,006,117
	Foreign Government (<0.1%)
		Eksportfinans ASA
	548,000	5.500%, 5/25/2016		550,964
		Export-Import Bank of Korea
	765,000	2.250%, 1/21/2020		771,368
		Kommunalbanken AS
	1,270,000	1.500%, 10/22/2019h		1,276,363
		Total		2,598,695
	Mortgage-Backed Securities (8.8%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	8,000,000	3.000%, 5/1/2030d		8,348,125
	57,995,000	3.000%, 4/1/2031d		60,627,428
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	48,845,000	4.000%, 4/1/2046d		52,130,588
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	29,475,000	3.500%, 4/1/2030d		31,125,892
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	7,722,643	1.733%, 7/1/2043i		7,881,258
	7,143,037	2.025%, 7/1/2043i		7,359,853
	7,099,796	2.070%, 8/1/2043i		7,326,407
	304,750,000	3.500%, 4/1/2046d		319,523,244
	163,432,500	4.000%, 4/1/2046d		174,617,412
	87,794,000	4.500%, 4/1/2046d		95,530,846
		Total		764,471,053
	Technology (0.5%)
		Amphenol Corporation
	511,000	2.550%, 1/30/2019		515,076
		Apple, Inc.
	615,000	0.917%, 5/6/2020i		604,819
	2,676,000	3.200%, 5/13/2025		2,803,546
	1,154,000	4.650%, 2/23/2046		1,259,769
		Baidu, Inc.
	1,825,000	2.750%, 6/9/2019		1,846,396
		Cisco Systems, Inc.
	825,000	1.135%, 3/1/2019i		824,738
		CommScope Technologies Finance, LLC
	2,125,000	6.000%, 6/15/2025h		2,144,922
		Denali Borrower, LLC
	2,320,000	5.625%, 10/15/2020h		2,447,310
		Equinix, Inc.
	970,000	5.750%, 1/1/2025		1,018,500
		Fidelity National Information Services, Inc.
	1,560,000	2.850%, 10/15/2018		1,585,426
	1,159,000	3.625%, 10/15/2020		1,197,855

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

56

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Technology (0.5%) - continued
		First Data Corporation
	$1,570,000	5.375%, 8/15/2023h		$1,609,250
		Freescale Semiconductor, Inc.
	1,470,000	6.000%, 1/15/2022h		1,558,200
		Hewlett Packard Enterprise Company
	1,520,000	2.450%, 10/5/2017h		1,529,924
	760,000	2.850%, 10/5/2018h		772,762
	760,000	4.400%, 10/15/2022h		794,031
		IMS Health, Inc.
	1,497,000	6.000%, 11/1/2020f,h		1,538,168
		Intel Corporation
	320,000	3.100%, 7/29/2022		338,313
	925,000	3.700%, 7/29/2025		1,013,177
		Iron Mountain, Inc.
	2,740,000	6.000%, 8/15/2023		2,877,000
		Microsoft Corporation
	2,400,000	4.750%, 11/3/2055		2,667,058
	2,400,000	4.200%, 11/3/2035		2,572,531
		Oracle Corporation
	565,000	2.500%, 5/15/2022		576,383
	1,690,000	2.950%, 5/15/2025		1,731,201
		Plantronics, Inc.
	1,470,000	5.500%, 5/31/2023h		1,444,275
		Qualcomm, Inc.
	1,158,000	3.000%, 5/20/2022		1,207,407
		Seagate HDD Cayman
	1,352,000	4.875%, 6/1/2027h		1,017,851
		Sensata Technologies UK Financing Company plc
	1,555,000	6.250%, 2/15/2026h		1,656,075
		Western Digital Corporation
	2,930,000	10.500%, 4/1/2024d,h		2,937,325
		Total		44,089,288
	Transportation (0.2%)
		Air Canada Pass Through Trust
	514,131	3.875%, 3/15/2023h		498,065
		American Airlines Pass Through Trust
	1,543,155	3.375%, 5/1/2027		1,504,576
		Avis Budget Car Rental, LLC
	2,275,000	5.125%, 6/1/2022f,h		2,154,141
	1,625,000	6.375%, 4/1/2024h		1,626,869
		Burlington Northern Santa Fe, LLC
	1,320,000	5.050%, 3/1/2041		1,508,178
		Canadian Pacific Railway Company
	405,000	7.125%, 10/15/2031		520,949
	870,000	4.800%, 8/1/2045		890,330
		Continental Airlines, Inc.
	1,100,000	6.125%, 4/29/2018		1,156,375
	705,947	4.150%, 4/11/2024		728,891
		CSX Corporation
	532,000	3.700%, 11/1/2023		568,053
		Delta Air Lines, Inc.
	349,404	4.950%, 5/23/2019		367,748
		ERAC USA Finance, LLC
	294,000	2.800%, 11/1/2018h		298,516
	940,000	4.500%, 2/15/2045h		925,960
		FedEx Corporation
	1,665,000	3.900%, 2/1/2035		1,611,795
		J.B. Hunt Transport Services, Inc.
	510,000	3.300%, 8/15/2022		519,865
		Southwest Airlines Company
	1,075,000	2.750%, 11/6/2019		1,105,839
		Virgin Australia Holdings, Ltd.
	312,763	5.000%, 10/23/2023h		319,018

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Transportation (0.2%) - continued
		XPO Logistics, Inc.
	$2,270,000	6.500%, 6/15/2022f,h		$2,204,737
		Total		18,509,905
	U.S. Government and Agencies (7.7%)
		Federal Home Loan Bank
	5,000,000	0.375%, 6/24/2016		4,999,970
		Federal National Mortgage Association
	540,000	6.250%, 5/15/2029		770,158
		Tennessee Valley Authority
	520,000	5.250%, 9/15/2039		663,669
		U.S. Treasury Bonds
	4,750,000	5.250%, 11/15/2028		6,496,737
	2,975,000	4.375%, 5/15/2040		4,002,886
	66,460,000	3.000%, 5/15/2042		72,161,005
	50,250,000	3.625%, 2/15/2044		60,961,491
	11,250,000	2.500%, 2/15/2046		10,969,189
		U.S. Treasury Bonds, TIPS
	4,347,429	0.125%, 4/15/2019		4,441,229
	131,964	2.375%, 1/15/2025		157,145
	23,366,859	0.625%, 1/15/2026		24,428,415
	93,166	2.125%, 2/15/2040		118,997
	996,008	0.750%, 2/15/2042		966,621
		U.S. Treasury Notes
	2,000,000	0.500%, 8/31/2016		2,000,976
	2,000,000	1.000%, 8/31/2016m		2,004,922
	25,100,000	0.625%, 10/15/2016		25,124,523
	65,050,000	0.875%, 11/15/2017		65,212,625
	10,000,000	0.875%, 10/15/2018		10,015,620
	15,000,000	1.000%, 3/15/2019		15,058,590
	112,320,000	1.500%, 10/31/2019		114,254,937
	38,359,000	1.875%, 6/30/2020		39,532,248
	76,185,000	1.375%, 9/30/2020		76,821,830
	1,000,000	2.125%, 9/30/2021		1,040,977
	2,000,000	2.125%, 6/30/2022		2,077,734
	8,105,000	1.625%, 8/15/2022		8,167,368
	68,135,000	2.250%, 11/15/2024		71,036,052
		U.S. Treasury Notes, TIPS
	7,925,473	0.125%, 4/15/2018		8,065,714
	34,798,397	0.125%, 1/15/2023		35,083,848
		Total		666,635,476
	U.S. Municipals (<0.1%)
		Molina Healthcare, Inc.
	2,500,000	5.375%, 11/15/2022h		2,568,750
		Total		2,568,750
	Utilities (0.6%)
		AES Corporation
	1,100,000	7.375%, 7/1/2021		1,232,000
		American Electric Power Company, Inc.
	2,552,000	2.950%, 12/15/2022		2,584,311
		Arizona Public Service Company
	675,000	2.200%, 1/15/2020		682,745
		Berkshire Hathaway Energy Company
	495,000	2.400%, 2/1/2020		504,366
		Calpine Corporation
	1,470,000	5.375%, 1/15/2023		1,424,989
		Commonwealth Edison Company
	1,300,000	3.700%, 3/1/2045		1,277,825
	965,000	4.350%, 11/15/2045		1,055,550

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

57

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Utilities (0.6%) - continued
		Consolidated Edison Company of New York, Inc.
	$579,000	4.500%, 12/1/2045		$631,439
		Covanta Holding Corporation
	1,200,000	7.250%, 12/1/2020		1,239,000
		DCP Midstream, LLC
	1,100,000	4.750%, 9/30/2021h		863,143
		DTE Electric Company
	965,000	3.700%, 3/15/2045		954,707
		DTE Energy Company
	265,000	2.400%, 12/1/2019		267,042
		Duke Energy Corporation
	1,073,000	2.100%, 6/15/2018		1,078,128
		Dynegy, Inc.
	1,800,000	6.750%, 11/1/2019		1,791,000
		Edison International
	1,520,000	2.950%, 3/15/2023		1,533,751
		EDP Finance BV
	1,122,000	4.125%, 1/15/2020h		1,123,571
		Enel Finance International NV
	474,000	6.250%, 9/15/2017h		505,758
		Energy Transfer Equity, LP
	1,470,000	5.500%, 6/1/2027		1,179,675
		Eversource Energy
	565,000	1.600%, 1/15/2018		562,196
		Exelon Corporation
	825,000	5.100%, 6/15/2045h		896,693
		Exelon Generation Company, LLC
	1,077,000	5.200%, 10/1/2019		1,172,887
	505,000	2.950%, 1/15/2020		508,252
		ITC Holdings Corporation
	294,000	4.050%, 7/1/2023		303,649
	975,000	5.300%, 7/1/2043		1,001,419
		Kinder Morgan Energy Partners, LP
	1,150,000	3.500%, 3/1/2021		1,106,988
		MidAmerican Energy Holdings Company
	1,497,000	6.500%, 9/15/2037		1,952,104
		Monongahela Power Company
	990,000	5.400%, 12/15/2043h		1,173,631
		MPLX LP
	3,850,000	4.875%, 12/1/2024h		3,554,462
		National Rural Utilities Cooperative Finance Corporation
	1,500,000	2.300%, 11/1/2020		1,527,111
		NextEra Energy Capital Holdings, Inc.
	965,000	2.300%, 4/1/2019		970,586
		NiSource Finance Corporation
	2,200,000	5.650%, 2/1/2045		2,617,404
		Northern States Power Company
	1,670,000	4.125%, 5/15/2044		1,783,602
		NRG Energy, Inc.
	1,100,000	6.625%, 3/15/2023		1,026,091
		Oncor Electric Delivery Company, LLC
	960,000	3.750%, 4/1/2045		901,253
		Pacific Gas & Electric Company
	1,301,000	5.625%, 11/30/2017		1,384,901
	1,158,000	4.250%, 3/15/2046		1,230,108
		PG&E Corporation
	485,000	2.400%, 3/1/2019		491,471
		PPL Capital Funding, Inc.
	508,000	3.500%, 12/1/2022		527,170
	1,900,000	5.000%, 3/15/2044		2,036,568
		Sempra Energy
	1,640,000	6.150%, 6/15/2018		1,777,120

Principal Amount		Long-Term Fixed Income (28.9%)	Value
	Utilities (0.6%) - continued
	$630,000	2.400%, 3/15/2020		$632,250
		Southern California Edison Company
	375,000	2.400%, 2/1/2022		378,607
		Southwestern Electric Power Company
	670,000	3.900%, 4/1/2045		614,146
		Targa Resources Partners, LP
	975,000	5.250%, 5/1/2023		899,437
		TransAlta Corporation
	1,213,000	1.900%, 6/3/2017		1,171,532
		Williams Companies, Inc.
	664,000	7.875%, 9/1/2021		614,027
		Total		52,744,665
		Total Long-Term Fixed Income (cost $2,477,454,883)		2,516,323,925
Shares		Collateral Held for Securities Loaned (1.6%)	Value
	137,887,038	Thrivent Cash Management Trust		137,887,038
		Total Collateral Held for Securities Loaned (cost $137,887,038)		137,887,038
Shares or Principal Amount		Short-Term Investments (14.3%)n	Value
		Federal Agricultural Mortgage Corporation Discount Notes
	5,300,000	0.370%, 4/4/2016o		5,299,837
		Federal Farm Credit Discount Notes
	7,036,000	0.285%, 5/9/2016		7,033,883
		Federal Home Loan Bank Discount Notes
	20,000,000	0.370%, 4/6/2016		19,998,972
	68,300,000	0.366%, 4/8/2016o		68,295,134
	45,000,000	0.365%, 4/11/2016o		44,995,438
	9,685,000	0.360%, 4/15/2016		9,683,644
	20,800,000	0.381%, 4/22/2016o		20,795,377
	10,000,000	0.390%, 4/27/2016o		9,997,186
	34,000,000	0.284%, 5/2/2016		33,991,673
	9,600,000	0.300%, 5/3/2016		9,597,440
	15,000,000	0.358%, 5/4/2016o		14,995,077
	42,748,000	0.382%, 5/4/2016		42,733,016
	5,000,000	0.290%, 5/5/2016		4,998,631
	42,100,000	0.328%, 5/6/2016		42,086,557
	43,000,000	0.312%, 5/10/2016		42,985,483
	5,000,000	0.325%, 5/12/2016		4,998,149
	39,245,000	0.320%, 5/13/2016		39,230,334
	14,000,000	0.380%, 5/18/2016		13,993,055
	13,400,000	0.300%, 5/19/2016		13,394,640
	12,000,000	0.300%, 5/20/2016		11,995,100
	10,000,000	0.270%, 5/23/2016		9,996,100
	25,000,000	0.250%, 5/25/2016		24,990,625
		Federal Home Loan Mortgage Corporation Discount Notes
	300,000	0.419%, 6/17/2016		299,731
	14,400,000	0.400%, 7/25/2016o		14,381,600
		Federal National Mortgage Association Discount Notes
	8,000,000	0.334%, 6/8/2016		7,994,953

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

58

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares or Principal Amount		Short-Term Investments (14.3%)n	Value
	727,363,116	Thrivent Cash Management Trust 0.290%		$727,363,116
		Total Short-Term Investments (at amortized cost)		1,246,124,751
		Total Investments (cost $9,217,937,367) 110.1%		$9,585,304,036
		Other Assets and Liabilities, Net (10.1%)		(877,824,620)
		Total Net Assets 100.0%		$8,707,479,416

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

b In bankruptcy. Interest is not being accrued.

c All or a portion of the loan is unfunded.

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

e Non-income producing security.

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

g Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in the Notes to Financial Statements.

h Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of March 31, 2016, the value of these investments was $225,172,199 or 2.6% of total net assets.

i 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 March 31, 2016.

j Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of March 31, 2016.

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

l Denotes interest only security. Interest only securities represent the right to receive monthly interest payments on an underlying pool of mortgages or assets. The principal shown is the outstanding par amount of the pool as of the end of the period. The actual effective yield of the security is different than the stated coupon rate.

m At March 31, 2016, $130,320 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

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

o All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

* 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 value of all restricted securities held in Moderate Allocation Portfolio as of March 31, 2016 was $109,168,462 or 1.3% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of March 31, 2016.

Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	1,399,300
Apidos CLO XVIII, 7/22/2026		6/25/2014		1,396,500
Ares CLO, Ltd., 11/15/2025		11/26/2014		2,750,000
Ares CLO, Ltd., 10/12/2023		5/15/2015		4,400,000
Babson CLO, Ltd., 10/17/2026		8/15/2014		1,399,300
Bayview Opportunity Master Fund Trust, 7/28/2034		3/19/2015		1,245,730
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015		3,205,531
Betony CLO, Ltd., 4/15/2027		2/25/2015		1,260,000
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		1,400,000
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014		1,398,586
CAM Mortgage, LLC, 7/15/2064		6/24/2015		1,843,196
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		1,400,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		1,400,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		1,400,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		1,400,000
CoBank ACB, 6/15/2022		10/18/2013		481,278
Digicel, Ltd., 4/15/2021		8/18/2014		3,591,159
DRB Prime Student Loan Trust, 1/25/2040		12/4/2015		1,007,153
DRB Prime Student Loan Trust, 7/25/2031		9/23/2015		1,298,058
Dryden 34 Senior Loan Fund CLO, 10/15/2026		7/21/2014		1,400,000
Edlinc Student Loan Funding Trust, 10/1/2025		2/28/2013		83,136
Galaxy XX CLO, Ltd., 7/20/2027		5/20/2015		4,500,000
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/3/2014		1,398,600
Golub Capital Partners CLO 22B, Ltd., 2/20/2027		2/6/2015		2,686,230
Golub Capital Partners CLO 23M, Ltd., 5/5/2027		5/18/2015		1,346,625
Limerock CLO III, LLC, 10/20/2026		10/16/2014		4,500,000
Madison Park Funding XIV CLO, Ltd., 7/20/2026		7/3/2014		1,523,170
Madison Park Funding, Ltd., 8/15/2022		5/8/2015		4,250,000
Magnetite XII, Ltd., 4/15/2027		2/6/2015		4,425,000
Mountain View CLO, Ltd., 7/15/2027		5/13/2015		4,513,280
Neuberger Berman CLO, Ltd., 8/4/2025		6/19/2014		1,100,000
NZCG Funding CLO, Ltd., 4/27/2027		3/27/2015		4,500,000
Oak Hill Advisors Residential Loan Trust, 1/25/2055		3/5/2015		1,856,015
Octagon Investment Partners XX CLO, Ltd., 8/12/2026		7/10/2014		1,400,000
OHA Loan Funding, Ltd., 10/20/2026		11/6/2014		4,488,750
OZLM VIII, Ltd., 10/17/2026		8/7/2014		1,392,020
Pretium Mortgage Credit Partners, LLC, 10/27/2030		10/6/2015		3,000,775
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		3,260,000
Shackleton VII CLO, Ltd., 4/15/2027		3/27/2015		4,500,000
Sunset Mortgage Loan Company, LLC, 9/16/2045		10/2/2015		2,833,229
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014		1,360,842

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

59

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Security	Acquisition Date		Cost
Symphony CLO XV, Ltd., 10/17/2026		10/17/2014	$	4,466,250
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		1,624,818
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		1,754,676
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		7,074,247
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		1,397,900

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Moderate Allocation Portfolio as of March 31, 2016:

Securities Lending Transactions
Taxable Debt Security	$	21,960,092
Common Stock		112,076,427
Total lending	$	134,036,519
Gross amount payable upon return of collateral for securities loaned	$	137,887,038
Net amounts due to counterparty	$	3,850,519

    Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
CLO	-	Collateralized Loan Obligation
ETF	-	Exchange Traded Fund.
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	$	637,285,294
Gross unrealized depreciation		(269,918,625)
Net unrealized appreciation (depreciation)	$	367,366,669
Cost for federal income tax purposes	$	9,217,937,367

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

60

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing Moderate Allocation Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		12,737,997		–		12,737,997		–
Capital Goods		2,751,489		–		2,751,489		–
Communications Services		54,597,370		–		46,611,653		7,985,717
Consumer Cyclical		30,549,528		–		27,190,304		3,359,224
Consumer Non-Cyclical		26,260,936		–		25,359,615		901,321
Energy		13,581,167		–		8,372,011		5,209,156
Financials		10,233,081		–		10,233,081		–
Technology		12,017,126		–		10,674,807		1,342,319
Transportation		3,206,782		–		–		3,206,782
Utilities		1,492,885		–		1,492,885		–
Common Stock
Consumer Discretionary		449,966,125		436,800,296		13,165,829		–
Consumer Staples		146,578,402		136,686,532		9,891,870		–
Energy		349,760,141		345,642,318		4,117,823		–
Financials		482,031,711		459,457,141		21,781,832		792,738
Health Care		358,031,396		349,473,200		8,558,196		–
Industrials		318,873,454		308,975,558		9,897,896		–
Information Technology		622,913,257		619,474,793		3,438,464		–
Materials		114,542,663		109,123,707		5,418,956		–
Telecommunications Services		23,396,124		20,371,044		3,025,080		–
Utilities		66,090,970		64,350,257		1,740,713		–
Registered Investment Companies
Affiliated Fixed Income Holdings		966,781,499		966,781,499		–		–
Affiliated Equity Holdings		1,494,153,609		1,494,153,609		–		–
Fixed Income Funds/ETFs		78,305,778		78,305,778		–		–
Equity Funds/ETFs		46,114,832		46,114,832		–		–
Long-Term Fixed Income
Asset-Backed Securities		105,229,450		–		105,229,450		–
Basic Materials		15,176,531		–		15,176,531		–
Capital Goods		52,083,912		–		52,083,912		–
Collateralized Mortgage Obligations		116,919,040		–		116,919,040		–
Commercial Mortgage-Backed Securities		100,494,521		–		100,494,521		–
Communications Services		121,582,537		–		121,582,537		–
Consumer Cyclical		70,570,106		–		70,570,106		–
Consumer Non-Cyclical		116,146,166		–		116,146,166		–
Energy		61,497,713		–		61,497,713		–
Financials		205,006,117		–		205,006,117		–
Foreign Government		2,598,695		–		2,598,695		–
Mortgage-Backed Securities		764,471,053		–		764,471,053		–
Technology		44,089,288		–		44,089,288		–
Transportation		18,509,905		–		18,509,905		–
U.S. Government and Agencies		666,635,476		–		666,635,476		–
U.S. Municipals		2,568,750		–		2,568,750		–
Utilities		52,744,665		–		52,744,665		–
Short-Term Investments		518,761,635		–		518,761,635		–
Subtotal Investments in Securities	$	8,720,053,882	$	5,435,710,564	$	3,261,546,061	$	22,797,257
Other Investments*	Total
Short-Term Investments		727,363,116
Collateral Held for Securities Loaned		137,887,038
Subtotal Other Investments	$	865,250,154
Total Investments at Value	$	9,585,304,036

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

61

MODERATE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		1,906,843		1,906,843		–		–
Total Asset Derivatives	$	1,906,843	$	1,906,843	$	–	$	–
Liability Derivatives
Futures Contracts		22,137,825		22,137,825		–		–
Total Liability Derivatives	$	22,137,825	$	22,137,825	$	–	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents Moderate Allocation Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $66,350,292 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date	Notional Principal Amount		Value		Unrealized Gain/(Loss)
CBOT 10-Yr. U.S. Treasury Note		1,148	June 2016	$	149,710,049	$	149,688,444	($	21,605)
CBOT 2-Yr. U.S. Treasury Note		(512)	June 2016		(111,966,438)		(112,000,000)		(33,562)
CBOT 5-Yr. U.S. Treasury Note		2,777	June 2016		335,830,358		336,472,595		642,237
CBOT U.S. Long Bond		198	June 2016		32,721,690		32,558,625		(163,065)
CME E-mini S&P Mid-Cap 400 Index		(2,238)	June 2016		(308,985,696)		(322,540,560)		(13,554,864)
CME S&P 500 Index		(41)	June 2016		(20,844,246)		(21,027,875)		(183,629)
CME Ultra Long Term U.S. Treasury Bond		222	June 2016		38,431,015		38,301,938		(129,077)
Eurex Euro STOXX 50 Index		9,677	June 2016		329,917,625		321,865,602		(8,052,023)
ICE mini MSCI EAFE Index		2,430	June 2016		197,349,522		197,498,250		148,728
NYBOT NYF mini Russell 2000 Index		269	June 2016		28,732,362		29,848,240		1,115,878
Total Futures Contracts								($	20,230,982)

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio. A summary of transactions for the fiscal year to date, in Moderate Allocation Portfolio, is as follows:

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Small Cap Stock	$	65,083,371	$	–	$	–		4,191,815	$	65,119,002	$	–
Mid Cap Stock		231,468,373		–		–		13,836,768		233,379,231		–
Partner Worldwide Allocation		502,110,376		–		–		55,766,496		500,805,440		–
Large Cap Value		434,477,853		–		–		27,999,217		437,028,582		–
Large Cap Stock		263,160,569		–		–		22,633,380		257,821,354		–
High Yield		150,029,163		2,162,006		–		33,993,905		154,087,574		2,162,511
Income		491,779,169		4,578,461		–		50,490,624		507,647,884		4,564,230
Limited Maturity Bond		302,550,074		1,403,106		–		31,261,123		305,046,041		1,399,688
Cash Management Trust-Collateral Investment		182,839,267		396,644,374		441,596,603		137,887,038		137,887,038		344,238
Cash Management Trust-Short Term Investment		213,007,058		951,117,537		436,761,479		727,363,116		727,363,116		424,818
Total Value and Income Earned	$	2,836,505,273							$	3,326,185,262	$	8,895,485

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

62

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (2.9%)a	Value
	Basic Materials (0.2%)
		Alpha Natural Resources, Inc., Term Loan
	$1,908,335	3.500%, 5/22/2020b		$583,626
		Axalta Coating Systems US Holdings, Inc., Term Loan
	1,430,153	3.750%, 2/1/2020		1,420,027
		Fortescue Metals Group, Ltd., Term Loan
	1,433,396	4.250%, 6/30/2019		1,207,235
		Ineos US Finance, LLC, Term Loan
	2,260,292	3.750%, 12/15/2020		2,220,736
		NewPage Corporation, Delayed Draw
	171,500	11.000%, 7/26/2017		144,917
		NewPage Corporation, Term Loan
	171,500	10.136%, 7/26/2017		144,918
	852,250	0.000%, 2/11/2021b		124,642
		Tronox Pigments BV, Term Loan
	1,830,902	4.500%, 3/19/2020		1,689,923
		Total		7,536,024
	Capital Goods (0.1%)
		Accudyne Industries, LLC, Term Loan
	1,145,978	4.000%, 12/13/2019c,d		997,001
		ADS Waste Holdings, Inc., Term Loan
	989,228	3.750%, 10/9/2019		980,157
		Berry Plastics Group, Inc., Term Loan
	1,655,309	3.500%, 2/8/2020		1,647,032
		Total		3,624,190
	Communications Services (1.0%)
		Atlantic Broadband Penn, LLC, Term Loan
	897,790	3.250%, 11/30/2019		894,145
		Birch Communication Inc., Term Loan
	1,925,000	7.750%, 7/17/2020		1,665,125
		CCO Safari III, LLC, Term Loan
	360,000	3.500%, 1/24/2023		360,101
		Cengage Learning Acquisitions, Term Loan
	1,774,727	7.000%, 3/31/2020		1,764,593
		Charter Communications Operating, LLC, Term Loan
	447,350	3.000%, 7/1/2020		445,042
		Grande Communications Networks, LLC, Term Loan
	1,322,636	4.500%, 5/29/2020		1,298,934
		Hargray Communications Group, Inc., Term Loan
	1,945,895	5.250%, 6/26/2019		1,933,733
		Integra Telecom Holdings, Inc., Term Loan
	1,256,722	5.250%, 8/14/2020		1,181,947
	405,757	9.750%, 2/12/2021		384,710
		Intelsat Jackson Holdings SA, Term Loan
	650,968	3.750%, 6/30/2019c,d		605,980
		Level 3 Communications, Inc., Term Loan
	2,540,000	4.000%, 1/15/2020		2,545,562
		Level 3 Financing, Inc., Term Loan
	840,000	3.500%, 5/31/2022		837,724
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	2,585,000	4.500%, 1/7/2022		2,462,212

Principal Amount		Bank Loans (2.9%)a	Value
	Communications Services (1.0%) - continued
		LTS Buyer, LLC, Term Loan
	$1,996,953	4.000%, 4/13/2020		$1,971,991
	72,737	8.000%, 4/12/2021		69,525
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	1,988,658	4.912%, 3/22/2019		1,980,365
		NEP Broadcasting, LLC, Term Loan
	134,286	10.000%, 7/22/2020		123,207
		NEP/NCP Holdco, Inc., Term Loan
	2,504,484	4.250%, 1/22/2020c,d		2,310,386
		NTelos, Inc., Term Loan
	661,025	5.750%, 11/9/2019		656,067
		Numericable US, LLC, Term Loan
	3,000,000	4.750%, 2/10/2023		2,972,820
		SBA Senior Finance II, LLC, Term Loan
	1,826,200	3.250%, 6/10/2022		1,811,846
		Syniverse Holdings, Inc., Term Loan
	1,543,615	4.000%, 4/23/2019		1,139,697
		TNS, Inc., Term Loan
	794,448	5.000%, 2/14/2020		781,292
		Univision Communications, Inc., Term Loan
	1,896,661	4.000%, 3/1/2020		1,875,912
		Virgin Media Investment Holdings, Ltd., Term Loan
	1,902,132	3.500%, 6/30/2023		1,884,785
		WideOpenWest Finance, LLC, Term Loan
	999,196	4.500%, 4/1/2019c,d		987,246
		XO Communications, LLC, Term Loan
	2,075,486	4.250%, 3/20/2021		2,065,855
		Yankee Cable Acquisition, LLC, Term Loan
	1,576,547	4.250%, 3/1/2020		1,567,356
		Zayo Group, LLC, Term Loan
	2,639,912	3.750%, 5/6/2021		2,624,522
		Total		41,202,680
	Consumer Cyclical (0.6%)
		Amaya BV, Term Loan
	2,891,217	5.000%, 8/1/2021		2,650,639
		Burlington Coat Factory Warehouse Corporation, Term Loan
	1,094,626	4.250%, 8/13/2021		1,094,429
		Ceridian HCM Holding, Inc., Term Loan
	574,393	4.500%, 9/15/2020		552,853
		Charter Communications Operating, LLC, Term Loan
	2,188,125	3.000%, 1/3/2021		2,177,578
		Chrysler Group, LLC, Term Loan
	874,087	3.500%, 5/24/2017		873,484
		Golden Nugget, Inc., Delayed Draw
	246,251	5.500%, 11/21/2019		244,867
		Golden Nugget, Inc., Term Loan
	574,586	5.500%, 11/21/2019		571,357
		IMG Worldwide, Inc., Term Loan
	2,064,055	5.250%, 5/6/2021		2,060,195
	950,000	8.250%, 5/6/2022		902,500
		J.C. Penney Corporation, Inc., Term Loan
	1,955,461	6.000%, 5/22/2018		1,957,416
		Las Vegas Sands, LLC, Term Loan
	1,955,000	3.250%, 12/19/2020		1,953,104

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

63

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (2.9%)a	Value
	Consumer Cyclical (0.6%) - continued
		Marina District Finance Company, Inc., Term Loan
	$1,598,387	6.500%, 8/15/2018		$1,595,062
		MGM Resorts International, Term Loan
	1,388,363	3.500%, 12/20/2019		1,384,392
		Mohegan Tribal Gaming Authority, Term Loan
	2,060,767	5.500%, 6/15/2018		1,989,939
		ROC Finance, LLC, Term Loan
	955,625	5.000%, 6/20/2019		917,400
		Scientific Games International, Inc., Term Loan
	3,040,785	6.000%, 10/18/2020		2,940,074
	653,383	6.000%, 10/1/2021		630,822
		Seminole Indian Tribe of Florida, Term Loan
	683,350	3.000%, 4/29/2020		680,788
		Total		25,176,899
	Consumer Non-Cyclical (0.4%)
		Albertson’s, LLC, Term Loan
	2,096,945	5.500%, 3/21/2019		2,095,771
		Catalina Marketing Corporation, Term Loan
	2,510,715	4.500%, 4/9/2021		2,134,108
		CHS/Community Health Systems, Inc., Term Loan
	347,617	3.741%, 12/31/2018		343,838
	326,238	3.750%, 1/27/2021		320,075
	600,269	4.000%, 1/27/2021		589,513
		Endo Luxembourg Finance I Co Sarl, Term Loan
	1,650,863	3.750%, 9/26/2022		1,624,036
		JBS USA, LLC, Term Loan
	1,508,730	3.750%, 5/25/2018		1,502,137
		Ortho-Clinical Diagnostics, Inc., Term Loan
	2,343,162	4.750%, 6/30/2021		2,167,425
		Sterigenics-Nordion Holdings, LLC, Term Loan
	1,079,575	4.250%, 5/16/2022		1,068,779
		Supervalu, Inc., Term Loan
	2,239,067	4.500%, 3/21/2019		2,186,449
		Valeant Pharmaceuticals International, Inc., Term Loan
	4,587,437	4.000%, 4/1/2022c,d		4,325,586
		Total		18,357,717
	Energy (0.1%)
		Altice US Finance I Corporation, Term Loan
	1,059,672	4.250%, 12/14/2022		1,053,547
		Arch Coal, Inc., Term Loan
	2,618,289	7.500%, 5/16/2018b		924,046
		Energy Solutions, LLC, Term Loan
	515,821	6.750%, 5/29/2020		474,556
		Expro Holdings UK 2, Ltd., Term Loan
	738,750	5.750%, 9/2/2021		496,196
		Fieldwood Energy, LLC, Term Loan
	879,760	3.875%, 10/1/2018		593,469
		Houston Fuel Oil Terminal, LLC, Term Loan
	1,846,925	4.250%, 8/19/2021		1,662,232

Principal Amount		Bank Loans (2.9%)a	Value
	Energy (0.1%) - continued
		McJunkin Red Man Corporation, Term Loan
	$1,112,653	4.750%, 11/8/2019		$1,062,583
		Pacific Drilling SA, Term Loan
	1,244,800	4.500%, 6/3/2018		387,220
		Targa Resources Partners, LP, Term Loan
	158,139	5.750%, 2/27/2022		142,326
		Total		6,796,175
	Financials (0.1%)
		DJO Finance, LLC, Term Loan
	945,250	4.250%, 6/7/2020		923,197
		Harland Clarke Holdings Corporation, Term Loan
	1,673,146	7.000%, 5/22/2018c,d		1,641,775
		MoneyGram International, Inc., Term Loan
	1,784,800	4.250%, 3/27/2020		1,666,557
		WaveDivision Holdings, LLC, Term Loan
	2,433,262	4.000%, 10/15/2019		2,408,930
		Total		6,640,459
	Technology (0.2%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	1,680,000	4.250%, 2/1/2023		1,670,642
		First Data Corporation, Term Loan
	1,687,222	3.932%, 3/23/2018		1,682,582
	1,040,000	3.932%, 9/24/2018		1,037,837
	400,353	0.000%, 3/24/2021c,d		399,352
	600,000	4.182%, 7/8/2022		595,800
		NXP BV, Term Loan
	1,246,875	3.750%, 12/7/2020		1,248,820
		SS&C European Holdings SARL, Term Loan
	636,547	4.007%, 7/8/2022		637,445
	92,272	4.018%, 7/8/2022		92,402
		Total		7,364,880
	Transportation (0.1%)
		OSG Bulk Ships, Inc., Term Loan
	1,072,200	5.250%, 8/5/2019		964,980
		United Airlines, Inc., Term Loan
	1,115,500	3.250%, 4/1/2019		1,110,480
		XPO Logistics, Inc., Term Loan
	2,389,012	5.500%, 11/1/2021		2,394,985
		Total		4,470,445
	Utilities (0.1%)
		Calpine Corporation, Term Loan
	2,012,025	4.000%, 10/9/2019		2,001,965
	243,135	4.000%, 10/31/2020		240,856
	334,571	3.500%, 5/27/2022		329,813
		Intergen NV, Term Loan
	870,387	5.500%, 6/15/2020		776,821
		Total		3,349,455
		Total Bank Loans (cost $132,699,821)		124,518,924

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

64

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Asset-Backed Securities (1.6%)
		Access Group, Inc.
	$1,153,591	0.933%, 2/25/2036e,f		$1,115,891
		Ares CLO, Ltd.
	2,800,000	1.911%, 10/12/2023*,f		2,781,399
	1,500,000	2.098%, 11/15/2025*,f		1,492,253
		BA Credit Card Trust
	1,100,000	0.816%, 6/15/2021f		1,099,120
		Bayview Opportunity Master Fund Trust
	1,924,298	3.721%, 2/28/2035*		1,923,256
	1,090,105	3.721%, 7/28/2035e,g		1,086,826
		Betony CLO, Ltd.
	750,000	2.132%, 4/15/2027*,f		741,652
		CAM Mortgage, LLC
	1,105,917	3.500%, 7/15/2064*,g		1,106,909
		Capital One Multi-Asset Execution Trust
	1,350,000	0.816%, 1/18/2022f		1,347,940
		Chase Issuance Trust
	850,000	1.590%, 2/18/2020		856,446
	1,625,000	1.620%, 7/15/2020		1,638,285
		Chesapeake Funding, LLC
	965,303	0.891%, 1/7/2025e,f		963,418
		Countrywide Asset-Backed Certificates
	917,687	5.530%, 4/25/2047		1,021,929
		DRB Prime Student Loan Trust
	865,511	3.170%, 7/25/2031*		859,449
	938,873	3.200%, 1/25/2040*		930,681
		Edlinc Student Loan Funding Trust
	898,209	3.435%, 10/1/2025*,f		903,502
		FirstEnergy Ohio PIRB Special Purpose Trust
	365,787	0.679%, 1/15/2019		364,921
		Ford Credit Auto Owner Trust
	810,000	2.260%, 11/15/2025e		820,619
		Golden Credit Card Trust
	1,000,000	0.866%, 9/15/2018e,f		1,000,000
		GoldenTree Loan Opportunities IX, Ltd.
	825,000	2.128%, 10/29/2026*,f		816,717
		Golub Capital Partners CLO 23M, Ltd.
	800,000	2.106%, 5/5/2027*,f		790,515
		Lehman XS Trust
	3,600,152	5.440%, 8/25/2035g		3,137,516
		Morgan Stanley Bank of America Merrill Lynch Trust
	3,400,000	3.176%, 8/15/2045		3,554,915
	3,400,000	3.246%, 12/15/2047		3,519,718
		Morgan Stanley Capital, Inc.
	1,830,581	0.583%, 2/25/2037f		926,530
		OneMain Financial Issuance Trust
	1,750,000	4.100%, 3/20/2028e		1,761,077
		OZLM VIII, Ltd.
	825,000	2.060%, 10/17/2026*,f		817,764
		Pretium Mortgage Credit Partners, LLC
	1,840,795	4.125%, 10/27/2030*		1,830,052
		Race Point IX CLO, Ltd.
	1,925,000	2.132%, 4/15/2027*,f		1,897,969
		Renaissance Home Equity Loan Trust
	5,444,470	6.011%, 5/25/2036g		3,684,413
	2,418,768	5.580%, 11/25/2036g		1,229,245

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Asset-Backed Securities (1.6%) - continued
		SLM Student Loan Trust
	$1,462,174	1.036%, 8/15/2022e,f		$1,457,712
	595,145	1.019%, 4/25/2023e,f		594,112
	1,350,000	1.486%, 5/17/2027e,f		1,338,999
		SoFi Professional Loan Program, LLC
	1,939,389	2.420%, 3/25/2030e		1,915,876
		Sunset Mortgage Loan Company, LLC
	1,618,988	4.459%, 9/16/2045*,g		1,619,628
		U.S. Small Business Administration
	384,598	3.191%, 3/10/2024		403,816
		Vericrest Opportunity Loan Transferee
	4,852,549	3.375%, 10/25/2058*,g		4,785,259
	2,350,660	3.500%, 6/26/2045e		2,322,533
	2,511,260	3.500%, 6/26/2045e,g		2,469,509
	1,872,188	3.625%, 7/25/2045e,g		1,858,879
	1,071,780	3.500%, 2/25/2055*,g		1,065,463
		Volvo Financial Equipment, LLC
	81,623	0.740%, 3/15/2017e		81,610
		World Financial Network Credit Card Master Trust
	1,950,000	0.910%, 3/16/2020		1,949,977
		Total		67,884,300
	Basic Materials (0.3%)
		Albemarle Corporation
	230,000	3.000%, 12/1/2019		231,377
		Anglo American plc
	1,777,000	3.625%, 5/14/2020e,h		1,520,436
		ArcelorMittal SA
	1,300,000	6.500%, 3/1/2021h		1,280,500
		Corporacion Nacional del Cobre de Chile
	1,135,000	4.500%, 9/16/2025e,h		1,156,784
		First Quantum Minerals, Ltd.
	847,000	6.750%, 2/15/2020e		580,195
	847,000	7.000%, 2/15/2021e		567,490
		Georgia-Pacific, LLC
	535,000	2.539%, 11/15/2019e		537,199
		Glencore Funding, LLC
	395,000	1.680%, 4/16/2018e,f		355,500
		Novelis, Inc.
	790,000	8.375%, 12/15/2017		803,430
	1,080,000	8.750%, 12/15/2020		1,090,044
		Sappi Papier Holding GmbH
	1,370,000	6.625%, 4/15/2021e		1,416,813
		Xstrata Finance Canada, Ltd.
	1,130,000	2.700%, 10/25/2017e		1,107,400
		Yamana Gold, Inc.
	890,000	4.950%, 7/15/2024		752,050
		Total		11,399,218
	Capital Goods (0.9%)
		AECOM
	2,080,000	5.875%, 10/15/2024		2,142,400
		Aircastle, Ltd.
	1,915,000	5.000%, 4/1/2023		1,924,575
		Ball Corporation
	1,000,000	4.375%, 12/15/2020		1,040,625
		Building Materials Corporation of America
	1,575,000	6.000%, 10/15/2025e		1,665,563
		Case New Holland, Inc.
	1,100,000	7.875%, 12/1/2017		1,182,500

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

65

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Capital Goods (0.9%) - continued
		Cemex Finance, LLC
	$2,030,000	9.375%, 10/12/2017e		$2,233,000
		CNH Industrial Capital, LLC
	800,000	4.375%, 11/6/2020h		786,000
		Crown Americas Capital Corporation IV
	1,450,000	4.500%, 1/15/2023		1,479,000
		General Electric Company
	1,422,000	5.000%, 12/29/2049i		1,464,660
		HD Supply, Inc.
	1,955,000	5.750%, 4/15/2024d,e		2,008,763
		Huntington Ingalls Industries, Inc.
	2,025,000	5.000%, 11/15/2025e		2,118,656
		L-3 Communications Corporation
	992,000	1.500%, 5/28/2017		988,600
		Lockheed Martin Corporation
	892,000	2.500%, 11/23/2020		913,642
	1,024,000	4.500%, 5/15/2036		1,101,489
		Martin Marietta Materials, Inc.
	750,000	1.729%, 6/30/2017f		743,120
		Newell Rubbermaid, Inc.
	528,000	2.600%, 3/29/2019		535,678
	748,000	5.500%, 4/1/2046		812,624
		Northrop Grumman Corporation
	1,010,000	3.850%, 4/15/2045		999,471
		Owens-Brockway Glass Container, Inc.
	2,205,000	5.000%, 1/15/2022e		2,254,789
		Pentair Finance SA
	1,100,000	2.900%, 9/15/2018		1,103,155
		Reynolds Group Issuer, Inc.
	1,612,019	5.750%, 10/15/2020		1,654,334
		Roper Industries, Inc.
	1,316,000	2.050%, 10/1/2018		1,328,611
		Standard Industries, Inc.
	675,000	5.500%, 2/15/2023e		690,188
		Textron, Inc.
	680,000	5.600%, 12/1/2017		714,507
	825,000	7.250%, 10/1/2019		944,275
	545,000	5.950%, 9/21/2021		618,076
		United Rentals North America, Inc.
	2,900,000	5.500%, 7/15/2025		2,884,891
		Waste Management, Inc.
	260,000	3.125%, 3/1/2025		266,456
		Total		36,599,648
	Collateralized Mortgage Obligations (1.8%)
		Alm Loan Funding CLO
	825,000	2.050%, 10/17/2026*,f		817,057
		Alternative Loan Trust
	1,642,612	6.000%, 6/25/2036		1,399,448
		Apidos CLO XVIII
	825,000	2.033%, 7/22/2026*,f		813,207
		Babson CLO, Ltd.
	825,000	2.010%, 10/17/2026*,f		810,015
		BCAP, LLC Trust
	2,103,078	0.613%, 3/25/2037f		1,742,706
		Birchwood Park CLO, Ltd.
	825,000	2.062%, 7/15/2026*,f		817,967
		BlueMountain CLO, Ltd.
	825,000	2.102%, 10/15/2026*,f		821,062
		Carlyle Global Market Strategies CLO, Ltd.
	825,000	1.920%, 7/20/2023*,f		820,070
	825,000	2.122%, 10/15/2026*,f		819,181

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Collateralized Mortgage Obligations (1.8%) - continued
		Cent CLO 16, LP
	$825,000	1.866%, 8/1/2024*,f		$821,725
		Cent CLO 22, Ltd.
	825,000	2.100%, 11/7/2026*,f		798,775
		Citigroup Mortgage Loan Trust, Inc.
	510,744	5.500%, 11/25/2035		484,362
		CitiMortgage Alternative Loan Trust
	1,706,175	5.750%, 4/25/2037		1,435,510
		Countrywide Alternative Loan Trust
	2,095,553	2.652%, 10/25/2035		1,834,713
	1,009,887	6.500%, 8/25/2036		737,711
	333,768	6.000%, 1/25/2037		318,194
	3,385,915	5.500%, 5/25/2037		2,864,320
	2,196,933	7.000%, 10/25/2037		1,581,770
		Countrywide Home Loans, Inc.
	620,669	5.750%, 4/25/2037		554,513
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	167,995	5.500%, 10/25/2021		162,161
	490,137	6.000%, 10/25/2021		428,587
		Dryden 34 Senior Loan Fund CLO
	825,000	2.052%, 10/15/2026*,f		817,662
		Federal Home Loan Mortgage Corporation
	7,674,327	3.000%, 4/15/2028j		746,209
	5,353,372	3.000%, 2/15/2033j		646,507
		Federal National Mortgage Association
	10,939,013	3.500%, 1/25/2033j		1,422,999
		Galaxy XX CLO, Ltd.
	2,650,000	2.074%, 7/20/2027*,f		2,611,402
		Golub Capital Partners CLO 22B, Ltd.
	1,575,000	2.098%, 2/20/2027*,f		1,557,105
		Greenpoint Mortgage Funding Trust
	1,261,973	0.633%, 10/25/2045f		974,037
		HomeBanc Mortgage Trust
	1,011,670	2.337%, 4/25/2037		755,508
		IndyMac INDX Mortgage Loan Trust
	2,296,352	1.073%, 7/25/2045f		1,847,538
		J.P. Morgan Mortgage Trust
	160,052	2.663%, 10/25/2036		143,006
	2,503,222	0.813%, 1/25/2037f		1,485,683
	2,795,575	6.250%, 8/25/2037		2,124,755
		Limerock CLO III, LLC
	2,500,000	2.154%, 10/20/2026*,f		2,418,633
		Madison Park Funding XIV CLO, Ltd.
	900,000	2.074%, 7/20/2026*,f		894,775
		Madison Park Funding, Ltd.
	2,975,000	1.908%, 8/15/2022*,f		2,956,905
		Magnetite XII, Ltd.
	2,600,000	2.122%, 4/15/2027*,f		2,565,412
		MASTR Alternative Loans Trust
	421,786	6.500%, 7/25/2034		430,589
	1,842,417	0.883%, 12/25/2035f		873,897
		Merrill Lynch Alternative Note Asset Trust
	389,406	6.000%, 3/25/2037		341,670
		Mountain View CLO, Ltd.
	2,625,000	2.082%, 7/15/2027*,f		2,534,462
		Neuberger Berman CLO, Ltd.
	700,000	2.089%, 8/4/2025*,f		694,437
		NZCG Funding CLO, Ltd.
	2,650,000	2.171%, 4/27/2027*,f		2,630,695

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

66

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Collateralized Mortgage Obligations (1.8%) - continued
		Octagon Investment Partners XX CLO, Ltd.
	$825,000	2.058%, 8/12/2026*,f		$816,925
		OHA Loan Funding, Ltd.
	2,500,000	2.154%, 10/20/2026*,f		2,463,130
		Residential Accredit Loans, Inc. Trust
	725,757	5.750%, 9/25/2035		644,204
	4,277,100	0.613%, 11/25/2036f		3,043,392
		Residential Asset Securitization Trust
	2,911,441	0.813%, 8/25/2037f		808,714
		Sequoia Mortgage Trust
	2,695,639	2.919%, 9/20/2046		2,149,402
		Shackleton VII CLO, Ltd.
	2,650,000	2.162%, 4/15/2027*,f		2,622,696
		Symphony CLO VIII, Ltd.
	801,925	1.717%, 1/9/2023*,f		798,616
		Symphony CLO XV, Ltd.
	2,500,000	2.070%, 10/17/2026*,f		2,474,958
		Voya CLO 3, Ltd.
	825,000	2.039%, 7/25/2026*,f		817,026
		WaMu Mortgage Pass Through Certificates
	401,693	2.432%, 9/25/2036		359,973
	381,324	2.454%, 10/25/2036		328,111
	1,257,276	2.193%, 11/25/2036		1,081,864
	1,882,512	1.975%, 1/25/2037		1,573,184
		Washington Mutual Mortgage Pass Through Certificates
	3,555,369	1.101%, 2/25/2047f		2,471,899
		Total		74,811,034
	Commercial Mortgage-Backed Securities (1.5%)
		Commercial Mortgage Pass-Through Certificates
	2,340,000	1.488%, 6/8/2030e,f		2,324,543
		Credit Suisse First Boston Mortgage Securities
	4,600,000	5.542%, 1/15/2049		4,682,631
		Credit Suisse Mortgage Capital Certificates
	3,300,000	5.509%, 9/15/2039		3,328,054
		Federal National Mortgage Association
	1,016,479	1.272%, 1/25/2017		1,016,247
		Greenwich Capital Commercial Funding Corporation
	3,100,000	5.867%, 12/10/2049		3,187,500
		GS Mortgage Securities Trust
	4,000,000	3.666%, 9/10/2047		4,253,331
	4,025,000	3.506%, 10/10/2048		4,221,994
	4,200,000	3.734%, 11/10/2048		4,498,602
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	1,750,000	3.507%, 5/15/2045		1,872,011
	2,300,000	5.699%, 2/12/2049		2,348,609
		JPMBB Commercial Mortgage Securities Trust
	2,850,000	3.231%, 1/15/2048		2,956,303
	4,025,000	3.598%, 11/15/2048		4,247,301
		Morgan Stanley Bank of America Merrill Lynch Trust
	4,100,000	3.753%, 12/15/2047		4,385,300
	4,050,000	3.635%, 10/15/2048		4,292,761

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Commercial Mortgage-Backed Securities (1.5%) - continued
		Morgan Stanley Capital, Inc.
	$4,150,000	5.406%, 3/15/2044		$4,280,121
		SCG Trust
	700,000	1.836%, 11/15/2026e,f		695,693
		UBS Commercial Mortgage Trust
	5,100,000	3.400%, 5/10/2045		5,378,690
		Wells Fargo Commercial Mortgage Trust
	2,500,000	3.617%, 9/15/2057		2,654,513
	2,250,000	3.839%, 9/15/2058		2,424,232
		WFRBS Commercial Mortgage Trust
	2,800,000	2.870%, 11/15/2045		2,881,206
		Total		65,929,642
	Communications Services (2.0%)
		21st Century Fox America, Inc.
	1,140,000	6.900%, 3/1/2019		1,297,044
		Altice Financing SA
	1,675,000	6.625%, 2/15/2023e		1,679,187
		AMC Networks, Inc.
	3,035,000	5.000%, 4/1/2024		3,046,381
		America Movil SAB de CV
	750,000	1.632%, 9/12/2016f		749,702
	829,000	5.000%, 10/16/2019		909,924
		American Tower Corporation
	105,000	2.800%, 6/1/2020		105,534
	1,280,000	3.300%, 2/15/2021		1,301,916
	700,000	3.450%, 9/15/2021		715,780
		AT&T, Inc.
	600,000	5.875%, 10/1/2019		678,142
	360,000	1.559%, 6/30/2020f		356,327
	963,000	3.875%, 8/15/2021		1,024,746
	805,000	3.000%, 6/30/2022		816,705
	1,792,000	6.350%, 3/15/2040		2,078,815
	950,000	5.550%, 8/15/2041		1,019,723
	1,000,000	5.150%, 3/15/2042		1,007,952
	546,000	4.750%, 5/15/2046		532,600
		British Sky Broadcasting Group plc
	880,000	2.625%, 9/16/2019e		889,132
		CBS Corporation
	780,000	4.000%, 1/15/2026		814,711
		CCO Holdings, LLC
	1,500,000	7.375%, 6/1/2020		1,560,937
	2,100,000	5.875%, 4/1/2024e		2,199,750
		CCO Safari II, LLC
	1,010,000	6.834%, 10/23/2055e		1,089,956
	630,000	3.579%, 7/23/2020e		643,757
	1,070,000	4.908%, 7/23/2025e		1,128,653
		CenturyLink, Inc.
	1,630,000	6.450%, 6/15/2021		1,651,386
	395,000	7.500%, 4/1/2024d		395,988
		Clear Channel Worldwide Holdings, Inc.
	2,240,000	6.500%, 11/15/2022		2,228,800
		Columbus International, Inc.
	2,015,000	7.375%, 3/30/2021e		2,145,975
		Comcast Corporation
	875,000	2.750%, 3/1/2023		904,197
	2,190,000	4.400%, 8/15/2035		2,372,668
	418,000	4.650%, 7/15/2042		464,967
	1,552,000	4.750%, 3/1/2044		1,750,611
		Cox Communications, Inc.
	476,000	9.375%, 1/15/2019e		558,812
	800,000	3.850%, 2/1/2025e		771,704

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

67

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Communications Services (2.0%) - continued
		Crown Castle International Corporation
	$1,183,000	3.400%, 2/15/2021		$1,200,629
	1,270,000	5.250%, 1/15/2023		1,370,012
		Crown Castle Towers, LLC
	480,000	4.174%, 8/15/2017e		492,527
		Digicel, Ltd.
	2,725,000	6.000%, 4/15/2021*		2,438,875
		Dish DBS Corporation
	1,905,000	5.875%, 7/15/2022		1,804,987
		FairPoint Communications, Inc.
	1,565,000	8.750%, 8/15/2019e		1,482,837
		Frontier Communications Corporation
	2,270,000	8.875%, 9/15/2020e		2,357,963
		Hughes Satellite Systems Corporation
	1,350,000	6.500%, 6/15/2019		1,486,687
		Level 3 Communications, Inc.
	2,080,000	5.375%, 1/15/2024e		2,106,000
		Level 3 Financing, Inc.
	700,000	5.375%, 5/1/2025		708,750
		McGraw Hill Financial, Inc.
	1,024,000	3.300%, 8/14/2020		1,059,339
		McGraw-Hill Global Education Holdings, LLC
	1,925,000	9.750%, 4/1/2021		2,088,625
		Numericable-SFR
	2,455,000	6.000%, 5/15/2022e		2,393,625
		Omnicom Group, Inc.
	530,000	3.600%, 4/15/2026d		542,909
		Quebecor Media, Inc.
	1,375,000	5.750%, 1/15/2023		1,416,250
		SES Global Americas Holdings GP
	620,000	2.500%, 3/25/2019e		611,870
		Sprint Communications, Inc.
	1,350,000	9.000%, 11/15/2018e		1,414,125
		Sprint Corporation
	1,405,000	7.625%, 2/15/2025		1,043,213
		Telefonica Emisiones SAU
	858,000	3.192%, 4/27/2018		880,257
		Time Warner Entertainment Company, LP
	1,341,000	8.375%, 3/15/2023		1,714,615
		Time Warner, Inc.
	1,982,000	3.600%, 7/15/2025		2,034,420
	780,000	6.250%, 3/29/2041		901,607
		T-Mobile USA, Inc.
	2,520,000	6.125%, 1/15/2022		2,601,900
		Unitymedia Hessen GmbH & Company KG
	875,000	5.500%, 1/15/2023e		896,875
		Univision Communications, Inc.
	970,000	5.125%, 5/15/2023e		965,150
	500,000	5.125%, 2/15/2025e		493,750
		UPCB Finance V, Ltd.
	1,350,000	7.250%, 11/15/2021e		1,427,625
		Verizon Communications, Inc.
	590,000	1.412%, 6/17/2019f		588,597
	1,655,000	3.000%, 11/1/2021		1,719,581
	2,304,000	5.150%, 9/15/2023		2,659,307
	508,000	5.050%, 3/15/2034		550,602
	859,000	4.272%, 1/15/2036		854,698

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Communications Services (2.0%) - continued
	$1,796,000	4.522%, 9/15/2048		$1,799,055
		Total		84,999,744
	Consumer Cyclical (1.1%)
		Automatic Data Processing, Inc.
	375,000	3.375%, 9/15/2025		400,904
		Cinemark USA, Inc.
	1,195,000	4.875%, 6/1/2023e		1,205,098
	1,500,000	4.875%, 6/1/2023		1,512,675
		CVS Health Corporation
	235,000	2.250%, 8/12/2019		240,884
	1,900,000	4.875%, 7/20/2035		2,118,441
	508,000	6.125%, 9/15/2039		642,403
		Delphi Automotive plc
	1,280,000	3.150%, 11/19/2020		1,306,821
		eBay, Inc.
	520,000	2.500%, 3/9/2018		528,434
		Ford Motor Company
	515,000	7.450%, 7/16/2031		670,963
		Ford Motor Credit Company, LLC
	1,150,000	5.000%, 5/15/2018		1,214,314
	950,000	2.551%, 10/5/2018		953,287
	1,000,000	2.943%, 1/8/2019		1,015,428
		General Motors Company
	500,000	6.600%, 4/1/2036		550,195
	992,000	6.250%, 10/2/2043		1,059,498
		General Motors Financial Company, Inc.
	1,500,000	3.250%, 5/15/2018		1,524,965
	770,000	3.700%, 11/24/2020		784,717
	512,000	4.200%, 3/1/2021		528,833
	1,240,000	4.300%, 7/13/2025		1,227,351
	500,000	5.250%, 3/1/2026		522,963
		Hilton Worldwide Finance, LLC
	2,275,000	5.625%, 10/15/2021		2,357,355
		Home Depot, Inc.
	536,000	2.625%, 6/1/2022		554,457
	640,000	3.000%, 4/1/2026		671,855
		Hyundai Capital America
	768,000	2.400%, 10/30/2018e		773,124
	768,000	3.000%, 10/30/2020e		779,654
		Jaguar Land Rover Automotive plc
	1,500,000	5.625%, 2/1/2023e,h		1,541,250
		KB Home
	1,141,000	4.750%, 5/15/2019		1,136,721
		L Brands, Inc.
	1,500,000	5.625%, 2/15/2022		1,634,130
		Lennar Corporation
	1,500,000	4.125%, 12/1/2018		1,530,000
	1,485,000	4.875%, 12/15/2023		1,485,000
		Live Nation Entertainment, Inc.
	1,500,000	5.375%, 6/15/2022e		1,526,250
		McDonald’s Corporation
	730,000	2.750%, 12/9/2020		756,081
		MGM Resorts International
	2,115,000	6.000%, 3/15/2023h		2,189,025
		PulteGroup, Inc.
	1,985,000	4.250%, 3/1/2021		2,014,775
		Rite Aid Corporation
	1,985,000	6.125%, 4/1/2023e		2,104,100
		Six Flags Entertainment Corporation
	1,935,000	5.250%, 1/15/2021e		1,988,212
		Toll Brothers Finance Corporation
	580,000	8.910%, 10/15/2017		635,100
	432,000	4.000%, 12/31/2018		447,120

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

68

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Consumer Cyclical (1.1%) - continued
		West Corporation
	$2,420,000	5.375%, 7/15/2022e		$2,219,866
		ZF North America Capital, Inc.
	2,175,000	4.500%, 4/29/2022e		2,218,500
		Total		46,570,749
	Consumer Non-Cyclical (1.9%)
		AbbVie, Inc.
	920,000	2.500%, 5/14/2020		936,626
	650,000	3.600%, 5/14/2025		682,316
		Actavis Funding SCS
	792,000	3.800%, 3/15/2025		824,269
	1,620,000	4.550%, 3/15/2035		1,669,102
	2,376,000	4.850%, 6/15/2044		2,530,293
		Altria Group, Inc.
	2,100,000	2.850%, 8/9/2022		2,169,201
		Amgen, Inc.
	330,000	2.125%, 5/1/2020		334,044
	512,000	2.700%, 5/1/2022		521,820
	475,000	3.125%, 5/1/2025		481,217
		Anheuser-Busch Inbev Finance, Inc.
	550,000	1.879%, 2/1/2021f		559,728
	768,000	3.650%, 2/1/2026		807,639
	2,560,000	4.700%, 2/1/2036		2,766,602
		B&G Foods, Inc.
	1,055,000	4.625%, 6/1/2021		1,068,188
		BAT International Finance plc
	480,000	1.144%, 6/15/2018e,f		476,701
		Becton, Dickinson and Company
	1,331,000	6.375%, 8/1/2019		1,516,762
		Biogen, Inc.
	810,000	3.625%, 9/15/2022		856,734
		Boston Scientific Corporation
	435,000	6.000%, 1/15/2020		491,022
	1,030,000	4.125%, 10/1/2023		1,080,096
	525,000	3.850%, 5/15/2025		544,417
		Bunge Limited Finance Corporation
	762,000	8.500%, 6/15/2019		885,141
	590,000	3.500%, 11/24/2020		598,718
		Cardinal Health, Inc.
	260,000	1.950%, 6/15/2018		261,215
	402,000	4.900%, 9/15/2045		425,682
		Celgene Corporation
	1,185,000	2.875%, 8/15/2020		1,220,499
	260,000	3.550%, 8/15/2022		272,604
	1,185,000	5.000%, 8/15/2045		1,281,381
		Centene Escrow Corporation
	2,100,000	5.625%, 2/15/2021e		2,189,250
		CHS/Community Health Systems, Inc.
	2,200,000	7.125%, 7/15/2020h		2,079,000
		Church & Dwight Company, Inc.
	310,000	2.450%, 12/15/2019		313,681
		Cigna Corporation
	775,000	5.375%, 2/15/2042		852,033
		EMD Finance, LLC
	515,000	0.992%, 3/17/2017e,f		513,187
	1,128,000	2.950%, 3/19/2022e		1,151,365
		Endo Finance, LLC
	750,000	6.000%, 2/1/2025e		703,125
		Energizer Holdings, Inc.
	1,900,000	5.500%, 6/15/2025e		1,909,500
		Envision Healthcare Corporation
	2,205,000	5.125%, 7/1/2022e		2,238,075

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Consumer Non-Cyclical (1.9%) - continued
		Express Scripts Holding Company
	$512,000	3.900%, 2/15/2022		$533,826
	1,240,000	4.500%, 2/25/2026		1,283,855
		Fresenius Medical Care US Finance II, Inc.
	1,500,000	5.875%, 1/31/2022e		1,647,750
		Gilead Sciences, Inc.
	260,000	2.550%, 9/1/2020		267,752
		Grifols Worldwide Operations, Ltd.
	2,235,000	5.250%, 4/1/2022		2,296,463
		H. J. Heinz Company
	1,000,000	3.500%, 7/15/2022e		1,049,484
		HCA, Inc.
	1,450,000	3.750%, 3/15/2019		1,485,380
	200,000	4.750%, 5/1/2023		203,500
	1,070,000	5.250%, 6/15/2026		1,096,750
		Imperial Tobacco Finance plc
	1,250,000	2.950%, 7/21/2020e		1,285,013
		JBS USA, LLC
	1,450,000	5.750%, 6/15/2025e		1,268,750
		Johnson & Johnson
	1,290,000	3.700%, 3/1/2046		1,354,403
		Kraft Foods Group, Inc.
	1,070,000	5.000%, 6/4/2042		1,164,742
		Laboratory Corporation of America Holdings
	360,000	2.625%, 2/1/2020		361,512
		LifePoint Health, Inc.
	1,500,000	5.500%, 12/1/2021		1,567,500
		McKesson Corporation
	1,024,000	3.796%, 3/15/2024		1,068,935
	650,000	4.883%, 3/15/2044		690,801
		Mead Johnson Nutrition Company
	512,000	3.000%, 11/15/2020		526,138
		Medco Health Solutions, Inc.
	550,000	7.125%, 3/15/2018		604,715
		Medtronic plc
	2,570,000	4.375%, 3/15/2035		2,782,351
		Merck & Company, Inc.
	385,000	0.996%, 2/10/2020f		383,093
	260,000	3.700%, 2/10/2045		264,584
		Mondelez International, Inc.
	418,000	1.136%, 2/1/2019f		411,994
		Mylan NV
	1,020,000	3.000%, 12/15/2018e		1,033,998
	400,000	3.750%, 12/15/2020e		409,266
		PepsiCo, Inc.
	1,032,000	2.850%, 2/24/2026		1,058,814
		Perrigo Finance Unlimited Company
	1,605,000	3.500%, 3/15/2021		1,644,705
		Quintiles Transnational Holdings, Inc.
	500,000	4.875%, 5/15/2023e		512,950
		Reynolds American, Inc.
	604,000	2.300%, 8/21/2017		612,068
	1,563,000	5.700%, 8/15/2035		1,827,875
		Roche Holdings, Inc.
	768,000	4.000%, 11/28/2044e		831,712
		SABMiller Holdings, Inc.
	536,000	3.750%, 1/15/2022e		568,645
		Safeway, Inc.
	58,000	3.400%, 12/1/2016		58,000
		Spectrum Brands Escrow Corporation
	640,000	6.375%, 11/15/2020		673,920

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

69

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Consumer Non-Cyclical (1.9%) - continued
		Spectrum Brands, Inc.
	$1,065,000	5.750%, 7/15/2025		$1,131,563
		Tenet Healthcare Corporation
	2,500,000	8.125%, 4/1/2022		2,571,875
		TreeHouse Foods, Inc.
	970,000	4.875%, 3/15/2022		991,825
		UnitedHealth Group, Inc.
	1,370,000	4.625%, 7/15/2035		1,529,438
		VRX Escrow Corporation
	3,245,000	6.125%, 4/15/2025e,h		2,498,650
		Total		78,765,828
	Energy (1.1%)
		Anadarko Petroleum Corporation
	755,000	4.850%, 3/15/2021		763,008
		Antero Resources Corporation
	1,775,000	5.125%, 12/1/2022		1,610,813
		Boardwalk Pipelines, Ltd.
	888,000	5.875%, 11/15/2016		890,078
		BP Capital Markets plc
	1,003,000	3.062%, 3/17/2022		1,022,205
	1,560,000	3.535%, 11/4/2024		1,593,782
		Buckeye Partners, LP
	846,000	2.650%, 11/15/2018		839,971
		Cameron International Corporation
	1,150,000	4.000%, 12/15/2023		1,173,305
		Canadian Natural Resources, Ltd.
	1,005,000	3.450%, 11/15/2021		930,268
	680,000	6.250%, 3/15/2038		625,484
		CNOOC Nexen Finance
	762,000	1.625%, 4/30/2017		760,435
		CNPC General Capital, Ltd.
	446,000	2.750%, 4/19/2017e		451,152
		Columbia Pipeline Group, Inc.
	995,000	2.450%, 6/1/2018e		985,006
		Concho Resources, Inc.
	1,310,000	6.500%, 1/15/2022		1,306,725
	1,412,019	5.500%, 10/1/2022		1,387,309
		ConocoPhillips Company
	660,000	4.200%, 3/15/2021		689,248
	772,000	5.950%, 3/15/2046		830,488
		Crestwood Midstream Partners, LP
	850,000	6.125%, 3/1/2022		637,500
		Devon Energy Corporation
	765,000	3.250%, 5/15/2022h		644,122
	512,000	5.850%, 12/15/2025h		494,202
		Enbridge Energy Partners, LP
	1,280,000	4.375%, 10/15/2020		1,239,805
		Enbridge, Inc.
	400,000	1.083%, 6/2/2017f,h		383,400
		Energy Transfer Partners, LP
	2,084,000	4.650%, 6/1/2021		2,002,497
	765,000	4.900%, 3/15/2035		605,689
		Enterprise Products Operating, LLC
	1,200,000	5.250%, 1/31/2020		1,298,094
	758,000	5.100%, 2/15/2045		735,726
		EQT Corporation
	500,000	5.150%, 3/1/2018		499,393
	754,000	8.125%, 6/1/2019		812,507
		Exxon Mobil Corporation
	420,000	4.114%, 3/1/2046		445,326
		Kinder Morgan, Inc.
	714,000	5.300%, 12/1/2034		614,538
	510,000	5.550%, 6/1/2045		453,251

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Energy (1.1%) - continued
		Magellan Midstream Partners, LP
	$170,000	5.000%, 3/1/2026		$183,843
	255,000	4.200%, 3/15/2045		213,303
		Marathon Oil Corporation
	1,350,000	2.700%, 6/1/2020h		1,145,614
		Marathon Petroleum Corporation
	375,000	3.400%, 12/15/2020		368,843
	500,000	4.750%, 9/15/2044		400,129
		MEG Energy Corporation
	1,500,000	6.500%, 3/15/2021e		905,625
		Newfield Exploration Company
	1,460,000	5.625%, 7/1/2024		1,368,750
		Noble Energy, Inc.
	724,000	5.625%, 5/1/2021		727,620
		Petrobras International Finance Company
	1,265,000	5.750%, 1/20/2020		1,098,969
		Petroleos Mexicanos
	737,000	5.500%, 2/4/2019e		772,008
	515,000	3.500%, 1/30/2023		466,719
	437,000	2.378%, 4/15/2025		446,893
		Pioneer Natural Resources Company
	278,000	3.450%, 1/15/2021		276,534
	500,000	4.450%, 1/15/2026		503,932
		Regency Energy Partners, LP
	1,450,000	5.000%, 10/1/2022		1,362,682
		Rice Energy, Inc.
	1,790,000	6.250%, 5/1/2022		1,557,300
		Sabine Pass Liquefaction, LLC
	1,440,000	5.625%, 3/1/2025		1,373,400
		Schlumberger Holdings Corporation
	375,000	3.000%, 12/21/2020e		380,188
		Shell International Finance BV
	360,000	1.071%, 5/11/2020f		349,558
		Suncor Energy, Inc.
	780,000	3.600%, 12/1/2024		772,220
		Sunoco Logistics Partners Operations, LP
	1,730,000	4.400%, 4/1/2021		1,698,872
		Targa Resources Partners, LP
	1,215,000	6.625%, 10/1/2020e,h		1,199,813
		Total		44,298,142
	Financials (3.4%)
		Abbey National Treasury Services plc
	456,000	3.050%, 8/23/2018		468,576
		ABN AMRO Bank NV
	1,050,000	4.750%, 7/28/2025e		1,057,600
		ACE INA Holdings, Inc.
	1,024,000	2.300%, 11/3/2020		1,041,051
	737,000	4.350%, 11/3/2045		803,191
		AerCap Ireland Capital, Ltd.
	2,080,000	5.000%, 10/1/2021		2,152,800
		Air Lease Corporation
	625,000	2.125%, 1/15/2018		618,750
	198,000	2.625%, 9/4/2018		196,750
		Ally Financial, Inc.
	960,000	3.750%, 11/18/2019		950,400
	1,050,000	4.125%, 3/30/2020		1,042,125
		American Express Credit Corporation
	590,000	1.189%, 3/18/2019f		581,681
		American International Group, Inc.
	320,000	3.300%, 3/1/2021		326,778
	768,000	4.125%, 2/15/2024		800,262
	360,000	3.900%, 4/1/2026		361,122

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

70

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Financials (3.4%) - continued
		Aon plc
	$384,000	3.875%, 12/15/2025		$391,491
		Argos Merger Sub, Inc.
	1,975,000	7.125%, 3/15/2023e		2,099,425
		Avalonbay Communities, Inc.
	1,125,000	3.500%, 11/15/2025		1,165,502
		Aviation Capital Group Corporation
	564,000	3.875%, 9/27/2016e		566,820
		Banco Santander Chile
	710,000	1.517%, 4/11/2017e,f		703,788
		Bank of America Corporation
	800,000	1.694%, 3/22/2018f		801,400
	500,000	1.482%, 4/1/2019f		495,200
	800,000	2.625%, 10/19/2020		805,574
	1,065,000	3.300%, 1/11/2023		1,073,948
	508,000	4.000%, 4/1/2024		532,871
	760,000	4.000%, 1/22/2025		761,153
	552,000	5.875%, 2/7/2042		668,968
	1,617,000	8.000%, 12/29/2049i		1,582,639
		Bank of New York Mellon Corporation
	1,280,000	2.500%, 4/15/2021		1,305,277
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	315,000	2.850%, 9/8/2021e		319,536
		Barclays Bank plc
	770,000	10.179%, 6/12/2021e		978,398
		Barclays plc
	780,000	2.750%, 11/8/2019		774,704
	1,039,000	3.650%, 3/16/2025		974,226
		BB&T Corporation
	325,000	1.337%, 1/15/2020f		320,646
		BBVA Banco Continental SA
	930,000	2.250%, 7/29/2016e		930,465
		Berkshire Hathaway, Inc.
	640,000	2.750%, 3/15/2023		652,701
		BPCE SA
	762,000	5.700%, 10/22/2023e		807,120
	1,000,000	4.500%, 3/15/2025e		990,101
		Caisse Centrale Desjardins du Quebec
	455,000	1.283%, 1/29/2018e,f		453,590
		Capital One Financial Corporation
	1,149,000	6.150%, 9/1/2016		1,172,324
	635,000	2.450%, 4/24/2019		641,746
		CIT Group, Inc.
	2,075,000	5.000%, 8/15/2022		2,099,630
		Citigroup, Inc.
	415,000	1.390%, 4/8/2019f		408,819
	840,000	2.650%, 10/26/2020		847,922
	1,075,000	2.700%, 3/30/2021		1,082,837
	690,000	4.050%, 7/30/2022		718,085
	1,990,000	4.400%, 6/10/2025		2,029,227
	2,050,000	4.650%, 7/30/2045		2,146,830
		Citizens Bank NA
	1,220,000	2.300%, 12/3/2018		1,226,894
		CoBank ACB
	395,000	1.234%, 6/15/2022*,f		369,410
		Compass Bank
	750,000	2.750%, 9/29/2019		746,882
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	650,000	3.950%, 11/9/2022		665,839
		Credit Agricole SA
	485,000	1.422%, 4/15/2019e,f		479,859
		Credit Suisse AG
	512,000	5.400%, 1/14/2020		554,925

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Financials (3.4%) - continued
		Credit Suisse Group Funding, Ltd.
	$1,536,000	2.750%, 3/26/2020		$1,515,789
	1,024,000	3.750%, 3/26/2025		978,231
		CyrusOne, LP
	1,500,000	6.375%, 11/15/2022		1,556,250
		Digital Realty Trust LP
	1,125,000	3.400%, 10/1/2020		1,150,091
		Discover Bank
	1,135,000	8.700%, 11/18/2019		1,322,038
		Discover Financial Services
	526,000	6.450%, 6/12/2017		551,368
		Duke Realty, LP
	260,000	3.875%, 2/15/2021		268,439
	780,000	4.375%, 6/15/2022		821,447
		ERP Operating, LP
	267,000	3.375%, 6/1/2025		275,074
		European Investment Bank
	755,000	1.875%, 3/15/2019		770,478
		Fifth Third Bancorp
	755,000	5.450%, 1/15/2017		773,454
	548,000	2.875%, 7/27/2020		555,639
	310,000	2.875%, 10/1/2021		315,758
		GE Capital International Funding Company
	2,052,000	4.418%, 11/15/2035e		2,229,278
		Genworth Financial, Inc.
	710,000	7.700%, 6/15/2020h		626,575
		Goldman Sachs Group, Inc.
	1,170,000	1.818%, 4/30/2018f		1,174,949
	430,000	1.718%, 11/15/2018f		429,957
	950,000	5.375%, 3/15/2020		1,054,151
	460,000	1.779%, 4/23/2020f		457,148
	2,048,000	5.250%, 7/27/2021		2,305,280
	512,000	3.500%, 1/23/2025		516,776
	1,325,000	4.800%, 7/8/2044		1,385,413
	536,000	5.150%, 5/22/2045		544,513
	800,000	4.750%, 10/21/2045		836,175
		Hartford Financial Services Group, Inc.
	1,250,000	5.125%, 4/15/2022		1,398,409
		HBOS plc
	1,384,000	6.750%, 5/21/2018e		1,496,563
		HCP, Inc.
	1,630,000	4.000%, 12/1/2022		1,638,155
	520,000	3.400%, 2/1/2025		478,494
		HSBC Bank plc
	1,065,000	1.258%, 5/15/2018e,f		1,059,376
		HSBC Holdings plc
	1,080,000	3.400%, 3/8/2021		1,102,132
	768,000	6.375%, 12/29/2049h,i		725,760
		Huntington Bancshares, Inc.
	282,000	2.600%, 8/2/2018		284,303
		Huntington National Bank
	720,000	2.200%, 11/6/2018		721,178
		Hutchison Whampoa International 14, Ltd.
	804,000	3.625%, 10/31/2024e		835,188
		Icahn Enterprises, LP
	1,600,000	6.000%, 8/1/2020		1,556,000
		ING Capital Funding Trust III
	825,000	4.231%, 12/29/2049f,i		802,313
		International Lease Finance Corporation
	1,093,000	2.584%, 6/15/2016f		1,094,020

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

71

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Financials (3.4%) - continued
		Intesa Sanpaolo SPA
	$1,000,000	5.250%, 1/12/2024		$1,079,904
		J.P. Morgan Chase & Company
	980,000	6.300%, 4/23/2019		1,108,330
	365,000	2.250%, 1/23/2020		367,887
	1,220,000	4.500%, 1/24/2022		1,346,332
	768,000	3.200%, 1/25/2023		787,822
	1,040,000	3.625%, 5/13/2024		1,084,413
	2,040,000	3.125%, 1/23/2025		2,047,134
	855,000	3.300%, 4/1/2026		861,943
	1,605,000	7.900%, 4/29/2049i		1,605,000
		KeyBank NA
	860,000	2.350%, 3/8/2019		867,793
		KeyCorp
	1,080,000	2.900%, 9/15/2020		1,097,700
		Liberty Mutual Group, Inc.
	1,027,000	4.950%, 5/1/2022e		1,118,178
		Liberty Property, LP
	1,417,000	3.750%, 4/1/2025		1,412,058
		Lloyds Bank plc
	515,000	1.160%, 3/16/2018f		511,218
	575,000	4.650%, 3/24/2026		569,864
		Merrill Lynch & Company, Inc.
	1,750,000	6.050%, 5/16/2016		1,762,061
	1,555,000	6.400%, 8/28/2017		1,652,792
		MetLife, Inc.
	1,025,000	4.050%, 3/1/2045		969,632
		Mizuho Bank, Ltd.
	762,000	1.850%, 3/21/2018e		762,145
		Morgan Stanley
	1,455,000	6.625%, 4/1/2018		1,589,638
	780,000	1.899%, 4/25/2018f		784,744
	460,000	1.761%, 1/27/2020f		457,001
	660,000	4.875%, 11/1/2022		715,074
	975,000	4.000%, 7/23/2025		1,019,494
	1,350,000	4.350%, 9/8/2026		1,389,259
	640,000	4.300%, 1/27/2045		643,994
	1,235,000	5.550%, 12/29/2049i		1,217,401
		MPT Operating Partnership, LP
	1,535,000	6.375%, 3/1/2024		1,615,588
	970,000	5.500%, 5/1/2024		974,850
		National City Corporation
	776,000	6.875%, 5/15/2019		873,524
		Prudential Financial, Inc.
	315,000	2.350%, 8/15/2019		318,964
		Quicken Loans, Inc.
	2,210,000	5.750%, 5/1/2025e		2,143,700
		Realty Income Corporation
	265,000	2.000%, 1/31/2018		266,011
		Regions Bank
	261,000	7.500%, 5/15/2018		287,613
		Regions Financial Corporation
	1,000,000	2.250%, 9/14/2018		998,283
	768,000	3.200%, 2/8/2021		774,387
		Reinsurance Group of America, Inc.
	400,000	5.625%, 3/15/2017		414,901
	579,000	5.000%, 6/1/2021		629,188
		Reliance Standard Life Global Funding II
	395,000	2.500%, 4/24/2019e		398,198
		Royal Bank of Scotland Group plc
	500,000	1.569%, 3/31/2017f		499,276
	1,600,000	7.500%, 12/29/2049i		1,488,000
		Santander Holdings USA, Inc.
	725,000	3.450%, 8/27/2018		737,321

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Financials (3.4%) - continued
		Santander UK Group Holdings plc
	$896,000	2.875%, 10/16/2020		$891,453
	750,000	4.750%, 9/15/2025e		709,384
		Simon Property Group, LP
	580,000	10.350%, 4/1/2019		715,345
	330,000	2.500%, 9/1/2020		336,038
	1,115,000	2.750%, 2/1/2023		1,127,970
		Skandinaviska Enskilda Banken AB
	615,000	2.375%, 3/25/2019e		620,803
		State Street Corporation
	510,000	1.518%, 8/18/2020f		507,707
		Sumitomo Mitsui Banking Corporation
	545,000	1.200%, 1/16/2018f		542,442
		Svenska Handelsbanken AB
	715,000	1.132%, 6/17/2019f		704,339
		Synchrony Financial
	305,000	1.849%, 2/3/2020f		294,823
	330,000	3.750%, 8/15/2021		338,754
	1,475,000	4.250%, 8/15/2024		1,499,883
		Toronto-Dominion Bank
	375,000	1.562%, 12/14/2020f		376,088
		UBS Group Funding Jersey, Ltd.
	1,280,000	2.950%, 9/24/2020e		1,284,241
	768,000	4.125%, 9/24/2025e		769,095
		UnitedHealth Group, Inc.
	220,000	3.350%, 7/15/2022		234,038
		USB Realty Corporation
	310,000	1.769%, 12/29/2049e,f,i		247,225
		Voya Financial, Inc.
	948,000	2.900%, 2/15/2018		962,604
		Wells Fargo & Company
	455,000	1.298%, 1/30/2020f		450,713
	1,020,000	2.550%, 12/7/2020		1,038,695
	2,501,000	3.450%, 2/13/2023		2,564,826
	1,040,000	3.000%, 2/19/2025		1,048,443
	1,020,000	4.900%, 11/17/2045		1,094,809
		Welltower, Inc.
	268,000	2.250%, 3/15/2018		269,475
	520,000	3.750%, 3/15/2023		519,446
	540,000	4.000%, 6/1/2025		540,295
		Total		142,291,569
	Foreign Government (<0.1%)
		Eksportfinans ASA
	465,000	5.500%, 5/25/2016		467,516
		Export-Import Bank of Korea
	450,000	2.250%, 1/21/2020		453,746
		Kommunalbanken AS
	735,000	1.500%, 10/22/2019e		738,682
		Total		1,659,944
	Mortgage-Backed Securities (12.5%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	7,000,000	3.000%, 5/1/2030d		7,304,609
	42,100,000	3.000%, 4/1/2031d		44,010,944
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	33,600,000	4.000%, 4/1/2046d		35,860,124

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

72

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Mortgage-Backed Securities (12.5%) - continued
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	$18,825,000	3.500%, 4/1/2030d		$19,879,386
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	5,602,947	1.733%, 7/1/2043f		5,718,026
	225,650,000	3.500%, 4/1/2046d		236,588,745
	113,750,000	4.000%, 4/1/2046d		121,534,766
	54,496,000	4.500%, 4/1/2046d		59,298,460
		Total		530,195,060
	Technology (0.7%)
		Amphenol Corporation
	318,000	2.550%, 1/30/2019		320,536
		Apple, Inc.
	360,000	0.917%, 5/6/2020f		354,040
	1,792,000	3.200%, 5/13/2025		1,877,412
	768,000	4.650%, 2/23/2046		838,390
		Baidu, Inc.
	700,000	2.750%, 6/9/2019		708,207
		Cisco Systems, Inc.
	480,000	1.135%, 3/1/2019f		479,848
		CommScope Technologies Finance, LLC
	1,480,000	6.000%, 6/15/2025e		1,493,875
		Denali Borrower, LLC
	1,450,000	5.625%, 10/15/2020e		1,529,569
		Equinix, Inc.
	970,000	5.750%, 1/1/2025		1,018,500
		Fidelity National Information Services, Inc.
	1,070,000	2.850%, 10/15/2018		1,087,440
	769,000	3.625%, 10/15/2020		794,781
		First Data Corporation
	970,000	5.375%, 8/15/2023e		994,250
		Freescale Semiconductor, Inc.
	1,450,000	6.000%, 1/15/2022e		1,537,000
		Hewlett Packard Enterprise Company
	1,130,000	2.450%, 10/5/2017e		1,137,378
	565,000	2.850%, 10/5/2018e		574,487
	565,000	4.400%, 10/15/2022e		590,300
		IMS Health, Inc.
	859,000	6.000%, 11/1/2020e		882,622
		Intel Corporation
	185,000	3.100%, 7/29/2022		195,587
	685,000	3.700%, 7/29/2025		750,299
		Iron Mountain, Inc.
	1,885,000	6.000%, 8/15/2023		1,979,250
		Microsoft Corporation
	1,575,000	4.750%, 11/3/2055		1,750,257
	1,575,000	4.200%, 11/3/2035		1,688,224
		Oracle Corporation
	330,000	2.500%, 5/15/2022		336,649
	1,340,000	2.950%, 5/15/2025		1,372,668
		Plantronics, Inc.
	1,450,000	5.500%, 5/31/2023e		1,424,625
		Qualcomm, Inc.
	792,000	3.000%, 5/20/2022		825,791
		Seagate HDD Cayman
	1,072,000	4.875%, 6/1/2027e		807,053
		Sensata Technologies UK Financing Company plc
	1,140,000	6.250%, 2/15/2026e		1,214,100

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Technology (0.7%) - continued
		Western Digital Corporation
	$2,025,000	10.500%, 4/1/2024d,e		$2,030,062
		Total		30,593,200
	Transportation (0.3%)
		Air Canada Pass Through Trust
	300,718	3.875%, 3/15/2023e		291,321
		American Airlines Pass Through Trust
	1,234,524	3.375%, 5/1/2027		1,203,660
		Avis Budget Car Rental, LLC
	1,665,000	5.125%, 6/1/2022e,h		1,576,547
	1,195,000	6.375%, 4/1/2024e		1,196,374
		Burlington Northern Santa Fe, LLC
	1,040,000	5.050%, 3/1/2041		1,188,261
		Canadian Pacific Railway Company
	400,000	7.125%, 10/15/2031		514,518
	600,000	4.800%, 8/1/2045		614,021
		Continental Airlines, Inc.
	640,176	4.150%, 4/11/2024		660,982
		CSX Corporation
	494,000	3.700%, 11/1/2023		527,478
		Delta Air Lines, Inc.
	331,934	4.950%, 5/23/2019		349,361
		ERAC USA Finance, LLC
	284,000	2.800%, 11/1/2018e		288,363
	700,000	4.500%, 2/15/2045e		689,545
		FedEx Corporation
	1,320,000	3.900%, 2/1/2035		1,277,819
		J.B. Hunt Transport Services, Inc.
	295,000	3.300%, 8/15/2022		300,706
		Southwest Airlines Company
	845,000	2.750%, 11/6/2019		869,240
		Virgin Australia Holdings, Ltd.
	249,508	5.000%, 10/23/2023e		254,498
		XPO Logistics, Inc.
	1,570,000	6.500%, 6/15/2022e,h		1,524,862
		Total		13,327,556
	U.S. Government and Agencies (11.5%)
		Federal Home Loan Bank
	10,000,000	0.220%, 5/2/2016		10,000,430
	10,000,000	0.375%, 6/24/2016		9,999,940
		Federal National Mortgage Association
	205,000	6.250%, 5/15/2029		292,375
		Tennessee Valley Authority
	200,000	5.250%, 9/15/2039		255,257
		U.S. Treasury Bonds
	1,075,000	4.375%, 5/15/2040		1,446,421
	56,100,000	3.625%, 2/15/2044k		68,058,500
	8,750,000	2.500%, 2/15/2046		8,531,591
		U.S. Treasury Bonds, TIPS
	2,022,060	0.125%, 4/15/2019		2,065,688
	50,272	2.375%, 1/15/2025		59,865
	20,861,148	0.625%, 1/15/2026		21,808,870
	32,882	2.125%, 2/15/2040		41,999
	445,583	0.750%, 2/15/2042		432,436
		U.S. Treasury Notes
	6,000,000	1.000%, 8/31/2016		6,014,766
	23,000,000	0.625%, 10/15/2016		23,022,471
	21,220,000	0.875%, 11/15/2017		21,273,050
	10,750,000	1.000%, 3/15/2019		10,791,989
	41,710,000	1.500%, 10/31/2019		42,428,538
	59,409,000	1.875%, 6/30/2020		61,226,084
	79,080,000	1.375%, 9/30/2020		79,741,030

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

73

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	U.S. Government and Agencies (11.5%) - continued
	$41,325,000	2.125%, 6/30/2022		$42,931,179
	10,765,000	1.625%, 8/15/2022		10,847,837
	49,630,000	2.250%, 11/15/2024		51,743,146
		U.S. Treasury Notes, TIPS
	7,221,605	0.125%, 4/15/2018		7,349,392
	7,287,085	0.125%, 1/15/2023		7,346,861
		Total		487,709,715
	Utilities (0.9%)
		AES Corporation
	1,500,000	7.375%, 7/1/2021		1,680,000
		American Electric Power Company, Inc.
	1,722,000	2.950%, 12/15/2022		1,743,802
		Arizona Public Service Company
	395,000	2.200%, 1/15/2020		399,532
		Berkshire Hathaway Energy Company
	390,000	2.400%, 2/1/2020		397,379
		Calpine Corporation
	1,450,000	5.375%, 1/15/2023		1,405,601
		Commonwealth Edison Company
	1,025,000	3.700%, 3/1/2045		1,007,516
	640,000	4.350%, 11/15/2045		700,054
		Consolidated Edison Company of New York, Inc.
	384,000	4.500%, 12/1/2045		418,778
		Covanta Holding Corporation
	850,000	7.250%, 12/1/2020		877,625
		DCP Midstream, LLC
	872,000	4.750%, 9/30/2021e		684,237
		DTE Electric Company
	760,000	3.700%, 3/15/2045		751,894
		DTE Energy Company
	155,000	2.400%, 12/1/2019		156,195
		Duke Energy Corporation
	900,000	2.100%, 6/15/2018		904,301
		Dynegy, Inc.
	1,440,000	6.750%, 11/1/2019		1,432,800
		Edison International
	1,050,000	2.950%, 3/15/2023		1,059,499
		EDP Finance BV
	785,000	4.125%, 1/15/2020e		786,099
		Enel Finance International NV
	450,000	6.250%, 9/15/2017e		480,150
		Energy Transfer Equity, LP
	1,450,000	5.500%, 6/1/2027		1,163,625
		Eversource Energy
	330,000	1.600%, 1/15/2018		328,362
		Exelon Corporation
	580,000	5.100%, 6/15/2045e		630,402
		Exelon Generation Company, LLC
	770,000	5.200%, 10/1/2019		838,555
	295,000	2.950%, 1/15/2020		296,899
		ITC Holdings Corporation
	284,000	4.050%, 7/1/2023		293,321
	770,000	5.300%, 7/1/2043		790,864
		Kinder Morgan Energy Partners, LP
	765,000	3.500%, 3/1/2021		736,387
		MidAmerican Energy Holdings Company
	1,066,000	6.500%, 9/15/2037		1,390,076
		Monongahela Power Company
	780,000	5.400%, 12/15/2043e		924,679
		MPLX LP
	2,725,000	4.875%, 12/1/2024e		2,515,821

Principal Amount		Long-Term Fixed Income (41.5%)	Value
	Utilities (0.9%) - continued
		National Rural Utilities Cooperative Finance Corporation
	$1,025,000	2.300%, 11/1/2020		$1,043,526
		NextEra Energy Capital Holdings, Inc.
	660,000	2.300%, 4/1/2019		663,821
		NiSource Finance Corporation
	1,475,000	5.650%, 2/1/2045		1,754,850
		Northern States Power Company
	1,240,000	4.125%, 5/15/2044		1,324,351
		NRG Energy, Inc.
	1,500,000	6.625%, 3/15/2023		1,399,215
		Oncor Electric Delivery Company, LLC
	760,000	3.750%, 4/1/2045		713,492
		Pacific Gas & Electric Company
	1,015,000	5.625%, 11/30/2017		1,080,457
	768,000	4.250%, 3/15/2046		815,823
		PG&E Corporation
	375,000	2.400%, 3/1/2019		380,004
		PPL Capital Funding, Inc.
	372,000	3.500%, 12/1/2022		386,038
	1,275,000	5.000%, 3/15/2044		1,366,644
		Sempra Energy
	1,285,000	6.150%, 6/15/2018		1,392,439
	370,000	2.400%, 3/15/2020		371,321
		Southern California Edison Company
	220,000	2.400%, 2/1/2022		222,116
		Southwestern Electric Power Company
	530,000	3.900%, 4/1/2045		485,817
		Targa Resources Partners, LP
	525,000	5.250%, 5/1/2023		484,312
		TransAlta Corporation
	825,000	1.900%, 6/3/2017		796,797
		Williams Companies, Inc.
	496,000	7.875%, 9/1/2021		458,670
		Total		39,934,146
		Total Long-Term Fixed Income (cost $1,732,725,845)		1,756,969,495
Shares		Registered Investment Companies (26.9%)	Value
	Affiliated Equity Holdings (9.3%)
	2,552,346	Thrivent Large Cap Stock Portfolio		29,074,279
	8,148,101	Thrivent Large Cap Value Portfolio		127,180,456
	3,484,569	Thrivent Mid Cap Stock Portfolio		58,772,831
	16,564,901	Thrivent Partner Worldwide Allocation Portfolio		148,759,436
	1,881,929	Thrivent Small Cap Stock Portfolio		29,235,397
		Total		393,022,399
	Affiliated Fixed Income Holdings (16.0%)
	23,558,807	Thrivent High Yield Portfolio		106,787,361
	34,494,092	Thrivent Income Portfolio		346,813,951
	22,809,718	Thrivent Limited Maturity Bond Portfolio		222,577,224
		Total		676,178,536
	Equity Funds/ETFs (0.3%)
	4,960	iShares Russell 2000 Growth Index Fund		658,093
	21,842	iShares Russell 2000 Index Fund		2,416,162
	3,340	iShares Russell 2000 Value Index Fund		311,321
	2,510	Market Vectors Oil Service ETFh		66,791

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

74

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Registered Investment Companies (26.9%)	Value
	Equity Funds/ETFs (0.3%) - continued
	6,830	Materials Select Sector SPDR Fund		$306,052
	45,512	SPDR S&P 500 ETF Trust		9,355,447
	5,070	SPDR S&P Biotech ETF		261,916
	530	SPDR S&P MidCap 400 ETF Trust		139,242
		Total		13,515,024
	Fixed Income Funds/ETFs (1.3%)
	72,000	iShares Barclays 1-3 Year Credit Bond Fund		7,590,240
	401,200	iShares iBoxx $ Investment Grade Corporate Bond ETF		47,670,584
		Total		55,260,824
		Total Registered Investment Companies (cost $1,091,095,477)		1,137,976,783
Shares		Common Stock (20.6%)	Value
	Consumer Discretionary (3.1%)
	19,998	Aaron’s, Inc.		501,950
	1,960	Abercrombie & Fitch Company		61,818
	25,796	Amazon.com, Inc.l		15,313,537
	6,115	American Public Education, Inc.l		126,152
	10,050	Ascena Retail Group, Inc.l		111,153
	9,780	AutoZone, Inc.l		7,791,628
	19,840	Bed Bath & Beyond, Inc.l		984,858
	4,160	Big 5 Sporting Goods Corporation		46,218
	11,640	Big Lots, Inc.		527,176
	12,100	Bloomin’ Brands, Inc.		204,127
	13,660	BorgWarner, Inc.		524,544
	6,580	Boyd Gaming Corporationl		135,943
	7,100	Brunswick Corporation		340,658
	4,900	Burlington Stores, Inc.l		275,576
	17,580	Caleres, Inc.		497,338
	17,300	Callaway Golf Company		157,776
	5,863	Cedar Fair, LP		348,555
	6,100	Cheesecake Factory, Inc.		323,849
	21,210	Children’s Place, Inc.		1,770,399
	3,610	Chuy’s Holdings, Inc.l		112,163
	56,010	Cinemark Holdings, Inc.		2,006,838
	253,233	Comcast Corporation		15,467,472
	11,880	Core-Mark Holding Company, Inc.		968,933
	9,559	CSS Industries, Inc.		266,983
	12,308	Culp, Inc.		322,716
	30,200	Dana Holding Corporation		425,518
	43,009	Delphi Automotive plc		3,226,535
	5,170	DeVry Education Group, Inc.		89,286
	162,475	Discovery Communications, Inc.l		4,651,659
	9,800	DISH Network Corporationl		453,348
	11,790	Dollar General Corporation		1,009,224
	17,700	Dollar Tree, Inc.l		1,459,542
	4,790	Domino’s Pizza, Inc.		631,609
	2,080	Dorman Products, Inc.h,l		113,194
	2,543	Drew Industries, Inc.		163,922
	17,770	DSW, Inc.		491,163
	988	El Pollo Loco Holdings, Inc.l		13,180
	16,564	Ethan Allen Interiors, Inc.		527,066
	5,368	Expedia, Inc.		578,778
	13,390	Finish Line, Inc.		282,529
	25,750	Ford Motor Company		347,625
	6,657	Fossil, Inc.l		295,704
	7,910	General Motors Company		248,611
	23,930	Gentex Corporation		375,462
	11,653	G-III Apparel Group, Ltd.l		569,715
	107,244	Harley-Davidson, Inc.		5,504,835
	9,820	Harman International Industries, Inc.		874,373

Shares		Common Stock (20.6%)	Value
	Consumer Discretionary (3.1%) - continued
	13,058	Haverty Furniture Companies, Inc.		$276,307
	69,820	Home Depot, Inc.		9,316,083
	13,900	Houghton Mifflin Harcourt Companyl		277,166
	1,810	Imax Corporationl		56,273
	15,480	Interpublic Group of Companies, Inc.		355,266
	13,180	Jack in the Box, Inc.		841,807
	6,100	Kate Spade & Companyl		155,672
	18,930	Krispy Kreme Doughnuts, Inc.l		295,119
	7,500	L Brands, Inc.		658,575
	60,656	Las Vegas Sands Corporation		3,134,702
	16,670	La-Z-Boy, Inc.		445,756
	8,380	Lear Corporation		931,605
	14,550	Liberty Interactive Corporationl		367,388
	1,300	Lithia Motors, Inc.		113,529
	40,830	LKQ Corporationl		1,303,702
	86,430	Lowe’s Companies, Inc.		6,547,072
	11,280	Macy’s, Inc.		497,335
	11,957	MDC Partners, Inc.		282,185
	4,710	Michael Kors Holdings, Ltd.l		268,282
	12,050	Nautilus, Inc.l		232,806
	7,400	New Media Investment Group, Inc.		123,136
	30,120	Newell Rubbermaid, Inc.h		1,334,015
	26,790	News Corporation, Class A		342,108
	107,420	NIKE, Inc.		6,603,107
	7,700	Nord Anglia Education, Inc.h,l		160,853
	32,400	Nutrisystem, Inc.		676,188
	4,280	O’Reilly Automotive, Inc.l		1,171,265
	8,570	Oxford Industries, Inc.		576,161
	8,280	Papa John’s International, Inc.		448,693
	14,100	Papa Murphy’s Holdings, Inc.h,l		168,495
	34,280	PulteGroup, Inc.		641,379
	17,700	PVH Corporation		1,753,362
	3,280	Ralph Lauren Corporation		315,733
	8,830	Rent-A-Center, Inc.		139,955
	1,700	Restoration Hardware Holdings, Inc.h,l		71,230
	5,630	Retailmenot, Inc.l		45,096
	29,650	Ross Stores, Inc.		1,716,735
	9,770	Ruth’s Hospitality Group, Inc.		179,866
	34,410	Sally Beauty Holdings, Inc.l		1,114,196
	5,450	Scripps Networks Interactive, Inc.		356,975
	10,080	Select Comfort Corporationl		195,451
	18,740	Service Corporation International		462,503
	4,330	Signet Jewelers, Ltd.		537,050
	2,500	Skechers USA, Inc.l		76,125
	8,882	Sportsman’s Warehouse Holdings, Inc.l		111,913
	93,490	Staples, Inc.		1,031,195
	111,480	Starbucks Corporation		6,655,356
	12,080	Starwood Hotels & Resorts Worldwide, Inc.		1,007,834
	16,444	Stein Mart, Inc.		120,535
	3,710	Tailored Brands, Inc.		66,409
	2,700	Tenneco, Inc.l		139,077
	15,450	Time, Inc.		238,548
	51,760	Toll Brothers, Inc.l		1,527,438
	3,820	Tower International, Inc.		103,904
	28,662	Tuesday Morning Corporationl		234,455
	5,890	Twenty-First Century Fox, Inc.		164,213
	1,870	Ulta Salon Cosmetics & Fragrance, Inc.l		362,294
	4,350	Under Armour, Inc.l		369,010
	1,900	Vail Resorts, Inc.		254,030
	19,220	Vera Bradley, Inc.l		390,935
	6,350	VF Corporation		411,226
	7,550	Vitamin Shoppe, Inc.h,l		233,748
	2,790	Winnebago Industries, Inc.		62,635

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

75

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (20.6%)	Value
	Consumer Discretionary (3.1%) - continued
	2,970	Wolverine World Wide, Inc.		$54,707
	12,700	Wyndham Worldwide Corporation		970,661
	15,890	Yum! Brands, Inc.		1,300,596
	6,860	Zoe’s Kitchen, Inc.h,l		267,471
		Total		133,165,735
	Consumer Staples (1.1%)
	51,550	Altria Group, Inc.		3,230,123
	42,720	Aramark		1,414,886
	11,390	Archer-Daniels-Midland Company		413,571
	24,010	Avon Products, Inc.		115,488
	3,100	Blue Buffalo Pet Products, Inc.h,l		79,546
	350	Boston Beer Company, Inc.l		64,775
	7,740	Brown-Forman Corporation		762,158
	25,700	Campbell Soup Company		1,639,403
	4,876	Casey’s General Stores, Inc.		552,548
	89,190	Coca-Cola Company		4,137,524
	146,500	CVS Health Corporation		15,196,445
	92,740	Flowers Foods, Inc.		1,711,980
	6,950	General Mills, Inc.		440,282
	5,580	Hain Celestial Group, Inc.l		228,278
	31,340	Hormel Foods Corporation		1,355,142
	4,400	Ingredion, Inc.		469,876
	17,350	Kimberly-Clark Corporation		2,333,749
	11,350	Kroger Company		434,138
	4,630	Lancaster Colony Corporation		511,939
	3,700	McCormick & Company, Inc.		368,076
	3,900	Molson Coors Brewing Company		375,102
	52,900	Mondelez International, Inc.		2,122,348
	7,840	Monster Beverage Corporationl		1,045,699
	2,190	Omega Protein Corporationl		37,099
	7,180	PepsiCo, Inc.		735,806
	36,158	Philip Morris International, Inc.		3,547,461
	5,130	Pinnacle Foods, Inc.		229,208
	20,161	SpartanNash Company		611,080
	5,520	Tyson Foods, Inc.		367,963
	12,420	United Natural Foods, Inc.l		500,526
	5,520	Universal Corporationh		313,591
	8,340	Walgreens Boots Alliance, Inc.		702,562
	33,620	WhiteWave Foods Companyl		1,366,317
		Total		47,414,689
	Energy (2.5%)
	30,820	Archrock, Inc.		246,560
	21,899	Atwood Oceanics, Inc.h		200,814
	131,430	Baker Hughes, Inc.		5,760,577
	7,176	Bristow Group, Inc.		135,770
	29,169	Callon Petroleum Companyl		258,146
	68,070	Cameron International Corporationl		4,564,093
	121,860	Canadian Natural Resources, Ltd.		3,290,220
	171,800	Chevron Corporation		16,389,720
	1,920	Cimarex Energy Company		186,758
	3,761	Clayton Williams Energy, Inc.h,l		33,548
	394,912	Cobalt International Energy, Inc.l		1,172,889
	31,340	Concho Resources, Inc.l		3,166,594
	41,960	Continental Resources, Inc.l		1,273,906
	15,170	Delek US Holdings, Inc.		231,191
	81,610	Devon Energy Corporation		2,239,378
	9,810	Diamond Offshore Drilling, Inc.h		213,171
	7,980	Diamondback Energy, Inc.l		615,896
	50,954	Ensco plc		528,393
	128,812	EOG Resources, Inc.		9,349,175
	16,800	EP Energy Corporationh,l		75,936
	127,645	EQT Corporation		8,585,403
	64,580	Exxon Mobil Corporation		5,398,242
	32,980	FMC Technologies, Inc.l		902,333

Shares		Common Stock (20.6%)	Value
	Energy (2.5%) - continued
	11,340	Green Plains, Inc.		$180,986
	7,730	Gulfport Energy Corporationl		219,068
	58,990	Halliburton Company		2,107,123
	7,500	Helmerich & Payne, Inc.h		440,400
	19,675	HollyFrontier Corporation		694,921
	603,993	Marathon Oil Corporation		6,728,482
	136,490	Marathon Petroleum Corporation		5,074,698
	34,570	Nabors Industries, Ltd.		318,044
	3,100	Noble Energy, Inc.		97,371
	36,159	Oasis Petroleum, Inc.h,l		263,238
	5,680	Oceaneering International, Inc.		188,803
	11,400	Oil States International, Inc.l		359,328
	35,788	Parsley Energy, Inc.l		808,809
	58,000	Patterson-UTI Energy, Inc.		1,021,960
	2,310	PDC Energy, Inc.l		137,329
	276,400	Petroleo Brasileiro SA ADRh,l		1,614,176
	24,120	Pioneer Energy Services Corporationl		53,064
	5,330	QEP Resources, Inc.		75,206
	193,108	Rowan Companies plc		3,109,039
	23,760	RPC, Inc.h		336,917
	2,900	RSP Permian, Inc.l		84,216
	39,590	Schlumberger, Ltd.		2,919,762
	6,443	SM Energy Company		120,742
	192,330	Southwestern Energy Companyh,l		1,552,103
	14,080	Spectra Energy Corporation		430,848
	196,800	Suncor Energy, Inc. ADR		5,473,008
	6,120	Superior Energy Services, Inc.		81,947
	47,831	Teekay Tankers, Ltd.		175,540
	16,430	Tesco Corporation		141,462
	470	Tesoro Corporation		40,425
	32,470	TETRA Technologies, Inc.l		206,184
	15,625	U.S. Silica Holdings, Inc.h		355,000
	3,112	Vantage Drilling Internationall		342,320
	767,920	Weatherford International plcl		5,974,418
	15,566	Western Refining, Inc.h		452,815
	1,050	World Fuel Services Corporation		51,009
	41,490	WPX Energy, Inc.l		290,015
		Total		107,339,489
	Financials (3.2%)
	4,350	Acadia Realty Trust		152,815
	10,298	Affiliated Managers Group, Inc.l		1,672,395
	10,160	Allied World Assurance Company Holdings AG		354,990
	6,620	American Assets Trust, Inc.		264,270
	12,270	American Campus Communities, Inc.		577,794
	16,630	American Financial Group, Inc.		1,170,253
	41,870	American International Group, Inc.		2,263,073
	13,385	Ameris Bancorp		395,928
	3,230	AMERISAFE, Inc.		169,704
	138,940	Anworth Mortgage Asset Corporation		647,460
	4,230	Apartment Investment & Management Company		176,899
	6,653	Argo Group International Holdings, Ltd.		381,816
	8,580	Ashford Hospitality Prime, Inc.		100,129
	9,500	Ashford Hospitality Trust, Inc.		60,610
	17,960	Aspen Insurance Holdings, Ltd.		856,692
	4,860	Associated Banc-Corp		87,188
	41,950	Assured Guaranty, Ltd.		1,061,335
	6,410	BancorpSouth, Inc.		136,597
	608,430	Bank of America Corporation		8,225,974
	20,800	Bank of New York Mellon Corporation		766,064
	6,200	Bank of the Ozarks, Inc.		260,214
	6,120	BankFinancial Corporation		72,338
	53,200	BB&T Corporation		1,769,964

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

76

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (20.6%)	Value
	Financials (3.2%) - continued
	28,858	BBCN Bancorp, Inc.		$438,353
	100,300	Blackstone Group, LP		2,813,415
	13,630	Boston Private Financial Holdings, Inc.		156,063
	10,609	Brixmor Property Group, Inc.		271,803
	25,150	Brookline Bancorp, Inc.		276,901
	25,690	Brown & Brown, Inc.		919,702
	3,850	Camden Property Trust		323,746
	29,600	Capital One Financial Corporation		2,051,576
	18,140	Cathay General Bancorp		513,906
	104,310	CBL & Associates Properties, Inc.		1,241,289
	16,140	CBRE Group, Inc.l		465,155
	52,477	Cedar Realty Trust, Inc.		379,409
	92,590	Charles Schwab Corporation		2,594,372
	5,300	Chatham Lodging Trust		113,579
	22,450	Chubb, Ltd.		2,674,917
	167,100	Citigroup, Inc.		6,976,425
	9,340	Clifton Bancorp, Inc.		141,221
	10,050	CNO Financial Group, Inc.		180,096
	83,595	CoBiz Financial, Inc.		988,093
	14,459	Columbia Banking System, Inc.		432,613
	73,100	Comerica, Inc.		2,768,297
	3,760	Commerce Bancshares, Inc.		169,012
	9,290	Communications Sales & Leasing, Inc.		206,703
	80,270	Corporate Office Properties Trust		2,106,285
	4,840	CyrusOne, Inc.		220,946
	17,940	DCT Industrial Trust, Inc.		708,092
	4,250	Digital Realty Trust, Inc.		376,083
	9,944	Douglas Emmett, Inc.		299,414
	31,180	Duke Realty Corporation		702,797
	44,490	E*TRADE Financial Corporationl		1,089,560
	24,728	East West Bancorp, Inc.		803,165
	11,610	Empire State Realty Trust, Inc.		203,523
	15,839	Employers Holdings, Inc.		445,709
	19,070	Endurance Specialty Holdings, Ltd.		1,246,034
	8,190	Enova International, Inc.l		51,679
	19,270	Equity One, Inc.		552,278
	7,600	Essent Group, Ltd.l		158,080
	50,640	EverBank Financial Corporation		764,158
	3,800	Evercore Partners, Inc.		196,650
	27,360	F.N.B. Corporation		355,954
	37,590	FelCor Lodging Trust, Inc.		305,231
	247,480	Fifth Third Bancorp		4,130,441
	37,910	First Commonwealth Financial Corporation		335,883
	9,010	First Financial Bancorp		163,802
	3,100	First Financial Corporation		106,051
	16,900	First Industrial Realty Trust, Inc.		384,306
	3,130	First Merchants Corporation		73,774
	40,670	First Midwest Bancorp, Inc.		732,873
	3,270	First NBC Bank Holding Companyl		67,329
	24,192	First Potomac Realty Trust		219,180
	25,510	First Republic Bank		1,699,986
	13,600	Franklin Street Properties Corporation		144,296
	4,535	Getty Realty Corporation		89,929
	12,765	Glacier Bancorp, Inc.		324,486
	13,770	Goldman Sachs Group, Inc.		2,161,615
	41,200	Great Western Bancorp, Inc.		1,123,524
	27,220	Green Bancorp, Inc.l		206,055
	2,210	Greenhill & Company, Inc.		49,062
	37,940	Hancock Holding Company		871,102
	32,190	Hanmi Financial Corporation		708,824
	7,620	Hanover Insurance Group, Inc.		687,476

Shares		Common Stock (20.6%)	Value
	Financials (3.2%) - continued
	57,560	Hartford Financial Services Group, Inc.		$2,652,365
	20,706	Hatteras Financial Corporation		296,096
	6,710	HFF, Inc.		184,726
	5,450	Highwoods Properties, Inc.		260,564
	14,818	Home BancShares, Inc.		606,797
	3,380	Hometrust Bancshares, Inc.l		61,955
	13,130	Horace Mann Educators Corporation		416,090
	11,330	Hospitality Properties Trust		300,925
	21,898	Host Hotels & Resorts, Inc.		365,697
	8,951	Houlihan Lokey, Inc.		222,880
	7,890	Hudson Pacific Properties, Inc.		228,179
	73,850	Huntington Bancshares, Inc.		704,529
	15,950	Intercontinental Exchange, Inc.		3,750,483
	110,200	Invesco, Ltd.		3,390,854
	63,930	Investors Bancorp, Inc.		744,145
	113,534	J.P. Morgan Chase & Company		6,723,483
	25,620	Janus Capital Group, Inc.		374,821
	150,080	KeyCorp		1,656,883
	6,770	Kimco Realty Corporation		194,841
	53,700	Liberty Property Trust		1,796,802
	2,698	Lincoln National Corporation		105,762
	3,550	M&T Bank Corporation		394,050
	5,700	McGraw-Hill Financial, Inc.		564,186
	116,120	MetLife, Inc.		5,102,313
	155,910	Morgan Stanley		3,899,309
	11,620	MSCI, Inc.		860,810
	2,650	Nasdaq, Inc.		175,907
	2,880	National Storage Affiliates Trust		61,056
	1,220	Navigators Group, Inc.l		102,321
	8,130	NMI Holdings, Inc.l		41,057
	13,540	NorthStar Asset Management Corporation, Inc.		153,679
	15,790	NorthStar Realty Europe Corporation		183,164
	8,140	Old National Bancorp		99,227
	23,760	Oritani Financial Corporation		403,207
	14,110	PacWest Bancorp		524,187
	10,330	Parkway Properties, Inc.		161,768
	8,053	Pebblebrook Hotel Trust		234,101
	2,760	Pennsylvania Real Estate Investment Trust		60,306
	7,850	Physicians Realty Trust		145,853
	12,090	Piedmont Office Realty Trust, Inc.		245,548
	1,340	Piper Jaffray Companiesl		66,410
	5,170	Popular, Inc.		147,914
	5,940	Post Properties, Inc.		354,856
	4,026	Potlatch Corporation		126,819
	11,580	Primerica, Inc.		515,657
	3,770	PrivateBancorp, Inc.		145,522
	26,050	Provident Financial Services, Inc.		525,950
	20,990	Ramco-Gershenson Properties Trust		378,450
	23,463	Raymond James Financial, Inc.		1,117,073
	5,890	Rayonier, Inc. REIT		145,365
	9,670	RE/MAX Holdings, Inc.		331,681
	11,200	Realogy Holdings Corporationl		404,432
	8,451	Renasant Corporation		278,122
	19,940	Retail Properties of America, Inc.		316,049
	1,126	Safety Insurance Group, Inc.		64,250
	13,575	Sandy Spring Bancorp, Inc.		377,792
	6,770	Selective Insurance Group, Inc.		247,850
	13,260	Senior Housing Property Trust		237,221
	10,920	Silver Bay Realty Trust Corporation REIT		162,162
	112,600	SLM Corporationl		716,136
	6,770	Sovran Self Storage, Inc.		798,521
	21,650	Spirit Realty Captial, Inc.		243,563

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

77

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (20.6%)	Value
	Financials (3.2%) - continued
	17,091	Stifel Financial Corporationl		$505,894
	11,000	Store Capital Corporation		284,680
	32,758	Summit Hotel Properties, Inc.		392,113
	14,405	SVB Financial Groupl		1,470,030
	94,850	Synchrony Financiall		2,718,401
	27,290	Synovus Financial Corporation		788,954
	17,830	Talmer Bancorp, Inc.		322,545
	100,730	TCF Financial Corporation		1,234,950
	36,570	TD Ameritrade Holding Corporation		1,153,052
	15,152	Terreno Realty Corporation		355,314
	3,360	Territorial Bancorp, Inc.		87,562
	8,000	TriCo Bancshares		202,560
	15,160	TrustCo Bank Corporation		91,870
	4,350	U.S. Bancorp		176,566
	2,790	Union Bankshares Corporation		68,718
	8,759	United Community Banks, Inc.		161,779
	23,230	United Financial Bancorp, Inc.		292,466
	4,860	Urstadt Biddle Properties, Inc.		101,817
	9,390	Waddell & Reed Financial, Inc.		221,041
	3,600	Washington Federal, Inc.		81,540
	1,460	Webster Financial Corporation		52,414
	8,180	Wells Fargo & Company		395,585
	5,240	Western Alliance Bancorpl		174,911
	4,068	Wintrust Financial Corporation		180,375
	19,670	WisdomTree Investments, Inc.h		224,828
	4,496	WSFS Financial Corporation		146,210
	9,334	XL Group plc		343,491
	159,204	Zions Bancorporation		3,854,329
		Total		135,823,496
	Health Care (2.6%)
	80,341	Abbott Laboratories		3,360,664
	3,070	AbbVie, Inc.		175,358
	3,200	ABIOMED, Inc.l		303,392
	5,700	Acadia Healthcare Company, Inc.l		314,127
	3,810	Aceto Corporation		89,764
	4,590	Acorda Therapeutics, Inc.l		121,406
	13,220	Aetna, Inc.		1,485,267
	15,520	Akorn, Inc.l		365,186
	6,440	Albany Molecular Research, Inc.l		98,468
	7,340	Align Technology, Inc.l		533,545
	36,790	Allergan plcl		9,860,824
	10,236	Allscripts Healthcare Solutions, Inc.l		135,218
	13,790	AmerisourceBergen Corporation		1,193,524
	24,800	Amgen, Inc.		3,718,264
	14,984	AMN Healthcare Services, Inc.l		503,612
	4,350	AmSurg Corporationl		324,510
	800	Anacor Pharmaceuticals, Inc.l		42,760
	6,877	Analogic Corporation		543,352
	31,298	Asterias Biotherapeutics, Inc.h,l		147,101
	902	Atrion Corporation		356,615
	6,520	BioMarin Pharmaceutical, Inc.l		537,770
	1,090	Bio-Rad Laboratories, Inc.l		149,025
	6,970	Boston Scientific Corporationl		131,106
	5,850	Bristol-Myers Squibb Company		373,698
	3,272	C.R. Bard, Inc.		663,136
	9,630	Cambrex Corporationl		423,720
	2,450	Cardinal Health, Inc.		200,777
	6,600	Cardiovascular Systems, Inc.l		68,442
	16,950	Centene Corporationl		1,043,612
	91,364	Cerner Corporationl		4,838,637
	3,560	CONMED Corporation		149,306
	4,370	Cross Country Healthcare, Inc.l		50,823
	29,200	Dentsply Sirona, Inc.		1,799,596
	30,390	Depomed, Inc.h,l		423,333
	30,550	Edwards Lifesciences Corporationl		2,694,815

Shares		Common Stock (20.6%)	Value
	Health Care (2.6%) - continued
	22,378	Ensign Group, Inc.		$506,638
	27,820	Envision Healthcare Holdings, Inc.l		567,528
	16,052	ExamWorks Group, Inc.l		474,497
	48,050	Express Scripts Holding Companyl		3,300,554
	100,115	Gilead Sciences, Inc.		9,196,564
	7,880	Globus Medical, Inc.l		187,150
	8,610	Greatbatch, Inc.l		306,860
	6,840	Haemonetics Corporationl		239,263
	14,960	HCA Holdings, Inc.l		1,167,628
	5,744	HealthEquity, Inc.l		141,704
	12,950	HealthSouth Corporation		487,309
	4,210	Healthways, Inc.l		42,479
	6,800	Hill-Rom Holdings, Inc.		342,040
	16,500	Hologic, Inc.l		569,250
	4,400	Impax Laboratories, Inc.l		140,888
	6,100	Inogen, Inc.l		274,378
	11,400	Intersect ENT, Inc.l		216,600
	11,900	Ironwood Pharmaceuticals, Inc.l		130,186
	23,360	Kindred Healthcare, Inc.		288,496
	5,600	Magellan Health Services, Inc.l		380,408
	59,029	Medtronic plc		4,427,175
	157,820	Merck & Company, Inc.		8,350,256
	2,100	Mettler-Toledo International, Inc.l		723,996
	136,869	Mylan NV		6,343,878
	3,450	Myriad Genetics, Inc.h,l		129,133
	6,193	National Healthcare Corporation		385,824
	1,820	Natural Health Trends Corporationh		60,333
	1,270	Neogen Corporationl		63,945
	6,340	Neurocrine Biosciences, Inc.l		250,747
	3,400	Nevro Corporationl		191,284
	16,803	NuVasive, Inc.l		817,466
	11,700	Omnicell, Inc.l		326,079
	28,240	PerkinElmer, Inc.		1,396,750
	7,440	Perrigo Company plc		951,799
	240,880	Pfizer, Inc.		7,139,683
	7,990	PharMerica Corporationl		176,659
	7,820	Progenics Pharmaceuticals, Inc.l		34,095
	1,000	Prothena Corporation plcl		41,160
	12,920	Quintiles Transnational Holdings, Inc.l		841,092
	270	Regeneron Pharmaceuticals, Inc.l		97,319
	65,800	Roche Holding AG ADR		2,015,125
	16,990	STERIS plc		1,207,140
	15,830	Team Health Holdings, Inc.l		661,852
	13,290	Teleflex, Inc.		2,086,663
	12,460	Triple-S Management Corporationl		309,756
	41,308	UnitedHealth Group, Inc.		5,324,601
	12,940	Universal Health Services, Inc.		1,613,877
	4,470	VCA Antech, Inc.l		257,874
	13,300	Veeva Systems, Inc.h,l		333,032
	48,177	Vertex Pharmaceuticals, Inc.l		3,829,590
	3,550	Waters Corporationl		468,316
	3,320	Wellcare Health Plans, Inc.l		307,930
	11,670	West Pharmaceutical Services, Inc.		808,964
	9,410	Zoetis, Inc.		417,145
		Total		108,571,711
	Industrials (2.1%)
	36,624	3M Company		6,102,657
	15,250	ABM Industries, Inc.		492,727
	9,700	Actuant Corporation		239,687
	4,990	AECOMl		153,642
	16,514	Aegion Corporationl		348,280
	2,000	Aerovironment, Inc.l		56,640
	6,050	AGCO Corporation		300,685
	4,590	Allison Transmission Holdings, Inc.		123,838

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

78

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (20.6%)	Value
	Industrials (2.1%) - continued
	3,770	AMETEK, Inc.		$188,425
	3,070	Applied Industrial Technologies, Inc.		133,238
	7,343	Astec Industries, Inc.		342,698
	7,600	AZZ, Inc.		430,160
	9,620	B/E Aerospace, Inc.		443,674
	8,036	Beacon Roofing Supply, Inc.l		329,556
	17,600	Boeing Company		2,234,144
	2,870	Brady Corporation		77,031
	4,090	Briggs & Stratton Corporation		97,833
	1,780	Brink’s Company		59,790
	20,270	BWX Technologies, Inc.		680,261
	9,730	Caterpillar, Inc.		744,734
	4,920	CBIZ, Inc.l		49,643
	9,840	CEB, Inc.		636,943
	3,080	Chart Industries, Inc.l		66,898
	6,782	CIRCOR International, Inc.		314,617
	10,188	CLARCOR, Inc.		588,765
	17,260	Colfax Corporationl		493,463
	14,705	Comfort Systems USA, Inc.		467,178
	27,730	Copart, Inc.l		1,130,552
	95,300	CSX Corporation		2,453,975
	7,290	Curtiss-Wright Corporation		551,634
	18,810	Danaher Corporation		1,784,317
	177,470	Delta Air Lines, Inc.		8,639,240
	24,040	EMCOR Group, Inc.		1,168,344
	5,670	Emerson Electric Company		308,335
	4,775	Equifax, Inc.		545,735
	11,278	ESCO Technologies, Inc.		439,616
	26,700	Expeditors International of Washington, Inc.		1,303,227
	22,126	Federal Signal Corporation		293,391
	4,970	Flowserve Corporation		220,718
	41,120	Fluor Corporation		2,208,144
	25,780	Fortune Brands Home and Security, Inc.		1,444,711
	9,365	Franklin Electric Company, Inc.		301,272
	5,750	FTI Consulting, Inc.l		204,182
	4,986	G & K Services, Inc.		365,224
	23,530	General Electric Company		748,019
	15,518	Gibraltar Industries, Inc.l		443,815
	17,695	Granite Construction, Inc.		845,821
	2,500	H&E Equipment Services, Inc.		43,825
	4,210	Hackett Group, Inc.		63,655
	9,300	Healthcare Services Group, Inc.		342,333
	10,170	Heico Corporation		611,522
	7,600	Herman Miller, Inc.		234,764
	10,910	Hexcel Corporation		476,876
	5,249	HNI Corporation		205,603
	39,611	Honeywell International, Inc.		4,438,413
	4,810	Hub Group, Inc.l		196,200
	6,990	Huntington Ingalls Industries, Inc.		957,211
	7,777	Huron Consulting Group, Inc.l		452,544
	1,770	Illinois Tool Works, Inc.		181,319
	51,200	Ingersoll-Rand plc		3,174,912
	7,140	Insperity, Inc.		369,352
	3,020	Interface, Inc.		55,991
	4,150	ITT Corporation		153,093
	10,270	JB Hunt Transport Services, Inc.		865,145
	7,440	KAR Auction Services, Inc.		283,762
	14,758	Kforce, Inc.		288,962
	2,670	Knoll, Inc.		57,806
	34,110	Korn/Ferry International		964,972
	3,243	Landstar System, Inc.		209,530
	1,859	Lincoln Electric Holdings, Inc.		108,882
	12,800	Manpower, Inc.		1,042,176
	15,950	Masco Corporation		501,627

Shares		Common Stock (20.6%)	Value
	Industrials (2.1%) - continued
	27,320	Meritor, Inc.l		$220,199
	2,700	Middleby Corporationl		288,279
	7,760	MRC Global, Inc.l		101,966
	4,818	MSA Safety, Inc.		232,950
	47,220	Mueller Water Products, Inc.		466,534
	24,668	Navigant Consulting, Inc.l		390,001
	8,200	Nielsen Holdings plc		431,812
	3,952	Nordson Corporation		300,510
	28,855	Norfolk Southern Corporation		2,402,179
	3,680	Northrop Grumman Corporation		728,272
	5,580	Old Dominion Freight Line, Inc.l		388,480
	6,600	On Assignment, Inc.l		243,672
	15,767	Oshkosh Corporation		644,397
	7,000	PGT, Inc.l		68,880
	12,708	Progressive Waste Solutions, Ltd.		394,329
	5,950	Proto Labs, Inc.l		458,686
	4,510	Quanex Building Products Corporation		78,294
	18,190	Raven Industries, Inc.		291,404
	12,700	Resources Connection, Inc.		197,612
	4,460	Rexnord Corporationl		90,181
	6,844	Ritchie Brothers Auctioneers, Inc.h		185,336
	32,366	Rockwell Automation, Inc.		3,681,632
	10,000	Rockwell Collins, Inc.		922,100
	3,870	Roper Industries, Inc.		707,320
	1,730	Ryder System, Inc.		112,069
	4,000	Saia, Inc.l		112,600
	3,390	SkyWest, Inc.		67,766
	50,530	Southwest Airlines Company		2,263,744
	8,990	Spirit Aerosystems Holdings, Inc.l		407,786
	2,310	Stericycle, Inc.l		291,499
	17,420	Swift Transportation Companyh,l		324,535
	7,940	Tennant Company		408,751
	2,420	Tetra Tech, Inc.		72,164
	6,019	Textron, Inc.		219,453
	12,750	Toro Company		1,098,030
	15,810	TransUnionl		436,514
	1,980	TrueBlue, Inc.l		51,777
	10,425	Tyco International plc		382,702
	1,480	UniFirst Corporation		161,498
	6,690	United Continental Holdings, Inc.l		400,463
	45,550	United Parcel Service, Inc.		4,804,158
	8,180	United Rentals, Inc.l		508,714
	7,369	Universal Forest Products, Inc.		632,408
	10,553	Universal Truckload Services, Inc.		173,808
	5,000	WABCO Holdings, Inc.l		534,600
	2,190	Wabtec Corporation		173,645
	4,200	WageWorks, Inc.l		212,562
	19,090	Waste Connections, Inc.		1,233,023
	800	Watsco, Inc.		107,792
	50,780	Xylem, Inc.		2,076,902
	3,470	YRC Worldwide, Inc.l		32,340
		Total		89,094,282
	Information Technology (4.5%)
	5,448	Advanced Energy Industries, Inc.l		189,536
	34,580	Agilent Technologies, Inc.		1,378,013
	14,000	Akamai Technologies, Inc.l		777,980
	3,500	Alliance Data Systems Corporationl		770,000
	14,139	Alphabet, Inc., Class Al		10,786,643
	15,141	Alphabet, Inc., Class Cl		11,279,288
	4,800	Ambarella, Inc.h,l		214,560
	19,700	Amkor Technology, Inc.l		116,033
	29,380	Amphenol Corporation		1,698,752
	1,980	ANSYS, Inc.l		177,131
	132,544	Apple, Inc.		14,445,971

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

79

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (20.6%)	Value
	Information Technology (4.5%) - continued
	36,955	Applied Materials, Inc.		$782,707
	12,401	Arista Networks, Inc.h,l		782,503
	4,970	ARRIS International plcl		113,912
	7,320	Aspen Technology, Inc.l		264,472
	10,640	Avnet, Inc.		471,352
	11,440	AVX Corporation		143,801
	10,163	Belden, Inc.		623,805
	3,070	Benchmark Electronics, Inc.l		70,763
	34,980	Booz Allen Hamilton Holding Corporation		1,059,194
	11,260	Broadridge Financial Solutions, Inc.		667,831
	144,400	Brocade Communications Systems, Inc.		1,527,752
	31,507	Brooks Automation, Inc.		327,673
	9,822	Cabot Microelectronics Corporation		401,818
	7,684	CACI International, Inc.l		819,883
	4,500	Cavium, Inc.l		275,220
	6,000	CDK Global, Inc.		279,300
	14,500	CDW Corporation		601,750
	15,430	Ciber, Inc.l		32,557
	24,060	Ciena Corporationl		457,621
	3,000	Cirrus Logic, Inc.l		109,230
	478,060	Cisco Systems, Inc.		13,610,368
	1,780	Citrix Systems, Inc.l		139,872
	15,930	Cognex Corporation		620,474
	13,600	Cognizant Technology Solutions Corporationl		852,720
	4,810	Coherent, Inc.l		442,039
	6,000	Comtech Telecommunications Corporation		140,220
	14,100	Convergys Corporation		391,557
	34,730	CoreLogic, Inc.l		1,205,131
	18,731	Criteo SA ADRl		775,838
	4,390	Cvent, Inc.l		93,946
	5,300	Demandware, Inc.l		207,230
	4,690	DST Systems, Inc.		528,891
	9,030	EarthLink Holdings Corporation		51,200
	32,400	eBay, Inc.l		773,064
	18,383	Electro Rent Corporation		170,227
	118,700	EMC Corporation		3,163,355
	7,670	Envestnet, Inc.l		208,624
	7,130	EVERTEC, Inc.		99,677
	7,470	ExlService Holdings, Inc.l		386,946
	4,680	F5 Networks, Inc.l		495,378
	16,743	Fabrinetl		541,636
	127,220	Facebook, Inc.l		14,515,802
	4,489	FEI Company		399,566
	11,367	Finisar Corporationl		207,334
	35,250	FLIR Systems, Inc.		1,161,488
	24,140	Fortinet, Inc.l		739,408
	14,400	Genpact, Ltd.l		391,536
	19,020	Glu Mobile, Inc.l		53,636
	18,183	Guidewire Software, Inc.l		990,610
	9,850	Harmonic, Inc.l		32,210
	16,460	Hewlett-Packard Company		202,787
	3,710	IAC/InterActiveCorporation		174,667
	10,590	Imperva, Inc.l		534,795
	97,330	Intel Corporation		3,148,626
	27,915	Ixial		347,821
	16,757	Juniper Networks, Inc.		427,471
	6,000	Lam Research Corporation		495,600
	6,500	Liberty Tripadvisor Holdings, Inc.l		144,040
	8,790	Linear Technology Corporation		391,682
	11,770	Lionbridge Technologies, Inc.l		59,556
	4,121	Littelfuse, Inc.		507,336
	2,500	Manhattan Associates, Inc.l		142,175

Shares		Common Stock (20.6%)	Value
	Information Technology (4.5%) - continued
	15,040	Marvell Technology Group, Ltd.		$155,062
	8,505	Maxim Integrated Products, Inc.		312,814
	3,450	MAXIMUS, Inc.		181,608
	8,163	Methode Electronics, Inc.		238,686
	26,500	Microsemi Corporationl		1,015,215
	381,710	Microsoft Corporation		21,081,843
	12,570	Monolithic Power Systems, Inc.		799,955
	870	Morningstar, Inc.		76,795
	9,619	Nanometrics, Inc.l		152,365
	16,940	National Instruments Corporation		510,063
	3,070	NETGEAR, Inc.l		123,936
	8,370	Nice Systems, Ltd. ADRh		542,292
	82,126	NVIDIA Corporation		2,926,149
	9,350	NXP Semiconductors NVl		758,005
	13,000	Oclaro, Inc.l		70,200
	5,450	ON Semiconductor Corporationl		52,266
	131,700	Oracle Corporation		5,387,847
	5,360	Palo Alto Networks, Inc.l		874,430
	36,440	Pandora Media, Inc.h,l		326,138
	6,000	Paylocity Holding Corporationl		196,440
	190,690	PayPal Holdings, Inc.l		7,360,634
	12,650	Pegasystems, Inc.		321,057
	5,320	Plantronics, Inc.		208,491
	60,820	Polycom, Inc.l		678,143
	24,500	Progress Software Corporationl		590,940
	8,500	Proofpoint, Inc.l		457,130
	15,500	PTC, Inc.l		513,980
	13,530	QLIK Technologies, Inc.l		391,288
	6,410	QUALCOMM, Inc.		327,807
	2,000	Qualys, Inc.l		50,620
	11,500	RealPage, Inc.l		239,660
	8,750	Red Hat, Inc.l		651,963
	11,290	Ruckus Wireless, Inc.l		110,755
	150,210	Salesforce.com, Inc.l		11,090,004
	3,340	Sanmina Corporationl		78,089
	3,530	ScanSource, Inc.l		142,541
	7,080	ServiceNow, Inc.l		433,154
	15,300	ShoreTel, Inc.l		113,832
	10,950	Symantec Corporation		201,261
	11,860	Synopsys, Inc.l		574,498
	1,780	Tech Data Corporationl		136,651
	83,433	Teradyne, Inc.		1,801,318
	4,650	Tessera Technologies, Inc.		144,150
	89,780	Texas Instruments, Inc.		5,155,168
	8,860	Trimble Navigation, Ltd.l		219,728
	2,400	Tyler Technologies, Inc.l		308,664
	5,520	Ultimate Software Group, Inc.l		1,068,120
	25,012	Virtusa Corporationl		936,950
	141,310	Visa, Inc.		10,807,389
	18,200	Xerox Corporation		203,112
	141,790	Xilinx, Inc.		6,725,100
		Total		189,437,896
	Materials (0.8%)
	12,530	Agnico Eagle Mines, Ltd.		453,085
	38,597	Albemarle Corporation		2,467,506
	65,640	Alcoa, Inc.h		628,831
	7,460	American Vanguard Corporationl		117,719
	7,530	Avery Dennison Corporation		542,988
	12,944	Axalta Coating Systems, Ltd.l		377,965
	4,726	Balchem Corporation		293,107
	10,480	Ball Corporation		747,119
	69,870	Barrick Gold Corporation		948,835
	3,530	Bemis Company, Inc.		182,783
	2,110	Boise Cascade Companyl		43,719
	14,960	Cabot Corporation		723,017

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

80

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (20.6%)	Value
	Materials (0.8%) - continued
	1,640	Carpenter Technology Corporation		$56,137
	8,400	Celanese Corporation		550,200
	12,927	Chemtura Corporationl		341,273
	2,964	Clearwater Paper Corporationl		143,784
	41,480	Crown Holdings, Inc.l		2,056,993
	55,060	Dow Chemical Company		2,800,352
	2,550	Eagle Materials, Inc.		178,780
	8,500	Eastman Chemical Company		613,955
	48,530	Eldorado Gold Corporation		153,355
	5,870	Ferroglobe plc		51,715
	15,620	FMC Corporation		630,579
	54,990	Freeport-McMoRan, Inc.h		568,597
	47,580	Goldcorp, Inc.		772,223
	6,778	Innospec, Inc.		293,894
	32,130	International Paper Company		1,318,615
	83,750	Kinross Gold Corporationl		284,750
	2,620	Koppers Holdings, Inc.l		58,871
	3,250	Martin Marietta Materials, Inc.		518,407
	2,010	Materion Corporation		53,225
	3,996	Minerals Technologies, Inc.		227,173
	94,340	Mosaic Company		2,547,180
	20,664	Myers Industries, Inc.		265,739
	39,420	Newmont Mining Corporation		1,047,784
	20,580	Olin Corporation		357,475
	9,880	OMNOVA Solutions, Inc.l		54,933
	33,220	Owens-Illinois, Inc.l		530,191
	27,123	Packaging Corporation of America		1,638,229
	10,430	PolyOne Corporation		315,507
	7,090	Rayonier Advanced Materials, Inc.		67,355
	5,680	Reliance Steel & Aluminum Company		392,999
	4,510	Royal Gold, Inc.		231,318
	7,200	RPM International, Inc.		340,776
	5,450	Schnitzer Steel Industries, Inc.		100,498
	9,735	Scotts Miracle-Gro Company		708,416
	13,870	Sealed Air Corporation		665,899
	21,270	Silver Wheaton Corporation		352,657
	16,200	Sonoco Products Company		786,834
	46,021	Steel Dynamics, Inc.		1,035,933
	7,990	Stillwater Mining Companyl		85,093
	37,150	Teck Resources, Ltd.h		282,711
	6,840	Vulcan Materials Company		722,099
	2,290	Westlake Chemical Corporation		106,027
	19,122	Westrock Company		746,332
	70,330	Yamana Gold, Inc.		213,803
		Total		32,795,340
	Telecommunications Services (0.2%)
	27,160	Cincinnati Bell, Inc.l		105,109
	4,450	FairPoint Communications, Inc.l		66,216
	5,930	General Communication, Inc.l		108,638
	8,910	Level 3 Communications, Inc.l		470,894
	2,900	ORBCOMM, Inc.l		29,377
	10,780	SBA Communications Corporationl		1,079,833
	91,289	Verizon Communications, Inc.		4,936,909
	54,220	Vonage Holdings Corporationl		247,785
		Total		7,044,761
	Utilities (0.5%)
	2,420	Ameren Corporation		121,242
	9,770	American States Water Company		384,547
	8,240	Aqua America, Inc.		262,197
	5,630	Artesian Resources Corporation		157,415
	28,510	Avista Corporation		1,162,638
	11,600	California Water Service Group		309,952
	13,540	CenterPoint Energy, Inc.		283,257
	1,000	Chesapeake Utilities Corporation		62,970

Shares		Common Stock (20.6%)	Value
	Utilities (0.5%) - continued
	4,790	Consolidated Water Company, Ltd.		$58,294
	8,670	Dynegy, Inc.l		124,588
	16,820	Edison International, Inc.		1,209,190
	7,135	FirstEnergy Corporation		256,646
	15,240	Great Plains Energy, Inc.		491,490
	6,631	Laclede Group, Inc.		449,250
	32,970	MDU Resources Group, Inc.		641,596
	2,400	Middlesex Water Company		74,040
	3,460	New Jersey Resources Corporation		126,048
	1,670	Northwest Natural Gas Company		89,929
	135,800	PG&E Corporation		8,109,976
	9,007	PNM Resources, Inc.		303,716
	5,830	Portland General Electric Company		230,227
	10,300	Public Service Enterprise Group, Inc.		485,542
	6,820	Renewable Energy Group, Inc.l		64,381
	28,050	Southern Company		1,451,026
	9,150	Southwest Gas Corporation		602,527
	42,388	Talen Energy Corporationl		381,492
	11,490	UGI Corporation		462,932
	2,679	Unitil Corporation		113,831
	12,150	Vectren Corporation		614,304
	5,820	WEC Energy Group, Inc.		349,607
	6,950	Westar Energy, Inc.		344,790
		Total		19,779,640
		Total Common Stock (cost $798,441,320)		870,467,039
Shares		Collateral Held for Securities Loaned (0.7%)	Value
	30,457,877	Thrivent Cash Management Trust		30,457,877
		Total Collateral Held for Securities Loaned (cost $30,457,877)		30,457,877
Shares or Principal Amount		Short-Term Investments (20.6%)m	Value
		Federal Agricultural Mortgage Corporation Discount Notes
	8,300,000	0.370%, 4/4/2016n		8,299,744
	8,100,000	0.400%, 7/25/2016		8,089,650
		Federal Home Loan Bank Discount Notes
	25,000,000	0.370%, 4/6/2016		24,998,715
	42,400,000	0.368%, 4/8/2016n		42,396,969
	20,000,000	0.365%, 4/11/2016n		19,997,972
	15,000,000	0.360%, 4/15/2016		14,997,900
	4,900,000	0.381%, 4/22/2016n		4,898,911
	5,000,000	0.390%, 4/27/2016n		4,998,593
	20,000,000	0.288%, 5/2/2016		19,995,049
	26,400,000	0.370%, 5/3/2016		26,391,306
	12,045,000	0.343%, 5/4/2016		12,041,215
	15,000,000	0.358%, 5/4/2016		14,995,077
	15,500,000	0.290%, 5/5/2016		15,495,755
	25,000,000	0.300%, 5/6/2016		24,992,708
	19,000,000	0.300%, 5/10/2016		18,993,825
	20,000,000	0.325%, 5/12/2016		19,992,597
	15,000,000	0.308%, 5/13/2016		14,994,610
	18,100,000	0.380%, 5/20/2016		18,090,638
	10,000,000	0.270%, 5/23/2016		9,996,100
	20,130,000	0.250%, 5/25/2016		20,122,451
		Federal Home Loan Mortgage Corporation Discount Notes
	12,750,000	0.400%, 7/25/2016		12,733,709

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

81

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares or Principal Amount		Short-Term Investments (20.6%)m	Value
		Federal National Mortgage Association Discount Notes
	1,000,000	0.350%, 6/1/2016		$999,407
	7,000,000	0.334%, 6/8/2016		6,995,584
		Thrivent Cash Management Trust
	505,654,998	0.290%		505,654,998
		Total Short-Term Investments (at amortized cost)		871,163,483
		Total Investments (cost $4,656,583,823) 113.2%		$4,791,553,601
		Other Assets and Liabilities, Net (13.2%)		(557,803,786)
		Total Net Assets 100.0%		$4,233,749,815

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

b In bankruptcy. Interest is not being accrued.

c All or a portion of the loan is unfunded.

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

e 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 March 31, 2016, the value of these investments was $154,963,590 or 3.7% of total net assets.

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 March 31, 2016.

g 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 March 31, 2016.

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 Denotes interest only security. Interest only securities represent the right to receive monthly interest payments on an underlying pool of mortgages or assets. The principal shown is the outstanding par amount of the pool as of the end of the period. The actual effective yield of the security is different than the stated coupon rate.

k At March 31, 2016, $97,053 of investments were segregated to cover exposure to a counterparty for margin on open mortgage-backed security transactions.

l Non-income producing security.

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

n All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

* 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 value of all restricted securities held in Moderately Conservative Allocation Portfolio as of March 31, 2016 was $64,184,651 or 1.5% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of March 31, 2016.

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

82

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014	$	824,587
Apidos CLO XVIII, 7/22/2026		6/25/2014		822,937
Ares CLO, Ltd., 11/15/2025		11/26/2014		1,500,000
Ares CLO, Ltd., 10/12/2023		5/15/2015		2,800,000
Babson CLO, Ltd., 10/17/2026		8/15/2014		824,588
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015		1,923,382
Betony CLO, Ltd., 4/15/2027		2/25/2015		750,000
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		825,000
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014		824,167
CAM Mortgage, LLC, 7/15/2064		6/24/2015		1,105,917
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		825,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		825,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		825,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		825,000
CoBank ACB, 6/15/2022		10/18/2013		384,050
Digicel, Ltd., 4/15/2021		8/18/2014		2,457,258
DRB Prime Student Loan Trust, 7/25/2031		9/23/2015		865,372
DRB Prime Student Loan Trust, 1/25/2040		12/4/2015		915,594
Dryden 34 Senior Loan Fund CLO, 10/15/2026		7/21/2014		825,000
Edlinc Student Loan Funding Trust, 10/1/2025		2/28/2013		904,432
Galaxy XX CLO, Ltd., 7/20/2027		5/20/2015		2,650,000
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/3/2014		824,175
Golub Capital Partners CLO 22B, Ltd., 2/20/2027		2/6/2015		1,566,968
Golub Capital Partners CLO 23M, Ltd., 5/5/2027		5/18/2015		798,000
Limerock CLO III, LLC, 10/20/2026		10/16/2014		2,500,000
Madison Park Funding XIV CLO, Ltd., 7/20/2026		7/3/2014		898,920
Madison Park Funding, Ltd., 8/15/2022		5/8/2015		2,975,000
Magnetite XII, Ltd., 4/15/2027		2/6/2015		2,600,000
Mountain View CLO, Ltd., 7/15/2027		5/13/2015		2,618,201
Neuberger Berman CLO, Ltd., 8/4/2025		6/19/2014		700,000
NZCG Funding CLO, Ltd., 4/27/2027		3/27/2015		2,650,000
Octagon Investment Partners XX CLO, Ltd., 8/12/2026		7/10/2014		825,000
OHA Loan Funding, Ltd., 10/20/2026		11/6/2014		2,493,750
OZLM VIII, Ltd., 10/17/2026		8/7/2014		820,298
Pretium Mortgage Credit Partners, LLC, 10/27/2030		10/6/2015		1,839,185
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		1,925,000
Shackleton VII CLO, Ltd., 4/15/2027		3/27/2015		2,650,000
Sunset Mortgage Loan Company, LLC, 9/16/2045		10/2/2015		1,618,988
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014		801,925
Symphony CLO XV, Ltd., 10/17/2026		10/17/2014		2,481,250
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		4,805,500

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

83

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Security	Acquisition Date		Cost
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015	$	1,070,650
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		823,762

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Moderately Conservative Allocation Portfolio as of March 31, 2016:

Securities Lending Transactions
Taxable Debt Security	$	17,432,716
Common Stock		11,944,814
Total lending	$	29,377,530
Gross amount payable upon return of collateral for securities loaned	$	30,457,877
Net amounts due to counterparty	$	1,080,347

    Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
CLO	-	Collateralized Loan Obligation
ETF	-	Exchange Traded Fund.
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	$	209,519,795
Gross unrealized depreciation		(74,550,017)
Net unrealized appreciation (depreciation)	$	134,969,778
Cost for federal income tax purposes	$	4,656,583,823

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

84

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing Moderately Conservative Allocation Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		7,536,024		–		7,536,024		–
Capital Goods		3,624,190		–		3,624,190		–
Communications Services		41,202,680		–		38,881,488		2,321,192
Consumer Cyclical		25,176,899		–		23,356,999		1,819,900
Consumer Non-Cyclical		18,357,717		–		17,288,938		1,068,779
Energy		6,796,175		–		4,517,061		2,279,114
Financials		6,640,459		–		6,640,459		–
Technology		7,364,880		–		6,965,528		399,352
Transportation		4,470,445		–		3,505,465		964,980
Utilities		3,349,455		–		3,349,455		–
Long-Term Fixed Income
Asset-Backed Securities		67,884,300		–		67,884,300		–
Basic Materials		11,399,218		–		11,399,218		–
Capital Goods		36,599,648		–		36,599,648		–
Collateralized Mortgage Obligations		74,811,034		–		74,811,034		–
Commercial Mortgage-Backed Securities		65,929,642		–		65,929,642		–
Communications Services		84,999,744		–		84,999,744		–
Consumer Cyclical		46,570,749		–		46,570,749		–
Consumer Non-Cyclical		78,765,828		–		78,765,828		–
Energy		44,298,142		–		44,298,142		–
Financials		142,291,569		–		142,291,569		–
Foreign Government		1,659,944		–		1,659,944		–
Mortgage-Backed Securities		530,195,060		–		530,195,060		–
Technology		30,593,200		–		30,593,200		–
Transportation		13,327,556		–		13,327,556		–
U.S. Government and Agencies		487,709,715		–		487,709,715		–
Utilities		39,934,146		–		39,934,146		–
Registered Investment Companies
Affiliated Fixed Income Holdings		676,178,536		676,178,536		–		–
Affiliated Equity Holdings		393,022,399		393,022,399		–		–
Fixed Income Funds/ETFs		55,260,824		55,260,824		–		–
Equity Funds/ETFs		13,515,024		13,515,024		–		–
Common Stock
Consumer Discretionary		133,165,735		133,165,735		–		–
Consumer Staples		47,414,689		47,414,689		–		–
Energy		107,339,489		107,339,489		–		–
Financials		135,823,496		135,823,496		–		–
Health Care		108,571,711		108,571,711		–		–
Industrials		89,094,282		89,094,282		–		–
Information Technology		189,437,896		189,437,896		–		–
Materials		32,795,340		32,795,340		–		–
Telecommunications Services		7,044,761		7,044,761		–		–
Utilities		19,779,640		19,779,640		–		–
Short-Term Investments		365,508,485		–		365,508,485		–
Subtotal Investments in Securities	$	4,255,440,726	$	2,008,443,822	$	2,238,143,587	$	8,853,317
Other Investments*	Total
Short-Term Investments		505,654,998
Collateral Held for Securities Loaned		30,457,877
Subtotal Other Investments	$	536,112,875
Total Investments at Value	$	4,791,553,601

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

85

MODERATELY CONSERVATIVE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		1,649,754		1,649,754		–		–
Total Asset Derivatives	$	1,649,754	$	1,649,754	$	–	$	–
Liability Derivatives
Futures Contracts		5,775,885		5,775,885		–		–
Total Liability Derivatives	$	5,775,885	$	5,775,885	$	–	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents Moderately Conservative Allocation Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $26,397,069 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date	Notional Principal Amount		Value		Unrealized Gain/(Loss)
CBOT 10-Yr. U.S. Treasury Note		887	June 2016	$	115,673,182	$	115,656,489	($	16,693)
CBOT 2-Yr. U.S. Treasury Note		(47)	June 2016		(10,278,169)		(10,281,250)		(3,081)
CBOT 5-Yr. U.S. Treasury Note		1,249	June 2016		151,045,055		151,333,911		288,856
CBOT U.S. Long Bond		535	June 2016		88,414,667		87,974,062		(440,605)
CME E-mini S&P Mid-Cap 400 Index		(428)	June 2016		(59,092,453)		(61,683,360)		(2,590,907)
CME S&P 500 Index		(51)	June 2016		(25,928,209)		(26,156,625)		(228,416)
Eurex Euro STOXX 50 Index		3,000	June 2016		102,278,844		99,782,661		(2,496,183)
ICE mini MSCI EAFE Index		1,424	June 2016		115,648,444		115,735,600		87,156
NYBOT NYF mini Russell 2000 Index		295	June 2016		31,459,458		32,733,200		1,273,742
Total Futures Contracts								($	4,126,131)

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

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

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Small Cap Stock	$	29,219,401	$	–	$	–		1,881,929	$	29,235,397	$	–
Mid Cap Stock		58,291,611		–		–		3,484,569		58,772,831		–
Partner Worldwide Allocation		149,147,055		–		–		16,564,901		148,759,436		–
Large Cap Value		126,438,164		–		–		8,148,101		127,180,456		–
Large Cap Stock		29,676,377		–		–		2,552,346		29,074,279		–
High Yield		103,974,761		1,498,336		–		23,558,807		106,787,361		1,498,686
Income		335,972,791		3,127,905		–		34,494,092		346,813,951		3,118,182
Limited Maturity Bond		220,756,038		1,023,778		–		22,809,718		222,577,224		1,021,284
Cash Management Trust-Collateral Investment		68,616,520		321,866,313		360,024,956		30,457,877		30,457,877		109,772
Cash Management Trust-Short Term Investment		118,807,605		683,726,313		296,878,920		505,654,998		505,654,998		296,473
Total Value and Income Earned	$	1,240,900,323							$	1,605,313,810	$	6,044,397

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

86

GROWTHAND INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (10.8%)a	Value
	Basic Materials (0.5%)
		Alpha Natural Resources, Inc., Term Loan
	$59,093	3.500%, 5/22/2020b		$18,073
		Fortescue Metals Group, Ltd., Term Loan
	177,652	4.250%, 6/30/2019c,d		149,622
		Ineos US Finance, LLC, Term Loan
	104,541	3.750%, 12/15/2020		102,711
		NewPage Corporation, Delayed Draw
	22,050	11.000%, 7/26/2017		18,632
		NewPage Corporation, Term Loan
	22,050	10.136%, 7/26/2017		18,632
	109,575	0.000%, 2/11/2021b		16,025
		Tronox Pigments BV, Term Loan
	102,519	4.500%, 3/19/2020		94,625
		Total		418,320
	Capital Goods (0.3%)
		Accudyne Industries, LLC, Term Loan
	67,089	4.000%, 12/13/2019c,d		58,367
		ADS Waste Holdings, Inc., Term Loan
	56,638	3.750%, 10/9/2019		56,119
		Berry Plastics Group, Inc., Term Loan
	77,068	3.500%, 2/8/2020		76,683
		Rexnord, LLC, Term Loan
	55,428	4.000%, 8/21/2020		54,518
		Total		245,687
	Communications Services (3.3%)
		Altice Financing SA, Term Loan
	86,844	5.250%, 2/4/2022		86,916
		Atlantic Broadband Penn, LLC, Term Loan
	48,003	3.250%, 11/30/2019		47,808
		Birch Communication Inc., Term Loan
	105,875	7.750%, 7/17/2020		91,582
		Block Communications, Inc., Term Loan
	109,722	4.000%, 11/7/2021		109,722
		Cengage Learning Acquisitions, Term Loan
	86,527	7.000%, 3/31/2020		86,033
		Charter Communications Operating, LLC, Term Loan
	25,540	3.000%, 7/1/2020		25,409
		Cincinnati Bell, Inc., Term Loan
	90,338	4.000%, 9/10/2020c,d		88,682
		CommScope, Inc., Term Loan
	89,550	3.828%, 12/29/2022		89,354
		CSC Holdings, LLC, Term Loan
	37,500	5.000%, 10/9/2022		37,494
		Fairpoint Communications, Term Loan
	138,935	7.500%, 2/14/2019c,d		137,487
		Grande Communications Networks, LLC, Term Loan
	105,033	4.500%, 5/29/2020		103,151
		Gray Television, Inc., Term Loan
	66,772	3.938%, 6/13/2021		66,522
	54,863	4.250%, 6/13/2021		54,863
		Hargray Communications Group, Inc., Term Loan
	48,866	5.250%, 6/26/2019		48,560

Principal Amount		Bank Loans (10.8%)a	Value
	Communications Services (3.3%) - continued
		Integra Telecom Holdings, Inc., Term Loan
	$70,132	5.250%, 8/14/2020		$65,959
		Intelsat Jackson Holdings SA, Term Loan
	42,173	3.750%, 6/30/2019c,d		39,259
		Level 3 Communications, Inc., Term Loan
	79,000	4.000%, 8/1/2019		79,082
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	145,000	4.500%, 1/7/2022		138,113
		LTS Buyer, LLC, Term Loan
	83,609	4.000%, 4/13/2020		82,563
		MCC Georgia, LLC, Term Loan
	78,600	3.750%, 6/30/2021		78,207
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	89,896	4.912%, 3/22/2019		89,521
		NEP/NCP Holdco, Inc., Term Loan
	105,313	4.250%, 1/22/2020		97,151
		NTelos, Inc., Term Loan
	105,008	5.750%, 11/9/2019		104,220
		Numericable US, LLC, Term Loan
	74,812	4.563%, 7/29/2022		73,831
		SBA Senior Finance II, LLC, Term Loan
	98,250	3.250%, 3/24/2021		97,680
		TNS, Inc., Term Loan
	48,168	5.000%, 2/14/2020		47,370
		Univision Communications, Inc., Term Loan
	104,980	4.000%, 3/1/2020		103,832
		Virgin Media Investment Holdings, Ltd., Term Loan
	54,539	3.500%, 6/30/2023		54,042
		WideOpenWest Finance, LLC, Term Loan
	66,977	4.500%, 4/1/2019c,d		66,176
		WMG Acquisition Corporation, Term Loan
	54,859	0.000%, 7/1/2020c,d		54,013
		XO Communications, LLC, Term Loan
	98,025	4.250%, 3/20/2021		97,570
		Yankee Cable Acquisition, LLC, Term Loan
	90,332	4.250%, 3/1/2020		89,805
		Zayo Group, LLC, Term Loan
	91,903	3.750%, 5/6/2021		91,367
		Total		2,623,344
	Consumer Cyclical (2.0%)
		Amaya BV, Term Loan
	185,941	5.000%, 8/1/2021c,d		170,469
		Burlington Coat Factory Warehouse Corporation, Term Loan
	86,035	4.250%, 8/13/2021		86,020
		Ceridian HCM Holding, Inc., Term Loan
	51,653	4.500%, 9/15/2020		49,716
		Charter Communications Operating, LLC, Term Loan
	52,515	3.000%, 1/3/2021		52,262
		Dollar Tree, Inc., Term Loan
	43,248	3.500%, 7/6/2022		43,378

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

87

GROWTHAND INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (10.8%)a	Value
	Consumer Cyclical (2.0%) - continued
		FCA US, LLC, Term Loan
	$51,808	3.250%, 12/31/2018		$51,711
		Golden Nugget, Inc., Delayed Draw
	17,808	5.500%, 11/21/2019		17,708
		Golden Nugget, Inc., Term Loan
	41,552	5.500%, 11/21/2019		41,318
		IMG Worldwide, Inc., Term Loan
	113,173	5.250%, 5/6/2021		112,961
		J.C. Penney Corporation, Inc., Term Loan
	104,809	6.000%, 5/22/2018		104,914
		KAR Auction Services, Inc., Term Loan
	110,000	4.250%, 3/9/2023		110,229
		Las Vegas Sands, LLC, Term Loan
	78,200	3.250%, 12/19/2020		78,124
		Marina District Finance Company, Inc., Term Loan
	52,816	6.500%, 8/15/2018		52,706
		MGM Resorts International, Term Loan
	68,848	3.500%, 12/20/2019		68,651
		Michaels Stores, Inc., Term Loan
	72,768	4.000%, 1/28/2020		72,755
		Mohegan Tribal Gaming Authority, Term Loan
	115,301	5.500%, 6/15/2018		111,338
		Pinnacle Entertainment, Inc., Term Loan
	11,351	3.750%, 8/13/2020		11,330
		Scientific Games International, Inc., Term Loan
	105,570	6.000%, 10/18/2020		102,073
	124,684	0.000%, 10/1/2021c,d		120,379
		Seminole Hard Rock Entertainment, Inc., Term Loan
	49,116	3.500%, 5/14/2020		48,502
		Seminole Indian Tribe of Florida, Term Loan
	76,452	3.000%, 4/29/2020		76,165
		Total		1,582,709
	Consumer Non-Cyclical (1.7%)
		Albertson’s, LLC, Term Loan
	155,372	5.500%, 3/21/2019		155,285
	24,938	5.500%, 12/21/2022		24,951
		Catalina Marketing Corporation, Term Loan
	88,425	4.500%, 4/9/2021		75,161
		CHS/Community Health Systems, Inc., Term Loan
	14,439	3.741%, 12/31/2018		14,282
	48,062	3.750%, 1/27/2021		47,154
	88,433	4.000%, 1/27/2021		86,848
		Endo Luxembourg Finance I Co Sarl, Term Loan
	99,750	3.750%, 9/26/2022		98,129
		JBS USA, LLC, Term Loan
	71,201	3.750%, 5/25/2018		70,890
	9,824	3.750%, 9/18/2020		9,750
	24,937	4.000%, 10/30/2022		24,782
		Libbey Glass, Inc., Term Loan
	72,835	3.750%, 4/9/2021		71,925
		LTF Merger Sub, Inc., Term Loan
	74,437	4.250%, 6/10/2022		73,433

Principal Amount		Bank Loans (10.8%)a	Value
	Consumer Non-Cyclical (1.7%) - continued
		Mallinckrodt International Finance SA, Term Loan
	$45,000	0.000%, 3/19/2021c,d		$43,838
		Ortho-Clinical Diagnostics, Inc., Term Loan
	128,099	4.750%, 6/30/2021		118,491
		Supervalu, Inc., Term Loan
	149,396	4.500%, 3/21/2019		145,885
		Valeant Pharmaceuticals International, Inc., Term Loan
	313,427	4.000%, 4/1/2022c,d		295,537
		Total		1,356,341
	Energy (0.5%)
		Arch Coal, Inc., Term Loan
	154,142	7.500%, 5/16/2018b		54,400
		Aria Energy Operating, LLC, Term Loan
	34,718	5.000%, 5/27/2022		30,551
		Energy Solutions, LLC, Term Loan
	73,164	6.750%, 5/29/2020c,d		67,311
		Exgen Renewables I, LLC, Term Loan
	51,609	5.250%, 2/6/2021		51,480
		McJunkin Red Man Corporation, Term Loan
	75,943	4.750%, 11/8/2019		72,526
		MEG Energy Corporation, Term Loan
	74,034	0.000%, 3/31/2020		59,449
		Pacific Drilling SA, Term Loan
	78,772	4.500%, 6/3/2018		24,504
		Western Refining, Inc., Term Loan
	39,898	0.000%, 11/12/2020c,d		38,701
		Total		398,922
	Financials (0.6%)
		Delos Finance Sarl, Term Loan
	100,000	3.500%, 3/6/2021		100,100
		DJO Finance, LLC, Term Loan
	39,800	4.250%, 6/7/2020		38,871
		Harland Clarke Holdings Corporation, Term Loan
	90,642	7.000%, 5/22/2018c,d		88,942
		MPH Acquisition Holdings, LLC, Term Loan
	38,201	3.750%, 3/31/2021		37,800
		TransUnion, LLC, Term Loan
	88,200	3.500%, 4/9/2021		87,274
		WaveDivision Holdings, LLC, Term Loan
	110,214	4.000%, 10/15/2019c,d		109,113
		Total		462,100
	Technology (1.1%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	250,000	4.250%, 2/1/2023c,d		248,608
		First Data Corporation, Term Loan
	87,187	3.932%, 3/23/2018		86,947
	50,000	3.932%, 9/24/2018		49,896
	20,688	0.000%, 3/24/2021c,d		20,636
		ON Semiconductor Corporation, Term Loan
	180,000	0.000%, 3/31/2023c,d		180,056

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

88

GROWTHAND INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (10.8%)a	Value
	Technology (1.1%) - continued
		SS&C European Holdings SARL, Term Loan
	$41,928	4.007%, 7/8/2022		$41,987
	6,078	4.018%, 7/8/2022		6,086
		Western Digital Corporation, Term Loan
	180,000	0.000%, 3/16/2023c,d		177,694
		Zayo Group, LLC, Term Loan
	19,950	4.500%, 5/6/2021		19,995
		Total		831,905
	Transportation (0.5%)
		American Airlines, Inc., Term Loan
	106,110	3.250%, 6/27/2020		105,504
		Delta Airlines, Inc., Term Loan
	99,500	3.250%, 8/24/2022		99,376
		OSG Bulk Ships, Inc., Term Loan
	93,817	5.250%, 8/5/2019		84,436
		XPO Logistics, Inc., Term Loan
	112,219	5.500%, 11/1/2021		112,499
		Total		401,815
	Utilities (0.3%)
		Calpine Corporation, Term Loan
	79,265	4.000%, 10/31/2020		78,522
	84,139	3.500%, 5/27/2022		82,943
		Intergen NV, Term Loan
	105,030	5.500%, 6/15/2020		93,739
		Total		255,204
		Total Bank Loans (cost $9,045,058)		8,576,347
Shares		Common Stock (61.1%)	Value
	Consumer Discretionary (9.4%)
	1,400	Aisan Industry Company, Ltd.		11,004
	1,140	Amazon.com, Inc.e		676,750
	580	Autoliv, Inc.		68,718
	830	AutoZone, Inc.e		661,253
	200	Bayerische Motoren Werke AG		15,967
	2,400	Berkeley Group Holdings plc		110,661
	4,290	Best Buy Company, Inc.		139,168
	1,800	Betsson ABe		27,892
	500	Brembo SPA		25,850
	1,200	Bridgestone Corporation		44,787
	1,500	Bunzl plc		43,510
	2,730	Burlington Stores, Inc.e		153,535
	2,000	Calsonic Kansei Corporation		14,861
	2,225	Cedar Fair, LP		132,276
	1,500	Cineworld Group plc		11,557
	11,906	Comcast Corporation		727,218
	900	Compass Group plc		15,866
	1,490	Core-Mark Holding Company, Inc.		121,524
	400	Daimler AG		30,613
	10,000	Debenhams plc		10,790
	4,400	Denso Corporation		176,618
	6,010	Discovery Communications, Inc.e		172,066
	6,000	EDION Corporation		45,471
	2,200	Eutelsat Communications		70,953
	4,990	Ford Motor Company		67,365
	1,690	General Motors Company		53,117
	6,000	Gunze, Ltd.		16,971
	3,200	Hakuhodo Dy Holdings, Inc.		36,230
	1,610	Harman International Industries, Inc.		143,354
	300	Hennes & Mauritz AB		9,985

Shares		Common Stock (61.1%)	Value
	Consumer Discretionary (9.4%) - continued
	6,300	Honda Motor Company, Ltd.		$172,249
	5,800	Inchcape plc		60,156
	900	Intertek Group plc		40,864
	2,350	Jarden Corporatione		138,533
	352	Linamar Corporation		16,937
	300	LVMH Moet Hennessy Louis Vuitton SE		51,263
	1,600	Marks and Spencer Group plc		9,324
	7,323	MDC Partners, Inc.		172,823
	10,370	NIKE, Inc.		637,444
	2,800	NOK Corporation		47,769
	900	Nokian Renkaat Oyj		31,753
	100	Paddy Power plc		13,948
	2,000	PanaHome Corporation		14,997
	5,900	Persimmon plc		176,299
	500	ProSiebenSat.1 Media AG		25,668
	800	RELX NV		13,948
	1,582	Restoration Hardware Holdings, Inc.e		66,286
	200	Rightmove plc		12,077
	1,400	Sekisui House, Ltd.		23,620
	1,500	SHOWA Corporation		13,085
	2,100	Sports Direct International plce		11,391
	600	Stanley Electric Company, Ltd.		13,561
	3,900	Star Entertainment Group, Ltd.		16,962
	5,640	Starbucks Corporation		336,708
	4,700	Sumitomo Forestry Company, Ltd.		53,953
	2,700	Sumitomo Rubber Industries, Ltd.		41,718
	500	Tamron Company, Ltd.		8,189
	2,560	Target Corporation		210,637
	4,700	Tatts Group, Ltd.		13,617
	900	Tokai Rika Company, Ltd.		16,915
	4,840	Toll Brothers, Inc.e		142,828
	1,700	Toyota Motor Corporation		90,160
	5,400	UBM plc		46,527
	900	USS Company, Ltd.		14,361
	100	Valora Holding AG		24,970
	2,000	Wacoal Holdings Corporation		23,867
	4,240	Walt Disney Company		421,074
	3,800	WH Smith plc		98,986
	500	Whitbread plc		28,383
	3,600	Wolters Kluwer NV		143,487
	3,400	WPP plc		79,137
	700	Yokohama Rubber Company, Ltd.		11,507
		Total		7,423,911
	Consumer Staples (4.0%)
	800	AarhusKarlshamn AB		63,501
	4,519	Anheuser-Busch InBev NV ADR		563,339
	2,700	Axfood AB		49,826
	2,600	British American Tobacco plc		152,037
	1,900	Britvic plc		19,364
	7,120	Coca-Cola Company		330,297
	3,900	Coca-Cola HBC AG		82,704
	800	Henkel AG & Company KGaA		78,446
	6,400	Imperial Tobacco Group plc		354,349
	500	Japan Tobacco, Inc.		20,811
	1,700	Jeronimo Martins SGPS SA		27,790
	1,800	Kao Corporation		95,980
	11,900	Koninklijke Ahold NV		267,290
	300	KOSE Corporation		29,165
	2,500	Nestle SA		186,552
	1,000	Nippon Meat Packers, Inc.		22,011
	2,900	Nisshin OilliO Group, Ltd.		11,833
	5,300	Philip Morris International, Inc.		519,983
	1,000	Suedzucker AG		17,597
	500	Sugi Holdings Company, Ltd.		26,380

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

89

GROWTHAND INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (61.1%)	Value
	Consumer Staples (4.0%) - continued
	3,500	Swedish Match AB		$118,643
	3,150	WhiteWave Foods Companye		128,016
	2,000	Woolworths, Ltd.		33,849
		Total		3,199,763
	Energy (4.1%)
	74,423	BP plc		372,364
	91	Canadian Natural Resources, Ltd.		2,462
	3,430	Continental Resources, Inc.e		104,135
	6,450	EOG Resources, Inc.		468,141
	7,970	EQT Corporation		536,062
	18,000	Kinder Morgan, Inc.		321,480
	3,470	OMV AG		97,432
	6,510	Parsley Energy, Inc.e		147,126
	2,612	Royal Dutch Shell plc		63,298
	32	Royal Dutch Shell plc, Class A		773
	1,548	Royal Dutch Shell plc, Class B		37,670
	12,900	Spectra Energy Corporation		394,740
	2,025	Statoil ASA		31,627
	2,100	Total SA		95,553
	170	Vantage Drilling Internationale		18,700
	73,500	Weatherford International plce		571,830
		Total		3,263,393
	Financials (17.9%)
	500	Acadia Realty Trust		17,565
	700	AEON Financial Service Company, Ltd.		16,480
	1,010	Affiliated Managers Group, Inc.e		164,024
	700	Agree Realty Corporation		26,929
	3,661	Alexandria Real Estate Equities, Inc.		332,748
	3,000	Allianz SE		487,216
	300	American Campus Communities, Inc.		14,127
	341	American Farmland Company		2,141
	1,500	Apartment Investment & Management Company		62,730
	8,600	Apollo Investment Corporation		47,730
	600	Apple Hospitality REIT, Inc.		11,886
	3,950	Ares Capital Corporation		58,618
	8,200	Australia & New Zealand Banking Group, Ltd.		146,997
	1,100	AvalonBay Communities, Inc.		209,220
	13,900	Bank Hapoalim, Ltd.		72,153
	11,000	Bank of East Asia, Ltd.		41,115
	4,953	Bank of Nova Scotia		242,053
	3,612	Bank of Queensland, Ltd.		33,490
	29,000	Bank of Yokohama, Ltd.f		131,368
	8,300	BinckBank NV		61,784
	400	Bluerock Residential Growth REIT, Inc.		4,352
	2,265	Boston Properties, Inc.		287,836
	6,144	Brixmor Property Group, Inc.		157,409
	3,190	Camden Property Trust		268,247
	1,601	Canadian Western Bank		29,770
	11,200	CapitaMall Trust		17,357
	650	Care Capital Properties, Inc.		17,446
	19,030	Charles Schwab Corporation		533,221
	356	Chesapeake Lodging Trust		9,420
	3,000	Chiba Bank, Ltd.		14,942
	12,800	Citigroup, Inc.		534,400
	3,600	CNP Assurances		56,062
	250	CoreSite Realty Corporation		17,503
	1,740	Crown Castle International Corporation		150,510
	2,000	CubeSmart		66,600
	600	CyrusOne, Inc.		27,390

Shares		Common Stock (61.1%)	Value
	Financials (17.9%) - continued
	800	Daiwa House Industry Company, Ltd.		$22,487
	1,300	DDR Corporation		23,127
	500	Derwent London plc		22,595
	16,600	DEXUS Property Group		100,805
	1,018	Digital Realty Trust, Inc.		90,083
	7,908	Direct Line Insurance Group plc		41,946
	500	Douglas Emmett, Inc.		15,055
	14,410	Duke Realty Corporation		324,801
	450	DuPont Fabros Technology, Inc.		18,239
	400	Education Realty Trust, Inc.		16,640
	7,760	Encore Capital Group, Inc.e		199,742
	456	EPR Properties		30,379
	700	Equinix, Inc.		231,497
	1,000	Equity Lifestyle Properties, Inc.		72,730
	400	Equity One, Inc.		11,464
	3,420	Equity Residential		256,603
	3,900	Erste Group Bank AGe		109,462
	550	Essex Property Trust, Inc.		128,623
	750	Extra Space Storage, Inc.		70,095
	400	Federal Realty Investment Trust		62,420
	300	First Industrial Realty Trust, Inc.		6,822
	8,600	FlexiGroup, Ltd.		16,312
	10,200	Frasers Centrepoint Trust		15,128
	24,000	Fukuoka Financial Group, Inc.		78,179
	4,239	General Growth Properties, Inc.		126,025
	500	GEO Group, Inc.		17,335
	2,900	Great Portland Estates plc		30,275
	3,154	H&R Real Estate Investment Trust		50,974
	1,400	Hamborner REIT AG		15,156
	3,000	Hang Seng Bank, Ltd.		53,082
	1,400	Hannover Rueckversicherung SE		162,712
	2,700	HCP, Inc.		87,966
	1,900	Healthcare Trust of America, Inc.		55,898
	15,300	Henderson Group plc		56,596
	1,300	Highwoods Properties, Inc.		62,153
	1,000	Hospitality Properties Trust		26,560
	6,271	Host Hotels & Resorts, Inc.		104,726
	400	Hudson Pacific Properties, Inc.		11,568
	3,100	Hufvudstaden AB		49,030
	24,000	Hysan Development Company, Ltd.		102,281
	794	Intact Financial Corporation		55,591
	1,680	Intercontinental Exchange, Inc.		395,035
	1,650	Invesco Mortgage Capital, Inc.		20,097
	14,900	Investec plc		109,298
	600	Iron Mountain, Inc.		20,346
	600	Kilroy Realty Corporation		37,122
	4,400	Kimco Realty Corporation		126,632
	267	Lamar Advertising Company		16,421
	700	LaSalle Hotel Properties		17,717
	300	Liberty Property Trust		10,038
	17,000	Link REIT		100,991
	9,750	Live Oak Bancshares, Inc.		146,250
	1,175	Macerich Company		93,107
	2,900	Macquarie Group, Ltd.		146,781
	2,200	Medical Properties Trust, Inc.		28,556
	7,870	MetLife, Inc.		345,808
	800	Mid-America Apartment Communities, Inc.		81,768
	50,500	Mizuho Financial Group, Inc.		75,259
	200	Muenchener Rueckversicherungs-Gesellschaft AG		40,589
	2,800	National Australia Bank, Ltd.		56,221
	2,964	National Bank of Canada		96,970
	500	National Health Investors, Inc.		33,260
	1,800	National Retail Properties, Inc.		83,160

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

90

GROWTHAND INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (61.1%)	Value
	Financials (17.9%) - continued
	52,000	New World Development Company, Ltd.		$49,630
	850	NorthStar Realty Finance Corporation		11,152
	4,200	Old Mutual plc		11,601
	1,000	Omega Healthcare Investors, Inc.		35,300
	500	Outfront Media, Inc.		10,550
	4,216	PacWest Bancorp		156,624
	1,200	Parkway Properties, Inc.		18,792
	400	Pebblebrook Hotel Trust		11,628
	2,150	Physicians Realty Trust		39,947
	4,000	Poundland Group plc		8,953
	900	Power Corporation of Canada		20,762
	6,545	Prologis, Inc.		289,158
	1,328	Public Storage, Inc.		366,302
	338	QTS Realty Trust, Inc.		16,014
	2,490	Raymond James Financial, Inc.		118,549
	700	Realty Income Corporation		43,757
	800	Regency Centers Corporation		59,880
	400	Retail Opportunity Investments Corporation		8,048
	1,997	RLJ Lodging Trust		45,691
	300	Sampo Oyj		14,209
	2,000	Schroders plc		76,889
	3,200	Simon Property Group, Inc.		664,608
	500	SL Green Realty Corporation		48,440
	3,375	Solar Capital, Ltd.		58,320
	517	Sovran Self Storage, Inc.		60,980
	5,400	Spirit Realty Captial, Inc.		60,750
	52,400	Stockland		171,431
	1,196	Store Capital Corporation		30,953
	16,000	Sumitomo Mitsui Trust Holdings, Inc.		46,840
	1,500	Summit Hotel Properties, Inc.		17,955
	250	Sun Communities, Inc.		17,903
	1,121	Sunstone Hotel Investors, Inc.		15,694
	1,600	Swiss Re AG		147,743
	14,390	Synchrony Financiale		412,417
	8,100	T&D Holdings, Inc.		75,662
	500	Talanx AG		17,039
	1,033	Tanger Factory Outlet Centers, Inc.		37,591
	300	Taubman Centers, Inc.		21,369
	300	Tokio Marine Holdings, Inc.		10,136
	951	Toronto-Dominion Bank		41,050
	2,400	UDR, Inc.		92,472
	9,000	United Overseas Bank, Ltd.		125,892
	1,150	Urban Edge Properties		29,716
	2,200	Ventas, Inc.		138,512
	1,642	VEREIT, Inc.		14,565
	2,610	Vornado Realty Trust		246,462
	800	Weingarten Realty Investors		30,016
	2,857	Welltower, Inc.		198,104
	17,800	Wing Tai Holdings, Ltd.		23,219
	500	WP Carey, Inc.		31,120
	4,830	XL Group plc		177,744
	6,360	Zions Bancorporation		153,976
		Total		14,119,542
	Health Care (6.7%)
	14,380	Abbott Laboratories		601,515
	200	Actelion, Ltd.		29,848
	4,540	Akorn, Inc.e		106,826
	1,400	Allergan plce		375,242
	2,040	Amgen, Inc.		305,857
	1,500	Astellas Pharmaceutical, Inc.		19,934
	100	Bayer AG		11,718
	400	CSL, Ltd.		31,085

Shares		Common Stock (61.1%)	Value
	Health Care (6.7%) - continued
	2,200	Essilor International SA		$271,075
	200	Gerresheimer AG		15,648
	2,500	Hikma Pharmaceuticals plc		70,991
	4,090	Hologic, Inc.e		141,105
	1,167	ICON plce		87,642
	300	Lonza Group AG		50,712
	9,120	Medtronic plc		684,000
	11,350	Merck & Company, Inc.		600,529
	900	Merck KGaA		74,866
	7,270	Mylan NV		336,965
	4,500	Novartis AG		325,584
	3,100	Novo Nordisk AS		167,876
	8,682	Pfizer, Inc.		257,334
	400	Roche Holding AG-Genusschein		98,216
	3,400	Sanofi		273,346
	1,160	Teleflex, Inc.		182,132
	1,160	Waters Corporatione		153,027
		Total		5,273,073
	Industrials (6.4%)
	900	Adecco SA		58,546
	1,300	Aida Engineering, Ltd.		11,294
	17,000	Air New Zealand, Ltd.		33,610
	800	Airbus Group NV		53,006
	1,500	Amada Holdings Company, Ltd.		14,616
	400	Andritz AG		21,914
	8,000	Asahi Glass Company, Ltd.		43,775
	500	Atlas Copco Aktiebolag		12,549
	1,200	Babcock International Group plc		16,341
	4,300	Central Glass Company, Ltd.		23,330
	800	Compagnie de Saint-Gobain		35,139
	500	Croda International plc		21,771
	2,000	Dai Nippon Printing Company, Ltd.		17,748
	1,922	Dart Group plc		18,329
	1,400	Deutsche Post AG		38,856
	400	DSV AS		16,638
	3,020	EMCOR Group, Inc.		146,772
	1,410	Equifax, Inc.		161,149
	600	FANUC Corporation		92,921
	2,100	Ferrovial SA		45,068
	4,000	Fuji Electric Company, Ltd.		13,830
	1,338	Galliford Try plc		27,529
	2,000	Hankyu Hanshin Holdings, Inc.		12,754
	3,650	HNI Corporation		142,971
	200	Hochtief AG		24,423
	4,830	Honeywell International, Inc.		541,202
	200	Hoshizaki Electric Company, Ltd.		16,682
	6,254	Illinois Tool Works, Inc.		640,660
	1,000	Inaba Denki Sangyo Company, Ltd.		31,457
	8,200	Ingersoll-Rand plc		508,482
	2,600	Intrum Justitia AB		91,624
	12,100	ITOCHU Corporation		148,695
	12,420	Jacobs Engineering Group, Inc.e		540,891
	200	Jungheinrich AG		18,221
	1,000	Keisei Electric Railway Company, Ltd.		14,069
	4,500	KITZ Corporation		19,461
	3,600	KONE Oyj		173,271
	1,000	Koninklijke Boskalis Westminster NV		39,193
	200	Kuehne & Nagel International AG		28,423
	4,700	Macquarie Infrastructure Corporation		316,968
	5,710	Masco Corporation		179,580
	1,270	Middleby Corporatione		135,598
	1,800	MIRAIT Holdings Corporation		14,320
	2,000	Mitsuboshi Belting, Ltd.		16,093
	3,000	MTR Corporation, Ltd.		14,868
	1,900	Nikkon Holdings Company, Ltd.		34,388

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

91

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Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (61.1%)	Value
	Industrials (6.4%) - continued
	3,000	Nippon Express Company, Ltd.		$13,639
	3,100	Nitto Kogyo Corporation		49,380
	200	Randstad Holding NV		11,062
	200	Rieter Holding AG		43,180
	593	Saft Groupe SA		17,906
	2,800	Sanwa Holdings Corporation		20,830
	6,400	SIG plc		13,400
	3,000	Toppan Printing Company, Ltd.		25,153
	400	Travis Perkins plc		10,478
	200	Vestas Wind Systems AS		14,092
	1,560	WABCO Holdings, Inc.e		166,795
	696	WSP Global, Inc.		20,632
	500	Yuasa Trading Company, Ltd.		11,746
		Total		5,047,318
	Information Technology (8.6%)
	590	Alphabet, Inc., Class Ae		450,111
	491	Alphabet, Inc., Class Ce		365,770
	300	Amadeus IT Holding SA		12,829
	5,080	Apple, Inc.		553,669
	360	AtoS		29,239
	2,560	Autodesk, Inc.e		149,274
	1,700	Canon, Inc.		50,699
	2,370	Check Point Software Technologies, Ltd.e		207,304
	11,990	Cisco Systems, Inc.		341,355
	19,939	EMC Corporation		531,374
	4,370	Facebook, Inc.e		498,617
	8,910	Finisar Corporatione		162,518
	5,200	FUJIFILM Holdings NPV		205,542
	1,500	Hitachi Kokusai Electric, Inc.		18,008
	900	Hoya Corporation		34,210
	1,000	IT Holdings Corporation		23,653
	800	ITOCHU Techno-Solutions Corporation		15,095
	5,260	Juniper Networks, Inc.		134,183
	400	Kyocera Corporation		17,612
	3,460	MasterCard, Inc.		326,970
	10,970	Microsoft Corporation		605,873
	1,700	NEC Networks & System Integration Corporation		26,396
	800	NS Solutions Corporation		15,692
	2,920	Plantronics, Inc.		114,435
	7,460	Progress Software Corporatione		179,935
	5,180	QLIK Technologies, Inc.e		149,806
	2,660	Salesforce.com, Inc.e		196,388
	900	SAP SE		72,422
	3,800	Shinko Electric Industries Company, Ltd.		21,361
	200	TDK Corporation		11,097
	710	Ultimate Software Group, Inc.e		137,385
	300	United Internet AG		15,031
	8,800	Visa, Inc.		673,024
	9,280	Xilinx, Inc.		440,150
		Total		6,787,027
	Materials (1.6%)
	100	Air Liquide SA		11,219
	570	Ashland, Inc.		62,677
	200	Aurubis AG		9,938
	13,500	BHP Billiton, Ltd.		174,444
	3,900	BillerudKorsnas AB		63,665
	4,400	Boral, Ltd.		20,812
	1,200	Buzzi Unicem SPA		20,687
	97	CCL Industries, Inc.		18,410
	1,230	Crown Holdings, Inc.e		60,996

Shares		Common Stock (61.1%)	Value
	Materials (1.6%) - continued
	6,400	Daicel Corporation		$87,241
	1,561	Domtar Corporation		63,221
	300	Evonik Industries AG		8,972
	960	FMC Corporation		38,755
	1,300	Hexpol AB		14,424
	500	Holmen AB		16,355
	800	JFE Holdings, Inc.		10,744
	200	LafargeHolcim, Ltd.		9,392
	100	Linde AG		14,530
	2,000	Mitsubishi Chemical Holdings Corporation		10,442
	400	Nippon Shokubai Company, Ltd.		20,376
	1,400	Nippon Steel & Sumitomo Metal Corporation		26,840
	7,086	Norsk Hydro ASA		29,113
	1,200	Novozymes AS		53,888
	3,000	Oji Holdings Corporation		12,049
	1,110	Packaging Corporation of America		67,044
	660	PPG Industries, Inc.		73,584
	300	Rio Tinto, Ltd.		9,768
	3,110	Steel Dynamics, Inc.		70,006
	3,000	Sumitomo Seika Chemicals Company, Ltd.		14,817
	2,000	Tosoh Corporation		8,399
	400	Umicore		19,856
	2,800	UPM-Kymmene Oyj		50,623
	3,405	Yara International ASA		127,823
		Total		1,301,110
	Telecommunications Services (0.8%)
	1,526	BCE, Inc.		69,547
	3,600	Elisa Oyje		139,793
	3,400	Freenet AG		101,548
	47,628	KCOM Group plc		73,536
	3,400	Orange SA		59,374
	1,300	Proximus SA		44,362
	5,600	Telefonica Deutschland Holding AG		30,272
	5,950	Zayo Group Holdings, Inc.e		144,228
		Total		662,660
	Utilities (1.6%)
	14,400	Brookfield Infrastructure Partners, LP		606,672
	3,500	CLP Holdings, Ltd.		31,680
	25,900	Electricidade de Portugal SA		91,957
	8,791	MDU Resources Group, Inc.		171,073
	3,084	NorthWestern Corporation		190,437
	14,500	Redes Energeticas Nacionais SGPS SA		47,473
	400	Severn Trent plc		12,460
	2,000	Toho Gas Company, Ltd.		14,196
	5,900	United Utilities Group plc		78,099
	600	Veolia Environnement SA		14,441
		Total		1,258,488
		Total Common Stock (cost $48,539,970)		48,336,285
Principal Amount		Long-Term Fixed Income (18.4%)	Value
	Asset-Backed Securities (0.1%)
		Countrywide Asset-Backed Certificates
	29,366	5.530%, 4/25/2047		32,702

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

92

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (18.4%)	Value
	Asset-Backed Securities (0.1%) - continued
		Vericrest Opportunity Loan Transferee
	$58,766	3.500%, 6/26/2045g		$58,063
		Total		90,765
	Basic Materials (0.3%)
		Albemarle Corporation
	14,000	3.000%, 12/1/2019		14,084
		Anglo American Capital plc
	9,000	1.572%, 4/15/2016g,h		8,968
		ArcelorMittal SA
	50,000	6.500%, 3/1/2021		49,250
		Dow Chemical Company
	10,000	8.550%, 5/15/2019		11,895
		First Quantum Minerals, Ltd.
	55,000	7.000%, 2/15/2021g		36,850
		Freeport-McMoRan, Inc.
	7,000	2.300%, 11/14/2017		6,457
		Glencore Funding, LLC
	10,000	1.680%, 4/16/2018g,h		9,000
		LyondellBasell Industries NV
	10,000	5.000%, 4/15/2019		10,684
		NOVA Chemicals Corporation
	40,122	5.250%, 8/1/2023g		39,219
		Sappi Papier Holding GmbH
	35,000	6.625%, 4/15/2021g		36,196
		Total		222,603
	Capital Goods (0.7%)
		AECOM
	50,000	5.875%, 10/15/2024		51,500
		Berry Plastics Corporation
	30,000	6.000%, 10/15/2022g		31,444
		Building Materials Corporation of America
	50,000	6.000%, 10/15/2025g		52,875
		Cemex SAB de CV
	55,000	5.700%, 1/11/2025g		50,985
		CNH Industrial Capital, LLC
	60,000	4.375%, 11/6/2020		58,950
		Crown Americas Capital Corporation IV
	50,000	4.500%, 1/15/2023		51,000
		General Electric Company
	16,000	5.000%, 12/29/2049i		16,480
		Huntington Ingalls Industries, Inc.
	55,000	5.000%, 12/15/2021g		57,750
		L-3 Communications Corporation
	13,000	1.500%, 5/28/2017		12,956
		Lockheed Martin Corporation
	10,000	2.500%, 11/23/2020		10,243
		Martin Marietta Materials, Inc.
	16,000	1.729%, 6/30/2017h		15,853
		Newell Rubbermaid, Inc.
	10,000	3.150%, 4/1/2021		10,272
		Nortek, Inc.
	26,748	8.500%, 4/15/2021		27,751
		Owens-Brockway Glass Container, Inc.
	55,000	5.000%, 1/15/2022g		56,242
		Roper Industries, Inc.
	11,000	2.050%, 10/1/2018		11,105

Principal Amount		Long-Term Fixed Income (18.4%)	Value
	Capital Goods (0.7%) - continued
		United Rentals North America, Inc.
	$55,000	5.500%, 7/15/2025		$54,713
		Total		570,119
	Collateralized Mortgage Obligations (2.4%)
		Alternative Loan Trust
	121,796	5.500%, 10/25/2035		109,535
		Angel Oak Mortgage Trust
	43,517	4.500%, 11/25/2045*,j		43,770
		Banc of America Alternative Loan Trust
	58,568	6.000%, 11/25/2035		51,096
		CHL Mortgage Pass-Through Trust
	80,205	2.778%, 1/25/2036		75,164
		Citigroup Mortgage Loan Trust, Inc.
	23,509	3.038%, 3/25/2037		18,354
		CitiMortgage Alternative Loan Trust
	87,248	5.750%, 4/25/2037		73,407
		Countrywide Alternative Loan Trust
	75,742	6.500%, 8/25/2036		55,328
	230,519	6.000%, 4/25/2037		163,618
		Credit Suisse First Boston Mortgage Securities Corporation
	52,460	5.250%, 10/25/2035		51,022
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	55,857	5.500%, 11/25/2035		53,088
		HomeBanc Mortgage Trust
	45,429	2.337%, 4/25/2037		33,926
		J.P. Morgan Alternative Loan Trust
	136,457	6.500%, 3/25/2036		111,463
		J.P. Morgan Mortgage Trust
	83,042	2.433%, 6/25/2035		82,140
	76,757	2.810%, 6/25/2035		77,008
	61,565	2.862%, 8/25/2035		60,721
	83,277	2.781%, 1/25/2037		73,241
		MortgageIT Trust
	69,989	0.693%, 12/25/2035h		62,266
		New York Mortgage Trust
	72,602	3.181%, 5/25/2036		64,771
		Residential Accredit Loans, Inc. Trust
	70,544	5.750%, 9/25/2035		62,617
		Residential Funding Mortgage Security I Trust
	78,814	6.000%, 7/25/2037		70,829
		Structured Adjustable Rate Mortgage Loan Trust
	88,047	3.007%, 9/25/2035		72,402
		Structured Asset Mortgage Investments, Inc.
	134,500	0.743%, 12/25/2035h		94,807
		WaMu Mortgage Pass Through Certificates
	67,293	2.454%, 10/25/2036		57,902
	125,437	1.091%, 1/25/2047h		95,610
		Wells Fargo Mortgage Backed Securities Trust
	61,522	2.837%, 3/25/2036		60,634
	59,966	2.815%, 7/25/2036		58,344
	50,398	6.000%, 7/25/2037		49,663
		Total		1,882,726
	Communications Services (0.9%)
		AMC Networks, Inc.
	55,000	5.000%, 4/1/2024		55,206

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

93

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (18.4%)	Value
	Communications Services (0.9%) - continued
		America Movil SAB de CV
	$10,000	5.000%, 10/16/2019		$10,976
		American Tower Corporation
	10,000	2.800%, 6/1/2020		10,051
		AT&T, Inc.
	10,000	5.875%, 10/1/2019		11,302
	10,000	1.559%, 6/30/2020h		9,898
	10,000	2.800%, 2/17/2021		10,253
		British Sky Broadcasting Group plc
	14,000	2.625%, 9/16/2019g		14,145
		CC Holdings GS V, LLC
	10,000	2.381%, 12/15/2017		10,085
		CCO Safari II, LLC
	5,000	3.579%, 7/23/2020g		5,109
	5,000	4.464%, 7/23/2022g		5,226
		CCOH Safari, LLC
	30,000	5.750%, 2/15/2026g		31,050
		CenturyLink, Inc.
	35,000	6.450%, 6/15/2021		35,459
	5,000	7.500%, 4/1/2024d		5,013
		Clear Channel Worldwide Holdings, Inc.
	40,000	6.500%, 11/15/2022		39,800
		Columbus International, Inc.
	50,000	7.375%, 3/30/2021g		53,250
		Digicel, Ltd.
	56,748	6.000%, 4/15/2021*		50,790
		Frontier Communications Corporation
	50,000	8.875%, 9/15/2020g		51,938
		Hughes Satellite Systems Corporation
	30,000	6.500%, 6/15/2019		33,038
		Numericable-SFR
	50,000	6.000%, 5/15/2022g		48,750
		SBA Tower Trust
	16,000	5.101%, 4/17/2017g		16,155
		Sprint Corporation
	55,000	7.625%, 2/15/2025		40,838
		Telefonica Emisiones SAU
	12,000	3.192%, 4/27/2018		12,311
		T-Mobile USA, Inc.
	40,000	6.633%, 4/28/2021		41,800
		Univision Communications, Inc.
	40,000	5.125%, 5/15/2023g		39,800
		UPCB Finance V, Ltd.
	36,000	7.250%, 11/15/2021g		38,070
		Verizon Communications, Inc.
	37,000	2.625%, 2/21/2020		38,071
	16,000	4.500%, 9/15/2020		17,664
		Total		736,048
	Consumer Cyclical (1.0%)
		AMC Entertainment, Inc.
	32,000	5.875%, 2/15/2022		32,880
		Brookfield Residential Properties, Inc.
	30,000	6.125%, 7/1/2022g		26,550
		Cinemark USA, Inc.
	31,000	4.875%, 6/1/2023		31,262
		Corrections Corporation of America
	35,000	5.000%, 10/15/2022		36,488
		Daimler Finance North America, LLC
	9,000	1.875%, 1/11/2018g		9,047

Principal Amount		Long-Term Fixed Income (18.4%)	Value
	Consumer Cyclical (1.0%) - continued
		eBay, Inc.
	$10,000	2.500%, 3/9/2018		$10,162
		ERAC USA Finance, LLC
	16,000	2.350%, 10/15/2019g		16,027
		Ford Motor Credit Company, LLC
	16,000	5.000%, 5/15/2018		16,895
	14,000	2.597%, 11/4/2019		14,051
		General Motors Financial Company, Inc.
	31,748	3.250%, 5/15/2018		32,276
	21,000	4.375%, 9/25/2021		21,704
		GLP Capital, LP
	60,000	4.875%, 11/1/2020		62,400
		Hilton Worldwide Finance, LLC
	50,000	5.625%, 10/15/2021		51,810
		Home Depot, Inc.
	10,000	1.004%, 9/15/2017h		10,035
	10,000	2.625%, 6/1/2022		10,344
		Hyundai Capital America
	12,000	1.450%, 2/6/2017g		11,986
		Jaguar Land Rover Automotive plc
	30,000	4.250%, 11/15/2019g		30,788
	33,000	5.625%, 2/1/2023g		33,907
		KB Home
	29,000	4.750%, 5/15/2019		28,891
		L Brands, Inc.
	33,000	6.625%, 4/1/2021		37,122
		Lennar Corporation
	50,000	4.750%, 11/15/2022		50,125
		Macy’s Retail Holdings, Inc.
	14,000	7.450%, 7/15/2017		14,993
		MGM Resorts International
	55,000	6.000%, 3/15/2023		56,925
		Ralph Lauren Corporation
	10,000	2.625%, 8/18/2020		10,313
		Royal Caribbean Cruises, Ltd.
	51,748	5.250%, 11/15/2022		54,594
		Six Flags Entertainment Corporation
	40,000	5.250%, 1/15/2021g		41,100
		Toll Brothers Finance Corporation
	20,000	4.000%, 12/31/2018		20,700
		Visa, Inc.
	10,000	2.200%, 12/14/2020		10,248
		West Corporation
	50,000	5.375%, 7/15/2022g		45,865
		Total		829,488
	Consumer Non-Cyclical (1.1%)
		Actavis Funding SCS
	7,000	1.887%, 3/12/2020h		6,975
		Amgen, Inc.
	10,000	2.125%, 5/1/2020		10,123
		Anheuser-Busch Inbev Finance, Inc.
	15,000	1.879%, 2/1/2021h		15,265
		B&G Foods, Inc.
	40,000	4.625%, 6/1/2021		40,500
		BAT International Finance plc
	10,000	1.144%, 6/15/2018g,h		9,931
		Becton, Dickinson and Company
	13,000	1.450%, 5/15/2017		13,021
		Boston Scientific Corporation
	5,000	6.000%, 1/15/2020		5,644
		Bunge Limited Finance Corporation
	10,000	3.500%, 11/24/2020		10,148

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

94

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (18.4%)	Value
	Consumer Non-Cyclical (1.1%) - continued
		Cardinal Health, Inc.
	$10,000	1.950%, 6/15/2018		$10,047
		Celgene Corporation
	10,000	3.550%, 8/15/2022		10,485
		Centene Escrow Corporation
	55,000	5.625%, 2/15/2021g		57,337
		CHS/Community Health Systems, Inc.
	33,000	7.125%, 7/15/2020		31,185
		Cott Beverages, Inc.
	55,000	5.375%, 7/1/2022		55,825
		CVS Health Corporation
	10,000	2.250%, 12/5/2018		10,243
		EMD Finance, LLC
	6,000	0.992%, 3/17/2017g,h		5,979
		Envision Healthcare Corporation
	50,000	5.125%, 7/1/2022g		50,750
		Express Scripts Holding Company
	10,000	3.900%, 2/15/2022		10,426
		Forest Laboratories, Inc.
	15,000	4.375%, 2/1/2019g		15,915
		Fresenius Medical Care US Finance, Inc.
	26,748	5.750%, 2/15/2021g		28,955
		Gilead Sciences, Inc.
	10,000	3.250%, 9/1/2022		10,567
		Grifols Worldwide Operations, Ltd.
	40,000	5.250%, 4/1/2022		41,100
		HCA, Inc.
	26,748	4.750%, 5/1/2023		27,216
		JBS USA, LLC
	55,000	5.750%, 6/15/2025g		48,125
		Laboratory Corporation of America Holdings
	5,000	2.625%, 2/1/2020		5,021
		Mead Johnson Nutrition Company
	10,000	3.000%, 11/15/2020		10,276
		Merck & Company, Inc.
	5,000	0.996%, 2/10/2020h		4,975
		Mondelez International, Inc.
	8,000	2.250%, 2/1/2019		8,168
		Mylan NV
	5,000	3.750%, 12/15/2020g		5,116
		Pinnacle Foods, Inc.
	50,000	5.875%, 1/15/2024g		52,335
		Revlon Consumer Products Corporation
	26,748	5.750%, 2/15/2021		27,484
		Reynolds American, Inc.
	6,000	3.250%, 6/12/2020		6,275
		SABMiller plc
	12,000	6.500%, 7/15/2018g		13,160
		Safeway, Inc.
	3,000	3.400%, 12/1/2016		3,000
		Spectrum Brands Escrow Corporation
	33,000	6.375%, 11/15/2020		34,749
		Tenet Healthcare Corporation
	50,000	8.125%, 4/1/2022		51,437
		TreeHouse Foods, Inc.
	40,000	4.875%, 3/15/2022		40,900
		Valeant Pharmaceuticals International
	26,748	7.250%, 7/15/2022g		21,398

Principal Amount		Long-Term Fixed Income (18.4%)	Value
	Consumer Non-Cyclical (1.1%) - continued
		VPII Escrow Corporation
	$25,000	7.500%, 7/15/2021g		$20,828
		Zoetis, Inc.
	10,000	3.450%, 11/13/2020		10,273
		Total		841,157
	Energy (0.6%)
		Anadarko Petroleum Corporation
	10,000	8.700%, 3/15/2019		11,173
		Antero Resources Corporation
	35,000	5.125%, 12/1/2022		31,762
		Boardwalk Pipelines, Ltd.
	11,000	5.875%, 11/15/2016		11,026
		Buckeye Partners, LP
	17,000	2.650%, 11/15/2018		16,879
		Chevron Corporation
	10,000	1.128%, 11/16/2018h		9,945
		CNPC General Capital, Ltd.
	3,000	2.750%, 4/19/2017g		3,035
		Concho Resources, Inc.
	51,748	6.500%, 1/15/2022		51,619
		Crestwood Midstream Partners, LP
	40,000	6.250%, 4/1/2023g		29,600
		Enbridge, Inc.
	8,000	1.083%, 6/2/2017h		7,668
		EQT Corporation
	10,000	8.125%, 6/1/2019		10,776
		Exxon Mobil Corporation
	10,000	1.708%, 3/1/2019		10,132
		Marathon Petroleum Corporation
	10,000	3.400%, 12/15/2020		9,836
		MEG Energy Corporation
	33,000	6.375%, 1/30/2023g		19,470
		Occidental Petroleum Corporation
	10,000	2.600%, 4/15/2022d		10,084
		Pacific Drilling V, Ltd.
	40,000	7.250%, 12/1/2017g		14,700
		Petrobras International Finance Company
	40,000	5.750%, 1/20/2020		34,750
		Petroleos Mexicanos
	20,000	5.500%, 2/4/2019g		20,950
	20,000	6.875%, 8/4/2026g		21,650
		Pioneer Natural Resources Company
	3,000	3.450%, 1/15/2021		2,984
		Regency Energy Partners, LP
	50,000	5.000%, 10/1/2022		46,989
		Sabine Pass Liquefaction, LLC
	55,000	5.625%, 3/1/2025		52,456
		Schlumberger Holdings Corporation
	10,000	3.000%, 12/21/2020g		10,138
		Shell International Finance BV
	10,000	1.071%, 5/11/2020h		9,710
		Sunoco Logistics Partners Operations, LP
	10,000	4.400%, 4/1/2021		9,820
		Transcontinental Gas Pipe Line Company, LLC
	10,000	7.850%, 2/1/2026g		11,437
		Total		468,589
	Financials (1.9%)
		Abbey National Treasury Services plc
	14,000	1.040%, 9/29/2017h		13,919

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

95

GROWTHAND INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (18.4%)	Value
	Financials (1.9%) - continued
		ACE INA Holdings, Inc.
	$10,000	2.875%, 11/3/2022		$10,319
		Air Lease Corporation
	14,000	2.125%, 1/15/2018		13,860
	5,000	2.625%, 9/4/2018		4,968
		Ally Financial, Inc.
	40,000	4.750%, 9/10/2018		40,600
		American Express Credit Corporation
	10,000	1.682%, 9/14/2020h		9,943
		Aviation Capital Group Corporation
	8,000	3.875%, 9/27/2016g		8,040
		Bank of America Corporation
	18,000	5.700%, 5/2/2017		18,719
	16,000	1.700%, 8/25/2017		16,022
	31,000	1.694%, 3/22/2018h		31,054
	25,000	5.650%, 5/1/2018		26,837
	15,000	8.000%, 12/29/2049i		14,681
		BB&T Corporation
	16,000	2.050%, 6/19/2018		16,188
		Bear Stearns Companies, LLC
	20,000	6.400%, 10/2/2017		21,397
		BNP Paribas SA
	12,000	2.375%, 9/14/2017		12,148
		Caisse Centrale Desjardins du Quebec
	7,000	1.283%, 1/29/2018g,h		6,978
		CIT Group, Inc.
	30,000	3.875%, 2/19/2019		29,925
		Citigroup, Inc.
	21,000	1.850%, 11/24/2017		21,047
		Credit Agricole SA
	8,000	1.605%, 6/10/2020g,h		7,897
		CyrusOne, LP
	26,748	6.375%, 11/15/2022		27,751
		Discover Bank
	4,000	8.700%, 11/18/2019		4,659
		Discover Financial Services
	8,000	6.450%, 6/12/2017		8,386
		Duke Realty, LP
	14,000	8.250%, 8/15/2019		16,563
		Fifth Third Bancorp
	20,000	5.450%, 1/15/2017		20,489
		Goldman Sachs Group, Inc.
	8,000	2.625%, 1/31/2019		8,158
	12,000	7.500%, 2/15/2019		13,822
	5,000	1.779%, 4/23/2020h		4,969
	10,000	2.236%, 11/29/2023h		9,970
		Goldman Sachs Group, Inc. Convertible
	375,000	0.500%, 9/24/2022		386,993
		Hartford Financial Services Group, Inc.
	17,000	6.000%, 1/15/2019		18,724
		HCP, Inc.
	10,000	3.750%, 2/1/2019		10,319
		Health Care REIT, Inc.
	10,000	4.700%, 9/15/2017		10,393
		Hospitality Properties Trust
	10,000	4.250%, 2/15/2021		10,147
		HSBC Holdings plc
	8,000	6.375%, 12/29/2049i		7,560
		Huntington Bancshares, Inc.
	10,000	3.150%, 3/14/2021		10,160
		Hutchison Whampoa Finance CI, Ltd.
	15,000	1.625%, 10/31/2017g		14,994

Principal Amount		Long-Term Fixed Income (18.4%)	Value
	Financials (1.9%) - continued
		Icahn Enterprises, LP
	$50,000	6.000%, 8/1/2020		$48,625
		ING Capital Funding Trust III
	10,000	4.231%, 12/29/2049h,i		9,725
		International Lease Finance Corporation
	10,000	2.584%, 6/15/2016h		10,009
	30,000	5.875%, 4/1/2019		31,687
		Intesa Sanpaolo SPA
	4,000	3.875%, 1/16/2018		4,093
	15,000	3.875%, 1/15/2019		15,434
		J.P. Morgan Chase & Company
	8,000	6.300%, 4/23/2019		9,048
	5,000	2.250%, 1/23/2020		5,040
	16,000	7.900%, 4/29/2049i		16,000
		KeyCorp
	12,000	2.300%, 12/13/2018		12,072
		Liberty Mutual Group, Inc.
	4,000	5.000%, 6/1/2021g		4,337
		Lloyds Bank plc
	7,000	1.160%, 3/16/2018h		6,949
		Macquarie Bank, Ltd.
	10,000	1.802%, 1/15/2019g,h		10,019
		MetLife, Inc.
	14,000	1.903%, 12/15/2017		14,060
		Mizuho Corporate Bank, Ltd.
	14,000	1.550%, 10/17/2017g		13,970
		Morgan Stanley
	16,000	6.625%, 4/1/2018		17,481
	10,000	1.761%, 1/27/2020h		9,935
	10,000	4.875%, 11/1/2022		10,834
		MPT Operating Partnership, LP
	40,000	5.500%, 5/1/2024		40,200
		Murray Street Investment Trust I
	24,000	4.647%, 3/9/2017		24,674
		National City Corporation
	8,000	6.875%, 5/15/2019		9,005
		New York Life Global Funding
	10,000	1.550%, 11/2/2018g		10,023
		Nomura Holdings, Inc.
	8,000	2.750%, 3/19/2019		8,117
		Quicken Loans, Inc.
	55,000	5.750%, 5/1/2025g		53,350
		Realty Income Corporation
	12,000	2.000%, 1/31/2018		12,046
		Regions Bank
	7,000	7.500%, 5/15/2018		7,714
		Regions Financial Corporation
	10,000	3.200%, 2/8/2021		10,083
		Reinsurance Group of America, Inc.
	16,000	5.625%, 3/15/2017		16,596
		Royal Bank of Scotland Group plc
	9,000	1.569%, 3/31/2017h		8,987
		Simon Property Group, LP
	10,000	2.500%, 9/1/2020		10,183
	15,000	2.500%, 7/15/2021		15,328
		Societe Generale SA
	12,000	5.750%, 4/20/2016g		12,021
		State Street Corporation
	10,000	1.518%, 8/18/2020h		9,955
		Sumitomo Mitsui Banking Corporation
	24,000	1.300%, 1/10/2017		24,017
		SunTrust Banks, Inc.
	10,000	2.900%, 3/3/2021		10,146

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

96

GROWTH AND INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (18.4%)	Value
	Financials (1.9%) - continued
		Synchrony Financial
	$22,000	1.875%, 8/15/2017		$21,932
	5,000	1.849%, 2/3/2020h		4,833
		Toronto-Dominion Bank
	10,000	1.461%, 1/22/2019h		10,004
	10,000	1.562%, 12/14/2020h		10,029
		UnitedHealth Group, Inc.
	10,000	3.350%, 7/15/2022		10,638
		USB Realty Corporation
	5,000	1.769%, 12/29/2049g,h,i		3,987
		Voya Financial, Inc.
	12,000	2.900%, 2/15/2018		12,185
		Wells Fargo & Company
	7,000	1.298%, 1/30/2020h		6,934
		Total		1,520,904
	Foreign Government (3.8%)
		Brazil Government International Bond
	66,000	5.875%, 1/15/2019		71,280
	73,000	4.875%, 1/22/2021		73,730
	100,000	2.625%, 1/5/2023		85,750
	64,000	5.000%, 1/27/2045		51,200
		Colombia Government International Bond
	40,000	2.625%, 3/15/2023		37,200
	40,000	4.000%, 2/26/2024		40,200
	85,000	5.000%, 6/15/2045		79,050
		Croatia Government International Bond
	20,000	6.750%, 11/5/2019g		21,943
	55,000	6.625%, 7/14/2020g		60,417
		Hungary Government International Bond
	40,000	4.000%, 3/25/2019		41,500
	70,000	5.750%, 11/22/2023		79,730
	72,000	5.375%, 3/25/2024		80,635
		Indonesia Government International Bond
	60,000	4.875%, 5/5/2021g		64,602
	65,000	3.375%, 4/15/2023g		63,501
	66,000	5.875%, 1/15/2024g		74,119
	60,000	4.125%, 1/15/2025g		60,272
	120,000	5.125%, 1/15/2045g		119,353
		Mexico Government International Bond
	50,000	3.625%, 3/15/2022		51,625
	68,000	4.000%, 10/2/2023		71,230
	70,000	3.600%, 1/30/2025		71,400
	22,000	6.050%, 1/11/2040		25,795
	50,000	4.750%, 3/8/2044		49,875
	44,000	5.550%, 1/21/2045		48,730
	77,000	4.600%, 1/23/2046		75,075
		Panama Government International Bond
	32,000	4.000%, 9/22/2024		33,600
	40,000	3.750%, 3/16/2025		41,100
	22,000	6.700%, 1/26/2036		28,050
		Peru Government International Bond
	125,000	4.125%, 8/25/2027		130,938
		Philippines Government International Bond
	40,000	7.750%, 1/14/2031		60,819
	50,000	6.375%, 10/23/2034		70,593
	20,000	5.000%, 1/13/2037		25,127

Principal Amount		Long-Term Fixed Income (18.4%)	Value
	Foreign Government (3.8%) - continued
	$40,000	3.950%, 1/20/2040		$43,889
		Romania Government International Bond
	42,000	4.375%, 8/22/2023g		44,655
	20,000	4.875%, 1/22/2024g		22,034
		Russia Government International Bond
	44,000	3.500%, 1/16/2019g		44,227
	200,000	5.000%, 4/29/2020g		209,980
	85,000	4.875%, 9/16/2023g		88,771
	62,150	7.500%, 3/31/2030g		75,859
	66,000	5.625%, 4/4/2042g		66,719
		South Africa Government International Bond
	50,000	5.500%, 3/9/2020		52,942
	10,000	5.375%, 7/24/2044		9,882
		Turkey Government International Bond
	66,000	7.500%, 11/7/2019		75,258
	125,000	7.000%, 6/5/2020		141,480
	85,000	5.125%, 3/25/2022		89,351
	44,000	6.250%, 9/26/2022		48,928
	22,000	5.750%, 3/22/2024		23,861
	67,000	4.250%, 4/14/2026		65,229
	20,000	4.875%, 4/16/2043		18,555
		Total		3,010,059
	Mortgage-Backed Securities (3.8%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	350,000	3.000%, 4/1/2031d		365,887
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	250,000	4.000%, 4/1/2046d		266,816
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,225,000	3.500%, 4/1/2046d		1,284,384
	550,000	4.000%, 4/1/2046d		587,641
	425,000	4.500%, 4/1/2046d		462,453
		Total		2,967,181
	Technology (0.5%)
		Alliance Data Systems Corporation
	30,000	5.375%, 8/1/2022g		28,125
		Apple, Inc.
	10,000	0.917%, 5/6/2020h		9,835
		Automatic Data Processing, Inc.
	10,000	2.250%, 9/15/2020		10,292
		Cisco Systems, Inc.
	10,000	1.135%, 3/1/2019h		9,997
		Denali Borrower, LLC
	52,000	5.625%, 10/15/2020g		54,854
		Equinix, Inc.
	40,000	5.750%, 1/1/2025		42,000
		Fidelity National Information Services, Inc.
	15,000	1.450%, 6/5/2017		14,885
	10,000	3.625%, 10/15/2020		10,335
		First Data Corporation
	40,000	5.375%, 8/15/2023g		41,000
		Freescale Semiconductor, Inc.
	40,000	6.000%, 1/15/2022g		42,400

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

97

GROWTHAND INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (18.4%)	Value
	Technology (0.5%) - continued
		Hewlett Packard Enterprise Company
	$10,000	3.600%, 10/15/2020g		$10,398
		IMS Health, Inc.
	30,000	6.000%, 11/1/2020g		30,825
		Intel Corporation
	10,000	3.100%, 7/29/2022		10,572
		Iron Mountain, Inc.
	21,748	6.000%, 8/15/2023		22,835
		Oracle Corporation
	10,000	2.500%, 5/15/2022		10,202
		Sensata Technologies BV
	50,000	4.875%, 10/15/2023g		50,250
		Texas Instruments, Inc.
	10,000	1.750%, 5/1/2020		10,056
		Tyco Electronics Group SA
	16,000	6.550%, 10/1/2017		17,095
		Total		425,956
	Transportation (0.2%)
		Air Canada Pass Through Trust
	4,850	3.875%, 3/15/2023g		4,699
		American Airlines Pass Through Trust
	6,721	4.950%, 1/15/2023		7,191
		Avis Budget Car Rental, LLC
	50,000	5.125%, 6/1/2022g		47,344
		Continental Airlines, Inc.
	19,971	6.250%, 4/11/2020		20,869
		Delta Air Lines, Inc.
	8,735	4.950%, 5/23/2019		9,194
		J.B. Hunt Transport Services, Inc.
	10,000	3.300%, 8/15/2022		10,193
		Korea Expressway Corporation
	13,000	1.625%, 4/28/2017g		13,020
		United Airlines 2015-1 Class A Pass Through Trust
	10,000	3.700%, 12/1/2022		10,050
		Total		122,560
	U.S. Government and Agencies (0.6%)
		U.S. Treasury Bonds
	230,000	1.625%, 2/15/2026		226,658
		U.S. Treasury Notes
	115,000	1.875%, 6/30/2020		118,518
	95,000	2.125%, 6/30/2022		98,692
		Total		443,868
	Utilities (0.5%)
		AES Corporation
	26,748	7.375%, 7/1/2021		29,958
		Ameren Corporation
	10,000	2.700%, 11/15/2020		10,140
		Arizona Public Service Company
	5,000	2.200%, 1/15/2020		5,057
		Berkshire Hathaway Energy Company
	14,000	2.400%, 2/1/2020		14,265
		Calpine Corporation
	50,000	5.375%, 1/15/2023		48,469
		DTE Energy Company
	14,000	2.400%, 12/1/2019		14,108
		Dynegy Finance I, Inc.
	55,000	7.375%, 11/1/2022		50,875
		EDP Finance BV
	14,000	4.125%, 1/15/2020g		14,020
		El Paso Corporation
	7,000	7.000%, 6/15/2017		7,344

Principal Amount		Long-Term Fixed Income (18.4%)	Value
	Utilities (0.5%) - continued
		Energy Transfer Equity, LP
	$55,000	5.500%, 6/1/2027		$44,137
		Eversource Energy
	5,000	1.600%, 1/15/2018		4,975
		Exelon Generation Company, LLC
	8,000	5.200%, 10/1/2019		8,712
	5,000	2.950%, 1/15/2020		5,032
		MPLX LP
	55,000	4.875%, 12/1/2024g		50,778
		NextEra Energy Capital Holdings, Inc.
	10,000	2.300%, 4/1/2019		10,058
		NiSource Finance Corporation
	7,000	6.400%, 3/15/2018		7,591
		NRG Energy, Inc.
	26,748	6.625%, 3/15/2023		24,951
		Pacific Gas & Electric Company
	10,000	5.625%, 11/30/2017		10,645
		PG&E Corporation
	8,000	2.400%, 3/1/2019		8,107
		Sempra Energy
	14,000	6.150%, 6/15/2018		15,171
	5,000	2.400%, 3/15/2020		5,018
		Southern California Edison Company
	5,000	2.400%, 2/1/2022		5,048
		Xcel Energy, Inc.
	10,000	1.200%, 6/1/2017		9,978
		Total		404,437
		Total Long-Term Fixed Income (cost $14,540,609)		14,536,460
Shares		Registered Investment Companies (5.5%)	Value
	Equity Funds/ETFs (4.4%)
	2,300	BlackRock Resources & Commodities Strategy Trust		16,583
	1,025	Guggenheim Multi-Asset Income ETF		18,952
	4,775	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		46,174
	6,570	iShares MSCI EAFE Index Fund		375,344
	13,473	iShares S&P U.S. Preferred Stock Index Fund		525,851
	16,010	Materials Select Sector SPDR Fund		717,408
	2,075	NFJ Dividend Interest & Premium Strategy Fund		25,440
	34,200	SPDR S&P Oil & Gas Exploration & Production ETF		1,037,970
	14,330	Utilities Select Sector SPDR Fund		711,055
		Total		3,474,777
	Fixed Income Funds/ETFs (1.1%)
	12,047	Aberdeen Asia-Pacific Income Fund, Inc.		60,235
	3,250	Doubleline Income Solutions Fund		54,633
	1,895	First Trust High Income Long/Short Fund		27,705
	11,462	MFS Intermediate Income Trust		52,840
	4,377	PIMCO Dynamic Credit Income Fund		76,335
	18,944	PowerShares Preferred Portfolio		282,644
	9,283	Templeton Global Income Fund		60,525
	1,645	Vanguard Short-Term Corporate Bond ETF		131,649
	4,234	Western Asset Emerging Markets Debt Fund, Inc.		61,478

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

98

GROWTHAND INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Registered Investment Companies (5.5%)	Value
	Fixed Income Funds/ETFs (1.1%) - continued
	6,718	Western Asset High Income Opportunity Fund, Inc.		$31,507
		Total		839,551
		Total Registered Investment Companies (cost $4,592,084)		4,314,328
Shares or Principal Amount		Short-Term Investments (8.8%)k	Value
		Federal National Mortgage Association Discount Notes
	100,000	0.320%, 4/13/2016l		99,989
	100,000	0.340%, 5/24/2016l		99,950
		Thrivent Cash Management Trust
	6,583,187	0.290%		6,583,187
		U.S. Treasury Bills
	200,000	0.345%, 6/23/2016m		199,841
		Total Short-Term Investments (at amortized cost)		6,982,967
		Total Investments (cost $83,700,688) 104.6%		$82,746,387
		Other Assets and Liabilities, Net (4.6%)		(3,647,015)
		Total Net Assets 100.0%		$79,099,372

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

b In bankruptcy. Interest is not being accrued.

c All or a portion of the loan is unfunded.

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

e Non-income producing security.

f Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in the Notes to Financial Statements.

g Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of March 31, 2016, the value of these investments was $2,966,945 or 3.8% of total net assets.

h 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 March 31, 2016.

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

j Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of March 31, 2016.

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

l All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

m All or a portion of the security is pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.

* 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 value of all restricted securities held in Growth and Income Plus Portfolio as of March 31, 2016 was $94,560 or 0.1% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of March 31, 2016.

Security	Acquisition Date		Cost
Angel Oak Mortgage Trust, 11/25/2045		3/4/2016	$	43,082
Digicel, Ltd., 4/15/2021		8/19/2013		57,123

    Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund.
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	$	3,277,922
Gross unrealized depreciation		(4,232,223)
Net unrealized appreciation (depreciation)	$	(954,301)
Cost for federal income tax purposes	$	83,700,688

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

99

GROWTHAND INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing Growth and Income Plus Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		418,320		–		418,320		–
Capital Goods		245,687		–		245,687		–
Communications Services		2,623,344		–		2,317,820		305,524
Consumer Cyclical		1,582,709		–		1,582,709		–
Consumer Non-Cyclical		1,356,341		–		1,356,341		–
Energy		398,922		–		210,879		188,043
Financials		462,100		–		462,100		–
Technology		831,905		–		811,269		20,636
Transportation		401,815		–		317,379		84,436
Utilities		255,204		–		255,204		–
Common Stock
Consumer Discretionary		7,423,911		5,242,677		2,181,234		–
Consumer Staples		3,199,763		1,541,635		1,658,128		–
Energy		3,263,393		2,562,214		701,179		–
Financials		14,119,542		10,318,979		3,669,195		131,368
Health Care		5,273,073		3,832,174		1,440,899		–
Industrials		5,047,318		3,481,068		1,566,250		–
Information Technology		6,787,027		6,218,141		568,886		–
Materials		1,301,110		436,283		864,827		–
Telecommunications Services		662,660		144,228		518,432		–
Utilities		1,258,488		968,182		290,306		–
Long-Term Fixed Income
Asset-Backed Securities		90,765		–		90,765		–
Basic Materials		222,603		–		222,603		–
Capital Goods		570,119		–		570,119		–
Collateralized Mortgage Obligations		1,882,726		–		1,882,726		–
Communications Services		736,048		–		736,048		–
Consumer Cyclical		829,488		–		829,488		–
Consumer Non-Cyclical		841,157		–		841,157		–
Energy		468,589		–		468,589		–
Financials		1,520,904		–		1,133,911		386,993
Foreign Government		3,010,059		–		3,010,059		–
Mortgage-Backed Securities		2,967,181		–		2,967,181		–
Technology		425,956		–		425,956		–
Transportation		122,560		–		122,560		–
U.S. Government and Agencies		443,868		–		443,868		–
Utilities		404,437		–		404,437		–
Registered Investment Companies
Equity Funds/ETFs		3,474,777		3,474,777		–		–
Fixed Income Funds/ETFs		839,551		839,551		–		–
Short-Term Investments		399,780		–		399,780		–
Subtotal Investments in Securities	$	76,163,200	$	39,059,909	$	35,986,291	$	1,117,000
Other Investments*		Total
Short-Term Investments		6,583,187
Subtotal Other Investments	$	6,583,187
Total Investments at Value	$	82,746,387

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		17,560		17,560		–		–
Total Asset Derivatives	$	17,560	$	17,560	$	–	$	–
Liability Derivatives
Futures Contracts		2,070		2,070		–		–
Total Liability Derivatives	$	2,070	$	2,070	$	–	$	–

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

100

GROWTHAND INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents Growth and Income Plus Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $199,939 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date	Notional Principal Amount		Value		Unrealized Gain/(Loss)
CBOT 10-Yr. U.S. Treasury Note		4	June 2016	$	521,638	$	521,563	($	75)
CBOT 2-Yr. U.S. Treasury Note		(9)	June 2016		(1,968,160)		(1,968,750)		(590)
CBOT 5-Yr. U.S. Treasury Note		5	June 2016		604,742		605,820		1,078
CBOT U.S. Long Bond		1	June 2016		165,261		164,437		(824)
CME E-mini S&P 500 Index		7	June 2016		701,543		718,025		16,482
CME Ultra Long Term U.S. Treasury Bond		1	June 2016		173,113		172,532		(581)
Total Futures Contracts								$	15,490

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

A summary of transactions for the fiscal year to date, in Growth and Income Plus Portfolio, is as follows:

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust- Short Term Investment	$	6,429,870	$	6,602,136	$	6,448,819		6,583,187	$	6,583,187	$	3,949
Total Value and Income Earned	$	6,429,870							$	6,583,187	$	3,949

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

101

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (17.0%)a	Value
	Basic Materials (0.9%)
		Alpha Natural Resources, Inc., Term Loan
	$487,519	3.500%, 5/22/2020b		$149,098
		Fortescue Metals Group, Ltd., Term Loan
	1,077,679	4.250%, 6/30/2019c,d		907,644
		Ineos US Finance, LLC, Term Loan
	619,499	3.750%, 12/15/2020		608,658
		NewPage Corporation, Delayed Draw
	179,667	11.000%, 7/26/2017		151,818
		NewPage Corporation, Term Loan
	179,667	10.136%, 7/26/2017		151,818
	892,833	0.000%, 2/11/2021b		130,577
		Tronox Pigments BV, Term Loan
	637,454	4.500%, 3/19/2020		588,370
		Total		2,687,983
	Capital Goods (0.6%)
		Accudyne Industries, LLC, Term Loan
	411,858	4.000%, 12/13/2019c,d		358,316
		ADS Waste Holdings, Inc., Term Loan
	345,835	3.750%, 10/9/2019		342,663
		Berry Plastics Group, Inc., Term Loan
	641,804	3.500%, 2/8/2020		638,596
	92,607	4.000%, 10/3/2022		92,561
		Rexnord, LLC, Term Loan
	354,691	4.000%, 8/21/2020		348,870
		Total		1,781,006
	Communications Services (5.4%)
		Altice Financing SA, Term Loan
	669,938	5.250%, 2/4/2022		670,494
		Atlantic Broadband Penn, LLC, Term Loan
	43,203	3.250%, 11/30/2019		43,028
		Birch Communication Inc., Term Loan
	539,000	7.750%, 7/17/2020		466,235
		Block Communications, Inc., Term Loan
	673,295	4.000%, 11/7/2021		673,295
		Cengage Learning Acquisitions, Term Loan
	648,952	7.000%, 3/31/2020		645,247
		Cincinnati Bell, Inc., Term Loan
	560,625	4.000%, 9/10/2020		550,349
		CSC Holdings, LLC, Term Loan
	325,000	5.000%, 10/9/2022		324,948
		Fairpoint Communications, Term Loan
	654,274	7.500%, 2/14/2019c,d		647,456
		Grande Communications Networks, LLC, Term Loan
	622,417	4.500%, 5/29/2020		611,263
		Gray Television, Inc., Term Loan
	378,378	3.938%, 6/13/2021		376,959
	448,875	4.250%, 6/13/2021		448,875
		Hargray Communications Group, Inc., Term Loan
	633,788	5.250%, 6/26/2019		629,827
		Integra Telecom Holdings, Inc., Term Loan
	437,307	5.250%, 8/14/2020		411,287

Principal Amount		Bank Loans (17.0%)a	Value
	Communications Services (5.4%) - continued
		Intelsat Jackson Holdings SA, Term Loan
	$264,628	3.750%, 6/30/2019c,d		$246,340
		Level 3 Communications, Inc., Term Loan
	610,000	4.000%, 8/1/2019		610,634
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	745,000	4.500%, 1/7/2022		709,613
		LTS Buyer, LLC, Term Loan
	680,750	4.000%, 4/13/2020		672,241
		MCC Georgia, LLC, Term Loan
	461,775	3.750%, 6/30/2021		459,466
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	737,843	4.912%, 3/22/2019		734,766
		NEP/NCP Holdco, Inc., Term Loan
	643,579	4.250%, 1/22/2020		593,701
		NTelos, Inc., Term Loan
	972,292	5.750%, 11/9/2019		965,000
		Numericable US, LLC, Term Loan
	648,375	4.563%, 7/29/2022		639,868
	30,000	4.750%, 2/10/2023		29,728
		SBA Senior Finance II, LLC, Term Loan
	687,750	3.250%, 3/24/2021		683,761
		TNS, Inc., Term Loan
	419,338	5.000%, 2/14/2020		412,394
		Univision Communications, Inc., Term Loan
	578,365	4.000%, 3/1/2020		572,037
		Virgin Media Investment Holdings, Ltd., Term Loan
	390,526	3.500%, 6/30/2023		386,965
		WideOpenWest Finance, LLC, Term Loan
	423,733	4.500%, 4/1/2019c,d		418,666
		WMG Acquisition Corporation, Term Loan
	585,000	3.750%, 7/1/2020		575,979
		XO Communications, LLC, Term Loan
	539,000	4.250%, 3/20/2021		536,499
		Yankee Cable Acquisition, LLC, Term Loan
	566,542	4.250%, 3/1/2020		563,239
		Zayo Group, LLC, Term Loan
	647,131	3.750%, 5/6/2021		643,358
		Total		16,953,518
	Consumer Cyclical (2.7%)
		Amaya BV, Term Loan
	1,104,849	5.000%, 8/1/2021c,d		1,012,915
		Burlington Coat Factory Warehouse Corporation, Term Loan
	542,772	4.250%, 8/13/2021		542,675
		Ceridian HCM Holding, Inc., Term Loan
	306,091	4.500%, 9/15/2020		294,613
		Charter Communications Operating, LLC, Term Loan
	729,375	3.000%, 1/3/2021		725,859
		Golden Nugget, Inc., Delayed Draw
	72,345	5.500%, 11/21/2019		71,938
		Golden Nugget, Inc., Term Loan
	168,805	5.500%, 11/21/2019		167,856

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

102

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (17.0%)a	Value
	Consumer Cyclical (2.7%) - continued
		IMG Worldwide, Inc., Term Loan
	$696,670	5.250%, 5/6/2021		$695,367
		J.C. Penney Corporation, Inc., Term Loan
	591,976	6.000%, 5/22/2018		592,568
		Marina District Finance Company, Inc., Term Loan
	322,763	6.500%, 8/15/2018		322,092
		MGM Resorts International, Term Loan
	534,799	3.500%, 12/20/2019		533,270
		Michaels Stores, Inc., Term Loan
	537,672	4.000%, 1/28/2020		537,575
		Mohegan Tribal Gaming Authority, Term Loan
	698,228	5.500%, 6/15/2018		674,229
		Pinnacle Entertainment, Inc., Term Loan
	10,216	3.750%, 8/13/2020		10,197
		ROC Finance, LLC, Term Loan
	407,081	5.000%, 6/20/2019		390,798
		Scientific Games International, Inc., Term Loan
	596,275	6.000%, 10/18/2020		576,526
	737,081	6.000%, 10/1/2021c,d		711,630
		Seminole Hard Rock Entertainment, Inc., Term Loan
	44,205	3.500%, 5/14/2020		43,652
		Seminole Indian Tribe of Florida, Term Loan
	480,757	3.000%, 4/29/2020		478,954
		Total		8,382,714
	Consumer Non-Cyclical (3.0%)
		Albertson’s, LLC, Term Loan
	825,867	5.500%, 3/21/2019		825,405
	314,213	5.500%, 12/21/2022		314,382
		Catalina Marketing Corporation, Term Loan
	677,925	4.500%, 4/9/2021		576,236
		CHS/Community Health Systems, Inc., Term Loan
	200,548	3.741%, 12/31/2018		198,368
	188,214	3.750%, 1/27/2021		184,659
	346,309	4.000%, 1/27/2021		340,104
		Endo Luxembourg Finance I Co Sarl, Term Loan
	483,788	3.750%, 9/26/2022		475,926
		JBS USA, LLC, Term Loan
	659,266	3.750%, 5/25/2018		656,385
	139,650	4.000%, 10/30/2022		138,777
		Libbey Glass, Inc., Term Loan
	335,042	3.750%, 4/9/2021		330,854
		LTF Merger Sub, Inc., Term Loan
	620,312	4.250%, 6/10/2022		611,938
		Mallinckrodt International Finance SA, Term Loan
	275,000	0.000%, 3/19/2021c,d		267,897
		Ortho-Clinical Diagnostics, Inc., Term Loan
	779,060	4.750%, 6/30/2021		720,630
		Owens-Brockway Glass Container, Inc., Term Loan
	691,250	3.500%, 9/1/2022		691,250

Principal Amount		Bank Loans (17.0%)a	Value
	Consumer Non-Cyclical (3.0%) - continued
		Sterigenics-Nordion Holdings, LLC, Term Loan
	$400,487	4.250%, 5/16/2022		$396,483
		Supervalu, Inc., Term Loan
	814,720	4.500%, 3/21/2019c,d		795,574
		Valeant Pharmaceuticals International, Inc., Term Loan
	1,866,106	4.000%, 4/1/2022c,d		1,759,588
		Total		9,284,456
	Energy (0.9%)
		Arch Coal, Inc., Term Loan
	609,250	7.500%, 5/16/2018b		215,016
		Aria Energy Operating, LLC, Term Loan
	401,094	5.000%, 5/27/2022		352,963
		Energy Solutions, LLC, Term Loan
	458,732	6.750%, 5/29/2020c,d		422,033
		Exgen Renewables I, LLC, Term Loan
	391,366	5.250%, 2/6/2021		390,388
		McJunkin Red Man Corporation, Term Loan
	349,768	4.750%, 11/8/2019		334,029
		MEG Energy Corporation, Term Loan
	504,100	0.000%, 3/31/2020c,d		404,792
		Pacific Drilling SA, Term Loan
	578,637	4.500%, 6/3/2018		179,997
		Targa Resources Partners, LP, Term Loan
	306,977	5.750%, 2/27/2022		276,279
		Western Refining, Inc., Term Loan
	239,388	0.000%, 11/12/2020c,d		232,206
		Total		2,807,703
	Financials (0.7%)
		DJO Finance, LLC, Term Loan
	323,375	4.250%, 6/7/2020		315,830
		Harland Clarke Holdings Corporation, Term Loan
	554,094	7.000%, 5/22/2018		543,704
		MPH Acquisition Holdings, LLC, Term Loan
	64,942	3.750%, 3/31/2021		64,260
		TransUnion, LLC, Term Loan
	686,000	3.500%, 4/9/2021		678,797
		WaveDivision Holdings, LLC, Term Loan
	729,271	4.000%, 10/15/2019		721,979
		Total		2,324,570
	Technology (1.6%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	1,470,000	4.250%, 2/1/2023c,d		1,461,812
		First Data Corporation, Term Loan
	540,880	3.932%, 3/23/2018		539,392
	140,000	3.932%, 9/24/2018		139,709
	128,343	0.000%, 3/24/2021c,d		128,022
	150,000	4.182%, 7/8/2022		148,950
		ON Semiconductor Corporation, Term Loan
	1,175,000	0.000%, 3/31/2023c,d		1,175,364
		SS&C European Holdings SARL, Term Loan
	297,309	4.007%, 7/8/2022		297,729

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

103

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (17.0%)a	Value
	Technology (1.6%) - continued
	$43,097	4.018%, 7/8/2022		$43,158
		Western Digital Corporation, Term Loan
	1,075,000	0.000%, 3/16/2023c,d		1,061,229
		Total		4,995,365
	Transportation (0.7%)
		American Airlines, Inc., Term Loan
	561,275	3.250%, 6/27/2020		558,070
		Delta Airlines, Inc., Term Loan
	696,500	3.250%, 8/24/2022		695,629
		OSG Bulk Ships, Inc., Term Loan
	241,245	5.250%, 8/5/2019		217,121
		XPO Logistics, Inc., Term Loan
	847,875	5.500%, 11/1/2021		849,995
		Total		2,320,815
	Utilities (0.5%)
		Calpine Corporation, Term Loan
	396,701	4.000%, 10/31/2020		392,984
	699,895	3.500%, 5/27/2022		689,943
		Intergen NV, Term Loan
	578,638	5.500%, 6/15/2020		516,434
		Total		1,599,361
		Total Bank Loans (cost $56,153,858)		53,137,491
Shares		Common Stock (44.5%)	Value
	Consumer Discretionary (6.8%)
	4,000	Aisan Industry Company, Ltd.		31,441
	3,300	Amazon.com, Inc.e		1,959,012
	1,620	Autoliv, Inc.		191,938
	2,400	AutoZone, Inc.e		1,912,056
	600	Bayerische Motoren Werke AG		47,900
	6,700	Berkeley Group Holdings plc		308,929
	11,910	Best Buy Company, Inc.		386,360
	4,900	Betsson ABe		75,927
	1,300	Brembo SPA		67,211
	3,400	Bridgestone Corporation		126,898
	4,100	Bunzl plc		118,927
	7,590	Burlington Stores, Inc.e		426,862
	6,000	Calsonic Kansei Corporation		44,582
	6,170	Cedar Fair, LP		366,806
	4,300	Cineworld Group plc		33,129
	34,685	Comcast Corporation		2,118,560
	2,300	Compass Group plc		40,545
	200	Continental AG		45,362
	4,140	Core-Mark Holding Company, Inc.		337,658
	1,200	Daimler AG		91,839
	27,700	Debenhams plc		29,887
	12,200	Denso Corporation		489,715
	17,500	Discovery Communications, Inc.e,f		501,025
	16,400	EDION Corporation		124,288
	6,000	Eutelsat Communications		193,508
	14,670	Ford Motor Company		198,045
	4,980	General Motors Company		156,521
	15,000	Gunze, Ltd.		42,429
	8,900	Hakuhodo Dy Holdings, Inc.		100,764
	4,480	Harman International Industries, Inc.		398,899
	900	Hennes & Mauritz AB		29,956
	17,400	Honda Motor Company, Ltd.		475,735
	16,100	Inchcape plc		166,986
	2,500	Intertek Group plc		113,512
	6,520	Jarden Corporatione		384,354

Shares		Common Stock (44.5%)	Value
	Consumer Discretionary (6.8%) - continued
	972	Linamar Corporation		$46,768
	900	LVMH Moet Hennessy Louis Vuitton SE		153,789
	4,500	Marks and Spencer Group plc		26,223
	20,350	MDC Partners, Inc.		480,260
	30,200	NIKE, Inc.		1,856,394
	7,600	NOK Corporation		129,660
	2,500	Nokian Renkaat Oyj		88,202
	400	Paddy Power plc		55,792
	7,000	PanaHome Corporation		52,488
	16,300	Persimmon plc		487,063
	1,500	ProSiebenSat.1 Media AG		77,002
	2,400	RELX NV		41,843
	4,395	Restoration Hardware Holdings, Inc.e,f		184,150
	600	Rightmove plc		36,232
	4,000	Sekisui House, Ltd.		67,486
	4,100	SHOWA Corporation		35,767
	5,900	Sports Direct International plce		32,003
	1,900	Stanley Electric Company, Ltd.		42,942
	11,000	Star Entertainment Group, Ltd.		47,840
	16,440	Starbucks Corporation		981,468
	12,900	Sumitomo Forestry Company, Ltd.		148,084
	6,400	Sumitomo Rubber Industries, Ltd.		98,888
	1,300	Tamron Company, Ltd.		21,291
	7,460	Target Corporation		613,809
	13,100	Tatts Group, Ltd.		37,954
	2,600	Tokai Rika Company, Ltd.		48,867
	13,460	Toll Brothers, Inc.e		397,205
	4,900	Toyota Motor Corporation		259,873
	14,900	UBM plc		128,380
	2,500	USS Company, Ltd.		39,893
	200	Valora Holding AG		49,940
	6,000	Wacoal Holdings Corporation		71,600
	12,370	Walt Disney Company		1,228,465
	10,600	WH Smith plc		276,120
	1,600	Whitbread plc		90,826
	9,900	Wolters Kluwer NV		394,590
	9,600	WPP plc		223,444
	1,900	Yokohama Rubber Company, Ltd.		31,234
		Total		21,221,401
	Consumer Staples (2.9%)
	2,300	AarhusKarlshamn AB		182,564
	13,190	Anheuser-Busch InBev NV ADR		1,644,265
	7,500	Axfood AB		138,407
	7,200	British American Tobacco plc		421,025
	5,200	Britvic plc		52,996
	20,740	Coca-Cola Company		962,129
	11,000	Coca-Cola HBC AG		233,269
	2,400	Henkel AG & Company KGaA		235,337
	17,600	Imperial Tobacco Group plc		974,461
	1,200	Japan Tobacco, Inc.		49,947
	4,700	Jeronimo Martins SGPS SA		76,831
	4,900	Kao Corporation		261,278
	33,000	Koninklijke Ahold NV		741,225
	800	KOSE Corporation		77,774
	6,900	Nestle SA		514,883
	5,000	Nippon Meat Packers, Inc.		110,055
	6,800	Nisshin OilliO Group, Ltd.		27,746
	15,450	Philip Morris International, Inc.		1,515,799
	2,700	Suedzucker AG		47,511
	1,600	Sugi Holdings Company, Ltd.		84,415
	9,800	Swedish Match AB		332,201
	8,770	WhiteWave Foods Companye		356,413

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

104

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (44.5%)	Value
	Consumer Staples (2.9%) - continued
	5,500	Woolworths, Ltd.		$93,086
		Total		9,133,617
	Energy (3.1%)
	205,403	BP plc		1,027,703
	252	Canadian Natural Resources, Ltd.		6,816
	9,550	Continental Resources, Inc.e		289,938
	18,900	EOG Resources, Inc.		1,371,762
	23,250	EQT Corporation		1,563,795
	47,000	Kinder Morgan, Inc.		839,420
	9,748	OMV AG		273,708
	18,080	Parsley Energy, Inc.e		408,608
	7,235	Royal Dutch Shell plc		175,331
	85	Royal Dutch Shell plc, Class A		2,053
	4,100	Royal Dutch Shell plc, Class B		99,772
	54,000	Spectra Energy Corporation		1,652,400
	5,587	Statoil ASA		87,260
	5,800	Total SA		263,908
	535	Vantage Drilling Internationale		58,850
	214,240	Weatherford International plce		1,666,787
		Total		9,788,111
	Financials (13.0%)
	1,550	Acadia Realty Trust		54,452
	2,100	AEON Financial Service Company, Ltd.		49,439
	2,810	Affiliated Managers Group, Inc.e		456,344
	1,900	Agree Realty Corporation		73,093
	10,300	Alexandria Real Estate Equities, Inc.		936,167
	8,300	Allianz SE		1,347,965
	850	American Campus Communities, Inc.		40,027
	910	American Farmland Company		5,715
	4,050	Apartment Investment & Management Company		169,371
	51,650	Apollo Investment Corporation		286,658
	1,800	Apple Hospitality REIT, Inc.		35,658
	23,800	Ares Capital Corporation		353,192
	22,900	Australia & New Zealand Banking Group, Ltd.		410,515
	3,100	AvalonBay Communities, Inc.		589,620
	38,100	Bank Hapoalim, Ltd.		197,771
	30,400	Bank of East Asia, Ltd.		113,627
	13,661	Bank of Nova Scotia		667,614
	9,984	Bank of Queensland, Ltd.		92,569
	82,000	Bank of Yokohama, Ltd.g		371,454
	23,100	BinckBank NV		171,954
	1,200	Bluerock Residential Growth REIT, Inc.		13,056
	6,270	Boston Properties, Inc.		796,792
	16,928	Brixmor Property Group, Inc.		433,695
	8,970	Camden Property Trust		754,287
	4,418	Canadian Western Bank		82,152
	31,100	CapitaMall Trust		48,197
	1,800	Care Capital Properties, Inc.		48,312
	55,490	Charles Schwab Corporation		1,554,830
	1,024	Chesapeake Lodging Trust		27,095
	8,000	Chiba Bank, Ltd.		39,845
	37,328	Citigroup, Inc.		1,558,444
	9,900	CNP Assurances		154,169
	650	CoreSite Realty Corporation		45,507
	5,070	Crown Castle International Corporation		438,555
	5,700	CubeSmart		189,810
	1,600	CyrusOne, Inc.		73,040
	2,200	Daiwa House Industry Company, Ltd.		61,838
	3,700	DDR Corporation		65,823

Shares		Common Stock (44.5%)	Value
	Financials (13.0%) - continued
	1,500	Derwent London plc		$67,784
	45,600	DEXUS Property Group		276,911
	2,968	Digital Realty Trust, Inc.		262,638
	21,758	Direct Line Insurance Group plc		115,408
	1,400	Douglas Emmett, Inc.		42,154
	40,180	Duke Realty Corporation		905,657
	1,150	DuPont Fabros Technology, Inc.		46,610
	1,200	Education Realty Trust, Inc.		49,920
	21,550	Encore Capital Group, Inc.e,f		554,697
	1,319	EPR Properties		87,872
	2,102	Equinix, Inc.		695,152
	3,000	Equity Lifestyle Properties, Inc.		218,190
	1,100	Equity One, Inc.		31,526
	9,790	Equity Residential		734,544
	11,000	Erste Group Bank AGe		308,738
	1,600	Essex Property Trust, Inc.		374,176
	2,100	Extra Space Storage, Inc.		196,266
	1,200	Federal Realty Investment Trust		187,260
	900	First Industrial Realty Trust, Inc.		20,466
	23,800	FlexiGroup, Ltd.		45,144
	28,500	Frasers Centrepoint Trust		42,269
	66,000	Fukuoka Financial Group, Inc.		214,993
	12,086	General Growth Properties, Inc.		359,317
	1,900	GEO Group, Inc.		65,873
	8,000	Great Portland Estates plc		83,517
	8,706	H&R Real Estate Investment Trust		140,704
	4,000	Hamborner REIT AG		43,304
	8,400	Hang Seng Bank, Ltd.		148,630
	3,900	Hannover Rueckversicherung SE		453,268
	7,800	HCP, Inc.		254,124
	5,400	Healthcare Trust of America, Inc.		158,868
	42,200	Henderson Group plc		156,100
	3,800	Highwoods Properties, Inc.		181,678
	3,000	Hospitality Properties Trust		79,680
	18,296	Host Hotels & Resorts, Inc.		305,543
	1,100	Hudson Pacific Properties, Inc.		31,812
	8,700	Hufvudstaden AB		137,601
	66,000	Hysan Development Company, Ltd.		281,271
	2,193	Intact Financial Corporation		153,540
	4,920	Intercontinental Exchange, Inc.		1,156,889
	10,000	Invesco Mortgage Capital, Inc.		121,800
	41,500	Investec plc		304,421
	1,500	Iron Mountain, Inc.		50,865
	1,700	Kilroy Realty Corporation		105,179
	12,500	Kimco Realty Corporation		359,750
	803	Lamar Advertising Company		49,385
	2,400	LaSalle Hotel Properties		60,744
	900	Liberty Property Trust		30,114
	46,000	Link REIT		273,270
	27,090	Live Oak Bancshares, Inc.		406,350
	3,450	Macerich Company		273,378
	8,000	Macquarie Group, Ltd.		404,912
	6,300	Medical Properties Trust, Inc.		81,774
	22,940	MetLife, Inc.		1,007,984
	2,300	Mid-America Apartment Communities, Inc.		235,083
	139,300	Mizuho Financial Group, Inc.		207,596
	700	Muenchener Rueckversicherungs- Gesellschaft AG		142,061
	7,700	National Australia Bank, Ltd.		154,608
	8,176	National Bank of Canada		267,487
	1,500	National Health Investors, Inc.		99,780
	5,500	National Retail Properties, Inc.		254,100
	143,000	New World Development Company, Ltd.		136,483

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

105

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (44.5%)	Value
	Financials (13.0%) - continued
	2,400	NorthStar Realty Finance Corporation		$31,488
	11,500	Old Mutual plc		31,764
	3,050	Omega Healthcare Investors, Inc.		107,665
	1,600	Outfront Media, Inc.		33,760
	11,720	PacWest Bancorp		435,398
	3,400	Parkway Properties, Inc.		53,244
	1,200	Pebblebrook Hotel Trust		34,884
	6,300	Physicians Realty Trust		117,054
	11,100	Poundland Group plc		24,844
	2,484	Power Corporation of Canada		57,302
	18,643	Prologis, Inc.		823,648
	3,770	Public Storage, Inc.		1,039,879
	919	QTS Realty Trust, Inc.		43,542
	6,920	Raymond James Financial, Inc.		329,461
	1,900	Realty Income Corporation		118,769
	2,500	Regency Centers Corporation		187,125
	1,400	Retail Opportunity Investments Corporation		28,168
	5,500	RLJ Lodging Trust		125,840
	900	Sampo Oyj		42,628
	5,700	Schroders plc		219,134
	8,963	Simon Property Group, Inc.		1,861,525
	1,400	SL Green Realty Corporation		135,632
	20,250	Solar Capital, Ltd.		349,920
	1,577	Sovran Self Storage, Inc.		186,007
	15,100	Spirit Realty Captial, Inc.		169,875
	144,400	Stockland		472,418
	3,510	Store Capital Corporation		90,839
	45,000	Sumitomo Mitsui Trust Holdings, Inc.		131,737
	4,500	Summit Hotel Properties, Inc.		53,865
	650	Sun Communities, Inc.		46,547
	3,262	Sunstone Hotel Investors, Inc.		45,668
	4,500	Swiss Re AG		415,528
	42,120	Synchrony Financiale		1,207,159
	22,400	T&D Holdings, Inc.		209,239
	1,300	Talanx AG		44,302
	2,932	Tanger Factory Outlet Centers, Inc.		106,695
	800	Taubman Centers, Inc.		56,984
	900	Tokio Marine Holdings, Inc.		30,409
	2,623	Toronto-Dominion Bank		113,221
	6,800	UDR, Inc.		262,004
	25,100	United Overseas Bank, Ltd.		351,099
	3,300	Urban Edge Properties		85,272
	6,000	Ventas, Inc.		377,760
	4,719	VEREIT, Inc.		41,858
	7,210	Vornado Realty Trust		680,840
	2,300	Weingarten Realty Investors		86,296
	8,073	Welltower, Inc.		559,782
	49,400	Wing Tai Holdings, Ltd.		64,440
	1,400	WP Carey, Inc.		87,136
	13,420	XL Group plc		493,856
	17,690	Zions Bancorporation		428,275
		Total		40,637,655
	Health Care (4.8%)
	41,920	Abbott Laboratories		1,753,514
	600	Actelion, Ltd.		89,544
	12,620	Akorn, Inc.e		296,949
	3,990	Allergan plce		1,069,440
	5,970	Amgen, Inc.		895,082
	4,300	Astellas Pharmaceutical, Inc.		57,145
	200	Bayer AG		23,436
	1,000	CSL, Ltd.		77,711
	6,100	Essilor International SA		751,618
	500	Gerresheimer AG		39,120

Shares		Common Stock (44.5%)	Value
	Health Care (4.8%) - continued
	6,900	Hikma Pharmaceuticals plc		$195,935
	11,340	Hologic, Inc.e		391,230
	3,200	ICON plce		240,320
	900	Lonza Group AG		152,137
	26,590	Medtronic plc		1,994,250
	33,090	Merck & Company, Inc.		1,750,792
	2,600	Merck KGaA		216,278
	21,190	Mylan NV		982,157
	12,600	Novartis AG		911,635
	8,600	Novo Nordisk AS		465,721
	25,330	Pfizer, Inc.		750,781
	1,100	Roche Holding AG-Genusschein		270,094
	9,400	Sanofi		755,722
	3,230	Teleflex, Inc.		507,142
	3,210	Waters Corporatione		423,463
		Total		15,061,216
	Industrials (4.8%)
	2,600	Adecco SA		169,133
	3,700	Aida Engineering, Ltd.		32,144
	47,200	Air New Zealand, Ltd.		93,318
	2,100	Airbus Group NV		139,141
	4,200	Amada Holdings Company, Ltd.		40,924
	1,200	Andritz AG		65,741
	22,000	Asahi Glass Company, Ltd.		120,380
	1,400	Atlas Copco Aktiebolag		35,136
	3,300	Babcock International Group plc		44,937
	11,300	Central Glass Company, Ltd.		61,309
	2,400	Compagnie de Saint-Gobain		105,418
	1,400	Croda International plc		60,960
	6,000	Dai Nippon Printing Company, Ltd.		53,245
	5,448	Dart Group plc		51,956
	3,900	Deutsche Post AG		108,240
	1,200	DSV AS		49,913
	8,370	EMCOR Group, Inc.		406,782
	3,930	Equifax, Inc.		449,160
	1,800	FANUC Corporation		278,763
	5,800	Ferrovial SA		124,474
	100	Flughafen Zuerich AG		89,460
	11,000	Fuji Electric Company, Ltd.		38,033
	3,725	Galliford Try plc		76,642
	100	Georg Fischer AG		80,756
	6,000	Hankyu Hanshin Holdings, Inc.		38,263
	10,160	HNI Corporation		397,967
	700	Hochtief AG		85,481
	14,120	Honeywell International, Inc.		1,582,146
	700	Hoshizaki Electric Company, Ltd.		58,388
	18,240	Illinois Tool Works, Inc.		1,868,506
	2,600	Inaba Denki Sangyo Company, Ltd.		81,789
	23,950	Ingersoll-Rand plc		1,485,139
	7,100	Intrum Justitia AB		250,205
	33,400	ITOCHU Corporation		410,447
	36,270	Jacobs Engineering Group, Inc.e		1,579,558
	700	Jungheinrich AG		63,775
	3,000	Keisei Electric Railway Company, Ltd.		42,206
	12,400	KITZ Corporation		53,625
	9,900	KONE Oyj		476,496
	2,700	Koninklijke Boskalis Westminster NV		105,821
	600	Kuehne & Nagel International AG		85,270
	19,700	Macquarie Infrastructure Corporation		1,328,568
	15,860	Masco Corporation		498,797
	3,550	Middleby Corporatione		379,033
	4,800	MIRAIT Holdings Corporation		38,185
	6,000	Mitsuboshi Belting, Ltd.		48,280
	8,000	MTR Corporation, Ltd.		39,649
	5,200	Nikkon Holdings Company, Ltd.		94,113

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

106

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (44.5%)	Value
	Industrials (4.8%) - continued
	8,000	Nippon Express Company, Ltd.		$36,372
	8,600	Nitto Kogyo Corporation		136,989
	500	Randstad Holding NV		27,656
	500	Rieter Holding AG		107,950
	1,672	Saft Groupe SA		50,486
	7,700	Sanwa Holdings Corporation		57,282
	200	Schindler Holding AG		36,846
	17,900	SIG plc		37,479
	9,000	Toppan Printing Company, Ltd.		75,458
	1,200	Travis Perkins plc		31,435
	600	Vestas Wind Systems AS		42,276
	4,340	WABCO Holdings, Inc.e		464,033
	1,920	WSP Global, Inc.		56,916
	1,200	Yuasa Trading Company, Ltd.		28,191
		Total		15,057,041
	Information Technology (6.2%)
	1,740	Alphabet, Inc., Class Ae		1,327,446
	1,425	Alphabet, Inc., Class Ce		1,061,554
	900	Amadeus IT Holding SA		38,488
	14,830	Apple, Inc.		1,616,322
	960	AtoS		77,970
	7,100	Autodesk, Inc.e		414,001
	4,700	Canon, Inc.		140,168
	6,530	Check Point Software Technologies, Ltd.e		571,179
	34,920	Cisco Systems, Inc.		994,172
	58,100	EMC Corporation		1,548,365
	12,760	Facebook, Inc.e		1,455,916
	24,740	Finisar Corporatione		451,258
	14,400	FUJIFILM Holdings NPV		569,193
	4,000	Hitachi Kokusai Electric, Inc.		48,020
	2,600	Hoya Corporation		98,828
	2,800	IT Holdings Corporation		66,227
	2,000	ITOCHU Techno-Solutions Corporation		37,738
	14,600	Juniper Networks, Inc.		372,446
	1,200	Kyocera Corporation		52,837
	10,110	MasterCard, Inc.		955,395
	31,960	Microsoft Corporation		1,765,151
	4,600	NEC Networks & System Integration Corporation		71,424
	2,600	NS Solutions Corporation		50,999
	8,110	Plantronics, Inc.		317,831
	20,710	Progress Software Corporatione		499,525
	14,383	QLIK Technologies, Inc.e		415,956
	7,740	Salesforce.com, Inc.e		571,444
	2,500	SAP SE		201,171
	10,400	Shinko Electric Industries Company, Ltd.		58,463
	500	TDK Corporation		27,743
	100	U-Blox AGe		19,205
	1,960	Ultimate Software Group, Inc.e		379,260
	800	United Internet AG		40,083
	25,660	Visa, Inc.		1,962,477
	27,040	Xilinx, Inc.		1,282,507
		Total		19,560,762
	Materials (1.2%)
	500	Air Liquide SA		56,096
	1,350	Ashland, Inc.		148,446
	500	Aurubis AG		24,845
	37,400	BHP Billiton, Ltd.		483,274
	10,700	BillerudKorsnas AB		174,671
	12,000	Boral, Ltd.		56,761
	3,100	Buzzi Unicem SPA		53,440

Shares		Common Stock (44.5%)	Value
	Materials (1.2%) - continued
	270	CCL Industries, Inc.		$51,245
	3,530	Crown Holdings, Inc.e		175,053
	17,800	Daicel Corporation		242,639
	4,340	Domtar Corporation		175,770
	1,000	Evonik Industries AG		29,907
	2,670	FMC Corporation		107,788
	100	Givaudan SA		195,980
	3,600	Hexpol AB		39,942
	1,900	Holmen AB		62,148
	2,300	JFE Holdings, Inc.		30,889
	600	LafargeHolcim, Ltd.		28,176
	200	Linde AG		29,060
	5,700	Mitsubishi Chemical Holdings Corporation		29,760
	1,100	Nippon Shokubai Company, Ltd.		56,033
	3,700	Nippon Steel & Sumitomo Metal Corporation		70,935
	19,542	Norsk Hydro ASA		80,289
	3,500	Novozymes AS		157,173
	7,000	Oji Holdings Corporation		28,115
	3,100	Packaging Corporation of America		187,240
	1,850	PPG Industries, Inc.		206,256
	1,000	Rio Tinto, Ltd.		32,561
	8,670	Steel Dynamics, Inc.		195,162
	8,000	Sumitomo Seika Chemicals Company, Ltd.		39,513
	7,000	Tosoh Corporation		29,397
	1,300	Umicore		64,532
	7,500	UPM-Kymmene Oyj		135,597
	9,398	Yara International ASA		352,799
		Total		3,831,492
	Telecommunications Services (0.6%)
	4,213	BCE, Inc.		192,006
	9,800	Elisa Oyje		380,547
	9,600	Freenet AG		286,724
	131,800	KCOM Group plc		203,494
	9,300	Orange SA		162,406
	3,400	Proximus SA		116,023
	15,400	Telefonica Deutschland Holding AG		83,249
	16,530	Zayo Group Holdings, Inc.e		400,687
		Total		1,825,136
	Utilities (1.1%)
	37,500	Brookfield Infrastructure Partners, LPf		1,579,875
	10,000	CLP Holdings, Ltd.		90,514
	71,400	Electricidade de Portugal SA		253,502
	24,440	MDU Resources Group, Inc.		475,603
	8,580	NorthWestern Corporation		529,815
	40,300	Redes Energeticas Nacionais SGPS SA		131,943
	1,200	Severn Trent plc		37,381
	7,000	Toho Gas Company, Ltd.		49,685
	16,100	United Utilities Group plc		213,116
	1,800	Veolia Environnement SA		43,324
		Total		3,404,758
		Total Common Stock (cost $132,722,103)		139,521,189

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

107

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (31.0%)	Value
	Asset-Backed Securities (1.3%)
		Asset Backed Securities Corporation Home Equity Loan Trust
	$374,789	0.573%, 7/25/2036h		$321,672
		Bayview Opportunity Master Fund Trust
	97,792	3.623%, 4/28/2030i		97,613
	220,386	3.228%, 7/28/2034*,j		220,069
		Credit Based Asset Servicing and Securitization, LLC
	266,927	3.535%, 12/25/2036j		181,400
		First Horizon ABS Trust
	218,451	0.593%, 10/25/2034h,k		195,896
		GMAC Mortgage Corporation Loan Trust
	441,764	0.616%, 8/25/2035h,k		413,321
	386,607	0.616%, 12/25/2036h,k		336,211
		IndyMac INDA Mortgage Loan Trust
	262,141	4.614%, 8/25/2036		245,951
		IndyMac INDX Mortgage Loan Trust
	452,687	0.643%, 4/25/2046h		328,523
		IndyMac Seconds Asset-Backed Trust
	245,782	0.773%, 10/25/2036h,k		145,662
		J.P. Morgan Mortgage Acquisition Trust
	191,303	4.124%, 3/25/2047j		137,327
		Lehman XS Trust
	202,825	5.440%, 8/25/2035j		176,762
		Sunset Mortgage Loan Company, LLC
	161,899	4.459%, 9/16/2045*,j		161,963
		U.S. Residential Opportunity Fund III Trust
	230,094	3.721%, 1/27/2035*		228,183
		Vericrest Opportunity Loan Transferee
	155,282	3.375%, 10/25/2058*,j		153,128
	176,299	3.500%, 6/26/2045i		174,190
		Wachovia Asset Securitization, Inc.
	500,422	0.573%, 7/25/2037*,h,k		418,164
		Total		3,936,035
	Basic Materials (0.3%)
		Albemarle Corporation
	96,000	3.000%, 12/1/2019		96,575
		Anglo American Capital plc
	65,000	1.572%, 4/15/2016h,i		64,767
		ArcelorMittal SA
	190,000	6.500%, 3/1/2021f		187,150
		Dow Chemical Company
	86,000	8.550%, 5/15/2019		102,298
		Freeport-McMoRan, Inc.
	48,000	2.300%, 11/14/2017		44,280
		Glencore Funding, LLC
	65,000	1.680%, 4/16/2018h,i		58,500
		LyondellBasell Industries NV
	80,000	5.000%, 4/15/2019		85,468
		NOVA Chemicals Corporation
	341,904	5.250%, 8/1/2023i		334,211
		Total		973,249
	Capital Goods (1.0%)
		Ball Corporation
	200,000	4.375%, 12/15/2020		208,125
		Berry Plastics Corporation
	155,000	6.000%, 10/15/2022i		162,459

Principal Amount		Long-Term Fixed Income (31.0%)	Value
	Capital Goods (1.0%) - continued
		Building Materials Corporation of America
	$280,000	6.000%, 10/15/2025i		$296,100
		Cemex SAB de CV
	300,000	5.700%, 1/11/2025i		278,100
		CNH Industrial Capital, LLC
	305,000	4.375%, 11/6/2020f		299,662
		Crown Americas Capital Corporation IV
	190,000	4.500%, 1/15/2023		193,800
		General Electric Company
	368,000	5.000%, 12/29/2049l		379,040
		Huntington Ingalls Industries, Inc.
	300,000	5.000%, 12/15/2021i		315,000
		L-3 Communications Corporation
	90,000	1.500%, 5/28/2017		89,692
		Lockheed Martin Corporation
	65,000	2.500%, 11/23/2020		66,577
		Martin Marietta Materials, Inc.
	106,000	1.729%, 6/30/2017h		105,028
		Newell Rubbermaid, Inc.
	55,000	3.150%, 4/1/2021		56,497
		Nortek, Inc.
	227,936	8.500%, 4/15/2021		236,484
		Roper Industries, Inc.
	71,000	2.050%, 10/1/2018		71,680
		United Rentals North America, Inc.
	290,000	5.500%, 7/15/2025		288,489
		Total		3,046,733
	Collateralized Mortgage Obligations (3.7%)
		Alternative Loan Trust
	162,924	5.500%, 5/25/2035		162,526
		Angel Oak Mortgage Trust
	326,381	4.500%, 11/25/2045*,j		328,272
		Banc of America Alternative Loan Trust
	548,490	6.000%, 11/25/2035		478,511
		Banc of America Mortgage Securities, Inc.
	184,078	2.853%, 9/25/2035		167,340
		Bear Stearns ALT-A Trust
	217,961	2.813%, 10/25/2033		212,464
		Countrywide Alternative Loan Trust
	454,449	6.500%, 8/25/2036		331,970
		Countrywide Home Loan Mortgage Pass Through Trust
	387,186	2.728%, 11/25/2035		326,228
		Credit Suisse First Boston Mortgage Securities Corporation
	314,759	5.250%, 10/25/2035		306,131
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	347,643	2.017%, 8/25/2035		264,331
	558,572	5.500%, 11/25/2035		530,877
	359,158	1.121%, 4/25/2047h		301,746
		GMAC Mortgage Corporation Loan Trust
	253,393	3.289%, 5/25/2035		236,425
		HarborView Mortgage Loan Trust
	291,692	2.711%, 7/19/2035		252,817
	201,860	2.944%, 12/19/2035		175,197
		J.P. Morgan Alternative Loan Trust
	620,009	6.500%, 3/25/2036		506,445

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

108

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (31.0%)	Value
	Collateralized Mortgage Obligations (3.7%) - continued
		J.P. Morgan Mortgage Trust
	$492,522	2.862%, 8/25/2035		$485,770
	499,662	2.781%, 1/25/2037		439,446
		Merrill Lynch Mortgage Investors Trust
	463,165	6.250%, 8/25/2036		371,075
		MortgageIT Trust
	699,886	0.693%, 12/25/2035h		622,664
	751,624	0.633%, 4/25/2036h		549,333
		New York Mortgage Trust
	193,605	3.181%, 5/25/2036		172,721
		Residential Accredit Loans, Inc. Trust
	377,393	5.750%, 9/25/2035		334,986
	359,746	0.613%, 11/25/2036h		255,979
		Residential Funding Mortgage Security I Trust
	630,509	6.000%, 7/25/2037		566,632
		Structured Adjustable Rate Mortgage Loan Trust
	366,815	2.705%, 1/25/2035		301,540
	263,219	2.741%, 7/25/2035		222,694
	385,961	3.007%, 9/25/2035		317,380
		Structured Asset Mortgage Investments, Inc.
	874,252	0.743%, 12/25/2035h		616,247
		WaMu Mortgage Pass Through Certificates
	146,115	5.000%, 11/25/2018		146,515
	171,237	1.975%, 1/25/2037		143,100
	315,744	1.091%, 1/25/2047h		240,665
		Washington Mutual Mortgage Pass Through Certificates
	456,542	1.101%, 2/25/2047h		317,414
		Wells Fargo Mortgage Backed Securities Trust
	164,059	2.837%, 3/25/2036		161,691
	574,140	2.815%, 7/25/2036		558,611
	335,990	6.000%, 7/25/2037		331,089
		Total		11,736,832
	Communications Services (1.3%)
		AMC Networks, Inc.
	300,000	5.000%, 4/1/2024		301,125
		America Movil SAB de CV
	71,000	5.000%, 10/16/2019		77,931
		American Tower Corporation
	65,000	2.800%, 6/1/2020		65,331
		AT&T, Inc.
	86,000	5.875%, 10/1/2019		97,200
	65,000	1.559%, 6/30/2020h		64,337
	60,000	2.800%, 2/17/2021		61,517
		British Sky Broadcasting Group plc
	102,000	2.625%, 9/16/2019i		103,058
		CC Holdings GS V, LLC
	63,000	2.381%, 12/15/2017		63,537
		CCO Safari II, LLC
	32,000	3.579%, 7/23/2020i		32,699
	32,000	4.464%, 7/23/2022i		33,449
		CCOH Safari, LLC
	305,000	5.750%, 2/15/2026i		315,675
		CenturyLink, Inc.
	230,000	6.450%, 6/15/2021		233,018
	40,000	7.500%, 4/1/2024d		40,100

Principal Amount		Long-Term Fixed Income (31.0%)	Value
	Communications Services (1.3%) - continued
		Clear Channel Worldwide Holdings, Inc.
	$200,000	6.500%, 11/15/2022		$199,000
		Columbus International, Inc.
	205,000	7.375%, 3/30/2021i		218,325
		Digicel, Ltd.
	257,936	6.000%, 4/15/2021*		230,853
		Frontier Communications Corporation
	275,000	8.875%, 9/15/2020i		285,656
		Hughes Satellite Systems Corporation
	246,000	6.500%, 6/15/2019		270,907
		SBA Tower Trust
	84,000	5.101%, 4/17/2017i		84,816
		Sprint Corporation
	290,000	7.625%, 2/15/2025		215,325
		Telefonica Emisiones SAU
	78,000	3.192%, 4/27/2018		80,023
		T-Mobile USA, Inc.
	250,000	6.633%, 4/28/2021		261,250
		Univision Communications, Inc.
	200,000	5.125%, 5/15/2023i		199,000
		UPCB Finance V, Ltd.
	292,500	7.250%, 11/15/2021i		309,319
		Verizon Communications, Inc.
	237,000	2.625%, 2/21/2020		243,858
	106,000	4.500%, 9/15/2020		117,026
		Total		4,204,335
	Consumer Cyclical (1.4%)
		AMC Entertainment, Inc.
	227,000	5.875%, 2/15/2022		233,243
		Cinemark USA, Inc.
	263,000	4.875%, 6/1/2023		265,222
		Corrections Corporation of America
	190,000	5.000%, 10/15/2022		198,075
		Daimler Finance North America, LLC
	55,000	1.875%, 1/11/2018i		55,285
		eBay, Inc.
	55,000	2.500%, 3/9/2018		55,892
		ERAC USA Finance, LLC
	106,000	2.350%, 10/15/2019i		106,182
		Ford Motor Credit Company, LLC
	130,000	5.000%, 5/15/2018		137,270
	87,000	2.597%, 11/4/2019		87,315
		General Motors Financial Company, Inc.
	227,936	3.250%, 5/15/2018		231,730
	150,000	4.375%, 9/25/2021		155,029
		Home Depot, Inc.
	65,000	1.004%, 9/15/2017h		65,228
	65,000	2.625%, 6/1/2022		67,238
		Hyundai Capital America
	84,000	1.450%, 2/6/2017i		83,903
		Jaguar Land Rover Automotive plc
	273,000	5.625%, 2/1/2023i		280,507
		KB Home
	189,000	4.750%, 5/15/2019		188,291
		L Brands, Inc.
	273,000	6.625%, 4/1/2021		307,098
		Lennar Corporation
	225,000	4.500%, 11/15/2019		234,000
		Live Nation Entertainment, Inc.
	200,000	5.375%, 6/15/2022i		203,500

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

109

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (31.0%)	Value
	Consumer Cyclical (1.4%) - continued
		Macy’s Retail Holdings, Inc.
	$66,000	7.450%, 7/15/2017		$70,679
		MGM Resorts International
	300,000	6.000%, 3/15/2023f		310,500
		Ralph Lauren Corporation
	60,000	2.625%, 8/18/2020		61,879
		Royal Caribbean Cruises, Ltd.
	517,936	5.250%, 11/15/2022		546,422
		Six Flags Entertainment Corporation
	200,000	5.250%, 1/15/2021i		205,500
		Toll Brothers Finance Corporation
	76,000	4.000%, 12/31/2018		78,660
		Visa, Inc.
	65,000	2.200%, 12/14/2020		66,615
		West Corporation
	210,000	5.375%, 7/15/2022i		192,633
		Total		4,487,896
	Consumer Non-Cyclical (1.6%)
		Actavis Funding SCS
	40,000	1.887%, 3/12/2020h		39,856
		Amgen, Inc.
	65,000	2.125%, 5/1/2020		65,797
		Anheuser-Busch Inbev Finance, Inc.
	90,000	1.879%, 2/1/2021h		91,592
		B&G Foods, Inc.
	120,000	4.625%, 6/1/2021		121,500
		BAT International Finance plc
	65,000	1.144%, 6/15/2018h,i		64,553
		Becton, Dickinson and Company
	80,000	1.450%, 5/15/2017		80,128
		Boston Scientific Corporation
	40,000	6.000%, 1/15/2020		45,151
		Bunge Limited Finance Corporation
	65,000	3.500%, 11/24/2020		65,960
		Cardinal Health, Inc.
	65,000	1.950%, 6/15/2018		65,304
		Celgene Corporation
	65,000	3.550%, 8/15/2022		68,151
		Centene Escrow Corporation
	300,000	5.625%, 2/15/2021i		312,750
		CHS/Community Health Systems, Inc.
	273,000	7.125%, 7/15/2020		257,985
		Cott Beverages, Inc.
	200,000	5.375%, 7/1/2022		203,000
		CVS Health Corporation
	86,000	2.250%, 12/5/2018		88,090
		EMD Finance, LLC
	39,000	0.992%, 3/17/2017h,i		38,863
		Envision Healthcare Corporation
	295,000	5.125%, 7/1/2022i		299,425
		Express Scripts Holding Company
	55,000	3.900%, 2/15/2022		57,344
		Forest Laboratories, Inc.
	109,000	4.375%, 2/1/2019i		115,652
		Fresenius Medical Care US Finance, Inc.
	227,936	5.750%, 2/15/2021i		246,741
		Gilead Sciences, Inc.
	65,000	3.250%, 9/1/2022		68,684
		Grifols Worldwide Operations, Ltd.
	200,000	5.250%, 4/1/2022		205,500
		HCA, Inc.
	227,936	4.750%, 5/1/2023		231,925

Principal Amount		Long-Term Fixed Income (31.0%)	Value
	Consumer Non-Cyclical (1.6%) - continued
		JBS USA, LLC
	$290,000	5.750%, 6/15/2025i		$253,750
		Laboratory Corporation of America Holdings
	35,000	2.625%, 2/1/2020		35,147
		Land O’Lakes, Inc.
	260,000	8.000%, 12/31/2049i,l		267,800
		Mead Johnson Nutrition Company
	65,000	3.000%, 11/15/2020		66,795
		Merck & Company, Inc.
	40,000	0.996%, 2/10/2020h		39,802
		Mondelez International, Inc.
	56,000	2.250%, 2/1/2019		57,175
		Mylan NV
	30,000	3.750%, 12/15/2020i		30,695
		Pinnacle Foods, Inc.
	200,000	5.875%, 1/15/2024i		209,340
		Revlon Consumer Products Corporation
	227,936	5.750%, 2/15/2021		234,204
		Reynolds American, Inc.
	35,000	3.250%, 6/12/2020		36,601
		SABMiller plc
	78,000	6.500%, 7/15/2018i		85,541
		Safeway, Inc.
	17,000	3.400%, 12/1/2016		17,000
		Spectrum Brands Escrow Corporation
	183,000	6.375%, 11/15/2020		192,699
		Spectrum Brands, Inc.
	130,000	5.750%, 7/15/2025		138,125
		TreeHouse Foods, Inc.
	200,000	4.875%, 3/15/2022		204,500
		Valeant Pharmaceuticals International
	227,936	7.250%, 7/15/2022i		182,349
		WM Wrigley Jr. Company
	48,000	2.000%, 10/20/2017i		48,198
		Zoetis, Inc.
	65,000	3.450%, 11/13/2020		66,777
		Total		5,000,449
	Energy (0.9%)
		Anadarko Petroleum Corporation
	60,000	8.700%, 3/15/2019		67,041
		Antero Resources Corporation
	200,000	5.125%, 12/1/2022		181,500
		Boardwalk Pipelines, Ltd.
	79,000	5.875%, 11/15/2016		79,185
		Buckeye Partners, LP
	100,000	2.650%, 11/15/2018		99,287
		Chevron Corporation
	65,000	1.128%, 11/16/2018h		64,640
		Concho Resources, Inc.
	277,936	6.500%, 1/15/2022		277,241
		Crestwood Midstream Partners, LP
	200,000	6.250%, 4/1/2023i		148,000
		Enbridge, Inc.
	54,000	1.083%, 6/2/2017f,h		51,759
		EQT Corporation
	88,000	8.125%, 6/1/2019		94,828
		Exxon Mobil Corporation
	80,000	1.708%, 3/1/2019		81,056
		Marathon Petroleum Corporation
	65,000	3.400%, 12/15/2020		63,933

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

110

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (31.0%)	Value
	Energy (0.9%) - continued
		MEG Energy Corporation
	$273,000	6.375%, 1/30/2023i		$161,070
		Occidental Petroleum Corporation
	65,000	2.600%, 4/15/2022d		65,546
		Pacific Drilling V, Ltd.
	200,000	7.250%, 12/1/2017i		73,500
		Petrobras International Finance Company
	280,000	5.750%, 1/20/2020		243,250
		Petroleos Mexicanos
	171,000	5.500%, 2/4/2019i		179,123
	140,000	6.875%, 8/4/2026i		151,550
		Pioneer Natural Resources Company
	22,000	3.450%, 1/15/2021		21,884
		Sabine Pass Liquefaction, LLC
	300,000	5.625%, 3/1/2025		286,125
		Schlumberger Holdings Corporation
	65,000	3.000%, 12/21/2020i		65,899
		Shell International Finance BV
	65,000	1.071%, 5/11/2020h		63,115
		Sunoco Logistics Partners Operations, LP
	65,000	4.400%, 4/1/2021		63,830
		Transcontinental Gas Pipe Line Company, LLC
	60,000	7.850%, 2/1/2026i		68,623
		Total		2,651,985
	Financials (4.0%)
		Abbey National Treasury Services plc
	100,000	1.040%, 9/29/2017h		99,424
		ACE INA Holdings, Inc.
	65,000	2.875%, 11/3/2022		67,074
		Air Lease Corporation
	100,000	2.125%, 1/15/2018		99,000
	32,000	2.625%, 9/4/2018		31,798
		Ally Financial, Inc.
	325,000	4.750%, 9/10/2018		329,875
		American Express Credit Corporation
	65,000	1.682%, 9/14/2020h		64,632
		Aviation Capital Group Corporation
	51,000	3.875%, 9/27/2016i		51,255
		Bank of America Corporation
	120,000	5.700%, 5/2/2017		124,793
	102,000	1.700%, 8/25/2017		102,137
	209,000	1.694%, 3/22/2018h		209,366
	80,000	5.650%, 5/1/2018		85,878
	215,000	6.300%, 12/29/2049l		221,450
	104,000	8.000%, 12/29/2049l		101,790
		BB&T Corporation
	130,000	2.050%, 6/19/2018		131,529
		Bear Stearns Companies, LLC
	122,000	6.400%, 10/2/2017		130,519
		BNP Paribas SA
	84,000	2.375%, 9/14/2017		85,036
	300,000	7.625%, 12/29/2049i,l		301,650
		Caisse Centrale Desjardins du Quebec
	45,000	1.283%, 1/29/2018h,i		44,861
		CIT Group, Inc.
	225,000	3.875%, 2/19/2019		224,437
		Citigroup, Inc.
	144,000	1.850%, 11/24/2017		144,325

Principal Amount		Long-Term Fixed Income (31.0%)	Value
	Financials (4.0%) - continued
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	$160,000	11.000%, 12/29/2049i,l		$191,984
		Credit Agricole SA
	45,000	1.605%, 6/10/2020h,i		44,422
		Credit Suisse Group AG
	255,000	7.500%, 12/11/2049i,l		250,792
		CyrusOne, LP
	227,936	6.375%, 11/15/2022		236,484
		Discover Bank
	28,000	8.700%, 11/18/2019		32,614
		Discover Financial Services
	47,000	6.450%, 6/12/2017		49,267
		Duke Realty, LP
	96,000	8.250%, 8/15/2019		113,575
		Fifth Third Bancorp
	167,000	5.450%, 1/15/2017		171,082
		Goldman Sachs Group, Inc.
	52,000	2.625%, 1/31/2019		53,028
	78,000	7.500%, 2/15/2019		89,845
	45,000	1.779%, 4/23/2020h		44,721
	65,000	2.236%, 11/29/2023h		64,806
		Goldman Sachs Group, Inc. Convertible
	1,600,000	0.500%, 9/24/2022		1,651,168
		Hartford Financial Services Group, Inc.
	120,000	6.000%, 1/15/2019		132,170
		HCP, Inc.
	88,000	3.750%, 2/1/2019		90,803
		Health Care REIT, Inc.
	88,000	4.700%, 9/15/2017		91,457
		Hospitality Properties Trust
	60,000	4.250%, 2/15/2021		60,879
		HSBC Holdings plc
	47,000	6.375%, 12/29/2049f,l		44,415
		Huntington Bancshares, Inc.
	80,000	3.150%, 3/14/2021		81,283
		Hutchison Whampoa Finance CI, Ltd.
	99,000	1.625%, 10/31/2017i		98,960
		Icahn Enterprises, LP
	300,000	6.000%, 8/1/2020		291,750
		ILFC E-Capital Trust II
	370,000	4.490%, 12/21/2065h,i		299,700
		ING Capital Funding Trust III
	68,000	4.231%, 12/29/2049h,l		66,130
		International Lease Finance Corporation
	80,000	2.584%, 6/15/2016h		80,075
	250,000	5.875%, 8/15/2022		271,250
		Intesa Sanpaolo SPA
	30,000	3.875%, 1/16/2018		30,700
	132,000	3.875%, 1/15/2019		135,817
		J.P. Morgan Chase & Company
	52,000	6.300%, 4/23/2019		58,809
	25,000	2.250%, 1/23/2020		25,198
	104,000	7.900%, 4/29/2049l		104,000
	325,000	6.750%, 8/29/2049f,l		356,850
		KeyCorp
	68,000	2.300%, 12/13/2018		68,406
		Liberty Mutual Group, Inc.
	35,000	5.000%, 6/1/2021i		37,952
		Lloyds Bank plc
	40,000	1.160%, 3/16/2018h		39,706

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

111

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (31.0%)	Value
	Financials (4.0%) - continued
		Macquarie Bank, Ltd.
	$60,000	1.802%, 1/15/2019h,i		$60,114
		Mellon Capital IV
	340,000	4.000%, 6/29/2049h,l		252,450
		MetLife, Inc.
	100,000	1.903%, 12/15/2017		100,427
		Mizuho Corporate Bank, Ltd.
	59,000	1.550%, 10/17/2017i		58,875
		Morgan Stanley
	106,000	6.625%, 4/1/2018		115,809
	45,000	1.761%, 1/27/2020h		44,707
	75,000	4.875%, 11/1/2022		81,258
		MPT Operating Partnership, LP
	200,000	5.500%, 5/1/2024		201,000
		Murray Street Investment Trust I
	173,000	4.647%, 3/9/2017		177,861
		National City Corporation
	56,000	6.875%, 5/15/2019		63,038
		New York Life Global Funding
	65,000	1.550%, 11/2/2018i		65,148
		Nomura Holdings, Inc.
	56,000	2.750%, 3/19/2019		56,818
		Preferred Term Securities XXIII, Ltd.
	552,728	0.834%, 12/22/2036*,h		417,265
		Quicken Loans, Inc.
	295,000	5.750%, 5/1/2025i		286,150
		Realty Income Corporation
	95,000	2.000%, 1/31/2018		95,363
		Regions Bank
	43,000	7.500%, 5/15/2018		47,384
		Regions Financial Corporation
	55,000	3.200%, 2/8/2021		55,457
		Reinsurance Group of America, Inc.
	104,000	5.625%, 3/15/2017		107,874
		Royal Bank of Scotland Group plc
	60,000	1.569%, 3/31/2017h		59,913
	185,000	7.640%, 3/29/2049l		179,681
	320,000	7.648%, 8/29/2049l		374,400
	200,000	7.500%, 12/29/2049l		186,000
		Simon Property Group, LP
	65,000	2.500%, 9/1/2020		66,189
	90,000	2.500%, 7/15/2021		91,965
		Societe Generale SA
	70,000	5.750%, 4/20/2016i		70,120
		State Street Corporation
	65,000	1.518%, 8/18/2020h		64,708
		Sumitomo Mitsui Banking Corporation
	156,000	1.300%, 1/10/2017		156,112
	55,000	1.200%, 1/16/2018h		54,742
		SunTrust Banks, Inc.
	55,000	2.900%, 3/3/2021		55,803
		Synchrony Financial
	159,000	1.875%, 8/15/2017		158,508
	30,000	1.849%, 2/3/2020h		28,999
		Synovus Financial Corporation
	165,000	5.750%, 12/15/2025		168,300
		Toronto-Dominion Bank
	60,000	1.461%, 1/22/2019h		60,023
	65,000	1.562%, 12/14/2020h		65,189
		UnitedHealth Group, Inc.
	65,000	3.350%, 7/15/2022		69,148
		USB Realty Corporation
	340,000	1.769%, 12/29/2049h,i,l		271,150

Principal Amount		Long-Term Fixed Income (31.0%)	Value
	Financials (4.0%) - continued
		Voya Financial, Inc.
	$84,000	2.900%, 2/15/2018		$85,294
		Washington Mutual Bank
	500,000	5.500%, 1/15/2013g,m		0
		Wells Fargo & Company
	45,000	1.298%, 1/30/2020h		44,576
		Total		12,708,745
	Foreign Government (7.2%)
		Brazil Government International Bond
	432,000	5.875%, 1/15/2019f		466,560
	491,000	4.875%, 1/22/2021		495,910
	700,000	2.625%, 1/5/2023		600,250
	560,000	5.000%, 1/27/2045		448,000
		Colombia Government International Bond
	365,000	2.625%, 3/15/2023		339,450
	350,000	4.000%, 2/26/2024		351,750
	625,000	5.000%, 6/15/2045		581,250
		Croatia Government International Bond
	126,000	6.750%, 11/5/2019i		138,240
	490,000	6.625%, 7/14/2020i		538,265
		Export-Import Bank of Korea
	45,000	2.250%, 1/21/2020		45,375
		Hungary Government International Bond
	240,000	4.000%, 3/25/2019		249,000
	562,000	5.750%, 11/22/2023		640,118
	564,000	5.375%, 3/25/2024		631,641
		Indonesia Government International Bond
	390,000	4.875%, 5/5/2021i		419,915
	415,000	3.375%, 4/15/2023i		405,431
	432,000	5.875%, 1/15/2024i		485,139
	360,000	4.125%, 1/15/2025i		361,633
	280,000	4.750%, 1/8/2026i		293,750
	760,000	5.125%, 1/15/2045i		755,904
		Mexico Government International Bond
	344,000	3.625%, 3/15/2022		355,180
	446,000	4.000%, 10/2/2023		467,185
	490,000	3.600%, 1/30/2025		499,800
	144,000	6.050%, 1/11/2040		168,840
	344,000	4.750%, 3/8/2044		343,140
	288,000	5.550%, 1/21/2045		318,960
	504,000	4.600%, 1/23/2046		491,400
		Panama Government International Bond
	280,000	4.000%, 9/22/2024		294,000
	280,000	3.750%, 3/16/2025		287,700
	144,000	6.700%, 1/26/2036		183,600
		Peru Government International Bond
	880,000	4.125%, 8/25/2027		921,800
		Philippines Government International Bond
	265,000	7.750%, 1/14/2031		402,929
	165,000	6.375%, 10/23/2034		232,956
	140,000	5.000%, 1/13/2037		175,891
	280,000	3.950%, 1/20/2040		307,223
	590,000	3.700%, 3/1/2041		623,785
		Romania Government International Bond
	276,000	4.375%, 8/22/2023i		293,446

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

112

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Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (31.0%)	Value
	Foreign Government (7.2%) - continued
	$130,000	4.875%, 1/22/2024i		$143,220
		Russia Government International Bond
	288,000	3.500%, 1/16/2019i		289,487
	1,100,000	5.000%, 4/29/2020f,i		1,154,890
	700,000	4.875%, 9/16/2023i		731,059
	406,800	7.500%, 3/31/2030i		496,529
	432,000	5.625%, 4/4/2042i		436,704
		South Africa Government International Bond
	340,000	5.500%, 3/9/2020		360,009
	295,000	5.875%, 5/30/2022		319,706
	70,000	5.375%, 7/24/2044		69,171
		Turkey Government International Bond
	432,000	7.500%, 11/7/2019		492,595
	800,000	7.000%, 6/5/2020		905,472
	565,000	5.125%, 3/25/2022		593,922
	288,000	6.250%, 9/26/2022		320,256
	144,000	5.750%, 3/22/2024		156,182
	563,000	4.250%, 4/14/2026		548,114
	290,000	4.875%, 10/9/2026		293,575
	140,000	4.875%, 4/16/2043		129,885
		United Mexican States
	420,000	4.125%, 1/21/2026		440,370
		Total		22,496,562
	Mortgage-Backed Securities (5.6%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	27,192	5.500%, 12/1/2017		27,764
	300,000	3.000%, 5/1/2030d		313,055
	1,130,000	3.000%, 4/1/2031d		1,181,291
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	11,869	9.000%, 11/1/2024		13,467
	622	9.000%, 4/1/2025		724
	670	8.500%, 9/1/2025		699
	4,440	8.000%, 6/1/2027		5,431
	915	8.500%, 7/1/2027		1,053
	3,243	8.000%, 10/1/2027		3,796
	1,833	8.000%, 8/1/2030		2,234
	1,180,000	4.000%, 4/1/2046d		1,259,373
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	600,000	3.500%, 4/1/2030d		633,606
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,212	10.500%, 8/1/2020		1,314
	3,826	9.500%, 4/1/2025		3,843
	719	8.500%, 11/1/2025		808
	1,188	8.500%, 5/1/2026		1,238
	282	8.000%, 8/1/2026		283
	786	8.000%, 11/1/2026		911
	11,277	8.000%, 9/1/2027		13,159
	3,195	8.000%, 12/1/2027		3,233
	5,084	8.500%, 4/1/2030		6,550
	6,875,000	3.500%, 4/1/2046d		7,208,277
	3,775,000	4.000%, 4/1/2046d		4,033,352
	2,600,000	4.500%, 4/1/2046d		2,829,125

Principal Amount		Long-Term Fixed Income (31.0%)	Value
	Mortgage-Backed Securities (5.6%) - continued
		Government National Mortgage Association 30-Yr. Pass Through
	$1,569	9.500%, 1/15/2025		$1,653
	5,510	6.000%, 5/15/2026		6,218
	5,128	8.500%, 6/15/2026		5,211
	1,537	8.500%, 7/15/2026		1,744
	6,112	8.000%, 9/15/2026		7,045
	2,548	7.500%, 10/15/2026		2,814
	160	8.000%, 11/15/2026		161
	143	8.500%, 11/15/2026		143
	1,119	9.000%, 12/15/2026		1,373
	9,865	7.500%, 4/15/2027		11,130
	2,159	8.000%, 6/20/2027		2,619
	156	8.000%, 8/15/2027		156
	7,304	7.500%, 7/15/2028		7,302
	24,476	6.000%, 12/15/2028		27,803
	27,106	6.000%, 6/15/2029		30,865
	9,102	8.000%, 5/15/2030		9,235
		Total		17,660,058
	Technology (0.9%)
		Alliance Data Systems Corporation
	195,000	5.375%, 8/1/2022i		182,813
		Apple, Inc.
	65,000	0.917%, 5/6/2020h		63,924
		Automatic Data Processing, Inc.
	65,000	2.250%, 9/15/2020		66,897
		Cisco Systems, Inc.
	60,000	1.236%, 2/21/2018h		60,157
	65,000	1.135%, 3/1/2019h		64,979
		Denali Borrower, LLC
	425,000	5.625%, 10/15/2020i		448,322
		Equinix, Inc.
	200,000	5.750%, 1/1/2025		210,000
		Fidelity National Information Services, Inc.
	109,000	1.450%, 6/5/2017		108,162
	65,000	3.625%, 10/15/2020		67,179
		First Data Corporation
	200,000	5.375%, 8/15/2023i		205,000
		Freescale Semiconductor, Inc.
	245,000	6.000%, 1/15/2022i		259,700
		Hewlett Packard Enterprise Company
	64,000	3.600%, 10/15/2020i		66,550
		IMS Health, Inc.
	250,000	6.000%, 11/1/2020i		256,875
		Intel Corporation
	65,000	3.100%, 7/29/2022		68,720
		Iron Mountain, Inc.
	122,936	6.000%, 8/15/2023		129,083
		Oracle Corporation
	65,000	2.500%, 5/15/2022		66,310
		Sensata Technologies BV
	280,000	4.875%, 10/15/2023i		281,400
		Texas Instruments, Inc.
	65,000	1.750%, 5/1/2020		65,366
		Tyco Electronics Group SA
	130,000	6.550%, 10/1/2017		138,897
		Total		2,810,334
	Transportation (0.3%)
		Air Canada Pass Through Trust
	24,251	3.875%, 3/15/2023i		23,494
		American Airlines Pass Through Trust
	47,049	4.950%, 1/15/2023		50,338

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

113

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (31.0%)	Value
	Transportation (0.3%) - continued
		Avis Budget Car Rental, LLC
	$195,000	5.125%, 6/1/2022i		$184,641
		Continental Airlines, Inc.
	170,181	6.250%, 4/11/2020		177,839
		Delta Air Lines, Inc.
	76,869	4.950%, 5/23/2019		80,905
		J.B. Hunt Transport Services, Inc.
	65,000	3.300%, 8/15/2022		66,257
		Korea Expressway Corporation
	93,000	1.625%, 4/28/2017i		93,142
		United Airlines 2015-1 Class A Pass Through Trust
	65,000	3.700%, 12/1/2022		65,325
		XPO Logistics, Inc.
	200,000	6.500%, 6/15/2022i		194,250
		Total		936,191
	U.S. Government and Agencies (0.7%)
		U.S. Treasury Bonds
	1,450,000	1.625%, 2/15/2026		1,428,930
		U.S. Treasury Notes
	195,000	1.875%, 6/30/2020		200,965
	585,000	2.125%, 6/30/2022		607,737
		Total		2,237,632
	Utilities (0.8%)
		AES Corporation
	227,936	7.375%, 7/1/2021		255,288
		Ameren Corporation
	65,000	2.700%, 11/15/2020		65,912
		Arizona Public Service Company
	40,000	2.200%, 1/15/2020		40,459
		Berkshire Hathaway Energy Company
	96,000	2.400%, 2/1/2020		97,817
		Calpine Corporation
	210,000	5.375%, 1/15/2023		203,570
		DTE Energy Company
	96,000	2.400%, 12/1/2019		96,740
		Dynegy Finance I, Inc.
	160,000	7.375%, 11/1/2022		148,000
		EDP Finance BV
	96,000	4.125%, 1/15/2020i		96,134
		El Paso Corporation
	50,000	7.000%, 6/15/2017		52,459
		Electricite de France SA
	280,000	5.250%, 12/29/2049i,l		256,200
		Energy Transfer Equity, LP
	290,000	5.500%, 6/1/2027		232,725
		Eversource Energy
	30,000	1.600%, 1/15/2018		29,851
		Exelon Generation Company, LLC
	52,000	5.200%, 10/1/2019		56,630
	30,000	2.950%, 1/15/2020		30,193
		MPLX LP
	300,000	4.875%, 12/1/2024i		276,971
		NextEra Energy Capital Holdings, Inc.
	55,000	2.300%, 4/1/2019		55,318
		NiSource Finance Corporation
	41,000	6.400%, 3/15/2018		44,461
		NRG Energy, Inc.
	227,936	6.625%, 3/15/2023		212,621
		Pacific Gas & Electric Company
	65,000	5.625%, 11/30/2017		69,192
		PG&E Corporation
	57,000	2.400%, 3/1/2019		57,761

Principal Amount		Long-Term Fixed Income (31.0%)	Value
	Utilities (0.8%) - continued
		Sempra Energy
	$100,000	6.150%, 6/15/2018		$108,361
	25,000	2.400%, 3/15/2020		25,089
		Southern California Edison Company
	20,000	2.400%, 2/1/2022		20,192
		Xcel Energy, Inc.
	65,000	1.200%, 6/1/2017		64,859
		Total		2,596,803
		Total Long-Term Fixed Income (cost $98,367,022)		97,483,839
Shares		Registered Investment Companies (3.4%)	Value
	Equity Funds/ETFs (2.2%)
	15,400	BlackRock Resources & Commodities Strategy Trust		111,034
	6,800	Guggenheim Multi-Asset Income ETF		125,732
	31,800	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		307,506
	2,470	iShares MSCI EAFE Index Fund		141,111
	47,080	Materials Select Sector SPDR Fundf		2,109,655
	13,850	NFJ Dividend Interest & Premium Strategy Fund		169,801
	61,600	SPDR S&P Oil & Gas Exploration & Production ETFf		1,869,560
	42,110	Utilities Select Sector SPDR Fundf		2,089,498
		Total		6,923,897
	Fixed Income Funds/ETFs (1.2%)
	82,771	Aberdeen Asia-Pacific Income Fund, Inc.		413,855
	21,125	Doubleline Income Solutions Fund		355,111
	13,042	First Trust High Income Long/Short Fund		190,674
	4,797	iShares J.P. Morgan USD Emerging Markets Bond ETF		529,349
	79,271	MFS Intermediate Income Trust		365,439
	25,714	PIMCO Dynamic Credit Income Fund		448,452
	63,832	Templeton Global Income Fund		416,185
	5,430	Vanguard Short-Term Corporate Bond ETF		434,563
	29,063	Western Asset Emerging Markets Debt Fund, Inc.		421,995
	46,185	Western Asset High Income Opportunity Fund, Inc.		216,608
		Total		3,792,231
		Total Registered Investment Companies (cost $11,185,566)		10,716,128
Shares		Preferred Stock (1.7%)	Value
	Consumer Staples (0.1%)
	12,800	CHS, Inc., 7.100%l		354,432
		Total		354,432
	Financials (1.6%)
	3,174	Agribank FCB, 6.875%l		336,444
	308	Bank of America Corporation, Convertible, 7.250%l		350,504
	25,915	Citigroup, Inc., 6.875%l		709,034
	2,485	Cobank ACB, 6.250%i,l		254,091
	6,250	Farm Credit Bank of Texas, 6.750%l		671,484
	13,000	GMAC Capital Trust I, 6.402%h		318,630
	13,000	Goldman Sachs Group, Inc., 5.500%l		325,000

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

114

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Preferred Stock (1.7%)	Value
	Financials (1.6%) - continued
	17,350	HSBC USA, Inc., 6.500%l		$437,914
	520	M&T Bank Corporation, 6.375%l		558,188
	12,800	Morgan Stanley, 7.125%l		364,160
	8,640	U.S. Bancorp, 6.500%l		254,189
	320	Wells Fargo & Company, Convertible, 7.500%l		385,603
		Total		4,965,241
		Total Preferred Stock (cost $5,052,084)		5,319,673
Shares		Collateral Held for Securities Loaned (3.5%)	Value
	11,007,169	Thrivent Cash Management Trust		11,007,169
		Total Collateral Held for Securities Loaned (cost $11,007,169)		11,007,169
Shares or Principal Amount		Short-Term Investments (9.4%)n	Value
		Federal Home Loan Mortgage Corporation Discount Notes
	100,000	0.419%, 6/17/2016o		99,910
		Federal National Mortgage Association Discount Notes
	100,000	0.320%, 4/13/2016o		99,989
		Thrivent Cash Management Trust
	29,247,579	0.290%		29,247,579
		U.S. Treasury Bills
	100,000	0.345%, 6/23/2016p		99,921
		Total Short-Term Investments (at amortized cost)		29,547,399
		Total Investments (cost $344,035,201) 110.5%		$346,732,888
		Other Assets and Liabilities, Net (10.5%)		(33,003,010)
		Total Net Assets 100.0%		$313,729,878

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

b In bankruptcy. Interest is not being accrued.

c All or a portion of the loan is unfunded.

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

e Non-income producing security.

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

g Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in the Notes to Financial Statements.

h 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 March 31, 2016.

i 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 March 31, 2016, the value of these investments was $19,650,197 or 6.3% of total net assets.

j Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of March 31, 2016.

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

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

m Defaulted security. Interest is not being accrued.

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

o All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

p All or a portion of the security is pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.

* 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 value of all restricted securities held in Balanced Income Plus Portfolio as of March 31, 2016 was $2,157,897 or 0.7% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of March 31, 2016.

Security	Acquisition Date		Cost
Angel Oak Mortgage Trust, 11/25/2045		12/10/2015	$	325,694
Bayview Opportunity Master Fund Trust, 7/28/2034		11/12/2014		219,835
Digicel, Ltd., 4/15/2021		8/19/2013		254,616
Preferred Term Securities XXIII, Ltd., 12/22/2036		9/14/2006		552,727
Sunset Mortgage Loan Company, LLC, 9/16/2045		10/2/2015		161,899
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		230,094
Vericrest Opportunity Loan Transferee, 10/25/2058		1/13/2016		153,146
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		500,422

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Balanced Income Plus Portfolio as of March 31, 2016:

Securities Lending Transactions

Common Stock	$	8,569,365
Taxable Debt Security		2,256,322
Total lending	$	10,825,687
Gross amount payable upon return of collateral for securities loaned	$	11,007,169
Net amounts due to counterparty	$	181,482

    Definitions:

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

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

115

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$	16,723,374
Gross unrealized depreciation		(14,025,687)
Net unrealized appreciation (depreciation)	$	2,697,687
Cost for federal income tax purposes	$	344,035,201

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

116

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing Balanced Income Plus Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		2,687,983		–		2,687,983		–
Capital Goods		1,781,006		–		1,781,006		–
Communications Services		16,953,518		–		14,848,988		2,104,530
Consumer Cyclical		8,382,714		–		7,991,916		390,798
Consumer Non-Cyclical		9,284,456		–		8,887,973		396,483
Energy		2,807,703		–		1,133,834		1,673,869
Financials		2,324,570		–		2,324,570		–
Technology		4,995,365		–		4,867,343		128,022
Transportation		2,320,815		–		2,103,694		217,121
Utilities		1,599,361		–		1,599,361		–
Common Stock
Consumer Discretionary		21,221,401		15,079,847		6,141,554		–
Consumer Staples		9,133,617		4,478,606		4,655,011		–
Energy		9,788,111		7,851,560		1,936,551		–
Financials		40,637,655		30,060,461		10,205,740		371,454
Health Care		15,061,216		11,055,120		4,006,096		–
Industrials		15,057,041		10,439,689		4,617,352		–
Information Technology		19,560,762		17,962,205		1,598,557		–
Materials		3,831,492		1,195,715		2,635,777		–
Telecommunications Services		1,825,136		400,687		1,424,449		–
Utilities		3,404,758		2,585,293		819,465		–
Long-Term Fixed Income
Asset-Backed Securities		3,936,035		–		3,936,035		–
Basic Materials		973,249		–		973,249		–
Capital Goods		3,046,733		–		3,046,733		–
Collateralized Mortgage Obligations		11,736,832		–		11,736,832		–
Communications Services		4,204,335		–		4,204,335		–
Consumer Cyclical		4,487,896		–		4,487,896		–
Consumer Non-Cyclical		5,000,449		–		5,000,449		–
Energy		2,651,985		–		2,651,985		–
Financials^		12,708,745		–		11,057,577		1,651,168
Foreign Government		22,496,562		–		22,496,562		–
Mortgage-Backed Securities		17,660,058		–		17,660,058		–
Technology		2,810,334		–		2,810,334		–
Transportation		936,191		–		936,191		–
U.S. Government and Agencies		2,237,632		–		2,237,632		–
Utilities		2,596,803		–		2,596,803		–
Registered Investment Companies
Equity Funds/ETFs		6,923,897		6,923,897		–		–
Fixed Income Funds/ETFs		3,792,231		3,792,231		–		–
Preferred Stock
Consumer Staples		354,432		354,432		–		–
Financials		4,965,241		3,145,034		1,820,207		–
Short-Term Investments		299,820		–		299,820		–
Subtotal Investments in Securities	$	306,478,140	$	115,324,777	$	184,219,918	$	6,933,445
Other Investments*	Total
Short-Term Investments		29,247,579
Collateral Held for Securities Loaned		11,007,169
Subtotal Other Investments	$	40,254,748
Total Investments at Value	$	346,732,888

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

117

BALANCED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		16,036		16,036		–		–
Total Asset Derivatives	$	16,036	$	16,036	$	–	$	–
Liability Derivatives
Futures Contracts		10,833		10,833		–		–
Total Liability Derivatives	$	10,833	$	10,833	$	–	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

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

The following table presents Balanced Income Plus Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $199,900 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date	Notional Principal Amount		Value		Unrealized Gain/(Loss)
CBOT 10-Yr. U.S. Treasury Note		(20)	June 2016	($	2,611,342)	($	2,607,812)	$	3,530
CBOT 2-Yr. U.S. Treasury Note		(64)	June 2016		(13,995,805)		(14,000,000)		(4,195)
CBOT 5-Yr. U.S. Treasury Note		44	June 2016		5,321,730		5,331,219		9,489
CBOT U.S. Long Bond		1	June 2016		165,261		164,437		(824)
CME E-mini S&P 500 Index		3	June 2016		304,708		307,725		3,017
CME Ultra Long Term U.S. Treasury Bond		10	June 2016		1,731,127		1,725,313		(5,814)
Total Futures Contracts								$	5,203

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

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

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	9,667,927	$	31,032,273	$	29,693,031		11,007,169	$	11,007,169	$	14,282
Cash Management Trust-Short Term Investment		27,808,704		23,453,967		22,015,092		29,247,579		29,247,579		16,840
Total Value and Income Earned	$	37,476,631							$	40,254,748	$	31,122

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

118

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (13.2%)a	Value
	Basic Materials (0.6%)
		Alpha Natural Resources, Inc., Term Loan
	$399,196	3.500%, 5/22/2020b,c,d		$122,086
		Fortescue Metals Group, Ltd., Term Loan
	1,323,140	4.250%, 6/30/2019b,c		1,114,375
		Ineos US Finance, LLC, Term Loan
	848,382	3.750%, 12/15/2020		833,536
		NewPage Corporation, Delayed Draw
	159,250	11.000%, 7/26/2017		134,566
		NewPage Corporation, Term Loan
	159,250	10.136%, 7/26/2017		134,566
	791,375	0.000%, 2/11/2021d		115,739
		Tronox Pigments BV, Term Loan
	807,251	4.500%, 3/19/2020		745,092
		Total		3,199,960
	Capital Goods (0.5%)
		Accudyne Industries, LLC, Term Loan
	479,384	4.000%, 12/13/2019b,c		417,064
		ADS Waste Holdings, Inc., Term Loan
	561,833	3.750%, 10/9/2019		556,681
		Berry Plastics Group, Inc., Term Loan
	582,000	3.500%, 2/8/2020		579,090
	277,821	4.000%, 10/3/2022		277,682
		Rexnord, LLC, Term Loan
	420,422	4.000%, 8/21/2020		413,523
		Total		2,244,040
	Communications Services (3.9%)
		Altice Financing SA, Term Loan
	297,750	5.250%, 2/4/2022		297,997
		Atlantic Broadband Penn, LLC, Term Loan
	105,607	3.250%, 11/30/2019		105,179
		Birch Communication Inc., Term Loan
	673,750	7.750%, 7/17/2020		582,794
		Block Communications, Inc., Term Loan
	816,994	4.000%, 11/7/2021		816,994
		Cengage Learning Acquisitions, Term Loan
	605,689	7.000%, 3/31/2020		602,230
		Charter Communications Operating, LLC, Term Loan
	58,939	3.000%, 7/1/2020		58,635
		Cincinnati Bell, Inc., Term Loan
	671,503	4.000%, 9/10/2020		659,195
		CommScope, Inc., Term Loan
	875,600	3.828%, 12/29/2022		873,682
		CSC Holdings, LLC, Term Loan
	875,000	5.000%, 10/9/2022		874,860
		Fairpoint Communications, Term Loan
	745,790	7.500%, 2/14/2019b,c		738,019
		Grande Communications Networks, LLC, Term Loan
	778,021	4.500%, 5/29/2020		764,079
		Gray Television, Inc., Term Loan
	431,795	3.938%, 6/13/2021		430,176
	498,750	4.250%, 6/13/2021		498,750
		Hargray Communications Group, Inc., Term Loan
	657,244	5.250%, 6/26/2019		653,136

Principal Amount		Bank Loans (13.2%)a	Value
	Communications Services (3.9%) - continued
		Integra Telecom Holdings, Inc., Term Loan
	$530,450	5.250%, 8/14/2020		$498,889
		Intelsat Jackson Holdings SA, Term Loan
	331,029	3.750%, 6/30/2019b,c		308,151
		Level 3 Communications, Inc., Term Loan
	800,000	4.000%, 1/15/2020		801,752
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	725,000	4.500%, 1/7/2022		690,563
		LTS Buyer, LLC, Term Loan
	838,235	4.000%, 4/13/2020		827,757
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	832,333	4.912%, 3/22/2019		828,862
		NEP/NCP Holdco, Inc., Term Loan
	776,195	4.250%, 1/22/2020		716,040
		NTelos, Inc., Term Loan
	567,183	5.750%, 11/9/2019		562,929
		Numericable US, LLC, Term Loan
	857,850	4.563%, 7/29/2022		846,595
	65,000	4.750%, 2/10/2023		64,411
		SBA Senior Finance II, LLC, Term Loan
	466,687	3.250%, 3/24/2021		463,981
	89,325	3.250%, 6/10/2022		88,623
		TNS, Inc., Term Loan
	389,435	5.000%, 2/14/2020		382,986
		Univision Communications, Inc., Term Loan
	882,351	4.000%, 3/1/2020		872,698
		Virgin Media Investment Holdings, Ltd., Term Loan
	403,993	3.500%, 6/30/2023		400,308
		WideOpenWest Finance, LLC, Term Loan
	586,357	4.500%, 4/1/2019b,c		579,344
		WMG Acquisition Corporation, Term Loan
	585,000	3.750%, 7/1/2020		575,979
		XO Communications, LLC, Term Loan
	637,000	4.250%, 3/20/2021		634,044
		Yankee Cable Acquisition, LLC, Term Loan
	546,896	4.250%, 3/1/2020		543,707
		Zayo Group, LLC, Term Loan
	668,772	3.750%, 5/6/2021		664,873
		Total		19,308,218
	Consumer Cyclical (2.3%)
		Amaya BV, Term Loan
	1,325,057	5.000%, 8/1/2021b,c		1,214,799
		Burlington Coat Factory Warehouse Corporation, Term Loan
	506,237	4.250%, 8/13/2021		506,146
		Ceridian HCM Holding, Inc., Term Loan
	286,961	4.500%, 9/15/2020		276,200
		Charter Communications Operating, LLC, Term Loan
	583,500	3.000%, 1/3/2021		580,688
		Chrysler Group, LLC, Term Loan
	284,719	3.500%, 5/24/2017		284,522

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

119

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (13.2%)a	Value
	Consumer Cyclical (2.3%) - continued
		Dollar Tree, Inc., Term Loan
	$389,925	3.500%, 7/6/2022		$391,095
		FCA US, LLC, Term Loan
	158,302	3.250%, 12/31/2018		158,006
		Golden Nugget, Inc., Delayed Draw
	62,606	5.500%, 11/21/2019		62,254
		Golden Nugget, Inc., Term Loan
	146,081	5.500%, 11/21/2019		145,260
		IMG Worldwide, Inc., Term Loan
	762,366	5.250%, 5/6/2021		760,940
		J.C. Penney Corporation, Inc., Term Loan
	582,271	6.000%, 5/22/2018		582,854
		Las Vegas Sands, LLC, Term Loan
	488,750	3.250%, 12/19/2020		488,276
		Marina District Finance Company, Inc., Term Loan
	264,079	6.500%, 8/15/2018		263,530
		MGM Resorts International, Term Loan
	1,200,867	3.500%, 12/20/2019		1,197,432
		Michaels Stores, Inc., Term Loan
	557,885	4.000%, 1/28/2020		557,785
		Mohegan Tribal Gaming Authority, Term Loan
	650,544	5.500%, 6/15/2018		628,185
		Pinnacle Entertainment, Inc., Term Loan
	158,900	3.750%, 8/13/2020		158,603
		ROC Finance, LLC, Term Loan
	455,332	5.000%, 6/20/2019		437,119
		Scientific Games International, Inc., Term Loan
	586,500	6.000%, 10/18/2020		567,075
	1,096,225	6.000%, 10/1/2021b,c		1,058,372
		Seminole Hard Rock Entertainment, Inc., Term Loan
	309,942	3.500%, 5/14/2020		306,067
		Seminole Indian Tribe of Florida, Term Loan
	474,000	3.000%, 4/29/2020		472,223
		Total		11,097,431
	Consumer Non-Cyclical (2.1%)
		Albertson’s, LLC, Term Loan
	686,337	5.500%, 3/21/2019		685,953
	598,500	5.500%, 12/21/2022		598,823
		Catalina Marketing Corporation, Term Loan
	604,237	4.500%, 4/9/2021		513,602
		CHS/Community Health Systems, Inc., Term Loan
	120,329	3.741%, 12/31/2018		119,021
	156,067	3.750%, 1/27/2021		153,119
	287,159	4.000%, 1/27/2021		282,013
		Endo Luxembourg Finance I Co Sarl, Term Loan
	598,500	3.750%, 9/26/2022		588,774
		Hanesbrands, Inc., Term Loan
	504,900	3.250%, 4/29/2022		506,950
		JBS USA, LLC, Term Loan
	144,638	4.000%, 10/30/2022		143,734
		Libbey Glass, Inc., Term Loan
	298,624	3.750%, 4/9/2021		294,892

Principal Amount		Bank Loans (13.2%)a	Value
	Consumer Non-Cyclical (2.1%) - continued
		LTF Merger Sub, Inc., Term Loan
	$749,338	4.250%, 6/10/2022		$739,221
		Mallinckrodt International Finance SA, Term Loan
	335,000	0.000%, 3/19/2021b,c		326,347
		Ortho-Clinical Diagnostics, Inc., Term Loan
	1,002,994	4.750%, 6/30/2021b,c		927,769
		Owens-Brockway Glass Container, Inc., Term Loan
	898,625	3.500%, 9/1/2022		898,625
		Sterigenics-Nordion Holdings, LLC, Term Loan
	427,850	4.250%, 5/16/2022		423,571
		Supervalu, Inc., Term Loan
	1,000,422	4.500%, 3/21/2019b,c		976,912
		Valeant Pharmaceuticals International, Inc., Term Loan
	2,254,472	4.000%, 4/1/2022b,c		2,125,787
		Total		10,305,113
	Energy (0.6%)
		Arch Coal, Inc., Term Loan
	782,541	7.500%, 5/16/2018d		276,174
		Aria Energy Operating, LLC, Term Loan
	432,655	5.000%, 5/27/2022		380,737
		Energy Solutions, LLC, Term Loan
	396,500	6.750%, 5/29/2020b,c		364,780
		Exgen Renewables I, LLC, Term Loan
	378,464	5.250%, 2/6/2021		377,518
		McJunkin Red Man Corporation, Term Loan
	296,973	4.750%, 11/8/2019		283,609
		MEG Energy Corporation, Term Loan
	583,583	0.000%, 3/31/2020b,c		468,617
		Pacific Drilling SA, Term Loan
	583,500	4.500%, 6/3/2018		181,509
		Targa Resources Partners, LP, Term Loan
	364,651	5.750%, 2/27/2022		328,186
		Western Refining, Inc., Term Loan
	299,235	0.000%, 11/12/2020b,c		290,258
		Total		2,951,388
	Financials (0.7%)
		Delos Finance Sarl, Term Loan
	630,000	3.500%, 3/6/2021		630,630
		DJO Finance, LLC, Term Loan
	298,500	4.250%, 6/7/2020		291,536
		Harland Clarke Holdings Corporation, Term Loan
	558,750	7.000%, 5/22/2018		548,274
		MoneyGram International, Inc., Term Loan
	514,394	4.250%, 3/27/2020		480,315
		MPH Acquisition Holdings, LLC, Term Loan
	145,163	3.750%, 3/31/2021		143,639
		TransUnion, LLC, Term Loan
	637,000	3.500%, 4/9/2021		630,312

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

120

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (13.2%)a	Value
	Financials (0.7%) - continued
		WaveDivision Holdings, LLC, Term Loan
	$829,856	4.000%, 10/15/2019b,c		$821,557
		Total		3,546,263
	Technology (1.5%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	1,835,000	4.250%, 2/1/2023b,c		1,824,779
		Booz Allen Hamilton, Inc., Term Loan
	248,062	3.750%, 7/31/2019		248,682
		First Data Corporation, Term Loan
	726,555	3.932%, 3/23/2018		724,557
	172,401	0.000%, 3/24/2021b,c		171,970
	280,000	4.182%, 7/8/2022		278,040
		NXP BV, Term Loan
	837,900	3.750%, 12/7/2020		839,207
		ON Semiconductor Corporation, Term Loan
	1,450,000	0.000%, 3/31/2023b,c		1,450,449
		SS&C European Holdings SARL, Term Loan
	354,484	4.007%, 7/8/2022		354,984
	51,385	4.018%, 7/8/2022		51,457
		Western Digital Corporation, Term Loan
	1,325,000	0.000%, 3/16/2023b,c		1,308,027
		Zayo Group, LLC, Term Loan
	59,850	4.500%, 5/6/2021		59,985
		Total		7,312,137
	Transportation (0.7%)
		American Airlines, Inc., Term Loan
	676,188	3.250%, 6/27/2020		672,326
		Delta Airlines, Inc., Term Loan
	979,614	3.250%, 8/24/2022		978,389
		OSG Bulk Ships, Inc., Term Loan
	629,917	5.250%, 8/5/2019		566,926
		XPO Logistics, Inc., Term Loan
	1,007,475	5.500%, 11/1/2021		1,009,994
		Total		3,227,635
	Utilities (0.3%)
		Calpine Corporation, Term Loan
	509,506	4.000%, 10/31/2020		504,732
	685,487	3.500%, 5/27/2022		675,739
		Intergen NV, Term Loan
	583,500	5.500%, 6/15/2020		520,774
		Total		1,701,245
		Total Bank Loans (cost $67,945,174)		64,893,430
Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Asset-Backed Securities (3.9%)
		Asset Backed Securities Corporation Home Equity Loan Trust
	624,649	0.573%, 7/25/2036e		536,120
	676,637	0.593%, 11/25/2036e		602,295
		Bayview Opportunity Master Fund Trust
	434,631	3.623%, 4/28/2030f		433,834
	489,746	3.228%, 7/28/2034*,g		489,042
	1,276,451	3.721%, 2/28/2035*		1,275,760

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Asset-Backed Securities (3.9%) - continued
	$1,090,105	3.721%, 7/28/2035f,g		$1,086,826
		Citi Held For Asset Issuance
	1,367,966	4.480%, 8/15/2022*		1,364,248
		Countrywide Asset-Backed Certificates
	275,306	5.530%, 4/25/2047		306,578
		GSAA Home Equity Trust
	1,449,885	0.703%, 7/25/2037e		1,244,978
		J.P. Morgan Mortgage Acquisition Trust
	1,434,772	4.124%, 3/25/2047g		1,029,949
		J.P. Morgan Mortgage Trust
	1,220,986	2.860%, 2/25/2036		1,056,999
		Lehman XS Trust
	1,216,953	5.440%, 8/25/2035g		1,060,569
		Pretium Mortgage Credit Partners, LLC
	775,072	4.125%, 10/27/2030*		770,548
	1,153,033	4.375%, 11/27/2030*		1,150,360
		Renaissance Home Equity Loan Trust
	342,571	5.746%, 5/25/2036g		222,946
	625,619	6.011%, 5/25/2036g		423,372
	905,378	5.797%, 8/25/2036g		524,904
		Sunset Mortgage Loan Company, LLC
	971,393	4.459%, 9/16/2045*,g		971,777
		U.S. Residential Opportunity Fund III Trust
	920,376	3.721%, 1/27/2035*		912,733
		Vericrest Opportunity Loan Transferee
	1,436,354	3.375%, 10/25/2058*,g		1,416,437
	837,087	3.500%, 6/26/2045f,g		823,170
	850,995	3.625%, 7/25/2045f,g		844,945
	476,347	3.500%, 2/25/2055*,g		473,539
		Total		19,021,929
	Basic Materials (0.8%)
		Anglo American Capital plc
	92,000	1.572%, 4/15/2016e,f		91,670
		ArcelorMittal SA
	730,000	6.500%, 3/1/2021		719,050
		BHP Billiton Finance USA, Ltd.
	400,000	6.250%, 10/19/2075f		403,500
		Dow Chemical Company
	64,000	8.550%, 5/15/2019		76,129
		First Quantum Minerals, Ltd.
	322,000	6.750%, 2/15/2020f		220,570
	322,000	7.000%, 2/15/2021f		215,740
		Glencore Funding, LLC
	60,000	1.680%, 4/16/2018e,f		54,000
		INEOS Group Holdings SA
	400,000	5.875%, 2/1/2019f		403,000
		LyondellBasell Industries NV
	64,000	5.000%, 4/15/2019		68,375
		Novelis, Inc.
	295,000	8.375%, 12/15/2017		300,015
	405,000	8.750%, 12/15/2020		408,766
		Sappi Papier Holding GmbH
	720,000	6.625%, 4/15/2021f		744,602
		Yamana Gold, Inc.
	98,000	4.950%, 7/15/2024		82,810
		Total		3,788,227

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

121

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Capital Goods (2.2%)
		AECOM
	$945,000	5.875%, 10/15/2024		$973,350
		Berry Plastics Corporation
	425,000	6.000%, 10/15/2022f		445,453
		Building Materials Corporation of America
	785,000	6.000%, 10/15/2025f		830,138
		Cemex SAB de CV
	775,000	5.700%, 1/11/2025f		718,425
		CNH Industrial Capital, LLC
	965,000	4.375%, 11/6/2020		948,113
		Crown Americas Capital Corporation IV
	730,000	4.500%, 1/15/2023		744,600
		Crown Cork & Seal Company, Inc.
	410,000	7.375%, 12/15/2026		437,675
		General Electric Company
	1,067,000	5.000%, 12/29/2049h		1,099,010
		Huntington Ingalls Industries, Inc.
	935,000	5.000%, 12/15/2021f		981,750
		Ingersoll-Rand Luxembourg Finance SA
	190,000	2.625%, 5/1/2020		190,729
		L-3 Communications Corporation
	123,000	1.500%, 5/28/2017		122,578
		Lockheed Martin Corporation
	70,000	2.500%, 11/23/2020		71,698
		Newell Rubbermaid, Inc.
	95,000	3.150%, 4/1/2021		97,586
		Owens-Brockway Glass Container, Inc.
	980,000	5.000%, 1/15/2022f		1,002,128
		Reynolds Group Issuer, Inc.
	160,000	5.750%, 10/15/2020		164,200
	410,000	6.875%, 2/15/2021		424,350
		Sealed Air Corporation
	500,000	4.875%, 12/1/2022f		520,000
		Standard Industries, Inc.
	185,000	5.500%, 2/15/2023f		189,163
		Textron, Inc.
	137,000	7.250%, 10/1/2019		156,807
		United Rentals North America, Inc.
	780,000	5.500%, 7/15/2025		775,936
		Total		10,893,689
	Collateralized Mortgage Obligations (12.7%)
		Adjustable Rate Mortgage Trust
	1,072,000	2.860%, 11/25/2035		934,624
		Alternative Loan Trust
	878,522	5.500%, 5/25/2035		876,375
	966,242	6.000%, 6/25/2036		823,205
		American Home Mortgage Assets Trust
	1,557,038	0.623%, 12/25/2046e		971,902
	1,507,815	0.623%, 6/25/2047e		1,011,675
		American Home Mortgage Investment Trust
	1,402,682	6.250%, 12/25/2036		593,803
		Angel Oak Mortgage Trust
	1,000,901	4.500%, 11/25/2045*,g		1,006,702
		Banc of America Alternative Loan Trust
	388,113	0.933%, 4/25/2035e		293,673
	1,083,509	6.000%, 11/25/2035		945,270

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Collateralized Mortgage Obligations (12.7%) - continued
		Banc of America Funding Corporation
	$281,134	3.362%, 5/20/2036		$233,071
		BCAP, LLC Trust
	1,158,475	0.613%, 3/25/2037e		959,965
		Bear Stearns Adjustable Rate Mortgage Trust
	205,321	2.660%, 10/25/2035e		196,956
	256,849	2.733%, 2/25/2036		195,537
		Bear Stearns ALT-A Trust
	1,171,109	5.212%, 7/25/2035		923,998
		Citicorp Mortgage Securities Trust
	337,729	6.000%, 5/25/2037		342,616
		Citigroup Mortgage Loan Trust, Inc.
	330,289	5.500%, 11/25/2035		313,228
	646,509	3.038%, 3/25/2037		504,728
		CitiMortgage Alternative Loan Trust
	465,321	5.750%, 4/25/2037		391,503
		Countrywide Alternative Loan Trust
	249,975	0.833%, 2/25/2035e		229,446
	760,161	2.508%, 10/25/2035		669,065
	503,849	2.652%, 10/25/2035		441,133
	364,052	5.500%, 2/25/2036		340,084
	201,674	6.000%, 4/25/2036		175,409
	504,944	6.500%, 8/25/2036		368,856
	175,667	6.000%, 1/25/2037		167,471
	748,268	5.500%, 5/25/2037		632,999
		Countrywide Home Loan Mortgage Pass Through Trust
	1,135,745	2.728%, 11/25/2035		956,935
	421,686	2.722%, 2/20/2036		365,163
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	82,892	5.500%, 10/25/2021		80,014
	288,643	0.633%, 11/25/2035e		141,171
	601,918	5.500%, 11/25/2035		572,072
	798,128	1.121%, 4/25/2047e		670,546
	1,260,519	0.653%, 8/25/2047e		1,016,619
		Federal Home Loan Mortgage Corporation
	5,698,654	2.500%, 12/15/2022i		340,037
	1,869,793	2.500%, 5/15/2027i		146,866
	2,199,749	2.500%, 2/15/2028i		198,093
	6,709,664	2.500%, 3/15/2028i		621,842
	3,506,373	3.000%, 4/15/2028i		340,941
	2,969,753	3.000%, 2/15/2033i		358,646
		Federal National Mortgage Association
	2,906,338	2.500%, 2/25/2028i		264,082
	2,409,093	3.000%, 4/25/2028i		238,686
	2,766,319	3.500%, 1/25/2033i		359,856
		First Horizon Alternative Mortgage Securities Trust
	835,064	2.621%, 3/25/2035		722,809
	849,620	2.412%, 7/25/2035		765,275
	882,802	6.000%, 8/25/2036e		700,168
		First Horizon Mortgage Pass-Through Trust
	794,791	2.704%, 8/25/2037		626,803
		GMAC Mortgage Corporation Loan Trust
	1,351,428	3.289%, 5/25/2035		1,260,933
		Government National Mortgage Association
	2,751,701	4.000%, 1/16/2027i		280,159

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

122

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Collateralized Mortgage Obligations (12.7%) - continued
		Greenpoint Mortgage Funding Trust
	$655,571	0.633%, 10/25/2045e		$505,993
		HarborView Mortgage Loan Trust
	1,470,130	2.711%, 7/19/2035		1,274,198
		HomeBanc Mortgage Trust
	349,454	2.337%, 4/25/2037		260,970
		IndyMac IMJA Mortgage Loan Trust
	767,193	6.250%, 11/25/2037		626,963
		IndyMac INDX Mortgage Loan Trust
	1,071,431	3.025%, 10/25/2035		873,459
	918,541	1.073%, 7/25/2045e		739,015
		J.P. Morgan Alternative Loan Trust
	1,009,235	6.500%, 3/25/2036		824,378
		J.P. Morgan Mortgage Trust
	194,151	6.500%, 1/25/2035		189,307
	818,572	2.862%, 8/25/2035		807,349
	1,145,637	2.663%, 10/25/2036		1,023,623
	713,638	0.813%, 1/25/2037e		423,550
	607,922	2.781%, 1/25/2037		534,659
	402,103	6.250%, 8/25/2037		305,615
		Lehman Mortgage Trust
	461,333	1.183%, 12/25/2035e		319,177
		Master Asset Securitization Trust
	532,585	0.933%, 6/25/2036e		291,638
		MASTR Alternative Loans Trust
	198,627	6.500%, 7/25/2034		202,772
	429,897	0.883%, 12/25/2035e		203,909
		Merrill Lynch Alternative Note Asset Trust
	573,861	6.000%, 3/25/2037		503,513
		Morgan Stanley Mortgage Loan Trust
	453,618	2.849%, 11/25/2035		326,946
		MortgageIT Trust
	875,697	0.693%, 12/25/2035e		779,077
		New Century Alternative Mortgage Loan Trust
	1,036,729	6.167%, 7/25/2036g		607,559
		Oak Hill Advisors Residential Loan Trust
	618,671	3.475%, 1/25/2055*,g		615,001
		RALI Trust
	933,810	6.000%, 4/25/2036		765,722
	324,940	6.000%, 6/25/2037		264,166
	1,325,212	0.623%, 7/25/2037e		1,033,639
		Residential Accredit Loans, Inc. Trust
	1,616,491	3.755%, 9/25/2035		1,319,899
	653,181	5.750%, 9/25/2035		579,784
	1,006,376	0.613%, 11/25/2036e		716,092
	767,460	6.000%, 1/25/2037		631,240
	1,326,020	5.750%, 4/25/2037		1,052,966
	812,549	6.250%, 4/25/2037		685,639
		Residential Asset Securitization Trust
	849,192	6.236%, 8/25/2022		745,370
	489,925	5.500%, 4/25/2035		488,762
	798,298	0.813%, 8/25/2037e		221,744
		Residential Funding Mortgage Security I Trust
	762,654	5.750%, 2/25/2036		709,689
	984,382	6.000%, 7/25/2037		884,654
		Sequoia Mortgage Trust
	1,283,638	2.919%, 9/20/2046		1,023,525
		Structured Adjustable Rate Mortgage Loan Trust
	229,043	2.824%, 12/25/2034		222,007

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Collateralized Mortgage Obligations (12.7%) - continued
	$726,122	2.741%, 7/25/2035		$614,328
	364,250	3.007%, 9/25/2035		299,527
	587,504	3.389%, 5/25/2036		442,182
		Structured Asset Mortgage Investments, Inc.
	1,476,409	0.743%, 12/25/2035e		1,040,699
	772,814	0.643%, 5/25/2046e		534,545
		Suntrust Alternative Loan Trust
	830,671	5.750%, 12/25/2035		748,462
		WaMu Mortgage Pass Through Certificates
	1,143,275	4.037%, 8/25/2036		983,985
	615,751	2.193%, 11/25/2036		529,843
	1,220,797	1.975%, 1/25/2037		1,020,200
	113,841	2.421%, 8/25/2046		96,216
	524,123	1.271%, 9/25/2046e		394,502
	1,436,096	1.142%, 12/25/2046e		1,105,912
	565,385	1.905%, 3/25/2047e		444,065
		Washington Mutual Mortgage Pass Through Certificates
	497,087	1.033%, 6/25/2035e		372,280
	756,730	6.000%, 11/25/2035		671,291
	1,032,932	7.000%, 4/25/2037		570,439
	1,565,574	1.101%, 2/25/2047e		1,088,478
		Wells Fargo Mortgage Backed Securities Trust
	1,263,109	2.815%, 7/25/2036		1,228,945
	403,188	6.000%, 7/25/2037		397,307
	533,130	6.000%, 11/25/2037		527,821
		Total		62,265,606
	Commercial Mortgage-Backed Securities (0.3%)
		Greenwich Capital Commercial Funding Corporation
	650,000	5.867%, 12/10/2049		668,347
		Morgan Stanley Capital, Inc.
	995,763	5.406%, 3/15/2044		1,026,984
		Total		1,695,331
	Communications Services (3.0%)
		AMC Networks, Inc.
	1,080,000	5.000%, 4/1/2024		1,084,050
		American Tower Corporation
	60,000	2.800%, 6/1/2020		60,305
	98,000	3.450%, 9/15/2021		100,209
		AT&T, Inc.
	104,000	5.875%, 10/1/2019		117,545
	65,000	1.559%, 6/30/2020e		64,337
	80,000	2.800%, 2/17/2021		82,023
		CC Holdings GS V, LLC
	72,000	2.381%, 12/15/2017		72,614
		CCO Holdings, LLC
	400,000	6.500%, 4/30/2021		414,204
	1,000,000	5.875%, 4/1/2024f		1,047,500
		CCO Safari II, LLC
	35,000	3.579%, 7/23/2020f		35,764
	35,000	4.464%, 7/23/2022f		36,584
		CenturyLink, Inc.
	400,000	6.450%, 6/15/2021		405,248
	140,000	7.500%, 4/1/2024c		140,350
		Clear Channel Worldwide Holdings, Inc.
	1,020,000	6.500%, 11/15/2022		1,014,900

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

123

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Communications Services (3.0%) - continued
		Columbus International, Inc.
	$750,000	7.375%, 3/30/2021f		$798,750
		Crown Castle International Corporation
	800,000	5.250%, 1/15/2023		863,000
		Digicel, Ltd.
	760,000	6.000%, 4/15/2021*		680,200
		Frontier Communications Corporation
	970,000	8.875%, 9/15/2020f		1,007,588
		Hughes Satellite Systems Corporation
	513,000	6.500%, 6/15/2019		564,941
		Level 3 Communications, Inc.
	475,000	5.375%, 1/15/2024f		480,938
		Level 3 Escrow II, Inc.
	400,000	5.375%, 8/15/2022		406,204
		McGraw-Hill Global Education Holdings, LLC
	875,000	9.750%, 4/1/2021		949,375
		Numericable-SFR
	770,000	6.000%, 5/15/2022f		750,750
		Quebecor Media, Inc.
	635,000	5.750%, 1/15/2023		654,050
		SBA Tower Trust
	200,000	3.598%, 4/16/2043f		199,819
		Sprint Corporation
	760,000	7.625%, 2/15/2025		564,300
		Telefonica Emisiones SAU
	126,000	3.192%, 4/27/2018		129,268
		T-Mobile USA, Inc.
	770,000	6.125%, 1/15/2022		795,025
		Univision Communications, Inc.
	515,000	5.125%, 5/15/2023f		512,425
		UPCB Finance V, Ltd.
	513,000	7.250%, 11/15/2021f		542,497
		Verizon Communications, Inc.
	66,000	2.625%, 2/21/2020		67,910
	98,000	4.500%, 9/15/2020		108,194
		Total		14,750,867
	Consumer Cyclical (2.3%)
		AMC Entertainment, Inc.
	400,000	5.875%, 2/15/2022		411,000
		Brookfield Residential Properties, Inc.
	570,000	6.500%, 12/15/2020f		544,350
		Corrections Corporation of America
	535,000	5.000%, 10/15/2022		557,738
		eBay, Inc.
	95,000	2.500%, 3/9/2018		96,541
		Ford Motor Credit Company, LLC
	130,000	5.000%, 5/15/2018		137,270
	95,000	2.597%, 11/4/2019		95,344
		General Motors Financial Company, Inc.
	570,000	3.250%, 5/15/2018		579,487
	83,000	4.375%, 9/25/2021		85,783
		Hilton Worldwide Finance, LLC
	950,000	5.625%, 10/15/2021		984,390
		Home Depot, Inc.
	70,000	1.004%, 9/15/2017e		70,245
	110,000	2.000%, 4/1/2021		111,102
	65,000	2.625%, 6/1/2022		67,238

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Consumer Cyclical (2.3%) - continued
		Jaguar Land Rover Automotive plc
	$200,000	4.125%, 12/15/2018f		$204,750
	125,000	4.250%, 11/15/2019f		128,281
	420,000	5.625%, 2/1/2023f		431,550
		L Brands, Inc.
	570,000	5.625%, 2/15/2022		620,969
		Lennar Corporation
	410,000	12.250%, 6/1/2017		454,075
	160,000	4.125%, 12/1/2018		163,200
		Live Nation Entertainment, Inc.
	500,000	5.375%, 6/15/2022f		508,750
		Macy’s Retail Holdings, Inc.
	176,000	7.450%, 7/15/2017		188,477
		MGM Resorts International
	775,000	6.000%, 3/15/2023		802,125
		PulteGroup, Inc.
	835,000	4.250%, 3/1/2021		847,525
		Ralph Lauren Corporation
	70,000	2.625%, 8/18/2020		72,193
		Rite Aid Corporation
	905,000	6.125%, 4/1/2023f		959,300
		Royal Caribbean Cruises, Ltd.
	750,000	5.250%, 11/15/2022		791,250
		Six Flags Entertainment Corporation
	510,000	5.250%, 1/15/2021f		524,025
		Starbucks Corporation
	115,000	2.100%, 2/4/2021		117,062
		Toll Brothers Finance Corporation
	124,000	4.000%, 12/31/2018		128,340
		Visa, Inc.
	70,000	2.200%, 12/14/2020		71,739
		West Corporation
	770,000	5.375%, 7/15/2022f		706,321
		Total		11,460,420
	Consumer Non-Cyclical (2.8%)
		Amgen, Inc.
	60,000	2.125%, 5/1/2020		60,735
		Anheuser-Busch Inbev Finance, Inc.
	120,000	1.879%, 2/1/2021e		122,122
		B&G Foods, Inc.
	310,000	4.625%, 6/1/2021		313,875
		BAT International Finance plc
	65,000	1.144%, 6/15/2018e,f		64,553
		Becton, Dickinson and Company
	45,000	1.450%, 5/15/2017		45,072
		Boston Scientific Corporation
	35,000	6.000%, 1/15/2020		39,508
		Bunge Limited Finance Corporation
	70,000	3.500%, 11/24/2020		71,034
		Cardinal Health, Inc.
	65,000	1.950%, 6/15/2018		65,304
		Celgene Corporation
	70,000	3.550%, 8/15/2022		73,393
		Centene Escrow Corporation
	1,050,000	5.625%, 2/15/2021f		1,094,625
		CHS/Community Health Systems, Inc.
	1,000,000	7.125%, 7/15/2020		945,000
		Cott Beverages, Inc.
	770,000	5.375%, 7/1/2022		781,550
		CVS Health Corporation
	64,000	2.250%, 12/5/2018		65,555
		EMD Finance, LLC
	35,000	0.992%, 3/17/2017e,f		34,877

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

124

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Consumer Non-Cyclical (2.8%) - continued
		Envision Healthcare Corporation
	$750,000	5.125%, 7/1/2022f		$761,250
		Express Scripts Holding Company
	90,000	3.900%, 2/15/2022		93,837
		Forest Laboratories, Inc.
	97,000	4.375%, 2/1/2019f		102,919
		Gilead Sciences, Inc.
	70,000	3.250%, 9/1/2022		73,967
		Grifols Worldwide Operations, Ltd.
	920,000	5.250%, 4/1/2022		945,300
		HCA, Inc.
	575,000	3.750%, 3/15/2019		589,030
	430,000	5.250%, 6/15/2026		440,750
		JBS USA, LLC
	390,000	5.875%, 7/15/2024f		351,975
	780,000	5.750%, 6/15/2025f		682,500
		Laboratory Corporation of America Holdings
	25,000	2.625%, 2/1/2020		25,105
		Land O’Lakes, Inc.
	800,000	8.000%, 12/31/2049f,h		824,000
		Mead Johnson Nutrition Company
	70,000	3.000%, 11/15/2020		71,933
		Medtronic plc
	190,000	4.375%, 3/15/2035		205,699
		Mondelez International, Inc.
	86,000	2.250%, 2/1/2019		87,804
		Mylan NV
	35,000	3.750%, 12/15/2020f		35,811
		Pfizer, Inc.
	560,000	5.200%, 8/12/2020		641,959
		Pinnacle Foods, Inc.
	500,000	5.875%, 1/15/2024f		523,350
		Reynolds American, Inc.
	35,000	3.250%, 6/12/2020		36,601
		SABMiller plc
	48,000	6.500%, 7/15/2018f		52,641
		Safeway, Inc.
	37,000	3.400%, 12/1/2016		37,000
		Spectrum Brands Escrow Corporation
	340,000	6.375%, 11/15/2020		358,020
		Spectrum Brands, Inc.
	340,000	5.750%, 7/15/2025		361,250
		Tenet Healthcare Corporation
	1,005,000	8.125%, 4/1/2022		1,033,894
		TreeHouse Foods, Inc.
	510,000	4.875%, 3/15/2022		521,475
		Tyson Foods, Inc.
	98,000	4.500%, 6/15/2022		107,373
		VPII Escrow Corporation
	410,000	7.500%, 7/15/2021f		341,579
		VRX Escrow Corporation
	800,000	6.125%, 4/15/2025f		616,000
		Zoetis, Inc.
	70,000	3.450%, 11/13/2020		71,914
		Total		13,772,139
	Energy (1.7%)
		Anadarko Petroleum Corporation
	77,000	8.700%, 3/15/2019		86,036
	33,000	4.850%, 3/15/2021		33,350
		Antero Resources Corporation
	260,000	5.125%, 12/1/2022		235,950
	500,000	5.625%, 6/1/2023		460,000

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Energy (1.7%) - continued
		Buckeye Partners, LP
	$98,000	2.650%, 11/15/2018		$97,302
		Chevron Corporation
	70,000	1.128%, 11/16/2018e		69,612
		Concho Resources, Inc.
	435,000	6.500%, 1/15/2022		433,913
	570,000	5.500%, 10/1/2022		560,025
		Crestwood Midstream Partners, LP
	510,000	6.250%, 4/1/2023f		377,400
		Enbridge Energy Partners, LP
	810,000	8.050%, 10/1/2037		573,075
		Enterprise Products Operating, LLC
	960,000	7.034%, 1/15/2068		973,440
		EQT Corporation
	60,000	5.150%, 3/1/2018		59,927
	62,000	8.125%, 6/1/2019		66,811
		Exxon Mobil Corporation
	140,000	1.708%, 3/1/2019		141,847
		Marathon Petroleum Corporation
	70,000	3.400%, 12/15/2020		68,851
		MEG Energy Corporation
	160,000	6.500%, 3/15/2021f		96,600
	410,000	6.375%, 1/30/2023f		241,900
		Occidental Petroleum Corporation
	175,000	2.600%, 4/15/2022c		176,470
		Pacific Drilling V, Ltd.
	510,000	7.250%, 12/1/2017f		187,425
		Petrobras International Finance Company
	200,000	5.750%, 1/20/2020		173,750
		Petroleos Mexicanos
	142,000	5.500%, 2/4/2019f		148,745
	100,000	6.875%, 8/4/2026f		108,250
		Pioneer Natural Resources Company
	25,000	3.450%, 1/15/2021		24,868
		Regency Energy Partners, LP
	730,000	5.000%, 10/1/2022		686,040
		Sabine Pass Liquefaction, LLC
	775,000	5.625%, 3/1/2025		739,156
		Schlumberger Holdings Corporation
	70,000	3.000%, 12/21/2020f		70,968
		Shell International Finance BV
	60,000	1.071%, 5/11/2020e		58,260
		Sunoco Logistics Partners Operations, LP
	70,000	4.400%, 4/1/2021		68,741
		Targa Resources Partners, LP
	730,000	6.625%, 10/1/2020f		720,875
		Transcontinental Gas Pipe Line Company, LLC
	80,000	7.850%, 2/1/2026f		91,497
		WPX Energy, Inc.
	500,000	7.500%, 8/1/2020		390,000
		Total		8,221,084
	Financials (5.7%)
		Abbey National Treasury Services plc
	64,000	3.050%, 8/23/2018		65,765
		ACE INA Holdings, Inc.
	70,000	2.875%, 11/3/2022		72,234
		Aegon NV
	720,000	2.074%, 7/29/2049e,h		445,164
		Air Lease Corporation
	35,000	2.625%, 9/4/2018		34,779

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

125

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Financials (5.7%) - continued
		Ally Financial, Inc.
	$600,000	3.750%, 11/18/2019		$594,000
	350,000	4.125%, 3/30/2020		347,375
		American Express Credit Corporation
	70,000	1.682%, 9/14/2020e		69,604
		Argos Merger Sub, Inc.
	960,000	7.125%, 3/15/2023f		1,020,480
		Aviation Capital Group Corporation
	96,000	3.875%, 9/27/2016f		96,480
		Banco de Brasil SA
	490,000	9.000%, 12/31/2049f,h		340,060
		Bank of America Corporation
	164,000	5.700%, 5/2/2017		170,551
	58,000	5.650%, 5/1/2018		62,261
	90,000	8.000%, 12/29/2049h		88,087
		Barclays Bank plc
	100,000	5.140%, 10/14/2020		106,739
		BBVA Banco Continental SA
	117,000	2.250%, 7/29/2016f		117,058
		Berkshire Hathaway Finance Corporation
	215,000	1.700%, 3/15/2019		217,984
		Caisse Centrale Desjardins du Quebec
	35,000	1.283%, 1/29/2018e,f		34,892
		CIT Group, Inc.
	925,000	5.000%, 8/15/2022		935,980
		Citigroup, Inc.
	97,000	1.850%, 11/24/2017		97,219
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	525,000	11.000%, 12/29/2049f,h		629,947
		Credit Agricole SA
	50,000	1.605%, 6/10/2020e,f		49,358
	380,000	6.625%, 9/29/2049f,h		357,109
		Credit Suisse Group AG
	400,000	7.500%, 12/11/2049f,h		393,400
	760,000	6.250%, 12/29/2049f,h		697,906
		CyrusOne, LP
	570,000	6.375%, 11/15/2022		591,375
		Discover Bank
	43,000	8.700%, 11/18/2019		50,086
		Discover Financial Services
	90,000	6.450%, 6/12/2017		94,341
		Duke Realty, LP
	95,000	4.375%, 6/15/2022		100,048
		Fifth Third Bancorp
	575,000	4.900%, 12/29/2049h		501,687
		Goldman Sachs Group, Inc.
	88,000	2.625%, 1/31/2019		89,740
	122,000	7.500%, 2/15/2019		140,527
	35,000	1.779%, 4/23/2020e		34,783
	60,000	2.236%, 11/29/2023e		59,821
		Goldman Sachs Group, Inc. Convertible
	2,450,000	0.500%, 9/24/2022		2,528,351
		Hartford Financial Services Group, Inc.
	106,000	6.000%, 1/15/2019		116,750
		HCP, Inc.
	64,000	3.750%, 2/1/2019		66,039
		Health Care REIT, Inc.
	110,000	4.700%, 9/15/2017		114,321
		Hospitality Properties Trust
	80,000	4.250%, 2/15/2021		81,172

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Financials (5.7%) - continued
		Huntington Bancshares, Inc.
	$140,000	3.150%, 3/14/2021		$142,246
		Icahn Enterprises, LP
	770,000	6.000%, 8/1/2020		748,825
		ILFC E-Capital Trust II
	1,035,000	4.490%, 12/21/2065e,f		838,350
		ING Capital Funding Trust III
	89,000	4.231%, 12/29/2049e,h		86,552
		International Lease Finance Corporation
	64,000	2.584%, 6/15/2016e		64,060
	390,000	5.875%, 8/15/2022		423,150
		Intesa Sanpaolo SPA
	41,000	3.875%, 1/16/2018		41,957
	100,000	3.875%, 1/15/2019		102,892
		J.P. Morgan Chase & Company
	88,000	6.300%, 4/23/2019		99,524
	30,000	2.250%, 1/23/2020		30,237
	77,000	7.900%, 4/29/2049h		77,000
	750,000	6.750%, 8/29/2049h		823,500
		Liberty Mutual Group, Inc.
	525,000	10.750%, 6/15/2058*		769,125
	25,000	5.000%, 6/1/2021f		27,108
		Lloyds Banking Group plc
	800,000	6.413%, 1/29/2049f,h		862,000
		Macquarie Bank, Ltd.
	80,000	1.802%, 1/15/2019e,f		80,152
		Mellon Capital IV
	560,000	4.000%, 6/29/2049e,h		415,800
		MetLife Capital Trust IV
	823,000	7.875%, 12/15/2037f		946,450
		Morgan Stanley
	35,000	1.761%, 1/27/2020e		34,772
	64,000	4.875%, 11/1/2022		69,340
		MPT Operating Partnership, LP
	510,000	5.500%, 5/1/2024		512,550
		Murray Street Investment Trust I
	88,000	4.647%, 3/9/2017		90,473
		National City Corporation
	86,000	6.875%, 5/15/2019		96,808
		National Westminster Bank plc
	1,140,000	0.938%, 11/29/2049e,h		615,950
		New York Life Global Funding
	70,000	1.550%, 11/2/2018f		70,159
		Nomura Holdings, Inc.
	85,000	2.750%, 3/19/2019		86,241
		Prudential Financial, Inc.
	775,000	5.625%, 6/15/2043		789,337
		Quicken Loans, Inc.
	1,005,000	5.750%, 5/1/2025f		974,850
		Realty Income Corporation
	78,000	2.000%, 1/31/2018		78,298
		Regions Bank
	28,000	7.500%, 5/15/2018		30,855
		Regions Financial Corporation
	90,000	3.200%, 2/8/2021		90,749
		Reinsurance Group of America, Inc.
	160,000	5.625%, 3/15/2017		165,960
		Royal Bank of Scotland Group plc
	82,000	1.569%, 3/31/2017e		81,881
	230,000	7.648%, 8/29/2049h		269,100
	680,000	7.500%, 12/29/2049h		632,400
		Simon Property Group, LP
	70,000	2.500%, 9/1/2020		71,281
	120,000	2.500%, 7/15/2021		122,620

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

126

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Financials (5.7%) - continued
		Societe Generale SA
	$124,000	5.750%, 4/20/2016f		$124,213
	760,000	8.250%, 9/29/2049h		765,700
	800,000	8.000%, 12/31/2049f,h		776,000
		Standard Chartered plc
	760,000	6.500%, 12/29/2049f,h		664,703
		State Street Corporation
	70,000	1.518%, 8/18/2020e		69,685
		Sumitomo Mitsui Financial Group, Inc.
	215,000	2.316%, 3/9/2021e		216,981
		SunTrust Banks, Inc.
	95,000	2.900%, 3/3/2021		96,388
		Synchrony Financial
	94,000	1.875%, 8/15/2017		93,709
	25,000	1.849%, 2/3/2020e		24,166
	94,000	3.750%, 8/15/2021		96,494
		Synovus Financial Corporation
	515,000	5.750%, 12/15/2025		525,300
		Toronto-Dominion Bank
	80,000	1.461%, 1/22/2019e		80,031
	70,000	1.562%, 12/14/2020e		70,203
		UnitedHealth Group, Inc.
	70,000	3.350%, 7/15/2022		74,467
		USB Realty Corporation
	760,000	1.769%, 12/29/2049e,f,h		606,100
		Voya Financial, Inc.
	129,000	2.900%, 2/15/2018		130,987
		Wells Fargo & Company
	35,000	1.298%, 1/30/2020e		34,670
	380,000	5.875%, 12/31/2049h		405,764
		Total		27,931,586
	Foreign Government (3.3%)
		Brazil Government International Bond
	270,000	5.875%, 1/15/2019		291,600
	330,000	4.875%, 1/22/2021		333,300
	500,000	2.625%, 1/5/2023		428,750
	400,000	5.000%, 1/27/2045		320,000
		Colombia Government International Bond
	200,000	2.625%, 3/15/2023		186,000
	250,000	4.000%, 2/26/2024		251,250
	440,000	5.000%, 6/15/2045		409,200
		Croatia Government International Bond
	128,000	6.750%, 11/5/2019f		140,434
	350,000	6.625%, 7/14/2020f		384,475
		Hungary Government International Bond
	196,000	4.000%, 3/25/2019		203,350
	400,000	5.750%, 11/22/2023		455,600
	372,000	5.375%, 3/25/2024		416,614
		Indonesia Government International Bond
	300,000	4.875%, 5/5/2021f		323,011
	290,000	3.375%, 4/15/2023f		283,313
	270,000	5.875%, 1/15/2024f		303,212
	210,000	4.125%, 1/15/2025f		210,952
	200,000	4.750%, 1/8/2026f		209,821
	675,000	5.125%, 1/15/2045f		671,362
		Mexico Government International Bond
	250,000	3.625%, 3/15/2022		258,125

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Foreign Government (3.3%) - continued
	$454,000	4.000%, 10/2/2023		$475,565
	350,000	3.600%, 1/30/2025		357,000
	90,000	6.050%, 1/11/2040		105,525
	250,000	4.750%, 3/8/2044		249,375
	180,000	5.550%, 1/21/2045		199,350
	315,000	4.600%, 1/23/2046		307,125
		Panama Government International Bond
	200,000	4.000%, 9/22/2024		210,000
	270,000	3.750%, 3/16/2025		277,425
	90,000	6.700%, 1/26/2036		114,750
		Peru Government International Bond
	640,000	4.125%, 8/25/2027		670,400
		Philippines Government International Bond
	235,000	7.750%, 1/14/2031		357,315
	90,000	6.375%, 10/23/2034		127,067
	100,000	5.000%, 1/13/2037		125,636
	200,000	3.950%, 1/20/2040		219,445
	480,000	3.700%, 3/1/2041		507,486
		Romania Government International Bond
	196,000	4.375%, 8/22/2023f		208,389
	100,000	4.875%, 1/22/2024f		110,169
		Russia Government International Bond
	180,000	3.500%, 1/16/2019f		180,930
	850,000	5.000%, 4/29/2020f		892,415
	500,000	4.875%, 9/16/2023f		522,185
	254,250	7.500%, 3/31/2030f		310,331
	270,000	5.625%, 4/4/2042f		272,940
		South Africa Government International Bond
	245,000	5.500%, 3/9/2020		259,418
	210,000	5.875%, 5/30/2022		227,588
	50,000	5.375%, 7/24/2044		49,408
		Turkey Government International Bond
	270,000	7.500%, 11/7/2019		307,872
	700,000	7.000%, 6/5/2020		792,288
	385,000	5.125%, 3/25/2022		404,708
	180,000	6.250%, 9/26/2022		200,160
	90,000	5.750%, 3/22/2024		97,614
	400,000	4.250%, 4/14/2026		389,424
	210,000	4.875%, 10/9/2026		212,589
	100,000	4.875%, 4/16/2043		92,775
		United Mexican States
	300,000	4.125%, 1/21/2026		314,550
		Total		16,229,586
	Mortgage-Backed Securities (2.3%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	2,000,000	3.000%, 5/1/2030c		2,087,031
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	6,500,000	3.500%, 4/1/2046c		6,815,098
	2,150,000	4.000%, 4/1/2046c		2,297,141
		Total		11,199,270
	Technology (1.2%)
		Alliance Data Systems Corporation
	420,000	5.375%, 8/1/2022f		393,750

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

127

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Technology (1.2%) - continued
		Apple, Inc.
	$60,000	0.917%, 5/6/2020e		$59,007
		Automatic Data Processing, Inc.
	70,000	2.250%, 9/15/2020		72,043
		Cisco Systems, Inc.
	90,000	1.236%, 2/21/2018e		90,236
	65,000	1.135%, 3/1/2019e		64,979
		CommScope Technologies Finance, LLC
	580,000	6.000%, 6/15/2025f		585,438
		Denali Borrower, LLC
	760,000	5.625%, 10/15/2020f		801,705
		Equinix, Inc.
	515,000	5.750%, 1/1/2025		540,750
		Fidelity National Information Services, Inc.
	70,000	3.625%, 10/15/2020		72,347
		First Data Corporation
	510,000	5.375%, 8/15/2023f		522,750
		Freescale Semiconductor, Inc.
	570,000	6.000%, 1/15/2022f		604,200
		Hewlett Packard Enterprise Company
	68,000	3.600%, 10/15/2020f		70,709
		IMS Health, Inc.
	320,000	6.000%, 11/1/2020f		328,800
		Intel Corporation
	70,000	3.100%, 7/29/2022		74,006
		Oracle Corporation
	60,000	2.500%, 5/15/2022		61,209
		Plantronics, Inc.
	800,000	5.500%, 5/31/2023f		786,000
		Sensata Technologies BV
	725,000	4.875%, 10/15/2023f		728,625
		Texas Instruments, Inc.
	60,000	1.750%, 5/1/2020		60,338
		Total		5,916,892
	Transportation (0.4%)
		American Airlines Pass Through Trust
	72,253	4.950%, 1/15/2023		77,305
		Avis Budget Car Rental, LLC
	770,000	5.125%, 6/1/2022f		729,094
		Delta Air Lines, Inc.
	54,158	4.950%, 5/23/2019		57,001
		J.B. Hunt Transport Services, Inc.
	70,000	3.300%, 8/15/2022		71,354
		Korea Expressway Corporation
	123,000	1.625%, 4/28/2017f		123,189
		United Airlines 2015-1 Class A Pass Through Trust
	70,000	3.700%, 12/1/2022		70,350
		XPO Logistics, Inc.
	705,000	6.500%, 6/15/2022f		684,731
		Total		1,813,024
	U.S. Government and Agencies (0.5%)
		U.S. Treasury Bonds
	600,000	1.625%, 2/15/2026		591,281
		U.S. Treasury Notes
	1,110,000	1.875%, 6/30/2020		1,143,950
	830,000	2.125%, 6/30/2022		862,260
		Total		2,597,491

Principal Amount		Long-Term Fixed Income (44.3%)	Value
	Utilities (1.2%)
		AES Corporation
	$390,000	7.375%, 7/1/2021		$436,800
		Ameren Corporation
	70,000	2.700%, 11/15/2020		70,983
		Calpine Corporation
	560,000	6.000%, 1/15/2022f		586,600
	730,000	5.375%, 1/15/2023		707,647
		DCP Midstream, LLC
	300,000	5.850%, 5/21/2043f		154,500
		Dynegy Finance I, Inc.
	700,000	7.375%, 11/1/2022		647,500
		Electricite de France SA
	905,000	5.250%, 12/29/2049f,h		828,075
		Energy Transfer Equity, LP
	780,000	5.500%, 6/1/2027		625,950
		Exelon Generation Company, LLC
	88,000	5.200%, 10/1/2019		95,835
		MPLX LP
	1,010,000	4.875%, 12/1/2024f		932,469
		NextEra Energy Capital Holdings, Inc.
	95,000	2.300%, 4/1/2019		95,550
		NRG Energy, Inc.
	390,000	6.625%, 3/15/2023		363,796
		Xcel Energy, Inc.
	60,000	1.200%, 6/1/2017		59,870
		Total		5,605,575
		Total Long-Term Fixed Income (cost $218,149,193)		217,162,716
Shares		Common Stock (27.7%)	Value
	Consumer Discretionary (4.0%)
	3,600	Aisan Industry Company, Ltd.		28,297
	2,990	Amazon.com, Inc.j		1,774,984
	1,480	Autoliv, Inc.k		175,350
	2,180	AutoZone, Inc.j		1,736,784
	600	Bayerische Motoren Werke AG		47,900
	6,100	Berkeley Group Holdings plc		281,263
	10,990	Best Buy Company, Inc.		356,516
	4,500	Betsson ABj		69,729
	1,100	Brembo SPA		56,871
	3,100	Bridgestone Corporation		115,701
	3,800	Bunzl plc		110,225
	7,000	Burlington Stores, Inc.j		393,680
	6,000	Calsonic Kansei Corporation		44,582
	5,695	Cedar Fair, LP		338,568
	4,000	Cineworld Group plc		30,818
	31,414	Comcast Corporation		1,918,767
	2,200	Compass Group plc		38,782
	200	Continental AG		45,362
	3,820	Core-Mark Holding Company, Inc.		311,559
	1,100	Daimler AG		84,186
	25,400	Debenhams plc		27,406
	11,200	Denso Corporation		449,574
	15,860	Discovery Communications, Inc.j		454,072
	15,000	EDION Corporation		113,678
	5,500	Eutelsat Communications		177,383
	13,280	Ford Motor Company		179,280
	4,510	General Motors Company		141,749
	13,000	Gunze, Ltd.		36,771
	7,700	Hakuhodo Dy Holdings, Inc.		87,178
	4,130	Harman International Industries, Inc.		367,735
	800	Hennes & Mauritz AB		26,627
	15,900	Honda Motor Company, Ltd.		434,724
	14,800	Inchcape plc		153,502

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

128

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (27.7%)	Value
	Consumer Discretionary (4.0%) - continued
	2,300	Intertek Group plc		$104,431
	6,020	Jarden Corporationj		354,879
	890	Linamar Corporation		42,823
	800	LVMH Moet Hennessy Louis Vuitton SE		136,702
	4,200	Marks and Spencer Group plc		24,475
	18,772	MDC Partners, Inc.		443,019
	27,350	NIKE, Inc.		1,681,205
	7,000	NOK Corporation		119,423
	2,300	Nokian Renkaat Oyj		81,146
	300	Paddy Power plc		41,844
	6,000	PanaHome Corporation		44,990
	14,900	Persimmon plc		445,229
	1,400	ProSiebenSat.1 Media AG		71,869
	2,200	RELX NV		38,356
	4,056	Restoration Hardware Holdings, Inc.j		169,946
	600	Rightmove plc		36,232
	3,600	Sekisui House, Ltd.		60,738
	3,600	SHOWA Corporation		31,405
	5,400	Sports Direct International plcj		29,291
	1,700	Stanley Electric Company, Ltd.		38,422
	9,600	Star Entertainment Group, Ltd.		41,751
	14,890	Starbucks Corporation		888,933
	12,300	Sumitomo Forestry Company, Ltd.		141,196
	6,800	Sumitomo Rubber Industries, Ltd.		105,068
	1,200	Tamron Company, Ltd.		19,653
	6,750	Target Corporation		555,390
	12,000	Tatts Group, Ltd.		34,767
	2,400	Tokai Rika Company, Ltd.		45,108
	12,420	Toll Brothers, Inc.j		366,514
	4,500	Toyota Motor Corporation		238,659
	12,900	UBM plc		111,148
	2,300	USS Company, Ltd.		36,701
	200	Valora Holding AG		49,940
	5,000	Wacoal Holdings Corporation		59,667
	11,200	Walt Disney Company		1,112,272
	9,700	WH Smith plc		252,676
	1,400	Whitbread plc		79,472
	9,100	Wolters Kluwer NV		362,704
	9,000	WPP plc		209,479
	1,700	Yokohama Rubber Company, Ltd.		27,946
		Total		19,345,072
	Consumer Staples (1.7%)
	2,000	AarhusKarlshamn AB		158,751
	11,951	Anheuser-Busch InBev NV ADR		1,489,812
	6,900	Axfood AB		127,334
	6,500	British American Tobacco plc		380,092
	4,500	Britvic plc		45,862
	18,780	Coca-Cola Company		871,204
	10,100	Coca-Cola HBC AG		214,183
	2,200	Henkel AG & Company KGaA		215,726
	16,200	Imperial Tobacco Group plc		896,947
	1,100	Japan Tobacco, Inc.		45,785
	4,300	Jeronimo Martins SGPS SA		70,292
	4,500	Kao Corporation		239,949
	30,200	Koninklijke Ahold NV		678,333
	700	KOSE Corporation		68,052
	6,300	Nestle SA		470,111
	5,000	Nippon Meat Packers, Inc.		110,055
	8,200	Nisshin OilliO Group, Ltd.		33,459
	13,990	Philip Morris International, Inc.		1,372,559
	2,500	Suedzucker AG		43,991
	1,400	Sugi Holdings Company, Ltd.		73,863
	9,000	Swedish Match AB		305,083
	8,090	WhiteWave Foods Companyj		328,777

Shares		Common Stock (27.7%)	Value
	Consumer Staples (1.7%) - continued
	5,000	Woolworths, Ltd.		$84,624
		Total		8,324,844
	Energy (1.9%)
	188,150	BP plc		941,380
	231	Canadian Natural Resources, Ltd.		6,248
	8,810	Continental Resources, Inc.j		267,472
	17,110	EOG Resources, Inc.		1,241,844
	21,050	EQT Corporation		1,415,823
	47,600	Kinder Morgan, Inc.		850,136
	8,974	OMV AG		251,975
	16,680	Parsley Energy, Inc.j		376,968
	6,631	Royal Dutch Shell plc		160,694
	78	Royal Dutch Shell plc, Class A		1,883
	3,744	Royal Dutch Shell plc, Class B		91,109
	54,000	Spectra Energy Corporation		1,652,400
	5,118	Statoil ASA		79,935
	5,300	Total SA		241,158
	692	Vantage Drilling Internationalj		76,120
	193,990	Weatherford International plcj		1,509,242
		Total		9,164,387
	Financials (9.2%)
	1,300	Acadia Realty Trust		45,669
	1,900	AEON Financial Service Company, Ltd.		44,730
	2,590	Affiliated Managers Group, Inc.j		420,616
	1,800	Agree Realty Corporation		69,246
	9,309	Alexandria Real Estate Equities, Inc.		846,095
	7,600	Allianz SE		1,234,281
	900	American Campus Communities, Inc.		42,381
	711	American Farmland Company		4,465
	3,500	Apartment Investment & Management Company		146,370
	200,000	Apollo Investment Corporation		1,110,000
	1,500	Apple Hospitality REIT, Inc.		29,715
	115,400	Ares Capital Corporation		1,712,536
	21,000	Australia & New Zealand Banking Group, Ltd.		376,455
	2,800	AvalonBay Communities, Inc.		532,560
	34,900	Bank Hapoalim, Ltd.		181,160
	27,800	Bank of East Asia, Ltd.		103,909
	12,520	Bank of Nova Scotia		611,853
	9,107	Bank of Queensland, Ltd.		84,438
	75,000	Bank of Yokohama, Ltd.l		339,745
	21,700	BinckBank NV		161,533
	1,100	Bluerock Residential Growth REIT, Inc.		11,968
	5,445	Boston Properties, Inc.		691,951
	15,415	Brixmor Property Group, Inc.		394,932
	8,200	Camden Property Trust		689,538
	4,049	Canadian Western Bank		75,290
	27,000	CapitaMall Trust		41,843
	1,575	Care Capital Properties, Inc.		42,273
	50,240	Charles Schwab Corporation		1,407,725
	901	Chesapeake Lodging Trust		23,840
	9,000	Chiba Bank, Ltd.		44,826
	33,800	Citigroup, Inc.		1,411,150
	8,600	CNP Assurances		133,925
	650	CoreSite Realty Corporation		45,507
	4,590	Crown Castle International Corporation		397,035
	5,000	CubeSmart		166,500
	1,400	CyrusOne, Inc.		63,910
	2,100	Daiwa House Industry Company, Ltd.		59,027
	3,100	DDR Corporation		55,149

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

129

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (27.7%)	Value
	Financials (9.2%) - continued
	1,400	Derwent London plc		$63,265
	41,800	DEXUS Property Group		253,835
	2,536	Digital Realty Trust, Inc.		224,411
	19,958	Direct Line Insurance Group plc		105,861
	1,200	Douglas Emmett, Inc.		36,132
	36,280	Duke Realty Corporation		817,751
	1,000	DuPont Fabros Technology, Inc.		40,530
	1,000	Education Realty Trust, Inc.		41,600
	19,890	Encore Capital Group, Inc.j		511,969
	1,166	EPR Properties		77,679
	1,837	Equinix, Inc.		607,514
	2,500	Equity Lifestyle Properties, Inc.		181,825
	1,000	Equity One, Inc.		28,660
	8,650	Equity Residential		649,010
	10,000	Erste Group Bank AGj		280,671
	1,400	Essex Property Trust, Inc.		327,404
	1,900	Extra Space Storage, Inc.		177,574
	1,100	Federal Realty Investment Trust		171,655
	800	First Industrial Realty Trust, Inc.		18,192
	20,600	FlexiGroup, Ltd.k		39,074
	24,700	Frasers Centrepoint Trust		36,633
	61,000	Fukuoka Financial Group, Inc.		198,706
	10,567	General Growth Properties, Inc.		314,157
	1,200	GEO Group, Inc.		41,604
	120,000	Golub Capital BDC, Inc.		2,077,200
	7,400	Great Portland Estates plc		77,254
	7,975	H&R Real Estate Investment Trust		128,890
	3,400	Hamborner REIT AG		36,808
	7,700	Hang Seng Bank, Ltd.		136,244
	3,600	Hannover Rueckversicherung SE		418,401
	6,700	HCP, Inc.		218,286
	4,700	Healthcare Trust of America, Inc.		138,274
	38,600	Henderson Group plc		142,784
	3,300	Highwoods Properties, Inc.		157,773
	2,500	Hospitality Properties Trust		66,400
	16,411	Host Hotels & Resorts, Inc.		274,064
	1,000	Hudson Pacific Properties, Inc.		28,920
	7,500	Hufvudstaden AB		118,622
	59,000	Hysan Development Company, Ltd.		251,440
	2,009	Intact Financial Corporation		140,657
	4,450	Intercontinental Exchange, Inc.		1,046,373
	87,000	Invesco Mortgage Capital, Inc.		1,059,660
	38,800	Investec plc		284,615
	1,300	Iron Mountain, Inc.		44,083
	1,500	Kilroy Realty Corporation		92,805
	10,900	Kimco Realty Corporation		313,702
	669	Lamar Advertising Company		41,144
	1,900	LaSalle Hotel Properties		48,089
	800	Liberty Property Trust		26,768
	42,000	Link REIT		249,507
	24,990	Live Oak Bancshares, Inc.		374,850
	2,950	Macerich Company		233,758
	7,300	Macquarie Group, Ltd.		369,482
	5,350	Medical Properties Trust, Inc.		69,443
	20,770	MetLife, Inc.		912,634
	2,000	Mid-America Apartment Communities, Inc.		204,420
	127,700	Mizuho Financial Group, Inc.		190,309
	600	Muenchener Rueckversicherungs-Gesellschaft AG		121,767
	7,100	National Australia Bank, Ltd.		142,560
	7,493	National Bank of Canada		245,142
	1,300	National Health Investors, Inc.		86,476
	4,900	National Retail Properties, Inc.		226,380
	131,000	New World Development Company, Ltd.		125,030

Shares		Common Stock (27.7%)	Value
	Financials (9.2%) - continued
	2,200	NorthStar Realty Finance Corporation		$28,864
	10,500	Old Mutual plc		29,002
	2,550	Omega Healthcare Investors, Inc.		90,015
	1,400	Outfront Media, Inc.		29,540
	10,814	PacWest Bancorp		401,740
	3,000	Parkway Properties, Inc.		46,980
	1,000	Pebblebrook Hotel Trust		29,070
	5,800	Physicians Realty Trust		107,764
	10,200	Poundland Group plc		22,829
	2,276	Power Corporation of Canada		52,504
	16,483	Prologis, Inc.		728,219
	3,282	Public Storage, Inc.		905,274
	823	QTS Realty Trust, Inc.		38,994
	6,380	Raymond James Financial, Inc.		303,752
	1,700	Realty Income Corporation		106,267
	2,200	Regency Centers Corporation		164,670
	1,200	Retail Opportunity Investments Corporation		24,144
	4,894	RLJ Lodging Trust		111,975
	900	Sampo Oyj		42,628
	4,900	Schroders plc		188,378
	7,760	Simon Property Group, Inc.		1,611,674
	1,100	SL Green Realty Corporation		106,568
	93,000	Solar Capital, Ltd.		1,607,040
	1,453	Sovran Self Storage, Inc.		171,381
	13,200	Spirit Realty Captial, Inc.		148,500
	132,400	Stockland		433,159
	3,206	Store Capital Corporation		82,971
	40,000	Sumitomo Mitsui Trust Holdings, Inc.		117,099
	3,700	Summit Hotel Properties, Inc.		44,289
	650	Sun Communities, Inc.		46,547
	2,855	Sunstone Hotel Investors, Inc.		39,970
	4,100	Swiss Re AG		378,593
	38,140	Synchrony Financialj		1,093,092
	20,500	T&D Holdings, Inc.		191,491
	1,200	Talanx AG		40,895
	2,564	Tanger Factory Outlet Centers, Inc.		93,304
	700	Taubman Centers, Inc.		49,861
	800	Tokio Marine Holdings, Inc.		27,030
	2,404	Toronto-Dominion Bank		103,768
	232,750	Two Harbors Investment Corporation		1,848,035
	5,900	UDR, Inc.		227,327
	23,500	United Overseas Bank, Ltd.		328,718
	2,900	Urban Edge Properties		74,936
	5,300	Ventas, Inc.		333,688
	4,159	VEREIT, Inc.		36,890
	6,370	Vornado Realty Trust		601,519
	2,000	Weingarten Realty Investors		75,040
	7,133	Welltower, Inc.		494,602
	45,100	Wing Tai Holdings, Ltd.		58,831
	1,300	WP Carey, Inc.		80,912
	12,380	XL Group plc		455,584
	16,320	Zions Bancorporation		395,107
		Total		44,871,902
	Health Care (2.8%)
	37,960	Abbott Laboratories		1,587,867
	500	Actelion, Ltd.		74,620
	11,640	Akorn, Inc.j		273,889
	3,640	Allergan plcj		975,629
	5,400	Amgen, Inc.		809,622
	3,900	Astellas Pharmaceutical, Inc.		51,829
	200	Bayer AG		23,436
	900	CSL, Ltd.		69,940
	5,600	Essilor International SA		690,010

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

130

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (27.7%)	Value
	Health Care (2.8%) - continued
	400	Gerresheimer AG		$31,296
	6,000	Hikma Pharmaceuticals plc		170,378
	10,470	Hologic, Inc.j		361,215
	2,931	ICON plcj		220,118
	900	Lonza Group AG		152,137
	24,080	Medtronic plc		1,806,000
	29,960	Merck & Company, Inc.		1,585,184
	2,400	Merck KGaA		199,642
	19,190	Mylan NV		889,457
	11,500	Novartis AG		832,047
	7,900	Novo Nordisk AS		427,813
	22,958	Pfizer, Inc.		680,475
	1,000	Roche Holding AG-Genusschein		245,540
	8,600	Sanofi		691,406
	2,980	Teleflex, Inc.		467,890
	2,960	Waters Corporationj		390,483
		Total		13,707,923
	Industrials (2.8%)
	2,300	Adecco SA		149,618
	3,200	Aida Engineering, Ltd.		27,801
	41,000	Air New Zealand, Ltd.		81,060
	1,900	Airbus Group NV		125,889
	3,800	Amada Holdings Company, Ltd.		37,026
	1,100	Andritz AG		60,263
	19,000	Asahi Glass Company, Ltd.		103,965
	1,200	Atlas Copco Aktiebolag		30,117
	3,100	Babcock International Group plc		42,214
	9,500	Central Glass Company, Ltd.		51,543
	2,200	Compagnie de Saint-Gobain		96,633
	1,300	Croda International plc		56,605
	5,000	Dai Nippon Printing Company, Ltd.		44,371
	4,982	Dart Group plc		47,512
	3,300	Deutsche Post AG		91,588
	1,100	DSV AS		45,754
	7,720	EMCOR Group, Inc.		375,192
	3,630	Equifax, Inc.		414,873
	1,600	FANUC Corporation		247,790
	5,300	Ferrovial SA		113,743
	100	Flughafen Zuerich AG		89,460
	10,000	Fuji Electric Company, Ltd.		34,576
	3,439	Galliford Try plc		70,757
	100	Georg Fischer AG		80,756
	6,000	Hankyu Hanshin Holdings, Inc.		38,263
	9,380	HNI Corporation		367,415
	700	Hochtief AG		85,481
	12,850	Honeywell International, Inc.		1,439,842
	600	Hoshizaki Electric Company, Ltd.		50,046
	16,516	Illinois Tool Works, Inc.		1,691,899
	2,300	Inaba Denki Sangyo Company, Ltd.		72,352
	21,790	Ingersoll-Rand plc		1,351,198
	6,500	Intrum Justitia AB		229,061
	30,900	ITOCHU Corporation		379,725
	33,000	Jacobs Engineering Group, Inc.j		1,437,150
	600	Jungheinrich AG		54,664
	2,000	Keisei Electric Railway Company, Ltd.		28,137
	10,800	KITZ Corporation		46,705
	9,100	KONE Oyjk		437,991
	2,300	Koninklijke Boskalis Westminster NV		90,144
	500	Kuehne & Nagel International AG		71,058
	20,000	Macquarie Infrastructure Corporation		1,348,800
	14,630	Masco Corporation		460,113
	3,280	Middleby Corporationj		350,206
	4,200	MIRAIT Holdings Corporation		33,412
	5,000	Mitsuboshi Belting, Ltd.		40,233
	7,500	MTR Corporation, Ltd.		37,171

Shares		Common Stock (27.7%)	Value
	Industrials (2.8%) - continued
	4,600	Nikkon Holdings Company, Ltd.		$83,254
	8,000	Nippon Express Company, Ltd.		36,372
	7,500	Nitto Kogyo Corporation		119,467
	500	Randstad Holding NV		27,656
	500	Rieter Holding AG		107,950
	1,510	Saft Groupe SA		45,594
	7,100	Sanwa Holdings Corporation		52,819
	200	Schindler Holding AG		36,846
	16,400	SIG plc		34,338
	8,000	Toppan Printing Company, Ltd.		67,074
	1,100	Travis Perkins plc		28,815
	600	Vestas Wind Systems AS		42,276
	4,010	WABCO Holdings, Inc.j		428,749
	1,759	WSP Global, Inc.		52,144
	1,400	Yuasa Trading Company, Ltd.		32,889
		Total		13,856,415
	Information Technology (3.6%)
	1,570	Alphabet, Inc., Class Aj		1,197,753
	1,294	Alphabet, Inc., Class Cj		963,965
	800	Amadeus IT Holding SA		34,211
	13,440	Apple, Inc.		1,464,826
	880	AtoS		71,473
	6,550	Autodesk, Inc.j		381,931
	4,300	Canon, Inc.		128,239
	5,990	Check Point Software Technologies, Ltd.j,k		523,945
	31,620	Cisco Systems, Inc.		900,222
	52,571	EMC Corporation		1,401,017
	11,550	Facebook, Inc.j		1,317,855
	22,830	Finisar Corporationj		416,419
	13,200	FUJIFILM Holdings NPV		521,761
	3,000	Hitachi Kokusai Electric, Inc.		36,015
	2,400	Hoya Corporation		91,226
	2,700	IT Holdings Corporation		63,862
	2,200	ITOCHU Techno-Solutions Corporation		41,511
	13,480	Juniper Networks, Inc.		343,875
	1,100	Kyocera Corporation		48,434
	9,150	MasterCard, Inc.		864,675
	28,940	Microsoft Corporation		1,598,356
	4,300	NEC Networks & System Integration Corporation		66,766
	2,400	NS Solutions Corporation		47,076
	7,490	Plantronics, Inc.		293,533
	19,100	Progress Software Corporationj		460,692
	13,270	QLIK Technologies, Inc.j		383,768
	7,010	Salesforce.com, Inc.j		517,548
	2,300	SAP SE		185,078
	9,500	Shinko Electric Industries Company, Ltd.		53,403
	500	TDK Corporation		27,743
	100	U-Blox AGj		19,205
	1,810	Ultimate Software Group, Inc.j		350,235
	700	United Internet AG		35,072
	23,240	Visa, Inc.		1,777,395
	24,490	Xilinx, Inc.		1,161,561
		Total		17,790,646
	Materials (0.7%)
	400	Air Liquide SA		44,876
	1,270	Ashland, Inc.		139,649
	500	Aurubis AG		24,845
	34,200	BHP Billiton, Ltd.		441,925
	9,800	BillerudKorsnas AB		159,979
	11,000	Boral, Ltd.

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

131

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (27.7%)	Value
	Materials (0.7%) - continued
	2,800	Buzzi Unicem SPA		$48,268
	247	CCL Industries, Inc.		46,880
	3,140	Crown Holdings, Inc.j		155,713
	16,400	Daicel Corporation		223,555
	3,939	Domtar Corporation		159,530
	900	Evonik Industries AG		26,917
	2,460	FMC Corporation		99,310
	100	Givaudan SA		195,980
	3,300	Hexpol AB		36,613
	1,600	Holmen AB		52,335
	2,100	JFE Holdings, Inc.		28,203
	500	LafargeHolcim, Ltd.		23,480
	200	Linde AG		29,060
	5,200	Mitsubishi Chemical Holdings Corporation		27,150
	1,000	Nippon Shokubai Company, Ltd.		50,939
	3,400	Nippon Steel & Sumitomo Metal Corporation		65,184
	17,909	Norsk Hydro ASA		73,579
	3,200	Novozymes AS		143,701
	6,000	Oji Holdings Corporation		24,099
	2,860	Packaging Corporation of America		172,744
	1,710	PPG Industries, Inc.		190,648
	1,000	Rio Tinto, Ltd.		32,561
	7,980	Steel Dynamics, Inc.		179,630
	7,000	Sumitomo Seika Chemicals Company, Ltd.		34,574
	6,000	Tosoh Corporation		25,197
	1,200	Umicore		59,568
	6,900	UPM-Kymmene Oyj		124,749
	8,610	Yara International ASA		323,217
		Total		3,516,689
	Telecommunications Services (0.3%)
	3,860	BCE, Inc.		175,918
	9,000	Elisa Oyjj,k		349,482
	8,800	Freenet AG		262,830
	121,200	KCOM Group plc		187,128
	8,500	Orange SA		148,435
	3,100	Proximus SA		105,786
	14,100	Telefonica Deutschland Holding AG		76,222
	15,250	Zayo Group Holdings, Inc.j		369,660
		Total		1,675,461
	Utilities (0.7%)
	38,000	Brookfield Infrastructure Partners, LP		1,600,940
	9,000	CLP Holdings, Ltd.		81,463
	65,400	Electricidade de Portugal SA		232,199
	22,549	MDU Resources Group, Inc.		438,804
	7,916	NorthWestern Corporation		488,813
	35,000	Redes Energeticas Nacionais SGPS SA		114,591
	1,100	Severn Trent plc		34,266
	6,000	Toho Gas Company, Ltd.		42,587
	14,800	United Utilities Group plc		195,908
	1,700	Veolia Environnement SA		40,917
		Total		3,270,488
		Total Common Stock (cost $137,426,512)		135,523,827
Shares		Registered Investment Companies (5.3%)	Value
	Equity Funds/ETFs (2.8%)
	256,500	Alerian MLP ETF		2,795,850

Shares		Registered Investment Companies (5.3%)	Value
	Equity Funds/ETFs (2.8%) - continued
	114,000	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		$1,102,380
	3,750	iShares MSCI EAFE Index Fund		214,238
	27,000	iShares S&P U.S. Preferred Stock Index Fund		1,053,810
	42,620	Materials Select Sector SPDR Fund		1,909,802
	98,600	SPDR S&P Oil & Gas Exploration & Production ETF		2,992,510
	38,120	Utilities Select Sector SPDR Fund		1,891,514
	25,000	Vanguard High Dividend Yield ETF		1,726,000
		Total		13,686,104
	Fixed Income Funds/ETFs (2.5%)
	9,100	iShares Intermediate Credit Bond ETF		998,270
	3,017	iShares J.P. Morgan USD Emerging Markets Bond ETF		332,926
	134,090	Vanguard Short-Term Corporate Bond ETF		10,731,223
		Total		12,062,419
		Total Registered Investment Companies (cost $27,604,736)		25,748,523
Shares		Preferred Stock (3.2%)	Value
	Consumer Staples (0.2%)
	31,200	CHS, Inc., 7.100%h		863,928
		Total		863,928
	Financials (2.9%)
	6,475	Agribank FCB, 6.875%h		686,350
	39,710	Annaly Capital Management, Inc., 7.500%h		966,541
	800	Bank of America Corporation, Convertible, 7.250%h		910,400
	37,225	Citigroup, Inc., 6.875%h		1,018,476
	26,020	Citigroup, Inc., 6.988%e		684,066
	8,650	Cobank ACB, 6.250%f,h		884,463
	16,000	Countrywide Capital V, 7.000%		412,000
	4,000	Farm Credit Bank of Texas, 6.750%h		429,750
	41,050	GMAC Capital Trust I, 6.402%e		1,006,135
	48,800	Goldman Sachs Group, Inc., 5.500%h		1,220,000
	43,500	HSBC USA, Inc., 6.500%h		1,097,940
	30,420	Morgan Stanley, 6.875%h		825,599
	22,200	Morgan Stanley, 7.125%h		631,590
	15,500	PNC Financial Services Group, Inc., 6.125%h		451,360
	34,000	RBS Capital Funding Trust V, 5.900%h		820,420
	28,000	U.S. Bancorp, 6.500%h		823,760
	16,000	Wells Fargo & Company, 5.850%h		421,760
	1,012	Wells Fargo & Company, Convertible, 7.500%h		1,219,470
		Total		14,510,080
	Materials (0.1%)
	19,000	CHS, Inc., 6.750%h		504,830
		Total		504,830
		Total Preferred Stock (cost $15,575,201)		15,878,838

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

132

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Collateral Held for Securities Loaned (0.3%)	Value
	1,475,375	Thrivent Cash Management Trust		$1,475,375
		Total Collateral Held for Securities Loaned (cost $1,475,375)		1,475,375
Shares or Principal Amount		Short-Term Investments (9.6%)m	Value
		Federal Agricultural Mortgage Corporation Discount Notes
	300,000	0.370%, 4/4/2016n		299,991
		Federal National Mortgage Association Discount Notes
	1,000,000	0.310%, 5/11/2016n		999,655
		Thrivent Cash Management Trust
	45,807,222	0.290%		45,807,222
		Total Short-Term Investments (at amortized cost)		47,106,868
		Total Investments (cost $515,283,059) 103.6%		$507,789,577
		Other Assets and Liabilities, Net (3.6%)		(17,670,578)
		Total Net Assets 100.0%		$490,118,999

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 In bankruptcy. Interest is not being accrued.

e Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of March 31, 2016.

f Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of March 31, 2016, the value of these investments was $51,434,408 or 10.5% of total net assets.

g 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 March 31, 2016.

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

i Denotes interest only security. Interest only securities represent the right to receive monthly interest payments on an underlying pool of mortgages or assets. The principal shown is the outstanding par amount of the pool as of the end of the period. The actual effective yield of the security is different than the stated coupon rate.

j Non-income producing security.

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

l Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in the Notes to Financial Statements.

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

n All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

* 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 value of all restricted securities held in Diversified Income Plus Portfolio as of March 31, 2016 was $11,895,472 or 2.4% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of March 31, 2016.

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

133

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Security	Acquisition Date		Cost
Angel Oak Mortgage Trust, 11/25/2045		12/10/2015	$	998,795
Bayview Opportunity Master Fund Trust, 2/28/2035		2/27/2015		1,274,968
Bayview Opportunity Master Fund Trust, 7/28/2034		3/19/2015		488,522
Citi Held For Asset Issuance, 8/15/2022		2/26/2016		1,364,599
Digicel, Ltd., 4/15/2021		6/9/2014		778,558
Liberty Mutual Group, Inc., 6/15/2058		1/12/2009		539,206
Oak Hill Advisors Residential Loan Trust, 1/25/2055		3/5/2015		618,672
Pretium Mortgage Credit Partners, LLC, 10/27/2030		10/6/2015		774,394
Pretium Mortgage Credit Partners, LLC, 11/27/2030		11/6/2015		1,151,941
Sunset Mortgage Loan Company, LLC, 9/16/2045		10/2/2015		971,393
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		920,376
Vericrest Opportunity Loan Transferee, 10/25/2058		2/6/2015		1,428,901
Vericrest Opportunity Loan Transferee, 2/25/2055		2/25/2015		475,844

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Diversified Income Plus Portfolio as of March 31, 2016:

Securities Lending Transactions

Common Stock	$	1,421,003
Total lending	$	1,421,003
Gross amount payable upon return of collateral for securities loaned	$	1,475,375
Net amounts due to counterparty	$	54,372

    Definitions:

ADR	-	American Depositary Receipt, which are certificates for an underlying foreign security’s shares held by an issuing U.S. depository bank.
ETF	-	Exchange Traded Fund.
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	$	14,627,796
Gross unrealized depreciation		(22,121,278)
Net unrealized appreciation (depreciation)	$	(7,493,482)
Cost for federal income tax purposes	$	515,283,059

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

134

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing Diversified Income Plus Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		3,199,960		–		3,199,960		–
Capital Goods		2,244,040		–		2,244,040		–
Communications Services		19,308,218		–		17,345,501		1,962,717
Consumer Cyclical		11,097,431		–		10,660,312		437,119
Consumer Non-Cyclical		10,305,113		–		9,881,542		423,571
Energy		2,951,388		–		1,209,909		1,741,479
Financials		3,546,263		–		3,546,263		–
Technology		7,312,137		–		7,140,167		171,970
Transportation		3,227,635		–		2,660,709		566,926
Utilities		1,701,245		–		1,701,245		–
Long-Term Fixed Income
Asset-Backed Securities		19,021,929		–		19,021,929		–
Basic Materials		3,788,227		–		3,788,227		–
Capital Goods		10,893,689		–		10,893,689		–
Collateralized Mortgage Obligations		62,265,606		–		62,265,606		–
Commercial Mortgage-Backed Securities		1,695,331		–		1,695,331		–
Communications Services		14,750,867		–		14,750,867		–
Consumer Cyclical		11,460,420		–		11,460,420		–
Consumer Non-Cyclical		13,772,139		–		13,772,139		–
Energy		8,221,084		–		8,221,084		–
Financials		27,931,586		–		25,403,235		2,528,351
Foreign Government		16,229,586		–		16,229,586		–
Mortgage-Backed Securities		11,199,270		–		11,199,270		–
Technology		5,916,892		–		5,916,892		–
Transportation		1,813,024		–		1,813,024		–
U.S. Government and Agencies		2,597,491		–		2,597,491		–
Utilities		5,605,575		–		5,605,575		–
Common Stock
Consumer Discretionary		19,345,072		13,721,202		5,623,870		–
Consumer Staples		8,324,844		4,062,352		4,262,492		–
Energy		9,164,387		7,390,005		1,774,382		–
Financials		44,871,902		35,206,405		9,325,752		339,745
Health Care		13,707,923		10,047,829		3,660,094		–
Industrials		13,856,415		9,665,437		4,190,978		–
Information Technology		17,790,646		16,319,571		1,471,075		–
Materials		3,516,689		1,097,224		2,419,465		–
Telecommunications Services		1,675,461		369,660		1,305,801		–
Utilities		3,270,488		2,528,557		741,931		–
Registered Investment Companies
Fixed Income Funds/ETFs		12,062,419		12,062,419		–		–
Equity Funds/ETFs		13,686,104		13,686,104		–		–
Preferred Stock
Consumer Staples		863,928		863,928		–		–
Financials		14,510,080		12,509,517		2,000,563		–
Materials		504,830		504,830		–		–
Short-Term Investments		1,299,646		–		1,299,646		–
Subtotal Investments in Securities	$	460,506,980	$	140,035,040	$	312,300,062	$	8,171,878
Other Investments*	Total
Short-Term Investments		45,807,222
Collateral Held for Securities Loaned		1,475,375
Subtotal Other Investments	$	47,282,597
Total Investments at Value	$	507,789,577

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

135

DIVERSIFIED INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		257,154		257,154		–		–
Total Asset Derivatives	$	257,154	$	257,154	$	–	$	–
Liability Derivatives
Futures Contracts		323,256		323,256		–		–
Total Liability Derivatives	$	323,256	$	323,256	$	–	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents Diversified Income Plus Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $1,299,646 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date	Notional Principal Amount		Value		Unrealized Gain/(Loss)
CBOT 10-Yr. U.S. Treasury Note		(57)	June 2016	($	7,442,325)	($	7,432,266)	$	10,059
CBOT 2-Yr. U.S. Treasury Note		(26)	June 2016		(5,685,796)		(5,687,500)		(1,704)
CBOT 5-Yr. U.S. Treasury Note		275	June 2016		33,260,813		33,320,117		59,304
CBOT U.S. Long Bond		3	June 2016		495,783		493,312		(2,471)
CME E-mini S&P 500 Index		53	June 2016		5,248,684		5,436,475		187,791
CME S&P 500 Index		(30)	June 2016		(15,067,751)		(15,386,251)		(318,500)
CME Ultra Long Term U.S. Treasury Bond		1	June 2016		173,113		172,532		(581)
Total Futures Contracts								($	66,102)

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

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

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	341,050	$	3,751,005	$	2,616,680		1,475,375	$	1,475,375	$	3,531
Cash Management Trust-Short Term Investment		40,972,462		70,428,679		65,593,919		45,807,222		45,807,222		27,154
Total Value and Income Earned	$	41,313,512							$	47,282,597	$	30,685

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

136

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (26.0%)a	Value
	Basic Materials (1.3%)
		Alpha Natural Resources, Inc., Term Loan
	$432,608	3.500%, 5/22/2020b		$132,304
		Fortescue Metals Group, Ltd., Term Loan
	622,531	4.250%, 6/30/2019c,d		524,308
		Ineos US Finance, LLC, Term Loan
	246,832	3.750%, 12/15/2020		242,512
		NewPage Corporation, Delayed Draw
	68,600	11.000%, 7/26/2017		57,967
		NewPage Corporation, Term Loan
	68,600	10.136%, 7/26/2017		57,967
	340,900	0.000%, 2/11/2021b		49,857
		Tronox Pigments BV, Term Loan
	371,705	4.500%, 3/19/2020		343,084
		Total		1,407,999
	Capital Goods (1.2%)
		Accudyne Industries, LLC, Term Loan
	221,712	4.000%, 12/13/2019c,d		192,890
		ADS Waste Holdings, Inc., Term Loan
	239,979	3.750%, 10/9/2019		237,778
		Berry Plastics Group, Inc., Term Loan
	616,500	4.000%, 10/3/2022		616,192
		Rexnord, LLC, Term Loan
	198,192	4.000%, 8/21/2020		194,939
		Total		1,241,799
	Communications Services (8.5%)
		Altice Financing SA, Term Loan
	70,716	5.250%, 2/4/2022		70,774
		Atlantic Broadband Penn, LLC, Term Loan
	76,805	3.250%, 11/30/2019		76,493
		Birch Communication Inc., Term Loan
	649,687	7.750%, 7/17/2020		561,980
		Block Communications, Inc., Term Loan
	398,990	4.000%, 11/7/2021		398,990
		CCO Safari III, LLC, Term Loan
	220,000	3.500%, 1/24/2023		220,062
		Cengage Learning Acquisitions, Term Loan
	697,023	7.000%, 3/31/2020		693,043
		Charter Communications Operating, LLC, Term Loan
	245,581	3.000%, 7/1/2020		244,314
		Cincinnati Bell, Inc., Term Loan
	251,291	4.000%, 9/10/2020		246,685
		CSC Holdings, LLC, Term Loan
	475,000	5.000%, 10/9/2022		474,924
		Fairpoint Communications, Term Loan
	353,697	7.500%, 2/14/2019c,d		350,012
		Grande Communications Networks, LLC, Term Loan
	247,994	4.500%, 5/29/2020		243,550
		Hargray Communications Group, Inc., Term Loan
	217,147	5.250%, 6/26/2019		215,790
		Integra Telecom Holdings, Inc., Term Loan
	242,697	5.250%, 8/14/2020		228,256

Principal Amount		Bank Loans (26.0%)a	Value
	Communications Services (8.5%) - continued
		Intelsat Jackson Holdings SA, Term Loan
	$160,000	3.750%, 6/30/2019		$148,942
		Level 3 Communications, Inc., Term Loan
	280,000	4.000%, 8/1/2019		280,291
		Liberty Cablevision of Puerto Rico, LLC, Term Loan
	475,000	4.500%, 1/7/2022		452,437
		LTS Buyer, LLC, Term Loan
	272,300	4.000%, 4/13/2020		268,896
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	391,462	4.912%, 3/22/2019		389,830
		NTelos, Inc., Term Loan
	58,634	5.750%, 11/9/2019		58,195
		Numericable US, LLC, Term Loan
	265,000	4.750%, 2/10/2023		262,599
		SBA Senior Finance II, LLC, Term Loan
	736,875	3.250%, 3/24/2021		732,601
	218,350	3.250%, 6/10/2022		216,634
		TNS, Inc., Term Loan
	58,415	5.000%, 2/14/2020		57,448
		Univision Communications, Inc., Term Loan
	247,871	4.000%, 3/1/2020		245,159
		Virgin Media Investment Holdings, Ltd., Term Loan
	171,697	3.500%, 6/30/2023		170,131
		WideOpenWest Finance, LLC, Term Loan
	248,021	4.500%, 4/1/2019		245,055
		WMG Acquisition Corporation, Term Loan
	184,527	0.000%, 7/1/2020c,d		181,681
		XO Communications, LLC, Term Loan
	686,000	4.250%, 3/20/2021		682,817
		Yankee Cable Acquisition, LLC, Term Loan
	236,833	4.250%, 3/1/2020		235,452
		Zayo Group, LLC, Term Loan
	247,992	3.750%, 5/6/2021		246,546
		Total		8,899,587
	Consumer Cyclical (3.7%)
		Amaya BV, Term Loan
	628,929	5.000%, 8/1/2021c,d		576,596
		Burlington Coat Factory Warehouse Corporation, Term Loan
	249,141	4.250%, 8/13/2021		249,096
		Ceridian HCM Holding, Inc., Term Loan
	133,915	4.500%, 9/15/2020		128,893
		FCA US, LLC, Term Loan
	85,259	3.250%, 12/31/2018		85,100
		Golden Nugget, Inc., Delayed Draw
	68,171	5.500%, 11/21/2019		67,788
		Golden Nugget, Inc., Term Loan
	159,066	5.500%, 11/21/2019		158,172
		IMG Worldwide, Inc., Term Loan
	417,406	5.250%, 5/6/2021		416,626
		J.C. Penney Corporation, Inc., Term Loan
	247,465	6.000%, 5/22/2018		247,713

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

137

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (26.0%)a	Value
	Consumer Cyclical (3.7%) - continued
		KAR Auction Services, Inc., Term Loan
	$380,000	4.250%, 3/9/2023		$380,790
		Las Vegas Sands, LLC, Term Loan
	122,188	3.250%, 12/19/2020		122,069
		Marina District Finance Company, Inc., Term Loan
	217,132	6.500%, 8/15/2018		216,680
		Mohegan Tribal Gaming Authority, Term Loan
	401,596	5.500%, 6/15/2018		387,793
		Pinnacle Entertainment, Inc., Term Loan
	18,162	3.750%, 8/13/2020		18,128
		Scientific Games International, Inc., Term Loan
	249,263	6.000%, 10/18/2020		241,007
	523,674	0.000%, 10/1/2021c,d		505,592
		Seminole Hard Rock Entertainment, Inc., Term Loan
	117,879	3.500%, 5/14/2020		116,405
		Total		3,918,448
	Consumer Non-Cyclical (4.3%)
		Albertson’s, LLC, Term Loan
	275,124	5.500%, 3/21/2019		274,970
	79,800	5.500%, 12/21/2022		79,843
		Catalina Marketing Corporation, Term Loan
	123,741	4.500%, 4/9/2021		105,180
		Endo Luxembourg Finance I Co Sarl, Term Loan
	364,087	3.750%, 9/26/2022		358,171
		JBS USA, LLC, Term Loan
	1,318,532	3.750%, 5/25/2018		1,312,770
	209,475	4.000%, 10/30/2022		208,166
		LTF Merger Sub, Inc., Term Loan
	399,918	4.250%, 6/10/2022		394,519
		Mallinckrodt International Finance SA, Term Loan
	155,000	0.000%, 3/19/2021c,d		150,996
		Ortho-Clinical Diagnostics, Inc., Term Loan
	437,577	4.750%, 6/30/2021		404,758
		Supervalu, Inc., Term Loan
	473,061	4.500%, 3/21/2019c,d		461,944
		Valeant Pharmaceuticals International, Inc., Term Loan
	817,362	4.000%, 4/1/2022c,d		770,707
		Total		4,522,024
	Energy (1.0%)
		Arch Coal, Inc., Term Loan
	272,944	7.500%, 5/16/2018b		96,327
		Aria Energy Operating, LLC, Term Loan
	118,847	5.000%, 5/27/2022		104,585
		Exgen Renewables I, LLC, Term Loan
	279,547	5.250%, 2/6/2021		278,849
		McJunkin Red Man Corporation, Term Loan
	173,708	4.750%, 11/8/2019c,d		165,891
		MEG Energy Corporation, Term Loan
	256,651	0.000%, 3/31/2020		206,091

Principal Amount		Bank Loans (26.0%)a	Value
	Energy (1.0%) - continued
		Pacific Drilling SA, Term Loan
	$247,987	4.500%, 6/3/2018		$77,142
		Western Refining, Inc., Term Loan
	114,707	0.000%, 11/12/2020c,d		111,265
		Total		1,040,150
	Financials (1.4%)
		Delos Finance Sarl, Term Loan
	125,000	3.500%, 3/6/2021		125,125
		Harland Clarke Holdings Corporation, Term Loan
	237,469	7.000%, 5/22/2018		233,016
		MPH Acquisition Holdings, LLC, Term Loan
	248,306	3.750%, 3/31/2021		245,699
		TransUnion, LLC, Term Loan
	529,586	3.500%, 4/9/2021c,d		524,026
		WaveDivision Holdings, LLC, Term Loan
	387,780	4.000%, 10/15/2019c,d		383,902
		Total		1,511,768
	Technology (2.8%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	850,000	4.250%, 2/1/2023c,d		845,266
		Booz Allen Hamilton, Inc., Term Loan
	103,359	3.750%, 7/31/2019		103,617
		First Data Corporation, Term Loan
	205,857	3.932%, 3/23/2018		205,291
	120,000	3.932%, 9/24/2018		119,750
	48,847	0.000%, 3/24/2021c,d		48,725
		ON Semiconductor Corporation, Term Loan
	675,000	0.000%, 3/31/2023c,d		675,209
		SS&C European Holdings SARL, Term Loan
	99,103	4.007%, 7/8/2022		99,243
	14,366	4.018%, 7/8/2022		14,386
		Western Digital Corporation, Term Loan
	625,000	0.000%, 3/16/2023c,d		616,994
		Zayo Group, LLC, Term Loan
	149,625	4.500%, 5/6/2021		149,962
		Total		2,878,443
	Transportation (1.1%)
		American Airlines, Inc., Term Loan
	311,162	3.250%, 6/27/2020		309,386
		OSG Bulk Ships, Inc., Term Loan
	471,015	5.250%, 8/5/2019c,d		423,913
		XPO Logistics, Inc., Term Loan
	369,075	5.500%, 11/1/2021c,d		369,998
		Total		1,103,297
	Utilities (0.7%)
		Calpine Corporation, Term Loan
	553,584	4.000%, 10/31/2020		548,397
		Intergen NV, Term Loan
	247,988	5.500%, 6/15/2020		221,329
		Total		769,726
		Total Bank Loans (cost $28,764,553)		27,293,241

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

138

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (58.6%)	Value
	Asset-Backed Securities (4.2%)
		Asset Backed Securities Corporation Home Equity Loan Trust
	$187,395	0.573%, 7/25/2036e		$160,836
		Bayview Opportunity Master Fund Trust
	54,329	3.623%, 4/28/2030f		54,229
	137,450	3.721%, 2/28/2035*		137,375
	209,635	3.721%, 7/28/2035f,g		209,005
		CAM Mortgage, LLC
	98,304	3.500%, 7/15/2064*,g		98,392
		Citi Held For Asset Issuance
	306,613	4.480%, 8/15/2022*		305,780
		Countrywide Asset-Backed Certificates
	99,477	5.530%, 4/25/2047		110,777
		Credit Based Asset Servicing and Securitization, LLC
	106,771	3.535%, 12/25/2036g		72,560
		DRB Prime Student Loan Trust
	93,887	3.200%, 1/25/2040*		93,068
		First Horizon ABS Trust
	218,451	0.593%, 10/25/2034e,h		195,896
		GMAC Mortgage Corporation Loan Trust
	353,411	0.616%, 8/25/2035e,h		330,657
		GSAA Home Equity Trust
	361,124	0.703%, 7/25/2037e		310,088
		IndyMac INDA Mortgage Loan Trust
	174,761	4.614%, 8/25/2036		163,967
		IndyMac INDX Mortgage Loan Trust
	194,009	0.643%, 4/25/2046e		140,796
		J.P. Morgan Mortgage Acquisition Trust
	143,477	4.124%, 3/25/2047g		102,995
		Lehman XS Trust
	185,923	5.440%, 8/25/2035g		162,031
		Popular ABS Mortgage Pass-Through Trust
	100,000	5.297%, 11/25/2035g		94,463
		Pretium Mortgage Credit Partners, LLC
	193,768	4.125%, 10/27/2030*		192,637
	192,172	4.375%, 11/27/2030*		191,727
		Renaissance Home Equity Loan Trust
	238,257	5.797%, 8/25/2036g		138,133
	190,816	5.285%, 1/25/2037g		95,474
		Sunset Mortgage Loan Company, LLC
	161,899	4.459%, 9/16/2045*,g		161,963
		U.S. Residential Opportunity Fund III Trust
	127,437	3.721%, 1/27/2035*		126,378
		Vericrest Opportunity Loan Transferee
	116,461	3.375%, 10/25/2058*,g		114,846
	156,711	3.500%, 6/26/2045f		154,836
	143,818	3.625%, 7/25/2045f,g		142,796
		Wachovia Asset Securitization, Inc.
	333,615	0.573%, 7/25/2037*,e,h		278,776
		Total		4,340,481
	Basic Materials (0.7%)
		Albemarle Corporation
	46,000	3.000%, 12/1/2019		46,275

Principal Amount		Long-Term Fixed Income (58.6%)	Value
	Basic Materials (0.7%) - continued
		Anglo American Capital plc
	$22,000	1.572%, 4/15/2016e,f		$21,921
		ArcelorMittal SA
	120,000	6.500%, 3/1/2021		118,200
		Dow Chemical Company
	24,000	8.550%, 5/15/2019		28,548
		First Quantum Minerals, Ltd.
	130,000	7.000%, 2/15/2021f		87,100
		Freeport-McMoRan, Inc.
	23,000	2.300%, 11/14/2017		21,218
		Glencore Funding, LLC
	30,000	1.680%, 4/16/2018e,f		27,000
		LyondellBasell Industries NV
	26,000	5.000%, 4/15/2019		27,777
		NOVA Chemicals Corporation
	97,215	5.250%, 8/1/2023f		95,028
		Novelis, Inc.
	50,000	8.375%, 12/15/2017		50,850
	75,000	8.750%, 12/15/2020		75,697
		Sappi Papier Holding GmbH
	115,000	6.625%, 4/15/2021f		118,930
		Total		718,544
	Capital Goods (2.0%)
		AECOM
	180,000	5.875%, 10/15/2024		185,400
		Berry Plastics Corporation
	95,000	6.000%, 10/15/2022f		99,572
		Building Materials Corporation of America
	175,000	6.000%, 10/15/2025f		185,062
		Cemex SAB de CV
	130,000	5.700%, 1/11/2025f		120,510
		CNH Industrial Capital, LLC
	195,000	4.375%, 11/6/2020		191,588
		Crown Americas Capital Corporation IV
	120,000	4.500%, 1/15/2023		122,400
		General Electric Company
	253,000	5.000%, 12/29/2049i		260,590
		Huntington Ingalls Industries, Inc.
	155,000	5.000%, 12/15/2021f		162,750
		L-3 Communications Corporation
	33,000	1.500%, 5/28/2017		32,887
		Lockheed Martin Corporation
	35,000	2.500%, 11/23/2020		35,849
		Martin Marietta Materials, Inc.
	40,000	1.729%, 6/30/2017e		39,633
		Newell Rubbermaid, Inc.
	35,000	3.150%, 4/1/2021		35,953
		Nortek, Inc.
	64,810	8.500%, 4/15/2021		67,240
		Owens-Brockway Glass Container, Inc.
	155,000	5.000%, 1/15/2022f		158,500
		Roper Industries, Inc.
	34,000	2.050%, 10/1/2018		34,326
		Sealed Air Corporation
	155,000	4.875%, 12/1/2022f		161,200
		United Rentals North America, Inc.
	170,000	5.500%, 7/15/2025		169,114
		Total		2,062,574

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

139

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (58.6%)	Value
	Collateralized Mortgage Obligations (6.1%)
		Alternative Loan Trust
	$72,411	5.500%, 5/25/2035		$72,234
		American Home Mortgage Assets Trust
	132,745	1.311%, 9/25/2046e		90,121
	239,544	0.623%, 12/25/2046e		149,523
		Angel Oak Mortgage Trust
	239,346	4.500%, 11/25/2045*,g		240,733
		Bear Stearns Adjustable Rate Mortgage Trust
	175,550	2.660%, 10/25/2035e		168,397
		Bear Stearns ALT-A Trust
	148,213	2.813%, 10/25/2033		144,476
	118,194	2.724%, 6/25/2034		115,714
		CitiMortgage Alternative Loan Trust
	277,253	5.750%, 4/25/2037		233,270
		Countrywide Alternative Loan Trust
	152,056	5.750%, 8/25/2035		140,681
	168,018	5.500%, 10/25/2035		154,127
	59,035	5.500%, 2/25/2036		55,149
	87,834	6.000%, 1/25/2037		83,735
	187,067	5.500%, 5/25/2037		158,250
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	119,719	1.121%, 4/25/2047e		100,582
		First Horizon Alternative Mortgage Securities Trust
	223,584	2.412%, 7/25/2035		201,388
		GMAC Mortgage Corporation Loan Trust
	154,907	3.289%, 5/25/2035		144,534
	51,281	3.344%, 9/19/2035		47,914
		HarborView Mortgage Loan Trust
	134,573	2.944%, 12/19/2035		116,798
		Impac CMB Trust
	216,386	0.953%, 4/25/2035e		196,089
	39,802	1.073%, 8/25/2035e		34,610
		J.P. Morgan Alternative Loan Trust
	139,093	6.500%, 3/25/2036		113,616
		J.P. Morgan Mortgage Trust
	110,019	6.500%, 1/25/2035		107,274
	83,042	2.433%, 6/25/2035		82,140
	74,500	2.810%, 6/25/2035		74,743
	128,875	2.705%, 7/25/2035		125,089
	172,383	2.862%, 8/25/2035		170,019
	228,152	2.503%, 6/25/2036		203,396
	47,594	2.663%, 10/25/2036		42,526
		MLCC Mortgage Investors, Inc.
	129,574	1.093%, 8/25/2029e		128,036
		Morgan Stanley Mortgage Loan Trust
	114,917	2.849%, 11/25/2035		82,826
		MortgageIT Trust
	223,963	0.693%, 12/25/2035e		199,253
		Residential Accredit Loans, Inc. Trust
	24,504	5.500%, 12/25/2034		24,581
	50,670	3.583%, 5/25/2035		50,236
	132,258	3.755%, 9/25/2035		107,992
	251,594	0.613%, 11/25/2036e		179,023
		Sequoia Mortgage Trust
	194,366	1.052%, 11/20/2034e		180,930
		Structured Adjustable Rate Mortgage Loan Trust
	165,067	2.705%, 1/25/2035		135,693

Principal Amount		Long-Term Fixed Income (58.6%)	Value
	Collateralized Mortgage Obligations (6.1%) - continued
		Structured Asset Mortgage Investments, Inc.
	$384,671	0.743%, 12/25/2035e		$271,149
		WaMu Mortgage Pass Through Certificates
	146,115	5.000%, 11/25/2018		146,515
	190,150	4.037%, 8/25/2036		163,657
	121,127	2.454%, 10/25/2036		104,223
	202,745	1.975%, 1/25/2037		169,430
	37,947	2.421%, 8/25/2046		32,072
	256,415	1.311%, 9/25/2046e		210,825
	146,195	1.081%, 1/25/2047e		130,162
	161,277	1.091%, 1/25/2047e		122,928
		Washington Mutual Mortgage Pass Through Certificates
	202,010	1.101%, 2/25/2047e		140,449
		Wells Fargo Mortgage Backed Securities Trust
	184,566	2.837%, 3/25/2036		181,902
	80,692	2.765%, 4/25/2036		78,202
	41,159	6.000%, 7/25/2037		40,558
		Total		6,447,770
	Communications Services (2.6%)
		AMC Networks, Inc.
	195,000	5.000%, 4/1/2024		195,731
		America Movil SAB de CV
	21,000	5.000%, 10/16/2019		23,050
		American Tower Corporation
	30,000	2.800%, 6/1/2020		30,153
		AT&T, Inc.
	29,000	5.875%, 10/1/2019		32,777
	30,000	1.559%, 6/30/2020e		29,694
	40,000	2.800%, 2/17/2021		41,011
		British Sky Broadcasting Group plc
	36,000	2.625%, 9/16/2019f		36,374
		CC Holdings GS V, LLC
	33,000	2.381%, 12/15/2017		33,281
		CCO Safari II, LLC
	17,000	3.579%, 7/23/2020f		17,371
	17,000	4.464%, 7/23/2022f		17,770
		CCOH Safari, LLC
	185,000	5.750%, 2/15/2026f		191,475
		CenturyLink, Inc.
	90,000	6.450%, 6/15/2021		91,181
	25,000	7.500%, 4/1/2024d		25,063
		Clear Channel Worldwide Holdings, Inc.
	110,000	6.500%, 11/15/2022		109,450
		Columbus International, Inc.
	120,000	7.375%, 3/30/2021f		127,800
		Crown Castle International Corporation
	200,000	5.250%, 1/15/2023		215,750
		Digicel, Ltd.
	184,810	6.000%, 4/15/2021*		165,405
		Dish DBS Corporation
	125,000	5.875%, 7/15/2022		118,437
		FairPoint Communications, Inc.
	155,000	8.750%, 8/15/2019f		146,862
		Frontier Communications Corporation
	175,000	8.875%, 9/15/2020f		181,781

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

140

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (58.6%)	Value
	Communications Services (2.6%) - continued
		Hughes Satellite Systems Corporation
	$69,000	6.500%, 6/15/2019		$75,986
		Numericable-SFR
	120,000	6.000%, 5/15/2022f		117,000
		SBA Tower Trust
	40,000	5.101%, 4/17/2017f		40,388
		Sprint Corporation
	165,000	7.625%, 2/15/2025		122,513
		Telefonica Emisiones SAU
	30,000	3.192%, 4/27/2018		30,778
		T-Mobile USA, Inc.
	125,000	6.633%, 4/28/2021		130,625
		Univision Communications, Inc.
	105,000	5.125%, 5/15/2023f		104,475
		UPCB Finance V, Ltd.
	90,000	7.250%, 11/15/2021f		95,175
		Verizon Communications, Inc.
	85,000	2.625%, 2/21/2020		87,460
	40,000	4.500%, 9/15/2020		44,161
		Total		2,678,977
	Consumer Cyclical (2.4%)
		AMC Entertainment, Inc.
	79,000	5.875%, 2/15/2022		81,172
		Brookfield Residential Properties, Inc.
	100,000	6.500%, 12/15/2020f		95,500
	75,000	6.125%, 7/1/2022f		66,375
		Cinemark USA, Inc.
	80,000	4.875%, 6/1/2023		80,676
		Corrections Corporation of America
	120,000	5.000%, 10/15/2022		125,100
		CVS Health Corporation
	155,000	4.750%, 12/1/2022f		173,931
		Daimler Finance North America, LLC
	21,000	1.875%, 1/11/2018f		21,109
		eBay, Inc.
	35,000	2.500%, 3/9/2018		35,568
		ERAC USA Finance, LLC
	40,000	2.350%, 10/15/2019f		40,069
		Ford Motor Credit Company, LLC
	38,000	5.000%, 5/15/2018		40,125
	50,000	2.597%, 11/4/2019		50,181
		General Motors Financial Company, Inc.
	119,810	3.250%, 5/15/2018		121,804
	56,000	4.375%, 9/25/2021		57,878
		GLP Capital, LP
	120,000	4.875%, 11/1/2020		124,800
		Hilton Worldwide Finance, LLC
	180,000	5.625%, 10/15/2021		186,516
		Home Depot, Inc.
	35,000	1.004%, 9/15/2017e		35,122
	35,000	2.625%, 6/1/2022		36,205
		Hyundai Capital America
	28,000	1.450%, 2/6/2017f		27,968
		Jaguar Land Rover Automotive plc
	75,000	4.250%, 11/15/2019f		76,969
	77,000	5.625%, 2/1/2023f		79,117
		KB Home
	71,000	4.750%, 5/15/2019		70,734
		L Brands, Inc.
	77,000	6.625%, 4/1/2021		86,617

Principal Amount		Long-Term Fixed Income (58.6%)	Value
	Consumer Cyclical (2.4%) - continued
		Lennar Corporation
	$150,000	4.750%, 11/15/2022		$150,375
		Macy’s Retail Holdings, Inc.
	36,000	7.450%, 7/15/2017		38,552
		MGM Resorts International
	170,000	6.000%, 3/15/2023		175,950
		Ralph Lauren Corporation
	35,000	2.625%, 8/18/2020		36,096
		Royal Caribbean Cruises, Ltd.
	119,810	5.250%, 11/15/2022		126,400
		Six Flags Entertainment Corporation
	110,000	5.250%, 1/15/2021f		113,025
		Toll Brothers Finance Corporation
	52,000	4.000%, 12/31/2018		53,820
		Visa, Inc.
	35,000	2.200%, 12/14/2020		35,870
		West Corporation
	120,000	5.375%, 7/15/2022f		110,076
		Total		2,553,700
	Consumer Non-Cyclical (2.8%)
		Actavis Funding SCS
	26,000	1.887%, 3/12/2020e		25,907
		Amgen, Inc.
	30,000	2.125%, 5/1/2020		30,368
		Anheuser-Busch Inbev Finance, Inc.
	60,000	1.879%, 2/1/2021e		61,061
		B&G Foods, Inc.
	70,000	4.625%, 6/1/2021		70,875
		BAT International Finance plc
	35,000	1.144%, 6/15/2018e,f		34,759
		Becton, Dickinson and Company
	32,000	1.450%, 5/15/2017		32,051
		Boston Scientific Corporation
	25,000	6.000%, 1/15/2020		28,220
		Bunge Limited Finance Corporation
	35,000	3.500%, 11/24/2020		35,517
		Cardinal Health, Inc.
	35,000	1.950%, 6/15/2018		35,164
		Celgene Corporation
	35,000	3.550%, 8/15/2022		36,697
		Centene Escrow Corporation
	180,000	5.625%, 2/15/2021f		187,650
		CHS/Community Health Systems, Inc.
	187,000	7.125%, 7/15/2020		176,715
		Cott Beverages, Inc.
	120,000	5.375%, 7/1/2022		121,800
		CVS Health Corporation
	24,000	2.250%, 12/5/2018		24,583
		EMD Finance, LLC
	19,000	0.992%, 3/17/2017e,f		18,933
		Envision Healthcare Corporation
	155,000	5.125%, 7/1/2022f		157,325
		Express Scripts Holding Company
	35,000	3.900%, 2/15/2022		36,492
		Forest Laboratories, Inc.
	37,000	4.375%, 2/1/2019f		39,258
		Fresenius Medical Care US Finance, Inc.
	64,810	5.750%, 2/15/2021f		70,157
		Gilead Sciences, Inc.
	35,000	3.250%, 9/1/2022		36,984
		Grifols Worldwide Operations, Ltd.
	200,000	5.250%, 4/1/2022		205,500

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

141

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (58.6%)	Value
	Consumer Non-Cyclical (2.8%) - continued
		HCA, Inc.
	$64,810	4.750%, 5/1/2023		$65,944
		JBS USA, LLC
	170,000	5.750%, 6/15/2025f		148,750
		Laboratory Corporation of America Holdings
	20,000	2.625%, 2/1/2020		20,084
		Land O’Lakes, Inc.
	100,000	8.000%, 12/31/2049f,i		103,000
		Mead Johnson Nutrition Company
	35,000	3.000%, 11/15/2020		35,966
		Merck & Company, Inc.
	20,000	0.996%, 2/10/2020e		19,901
		Mondelez International, Inc.
	20,000	2.250%, 2/1/2019		20,419
		MPH Acquisition Holdings, LLC
	250,000	6.625%, 4/1/2022f		260,000
		Mylan NV
	15,000	3.750%, 12/15/2020f		15,347
		Pinnacle Foods, Inc.
	200,000	5.875%, 1/15/2024f		209,340
		Revlon Consumer Products Corporation
	64,810	5.750%, 2/15/2021		66,592
		Reynolds American, Inc.
	19,000	3.250%, 6/12/2020		19,869
		SABMiller plc
	30,000	6.500%, 7/15/2018f		32,901
		Safeway, Inc.
	8,000	3.400%, 12/1/2016		8,000
		Spectrum Brands Escrow Corporation
	77,000	6.375%, 11/15/2020		81,081
		Tenet Healthcare Corporation
	120,000	8.125%, 4/1/2022		123,450
		TreeHouse Foods, Inc.
	110,000	4.875%, 3/15/2022		112,475
		Valeant Pharmaceuticals International
	64,810	7.250%, 7/15/2022f		51,848
		WM Wrigley Jr. Company
	20,000	2.000%, 10/20/2017f		20,083
		Zoetis, Inc.
	35,000	3.450%, 11/13/2020		35,957
		Total		2,917,023
	Energy (1.5%)
		Anadarko Petroleum Corporation
	40,000	8.700%, 3/15/2019		44,694
		Antero Resources Corporation
	140,000	5.125%, 12/1/2022		127,050
		Boardwalk Pipelines, Ltd.
	29,000	5.875%, 11/15/2016		29,068
		Buckeye Partners, LP
	22,000	2.650%, 11/15/2018		21,843
		Chevron Corporation
	35,000	1.128%, 11/16/2018e		34,806
		Concho Resources, Inc.
	189,810	6.500%, 1/15/2022		189,335
		Crestwood Midstream Partners, LP
	110,000	6.250%, 4/1/2023f		81,400
		Enbridge, Inc.
	19,000	1.083%, 6/2/2017e		18,212
		EQT Corporation
	5,000	5.150%, 3/1/2018		4,994

Principal Amount		Long-Term Fixed Income (58.6%)	Value
	Energy (1.5%) - continued
	$26,000	8.125%, 6/1/2019		$28,017
		Exxon Mobil Corporation
	55,000	1.708%, 3/1/2019		55,726
		Marathon Petroleum Corporation
	35,000	3.400%, 12/15/2020		34,425
		MEG Energy Corporation
	77,000	6.375%, 1/30/2023f		45,430
		Occidental Petroleum Corporation
	45,000	2.600%, 4/15/2022d		45,378
		Pacific Drilling V, Ltd.
	110,000	7.250%, 12/1/2017f		40,425
		Petrobras International Finance Company
	184,000	5.750%, 1/20/2020		159,850
		Petroleos Mexicanos
	113,000	5.500%, 2/4/2019f		118,368
	92,000	6.875%, 8/4/2026f		99,590
		Pioneer Natural Resources Company
	11,000	3.450%, 1/15/2021		10,942
		Regency Energy Partners, LP
	120,000	5.000%, 10/1/2022		112,774
		Sabine Pass Liquefaction, LLC
	155,000	5.625%, 3/1/2025		147,831
		Schlumberger Holdings Corporation
	35,000	3.000%, 12/21/2020f		35,484
		Shell International Finance BV
	30,000	1.071%, 5/11/2020e		29,130
		Sunoco Logistics Partners Operations, LP
	35,000	4.400%, 4/1/2021		34,370
		Transcontinental Gas Pipe Line Company, LLC
	40,000	7.850%, 2/1/2026f		45,749
		Total		1,594,891
	Financials (5.3%)
		Abbey National Treasury Services plc
	40,000	1.040%, 9/29/2017e		39,770
		ACE INA Holdings, Inc.
	35,000	2.875%, 11/3/2022		36,117
		Air Lease Corporation
	36,000	2.125%, 1/15/2018		35,640
	17,000	2.625%, 9/4/2018		16,893
		Ally Financial, Inc.
	100,000	4.750%, 9/10/2018		101,500
	100,000	4.125%, 3/30/2020		99,250
		American Express Credit Corporation
	35,000	1.682%, 9/14/2020e		34,802
		Aviation Capital Group Corporation
	20,000	3.875%, 9/27/2016f		20,100
		Bank of America Corporation
	44,000	5.700%, 5/2/2017		45,758
	40,000	1.700%, 8/25/2017		40,054
	76,000	1.694%, 3/22/2018e		76,133
	15,000	5.650%, 5/1/2018		16,102
	125,000	6.300%, 12/29/2049i		128,750
	38,000	8.000%, 12/29/2049i		37,193
		BB&T Corporation
	38,000	2.050%, 6/19/2018		38,447
		Bear Stearns Companies, LLC
	45,000	6.400%, 10/2/2017		48,142
		BNP Paribas SA
	30,000	2.375%, 9/14/2017		30,370
	200,000	7.625%, 12/29/2049f,i		201,100

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

142

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (58.6%)	Value
	Financials (5.3%) - continued
		Caisse Centrale Desjardins du Quebec
	$25,000	1.283%, 1/29/2018e,f		$24,923
		CIT Group, Inc.
	80,000	3.875%, 2/19/2019		79,800
		Citigroup, Inc.
	69,000	1.850%, 11/24/2017		69,156
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	150,000	11.000%, 12/29/2049f,i		179,985
		Credit Agricole SA
	25,000	1.605%, 6/10/2020e,f		24,679
		Credit Suisse Group AG
	150,000	7.500%, 12/11/2049f,i		147,525
		CyrusOne, LP
	64,810	6.375%, 11/15/2022		67,240
		Discover Bank
	10,000	8.700%, 11/18/2019		11,648
		Discover Financial Services
	20,000	6.450%, 6/12/2017		20,965
		Duke Realty, LP
	46,000	8.250%, 8/15/2019		54,421
		Fifth Third Bancorp
	48,000	5.450%, 1/15/2017		49,173
		Goldman Sachs Group, Inc.
	20,000	2.625%, 1/31/2019		20,395
	30,000	7.500%, 2/15/2019		34,556
	25,000	1.779%, 4/23/2020e		24,845
	30,000	2.236%, 11/29/2023e		29,910
		Hartford Financial Services Group, Inc.
	45,000	6.000%, 1/15/2019		49,564
		HCP, Inc.
	25,000	3.750%, 2/1/2019		25,796
		Health Care REIT, Inc.
	26,000	4.700%, 9/15/2017		27,021
		Hospitality Properties Trust
	40,000	4.250%, 2/15/2021		40,586
		HSBC Holdings plc
	23,000	6.375%, 12/29/2049i		21,735
		Huntington Bancshares, Inc.
	55,000	3.150%, 3/14/2021		55,882
		Hutchison Whampoa Finance CI, Ltd.
	46,000	1.625%, 10/31/2017f		45,982
		Icahn Enterprises, LP
	110,000	6.000%, 8/1/2020		106,975
		ILFC E-Capital Trust II
	300,000	4.490%, 12/21/2065e,f		243,000
		ING Capital Funding Trust III
	25,000	4.231%, 12/29/2049e,i		24,312
		International Lease Finance Corporation
	26,000	2.584%, 6/15/2016e		26,024
	85,000	5.875%, 4/1/2019		89,781
		Intesa Sanpaolo SPA
	10,000	3.875%, 1/16/2018		10,233
	32,000	3.875%, 1/15/2019		32,925
		J.P. Morgan Chase & Company
	20,000	6.300%, 4/23/2019		22,619
	15,000	2.250%, 1/23/2020		15,119
	49,000	7.900%, 4/29/2049i		49,000
	180,000	6.750%, 8/29/2049i		197,640
		KeyCorp
	30,000	2.300%, 12/13/2018		30,179

Principal Amount		Long-Term Fixed Income (58.6%)	Value
	Financials (5.3%) - continued
		Liberty Mutual Group, Inc.
	$10,000	5.000%, 6/1/2021f		$10,843
		Lloyds Bank plc
	25,000	1.160%, 3/16/2018e		24,816
		Macquarie Bank, Ltd.
	40,000	1.802%, 1/15/2019e,f		40,076
		Mellon Capital IV
	200,000	4.000%, 6/29/2049e,i		148,500
		MetLife, Inc.
	36,000	1.903%, 12/15/2017		36,154
		Mizuho Corporate Bank, Ltd.
	25,000	1.550%, 10/17/2017f		24,947
		Morgan Stanley
	40,000	6.625%, 4/1/2018		43,701
	25,000	1.761%, 1/27/2020e		24,837
	26,000	4.875%, 11/1/2022		28,170
		MPT Operating Partnership, LP
	110,000	5.500%, 5/1/2024		110,550
		Murray Street Investment Trust I
	60,000	4.647%, 3/9/2017		61,686
		National City Corporation
	20,000	6.875%, 5/15/2019		22,514
		New York Life Global Funding
	35,000	1.550%, 11/2/2018f		35,079
		Nomura Holdings, Inc.
	21,000	2.750%, 3/19/2019		21,307
		Quicken Loans, Inc.
	190,000	5.750%, 5/1/2025f		184,300
		Realty Income Corporation
	33,000	2.000%, 1/31/2018		33,126
		Regions Bank
	17,000	7.500%, 5/15/2018		18,733
		Regions Financial Corporation
	35,000	3.200%, 2/8/2021		35,291
		Reinsurance Group of America, Inc.
	40,000	5.625%, 3/15/2017		41,490
		RHP Hotel Properties, LP
	105,000	5.000%, 4/15/2021		107,625
		Royal Bank of Scotland Group plc
	22,000	1.569%, 3/31/2017e		21,968
	132,000	7.640%, 3/29/2049i		128,205
	162,000	7.648%, 8/29/2049i		189,540
	200,000	7.500%, 12/29/2049i		186,000
		Simon Property Group, LP
	35,000	2.500%, 9/1/2020		35,640
	60,000	2.500%, 7/15/2021		61,310
		Societe Generale SA
	30,000	5.750%, 4/20/2016f		30,052
	155,000	8.250%, 9/29/2049i		156,163
		State Street Corporation
	35,000	1.518%, 8/18/2020e		34,843
		Sumitomo Mitsui Banking Corporation
	60,000	1.300%, 1/10/2017		60,043
	25,000	1.200%, 1/16/2018e		24,883
		SunTrust Banks, Inc.
	35,000	2.900%, 3/3/2021		35,511
		Synchrony Financial
	56,000	1.875%, 8/15/2017		55,827
	15,000	1.849%, 2/3/2020e		14,499
		Synovus Financial Corporation
	98,000	5.750%, 12/15/2025		99,960
		Toronto-Dominion Bank
	40,000	1.461%, 1/22/2019e		40,016
	35,000	1.562%, 12/14/2020e		35,102

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

143

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (58.6%)	Value
	Financials (5.3%) - continued
		UnitedHealth Group, Inc.
	$35,000	3.350%, 7/15/2022		$37,233
		USB Realty Corporation
	195,000	1.769%, 12/29/2049e,f,i		155,512
		Voya Financial, Inc.
	30,000	2.900%, 2/15/2018		30,462
		Wells Fargo & Company
	25,000	1.298%, 1/30/2020e		24,764
		Total		5,510,993
	Foreign Government (13.5%)
		Brazil Government International Bond
	282,000	5.875%, 1/15/2019		304,560
	281,000	4.875%, 1/22/2021		283,810
	460,000	2.625%, 1/5/2023		394,450
	320,000	5.000%, 1/27/2045		256,000
		Colombia Government International Bond
	205,000	2.625%, 3/15/2023		190,650
	180,000	4.000%, 2/26/2024		180,900
	340,000	5.000%, 6/15/2045		316,200
		Croatia Government International Bond
	80,000	6.750%, 11/5/2019f		87,771
	255,000	6.625%, 7/14/2020f		280,118
		Export-Import Bank of Korea
	25,000	2.250%, 1/21/2020		25,208
		Hungary Government International Bond
	170,000	4.000%, 3/25/2019		176,375
	386,000	5.750%, 11/22/2023		439,654
	334,000	5.375%, 3/25/2024		374,057
		Indonesia Government International Bond
	240,000	4.875%, 5/5/2021f		258,409
	225,000	3.375%, 4/15/2023f		219,812
	282,000	5.875%, 1/15/2024f		316,688
	210,000	4.125%, 1/15/2025f		210,952
	200,000	4.750%, 1/8/2026f		209,821
	375,000	5.125%, 1/15/2045f		372,979
		Mexico Government International Bond
	230,000	3.625%, 3/15/2022		237,475
	284,000	4.000%, 10/2/2023		297,490
	322,000	3.600%, 1/30/2025		328,440
	94,000	6.050%, 1/11/2040		110,215
	230,000	4.750%, 3/8/2044		229,425
	188,000	5.550%, 1/21/2045		208,210
	329,000	4.600%, 1/23/2046		320,775
		Panama Government International Bond
	146,000	4.000%, 9/22/2024		153,300
	173,000	3.750%, 3/16/2025		177,758
	94,000	6.700%, 1/26/2036		119,850
		Peru Government International Bond
	590,000	4.125%, 8/25/2027		618,025
		Philippines Government International Bond
	125,000	7.750%, 1/14/2031		190,061
	110,000	6.375%, 10/23/2034		155,304
	92,000	5.000%, 1/13/2037		115,585
	184,000	3.950%, 1/20/2040		201,889
	500,000	3.700%, 3/1/2041		528,632

Principal Amount		Long-Term Fixed Income (58.6%)	Value
	Foreign Government (13.5%) - continued
		Romania Government International Bond
	$148,000	4.375%, 8/22/2023f		$157,355
	80,000	4.875%, 1/22/2024f		88,136
		Russia Government International Bond
	188,000	3.500%, 1/16/2019f		188,971
	700,000	5.000%, 4/29/2020f		734,930
	560,000	4.875%, 9/16/2023f		584,847
	265,550	7.500%, 3/31/2030f		324,124
	282,000	5.625%, 4/4/2042f		285,070
		South Africa Government International Bond
	200,000	5.500%, 3/9/2020		211,770
	145,000	5.875%, 5/30/2022		157,144
	46,000	5.375%, 7/24/2044		45,455
		Turkey Government International Bond
	282,000	7.500%, 11/7/2019		321,555
	650,000	7.000%, 6/5/2020		735,696
	295,000	5.125%, 3/25/2022		310,101
	188,000	6.250%, 9/26/2022		209,056
	94,000	5.750%, 3/22/2024		101,952
	288,000	4.250%, 4/14/2026		280,385
	200,000	4.875%, 10/9/2026		202,465
	92,000	4.875%, 4/16/2043		85,353
		United Mexican States
	276,000	4.125%, 1/21/2026		289,386
		Total		14,204,599
	Mortgage-Backed Securities (11.9%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	300,000	3.000%, 5/1/2030d		313,055
	550,000	3.000%, 4/1/2031d		574,965
		Federal Home Loan Mortgage Corporation Gold 20-Yr. Pass Through
	33,841	5.500%, 9/1/2024		37,563
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	750,000	4.000%, 4/1/2046d		800,449
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	750,000	3.500%, 4/1/2030d		792,007
		Federal National Mortgage Association Conventional 20-Yr. Pass Through
	252,185	6.000%, 8/1/2024		287,360
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	4,825,000	3.500%, 4/1/2046d		5,058,900
	3,000,000	4.000%, 4/1/2046d		3,205,312
	1,325,000	4.500%, 4/1/2046d		1,441,766
		Total		12,511,377
	Technology (1.5%)
		Alliance Data Systems Corporation
	75,000	5.375%, 8/1/2022f		70,313
		Apple, Inc.
	30,000	0.917%, 5/6/2020e		29,503

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

144

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (58.6%)	Value
	Technology (1.5%) - continued
		Automatic Data Processing, Inc.
	$35,000	2.250%, 9/15/2020		$36,022
		Cisco Systems, Inc.
	40,000	1.236%, 2/21/2018e		40,105
	35,000	1.135%, 3/1/2019e		34,989
		CommScope Technologies Finance, LLC
	130,000	6.000%, 6/15/2025f		131,219
		Denali Borrower, LLC
	122,000	5.625%, 10/15/2020f		128,695
		Equinix, Inc.
	155,000	5.750%, 1/1/2025		162,750
		Fidelity National Information Services, Inc.
	37,000	1.450%, 6/5/2017		36,715
	35,000	3.625%, 10/15/2020		36,173
		First Data Corporation
	110,000	5.375%, 8/15/2023f		112,750
		Freescale Semiconductor, Inc.
	105,000	6.000%, 1/15/2022f		111,300
		Hewlett Packard Enterprise Company
	33,000	3.600%, 10/15/2020f		34,315
		IMS Health, Inc.
	75,000	6.000%, 11/1/2020f		77,062
		Intel Corporation
	35,000	3.100%, 7/29/2022		37,003
		Iron Mountain, Inc.
	64,810	6.000%, 8/15/2023		68,051
		Oracle Corporation
	30,000	2.500%, 5/15/2022		30,604
		Plantronics, Inc.
	200,000	5.500%, 5/31/2023f		196,500
		Sensata Technologies BV
	130,000	4.875%, 10/15/2023f		130,650
		Texas Instruments, Inc.
	30,000	1.750%, 5/1/2020		30,169
		Tyco Electronics Group SA
	38,000	6.550%, 10/1/2017		40,601
		Total		1,575,489
	Transportation (0.5%)
		Air Canada Pass Through Trust
	14,551	3.875%, 3/15/2023f		14,096
		American Airlines Pass Through Trust
	16,803	4.950%, 1/15/2023		17,978
		Avis Budget Car Rental, LLC
	105,000	5.125%, 6/1/2022f		99,422
		Continental Airlines, Inc.
	48,389	6.250%, 4/11/2020		50,566
		Delta Air Lines, Inc.
	22,711	4.950%, 5/23/2019		23,904
		J.B. Hunt Transport Services, Inc.
	35,000	3.300%, 8/15/2022		35,677
		Korea Expressway Corporation
	33,000	1.625%, 4/28/2017f		33,050
		United Airlines 2015-1 Class A Pass Through Trust
	35,000	3.700%, 12/1/2022		35,175
		XPO Logistics, Inc.
	200,000	6.500%, 6/15/2022f		194,250
		Total		504,118
	U.S. Government and Agencies (2.1%)
		U.S. Treasury Bonds
	100,000	1.625%, 2/15/2026		98,547

Principal Amount		Long-Term Fixed Income (58.6%)	Value
	U.S. Government and Agencies (2.1%) - continued
		U.S. Treasury Notes
	$1,000,000	1.875%, 6/30/2020		$1,030,586
	1,070,000	2.125%, 6/30/2022		1,111,588
		Total		2,240,721
	Utilities (1.5%)
		AES Corporation
	64,810	7.375%, 7/1/2021		72,587
		Ameren Corporation
	35,000	2.700%, 11/15/2020		35,491
		Arizona Public Service Company
	20,000	2.200%, 1/15/2020		20,229
		Berkshire Hathaway Energy Company
	48,000	2.400%, 2/1/2020		48,908
		Calpine Corporation
	100,000	6.000%, 1/15/2022f		104,750
	120,000	5.375%, 1/15/2023		116,326
		DTE Energy Company
	46,000	2.400%, 12/1/2019		46,354
		Dynegy Finance I, Inc.
	140,000	7.375%, 11/1/2022		129,500
		EDP Finance BV
	46,000	4.125%, 1/15/2020f		46,064
		El Paso Corporation
	18,000	7.000%, 6/15/2017		18,885
		Electricite de France SA
	165,000	5.250%, 12/29/2049f,i		150,975
		Energy Transfer Equity, LP
	170,000	5.500%, 6/1/2027		136,425
		Enterprise Products Operating, LLC
	70,000	7.000%, 6/1/2067		50,575
		Eversource Energy
	15,000	1.600%, 1/15/2018		14,926
		Exelon Generation Company, LLC
	20,000	5.200%, 10/1/2019		21,781
	15,000	2.950%, 1/15/2020		15,097
		MPLX LP
	330,000	4.875%, 12/1/2024f		304,668
		NextEra Energy Capital Holdings, Inc.
	35,000	2.300%, 4/1/2019		35,203
		NiSource Finance Corporation
	16,000	6.400%, 3/15/2018		17,351
		NRG Energy, Inc.
	64,810	6.625%, 3/15/2023		60,455
		Pacific Gas & Electric Company
	26,000	5.625%, 11/30/2017		27,677
		PG&E Corporation
	19,000	2.400%, 3/1/2019		19,253
		Sempra Energy
	36,000	6.150%, 6/15/2018		39,010
	15,000	2.400%, 3/15/2020		15,054
		Southern California Edison Company
	10,000	2.400%, 2/1/2022		10,096
		Xcel Energy, Inc.
	30,000	1.200%, 6/1/2017		29,935
		Total		1,587,575
		Total Long-Term Fixed Income (cost $61,526,677)		61,448,832
Shares		Registered Investment Companies (4.7%)	Value
	Equity Funds/ETFs (0.3%)
	7,200	BlackRock Resources & Commodities Strategy Trust		51,912

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

145

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Registered Investment Companies (4.7%)	Value
	Equity Funds/ETFs (0.3%) - continued
	3,200	Guggenheim Multi-Asset Income ETF		$59,168
	14,800	iShares FTSE NAREIT Mortgage Plus Capped Index Fund		143,116
	6,450	NFJ Dividend Interest & Premium Strategy Fund		79,077
		Total		333,273
	Fixed Income Funds/ETFs (4.4%)
	32,160	Aberdeen Asia-Pacific Income Fund, Inc.		160,800
	9,425	Doubleline Income Solutions Fund		158,434
	5,211	First Trust High Income Long/Short Fund		76,185
	9,022	iShares J.P. Morgan USD Emerging Markets Bond ETF		995,578
	29,597	MFS Intermediate Income Trust		136,442
	10,814	PIMCO Dynamic Credit Income Fund		188,596
	24,789	Templeton Global Income Fund		161,624
	30,560	Vanguard Short-Term Corporate Bond ETF		2,445,717
	11,299	Western Asset Emerging Markets Debt Fund, Inc.		164,062
	16,794	Western Asset High Income Opportunity Fund, Inc.		78,764
		Total		4,566,202
		Total Registered Investment Companies (cost $5,221,502)		4,899,475
Shares		Preferred Stock (2.2%)	Value
	Consumer Staples (0.1%)
	2,280	CHS, Inc., 7.100%i		63,133
		Total		63,133
	Financials (2.1%)
	1,870	Agribank FCB, 6.875%i		198,220
	177	Bank of America Corporation, Convertible, 7.250%i		201,426
	10,320	Citigroup, Inc., 6.875%i		282,355
	3,600	Citigroup, Inc., 6.988%e		94,644
	1,445	Cobank ACB, 6.250%f,i		147,751
	1,135	Farm Credit Bank of Texas, 6.750%i		121,942
	7,800	GMAC Capital Trust I, 6.402%e		191,178
	7,400	Goldman Sachs Group, Inc., 5.500%i		185,000
	7,675	HSBC USA, Inc., 6.500%i		193,717
	92	M&T Bank Corporation, 6.375%i		98,756
	6,900	Morgan Stanley, 7.125%i		196,305
	4,839	U.S. Bancorp, 6.500%i		142,364
	169	Wells Fargo & Company, Convertible, 7.500%i		203,647
		Total		2,257,305
		Total Preferred Stock (cost $2,258,318)		2,320,438
Shares		Common Stock (0.5%)	Value
	Energy (<0.1%)
	341	Vantage Drilling Internationalj		37,510
		Total		37,510
	Financials (0.5%)
	24,100	Apollo Investment Corporation		133,755
	11,100	Ares Capital Corporation		164,724
	6,000	Invesco Mortgage Capital, Inc.		73,080

Shares		Common Stock (0.5%)	Value
	Financials (0.5%) - continued
	9,450	Solar Capital, Ltd.		$163,296
		Total		534,855
		Total Common Stock (cost $649,143)		572,365
Shares or Principal Amount		Short-Term Investments (22.5%)k	Value
		Thrivent Cash Management Trust
	23,358,978	0.290%		23,358,978
		U.S. Treasury Bills
	200,000	0.345%, 6/23/2016l,m		199,841
		Total Short-Term Investments (at amortized cost)		23,558,819
		Total Investments (cost $121,979,012) 114.5%		$120,093,170
		Other Assets and Liabilities, Net (14.5%)		(15,191,370)
		Total Net Assets 100.0%		$104,901,800

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

b In bankruptcy. Interest is not being accrued.

c All or a portion of the loan is unfunded.

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

e Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of March 31, 2016.

f Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of March 31, 2016, the value of these investments was $13,270,762 or 12.7% of total net assets.

g 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 March 31, 2016.

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

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

j Non-income producing security.

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

l All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

m All or a portion of the security is pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.

* 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 value of all restricted securities held in Opportunity Income Plus Portfolio as of March 31, 2016 was $2,107,080 or 2.0% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of March 31, 2016.

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

146

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Security	Acquisition Date		Cost
Angel Oak Mortgage Trust, 11/25/2045		12/10/2015	$	238,842
Bayview Opportunity Master Fund Trust, 2/28/2035		9/1/2015		137,278
CAM Mortgage, LLC, 7/15/2064		6/24/2015		98,304
Citi Held For Asset Issuance, 8/15/2022		2/26/2016		305,858
Digicel, Ltd., 4/15/2021		8/19/2013		186,350
DRB Prime Student Loan Trust, 1/25/2040		12/4/2015		91,559
Pretium Mortgage Credit Partners, LLC, 11/27/2030		11/6/2015		191,990
Pretium Mortgage Credit Partners, LLC, 10/27/2030		10/6/2015		193,598
Sunset Mortgage Loan Company, LLC, 9/16/2045		10/2/2015		161,899
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		127,437
Vericrest Opportunity Loan Transferee, 10/25/2058		1/13/2016		114,860
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		333,615

    Definitions:

ETF	-	Exchange Traded Fund.
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	$	1,188,306
Gross unrealized depreciation		(3,074,148)
Net unrealized appreciation (depreciation)	$	(1,885,842)
Cost for federal income tax purposes	$	121,979,012

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

147

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing Opportunity Income Plus Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		1,407,999		–		1,407,999		–
Capital Goods		1,241,799		–		1,241,799		–
Communications Services		8,899,587		–		7,880,422		1,019,165
Consumer Cyclical		3,918,448		–		3,918,448		–
Consumer Non-Cyclical		4,522,024		–		4,522,024		–
Energy		1,040,150		–		545,451		494,699
Financials		1,511,768		–		1,511,768		–
Technology		2,878,443		–		2,829,718		48,725
Transportation		1,103,297		–		679,384		423,913
Utilities		769,726		–		769,726		–
Long-Term Fixed Income
Asset-Backed Securities		4,340,481		–		4,340,481		–
Basic Materials		718,544		–		718,544		–
Capital Goods		2,062,574		–		2,062,574		–
Collateralized Mortgage Obligations		6,447,770		–		6,447,770		–
Communications Services		2,678,977		–		2,678,977		–
Consumer Cyclical		2,553,700		–		2,553,700		–
Consumer Non-Cyclical		2,917,023		–		2,917,023		–
Energy		1,594,891		–		1,594,891		–
Financials		5,510,993		–		5,510,993		–
Foreign Government		14,204,599		–		14,204,599		–
Mortgage-Backed Securities		12,511,377		–		12,511,377		–
Technology		1,575,489		–		1,575,489		–
Transportation		504,118		–		504,118		–
U.S. Government and Agencies		2,240,721		–		2,240,721		–
Utilities		1,587,575		–		1,587,575		–
Registered Investment Companies
Fixed Income Funds/ETFs		4,566,202		4,566,202		–		–
Equity Funds/ETFs		333,273		333,273		–		–
Preferred Stock
Consumer Staples		63,133		63,133		–		–
Financials		2,257,305		1,690,636		566,669		–
Common Stock
Energy		37,510		37,510		–		–
Financials		534,855		534,855		–		–
Short-Term Investments		199,841		–		199,841		–
Subtotal Investments in Securities	$	96,734,192	$	7,225,609	$	87,522,081	$	1,986,502
Other Investments*	Total
Short-Term Investments		23,358,978
Subtotal Other Investments	$	23,358,978
Total Investments at Value	$	120,093,170

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		10,650		10,650		–		–
Total Asset Derivatives	$	10,650	$	10,650	$	–	$	–
Liability Derivatives
Futures Contracts		7,977		7,977		–		–
Total Liability Derivatives	$	7,977	$	7,977	$	–	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

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

148

OPPORTUNITY INCOME PLUS PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

The following table presents Opportunity Income Plus Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $174,861 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
CBOT 10-Yr. U.S. Treasury Note		(10)		June 2016	($	1,305,671)	($	1,303,906)	$	1,765
CBOT 2-Yr. U.S. Treasury Note		(33)		June 2016		(7,216,587)		(7,218,750)		(2,163)
CBOT 5-Yr. U.S. Treasury Note		19		June 2016		2,298,020		2,302,117		4,097
CBOT U.S. Long Bond		(5)		June 2016		(826,976)		(822,188)		4,788
CME Ultra Long Term U.S. Treasury Bond		10		June 2016		1,731,127		1,725,313		(5,814)
Total Futures Contracts									$	2,673

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

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

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Short Term Investment	$	19,671,931	$	18,510,180	$	14,823,133		23,358,978	$	23,358,978	$	13,246
Total Value and Income Earned	$	19,671,931							$	23,358,978	$	13,246

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

149

PARTNER HEALTHCARE PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (97.0%)	Value
	Biotechnology (35.1%)
	85,327	Acceleron Pharma, Inc.a		$2,251,780
	68,806	Alder Biopharmaceuticals, Inc.a		1,685,059
	50,800	Alexion Pharmaceuticals, Inc.a		7,072,376
	424,435	Amicus Therapeutics, Inc.a		3,586,476
	103,468	BioMarin Pharmaceutical, Inc.a		8,534,041
	91,000	Celgene Corporationa		9,108,190
	109,600	Gilead Sciences, Inc.		10,067,856
	67,400	Incyte Corporationa		4,884,478
	124,144	Innate Pharma SAa		1,715,137
	118,900	Neurocrine Biosciences, Inc.a		4,702,495
	138,078	Portola Pharmaceuticals, Inc.a		2,816,791
	130,610	PTC Therapeutics, Inc.a		841,128
	41,900	Vertex Pharmaceuticals, Inc.a		3,330,631
		Total		60,596,438
	Health Care Equipment (16.5%)
	88,886	Dexcom, Inc.a		6,036,248
	21,900	Edwards Lifesciences Corporationa		1,931,799
	6,975	Intuitive Surgical, Inc.a		4,192,324
	110,600	Medtronic plc		8,295,000
	238,947	NxStage Medical, Inc.a		3,581,815
	80,900	St. Jude Medical, Inc.		4,449,500
		Total		28,486,686
	Health Care Facilities (1.9%)
	59,700	Acadia Healthcare Company, Inc.a		3,290,067
		Total		3,290,067
	Health Care Services (3.0%)
	69,988	Adeptus Health, Inc.a		3,887,134
	127,219	Teladoc, Inc.a		1,221,302
		Total		5,108,436
	Health Care Supplies (2.6%)
	62,206	Align Technology, Inc.a		4,521,754
		Total		4,521,754
	Managed Health Care (3.1%)
	41,300	UnitedHealth Group, Inc.		5,323,570
		Total		5,323,570
	Pharmaceuticals (34.8%)
	120,783	Aspen Pharmacare Holdings, Ltd.		2,615,351
	102,900	Eli Lilly and Company		7,409,829
	158,100	Merck & Company, Inc.		8,365,071
	109,391	Mylan NV		5,070,273
	97,099	Novartis AG		7,025,301
	90,155	Novo Nordisk AS ADR		4,885,499
	27,983	Roche Holding AG-Genusschein		6,870,954
	130,732	Sagent Pharmaceuticals, Inc.a		1,591,008
	26,745	Sawai Pharmaceutical Company, Ltd.		1,673,634
	44,589	Shire Pharmaceuticals Group plc ADR		7,664,849
	130,881	Teva Pharmaceutical Industries, Ltd. ADR		7,003,442
		Total		60,175,211
		Total Common Stock (cost $184,194,874)		167,502,162

Shares or Principal Amount		Short-Term Investments (1.9%)b	Value
		Thrivent Cash Management Trust
	3,213,592	0.290%		$3,213,592
		Total Short-Term Investments (at amortized cost)		3,213,592
		Total Investments (cost $187,408,466) 98.9%		$170,715,754
		Other Assets and Liabilities, Net 1.1%		1,950,007
		Total Net Assets 100.0%		$172,665,761

a Non-income producing security.

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

    Definitions:

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

Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$	8,270,035
Gross unrealized depreciation		(24,962,747)
Net unrealized appreciation (depreciation)	$	(16,692,712)
Cost for federal income tax purposes	$	187,408,466

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

150

PARTNER HEALTHCARE PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing Partner Healthcare Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Biotechnology		60,596,438		58,881,301		1,715,137		–
Health Care Equipment		28,486,686		28,486,686		–		–
Health Care Facilities		3,290,067		3,290,067		–		–
Health Care Services		5,108,436		5,108,436		–		–
Health Care Supplies		4,521,754		4,521,754		–		–
Managed Health Care		5,323,570		5,323,570		–		–
Pharmaceuticals		60,175,211		41,989,971		18,185,240		–
Subtotal Investments in Securities	$	167,502,162	$	147,601,785	$	19,900,377	$	–
Other Investments*	Total
Short-Term Investments		3,213,592
Subtotal Other Investments	$	3,213,592
Total Investments at Value	$	170,715,754

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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

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

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Short Term Investment	$	12,518,371	$	17,354,644	$	26,659,423		3,213,592	$	3,213,592	$	2,971
Total Value and Income Earned	$	12,518,371							$	3,213,592	$	2,971

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

151

PARTNER EMERGING MARKETS EQUITY PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (92.0%)	Value
	Brazil (8.9%)
	157,334	Banco Bradesco SA ADR		$1,172,138
	32,900	BRF SA		470,033
	107,805	Lojas Renner SA		625,426
	40,102	Multiplan Empreendimentos Imobiliarios SA		600,585
	59,800	Ultrapar Participacoes SA		1,157,865
	60,660	Vale SA ADRa		255,378
		Total		4,281,425
	Chile (1.1%)
	28,670	Banco Santander Chile SA ADR		554,765
		Total		554,765
	China (1.2%)
	890,000	PetroChina Company, Ltd.		589,050
		Total		589,050
	Hong Kong (11.5%)
	305,000	AIA Group, Ltd.		1,733,627
	141,000	China Mobile, Ltd.		1,561,571
	167,000	Hang Lung Group, Ltd.		479,390
	132,000	Hang Lung Properties, Ltd.		252,017
	17,100	Hong Kong Exchanges and Clearing, Ltd.		412,044
	71,000	Swire Pacific, Ltd., Class A		765,801
	100,000	Swire Pacific, Ltd., Class B		195,127
	59,500	Swire Properties, Ltd.		161,054
		Total		5,560,631
	Hungary (1.3%)
	30,710	Richter Gedeon Nyrt		611,780
		Total		611,780
	India (15.3%)
	5,200	Grasim Industries, Ltd.		301,857
	4,350	Grasim Industries, Ltd. GDR		251,950
	17,000	Hero Motocorp, Ltd.		756,058
	67,000	Hindustan Unilever, Ltd.		879,417
	85,639	Housing Development Finance Corporation		1,429,067
	245,000	ICICI Bank, Ltd.		880,157
	74,200	Infosys, Ltd.		1,363,307
	222,893	ITC, Ltd.		1,104,349
	8,947	Ultra Tech Cement, Ltd.		436,330
		Total		7,402,492
	Indonesia (4.8%)
	3,130,000	Astra International Tbk PT		1,710,881
	391,800	Indocement Tunggal Prakarsa Tbk PT		582,579
		Total		2,293,460
	Luxembourg (1.4%)
	26,965	Tenaris SA ADR		667,653
		Total		667,653
	Malaysia (1.8%)
	249,672	CIMB Group Holdings Berhad		310,339
	120,000	Public Bank Berhad		577,382
		Total		887,721
	Mexico (8.2%)
	17,400	Fomento Economico Mexicano SAB de CV ADR		1,675,794
	4,800	Grupo Aeroportuario del Sureste SAB de CV ADR		720,816

Shares		Common Stock (92.0%)	Value
	Mexico (8.2%) - continued
	236,077	Grupo Financiero Banorte SAB de CV ADR		$1,337,854
	97,300	Organizacion Soriana SAB de CVb		230,450
		Total		3,964,914
	Philippines (3.8%)
	28,000	Ayala Corporation		456,128
	917,900	Ayala Land, Inc.		702,431
	367,862	Bank of the Philippine Islands		695,151
		Total		1,853,710
	Poland (1.9%)
	21,319	Bank Pekao SA		939,917
		Total		939,917
	Portugal (1.4%)
	41,629	Jeronimo Martins SGPS SA		680,509
		Total		680,509
	Russia (4.0%)
	27,186	Lukoil ADR		1,041,950
	5,519	Magnit PJSC		866,156
		Total		1,908,106
	South Africa (3.7%)
	53,921	Massmart Holdings, Ltd.		462,077
	40,564	MTN Group, Ltd.		370,447
	142,193	Truworths International, Ltd.		944,542
		Total		1,777,066
	South Korea (1.0%)
	3,170	E-Mart Company, Ltd.		486,799
		Total		486,799
	Taiwan (5.7%)
	175,400	Taiwan Mobile Company, Ltd.		569,448
	433,499	Taiwan Semiconductor Manufacturing Company, Ltd.		2,162,221
		Total		2,731,669
	Thailand (4.4%)
	85,500	Siam Cement pcl		1,136,410
	242,800	Siam Commercial Bank pcl		971,702
		Total		2,108,112
	Turkey (5.3%)
	311,433	Akbank TAS		887,082
	37,036	BIM Birlesik Magazalar AS		803,048
	292,190	Turkiye Garanti Bankasi AS		854,863
		Total		2,544,993
	United Kingdom (3.6%)
	21,386	BHP Billiton plc		240,015
	16,139	SABMiller plc		981,150
	77,303	Standard Chartered plc		522,799
		Total		1,743,964
	United States (1.7%)
	9,800	Yum! Brands, Inc.		802,130
		Total		802,130
		Total Common Stock (cost $42,237,212)		44,390,866

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

152

PARTNER EMERGING MARKETS EQUITY PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Preferred Stock (5.3%)	Value
	Brazil (0.5%)
	71,605	Vale SA ADR		$223,407
		Total		223,407
	South Korea (4.8%)
	2,382	Samsung Electronics Company, Ltd.		2,306,202
		Total		2,306,202
		Total Preferred Stock (cost $2,178,604)		2,529,609
Shares		Collateral Held for Securities Loaned (0.6%)
	272,925	Thrivent Cash Management Trust		272,925
		Total Collateral Held for Securities Loaned (cost $272,925)		272,925
Shares or Principal Amount		Short-Term Investments (2.5%)c
		Thrivent Cash Management Trust
	1,226,378	0.290%		1,226,378
		Total Short-Term Investments (at amortized cost)		1,226,378
		Total Investments (cost $45,915,119) 100.4%		$48,419,778
		Other Assets and Liabilities, Net (0.4%)		(173,078)
		Total Net Assets 100.0%		$48,246,700

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.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Partner Emerging Markets Equity Portfolio as of March 31, 2016:

Securities Lending Transactions
Common Stock	$	255,337
Total lending	$	255,337
Gross amount payable upon return of collateral for securities loaned	$	272,925
Net amounts due to counterparty	$	17,588

    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	$	10,083,153
Gross unrealized depreciation		(7,578,494)
Net unrealized appreciation (depreciation)	$	2,504,659
Cost for federal income tax purposes	$	45,915,119

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

153

PARTNER EMERGING MARKETS EQUITY PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing Partner Emerging Markets Equity Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		5,556,286		802,130		4,754,156		–
Consumer Staples		7,922,533		1,675,794		6,246,739		–
Energy		3,456,518		667,653		2,788,865		–
Financials		16,125,619		1,726,903		14,398,716		–
Health Care		611,780		–		611,780		–
Industrials		1,788,474		720,816		1,067,658		–
Information Technology		3,525,528		–		3,525,528		–
Materials		2,902,662		255,378		2,647,284		–
Telecommunications Services		2,501,466		–		2,501,466		–
Preferred Stock
Information Technology		2,306,202		–		2,306,202		–
Materials		223,407		223,407		–		–
Subtotal Investments in Securities	$	46,920,475	$	6,072,081	$	40,848,394	$	–
Other Investments*	Total
Short-Term Investments		1,226,378
Collateral Held for Securities Loaned		272,925
Subtotal Other Investments	$	1,499,303
Total Investments at Value	$	48,419,778

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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

A summary of transactions for the fiscal year to date, in Partner Emerging Markets Equity Portfolio, is as follows:

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	212,275	$	2,053,350	$	1,992,700		272,925	$	272,925	$	2,262
Cash Management Trust-Short Term Investment		965,123		1,900,745		1,639,490		1,226,378		1,226,378		683
Total Value and Income Earned	$	1,177,398							$	1,499,303	$	2,945

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

154

REAL ESTATE SECURITIES PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (99.5%)	Value
	Consumer Discretionary (0.1%)
	5,000	Toll Brothers, Inc.a		$147,550
		Total		147,550
	Diversified REITS (5.3%)
	6,792	American Assets Trust, Inc.		271,137
	5,000	Armada Hoffler Properties, Inc.		56,250
	4,428	Brookfield Asset Management, Inc.		154,050
	54,000	Cousins Properties, Inc.		560,520
	82,420	Duke Realty Corporation		1,857,747
	20,176	First Potomac Realty Trust		182,795
	32,493	Forest City Realty Trust, Inc.		685,277
	32,803	Gramercy Property Trust		277,185
	35,414	Lexington Realty Trust		304,560
	27,443	Liberty Property Trust		918,243
	5,270	PS Business Parks, Inc.		529,688
	65,760	Spirit Realty Captial, Inc.		739,800
	35,050	Store Capital Corporation		907,094
	57,384	VEREIT, Inc.		508,996
	9,515	Washington Real Estate Investment Trust		277,933
	4,000	Whitestone REIT		50,280
	10,500	Winthrop Realty Trust		137,865
	4,950	WP Carey, Inc.		308,088
		Total		8,727,508
	Health Care REITs (9.3%)
	5,000	Capital Senior Living Corporationa		92,600
	7,930	Care Capital Properties, Inc.		212,841
	41,142	HCP, Inc.		1,340,406
	24,262	Healthcare Realty Trust, Inc.		749,453
	27,769	Healthcare Trust of America, Inc.		816,964
	7,022	LTC Properties, Inc.		317,675
	38,214	Medical Properties Trust, Inc.		496,018
	8,220	National Health Investors, Inc.		546,794
	18,371	Omega Healthcare Investors, Inc.		648,496
	37,020	Physicians Realty Trust		687,832
	14,431	Sabra Healthcare REIT, Inc.		289,919
	27,322	Senior Housing Property Trust		488,791
	52,720	Ventas, Inc.		3,319,251
	76,152	Welltower, Inc.		5,280,380
		Total		15,287,420
	Hotel & Resort REITs (6.1%)
	9,928	Ashford Hospitality Trust, Inc.		63,341
	24,156	Chatham Lodging Trust		517,663
	21,883	Chesapeake Lodging Trust		579,024
	33,895	DiamondRock Hospitality Company		343,017
	24,593	FelCor Lodging Trust, Inc.		199,695
	8,786	Hersha Hospitality Trust		187,493
	37,800	Hilton Worldwide Holdings, Inc.		851,256
	10,749	Hospitality Properties Trust		285,494
	154,129	Host Hotels & Resorts, Inc.		2,573,954
	20,705	LaSalle Hotel Properties		524,044
	27,974	Pebblebrook Hotel Trust		813,204
	39,257	RLJ Lodging Trust		898,200
	10,206	Starwood Hotels & Resorts Worldwide, Inc.		851,487
	37,457	Summit Hotel Properties, Inc.		448,360
	62,973	Sunstone Hotel Investors, Inc.		881,622
		Total		10,017,854
	Industrial REITS (5.4%)
	27,516	DCT Industrial Trust, Inc.		1,086,056
	7,724	EastGroup Properties, Inc.		466,298
	43,896	First Industrial Realty Trust, Inc.		998,195
	120,012	Prologis, Inc.		5,302,130

Shares		Common Stock (99.5%)	Value
	Industrial REITS (5.4%) - continued
	21,550	Rexford Industrial Realty, Inc.		$391,348
	21,700	STAG Industrial, Inc.		441,812
	9,608	Terreno Realty Corporation		225,308
		Total		8,911,147
	Mortgage REITS (0.6%)
	12,500	Apollo Commercial Real Estate Finance, Inc.		203,750
	10,250	Blackstone Mortgage Trust, Inc.		275,315
	10,250	Colony Capital, Inc.		171,893
	12,900	NorthStar Realty Finance Corporation		169,248
	6,050	Starwood Property Trust, Inc.		114,526
		Total		934,732
	Office REITS (13.2%)
	22,712	Alexandria Real Estate Equities, Inc.		2,064,294
	41,168	Boston Properties, Inc.		5,231,629
	41,430	Brandywine Realty Trust		581,263
	17,297	City Office REIT, Inc.		197,186
	19,857	Corporate Office Properties Trust		521,048
	33,557	Douglas Emmett, Inc.		1,010,401
	29,919	Empire State Realty Trust, Inc.		524,480
	5,800	Franklin Street Properties Corporation		61,538
	25,312	Highwoods Properties, Inc.		1,210,167
	32,259	Hudson Pacific Properties, Inc.		932,930
	5,000	Independence Realty Trust, Inc.		35,600
	23,563	Kilroy Realty Corporation		1,457,843
	21,405	Mack-Cali Realty Corporation		503,017
	22,700	New York REIT, Inc.		229,270
	29,800	Paramount Group, Inc.		475,310
	24,770	Parkway Properties, Inc.		387,898
	16,963	Piedmont Office Realty Trust, Inc.		344,519
	25,977	SL Green Realty Corporation		2,516,652
	36,450	Vornado Realty Trust		3,441,973
		Total		21,727,018
	Real Estate Services (0.1%)
	1,119	CBRE Group, Inc.a		32,250
	800	Jones Lang LaSalle, Inc.		93,856
	3,000	Kennedy-Wilson Holdings, Inc.		65,700
		Total		191,806
	Residential REITS (18.5%)
	22,953	American Campus Communities, Inc.		1,080,857
	35,800	American Homes 4 Rent		569,220
	37,034	Apartment Investment & Management Company		1,548,762
	32,654	AvalonBay Communities, Inc.		6,210,791
	12,139	Bluerock Residential Growth REIT, Inc.		132,072
	24,331	Camden Property Trust		2,045,994
	16,438	Education Realty Trust, Inc.		683,821
	21,928	Equity Lifestyle Properties, Inc.		1,594,823
	85,090	Equity Residential		6,384,303
	18,585	Essex Property Trust, Inc.		4,346,288
	13,674	Mid-America Apartment Communities, Inc.		1,397,619
	15,235	Post Properties, Inc.		910,139
	14,628	Sun Communities, Inc.		1,047,511
	66,294	UDR, Inc.		2,554,308
		Total		30,506,508
	Retail REITS (24.6%)
	30,613	Acadia Realty Trust		1,075,435

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

155

REAL ESTATE SECURITIES PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (99.5%)	Value
	Retail REITS (24.6%) - continued
	11,650	Agree Realty Corporation		$448,175
	38,891	Brixmor Property Group, Inc.		996,387
	25,239	CBL & Associates Properties, Inc.		300,344
	11,320	Cedar Realty Trust, Inc.		81,844
	83,206	DDR Corporation		1,480,235
	32,224	Equity One, Inc.		923,540
	18,495	Federal Realty Investment Trust		2,886,145
	127,905	General Growth Properties, Inc.		3,802,616
	65,987	Kimco Realty Corporation		1,899,106
	18,436	Kite Realty Group Trust		510,861
	23,791	Macerich Company		1,885,199
	23,286	National Retail Properties, Inc.		1,075,813
	12,026	Pennsylvania Real Estate Investment Trust		262,768
	31,548	Ramco-Gershenson Properties Trust		568,810
	5,750	Realty Income Corporation		359,432
	29,792	Regency Centers Corporation		2,229,931
	31,572	Retail Opportunity Investments Corporation		635,229
	34,900	Retail Properties of America, Inc.		553,165
	1,138	Saul Centers, Inc.		60,337
	71,661	Simon Property Group, Inc.		14,883,273
	21,363	Tanger Factory Outlet Centers, Inc.		777,399
	14,847	Taubman Centers, Inc.		1,057,552
	19,271	Urban Edge Properties		497,963
	6,500	Urstadt Biddle Properties, Inc.		136,175
	23,142	Weingarten Realty Investors		868,288
	33,771	WP Glimcher, Inc.		320,487
		Total		40,576,509
	Specialized REITS (16.3%)
	10,076	American Farmland Company		63,277
	22,400	American Tower Corporation		2,293,088
	7,596	CoreSite Realty Corporation		531,796
	10,842	Crown Castle International Corporation		937,833
	62,172	CubeSmart		2,070,328
	26,200	CyrusOne, Inc.		1,196,030
	18,868	Digital Realty Trust, Inc.		1,669,629
	21,550	DuPont Fabros Technology, Inc.		873,422
	8,032	EPR Properties		535,092
	7,892	Equinix, Inc.		2,609,963
	32,370	Extra Space Storage, Inc.		3,025,300
	6,000	GEO Group, Inc.		208,020
	4,957	Iron Mountain, Inc.		168,092
	5,182	Outfront Media, Inc.		109,340
	26,683	Public Storage, Inc.		7,359,972
	11,700	QTS Realty Trust, Inc.		554,346
	14,886	Sovran Self Storage, Inc.		1,755,804
	29,451	Weyerhaeuser Company		912,392
		Total		26,873,724
		Total Common Stock (cost $142,366,379)		163,901,776
Shares		Registered Investment Companies (0.1%)	Value
	Equity Funds/ETFs (<0.1%)
	10,000	Cohen & Steers Quality Income Realty Fund, Inc.		124,100
		Total		124,100
		Total Registered Investment Companies (cost $107,160)		124,100

Shares or Principal Amount		Short-Term Investments (0.5%)b	Value
		Thrivent Cash Management Trust
	915,876	0.290%		$915,876
		Total Short-Term Investments (at amortized cost)		915,876
		Total Investments (cost $143,389,415) 100.1%		$164,941,752
		Other Assets and Liabilities, Net (0.1%)		(143,745)
		Total Net Assets 100.0%		$164,798,007

a Non-income producing security.

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

    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	$	36,560,364
Gross unrealized depreciation		(15,008,027)
Net unrealized appreciation (depreciation)	$	21,552,337
Cost for federal income tax purposes	$	143,389,415

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

156

REAL ESTATE SECURITIES PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing Real Estate Securities Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		147,550		147,550		–		–
Diversified REITS		8,727,508		8,727,508		–		–
Health Care REITs		15,287,420		15,287,420		–		–
Hotel & Resort REITs		10,017,854		10,017,854		–		–
Industrial REITS		8,911,147		8,911,147		–		–
Mortgage REITS		934,732		934,732		–		–
Office REITS		21,727,018		21,727,018		–		–
Real Estate Services		191,806		191,806		–		–
Residential REITS		30,506,508		30,506,508		–		–
Retail REITS		40,576,509		40,576,509		–		–
Specialized REITS		26,873,724		26,873,724		–		–
Registered Investment Companies Equity Funds/ETFs		124,100		124,100		–		–
Subtotal Investments in Securities	$	164,025,876	$	164,025,876	$	–	$	–
Other Investments*	Total
Short-Term Investments		915,876
Subtotal Other Investments	$	915,876
Total Investments at Value	$	164,941,752

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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

A summary of transactions for the fiscal year to date, in Real Estate Securities Portfolio, is as follows:

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Short Term Investment	$	1,707,534	$	4,341,381	$	5,133,039		915,876	$	915,876	$	595
Total Value and Income Earned	$	1,707,534							$	915,876	$	595

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

157

SMALL CAP STOCK PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (92.7%)	Value
	Consumer Discretionary (10.4%)
	63,494	Aaron’s, Inc.		$1,593,699
	77,190	Cedar Fair, LP		4,588,946
	94,150	Core-Mark Holding Company, Inc.		7,678,874
	82,990	G-III Apparel Group, Ltd.a		4,057,381
	182,820	Houghton Mifflin Harcourt Companya		3,645,431
	109,671	MDC Partners, Inc.		2,588,236
	306,330	Nutrisystem, Inc.		6,393,107
	62,060	Oxford Industries, Inc.		4,172,294
	65,490	Papa John’s International, Inc.		3,548,903
	371,272	Tuesday Morning Corporationa		3,037,005
	35,060	Zoe’s Kitchen, Inc.a,b		1,366,989
		Total		42,670,865
	Consumer Staples (2.0%)
	38,558	Casey’s General Stores, Inc.		4,369,393
	89,600	WhiteWave Foods Companya		3,641,344
		Total		8,010,737
	Energy (3.3%)
	311,100	Callon Petroleum Companya		2,753,235
	224,180	Parsley Energy, Inc.a		5,066,468
	179,580	RPC, Inc.b		2,546,444
	38,500	RSP Permian, Inc.a		1,118,040
	301,740	WPX Energy, Inc.a		2,109,163
		Total		13,593,350
	Financials (25.0%)
	26,131	Affiliated Managers Group, Inc.a		4,243,674
	84,170	Allied World Assurance Company Holdings AG		2,940,900
	87,070	American Assets Trust, Inc.		3,475,834
	125,548	Ameris Bancorp		3,713,710
	86,371	Argo Group International Holdings, Ltd.		4,956,832
	230,822	Assured Guaranty, Ltd.		5,839,797
	176,544	BBCN Bancorp, Inc.		2,681,703
	130,010	CNO Financial Group, Inc.		2,329,779
	246,908	CoBiz Financial, Inc.		2,918,453
	366,650	Hanmi Financial Corporation		8,073,633
	148,267	Horace Mann Educators Corporation		4,698,581
	116,317	Houlihan Lokey, Inc.		2,896,293
	333,741	Janus Capital Group, Inc.		4,882,631
	119,760	PacWest Bancorp		4,449,084
	135,850	Parkway Properties, Inc.		2,127,411
	41,791	Pebblebrook Hotel Trust		1,214,864
	113,850	Physicians Realty Trust		2,115,333
	150,470	Primerica, Inc.b		6,700,429
	109,470	Renasant Corporation		3,602,658
	17,580	Sovran Self Storage, Inc.		2,073,561
	140,055	Stifel Financial Corporationa		4,145,628
	20,391	SVB Financial Groupa		2,080,902
	358,790	Synovus Financial Corporation		10,372,619
	233,360	Talmer Bancorp, Inc.		4,221,482
	197,720	Terreno Realty Corporation		4,636,534
	77,231	United Community Banks, Inc.		1,426,457
		Total		102,818,782
	Health Care (10.1%)
	38,700	Acorda Therapeutics, Inc.a		1,023,615
	101,530	Akorn, Inc.a		2,389,001
	49,720	Align Technology, Inc.a		3,614,147
	46,010	Analogic Corporation		3,635,250
	229,250	Depomed, Inc.a,b		3,193,453
	64,372	ExamWorks Group, Inc.a		1,902,836
	111,920	Greatbatch, Inc.a		3,988,829
	49,010	Neurocrine Biosciences, Inc.a		1,938,345

Shares		Common Stock (92.7%)	Value
	Health Care (10.1%) - continued
	128,940	NuVasive, Inc.a		$6,272,931
	151,340	Omnicell, Inc.a		4,217,846
	45,400	Teleflex, Inc.		7,128,254
	34,384	West Pharmaceutical Services, Inc.		2,383,499
		Total		41,688,006
	Industrials (19.0%)
	11,007	Astec Industries, Inc.		513,697
	98,820	AZZ, Inc.		5,593,212
	140,510	BWX Technologies, Inc.		4,715,516
	95,436	CLARCOR, Inc.		5,515,246
	95,830	Curtiss-Wright Corporation		7,251,456
	222,254	EMCOR Group, Inc.		10,801,544
	17,771	ESCO Technologies, Inc.		692,713
	43,380	FTI Consulting, Inc.a		1,540,424
	199,945	Granite Construction, Inc.		9,557,371
	68,028	HNI Corporation		2,664,657
	43,707	Huron Consulting Group, Inc.a		2,543,310
	63,134	MSA Safety, Inc.		3,052,529
	163,124	Progressive Waste Solutions, Ltd.		5,061,738
	28,070	Proto Labs, Inc.a,b		2,163,916
	236,830	Raven Industries, Inc.		3,794,017
	59,914	Ritchie Brothers Auctioneers, Inc.b		1,622,471
	104,500	Tennant Company		5,379,660
	205,200	TransUniona		5,665,572
		Total		78,129,049
	Information Technology (18.5%)
	99,945	Arista Networks, Inc.a,b		6,306,530
	205,590	Booz Allen Hamilton Holding Corporation		6,225,265
	146,990	Broadridge Financial Solutions, Inc.		8,717,977
	39,169	Brooks Automation, Inc.		407,358
	47,813	CACI International, Inc.a		5,101,647
	54,920	Criteo SA ADRa		2,274,786
	40,120	DST Systems, Inc.		4,524,332
	52,230	Envestnet, Inc.a		1,420,656
	37,311	FEI Company		3,321,052
	78,647	Finisar Corporationa		1,434,521
	74,160	Guidewire Software, Inc.a		4,040,237
	37,665	Ixiaa		469,306
	268,830	Microsemi Corporationa		10,298,877
	222,740	National Instruments Corporation		6,706,701
	163,700	Pegasystems, Inc.		4,154,706
	68,719	Plantronics, Inc.		2,693,098
	215,687	Virtusa Corporationa		8,079,635
		Total		76,176,684
	Materials (2.8%)
	61,770	Balchem Corporation		3,830,975
	108,859	Chemtura Corporationa		2,873,878
	42,550	PolyOne Corporation		1,287,138
	45,842	Scotts Miracle-Gro Company		3,335,922
		Total		11,327,913
	Utilities (1.6%)
	86,363	Laclede Group, Inc.		5,851,093
	17,993	PNM Resources, Inc.		606,724
		Total		6,457,817
		Total Common Stock (cost $341,598,475)		380,873,203

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

158

SMALL CAP STOCK PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Registered Investment Companies (5.0%)	Value
	Equity Funds/ETFs (5.0%)
	30,590	iShares Russell 2000 Growth Index Fund		$4,058,681
	55,700	iShares Russell 2000 Index Fund		6,161,534
	43,300	iShares Russell 2000 Value Index Fund		4,035,993
	32,550	Market Vectors Oil Service ETFb		866,155
	88,510	Materials Select Sector SPDR Fundb		3,966,133
	30,780	SPDR S&P Biotech ETF		1,590,095
		Total		20,678,591
		Total Registered Investment Companies (cost $20,511,126)		20,678,591
Shares		Collateral Held for Securities Loaned (5.5%)	Value
	22,431,123	Thrivent Cash Management Trust		22,431,123
		Total Collateral Held for Securities Loaned (cost $22,431,123)		22,431,123
Shares or Principal Amount		Short-Term Investments (3.6%)c	Value
		Thrivent Cash Management Trust
	14,577,299	0.290%		14,577,299
		Total Short-Term Investments (at amortized cost)		14,577,299
		Total Investments (cost $399,118,023) 106.8%		$438,560,216
		Other Assets and Liabilities, Net (6.8%)		(27,752,991)
		Total Net Assets 100.0%		$410,807,225

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.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Small Cap Stock Portfolio as of March 31, 2016:

Securities Lending Transactions

Common Stock	$	19,645,071
Total lending	$	19,645,071
Gross amount payable upon return of collateral for securities loaned	$	22,431,123
Net amounts due to counterparty	$	2,786,052

    Definitions:

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

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$	51,686,746
Gross unrealized depreciation		(12,244,553)
Net unrealized appreciation (depreciation)	$	39,442,193
Cost for federal income tax purposes	$	399,118,023

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

159

SMALL CAP STOCK PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, 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		42,670,865		42,670,865		–		–
Consumer Staples		8,010,737		8,010,737		–		–
Energy		13,593,350		13,593,350		–		–
Financials		102,818,782		102,818,782		–		–
Health Care		41,688,006		41,688,006		–		–
Industrials		78,129,049		78,129,049		–		–
Information Technology		76,176,684		76,176,684		–		–
Materials		11,327,913		11,327,913		–		–
Utilities		6,457,817		6,457,817		–		–
Registered Investment Companies
Equity Funds/ETFs		20,678,591		20,678,591		–		–
Subtotal Investments in Securities	$	401,551,794	$	401,551,794	$	–	$	–
Other Investments*	Total
Short-Term Investments		14,577,299
Collateral Held for Securities Loaned		22,431,123
Subtotal Other Investments	$	37,008,422
Total Investments at Value	$	438,560,216

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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

A summary of transactions for the fiscal year to date, in Small Cap Stock Portfolio, is as follows:

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	40,959,020	$	61,903,188	$	80,431,085		22,431,123	$	22,431,123	$	61,970
Cash Management Trust-Short Term Investment		12,996,171		29,345,938		27,764,810		14,577,299		14,577,299		6,488
Total Value and Income Earned	$	53,955,191							$	37,008,422	$	68,458

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

160

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (96.8%)	Value
	Consumer Discretionary (14.5%)
	7,260	American Public Education, Inc.a		$149,774
	6,010	Arctic Cat, Inc.		100,968
	11,330	Asbury Automotive Group, Inc.a		677,987
	17,567	Barnes & Noble Education, Inc.a		172,157
	28,210	Barnes & Noble, Inc.		348,676
	39,890	Belmond, Ltd.a		378,556
	8,530	Big 5 Sporting Goods Corporation		94,768
	488	Biglari Holdings, Inc.a		181,394
	9,130	BJ’s Restaurants, Inc.a		379,534
	5,290	Blue Nile, Inc.		136,006
	9,070	Bob Evans Farms, Inc.		423,478
	37,300	Boyd Gaming Corporationa		770,618
	12,860	Buckle, Inc.b		435,568
	20,095	Caleres, Inc.		568,488
	43,570	Callaway Golf Company		397,358
	4,920	Capella Education Company		258,989
	31,300	Career Education Corporationa		142,102
	12,110	Cato Corporation		466,841
	9,230	Children’s Place, Inc.		770,428
	10,820	Core-Mark Holding Company, Inc.		882,479
	33,360	Crocs, Inc.a		320,923
	7,640	DineEquity, Inc.		713,805
	13,810	Dorman Products, Inc.a,b		751,540
	11,210	Drew Industries, Inc.		722,597
	24,913	E.W. Scripps Company		388,394
	11,870	Ethan Allen Interiors, Inc.		377,703
	33,200	Express, Inc.a		710,812
	20,613	Finish Line, Inc.		434,934
	25,170	Five Below, Inc.a,b		1,040,528
	19,070	Francesca’s Holdings Corporationa		365,381
	15,740	Fred’s, Inc.		234,683
	8,320	FTD Companies, Inc.a		218,400
	53,320	Gannett Company, Inc.		807,265
	10,180	Genesco, Inc.a		735,505
	16,890	Gentherm, Inc.a		702,455
	18,270	G-III Apparel Group, Ltd.a		893,220
	10,240	Group 1 Automotive, Inc.		600,986
	22,150	Harte-Hanks, Inc.		56,040
	9,150	Haverty Furniture Companies, Inc.		193,614
	13,000	Helen of Troy, Ltd.a		1,347,970
	10,490	Hibbett Sports, Inc.a		376,591
	22,100	Iconix Brand Group, Inc.a,b		177,905
	7,680	Installed Building Products, Inc.a		204,365
	18,470	Interval Leisure Group, Inc.b		266,707
	13,290	iRobot Corporationa		469,137
	7,030	Kirkland’s, Inc.		123,095
	23,210	La-Z-Boy, Inc.		620,635
	10,730	Lithia Motors, Inc.		937,051
	12,350	Lumber Liquidators Holdings, Inc.a,b		162,032
	11,360	M/I Homes, Inc.a		211,864
	8,900	Marcus Corporation		168,655
	11,070	MarineMax, Inc.a		215,533
	11,580	Marriott Vacations Worldwide Corporation		781,650
	17,200	Meritage Homes Corporationa		627,112
	4,850	Monarch Casino & Resort, Inc.a		94,381
	14,730	Monro Muffler Brake, Inc.		1,052,753
	8,330	Motorcar Parts of America, Inc.a		316,373
	7,470	Movado Group, Inc.		205,649
	13,610	Nutrisystem, Inc.		284,041
	7,610	Outerwall, Inc.		281,494
	6,710	Oxford Industries, Inc.		451,113
	12,970	Papa John’s International, Inc.		702,844
	5,440	Perry Ellis International, Inc.a		100,150
	9,290	PetMed Express, Inc.b		166,384
	27,950	Pinnacle Entertainment, Inc.a		981,045

Shares		Common Stock (96.8%)	Value
	Consumer Discretionary (14.5%) - continued
	10,300	Popeyes Louisiana Kitchen, Inc.a		$536,218
	6,290	Red Robin Gourmet Burgers, Inc.a		405,516
	17,790	Regis Corporationa		270,230
	24,000	Rent-A-Center, Inc.		380,400
	28,470	Ruby Tuesday, Inc.a		153,169
	15,480	Ruth’s Hospitality Group, Inc.		284,987
	12,370	Scholastic Corporation		462,267
	23,090	Scientific Games Corporationa,b		217,739
	22,410	Select Comfort Corporationa		434,530
	9,220	Sizmek, Inc.a		26,738
	13,250	Sonic Automotive, Inc.		244,860
	22,692	Sonic Corporationb		797,851
	14,060	Stage Stores, Inc.b		113,324
	6,920	Stamps.com, Inc.a		735,458
	9,070	Standard Motor Products, Inc.		314,276
	13,270	Stein Mart, Inc.		97,269
	25,465	Steven Madden, Ltd.a		943,224
	5,060	Strayer Education, Inc.a		246,675
	8,740	Sturm, Ruger & Company, Inc.		597,641
	10,630	Superior Industries International, Inc.		234,710
	22,270	Tailored Brands, Inc.		398,633
	29,230	Texas Roadhouse, Inc.		1,273,843
	17,420	TopBuild Corporationa		518,071
	20,290	Tuesday Morning Corporationa		165,972
	25,870	Tumi Holdings, Inc.a		693,833
	6,900	Unifi, Inc.a		158,079
	6,680	Universal Electronics, Inc.a		414,093
	9,870	Universal Technical Institute, Inc.		42,540
	9,360	Vera Bradley, Inc.a		190,382
	11,930	Vitamin Shoppe, Inc.a,b		369,353
	8,680	VOXX International Corporationa		38,800
	12,460	Winnebago Industries, Inc.		279,727
	45,910	Wolverine World Wide, Inc.		845,662
	15,720	World Wrestling Entertainment, Inc.		277,615
	9,190	Zumiez, Inc.a		183,065
		Total		42,678,233
	Consumer Staples (2.6%)
	11,990	Andersons, Inc.		376,606
	28,860	B&G Foods, Inc.		1,004,617
	6,800	Calavo Growers, Inc.		388,008
	14,340	Cal-Maine Foods, Inc.b		744,389
	4,650	Central Garden & Pet Companya		75,981
	15,660	Central Garden & Pet Company, Class Aa		255,102
	75,650	Darling Ingredients, Inc.a		996,311
	7,730	Inter Parfums, Inc.		238,857
	6,850	J & J Snack Foods Corporation		741,718
	4,260	Medifast, Inc.		128,609
	9,240	Sanderson Farms, Inc.b		833,263
	2,750	Seneca Foods Corporationa		95,535
	17,040	SpartanNash Company		516,482
	10,460	Universal Corporationb		594,233
	6,210	WD-40 Company		670,742
		Total		7,660,453
	Energy (2.5%)
	31,280	Archrock, Inc.		250,240
	26,450	Atwood Oceanics, Inc.b		242,546
	17,110	Basic Energy Services, Inc.a,b		47,224
	22,770	Bill Barrett Corporationa,b		141,629
	18,120	Bonanza Creek Energy, Inc.a,b		28,811
	16,220	Bristow Group, Inc.		306,882
	9,160	CARBO Ceramics, Inc.b		130,072
	24,490	Carrizo Oil & Gas, Inc.a		757,231
	28,630	Cloud Peak Energy, Inc.a		55,829

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

161

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Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (96.8%)	Value
	Energy (2.5%) - continued
	8,100	Contango Oil & Gas Companya		$95,499
	8,720	Era Group, Inc.a		81,794
	15,905	Exterran Corporationa		245,891
	6,010	Geospace Technologies Corporationa,b		74,163
	16,530	Green Plains, Inc.		263,819
	6,150	Gulf Island Fabrication, Inc.		48,278
	11,530	Gulfmark Offshore, Inc.a,b		71,140
	44,380	Helix Energy Solutions Group, Inc.a		248,528
	14,310	Hornbeck Offshore Services, Inc.a,b		142,098
	12,340	Matrix Service Companya		218,418
	38,150	Newpark Resources, Inc.a		164,808
	22,780	Northern Oil and Gas, Inc.a,b		90,892
	20,700	PDC Energy, Inc.a		1,230,615
	30,450	Pioneer Energy Services Corporationa		66,990
	2,670	REX American Resources Corporationa		148,105
	21,310	Rex Energy Corporationa,b		16,372
	7,250	SEACOR Holdings, Inc.a,b		394,763
	24,880	Stone Energy Corporationa		19,655
	50,800	Synergy Resources Corporationa,b		394,716
	18,030	Tesco Corporation		155,238
	36,170	TETRA Technologies, Inc.a		229,679
	20,950	Tidewater, Inc.		143,089
	27,780	U.S. Silica Holdings, Inc.b		631,162
	22,720	Unit Corporationa,b		200,163
		Total		7,336,339
	Financials (22.1%)
	32,368	Acadia Realty Trust		1,137,088
	8,900	Agree Realty Corporation		342,383
	18,210	American Assets Trust, Inc.		726,943
	37,340	American Equity Investment Life Holding Company		627,312
	12,860	Ameris Bancorp		380,399
	8,770	AMERISAFE, Inc.		460,776
	41,730	Astoria Financial Corporation		661,003
	21,200	Banc of California, Inc.		371,000
	19,500	Bank Mutual Corporation		147,615
	9,400	Banner Corporation		395,176
	36,720	BBCN Bancorp, Inc.		557,777
	25,080	Bofi Holding, Inc.a,b		535,207
	38,490	Boston Private Financial Holdings, Inc.		440,710
	32,340	Brookline Bancorp, Inc.		356,063
	7,940	Calamos Asset Management, Inc.		67,411
	43,920	Capstead Mortgage Corporation		434,369
	15,010	Cardinal Financial Corporation		305,453
	25,952	CareTrust REIT, Inc.		329,590
	11,070	Cash America International, Inc.		427,745
	34,160	Cedar Realty Trust, Inc.		246,977
	14,390	Central Pacific Financial Corporation		313,270
	27,750	Chesapeake Lodging Trust		734,265
	6,920	City Holding Company		330,638
	26,600	Columbia Banking System, Inc.		795,872
	20,070	Community Bank System, Inc.		766,875
	14,020	CoreSite Realty Corporation		981,540
	92,610	Cousins Properties, Inc.		961,292
	45,660	CVB Financial Corporation		796,767
	91,517	DiamondRock Hospitality Company		926,152
	14,045	Dime Community Bancshares, Inc.		247,473
	14,770	EastGroup Properties, Inc.		891,665
	29,023	Education Realty Trust, Inc.		1,207,357
	7,610	eHealth, Inc.a		71,458
	14,830	Employers Holdings, Inc.		417,316
	10,810	Encore Capital Group, Inc.a,b		278,249

Shares		Common Stock (96.8%)	Value
	Financials (22.1%) - continued
	11,767	Enova International, Inc.a		$74,250
	18,150	Evercore Partners, Inc.		939,262
	24,750	EZCORP, Inc.a		73,507
	23,860	Financial Engines, Inc.b		749,920
	53,153	First BanCorporationa		155,207
	12,760	First Cash Financial Services, Inc.		587,726
	41,070	First Commonwealth Financial Corporation		363,880
	28,250	First Financial Bancorp		513,585
	30,390	First Financial Bankshares, Inc.b		898,936
	36,242	First Midwest Bancorp, Inc.		653,081
	7,140	First NBC Bank Holding Companya		147,013
	15,000	Forestar Group, Inc.a		195,600
	24,503	Four Corners Property Trust, Inc.		439,829
	41,000	Franklin Street Properties Corporation		435,010
	34,066	GEO Group, Inc.		1,181,068
	12,041	Getty Realty Corporation		238,773
	35,180	Glacier Bancorp, Inc.		894,276
	32,580	Government Properties Income Trust		581,553
	20,760	Green Dot Corporationa		476,857
	12,870	Greenhill & Company, Inc.		285,714
	14,802	Hanmi Financial Corporation		325,940
	4,100	HCI Group, Inc.b		136,530
	15,930	HFF, Inc.		438,553
	28,120	Home BancShares, Inc.		1,151,514
	18,560	Horace Mann Educators Corporation		588,166
	12,110	Independent Bank Corporation		556,576
	5,060	Infinity Property & Casualty Corporation		407,330
	26,710	Interactive Brokers Group, Inc.		1,050,237
	7,140	INTL FCStone, Inc.a		190,852
	14,940	Investment Technology Group, Inc.		330,174
	38,435	Kite Realty Group Trust		1,065,034
	20,040	LegacyTexas Financial Group, Inc.		393,786
	3,280	LendingTree, Inc.a,b		320,718
	97,509	Lexington Realty Trust		838,577
	17,230	LTC Properties, Inc.		779,485
	31,479	MB Financial, Inc.		1,021,494
	110,070	Medical Properties Trust, Inc.		1,428,709
	64,620	National Penn Bancshares, Inc.		687,557
	5,050	Navigators Group, Inc.a		423,543
	19,860	NBT Bancorp, Inc.		535,227
	17,970	Northfield Bancorp, Inc.		295,427
	47,220	Northwest Bancshares, Inc.		637,942
	20,070	OFG Bancorpb		140,289
	52,650	Old National Bancorp		641,803
	17,350	Oritani Financial Corporation		294,430
	37,780	Parkway Properties, Inc.		591,635
	31,780	Pennsylvania Real Estate Investment Trust		694,393
	16,220	Pinnacle Financial Partners, Inc.		795,753
	6,800	Piper Jaffray Companiesa		337,008
	20,850	PRA Group, Inc.a		612,781
	24,440	ProAssurance Corporation		1,236,664
	27,250	Provident Financial Services, Inc.		550,178
	8,900	PS Business Parks, Inc.		894,539
	8,000	RE/MAX Holdings, Inc.		274,400
	46,010	Retail Opportunity Investments Corporation		925,721
	17,440	RLI Corporation		1,166,038
	16,020	S & T Bancorp, Inc.		412,675
	30,050	Sabra Healthcare REIT, Inc.		603,705
	6,480	Safety Insurance Group, Inc.		369,749
	5,240	Saul Centers, Inc.		277,825
	26,210	Selective Insurance Group, Inc.		959,548

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

162

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (96.8%)	Value
	Financials (22.1%) - continued
	13,030	Simmons First National Corporation		$587,262
	10,640	Southside Bancshares, Inc.		277,385
	55,259	Sterling Bancorp		880,276
	10,260	Stewart Information Services Corporation		372,233
	40,080	Summit Hotel Properties, Inc.		479,758
	29,170	Talmer Bancorp, Inc.		527,685
	20,980	Texas Capital Bancshares, Inc.a		805,212
	5,660	Tompkins Financial Corporation		362,240
	43,782	TrustCo Bank Corporation		265,319
	19,470	UMB Financial Corporation		1,005,236
	30,010	United Bankshares, Inc.b		1,101,367
	28,025	United Community Banks, Inc.		517,622
	9,730	United Fire Group, Inc.		426,369
	8,270	United Insurance Holdings Corporation		158,867
	5,640	Universal Health Realty Income Trust		317,250
	14,760	Universal Insurance Holdings, Inc.b		262,728
	12,160	Urstadt Biddle Properties, Inc.		254,752
	3,000	Virtus Investment Partners, Inc.		234,330
	12,590	Walker & Dunlop, Inc.a		305,559
	11,800	Westamerica Bancorporationb		574,778
	32,600	Wilshire Bancorp, Inc.		335,780
	22,340	Wintrust Financial Corporation		990,556
	3,802	World Acceptance Corporationa,b		144,172
		Total		65,125,474
	Health Care (12.0%)
	9,790	Abaxis, Inc.		444,368
	13,490	Aceto Corporation		317,824
	20,660	Acorda Therapeutics, Inc.a		546,457
	5,420	Adeptus Health, Inc.a,b		301,027
	37,390	Affymetrix, Inc.a,b		523,834
	15,420	Air Methods Corporationa		558,512
	12,270	Albany Molecular Research, Inc.a,b		187,608
	3,930	Almost Family, Inc.a		146,353
	15,460	AMAG Pharmaceuticals, Inc.a		361,764
	13,253	Amedisys, Inc.a		640,650
	22,100	AMN Healthcare Services, Inc.a		742,781
	5,700	Analogic Corporation		450,357
	12,020	AngioDynamics, Inc.a		147,726
	3,310	ANI Pharmaceuticals, Inc.a,b		111,415
	6,520	Anika Therapeutics, Inc.a		291,574
	14,640	Cambrex Corporationa		644,160
	16,595	Cantel Medical Corporation		1,184,219
	7,820	Chemed Corporation		1,059,219
	4,890	Computer Programs and Systems, Inc.b		254,867
	11,840	CONMED Corporation		496,570
	4,630	CorVel Corporationa		182,515
	14,680	Cross Country Healthcare, Inc.a		170,728
	11,690	CryoLife, Inc.		125,667
	10,570	Cynosure, Inc.a		466,348
	26,980	Depomed, Inc.a		375,831
	16,740	Diplomat Pharmacy, Inc.a		458,676
	14,080	Emergent Biosolutions, Inc.a		511,808
	5,950	Enanta Pharmaceuticals, Inc.a		174,751
	21,560	Ensign Group, Inc.		488,118
	17,920	ExamWorks Group, Inc.a		529,715
	11,670	Greatbatch, Inc.a		415,919
	23,430	Haemonetics Corporationa		819,581
	15,980	HealthEquity, Inc.a		394,227
	11,160	HealthStream, Inc.a		246,524
	14,270	Healthways, Inc.a		143,984
	38,380	HMS Holdings Corporationa		550,753
	6,660	ICU Medical, Inc.a		693,306

Shares		Common Stock (96.8%)	Value
	Health Care (12.0%) - continued
	30,780	Impax Laboratories, Inc.a		$985,576
	6,540	Inogen, Inc.a		294,169
	13,260	Integra LifeSciences Holdings Corporationa		893,194
	13,770	Invacare Corporation		181,351
	38,379	Kindred Healthcare, Inc.		473,981
	4,380	Landauer, Inc.		144,847
	12,360	Lannett Company, Inc.a,b		221,615
	5,960	LHC Group, Inc.a		211,938
	8,050	Ligand Pharmaceuticals, Inc.a,b		862,075
	17,490	Luminex Corporationa		339,306
	11,220	Magellan Health Services, Inc.a		762,175
	20,430	Masimo Corporationa		854,791
	32,060	Medicines Companya		1,018,546
	26,080	Medidata Solutions, Inc.a		1,009,557
	19,270	Meridian Bioscience, Inc.		397,155
	20,285	Merit Medical Systems, Inc.a		375,070
	44,540	MiMedx Group, Inc.a,b		389,280
	27,870	Momenta Pharmaceuticals, Inc.a		257,519
	15,370	Natus Medical, Inc.a		590,669
	60,950	Nektar Therapeuticsa		838,062
	17,255	Neogen Corporationa		868,789
	22,940	NuVasive, Inc.a		1,116,031
	16,840	Omnicell, Inc.a		469,331
	13,940	PharMerica Corporationa		308,213
	8,430	Phibro Animal Health Corporation		227,947
	24,350	Prestige Brands Holdings, Inc.a		1,300,046
	5,800	Providence Service Corporationa		296,206
	20,400	Quality Systems, Inc.		310,896
	14,860	Repligen Corporationa		398,545
	10,940	Sagent Pharmaceuticals, Inc.a		133,140
	48,200	Select Medical Holdings Corporationa		569,242
	26,460	Spectrum Pharmaceuticals, Inc.a		168,286
	15,270	Supernus Pharmaceuticals, Inc.a		232,868
	12,350	Surgical Care Affiliates, Inc.a		571,558
	5,990	SurModics, Inc.a		110,276
	5,730	U.S. Physical Therapy, Inc.		284,953
	8,000	Vascular Solutions, Inc.a		260,240
	14,690	ZELTIQ Aesthetics, Inc.a		398,980
		Total		35,286,159
	Industrials (16.9%)
	18,102	AAON, Inc.		506,856
	15,280	AAR Corporation		355,566
	25,750	ABM Industries, Inc.		831,982
	26,820	Actuant Corporation		662,722
	16,540	Aegion Corporationa		348,829
	29,500	Aerojet Rocketdyne Holdings, Inc.a		483,210
	9,440	Aerovironment, Inc.a		267,341
	13,460	Albany International Corporation		505,961
	6,030	Allegiant Travel Company		1,073,702
	3,230	American Science & Engineering, Inc.		89,439
	6,300	American Woodmark Corporationa		469,917
	13,290	Apogee Enterprises, Inc.		583,298
	18,080	Applied Industrial Technologies, Inc.		784,672
	11,150	ArcBest Corporation		240,728
	8,750	Astec Industries, Inc.		408,362
	11,180	Atlas Air Worldwide Holdings, Inc.a		472,579
	11,820	AZZ, Inc.		669,012
	23,210	Barnes Group, Inc.		813,046
	21,490	Brady Corporation		576,792
	19,960	Briggs & Stratton Corporation		477,443
	22,710	Brink’s Company		762,829
	6,760	CDI Corporation		42,453
	12,490	Celadon Group, Inc.		130,895

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

163

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (96.8%)	Value
	Industrials (16.9%) - continued
	13,980	Chart Industries, Inc.a		$303,646
	7,350	CIRCOR International, Inc.		340,966
	17,240	Comfort Systems USA, Inc.		547,715
	10,030	Cubic Corporation		400,799
	5,800	DXP Enterprises, Inc.a		101,848
	15,030	Dycom Industries, Inc.a		971,990
	11,370	Echo Global Logistics, Inc.a		308,809
	28,110	EMCOR Group, Inc.		1,366,146
	9,450	Encore Wire Corporation		367,889
	19,780	EnerSys		1,102,142
	7,932	Engility Holdings, Inc.a		148,804
	10,230	EnPro Industries, Inc.		590,066
	11,860	ESCO Technologies, Inc.		462,303
	17,110	Essendant, Inc.		546,322
	11,830	Exponent, Inc.		603,448
	28,820	Federal Signal Corporation		382,153
	14,030	Forward Air Corporation		635,840
	17,550	Franklin Electric Company, Inc.		564,583
	9,230	G & K Services, Inc.		676,097
	22,710	General Cable Corporation		277,289
	13,660	Gibraltar Industries, Inc.a		390,676
	11,790	Greenbrier Companies, Inc.b		325,876
	17,450	Griffon Corporation		269,602
	36,250	Harsco Corporation		197,562
	21,810	Hawaiian Holdings, Inc.a		1,029,214
	33,247	Healthcare Services Group, Inc.		1,223,822
	27,358	Heartland Express, Inc.b		507,491
	7,870	Heidrick & Struggles International, Inc.		186,519
	29,110	Hillenbrand, Inc.		871,844
	16,130	Hub Group, Inc.a		657,943
	7,500	Insperity, Inc.		387,975
	30,820	Interface, Inc.		571,403
	13,570	John Bean Technologies Corporation		765,484
	12,450	Kaman Corporation		531,490
	13,580	Kelly Services, Inc.		259,650
	27,940	Knight Transportation, Inc.		730,631
	26,750	Korn/Ferry International		756,757
	5,110	Lindsay Corporationb		365,927
	7,960	Lydall, Inc.a		258,859
	10,970	Marten Transport, Ltd.		205,358
	20,040	Matson, Inc.		805,007
	15,120	Matthews International Corporation		778,226
	20,310	Mobile Mini, Inc.		670,636
	15,260	Moog, Inc.a		697,077
	26,540	Mueller Industries, Inc.		780,807
	8,980	MYR Group, Inc.a		225,488
	2,240	National Presto Industries, Inc.b		187,578
	21,700	Navigant Consulting, Inc.a		343,077
	22,230	On Assignment, Inc.a		820,732
	12,800	Orion Marine Group, Inc.a		66,304
	22,590	PGT, Inc.a		222,286
	4,080	Powell Industries, Inc.		121,625
	10,800	Proto Labs, Inc.a,b		832,572
	15,865	Quanex Building Products Corporation		275,416
	17,010	Resources Connection, Inc.		264,676
	14,030	Roadrunner Transportation Systems, Inc.a		174,814
	11,390	Saia, Inc.a		320,628
	18,910	Simpson Manufacturing Company, Inc.		721,795
	23,130	SkyWest, Inc.		462,369
	18,920	SPX Corporation		284,178
	19,160	SPX FLOW, Inc.a		480,533
	5,910	Standex International Corporation		459,857

Shares		Common Stock (96.8%)	Value
	Industrials (16.9%) - continued
	24,250	TASER International, Inc.a		$476,028
	8,140	Tennant Company		419,047
	26,886	Tetra Tech, Inc.		801,741
	19,860	Titan International, Inc.b		106,847
	14,220	Trex Company, Inc.a		681,565
	19,200	TrueBlue, Inc.a		502,080
	9,990	U.S. Ecology, Inc.		441,158
	7,080	UniFirst Corporation		772,570
	9,310	Universal Forest Products, Inc.		798,984
	3,740	Veritiv Corporationa		139,352
	9,300	Viad Corporation		271,188
	7,460	Vicor Corporationa		78,181
	16,630	WageWorks, Inc.a		841,644
	12,960	Watts Water Technologies, Inc.		714,485
		Total		49,791,123
	Information Technology (16.3%)
	22,600	ADTRAN, Inc.		456,972
	18,200	Advanced Energy Industries, Inc.a		633,178
	6,980	Agilysys, Inc.a		71,266
	13,110	Anixter International, Inc.a		683,162
	6,620	Badger Meter, Inc.b		440,296
	3,990	Bel Fuse, Inc.		58,254
	22,870	Benchmark Electronics, Inc.a		527,153
	6,880	Black Box Corporation		92,674
	21,760	Blackbaud, Inc.		1,368,486
	18,800	Blucora, Inc.a		97,008
	17,480	Bottomline Technologies (de), Inc.a		532,965
	31,277	Brooks Automation, Inc.		325,281
	10,900	Cabot Microelectronics Corporation		445,919
	11,250	CACI International, Inc.a		1,200,375
	16,600	CalAmp Corporationa		297,638
	20,850	Cardtronics, Inc.a		750,392
	9,390	CEVA, Inc.a		211,275
	19,150	Checkpoint Systems, Inc.a		193,798
	32,570	Ciber, Inc.a		68,723
	29,120	Cirrus Logic, Inc.a		1,060,259
	11,140	Coherent, Inc.a		1,023,766
	11,290	Cohu, Inc.		134,125
	7,450	Comtech Telecommunications Corporation		174,107
	18,660	Cray, Inc.a		782,041
	15,130	CSG Systems International, Inc.		683,271
	14,980	CTS Corporation		235,785
	17,800	Daktronics, Inc.		140,620
	18,840	DHI Group, Inc.a		152,039
	11,830	Digi International, Inc.a		111,557
	17,680	Diodes, Inc.a		355,368
	9,790	DSP Group, Inc.a		89,285
	7,970	DTS, Inc.a		173,587
	11,920	Ebix, Inc.b		486,217
	12,680	Electro Scientific Industries, Inc.a		90,662
	21,740	Electronics for Imaging, Inc.a		921,559
	14,910	EPIQ Systems, Inc.		223,948
	2,700	ePlus, Inc.a		217,377
	22,500	Exar Corporationa		129,375
	15,150	ExlService Holdings, Inc.a		784,770
	13,890	Fabrineta		449,342
	7,560	FARO Technologies, Inc.a		243,508
	4,580	Forrester Research, Inc.		153,934
	33,950	Harmonic, Inc.a		111,016
	17,020	Heartland Payment Systems, Inc.		1,643,621
	24,670	II-VI, Inc.a		535,586
	17,055	Insight Enterprises, Inc.a		488,455
	8,090	Interactive Intelligence Group, Inc.a		294,638
	17,400	Itron, Inc.a		725,928

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

164

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Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (96.8%)	Value
	Information Technology (16.3%) - continued
	28,370	Ixiaa		$353,490
	28,550	Kopin Corporationa		47,393
	33,020	Kulicke and Soffa Industries, Inc.a		373,786
	11,080	Liquidity Services, Inc.a		57,394
	10,290	Littelfuse, Inc.		1,266,802
	22,550	LivePerson, Inc.a		131,918
	11,550	LogMeIn, Inc.a		582,813
	21,430	Lumentum Holdings, Inc.a		577,967
	11,270	ManTech International Corporation		360,527
	15,320	Mercury Systems, Inc.a		310,996
	16,870	Methode Electronics, Inc.		493,279
	4,360	MicroStrategy, Inc.a		783,579
	24,500	MKS Instruments, Inc.		922,425
	17,050	Monolithic Power Systems, Inc.		1,085,062
	18,550	Monotype Imaging Holdings, Inc.		443,716
	40,440	Monster Worldwide, Inc.a		131,834
	6,740	MTS Systems Corporation		410,129
	11,190	Nanometrics, Inc.a		177,250
	14,960	NETGEAR, Inc.a		603,935
	17,770	Newport Corporationa		408,710
	27,910	NIC, Inc.		503,217
	8,400	OSI Systems, Inc.a		550,116
	9,290	Park Electrochemical Corporation		148,733
	16,290	Perficient, Inc.a		353,819
	15,180	Plexus Corporationa		599,914
	13,190	Power Integrations, Inc.		655,015
	23,350	Progress Software Corporationa		563,202
	38,010	QLogic Corporationa		510,854
	11,080	Qualys, Inc.a		280,435
	16,220	QuinStreet, Inc.a		55,472
	50,290	Rambus, Inc.a		691,488
	13,140	Rofin-Sinar Technologies, Inc.a		423,371
	8,310	Rogers Corporationa		497,520
	38,330	Rovi Corporationa		786,148
	41,660	Ruckus Wireless, Inc.a		408,685
	14,120	Rudolph Technologies, Inc.a		192,879
	35,230	Sanmina Corporationa		823,677
	12,030	ScanSource, Inc.a		485,771
	29,810	Semtech Corporationa		655,522
	17,180	Super Micro Computer, Inc.a		585,494
	17,950	Sykes Enterprises, Inc.a		541,731
	18,470	Synchronoss Technologies, Inc.a		597,320
	39,450	Take-Two Interactive Software, Inc.a		1,486,081
	17,710	Tangoe, Inc.a		139,732
	7,570	TeleTech Holdings, Inc.		210,143
	21,850	Tessera Technologies, Inc.		677,350
	29,770	TTM Technologies, Inc.a		197,971
	12,170	Ultratech, Inc.a		265,793
	13,670	VASCO Data Security International, Inc.a,b		210,518
	18,240	Veeco Instruments, Inc.a		355,315
	20,530	ViaSat, Inc.a,b		1,508,544
	105,950	Viavi Solutions, Inc.a		726,817
	12,670	Virtusa Corporationa		474,618
	10,870	XO Group, Inc.a		174,463
		Total		47,931,294
	Materials (4.5%)
	13,410	A. Schulman, Inc.		365,020
	80,980	AK Steel Holding Corporationa		334,447
	11,920	American Vanguard Corporationa		188,098
	14,480	Balchem Corporation		898,050
	17,710	Boise Cascade Companya		366,951
	23,070	Calgon Carbon Corporation		323,441
	23,130	Century Aluminum Companya		163,067
	87,390	Chemours Company		611,730

Shares		Common Stock (96.8%)	Value
	Materials (4.5%) - continued
	8,060	Clearwater Paper Corporationa		$390,991
	4,880	Deltic Timber Corporation		293,532
	24,480	Flotek Industries, Inc.a,b		179,438
	10,420	FutureFuel Corporation		122,852
	23,050	H.B. Fuller Company		978,473
	4,380	Hawkins, Inc.		158,074
	5,780	Haynes International, Inc.		210,970
	34,090	Headwaters, Inc.a		676,346
	9,020	Innophos Holdings, Inc.		278,808
	10,960	Innospec, Inc.		475,226
	26,370	Intrepid Potash, Inc.a		29,271
	8,410	Kaiser Aluminum Corporation		710,981
	37,570	KapStone Paper and Packaging Corporation		520,345
	9,300	Koppers Holdings, Inc.a		208,971
	14,140	Kraton Performance Polymers, Inc.a		244,622
	8,880	LSB Industries, Inc.a		113,220
	9,090	Materion Corporation		240,703
	10,173	Myers Industries, Inc.		130,825
	7,680	Neenah Paper, Inc.		488,909
	4,040	Olympic Steel, Inc.		69,932
	19,640	PH Glatfelter Company		407,137
	6,070	Quaker Chemical Corporation		515,100
	19,830	Rayonier Advanced Materials, Inc.		188,385
	14,000	Schweitzer-Mauduit International, Inc.		440,720
	8,460	Stepan Company		467,753
	54,240	Stillwater Mining Companya,b		577,656
	30,097	SunCoke Energy, Inc.		195,631
	16,790	Timkensteel Corporation		152,789
	11,470	Tredegar Corporation		180,308
	6,380	US Concrete, Inc.a		380,120
		Total		13,278,892
	Telecommunications Services (1.1%)
	40,570	8x8, Inc.a		408,134
	5,000	Atlantic Tele-Network, Inc.		379,150
	96,990	Cincinnati Bell, Inc.a		375,351
	18,960	Cogent Communications Holdings		740,009
	23,200	Consolidated Communications Holdings, Inc.b		597,632
	13,410	General Communication, Inc.a		245,671
	37,290	Iridium Communications, Inc.a,b		293,472
	10,540	Lumos Networks Corporationa		135,334
	9,440	Spok Holdings, Inc.		165,295
		Total		3,340,048
	Utilities (4.3%)
	21,303	ALLETE, Inc.		1,194,459
	16,890	American States Water Company		664,790
	28,860	Avista Corporation		1,176,911
	22,200	California Water Service Group		593,184
	18,750	El Paso Electric Company		860,250
	20,030	Laclede Group, Inc.		1,357,033
	12,690	Northwest Natural Gas Company		683,356
	22,170	NorthWestern Corporation		1,368,998
	37,480	Piedmont Natural Gas Company, Inc.b		2,242,428
	31,810	South Jersey Industries, Inc.		904,995
	22,100	Southwest Gas Corporation		1,455,285
		Total		12,501,689
		Total Common Stock (cost $224,348,823)		284,929,704

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

165

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Collateral Held for Securities Loaned (8.1%)	Value
	23,723,931	Thrivent Cash Management Trust		$23,723,931
		Total Collateral Held for Securities Loaned (cost $23,723,931)		23,723,931
Shares or Principal Amount		Short-Term Investments (2.6%)c	Value
		Federal Home Loan Bank Discount Notes
	1,000,000	0.390%, 4/27/2016d		999,719
		Thrivent Cash Management Trust
	6,702,601	0.290%		6,702,601
		Total Short-Term Investments (at amortized cost)		7,702,320
		Total Investments (cost $255,775,074) 107.5%		$316,355,955
		Other Assets and Liabilities, Net (7.5%)		(22,168,089)
		Total Net Assets 100.0%		$294,187,866

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 All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Small Cap Index Portfolio as of March 31, 2016:

Securities Lending Transactions

Common Stock	$	23,217,272
Total lending	$	23,217,272
Gross amount payable upon return of collateral for securities loaned	$	23,723,931
Net amounts due to counterparty	$	506,659

    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	$	81,942,110
Gross unrealized depreciation		(21,361,229)
Net unrealized appreciation (depreciation)	$	60,580,881
Cost for federal income tax purposes	$	255,775,074

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

166

SMALL CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, 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		42,678,233		42,678,233		–		–
Consumer Staples		7,660,453		7,660,453		–		–
Energy		7,336,339		7,336,339		–		–
Financials		65,125,474		65,125,474		–		–
Health Care		35,286,159		35,286,159		–		–
Industrials		49,791,123		49,791,123		–		–
Information Technology		47,931,294		47,931,294		–		–
Materials		13,278,892		13,278,892		–		–
Telecommunications Services		3,340,048		3,340,048		–		–
Utilities		12,501,689		12,501,689		–		–
Short-Term Investments		999,719		–		999,719		–
Subtotal Investments in Securities	$	285,929,423	$	284,929,704	$	999,719	$	–
Other Investments*	Total
Short-Term Investments		6,702,601
Collateral Held for Securities Loaned		23,723,931
Subtotal Other Investments	$	30,426,532
Total Investments at Value	$	316,355,955

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		267,973		267,973		–		–
Total Asset Derivatives	$	267,973	$	267,973	$	–	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents Small Cap Index Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $899,747 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
NYBOT NYF mini Russell 2000 Index		80		June 2016	$	8,608,827	$	8,876,800	$	267,973
Total Futures Contracts									$	267,973

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

A summary of transactions for the fiscal year to date, in Small Cap Index Portfolio, is as follows:

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	15,229,214	$	23,975,064	$	15,480,347		23,723,931	$	23,723,931	$	62,305
Cash Management Trust-Short Term Investment		10,370,336		17,090,273		20,758,008		6,702,601		6,702,601		6,961
Total Value and Income Earned	$	25,599,550							$	30,426,532	$	69,266

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

167

MID CAP STOCK PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (92.4%)	Value
	Consumer Discretionary (7.0%)
	296,500	Cheesecake Factory, Inc.		$15,741,185
	477,250	DISH Network Corporationa		22,077,585
	266,319	Scripps Networks Interactive, Inc.		17,443,894
	751,750	Time, Inc.		11,607,020
	563,986	Toll Brothers, Inc.a		16,643,227
		Total		83,512,911
	Consumer Staples (3.4%)
	213,650	Ingredion, Inc.		22,815,683
	190,799	Molson Coors Brewing Company		18,351,048
		Total		41,166,731
	Energy (4.5%)
	93,725	Cimarex Energy Company		9,116,631
	353,800	Continental Resources, Inc.a,b		10,741,368
	68,201	HollyFrontier Corporation		2,408,859
	510,431	Parsley Energy, Inc.a		11,535,741
	490,025	RPC, Inc.b		6,948,554
	24,900	Tesoro Corporation		2,141,649
	380,600	U.S. Silica Holdings, Inc.b		8,647,232
	51,600	World Fuel Services Corporation		2,506,728
		Total		54,046,762
	Financials (21.9%)
	836,900	Assured Guaranty, Ltd.		21,173,570
	189,100	Camden Property Trust		15,901,419
	206,550	Digital Realty Trust, Inc.		18,277,609
	873,950	Duke Realty Corporation		19,698,833
	444,696	First Republic Bank		29,634,541
	1,064,598	Host Hotels & Resorts, Inc.		17,778,787
	3,581,375	Huntington Bancshares, Inc.		34,166,317
	2,102,600	KeyCorp		23,212,704
	174,450	M&T Bank Corporation		19,363,950
	127,100	Nasdaq, Inc.		8,436,898
	495,072	Raymond James Financial, Inc.		23,570,378
	1,269,575	Zions Bancorporation		30,736,411
		Total		261,951,417
	Health Care (11.1%)
	159,732	C.R. Bard, Inc.		32,372,885
	210,800	Edwards Lifesciences Corporationa		18,594,668
	802,300	Hologic, Inc.a		27,679,350
	245,953	Universal Health Services, Inc.		30,675,258
	172,550	Waters Corporationa		22,762,796
		Total		132,084,957
	Industrials (17.2%)
	471,800	Actuant Corporation		11,658,178
	295,250	AGCO Corporationb		14,673,925
	232,700	Equifax, Inc.		26,595,283
	180,900	Huntington Ingalls Industries, Inc.		24,772,446
	771,000	Masco Corporation		24,247,950
	764,784	Oshkosh Corporationb		31,256,722
	1,015,912	Southwest Airlines Company		45,512,858
	244,200	WABCO Holdings, Inc.a		26,109,864
		Total		204,827,226
	Information Technology (21.7%)
	171,050	Alliance Data Systems Corporationa		37,631,000
	1,795,933	Applied Materials, Inc.		38,037,861
	813,882	Juniper Networks, Inc.		20,762,130
	2,199,816	NVIDIA Corporation		78,379,444
	424,304	PayPal Holdings, Inc.a		16,378,134
	535,900	Progress Software Corporationa		12,925,908
	424,900	Red Hat, Inc.a		31,659,299

Shares		Common Stock (92.4%)	Value
	Information Technology (21.7%) - continued
	1,080,172	Teradyne, Inc.		$23,320,914
		Total		259,094,690
	Materials (3.6%)
	864,800	Owens-Illinois, Inc.a		13,802,208
	1,291,013	Steel Dynamics, Inc.		29,060,703
		Total		42,862,911
	Utilities (2.0%)
	500,400	Public Service Enterprise Group, Inc.		23,588,856
		Total		23,588,856
		Total Common Stock (cost $905,895,553)		1,103,136,461
Shares		Collateral Held for Securities Loaned (2.4%)	Value
	28,632,400	Thrivent Cash Management Trust		28,632,400
		Total Collateral Held for Securities Loaned (cost $28,632,400)		28,632,400
Shares or Principal Amount		Short-Term Investments (6.8%)c	Value
		Federal National Mortgage Association Discount Notes
	1,500,000	0.350%, 6/1/2016		1,499,110
		Thrivent Cash Management Trust
	79,575,503	0.290%		79,575,503
		Total Short-Term Investments (at amortized cost)		81,074,613
		Total Investments (cost $1,015,602,566) 101.6%		$1,212,843,474
		Other Assets and Liabilities, Net (1.6%)		(19,596,224)
		Total Net Assets 100.0%		$1,193,247,250

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.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Mid Cap Stock Portfolio as of March 31, 2016:

Securities Lending Transactions
Common Stock	$	27,885,590
Total lending	$	27,885,590
Gross amount payable upon return of collateral for securities loaned	$	28,632,400
Net amounts due to counterparty	$	746,810
Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$	217,850,298
Gross unrealized depreciation		(20,609,390)
Net unrealized appreciation (depreciation)	$	197,240,908
Cost for federal income tax purposes	$	1,015,602,566

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

168

MID CAP STOCK PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, 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		83,512,911		83,512,911		–		–
Consumer Staples		41,166,731		41,166,731		–		–
Energy		54,046,762		54,046,762		–		–
Financials		261,951,417		261,951,417		–		–
Health Care		132,084,957		132,084,957		–		–
Industrials		204,827,226		204,827,226		–		–
Information Technology		259,094,690		259,094,690		–		–
Materials		42,862,911		42,862,911		–		–
Utilities		23,588,856		23,588,856		–		–
Short-Term Investments		1,499,110		–		1,499,110		–
Subtotal Investments in Securities	$	1,104,635,571	$	1,103,136,461	$	1,499,110	$	–
Other Investments*	Total
Short-Term Investments		79,575,503
Collateral Held for Securities Loaned		28,632,400
Subtotal Other Investments	$	108,207,903
Total Investments at Value	$	1,212,843,474

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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

A summary of transactions for the fiscal year to date, in Mid Cap Stock Portfolio, is as follows:

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	57,473,443	$	95,683,955	$	124,524,998		28,632,400	$	28,632,400	$	29,223
Cash Management Trust-Short Term Investment		50,569,195		62,684,099		33,677,791		79,575,503		79,575,503		38,029
Total Value and Income Earned	$	108,042,638							$	108,207,903	$	67,252

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

169

MID CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (95.9%)	Value
	Consumer Discretionary (13.1%)
	8,270	Aaron’s, Inc.		$207,577
	8,640	Abercrombie & Fitch Company		272,506
	7,880	AMC Networks, Inc.a		511,727
	21,460	American Eagle Outfitters, Inc.b		357,738
	21,552	Ascena Retail Group, Inc.a		238,365
	6,290	Big Lots, Inc.		284,874
	7,335	Brinker International, Inc.		337,043
	11,640	Brunswick Corporation		558,487
	2,460	Buffalo Wild Wings, Inc.a		364,375
	6,190	Cabela’s, Inc.a		301,391
	560	Cable One, Inc.		244,793
	9,850	Calatlantic Group, Inc.		329,187
	6,640	Carter’s, Inc.		699,723
	5,810	Cheesecake Factory, Inc.		308,453
	17,030	Chico’s FAS, Inc.		225,988
	13,640	Cinemark Holdings, Inc.		488,721
	3,110	Cracker Barrel Old Country Store, Inc.b		474,804
	9,660	CST Brands, Inc.		369,881
	19,170	Dana Holding Corporation		270,105
	4,120	Deckers Outdoor Corporationa		246,829
	7,320	DeVry Education Group, Inc.b		126,416
	11,560	Dick’s Sporting Goods, Inc.		540,430
	6,390	Domino’s Pizza, Inc.		842,585
	9,200	DreamWorks Animation SKG, Inc.a		229,540
	11,830	Dunkin’ Brands Group, Inc.		558,021
	17,450	Foot Locker, Inc.		1,125,525
	5,260	Fossil, Inc.a,b		233,649
	36,960	Gentex Corporation		579,902
	550	Graham Holdings Company		264,000
	8,120	Guess ?, Inc.		152,412
	4,060	HSN, Inc.		212,379
	3,450	International Speedway Corporation		127,340
	39,150	J.C. Penney Company, Inc.a,b		432,999
	4,480	Jack in the Box, Inc.		286,138
	26,530	Jarden Corporationa		1,563,944
	6,330	John Wiley and Sons, Inc.		309,474
	16,560	Kate Spade & Companya		422,611
	10,860	KB Homeb		155,081
	18,710	Live Nation Entertainment, Inc.a		417,420
	39,360	LKQ Corporationa		1,256,765
	5,060	M.D.C. Holdings, Inc.		126,804
	4,860	Meredith Corporation		230,850
	5,010	Murphy USA, Inc.a		307,865
	15,760	New York Times Company		196,370
	470	NVR, Inc.a		814,228
	62,910	Office Depot, Inc.a		446,661
	2,960	Panera Bread Companya		606,297
	7,810	Polaris Industries, Inc.		769,129
	5,430	Pool Corporation		476,428
	25,030	Service Corporation International		617,740
	16,760	Skechers USA, Inc.a		510,342
	6,970	Sotheby’s Holdings, Inc.		186,308
	8,180	Tempur-Pedic International, Inc.a		497,262
	5,790	Thor Industries, Inc.		369,228
	13,450	Time, Inc.		207,668
	19,960	Toll Brothers, Inc.a		589,020
	18,720	Tri Pointe Homes, Inc.a		220,522
	6,510	Tupperware Brands Corporation		377,450
	7,850	Vista Outdoor, Inc.a		407,494
	27,944	Wendy’s Company		304,310
	10,550	Williams-Sonoma, Inc.		577,507
		Total		25,768,681
	Consumer Staples (4.0%)
	54,810	Avon Products, Inc.		263,636

Shares		Common Stock (95.9%)	Value
	Consumer Staples (4.0%) - continued
	1,210	Boston Beer Company, Inc.a,b		$223,935
	5,000	Casey’s General Stores, Inc.		566,600
	11,910	Dean Foods Companyb		206,281
	7,610	Edgewell Personal Care Company		612,833
	7,920	Energizer Holdings, Inc.		320,839
	23,985	Flowers Foods, Inc.		442,763
	13,140	Hain Celestial Group, Inc.a		537,557
	9,220	Ingredion, Inc.		984,604
	2,510	Lancaster Colony Corporation		277,531
	8,250	Post Holdings, Inc.a		567,353
	10,200	Snyder’s-Lance, Inc.		321,096
	18,270	Sprouts Farmers Markets, Inc.a		530,561
	33,920	SUPERVALU, Inc.a		195,379
	2,286	Tootsie Roll Industries, Inc.b		79,873
	7,230	TreeHouse Foods, Inc.a		627,202
	6,400	United Natural Foods, Inc.a		257,920
	22,570	WhiteWave Foods Companya		917,245
		Total		7,933,208
	Energy (3.1%)
	28,630	Consol Energy, Inc.b		323,233
	42,050	Denbury Resources, Inc.		93,351
	4,860	Dril-Quip, Inc.a		294,322
	12,200	Energen Corporation		446,398
	32,700	Ensco plc		339,099
	15,460	Gulfport Energy Corporationa		438,136
	22,740	HollyFrontier Corporation		803,177
	34,290	Nabors Industries, Ltd.		315,468
	30,460	Noble Corporation		315,261
	12,460	Oceaneering International, Inc.		414,170
	6,560	Oil States International, Inc.a		206,771
	18,370	Patterson-UTI Energy, Inc.		323,679
	23,910	QEP Resources, Inc.		337,370
	15,540	Rowan Companies plc		250,194
	8,310	SM Energy Companyb		155,729
	19,020	Superior Energy Services, Inc.		254,678
	8,630	Western Refining, Inc.		251,047
	9,040	World Fuel Services Corporation		439,163
	28,220	WPX Energy, Inc.a		197,258
		Total		6,198,504
	Financials (23.9%)
	5,960	Alexander & Baldwin, Inc.		218,613
	9,430	Alexandria Real Estate Equities, Inc.		857,093
	2,000	Alleghany Corporationa		992,400
	16,660	American Campus Communities, Inc.		784,519
	9,105	American Financial Group, Inc.		640,719
	22,630	Arthur J. Gallagher & Company		1,006,583
	7,830	Aspen Insurance Holdings, Ltd.		373,491
	19,233	Associated Banc-Corp		345,040
	10,930	BancorpSouth, Inc.		232,918
	5,510	Bank of Hawaii Corporation		376,223
	10,400	Bank of the Ozarks, Inc.		436,488
	14,720	Brown & Brown, Inc.		526,976
	10,900	Camden Property Trust		916,581
	10,670	Care Capital Properties, Inc.		286,383
	9,520	Cathay General Bancorp		269,702
	10,470	CBOE Holdings, Inc.		684,005
	23,100	CNO Financial Group, Inc.		413,952
	10,670	Commerce Bancshares, Inc.		479,617
	15,290	Communications Sales & Leasing, Inc.		340,203
	12,050	Corporate Office Properties Trust		316,192
	15,040	Corrections Corporation of America		482,032
	7,010	Cullen/Frost Bankers, Inc.b		386,321
	17,910	Douglas Emmett, Inc.		539,270

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

170

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Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (95.9%)	Value
	Financials (23.9%) - continued
	44,010	Duke Realty Corporation		$991,985
	18,240	East West Bancorp, Inc.		592,435
	14,670	Eaton Vance Corporation		491,739
	7,930	Endurance Specialty Holdings, Ltd.		518,146
	8,110	EPR Properties		540,288
	11,600	Equity One, Inc.		332,456
	5,460	Everest Re Group, Ltd.		1,077,968
	26,810	F.N.B. Corporation		348,798
	12,050	Federated Investors, Inc.		347,643
	13,970	First American Financial Corporation		532,397
	30,400	First Horizon National Corporation		398,240
	14,910	First Industrial Realty Trust, Inc.		339,053
	45,030	First Niagara Financial Group, Inc.		435,890
	21,188	FirstMerit Corporation		446,008
	22,250	Fulton Financial Corporation		297,705
	61,980	Genworth Financial, Inc.a		169,205
	9,890	Hancock Holding Company		227,074
	5,490	Hanover Insurance Group, Inc.		495,308
	13,140	Healthcare Realty Trust, Inc.		405,895
	12,230	Highwoods Properties, Inc.		584,716
	19,290	Hospitality Properties Trust		512,342
	7,090	International Bancshares Corporation		174,839
	18,760	Janus Capital Group, Inc.		274,459
	5,740	Jones Lang LaSalle, Inc.		673,417
	6,220	Kemper Corporation		183,925
	11,760	Kilroy Realty Corporation		727,591
	10,500	Lamar Advertising Company		645,750
	14,300	LaSalle Hotel Properties		361,933
	18,720	Liberty Property Trust		626,371
	11,450	Mack-Cali Realty Corporation		269,075
	4,840	MarketAxess Holdings, Inc.		604,177
	4,650	Mercury General Corporation		258,075
	9,630	Mid-America Apartment Communities, Inc.		984,282
	11,320	MSCI, Inc.		838,586
	18,070	National Retail Properties, Inc.		834,834
	61,641	New York Community Bancorp, Inc.		980,092
	31,280	Old Republic International Corporation		571,798
	21,360	Omega Healthcare Investors, Inc.		754,008
	14,670	PacWest Bancorp		544,991
	6,890	Post Properties, Inc.		411,609
	5,217	Potlatch Corporation		164,336
	6,140	Primerica, Inc.		273,414
	10,130	PrivateBancorp, Inc.		391,018
	8,370	Prosperity Bancshares, Inc.		388,284
	16,285	Raymond James Financial, Inc.		775,329
	15,712	Rayonier, Inc. REIT		387,772
	12,440	Regency Centers Corporation		931,134
	8,380	Reinsurance Group of America, Inc.		806,575
	5,530	RenaissanceRe Holdings, Ltd.		662,660
	17,480	SEI Investments Company		752,514
	30,270	Senior Housing Property Trust		541,530
	6,820	Signature Banka		928,338
	54,830	SLM Corporationa		348,719
	5,000	Sovran Self Storage, Inc.		589,750
	8,800	Stifel Financial Corporationa		260,480
	6,500	SVB Financial Groupa		663,325
	16,110	Synovus Financial Corporation		465,740
	12,090	Tanger Factory Outlet Centers, Inc.		439,955
	7,710	Taubman Centers, Inc.		549,183
	21,790	TCF Financial Corporation		267,145
	8,670	Trustmark Corporation		199,670
	28,190	Umpqua Holdings Corporation		447,093
	11,830	Urban Edge Properties		305,687

Shares		Common Stock (95.9%)	Value
	Financials (23.9%) - continued
	28,674	Valley National Bancorp		$273,550
	12,585	W.R. Berkley Corporation		707,277
	10,630	Waddell & Reed Financial, Inc.		250,230
	11,807	Washington Federal, Inc.		267,429
	11,810	Webster Financial Corporation		423,979
	14,650	Weingarten Realty Investors		549,668
	14,400	WisdomTree Investments, Inc.b		164,592
	23,630	WP Glimcher, Inc.		224,249
		Total		47,111,049
	Health Care (7.7%)
	4,970	ABIOMED, Inc.a		471,206
	10,330	Akorn, Inc.a		243,065
	9,310	Align Technology, Inc.a		676,744
	24,150	Allscripts Healthcare Solutions, Inc.a		319,022
	6,770	AmSurg Corporationa		505,042
	2,680	Bio-Rad Laboratories, Inc.a		366,410
	4,740	Bio-Techne Corporation		448,025
	12,480	Catalent, Inc.a		332,842
	5,860	Charles River Laboratories International, Inc.a		445,008
	14,176	Community Health Systems, Inc.a		262,398
	6,170	Cooper Companies, Inc.		949,995
	5,960	Halyard Health, Inc.a		171,231
	7,310	Hill-Rom Holdings, Inc.		367,693
	11,520	IDEXX Laboratories, Inc.a		902,246
	5,500	LifePoint Health, Inc.a		380,875
	5,470	LivaNova plca		295,271
	11,950	Mednax, Inc.a		772,209
	3,450	Mettler-Toledo International, Inc.a		1,189,422
	5,290	Molina Healthcare, Inc.a		341,152
	8,060	Owens & Minor, Inc.		325,785
	6,850	PAREXEL International Corporationa		429,700
	18,000	ResMed, Inc.		1,040,760
	10,870	STERIS plc		772,314
	5,320	Teleflex, Inc.		835,293
	5,710	United Therapeutics Corporationa		636,265
	10,360	VCA Antech, Inc.a		597,668
	5,650	Wellcare Health Plans, Inc.a		524,037
	9,250	West Pharmaceutical Services, Inc.		641,210
		Total		15,242,888
	Industrials (14.9%)
	9,570	A.O. Smith Corporation		730,287
	5,650	Acuity Brands, Inc.		1,232,491
	19,500	AECOMa		600,405
	9,040	AGCO Corporation		449,288
	16,000	Alaska Air Group, Inc.		1,312,320
	12,990	B/E Aerospace, Inc.		599,099
	8,260	Carlisle Companies, Inc.		821,870
	4,120	CEB, Inc.		266,688
	6,240	CLARCOR, Inc.		360,610
	6,660	Clean Harbors, Inc.a		328,604
	13,090	Copart, Inc.a		533,679
	6,330	Crane Company		340,934
	5,690	Curtiss-Wright Corporation		430,562
	6,300	Deluxe Corporation		393,687
	15,820	Donaldson Company, Inc.		504,816
	3,780	Esterline Technologies Corporationa		242,185
	20,160	Fortune Brands Home and Security, Inc.		1,129,766
	5,320	FTI Consulting, Inc.a		188,913
	5,370	GATX Corporationb		255,075
	7,240	Genesee & Wyoming, Inc.a		453,948
	7,080	Graco, Inc.		594,437
	5,040	Granite Construction, Inc.		240,912

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

171

MID CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (95.9%)	Value
	Industrials (14.9%) - continued
	7,700	Herman Miller, Inc.		$237,853
	5,700	HNI Corporation		223,269
	6,800	Hubbell, Inc.		720,324
	6,001	Huntington Ingalls Industries, Inc.		821,777
	9,690	IDEX Corporation		803,107
	11,410	ITT Corporation		420,915
	41,295	JetBlue Airways Corporationa		872,150
	12,330	Joy Global, Inc.		198,143
	18,130	KBR, Inc.		280,652
	10,020	Kennametal, Inc.		225,350
	6,900	Kirby Corporationa		416,001
	6,665	KLX, Inc.a		214,213
	5,440	Landstar System, Inc.		351,478
	5,100	Lennox International, Inc.		689,469
	8,250	Lincoln Electric Holdings, Inc.		483,203
	9,370	Manpower, Inc.		762,905
	4,070	MSA Safety, Inc.		196,785
	6,230	MSC Industrial Direct Company, Inc.		475,411
	6,850	Nordson Corporation		520,874
	13,730	NOW, Inc.a,b		243,296
	8,710	Old Dominion Freight Line, Inc.a		606,390
	7,500	Orbital ATK, Inc.		652,050
	9,430	Oshkosh Corporation		385,404
	26,800	R.R. Donnelley & Sons Company		439,520
	5,710	Regal-Beloit Corporation		360,244
	12,478	Rollins, Inc.		338,403
	4,400	Teledyne Technologies, Inc.a		387,816
	14,000	Terex Corporation		348,320
	8,950	Timken Company		299,735
	6,990	Toro Company		601,979
	19,520	Trinity Industries, Inc.		357,411
	6,260	Triumph Group, Inc.		197,065
	2,930	Valmont Industries, Inc.		362,851
	11,850	Wabtec Corporation		939,587
	15,640	Waste Connections, Inc.		1,010,188
	3,310	Watsco, Inc.		445,989
	5,680	Werner Enterprises, Inc.		154,269
	7,140	Woodward, Inc.		371,423
		Total		29,426,395
	Information Technology (16.2%)
	13,160	3D Systems Corporationa,b		203,585
	15,140	ACI Worldwide, Inc.a		314,761
	10,010	Acxiom Corporationa		214,614
	82,380	Advanced Micro Devices, Inc.a,b		234,783
	11,310	ANSYS, Inc.a		1,011,793
	23,140	ARRIS International plca		530,369
	11,680	Arrow Electronics, Inc.a		752,309
	54,020	Atmel Corporation		438,642
	16,800	Avnet, Inc.		744,240
	5,370	Belden, Inc.		329,611
	15,240	Broadridge Financial Solutions, Inc.		903,884
	39,030	Cadence Design Systems, Inc.a		920,327
	19,790	CDK Global, Inc.		921,225
	16,340	Ciena Corporationa		310,787
	10,880	Cognex Corporation		423,776
	5,380	CommVault Systems, Inc.a		232,255
	17,700	Computer Sciences Corporation		608,703
	6,060	comScore, Inc.a		182,042
	12,340	Convergys Corporation		342,682
	11,280	CoreLogic, Inc.a		391,416
	12,790	Cree, Inc.a,b		372,189
	40,380	Cypress Semiconductor Corporation		349,691
	8,470	Diebold, Inc.		244,868
	4,060	DST Systems, Inc.		457,846
	5,280	FactSet Research Systems, Inc.		800,078

Shares		Common Stock (95.9%)	Value
	Information Technology (16.2%) - continued
	4,040	Fair Isaac Corporation		$428,604
	14,560	Fairchild Semiconductor International, Inc.a		291,200
	5,180	FEI Company		461,072
	18,690	Fortinet, Inc.a		572,475
	10,560	Gartner, Inc.a		943,536
	16,540	Global Payments, Inc.		1,080,062
	19,050	Ingram Micro, Inc.		684,085
	17,350	Integrated Device Technology, Inc.a		354,634
	4,500	InterDigital, Inc.		250,425
	17,060	Intersil Corporation		228,092
	4,680	IPG Photonics Corporationa		449,654
	5,910	j2 Global, Inc.		363,938
	24,250	Jabil Circuit, Inc.		467,297
	10,090	Jack Henry & Associates, Inc.		853,311
	21,880	Keysight Technologies, Inc.a		606,951
	11,290	Knowles Corporationa,b		148,802
	8,225	Leidos Holdings, Inc.		413,882
	7,940	Lexmark International, Inc.		265,434
	9,380	Manhattan Associates, Inc.a		533,441
	8,280	MAXIMUS, Inc.		435,859
	12,850	Mentor Graphics Corporation		261,240
	14,480	Microsemi Corporationa		554,729
	12,942	National Instruments Corporation		389,684
	15,640	NCR Corporationa		468,105
	12,650	NetScout Systems, Inc.a		290,571
	6,790	NeuStar, Inc.a,b		167,034
	4,320	Plantronics, Inc.		169,301
	17,260	Polycom, Inc.a		192,449
	14,740	PTC, Inc.a		488,778
	14,030	Rackspace Hosting, Inc.a		302,908
	5,274	Science Applications International Corporation		281,315
	4,950	Silicon Laboratories, Inc.a		222,552
	42,430	SunEdison, Inc.a,b		22,921
	4,690	Synaptics, Inc.a		373,981
	3,710	SYNNEX Corporation		343,509
	19,440	Synopsys, Inc.a		941,674
	4,500	Tech Data Corporationa		345,465
	26,290	Teradyne, Inc.		567,601
	32,240	Trimble Navigation, Ltd.a		799,552
	4,200	Tyler Technologies, Inc.a		540,162
	3,690	Ultimate Software Group, Inc.a		714,015
	14,150	VeriFone Systems, Inc.a		399,596
	17,320	Vishay Intertechnology, Inc.		211,477
	4,940	WEX, Inc.a		411,798
	6,630	Zebra Technologies Corporationa		457,470
		Total		31,987,117
	Materials (6.9%)
	14,320	Albemarle Corporation		915,478
	13,860	Allegheny Technologies, Inc.b		225,918
	8,060	AptarGroup, Inc.		631,985
	8,090	Ashland, Inc.		889,576
	12,150	Bemis Company, Inc.		629,127
	7,930	Cabot Corporation		383,257
	6,060	Carpenter Technology Corporation		207,434
	15,540	Commercial Metals Company		263,714
	4,300	Compass Minerals International, Inc.b		304,698
	7,960	Domtar Corporation		322,380
	6,320	Eagle Materials, Inc.		443,095
	3,250	Greif, Inc.		106,437
	18,550	Louisiana-Pacific Corporationa		317,576
	4,440	Minerals Technologies, Inc.		252,414
	1,280	NewMarket Corporation		507,213

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

172

MID CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (95.9%)	Value
	Materials (6.9%) - continued
	21,070	Olin Corporation		$365,986
	11,950	Packaging Corporation of America		721,780
	10,820	PolyOne Corporation		327,305
	9,410	Reliance Steel & Aluminum Company		651,078
	8,200	Royal Gold, Inc.		420,578
	16,860	RPM International, Inc.		797,984
	5,770	Scotts Miracle-Gro Company		419,883
	5,800	Sensient Technologies Corporation		368,068
	5,170	Silgan Holdings, Inc.		274,889
	12,820	Sonoco Products Company		622,667
	30,940	Steel Dynamics, Inc.		696,459
	19,560	United States Steel Corporationb		313,938
	9,390	Valspar Corporation		1,004,918
	5,880	Worthington Industries, Inc.		209,563
		Total		13,595,398
	Telecommunications Services (0.2%)
	12,125	Telephone & Data Systems, Inc.		364,841
		Total		364,841
	Utilities (5.9%)
	14,570	Alliant Energy Corporation		1,082,260
	22,782	Aqua America, Inc.		724,923
	13,130	Atmos Energy Corporation		975,034
	6,660	Black Hills Corporation		400,466
	7,810	Cleco Corporation		431,190
	19,723	Great Plains Energy, Inc.		636,067
	13,990	Hawaiian Electric Industries, Inc.		453,276
	6,490	IDACORP, Inc.		484,089
	25,085	MDU Resources Group, Inc.		488,154
	10,930	National Fuel Gas Companyb		547,046
	11,060	New Jersey Resources Corporation		402,916
	25,640	OGE Energy Corporation		734,073
	6,750	ONE Gas, Inc.		412,425
	10,335	PNM Resources, Inc.		348,496
	22,470	Questar Corporation		557,256
	7,990	Talen Energy Corporationa		71,910
	22,180	UGI Corporation		893,632
	10,710	Vectren Corporation		541,498
	18,330	Westar Energy, Inc.		909,351
	6,410	WGL Holdings, Inc.		463,892
		Total		11,557,954
		Total Common Stock (cost $158,011,437)		189,186,035
Shares		Collateral Held for Securities Loaned (2.6%)	Value
	5,067,038	Thrivent Cash Management Trust		5,067,038
		Total Collateral Held for Securities Loaned (cost $5,067,038)		5,067,038
Shares or Principal Amount		Short-Term Investments (3.3%)c	Value
		Federal Home Loan Mortgage Corporation Discount Notes
	800,000	0.320%, 4/8/2016d		799,950

Shares or Principal Amount		Short-Term Investments (3.3%)c	Value
		Thrivent Cash Management Trust
	5,728,094	0.290%		$5,728,094
		Total Short-Term Investments (at amortized cost)		6,528,044
		Total Investments (cost $169,606,519) 101.8%		$200,781,117
		Other Assets and Liabilities, Net (1.8%)		(3,526,815)
		Total Net Assets 100.0%		$197,254,302

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 All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Mid Cap Index Portfolio as of March 31, 2016:

Securities Lending Transactions
Common Stock	$	4,879,959
Total lending	$	4,879,959
Gross amount payable upon return of collateral for securities loaned	$	5,067,038
Net amounts due to counterparty	$	187,079

    Definitions:

    REIT - Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.

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

173

MID CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$	41,792,938
Gross unrealized depreciation		(10,618,340)
Net unrealized appreciation (depreciation)	$	31,174,598
Cost for federal income tax purposes	$	169,606,519

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, 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		25,768,681		25,768,681		–		–
Consumer Staples		7,933,208		7,933,208		–		–
Energy		6,198,504		6,198,504		–		–
Financials		47,111,049		47,111,049		–		–
Health Care		15,242,888		15,242,888		–		–
Industrials		29,426,395		29,426,395		–		–
Information Technology		31,987,117		31,987,117		–		–
Materials		13,595,398		13,595,398		–		–
Telecommunications Services		364,841		364,841		–		–
Utilities		11,557,954		11,557,954		–		–
Short-Term Investments		799,950		–		799,950		–
Subtotal Investments in Securities	$	189,985,985	$	189,186,035	$	799,950	$	–
Other Investments*	Total
Short-Term Investments		5,728,094
Collateral Held for Securities Loaned		5,067,038
Subtotal Other Investments	$	10,795,132
Total Investments at Value	$	200,781,117

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		217,688		217,688		–		–
Total Asset Derivatives	$	217,688	$	217,688	$	–	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents Mid Cap Index Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $499,969 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date	Notional Principal Amount		Value		Unrealized Gain/(Loss)
CME E-mini S&P Mid-Cap 400 Index		54	June 2016	$	7,564,792	$	7,782,480	$	217,688
Total Futures Contracts								$	217,688

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

174

MID CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

A summary of transactions for the fiscal year to date, in Mid Cap Index Portfolio, is as follows:

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	5,872,212	$	10,615,892	$	11,421,066		5,067,038	$	5,067,038	$	15,859
Cash Management Trust-Short Term Investment		9,442,638		14,544,468		18,259,012		5,728,094		5,728,094		4,495
Total Value and Income Earned	$	15,314,850							$	10,795,132	$	20,354

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

175

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (87.5%)	Value
	Australia (5.0%)
	647,800	Australia & New Zealand Banking Group, Ltd.		$11,612,727
	313,351	Australian Pharmaceutical Industries, Ltd.		468,805
	232,021	Bellamy’s Australia Limiteda		1,838,498
	40,496	Bendigo and Adelaide Bank, Ltd.		274,828
	102,337	Boral, Ltd.		484,060
	87,850	BT Investment Management, Ltd.		652,278
	144,958	Caltex Australia, Ltd.		3,780,668
	86,696	Commonwealth Bank of Australia		4,970,188
	1,313,800	Cromwell Property Group		1,045,797
	645,386	CSR, Ltd.		1,628,296
	578,500	Genworth Mortgage Insurance Australia, Ltd.		1,101,529
	78,670	Iluka Resources, Ltd.		394,443
	612,516	Incitec Pivot, Ltd.		1,494,902
	360,478	Investa Office Fund		1,156,555
	72,550	IOOF Holdings, Ltd.		491,566
	26,931	Japara Healthcare Limited		63,131
	133,604	JB Hi-Fi, Ltd.		2,412,543
	23,052	Macquarie Atlas Roads Group		84,761
	60,163	Macquarie Group, Ltd.		3,045,091
	39,575	Magellan Financial Group, Ltd.		685,117
	507,500	National Australia Bank, Ltd.		10,190,045
	218,381	Northern Star Resources, Ltd.		569,637
	1,805,236	Orora, Ltd.		3,455,478
	574,507	OZ Minerals, Ltd.		2,199,831
	295,726	Pacific Brands, Ltd.		233,479
	399,195	Pact Group Holdings, Ltd.		1,526,053
	81,760	Premier Investments, Ltd.		1,059,091
	93,004	Programmed Maintenance Services, Ltd.		105,432
	618,422	Qantas Airways, Ltd.b		1,930,311
	59,987	Ramsay Health Care, Ltd.		2,816,530
	335,367	Regis Resources, Ltd.		621,738
	64,400	Rio Tinto, Ltd.		2,096,945
	143,108	SAI Global, Ltd.		413,426
	323,370	Sandfire Resources NL		1,410,940
	445,618	Sigma Pharmaceuticals, Ltd.		362,111
	176,565	St Barbara, Ltd.b		269,072
	1,160,507	Star Entertainment Group, Ltd.		5,047,168
	47,094	Super Retial Group, Ltd.		308,575
	589,800	Telstra Corporation, Ltd.		2,406,952
	588,230	Treasury Wine Estates, Ltd.		4,343,475
	246,600	Western Areas, Ltd.a,c		411,486
	34,446	WorleyParsons, Ltd.		142,287
		Total		79,605,845
	Austria (0.7%)
	66,139	BUWOG AG		1,418,083
	83,400	Erste Group Bank AGb		2,340,796
	3,765	Lenzing AG		298,052
	199,105	OMV AG		5,590,538
	2,041	Porr AG		57,947
	7,076	S IMMO AG		65,494
	11,358	Schoeller-Bleckmann Oilfield Equipment AG		690,769
	20,200	Vienna Insurance Group AG Wiener Versicherung Gruppe		426,693
		Total		10,888,372
	Belgium (1.2%)
	76,412	Agfa-Gevaert NVb		339,934
	41,545	Anheuser-Busch InBev NV		5,161,430
	4,353	Befimmo SA		279,185
	44,655	bpost SA		1,239,266

Shares		Common Stock (87.5%)	Value
	Belgium (1.2%) - continued
	4,215	Compagnie d’ Entreprises CFE		$398,852
	45,158	Delhaize Group SA		4,706,414
	57,599	Fagron NV		378,811
	10,300	Group Bruxelles Lambert SA		848,632
	56,318	KBC Groep NV		2,900,255
	22,128	Melexis NV		1,201,239
	3,905	NV Bekaert SA		158,425
	10,600	Proximus SA		361,720
	10,159	SA D’Ieteren NV		427,107
	11,001	Tessenderlo Chemie NVb		417,184
	7,263	Warehouses De Pauw CVA		689,670
		Total		19,508,124
	Bermuda (<0.1%)
	4,350,000	G-Resources Group, Ltd.		86,098
	2,800	HAL Trust		555,940
		Total		642,038
	Brazil (1.4%)
	831,182	Banco Bradesco SA ADR		6,192,306
	185,333	BRF SA		2,647,799
	620,245	Lojas Renner SA		3,598,323
	209,962	Multiplan Empreendimentos Imobiliarios SA		3,144,481
	324,000	Ultrapar Participacoes SA ADR		6,246,720
	133,490	Vale SA ADRa		561,993
		Total		22,391,622
	Canada (3.8%)
	141,505	Alimentation Couche-Tard, Inc.		6,297,585
	118,642	AutoCanada, Inc.a		1,664,414
	170,381	Brookfield Asset Management, Inc.		5,925,782
	36,196	Cameco Corporation		464,591
	92,746	Canadian National Railway Company		5,795,777
	44,813	Canadian Natural Resources, Ltd.		1,212,151
	4,079	Canadian Pacific Railway, Ltd.		541,930
	97,530	CI Financial Corporation		2,155,235
	32,590	Cominar Real Estate Investment Trust		431,606
	9,700	Constellation Software, Inc.		3,971,791
	70,097	Dollarama, Inc.		4,932,562
	83,880	Dream Industrial Real Estate Investment Trust		519,265
	27,518	Enbridge, Inc.		1,071,268
	205,737	Entertainment One, Ltd.		448,256
	81,212	Finning International, Inc.		1,192,464
	48,788	Freehold Royalties, Ltd.		395,939
	39,228	Mercer International, Inc.		370,705
	149,015	Metro, Inc.		5,170,061
	79,123	Royal Bank of Canada		4,558,825
	27,472	Silver Wheaton Corporation		455,839
	71,612	TELUS Corporation		2,331,284
	135,824	Toronto-Dominion Bank		5,862,786
	97,909	Transcanada Corporationa		3,849,265
	171,801	Turquoise Hill Resources, Ltd.b		439,176
		Total		60,058,557
	Cayman Islands (<0.1%)
	900,000	Xinyi Glass Holdings Company, Ltd.		601,336
		Total		601,336
	Chile (0.2%)
	153,315	Banco Santander Chile SA ADR		2,966,645
		Total		2,966,645
	China (0.4%)
	4,954,073	Lenovo Group, Ltd.		3,861,083

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

176

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (87.5%)	Value
	China (0.4%) - continued
	4,432,000	PetroChina Company, Ltd.		$2,933,338
		Total		6,794,421
	Denmark (2.0%)
	5,909	Aktieselskabet Schouw & Company		368,664
	22,340	Jyske Bank AS		1,007,030
	21,247	NKT Holding ASb		1,224,918
	203,986	Novo Nordisk AS		11,046,574
	37,200	Novozymes AS		1,670,519
	31,747	Pandora AS		4,150,537
	12,400	Per Aarsleff Holding AS		340,387
	102,077	Royal Unibrew AS		4,922,490
	8,200	SimCorp ASb		377,987
	22,425	Spar Nord Bank AS		213,890
	57,233	Vestas Wind Systems AS		4,032,623
	26,000	William Demant Holding ASb		2,611,455
		Total		31,967,074
	Faroe Islands (0.2%)
	63,679	Bakkafrost PF		2,464,101
		Total		2,464,101
	Finland (0.8%)
	7,803	Cramo Oyj		160,503
	98,900	Elisa Oyja,b		3,840,415
	30,200	Fortum Oyja		456,734
	32,700	Huhtamaki Oyj		1,212,420
	46,500	Kesko Oyj		2,051,858
	4,236	Oriola-KD Oyj		20,871
	18,761	Outokumpu Oyjb		72,957
	18,441	Ramirent Oyj		120,432
	101,541	Sponda Oyj		427,349
	19,350	Tieto Oyj		504,171
	171,294	UPM-Kymmene Oyj		3,096,933
	41,356	YIT Oyj		234,211
		Total		12,198,854
	France (5.4%)
	5,103	Adociab		351,397
	63,450	Air France-KLMb		602,890
	4,028	Alten SA		246,846
	11,793	Assystem		319,379
	30,600	AtoS		2,485,297
	472,436	AXA SA		11,078,040
	5,032	Boiron SA		407,171
	567,200	Bollore SA		2,198,849
	44,161	Cap Gemini SA		4,142,506
	18,959	Casino Guichard Perrachon SAa		1,085,045
	5,268	Cegid Group		296,966
	6,799	Christian Dior SE		1,231,133
	37,031	Coface SA		305,363
	21,174	Derichebourg		65,371
	41,320	Eiffage SA		3,170,676
	50,000	Elior Groupd		1,094,813
	2,206	Euler Hermes Group		199,914
	1,451	Eurofins Scientific SE		531,241
	133,536	Eutelsat Communications		4,306,717
	1,936	Guerbet		148,848
	33,809	Havas SA		270,877
	32,400	Imerys SA		2,256,564
	4,710	Innate Pharma SAb		65,072
	38,326	Ipsen SA		2,197,705
	21,747	Ipsos SA		507,163
	71,907	Korian Medica SA		2,116,171
	44,500	Legrand SA		2,493,602
	14,995	Nexans SAb		672,842

Shares		Common Stock (87.5%)	Value
	France (5.4%) - continued
	155,436	Orange SA		$2,714,371
	22,100	Peugeot SAb		378,088
	33,554	Renault SA		3,334,521
	62,149	Safran SA		4,338,008
	50,069	Saft Groupe SA		1,511,823
	38,300	Sanofi		3,079,166
	798	Sartorius Stedim Biotech		303,615
	43,199	SCOR SE		1,523,025
	1,959	Societe de la Tour Eiffel - Warrantsb,c		0
	41,500	Suez Environnement Company SA		759,714
	39,738	Technicolor SA		247,921
	43,146	Thales SA		3,770,312
	309,976	Total SA		14,104,355
	11,132	UbiSoft Entertainment SAb		349,078
	132,918	Vallourec SA		864,684
	97,982	Veolia Environnement SA		2,358,317
	35,611	Vinci SA		2,643,199
		Total		87,128,655
	Germany (6.2%)
	61,660	Aareal Bank AG		1,993,522
	41,246	Adidas AG		4,815,929
	28,200	Allianz SE		4,579,833
	1,053	Amadeus Fire AG		79,681
	62,661	Aurubis AG		3,113,662
	6,900	Axel Springer SE		371,414
	32,676	Bayer AG		3,828,992
	3,707	Bechtle AG		382,046
	11,207	Centrotec Sustainable AG		178,535
	4,751	Deutsche EuroShop AG		222,459
	362,013	Deutsche Telekom AG		6,490,299
	130,610	Deutsche Wohnen AG		4,053,430
	11,844	DIC Asset AG		110,414
	4,525	Duerr AG		354,927
	99,599	Evonik Industries AG		2,978,743
	186,056	Evotec AGb		670,420
	35,100	Fraport AG Frankfurt Airport Services Worldwide		2,125,535
	70,100	Freenet AG		2,093,685
	76,135	Fresenius SE & Company KGaA		5,549,684
	76,069	FUCHS PETROLUB SE		3,389,581
	32,816	Gerresheimer AG		2,567,548
	24,777	Hannover Rueckversicherung SE		2,879,647
	6,886	Homag Group AG		282,865
	6,210	Hugo Boss AG		405,974
	7,271	Indus Holding AG		358,055
	25,038	Jenoptik AG		400,661
	22,211	Kloeckner & Company SE		217,009
	7,159	Linde AG		1,040,192
	24,900	Merck KGaA		2,071,279
	23,700	MTU Aero Engines AG		2,268,467
	14,697	Nemetschek AG		708,250
	15,911	Pfeiffer Vacuum Technology AG		1,780,976
	61,726	ProSiebenSat.1 Media AG		3,168,703
	297,300	RWE AG		3,824,611
	3,475	Salzgitter AG		98,194
	107,068	SAP SE		8,615,609
	443	Sartorius Aktiengesellschaft		112,664
	154,300	Siemens AG		16,318,917
	33,948	Software AG		1,325,914
	1,326	STRATEC Biomedical AG		64,300
	96,908	TAG Immobilien AG		1,309,222
	15,132	Takkt AG		290,652
	72,849	Talanx AG		2,482,609
		Total		99,975,109

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

177

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (87.5%)	Value
	Hong Kong (2.5%)
	1,631,800	AIA Group, Ltd.		$9,275,190
	147,600	Bank of East Asia, Ltd.		551,691
	157,000	Champion REITb		79,967
	699,300	China Mobile, Ltd.		7,744,726
	148,000	CK Hutchison Holdings, Ltd.		1,922,822
	26,000	Dah Sing Financial Holdings, Ltd.		159,996
	264,000	Giordano International, Ltd.		120,904
	330,000	Global Brands Group Holding, Ltd.b		39,978
	240,000	Guotai Junan International Holdings, Ltd.		84,090
	898,000	Haitong International Securities Group, Ltd.		519,439
	1,607,000	Hang Lung Group, Ltd.		4,613,052
	180,000	Hang Lung Properties, Ltd.		343,659
	101,600	Hong Kong Exchanges and Clearing, Ltd.		2,448,170
	188,000	Hutchison Telecommunications Hong Kong Holdings, Ltd.		66,228
	798,000	Li & Fung, Ltd.		472,774
	24,000	NewOcean Energy Holdings, Ltd.		8,638
	5,879,000	PCCW, Ltd.		3,807,902
	433,000	Samson Holding, Ltd.		51,985
	892,000	Shun Tak Holdings, Ltd.		295,382
	1,409,500	SmarTone Telecommunications Holdings, Ltd.		2,349,520
	132,000	Sunlight Real Estate Investment Trust		67,945
	254,000	Swire Pacific, Ltd.		2,739,627
	587,500	Swire Pacific, Ltd., Class B		1,146,370
	347,700	Swire Properties, Ltd.		941,153
	576,000	Texwinca Holdings, Ltd.		562,720
	752,000	Truly International Holdings, Ltd.		217,896
		Total		40,631,824
	Hungary (0.2%)
	164,000	Richter Gedeon Nyrt		3,267,075
		Total		3,267,075
	India (2.7%)
	15,299	Grasim Industries, Ltd.		888,098
	8,000	Grasim Industries, Ltd. GDR		463,357
	89,200	Hero Motocorp, Ltd.		3,967,083
	277,000	Hindustan Unilever, Ltd.		3,635,799
	475,741	Housing Development Finance Corporation		7,938,742
	1,308,000	ICICI Bank, Ltd.		4,698,958
	208,079	ICICI Bank, Ltd. ADR		1,489,846
	353,000	Infosys, Ltd.		6,485,816
	1,305,542	ITC, Ltd.		6,468,457
	128,696	Ultra Tech Cement, Ltd.		6,276,281
	4,570	Ultra Tech Cement, Ltd. GDR		222,815
		Total		42,535,252
	Indonesia (0.7%)
	15,712,100	Astra International Tbk PT		8,588,348
	2,003,100	Indocement Tunggal Prakarsa Tbk PT		2,978,470
		Total		11,566,818
	Ireland (1.4%)
	205,328	Beazley plc		1,058,015
	90,758	CRH plc		2,563,266
	76,802	DCC plc		6,773,373
	82,511	Grafton Group plc		854,698
	282,070	Henderson Group plc		1,043,395
	58,463	Hibernia REIT plc		86,615
	24,607	Paddy Power plc		3,422,743
	35,790	Ryanair Holdings plc ADR		3,071,498

Shares		Common Stock (87.5%)	Value
	Ireland (1.4%) - continued
	112,570	Smurfit Kappa Group plc		$2,895,702
		Total		21,769,305
	Israel (0.3%)
	28,742	Delek Automotive Systems, Ltd.		277,828
	35,003	Plus500, Ltd.		309,398
	19,947	Shufersal, Ltd.		67,010
	68,228	Teva Pharmaceutical Industries, Ltd. ADR		3,650,880
		Total		4,305,116
	Italy (2.1%)
	29,671	Acea SPA		454,371
	497,646	Assicurazioni Generali SPA		7,366,705
	72,592	Astaldi SPA		335,516
	32,390	ASTM SPA		373,851
	17,436	Banca IFIS SPA		577,081
	815,350	Banca Popolare di Milano SCRL		569,255
	41,400	Banco Popolare Societa Cooperativab		284,284
	141,650	Beni Stabili SPA		106,201
	26,267	Biesse SPA		426,585
	3,071	Cerved Information Solutions SPAb		25,239
	12,109	De’Longhi		275,243
	18,426	DiaSorin SPA		1,064,016
	435,400	Enel SPA		1,930,229
	3,232	Engineering SPA		240,774
	44,785	ERG SPA		609,003
	441,408	Hera SPA		1,317,681
	521,792	Immobiliare Grande Distribuzione SPA		474,870
	13,291	Interpump Group SPA		194,162
	837,299	Intesa Sanpaolo SPA		2,315,150
	146,900	Intesa Sanpaolo SPA-RSP		381,275
	497,116	Iren SPA		889,934
	44,440	La Doria SPA		665,641
	626,917	Mediaset SPA		2,584,420
	124,618	Prysmian SPA		2,819,534
	188,363	Recordati SPA		4,711,678
	1,853	Reply SPA		274,531
	912,861	Saras SPAb		1,464,024
	168,243	Societa Cattolica di Assicurazioni SCRL		1,146,768
	47,984	Societa Iniziative Autostradali e Servizi SPA		491,224
		Total		34,369,245
	Japan (16.4%)
	19,800	Accordia Golf Company, Ltd.		185,872
	84,300	Aderans Company, Ltd.		502,955
	1,017	Advance Residence Investment Corporation		2,573,088
	48,600	Alps Electric Company, Ltd.		848,028
	19,000	Amano Corporation		299,622
	35,400	AOKI Holdings, Inc.		427,172
	37,200	Aoyama Trading Company, Ltd.		1,427,635
	23,700	Arcs Company, Ltd.		530,259
	4,200	Artnature, Inc.		37,858
	58,700	Asatsu-DK, Inc.		1,509,358
	77,000	Bank of Kyoto, Ltd.		502,006
	374,000	Bank of Yokohama, Ltd.c		1,694,194
	2,500	BML, Inc.		96,780
	111,600	Bridgestone Corporation		4,165,233
	3,000	C. Uyemura & Company, Ltd.		127,153
	14,600	Canon Electronics, Inc.		214,814
	64,600	Canon Marketing Japan, Inc.		1,128,017
	17,300	Cawachi, Ltd.		312,178
	10,000	Century Tokyo Leasing Corporation		370,355

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

178

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (87.5%)	Value
	Japan (16.4%) - continued
	6,800	Chiyoda Integre Company, Ltd.		$151,029
	28,000	Chugoku Marine Paints, Ltd.		184,630
	4,900	Cocokara Fine, Inc.		212,554
	25,400	Daicel Corporation		346,238
	70,600	Daiichi Sankyo Company, Ltd.		1,566,977
	125,000	Daikyo, Inc.		198,775
	6,200	Daiseki Company, Ltd.		101,352
	77,400	Daiwa House Industry Company, Ltd.		2,175,584
	256	Daiwa House Residential Investment Corporation		533,872
	10	Daiwa Office Investment Corporation		62,132
	195,100	DCM Holdings Company, Ltd.		1,410,122
	13,500	Dena Company, Ltd.		232,377
	113,000	Denki Kagaku Kogyo KK		464,581
	60,700	Denso Corporation		2,436,532
	46,900	Doutor Nichires Holdings Company, Ltd.		757,139
	59,608	DOWA Holdings Company, Ltd.		331,624
	106,800	DTS Corporation		2,041,484
	36,400	DUSKIN Company, Ltd.		653,576
	5,200	DyDo DRINCO, Inc.		242,327
	12,200	East Japan Railway Company		1,052,366
	121,200	EDION Corporation		918,520
	5,800	Exedy Corporation		128,131
	21,400	F.C.C. Company, Ltd.		361,158
	30,310	Fields Corporation		505,989
	18,500	Foster Electric Company, Ltd.		390,165
	125,900	Fuji Heavy Industries, Ltd.		4,445,937
	62,949	Fuji Machine Manufacturing Company, Ltd.		641,645
	4,200	Fuji Oil Company, Ltd.		75,601
	14,800	Fuji Soft, Inc.		322,763
	110,000	Fujibo Holdings, Inc.		218,875
	10,100	Fujicco Company, Ltd.		210,860
	88,300	FUJIFILM Holdings NPV		3,490,261
	3,200	Fujimi Incorporated		42,597
	395,000	Fukuoka Financial Group, Inc.		1,286,703
	9,900	Fuyo General Lease Company, Ltd.		422,479
	1,900	Geo Holdings Corporation		31,573
	237	Global One Real Estate Investment Corporation		946,162
	176,800	Gree, Inc.		969,825
	60,667	Hanwa Company, Ltd.		255,994
	14,500	Happinet Corporation		131,592
	153,900	Haseko Corporation		1,432,884
	93,500	Heiwa Corporation		1,938,221
	6,900	Heiwa Real Estate Company, Ltd.		85,803
	136	Heiwa Real Estate REIT, Inc.		109,870
	2,400	HEIWADO Company, Ltd.		49,807
	892,019	Hiroshima Bank, Ltd.		3,254,752
	4,300	Hitachi Maxell, Ltd.		65,404
	528,700	Honda Motor Company, Ltd.		14,455,239
	31,869	IBJ Leasing Company, Ltd.		564,880
	23,725	Iida Group Holdings Company, Ltd.		462,064
	20,500	INES Corporation		210,365
	150,900	IT Holdings Corporation		3,569,160
	51,100	Iyo Bank, Ltd.		334,087
	31,457	JAFCO Company, Ltd.		965,754
	94,900	Japan Airlines Company, Ltd.		3,479,031
	13,000	Japan Digital Laboratory Company, Ltd.		186,059
	390,100	Japan Display, Inc.		761,606
	550	Japan Logistics Fund, Inc.		1,149,010
	32,500	Japan Securities Finance Company, Ltd.		130,288
	9,000	Japan Wool Textile Company, Ltd.		60,841

Shares		Common Stock (87.5%)	Value
	Japan (16.4%) - continued
	54,000	J-Oil Mills, Inc.		$164,988
	186,700	JTEKT Corporation		2,422,693
	1,136,300	JX Holdings, Inc.		4,375,168
	11,800	Kadokawa Dwango Corporation		181,660
	8,000	Kaken Pharmaceutical Company, Ltd.		483,589
	86,800	Kao Corporation		4,628,346
	247,800	KDDI Corporation		6,611,497
	71,300	Kenedix, Inc.		311,332
	201,400	Kinden Corporation		2,468,612
	35,100	Kissei Pharmaceutical Company, Ltd.		807,957
	104,000	KITZ Corporation		449,756
	8,410	Koei Tecmo Holdings Company, Ltd.		128,711
	41,200	Kohnan Shoji Company, Ltd.		612,589
	67,700	Kokuyo Company, Ltd.		791,381
	31,300	KOMERI Company, Ltd.		639,574
	25,300	Komori Corporation		294,272
	104,100	Konica Minolta Holdings, Inc.		882,935
	59,000	K’s Holdings Corporation		1,954,576
	44,000	Kurabo Industries, Ltd.		76,154
	57,000	Kuraray Company, Ltd.		696,590
	77,000	Kureha Corporation		244,257
	226,000	KYB Company, Ltd.		669,477
	28,000	Kyokuto Securities Company, Ltd.		336,123
	22,700	KYORIN Holdings, Inc.		432,245
	34,100	Kyowa Exeo Corporation		378,453
	378,030	Leopalace21 Corporation		2,281,514
	10,800	Macnica Fuji Electronics Holdings, Inc.		128,498
	49,000	Maeda Road Construction Company, Ltd.		806,200
	329,000	Makino Milling Machine Company, Ltd.		2,015,828
	1,300	Mandom Corporation		57,788
	9,700	Maruwa Company, Ltd.		236,357
	186,700	Marvelous, Inc.		1,675,170
	72,400	Matsumotokiyoshi Holdings Company, Ltd.		3,786,206
	29,000	Meiko Network Japan Company, Ltd.		316,117
	14,900	Melco Holdings, Inc.		303,870
	3,100	Mimasu Semiconductor Industry Company, Ltd.		28,437
	46,700	MIRAIT Holdings Corporation		371,512
	299,700	Mitsubishi UFJ Financial Group, Inc.		1,388,692
	686,912	Mitsui Chemicals, Inc.		2,286,482
	3,957,600	Mizuho Financial Group, Inc.		5,897,944
	7,100	Mochida Pharmaceutical Company, Ltd.		526,977
	819	Mori Trust Sogo REIT, Inc.		1,415,245
	337,000	Morinaga and Company, Ltd.		1,714,585
	75,000	Morinaga Milk Industry Company, Ltd.		401,462
	254,363	MS and AD Insurance Group Holdings, Inc.a		7,089,418
	22,900	NEC Networks & System Integration Corporation		355,569
	134,000	Net One Systems Company, Ltd.		723,431
	30,000	Nichirei Corporation		243,571
	449,000	Nippon Electric Glass Company, Ltd.		2,296,361
	89,000	Nippon Flour Mills Company, Ltd.		730,918
	710,172	Nippon Sheet Glass Companyb		504,309
	38,500	Nippon Shokubai Company, Ltd.		1,961,142
	25,800	Nippon Signal Company, Ltd.		213,284
	463,100	Nippon Suisan Kaisha, Ltd.		2,247,496
	56,000	Nippon Synthetic Chemical Industry Company, Ltd.		354,987
	45,000	Nippon Telegraph & Telephone Corporation		1,943,888

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

179

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (87.5%)	Value
	Japan (16.4%) - continued
	44,000	Nippon Thompson Company, Ltd.		$157,179
	917,640	Nippon Yusen Kabushiki Kaisha		1,769,497
	469,000	Nishi-Nippon City Bank, Ltd.		828,297
	293,105	Nissan Motor Company, Ltd.a		2,709,828
	62,684	Nissan Shatai Company, Ltd.		630,036
	119,000	Nisshin OilliO Group, Ltd.		485,559
	76,800	Nissin Kogyo Company, Ltd.		1,034,928
	20,000	Nittetsu Mining Company, Ltd.		74,648
	49,817	Nitto Kogyo Corporation		793,530
	32,200	Nomura Real Estate Holdings, Inc.		594,412
	74,800	North Pacific Bank, Ltd.		189,123
	31,200	NSD Company, Ltd.		460,658
	103,899	Oita Bank, Ltd.		323,619
	33,100	Okamura Corporation		315,674
	33,000	Okasan Securities Group, Inc.		172,176
	7,700	Okinawa Electric Power Company, Inc.		207,171
	299,000	Okuma Corporation		2,088,666
	275,000	Osaka Gas Company, Ltd.		1,055,600
	30,100	OSG Corporationa		561,381
	7,600	Otsuka Corporation		400,909
	140,700	Otsuka Holdings Company, Ltd.		5,110,455
	45,500	Paltac Corporation		805,246
	8,500	Paramount Bed Holdings Company, Ltd.		310,520
	20,100	Plenus Company, Ltd.		362,367
	12,000	Recruit Holdings Company, Ltd.		365,888
	8,412	Riso Kagaku Corporation		129,673
	211,800	Round One Corporation		1,193,559
	11,000	Ryobi, Ltd.		43,330
	26,900	Saint Marc Holdings Company, Ltd.		741,686
	12,100	Sangetsu Company, Ltd.		218,977
	338,800	Sanwa Holdings Corporation		2,520,422
	191,000	Sanyo Shokai, Ltd.		433,171
	209,200	Seino Holdings Company, Ltd.		2,250,609
	54,900	Sekisui Chemical Company, Ltd.		675,872
	336,200	Sekisui House, Ltd.		5,672,225
	40,700	Shimachu Company, Ltd.		970,958
	64,000	Shindengen Electric Manufacturing Company, Ltd.		216,787
	124,100	Shinko Electric Industries Company, Ltd.		697,617
	52,000	ShinMaywa Industries, Ltd.		368,504
	593,000	Showa Denko KK		611,770
	137,300	SKY Perfect JSAT Holdings, Inc.		798,783
	18,200	Sodick Company, Ltd.		135,975
	143,100	Sojitz Corporation		293,794
	95,900	Sompo Japan Nipponkoa Holdings, Inc.		2,717,947
	46,940	Sumitomo Corporation		465,784
	31,700	Sumitomo Forestry Company, Ltd.		363,896
	568,000	Sumitomo Heavy Industries, Ltd.		2,344,492
	74,500	Sumitomo Mitsui Financial Group, Inc.		2,261,647
	406,304	Sumitomo Mitsui Trust Holdings, Inc.		1,189,447
	20,400	Sumitomo Riko Company, Ltd.		177,639
	13,000	Sumitomo Seika Chemicals Company, Ltd.		64,208
	55,300	T&D Holdings, Inc.		516,560
	27,000	Tadano, Ltd.		250,547
	21,200	Tamron Company, Ltd.		347,203
	52,000	Toagosei Company, Ltd.		432,702
	4,500	TOCALO Company, Ltd.		80,911
	30,100	Toho Company, Ltd.		791,220
	51,000	Toho Gas Company, Ltd.		361,993
	128,200	Toho Holdings Company, Ltd.		2,739,995
	156,600	Tohoku Electric Power Company, Inc.		2,018,177
	42,000	Tokai Tokyo Financial Holdings, Inc.		229,948

Shares		Common Stock (87.5%)	Value
	Japan (16.4%) - continued
	62,100	Tokio Marine Holdings, Inc.		$2,098,231
	42,100	Tokyo Electron, Ltd.		2,741,948
	25,400	Tokyo Seimitsu Company, Ltd.		498,313
	85,000	Tokyotokeiba Company, Ltd.		170,456
	929	Tokyu REIT, Inc.		1,273,279
	201	Top REIT, Inc.		793,530
	49,000	Toppan Forms Company, Ltd.		545,178
	35,000	Tosei Corporation		253,316
	361,000	Tosoh Corporation		1,516,048
	32,100	TOTO, Ltd.		999,170
	34,000	Toyo Securities Company, Ltd.		84,788
	459,300	Toyota Motor Corporation		24,359,162
	15,400	Transcosmos, Inc.		399,858
	97,000	Tsubakimoto Chain Company		600,286
	48,900	Tsumura & Company		1,172,969
	7,200	TV Asahi Holdings Corporation		129,164
	75,000	Ube Industries, Ltd.		132,582
	237,100	UNY Group Holdings Company, Ltd.		1,669,014
	98,200	Valor Company, Ltd.		2,475,932
	30,000	Wacoal Holdings Corporation		358,002
	18,600	Wakita & Company, Ltd.		155,146
	7,100	Warabeya Nichiyo Company, Ltd.		156,261
	66,000	West Japan Railway Company		4,075,315
	21,700	Xebio Holdings Company, Ltd.		346,483
	64,800	Yamato Kogyo Company, Ltd.		1,403,972
	14,800	Yorozu Corporation		310,418
		Total		262,370,212
	Jersey (0.1%)
	348,290	Petra Diamonds, Ltd.		526,492
	332,234	Regus plc		1,507,981
	13,749	WPP plc		320,014
		Total		2,354,487
	Luxembourg (0.5%)
	54,610	APERAM		2,080,587
	21,949	Millicom International Cellular SA		1,197,309
	42,588	Oriflame Holdings AGb		845,661
	37,755	Subsea 7 SAb		284,796
	161,000	Tenaris SA ADR		3,986,360
		Total		8,394,713
	Malaysia (0.3%)
	1,076,512	CIMB Group Holdings Berhad		1,338,091
	667,400	Public Bank Berhad		3,211,207
		Total		4,549,298
	Mexico (1.2%)
	79,000	Fomento Economico Mexicano SAB de CV ADR		7,608,490
	24,500	Grupo Aeroportuario del Sureste SAB de CV ADR		3,679,165
	1,336,594	Grupo Financiero Banorte SAB de CV ADR		7,574,508
	259,000	Organizacion Soriana SAB de CVb		613,428
		Total		19,475,591
	Netherlands (2.8%)
	1,723,151	Aegon NV		9,470,095
	43,338	ASM International NV		1,937,983
	77,297	BE Semiconductor Industries NV		2,112,054
	30,944	Corbion NV		734,027
	5,741	Eurocommercial Properties NV		268,200
	14,638	Euronext NVd		607,111
	76,903	Heineken NV		6,958,013
	101,136	Koninklijke Boskalis Westminster NV		3,963,823

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

180

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (87.5%)	Value
	Netherlands (2.8%) - continued
	17,967	Koninklijke DSM NV		$987,847
	42,590	Koninklijke Vopak NV		2,118,210
	76,081	NN Group NV		2,483,646
	33,138	NSI NV		157,312
	29,800	Randstad Holding NV		1,648,292
	208,805	Unilever NV		9,387,632
	14,452	Vastned Retail NV		645,646
	5,719	Wereldhave NV		319,328
	17,374	Wessanen		188,130
	12,900	Wolters Kluwer NV		514,163
		Total		44,501,512
	New Zealand (0.2%)
	475,468	Air New Zealand, Ltd.		940,039
	382,243	Meridian Energy, Ltd.		691,478
	94,709	Nuplex Industries, Ltd.		340,181
	416,900	Sky Network Television, Ltd.		1,432,266
		Total		3,403,964
	Norway (1.0%)
	18,950	Atea ASA		180,750
	63,962	Austevoll Seafood ASA		524,895
	74,925	Avance Gas Holdings, Ltd.d		520,952
	36,875	Borregaard ASA		247,107
	19,142	Leroy Seafood Group ASA		903,691
	508,807	Norsk Hydro ASA		2,090,443
	112,575	Ocean Yield ASAa		754,613
	461,732	Orkla ASA		4,176,266
	54,387	SalMar ASA		1,332,518
	30,748	SpareBank 1 SMNb		195,852
	93,375	Telenor ASA		1,509,787
	92,037	Yara International ASA		3,455,049
		Total		15,891,923
	Philippines (0.7%)
	8,459,500	Ayala Land, Inc.		6,473,707
	2,197,270	Bank of the Philippine Islands		4,152,197
		Total		10,625,904
	Poland (0.3%)
	105,348	Bank Pekao SA		4,644,605
		Total		4,644,605
	Portugal (0.3%)
	133,930	Altri SGPS SA		583,219
	6,184,256	Banco Espirito Santo SAb,c		704
	217,346	Jeronimo Martins SGPS SA		3,552,956
	142,886	Redes Energeticas Nacionais SGPS SA		467,813
		Total		4,604,692
	Russia (0.7%)
	143,500	Lukoil ADR		5,499,883
	33,597	Magnit PJSC		5,272,736
		Total		10,772,619
	Singapore (1.1%)
	96,600	DBS Group Holdings, Ltd.		1,100,465
	497,092	Singapore Technologies Engineering, Ltd.		1,190,396
	533,440	Soilbuild Business Space REIT		288,902
	589,100	StarHub, Ltd.		1,464,735
	190,500	United Engineers, Ltd.		330,428
	794,800	United Overseas Bank, Ltd.		11,117,661
	381,100	Venture Corporation, Ltd.		2,362,568

Shares		Common Stock (87.5%)	Value
	Singapore (1.1%) - continued
	340,900	Yanlord Land Group, Ltd.		$308,724
		Total		18,163,879
	South Africa (0.6%)
	53,900	Investec plc		395,380
	339,584	Massmart Holdings, Ltd.		2,910,074
	273,479	MTN Group, Ltd.		2,497,519
	594,000	Truworths International, Ltd.		3,945,750
		Total		9,748,723
	South Korea (0.2%)
	17,401	E-Mart Company, Ltd.		2,672,171
		Total		2,672,171
	Spain (1.7%)
	24,100	Abertis Infraestructuras SA		395,709
	22,930	Almirall SA		384,620
	149,351	Banco Bilbao Vizcaya Argentaria SA		986,206
	404,400	Distribuidora Internacional de Alimentacion SAb		2,095,417
	84,958	Ebro Foods SA		1,851,671
	217,200	Enagas SA		6,519,207
	139,292	Ence Energia y Celulosa SA		468,197
	121,938	Endesa SA		2,336,740
	14,498	Faes Farma SA		45,616
	22,514	Gamesa Corporacion Tecnologia SA		443,061
	900,265	Iberdrola SA		5,993,040
	350,452	International Consolidated Airlines Group SA		2,788,521
	19,138	Lar Espana Real Estate SOCIMI SA		181,404
	8,997	Let’s GOWEX SAb,c		1
	39,811	Mediaset Espana Comunicacion SA		456,940
	21,121	Papeles y Cartones de Europa SA		134,372
	130,493	Prosegur Compania de Seguridad SA		734,000
	13,101	Viscofan SA		783,225
		Total		26,597,947
	Sweden (2.8%)
	139,300	Alfa Laval AB		2,275,182
	22,615	Atlas Copco Aktiebolag		567,577
	129,700	Axfood AB		2,393,513
	28,586	Betsson ABb		442,951
	138,700	BillerudKorsnas AB		2,264,194
	262,345	Boliden AB		4,184,849
	73,849	Byggmax Group AB		677,171
	149,347	Castellum AB		2,370,889
	82,844	Dios Fastigheter AB		607,843
	35,800	Fabege ABb		603,229
	88,434	Fastighets AB Balderb		2,239,569
	120,387	Granges AB		1,044,983
	10,054	Haldex AB		88,475
	75,457	Hemfosa Fastigheter AB		827,545
	265,800	Husqvarna AB		1,940,974
	10,800	Indutrade AB		662,345
	50,685	Intrum Justitia AB		1,786,148
	110,244	Investor AB		3,897,037
	47,537	Inwido AB		584,837
	26,457	Kungsleden AB		187,107
	106,739	Loomis AB		3,012,762
	206,242	Micronic Mydata AB		1,860,814
	7,211	NetEnt ABb		406,760
	41,004	Nobia AB		428,549
	22,696	Nolato AB		635,778
	57,700	Securitas AB		954,156
	77,138	SSAB AB, Class Ab		277,389
	33,416	SSAB AB, Class Bb		100,178

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

181

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (87.5%)	Value
	Sweden (2.8%) - continued
	113,140	Svenska Cellulosa AB SCA		$3,528,925
	67,700	Swedish Match AB		2,294,900
	42,630	Wihlborgs Fastigheter AB		904,131
		Total		44,050,760
	Switzerland (5.5%)
	62,433	Adecco SA		4,061,340
	11,943	Ascom Holding AG		224,013
	1,679	Autoneum Holding AGb		431,622
	1,366	Bobst Group SA		82,217
	761	Cembra Money Bank AGb		53,117
	13,737	Compagnie Financiere Richemont SA		907,335
	1,420	Daetwyler Holding AG		211,557
	4,059	dorma+kaba Holding AG		2,588,687
	678	Emmi AGb		370,231
	902	Flughafen Zuerich AG		806,927
	1,120	Forbo Holding AG		1,355,565
	7,015	Georg Fischer AG		5,665,035
	588,191	Glencore Xstrata plcb		1,322,521
	4,000	Helvetia Holding AG		2,285,704
	3,294	Kardex AGb		271,159
	21,331	LafargeHolcim, Ltd.		1,001,696
	37,779	Lonza Group AG		6,386,214
	4,260	Mobimo Holding AG		1,036,924
	148,138	Nestle SA		11,054,172
	314,277	Novartis AG		22,738,549
	2,186	Rieter Holding AG		471,955
	8,600	Roche Holding AG-BR		2,158,482
	69,312	Roche Holding AG-Genusschein		17,018,888
	341	Schweiter Technologies AG		314,340
	3,000	Swisscom AG		1,628,278
	7,114	Tecan Group AG		1,081,592
	69,780	UBS Group AG		1,122,484
	4,207	Valiant Holding AG		448,221
	7,652	Zehnder Group AG		308,758
		Total		87,407,583
	Taiwan (0.7%)
	662,300	Taiwan Mobile Company, Ltd.		2,150,203
	1,838,951	Taiwan Semiconductor Manufacturing Company, Ltd.		9,172,382
		Total		11,322,585
	Thailand (0.7%)
	427,750	Siam Cement pcl		5,685,372
	1,413,500	Siam Commercial Bank pcl		5,656,925
		Total		11,342,297
	Turkey (0.8%)
	1,665,982	Akbank TAS		4,745,364
	186,340	BIM Birlesik Magazalar AS		4,040,390
	1,578,000	Turkiye Garanti Bankasi AS		4,616,768
		Total		13,402,522
	United Kingdom (11.5%)
	438,778	3i Group plc		2,869,050
	38,264	Aggreko plc		590,895
	324,513	Amec Foster Wheeler plc		2,093,856
	22,479	Ashmore Group plc		92,645
	180,690	Ashtead Group plc		2,237,470
	349,554	Auto Trader Group plcd		1,955,774
	167,900	Babcock International Group plc		2,286,351
	33,950	BAE Systems plc		247,640
	284,800	Barratt Developments plc		2,286,369
	103,961	Bellway plc		3,910,606
	49,668	Berendsen plc		856,700

Shares		Common Stock (87.5%)	Value
	United Kingdom (11.5%) - continued
	25,307	Berkeley Group Holdings plc		$1,166,874
	107,000	BHP Billiton plc		1,200,858
	27,830	Bodycote plc		240,672
	798,013	Booker Group plc		1,972,524
	93,515	Bovis Homes Group plc		1,248,527
	91,206	Britvic plc		929,524
	314,200	BT Group plc		1,983,901
	74,800	Bunzl plc		2,169,699
	28,155	Burberry Group plc		550,424
	68,580	Cineworld Group plc		528,369
	802,500	Cobham plc		2,499,004
	217,113	Compass Group plc		3,827,340
	103,115	CYBG plcb		308,785
	76,024	Dart Group plc		725,016
	253,416	Debenhams plc		273,428
	575,971	Direct Line Insurance Group plc		3,055,057
	156,770	Domino’s Pizza Group plc		2,268,606
	166,569	DS Smith plc		974,483
	72,698	Galliford Try plc		1,495,757
	89,300	GKN plc		369,732
	139,918	Globo plcb,c		20
	108,102	Great Portland Estates plc		1,128,551
	62,847	Greggs plc		980,581
	202,909	Hansteen Holdings plc		310,078
	214,800	Hays plc		372,881
	92,032	Hiscox, Ltd.		1,278,880
	555,073	Howden Joinery Group plc		3,809,869
	3,093,433	HSBC Holdings plc		19,237,887
	24,504	Hunting plc		112,218
	115,779	IG Group Holdings plc		1,328,069
	189,781	Imperial Tobacco Group plc		10,507,620
	462,981	Inchcape plc		4,801,936
	226,824	Indivior plc		530,454
	460,029	Intermediate Capital Group plc		4,082,925
	1,428,576	ITV plc		4,936,460
	324,364	John Wood Group plc		2,856,414
	37,069	Kazakhmys plcb		90,358
	226,447	KCOM Group plc		349,626
	46,250	Keller Group plc		570,934
	28,571	Kier Group plc		526,121
	32,109	Lancashire Holdings, Ltd.		253,865
	115,100	Legal & General Group plc		387,823
	1,024,189	LondonMetric Property plc		2,327,617
	234,965	Man Group plc		513,557
	662,000	Marks and Spencer Group plc		3,857,691
	45,240	Melrose Industries plc		231,426
	89,946	Micro Focus International plc		2,025,225
	492,930	Mitie Group plc		1,818,651
	193,273	Moneysupermarket.com Group plc		880,887
	74,500	National Express Group plc		367,147
	6,700	Next plc		518,857
	32,417	OneSavings Bank plc		154,948
	77,435	Ophir Energy plcb		85,463
	89,321	Paragon Group of Companies plc		413,397
	66,300	Persimmon plc		1,981,120
	81,210	Premier Oil plcb		51,409
	151,900	PZ Cussons plc		658,603
	467,787	QinetiQ Group plc		1,529,641
	12,632	Redde plc		30,285
	170,845	Rentokil Initial plc		433,237
	141,900	Restaurant Group plc		798,742
	282,353	Rexam plc		2,566,604
	892,428	Rotork plc		2,339,641
	94,200	Royal Dutch Shell plc		2,282,816
	3,723	Royal Dutch Shell plc, Class A		89,895
	307,624	Royal Dutch Shell plc, Class B		7,485,937

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

182

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (87.5%)	Value
	United Kingdom (11.5%) - continued
	225,800	Royal Mail plc		$1,557,019
	69,588	SABMiller plc		4,230,516
	61,959	Safestore Holdings plc		298,722
	153,227	Savills plc		1,666,939
	46,981	Schroders plc		1,806,162
	41,200	Shire plc		2,349,825
	14,999	Spectris plc		395,880
	16,900	Spirax-Sarco Engineering plc		882,284
	256,400	SSE plc		5,487,016
	591,000	Stagecoach Group plc		2,135,641
	452,895	Standard Chartered plc		3,062,924
	82,538	Synthomer plc		431,758
	1,352,447	Taylor Wimpey plc		3,685,903
	106,875	Travis Perkins plc		2,799,674
	71,508	Tullett Prebon plc		361,321
	101,399	Unilever plc		4,572,345
	997,700	Vodafone Group plc		3,170,339
	18,057	WH Smith plc		470,368
	1,161,300	William Hill plc		5,433,345
	14,713	Workspace Group plc		165,267
	41,415	WS Atkins plc		813,084
		Total		184,888,634
	United States (0.2%)
	47,700	Yum! Brands, Inc.		3,904,245
		Total		3,904,245
		Total Common Stock (cost $1,368,428,369)		1,400,726,254
Principal Amount		Long-Term Fixed Income (8.2%)
	Angola (0.1%)
		Angola Goverment International Bond
	$920,000	9.500%, 11/12/2025		837,200
		Total		837,200
	Argentina (0.2%)
		Arcos Dorados BV
	161,000	6.625%, 9/27/2023d		153,352
		Argentina Government International Bond
	522,919	7.820%, 12/31/2033e,f		660,485
	350,510	8.280%, 12/31/2033f		409,220
	953,386	8.280%, 12/31/2033f		1,139,296
	320,000	0.000%, 12/15/2035g		35,584
	3,532,000	0.000%, 12/15/2035e,g		407,936
	1,527,000	0.000%, 12/15/2035g		161,862
	930,000	2.500%, 12/31/2038f,h		620,775
		YPF SA
	90,000	8.875%, 12/19/2018		93,555
		Total		3,682,065
	Armenia (<0.1%)
		Armenia Government International Bond
	260,000	6.000%, 9/30/2020		256,968
	200,000	7.150%, 3/26/2025		196,880
		Total		453,848
	Azerbaijan (<0.1%)
		State Oil Company of Azerbaijan Republic
	420,000	4.750%, 3/13/2023		368,580
		Total		368,580

Principal Amount		Long-Term Fixed Income (8.2%)	Value
	Belize (<0.1%)
		Belize Government International Bond
	$116,500	5.000%, 2/20/2038*,h		$57,085
		Total		57,085
	Bermuda (0.1%)
		Digicel Group, Ltd.
	210,000	8.250%, 9/30/2020*		180,075
		Digicel, Ltd.
	410,000	6.000%, 4/15/2021*		366,950
	770,000	6.750%, 3/1/2023d		679,525
		Total		1,226,550
	Brazil (0.5%)
		Banco do Brasil SA/Cayman
	600,000	9.000%, 6/18/2049i		416,400
	840,000	6.250%, 10/15/2049i		468,048
		Brazil Government International Bond
	1,516,000	6.000%, 8/15/2050j		1,142,770
	540,000	4.250%, 1/7/2025		495,450
	1,100,000	6.000%, 4/7/2026		1,116,500
		Brazil Loan Trust 1
	527,324	5.477%, 7/24/2023		483,820
	1,027,835	5.477%, 7/24/2023*		943,039
		Brazil Minas SPE via State of Minas Gerais
	1,579,000	5.333%, 2/15/2028		1,346,098
	1,130,000	5.333%, 2/15/2028*		963,325
		Brazil Notas do Tesouro Nacional Serie F
	312,000	10.000%, 1/1/2017j		86,689
		Independencia International, Ltd.
	95,246	12.000%, 12/30/2016*,c,f		0
		Petrobras Global Finance BV
	370,000	6.250%, 3/17/2024		295,889
		Tupy SA
	450,000	6.625%, 7/17/2024d		418,500
		Total		8,176,528
	Bulgaria (<0.1%)
		Bulgaria Government International Bond
	180,000	4.250%, 7/9/2017e		215,520
		Total		215,520
	Cameroon (<0.1%)
		Republic of Cameroon International Bond
	200,000	9.500%, 11/19/2025		188,000
		Total		188,000
	Cayman Islands (<0.1%)
		Agromercantil Senior Trust
	110,000	6.250%, 4/10/2019		113,300
		Petrobras International Finance Company
	150,000	5.750%, 1/20/2020		130,313
	10,000	5.375%, 1/27/2021		8,266
		Total		251,879
	Chile (0.4%)
		AES Gener SA
	450,000	5.250%, 8/15/2021		477,552
		Banco del Estado de Chile
	500,000	4.125%, 10/7/2020		528,196
	260,000	4.125%, 10/7/2020d		274,662

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

183

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (8.2%)	Value
	Chile (0.4%) - continued
		Chile Government International Bond
	$614,000	3.125%, 1/21/2026		$620,447
	150,000	3.625%, 10/30/2042		141,375
		Corpbanca SA
	552,000	3.875%, 9/22/2019d		565,335
		E.CL SA
	220,000	5.625%, 1/15/2021d		241,735
		Empresa Electrica Angamos SA
	1,130,000	4.875%, 5/25/2029d		1,047,203
		GNL Quintero SA
	200,000	4.634%, 7/31/2029		200,500
	1,110,000	4.634%, 7/31/2029d		1,112,775
		Sociedad Quimica y Minera de Chile SA
	120,000	5.500%, 4/21/2020		124,290
	210,000	3.625%, 4/3/2023		191,625
	448,000	4.375%, 1/28/2025*		421,120
		Total		5,946,815
	China (<0.1%)
		Biostime International Holdings, Ltd.
	2,000,000	Zero Coupon, 2/20/2019k		259,109
		Total		259,109
	Colombia (0.3%)
		Banco de Bogota SA
	850,000	5.000%, 1/15/2017		860,625
		Colombia Government International Bond
	70,000	8.125%, 5/21/2024		87,360
	560,000	4.500%, 1/28/2026		572,600
	340,000	3.875%, 3/22/2026e		390,427
	240,000	6.125%, 1/18/2041		252,000
	1,290,000	5.625%, 2/26/2044		1,283,550
	2,250,000	5.000%, 6/15/2045		2,092,500
		Ecopetrol SA
	80,000	7.375%, 9/18/2043		73,200
		Total		5,612,262
	Costa Rica (0.3%)
		Banco de Costa Rica
	200,000	5.250%, 8/12/2018		202,500
	410,000	5.250%, 8/12/2018d		415,125
		Banco Nacional de Costa Rica
	410,000	4.875%, 11/1/2018d		407,950
	890,000	6.250%, 11/1/2023d		869,975
		Costa Rica Government International Bond
	30,000	9.995%, 8/1/2020		35,925
	720,000	5.625%, 4/30/2043		549,000
	690,000	7.000%, 4/4/2044		622,725
	1,230,000	7.158%, 3/12/2045d		1,113,150
		Total		4,216,350
	Cote D’Ivoire (<0.1%)
		Ivory Coast Covernment International Bond
	200,000	6.375%, 3/3/2028		189,000
		Total		189,000
	Croatia (0.2%)
		Croatia Government International Bond
	320,000	6.375%, 3/24/2021d		349,600
	1,310,000	3.875%, 5/30/2022e		1,527,918

Principal Amount		Long-Term Fixed Income (8.2%)	Value
	Croatia (0.2%) - continued
	$770,000	3.000%, 3/11/2025e		$827,173
		Total		2,704,691
	Czech Republic (<0.1%)
		Czech Republic Government Bond
	7,660,000	0.370%, 10/27/2016g,l		322,898
		Total		322,898
	Dominican Republic (0.5%)
		Aeropuertos Dominicanos Siglo XXI SA
	800,000	9.750%, 11/13/2019		844,000
		Dominican Republic Government International Bond
	63,914	9.040%, 1/23/2018		67,749
	8,100,000	15.000%, 4/5/2019m		198,968
	3,600,000	16.000%, 7/10/2020m		94,240
	813,000	7.500%, 5/6/2021		886,170
	3,800,000	11.500%, 5/10/2024m		87,914
	420,000	6.875%, 1/29/2026d		446,250
	310,000	8.625%, 4/20/2027		348,750
	2,700,000	18.500%, 2/4/2028d,m		83,582
	5,900,000	11.375%, 7/6/2029m		131,724
	832,000	7.450%, 4/30/2044		873,600
	2,410,000	6.850%, 1/27/2045d		2,385,900
	2,237,000	6.850%, 1/27/2045		2,214,630
		Total		8,663,477
	Ecuador (0.1%)
		Ecuador Government International Bond
	280,000	10.500%, 3/24/2020		252,000
	340,000	10.500%, 3/24/2020d		306,000
	200,000	7.950%, 6/20/2024		166,000
		EP PetroEcuador
	368,421	6.258%, 9/24/2019g		319,605
		Total		1,043,605
	El Salvador (0.2%)
		El Salvador Government International Bond
	100,000	7.375%, 12/1/2019		99,500
	310,000	7.750%, 1/24/2023		303,800
	453,000	5.875%, 1/30/2025		390,713
	585,000	6.375%, 1/18/2027		506,025
	130,000	8.250%, 4/10/2032		123,175
	1,280,000	7.650%, 6/15/2035		1,120,000
	319,000	7.625%, 2/1/2041		270,352
		Total		2,813,565
	Ethiopia (<0.1%)
		Ethiopia Government International Bond
	440,000	6.625%, 12/11/2024		404,800
		Total		404,800
	Gabon (<0.1%)
		Gabon Government International Bond
	730,000	6.375%, 12/12/2024		605,900
	680,000	6.950%, 6/16/2025		566,100
		Total		1,172,000

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

184

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (8.2%)	Value
	Ghana (0.2%)
		Ghana Government International Bond
	$120,000	8.500%, 10/4/2017		$118,140
	800,000	7.875%, 8/7/2023		634,000
	690,000	10.750%, 10/14/2030d		673,405
		Total		1,425,545
	Guatemala (0.1%)
		Agromercantil Senior Trust
	320,000	6.250%, 4/10/2019d		329,600
		Guatemala Government International Bond
	850,000	5.750%, 6/6/2022		926,500
	490,000	4.875%, 2/13/2028		494,900
	380,000	4.875%, 2/13/2028d		383,800
		Total		2,134,800
	Honduras (0.1%)
		Honduras Government International Bond
	675,000	8.750%, 12/16/2020		754,313
	1,010,000	8.750%, 12/16/2020*		1,128,675
		Total		1,882,988
	Hong Kong (<0.1%)
		China Resources Cement Holdings, Ltd.
	200,000	2.125%, 10/5/2017		200,415
		Wharf Finance, Ltd.
	200,000	4.625%, 2/8/2017		204,787
		Total		405,202
	Hungary (0.5%)
		Hungary Government International Bond
	790,000	4.375%, 7/4/2017e		944,147
	1,840,000	5.750%, 6/11/2018e		2,322,796
	1,610,000	6.250%, 1/29/2020		1,789,966
	70,000	5.375%, 2/21/2023		77,575
	1,090,000	5.750%, 11/22/2023		1,241,510
	220,000	5.375%, 3/25/2024		246,385
	400,000	7.625%, 3/29/2041		566,400
		MFB Magyar Fejlesztesi Bank Zrt
	210,000	6.250%, 10/21/2020d		231,672
		Total		7,420,451
	India (0.1%)
		Adani Ports and Special Economic Zone, Ltd.
	200,000	3.500%, 7/29/2020d		200,700
		Greenko Dutch BV
	200,000	8.000%, 8/1/2019		213,000
	480,000	8.000%, 8/1/2019d		511,200
		Total		924,900
	Indonesia (0.5%)
		Indonesia Government International Bond
	310,000	6.875%, 1/17/2018*		336,287
	560,000	11.625%, 3/4/2019		702,295
	470,000	5.375%, 10/17/2023		515,595
	810,000	5.875%, 1/15/2024		909,637
	1,570,000	4.750%, 1/8/2026d		1,647,098
	585,000	8.500%, 10/12/2035		792,130
	200,000	6.625%, 2/17/2037		231,863

Principal Amount		Long-Term Fixed Income (8.2%)	Value
	Indonesia (0.5%) - continued
	$320,000	7.750%, 1/17/2038		$411,575
	750,000	5.250%, 1/17/2042		753,663
	200,000	6.750%, 1/15/2044		241,745
		Majapahit Holding BV
	100,000	7.750%, 10/17/2016		103,250
		Perusahaan Penerbit SBSN Indonesia III
	200,000	4.000%, 11/21/2018d		208,000
	200,000	4.550%, 3/29/2026d		200,000
		PT Pertamina Persero
	390,000	5.625%, 5/20/2043d		343,487
		PT Perusahaan Gas Negara (Persero) Tbk PT
	410,000	5.125%, 5/16/2024		419,701
		Total		7,816,326
	Iraq (<0.1%)
		Iraq Government International Bond
	950,000	5.800%, 1/15/2028		652,650
		Total		652,650
	Israel (<0.1%)
		Delek and Avner Yam Tethys, Ltd.
	110,000	2.803%, 12/30/2016d		109,725
	110,000	3.839%, 12/30/2018d		109,824
		Total		219,549
	Ivory Coast (<0.1%)
		Ivory Coast Government International Bond
	600,000	5.750%, 12/31/2032		553,500
		Total		553,500
	Japan (<0.1%)
		SoftBank Group Corporation
	630,000	4.500%, 4/15/2020		638,663
	280,000	4.500%, 4/15/2020d		283,850
		Total		922,513
	Kazakhstan (0.1%)
		Kazakhstan Government International Bond
	660,000	5.125%, 7/21/2025d		679,635
	320,000	4.875%, 10/14/2044d		281,120
	550,000	6.500%, 7/21/2045d		571,175
		KazMunayGas National Company JSC
	330,000	9.125%, 7/2/2018		359,783
		Total		1,891,713
	Kenya (0.1%)
		Kenya Government International Bond
	1,440,000	6.875%, 6/24/2024		1,357,200
		Total		1,357,200
	Latvia (<0.1%)
		Latvia Government International Bond
	381,000	5.250%, 2/22/2017		394,068
		Total		394,068
	Luxembourg (0.2%)
		Altice Financing SA
	290,000	6.625%, 2/15/2023d		290,725
		Gazprom Neft OAO Via GPN Capital SA
	1,590,000	6.000%, 11/27/2023d		1,574,100

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

185

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (8.2%)	Value
	Luxembourg (0.2%) - continued
		Telefonica Celular del Paraguay SA
	$400,000	6.750%, 12/13/2022		$392,000
		Tupy Overseas SA
	222,000	6.625%, 7/17/2024		206,460
		Wind Acquisition Finance SA
	280,000	4.000%, 7/15/2020*,e		315,825
	360,000	7.000%, 4/23/2021e		392,747
	270,000	7.375%, 4/23/2021		244,350
	290,000	7.375%, 4/23/2021d		262,450
		Total		3,678,657
	Macedonia, The Former Yugoslav Republic Of (0.1%)
		Macedonia International Government Bond
	790,000	4.875%, 12/1/2020d,e		896,343
		Total		896,343
	Malaysia (0.1%)
		1MDB Global Investments, Ltd.
	1,000,000	4.400%, 3/9/2023		930,975
		Total		930,975
	Mexico (0.5%)
		America Movil SAB de CV
	2,600,000	6.000%, 6/9/2019n		149,163
		Cemex SAB de CV
	180,000	4.750%, 1/11/2022d,e		198,166
		Gruma, SAB de CV
	340,000	4.875%, 12/1/2024d		360,570
		Grupo Cementos de Chihuahua SAB de CV
	200,000	8.125%, 2/8/2020d		207,000
		Metalsa SA de CV
	350,000	4.900%, 4/24/2023d		328,895
		Mexican Udibonos
	4,710,201	5.000%, 6/16/2016n		273,479
		Mexico Government International Bond
	240,000	4.000%, 3/15/2115e		237,116
	170,000	3.625%, 3/15/2022		175,525
	3,584,100	10.000%, 12/5/2024n		266,313
	360,000	6.050%, 1/11/2040		422,100
	930,000	4.750%, 3/8/2044		927,675
	217,000	5.550%, 1/21/2045		240,327
	304,000	5.750%, 10/12/2110		307,800
		Pemex Project Funding Master Trust
	40,000	6.625%, 6/15/2035		38,400
		Petroleos Mexicanos
	300,000	5.500%, 2/4/2019d		314,250
	710,000	6.375%, 2/4/2021d		757,215
	1,520,000	6.875%, 8/4/2026d		1,645,400
	263,000	5.500%, 6/27/2044		218,527
		Trust F/1401
	200,000	6.950%, 1/30/2044		195,000
	210,000	6.950%, 1/30/2044*		204,750
		United Mexican States
	660,000	4.125%, 1/21/2026		692,010
		Total		8,159,681
	Montenegro (<0.1%)
		Montenegro Government International Bond
	200,000	3.875%, 3/18/2020d,e		214,167
		Total		214,167

Principal Amount		Long-Term Fixed Income (8.2%)	Value
	Namibia (<0.1%)
		Namibia Government International Bond
	$270,000	5.250%, 10/29/2025d		$260,550
		Total		260,550
	Netherlands (<0.1%)
		Listrindo Capital BV
	340,000	6.950%, 2/21/2019		349,835
		Petrobras Global Finance BV
	270,000	4.375%, 5/20/2023		197,019
		Total		546,854
	Nigeria (<0.1%)
		Nigeria Government International Bond
	600,000	6.375%, 7/12/2023		552,000
		Total		552,000
	Pakistan (0.1%)
		Pakistan Government International Bond
	370,000	6.875%, 6/1/2017		382,234
	200,000	7.250%, 4/15/2019d		210,315
	210,000	6.750%, 12/3/2019*		219,472
	260,000	8.250%, 4/15/2024d		276,148
		Total		1,088,169
	Panama (0.1%)
		Panama Government International Bond
	10,000	8.875%, 9/30/2027		14,325
	659,000	9.375%, 4/1/2029		981,910
		Panama Notas del Tesoro
	110,000	4.875%, 2/5/2021		116,808
		Total		1,113,043
	Paraguay (0.2%)
		Banco Continental SAECA
	451,000	8.875%, 10/15/2017		455,510
	170,000	8.875%, 10/15/2017*		171,700
		Banco Regional SAECA
	196,000	8.125%, 1/24/2019		201,488
	590,000	8.125%, 1/24/2019d		606,520
		Paraguay Government International Bond
	330,000	4.625%, 1/25/2023		333,300
	380,000	5.000%, 4/15/2026d		381,900
	880,000	6.100%, 8/11/2044		897,600
		Total		3,048,018
	Peru (0.1%)
		Abengoa Transmision Sur SA
	200,000	6.875%, 4/30/2043		198,750
	590,000	6.875%, 4/30/2043*		586,312
		Corporacion Financiera de Desarrollo SA
	200,000	4.750%, 2/8/2022		207,000
	200,000	4.750%, 2/8/2022d		207,000
		Corporacion Lindley SA
	70,000	6.750%, 11/23/2021d		79,800
	690,000	6.750%, 11/23/2021		786,600
	92,000	4.625%, 4/12/2023		93,380
	100,000	4.625%, 4/12/2023d		101,500
		Total		2,260,342

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

186

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (8.2%)	Value
	Philippines (0.1%)
		Energy Development Corporation
	$430,000	6.500%, 1/20/2021		$479,450
		Philippines Government International Bond
	810,000	9.875%, 1/15/2019		996,528
	300,000	10.625%, 3/16/2025		492,012
		Total		1,967,990
	Poland (<0.1%)
		Poland Government International Bond
	120,000	3.250%, 4/6/2026o		119,844
		Total		119,844
	Russia (0.1%)
		Gazprom Neft OAO Via GPN Capital SA
	200,000	6.000%, 11/27/2023		198,000
		Lukoil International Finance BV
	220,000	3.416%, 4/24/2018		218,515
	310,000	6.125%, 11/9/2020		327,050
		Mobile Telesystems OJSC
	620,000	5.000%, 5/30/2023		599,850
		Phosagro OAO via Phosagro Bond Funding, Ltd.
	230,000	4.204%, 2/13/2018		230,288
	310,000	4.204%, 2/13/2018*		310,387
		Total		1,884,090
	South Africa (0.3%)
		South Africa Government International Bond
	110,000	5.500%, 3/9/2020		116,473
	100,000	5.875%, 5/30/2022		108,375
	2,899,000	5.875%, 9/16/2025		3,136,283
	670,000	6.250%, 3/8/2041		732,076
		Total		4,093,207
	South Korea (0.1%)
		Export-Import Bank of Korea
	270,000	1.243%, 8/14/2017*,g		269,550
		Kookmin Bank
	200,000	1.867%, 10/11/2016g		200,518
		Korea East-West Power Company, Ltd.
	200,000	2.500%, 7/16/2017		202,185
		Total		672,253
	Sri Lanka (0.2%)
		Sri Lanka Government International Bond
	200,000	5.125%, 4/11/2019		196,025
	171,000	6.250%, 10/4/2020d		169,333
	200,000	6.250%, 10/4/2020		198,050
	508,000	5.875%, 7/25/2022		478,555
	510,000	6.125%, 6/3/2025		466,522
	310,000	6.125%, 6/3/2025d		283,572
	1,920,000	6.850%, 11/3/2025d		1,830,200
		Total		3,622,257
	Supranational (0.1%)
		Corporacion Andina de Fomento
	600,000	5.750%, 1/12/2017		620,160
	90,000	1.500%, 8/8/2017		90,112
		Total		710,272

Principal Amount		Long-Term Fixed Income (8.2%)	Value
	Turkey (0.4%)
		Export Credit Bank of Turkey
	$200,000	5.875%, 4/24/2019		$209,636
		Turkey Government International Bond
	761,000	7.500%, 7/14/2017		812,133
	280,000	6.750%, 4/3/2018		301,372
	1,290,000	7.000%, 6/5/2020		1,460,074
	623,000	7.375%, 2/5/2025		746,666
	596,000	4.250%, 4/14/2026		580,242
	200,000	4.875%, 10/9/2026		202,465
	50,000	8.000%, 2/14/2034		65,376
	106,000	6.875%, 3/17/2036		125,120
	820,000	4.875%, 4/16/2043		760,755
		Total		5,263,839
	Ukraine (0.1%)
		MHP SA
	200,000	8.250%, 4/2/2020		175,540
		Ukraine Government International Bond
	9,927	7.750%, 9/1/2019d		9,341
	355,000	7.750%, 9/1/2021*		328,638
	355,000	7.750%, 9/1/2022*		324,825
	132,000	7.750%, 9/1/2023*		119,407
	132,000	7.750%, 9/1/2024*		118,001
	132,000	7.750%, 9/1/2025*		117,011
	132,000	7.750%, 9/1/2026*		116,474
	548,800	Zero Coupon, 5/31/2040*		179,392
		Total		1,488,629
	United Arab Emirates (<0.1%)
		Dolphin Energy, Ltd.
	190,880	5.888%, 6/15/2019		203,364
		Ruwais Power Company PJSC
	200,000	6.000%, 8/31/2036		214,000
	200,000	6.000%, 8/31/2036d		214,000
		Total		631,364
	United States (0.1%)
		Comcel Trust
	200,000	6.875%, 2/6/2024		187,000
		Commonwealth of Puerto Rico G.O.
	870,000	8.000%, 7/1/2035, Ser. A		600,309
		Commonwealth of Puerto Rico Public Improvement Refg. G.O.
	100,000	5.750%, 7/1/2028, Ser. A		60,300
	75,000	5.500%, 7/1/2032, Ser. A		44,851
		HSBC Bank USA NA
	688,000	10.000%, 1/5/2017p		191,161
		Puerto Rico Sales Tax Financing Corporation Rev.
	225,000	5.250%, 8/1/2027, Ser. A		93,141
	175,000	5.500%, 8/1/2028, Ser. A		72,139
	75,000	0.000%, 8/1/2032, Ser. Ah		30,206
	40,000	5.375%, 8/1/2036, Ser. C		16,413
	75,000	5.500%, 8/1/2037, Ser. A		30,864
	20,000	5.375%, 8/1/2038, Ser. C		8,205
	70,000	5.375%, 8/1/2039, Ser. A		28,713
	835,000	5.250%, 8/1/2041, Ser. C		341,448
	1,030,000	5.500%, 8/1/2042, Ser. A		423,649
	200,000	6.000%, 8/1/2042, Ser. A		84,668
	10,000	5.000%, 8/1/2043, Ser. A-1		4,027
	5,000	5.250%, 8/1/2043, Ser. A-1		2,044
		Total		2,219,138

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

187

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (8.2%)	Value
	Venezuela (0.4%)
		Petroleos de Venezuela SA
	$80,000	5.250%, 4/12/2017		$40,640
	1,620,000	9.000%, 11/17/2021		601,425
	1,670,000	6.000%, 5/16/2024		518,535
	3,786,000	6.000%, 11/15/2026		1,167,981
		Venezuela Government International Bond
	1,160,000	7.750%, 10/13/2019		435,000
	766,000	6.000%, 12/9/2020		256,610
	200,000	12.750%, 8/23/2022		86,000
	1,045,000	9.000%, 5/7/2023		365,750
	1,422,000	8.250%, 10/13/2024		483,480
	500,000	7.650%, 4/21/2025		166,250
	454,000	11.750%, 10/21/2026		178,195
	1,182,000	9.250%, 9/15/2027		472,800
	1,681,000	9.250%, 5/7/2028		592,552
	180,000	11.950%, 8/5/2031		71,100
	1,020,000	9.375%, 1/13/2034		362,100
	100,000	7.000%, 3/31/2038		33,500
		Total		5,831,918
	Vietnam (0.1%)
		Debt and Asset Trading Corporation
	200,000	1.000%, 10/10/2025		100,840
		Vietnam Government International Bond
	450,000	6.750%, 1/29/2020d		498,659
	280,000	4.800%, 11/19/2024		280,683
	452,000	4.800%, 11/19/2024*		453,103
		Total		1,333,285
	Virgin Islands, British (<0.1%)
		Central American Bottling Corporation
	108,000	6.750%, 2/9/2022		113,670
	210,000	6.750%, 2/9/2022d		221,025
		Total		334,695
	Zambia (0.2%)
		Zambia Government International Bond
	560,000	5.375%, 9/20/2022		425,600
	790,000	8.970%, 7/30/2027d		649,775
	1,600,000	8.970%, 7/30/2027		1,316,000
		Total		2,391,375
		Total Long-Term Fixed Income (cost $137,907,226)		132,120,187
Shares		Preferred Stock (0.9%)
	Brazil (0.1%)
	673,532	Vale SA ADR		2,101,420
		Total		2,101,420
	Germany (<0.1%)
	782	Draegerwerk AG & Company KGaA		53,006
	39,500	RWE AG		381,183
		Total		434,189
	South Korea (0.8%)
	12,350	Samsung Electronics Company, Ltd.		11,957,008
		Total		11,957,008
		Total Preferred Stock (cost $15,697,324)		14,492,617

Shares		Collateral Held for Securities Loaned (1.4%)	Value
	21,866,772	Thrivent Cash Management Trust		$21,866,772
		Total Collateral Held for Securities Loaned (cost $21,866,772)		21,866,772

Shares or Principal Amount		Short-Term Investments (2.2%)q
		Federal Home Loan Bank Discount Notes
	102,000	0.429%, 5/2/2016r	101,962
		Federal Home Loan Mortgage Corporation Discount Notes
	700,000	0.400%, 7/25/2016r	699,106
		Thrivent Cash Management Trust
	33,963,095	0.290%	33,963,095
		Total Short-Term Investments (at amortized cost)	34,764,163
		Total Investments (cost $1,579,177,651) 100.2%	$1,604,484,163
		Other Assets and Liabilities, Net (0.2%)	(3,564,262)
		Total Net Assets 100.0%	$1,600,919,901

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

188

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

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

b Non-income producing security.

c Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in the Notes to Financial Statements.

d Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of March 31, 2016, the value of these investments was $34,862,479 or 2.2% of total net assets.

e Principal amount is displayed in Euros.

f Defaulted security. Interest is not being accrued.

g Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of March 31, 2016.

h Denotes step coupon securities. Step coupon securities pay an initial coupon rate for the first period and then different coupon rates for following periods. The rate shown is as of March 31, 2016.

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

j Principal amount is displayed in Brazilian Real.

k Principal amount is displayed in Hong Kong Dollar.

l Principal amount is displayed in Czeck Republic Korun.

m Principal amount is displayed in Dominican Republic Pesos.

n Principal amount is displayed in Mexican Pesos.

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

p Principal amount is displayed in Brazilian Real. Security is linked to Brazilian Government Bonds due January 1, 2017.

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

r All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

* 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 value of all restricted securities held in Partner Worldwide Allocation Portfolio as of March 31, 2016 was $8,231,403 or 0.5% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of March 31, 2016.

Security	Acquisition Date		Cost
Abengoa Transmision Sur SA, 4/30/2043		4/8/2014	$	589,971
Banco Continental SAECA, 10/15/2017		10/10/2012		170,000
Belize Government International Bond, 8/20/2017		3/20/2013		111,239
Brazil Loan Trust 1, 7/24/2023		7/25/2013		1,057,003
Brazil Minas SPE via State of Minas Gerais, 2/15/2028		3/22/2013		1,155,499
Digicel Group, Ltd., 9/30/2020		6/26/2015		211,991
Digicel, Ltd., 4/15/2021		1/20/2016		344,552
Export-Import Bank of Korea, 8/14/2017		5/29/2015		270,211
Honduras Government International Bond, 12/16/2020		12/11/2013		1,010,000
Independencia International, Ltd., 12/30/2016		3/29/2010		100,623
Indonesia Government International Bond, 1/17/2018		2/6/2015		335,019
Pakistan Government International Bond, 12/3/2019		11/26/2014		210,000
Phosagro OAO via Phosagro Bond Funding, Ltd., 2/13/2018		2/6/2013		310,000
Sociedad Quimica y Minera de Chile SA, 1/28/2025		10/23/2014		445,357
Trust F/1401, 1/30/2044		1/23/2014		203,883
Ukraine Government International Bond, 9/1/2025		11/12/2015		121,385
Ukraine Government International Bond, 9/1/2023		11/12/2015		123,084
Ukraine Government International Bond, 9/1/2021		11/12/2015		333,959
Ukraine Government International Bond, 9/1/2022		11/12/2015		333,749
Ukraine Government International Bond, 9/1/2026		11/12/2015		121,024
Ukraine Government International Bond, 5/31/2040		11/12/2015		250,074
Ukraine Government International Bond, 9/1/2024		11/12/2015		121,430
Vietnam Government International Bond, 11/19/2024		11/7/2014		455,817
Wind Acquisition Finance SA, 7/15/2020		6/24/2014		380,927

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Partner Worldwide Allocation Portfolio as of March 31, 2016:

Securities Lending Transactions

Common Stock	$	20,855,610
Total lending	$	20,855,610
Gross amount payable upon return of collateral for securities loaned	$	21,866,772
Net amounts due to counterparty	$	1,011,162

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

189

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

    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.
G.O.	-	General Obligation
REIT	-	Real Estate Investment Trust is a company that buys, develops, manages and/or sells real estate assets.
Refg.	-	Refunding
Rev.	-	Revenue
Ser.	-	Series

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$	127,276,435
Gross unrealized depreciation		(101,969,923)
Net unrealized appreciation (depreciation)	$	25,306,512
Cost for federal income tax purposes	$	1,579,177,651

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

190

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing Partner Worldwide Allocation Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Common Stock
Consumer Discretionary		222,208,679		3,904,245		218,304,434		–
Consumer Staples		170,584,911		7,608,490		162,976,421		–
Energy		77,766,951		10,233,080		67,533,871		–
Financials^		345,072,981		10,648,797		332,729,286		1,694,898
Health Care		120,809,848		3,650,880		117,158,968		–
Industrials		190,011,011		6,750,663		183,260,348		–
Information Technology		84,008,419		–		84,008,399		20
Materials		98,244,054		1,155,513		96,677,055		411,486
Telecommunications Services		58,714,185		–		58,714,185		–
Utilities		33,305,215		–		33,305,215		–
Long-Term Fixed Income
Basic Materials		1,696,210		–		1,696,210		–
Capital Goods		605,581		–		605,581		–
Communications Services		4,983,173		–		4,983,173		–
Consumer Cyclical		688,707		–		688,707		–
Consumer Non-Cyclical^		2,191,194		–		2,191,194		0
Energy		10,363,956		–		10,363,956		–
Financials		9,523,213		–		9,523,213		–
Foreign Government		92,742,336		–		92,145,908		596,428
Transportation		2,157,475		–		2,157,475		–
U.S. Government and Agencies		218,527		–		218,527		–
U.S. Municipal		1,840,977		–		1,840,977		–
Utilities		5,108,838		–		5,108,838		–
Preferred Stock
Health Care		53,006		53,006		–		–
Information Technology		11,957,008		–		11,957,008		–
Materials		2,101,420		2,101,420		–		–
Utilities		381,183		–		381,183		–
Registered Investment Companies
Equity Funds/ETFs		514,170		514,170		–		–
Short-Term Investments		801,068		–		801,068		–
Subtotal Investments in Securities	$	1,548,654,296	$	46,620,264	$	1,499,331,200	$	2,702,832
Other Investments*	Total
Short-Term Investments		33,963,095
Collateral Held for Securities Loaned		21,866,772
Subtotal Other Investments	$	55,829,867
Total Investments at Value	$	1,604,484,163

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		55,537		55,537		–		–
Foreign Currency Forward Contracts		1,779,969		–		1,779,969		–
Total Asset Derivatives	$	1,835,506	$	55,537	$	1,779,969	$	–
Liability Derivatives
Futures Contracts		374,633		374,633		–		–
Foreign Currency Forward Contracts		1,724,126		–		1,724,126		–
Total Liability Derivatives	$	2,098,759	$	374,633	$	1,724,126	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

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

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

191

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

The following table presents Partner Worldwide Allocation Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $1,499,650 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
CBOT 10-Yr. U.S. Treasury Note		84		June 2016	$	10,956,827	$	10,952,813	($	4,014)
CBOT 2-Yr. U.S. Treasury Note		63		June 2016		13,768,574		13,781,250		12,676
CBOT 5-Yr. U.S. Treasury Note		47		June 2016		5,683,985		5,694,711		10,726
CBOT U.S. Long Bond		68		June 2016		11,279,492		11,181,750		(97,742)
CME 3 Month Eurodollar Futures		(71)		September 2016		(17,425,095)		(17,615,100)		(190,005)
CME Ultra Long Term U.S. Treasury Bond		(26)		June 2016		(4,500,996)		(4,485,812)		15,184
Eurex 10-yr. Euro Bund		(11)		June 2016		(2,033,641)		(2,047,018)		(13,377)
Eurex 2-Yr. Euro SCHATZ		(17)		June 2016		(2,165,781)		(2,162,504)		3,277
Eurex 30-Yr. Euro BUXL		(3)		June 2016		(561,184)		(577,463)		(16,279)
Eurex 5-Yr. Euro BOBL		(16)		June 2016		(2,391,342)		(2,387,957)		3,385
Eurex Euro STOXX 50 Index		41		June 2016		1,405,614		1,363,696		(41,918)
FTSE 100 Index		8		June 2016		699,877		702,382		2,505
HKG Hang Seng Index		1		April 2016		132,804		134,111		1,307
ICE mini MSCI EAFE Index		94		June 2016		7,633,373		7,639,850		6,477
SFE S&P ASX Share Price Index 200		4		June 2016		395,748		388,333		(7,415)
SGX MSCI Singapore Index		4		April 2016		95,977		94,640		(1,337)
TSE Tokyo Price Index		7		June 2016		840,655		838,109		(2,546)
Total Futures Contracts									($	319,096)

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

192

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

The following table presents Partner Worldwide Allocation Portfolio’s foreign currency forward contracts held as of March 31, 2016.

Foreign Currency Forward Contracts	Counterparty	Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
Brazilian Real	UBS		2,803,020	4/4/2016	$	728,000	$	778,731	$	50,731
Brazilian Real	BOA		1,442,041	4/4/2016		393,000		400,626		7,626
Brazilian Real	HSBC		1,665,811	4/4/2016		416,505		462,793		46,288
Brazilian Real	RBC		966,284	4/4/2016		240,496		268,452		27,956
Brazilian Real	JPM		604,940	4/4/2016		161,000		168,064		7,064
Brazilian Real	BNP		5,005,244	4/4/2016		1,385,726		1,390,550		4,824
Brazilian Real	MSC		3,130,876	4/4/2016		831,523		869,816		38,293
Brazilian Real	CITI		455,547	4/4/2016		124,046		126,559		2,513
Chinese Yuan	HSBC		17,713,627	4/14/2016 - 9/1/2016		2,618,194		2,728,200		110,006
Chinese Yuan	WBC		2,041,023	9/1/2016		297,000		313,981		16,981
Chinese Yuan	BNP		5,780,333	9/1/2016		848,552		889,219		40,667
Chinese Yuan	JPM		11,860,793	7/11/2016 - 9/1/2016		1,737,859		1,826,518		88,659
Chinese Yuan	CITI		9,923,427	9/1/2016		1,455,962		1,526,572		70,610
Chinese Yuan	MSC		1,138,237	9/1/2016		166,914		175,101		8,187
Chinese Yuan	DB		7,537,968	7/26/2016 - 9/1/2016		1,113,230		1,160,288		47,058
Chinese Yuan	SB		10,949,712	7/21/2016 - 9/1/2016		1,610,845		1,685,656		74,811
Chinese Yuan	BB		9,018,602	5/19/2016 - 9/1/2016		1,337,019		1,388,083		51,064
Colombian Peso	RBS		1,393,093,296	4/4/2016 - 4/15/2016		435,881		464,340		28,459
Colombian Peso	CITI		629,577,997	4/4/2016		196,237		209,833		13,596
Colombian Peso	CSFB		2,321,130,957	4/4/2016 - 5/13/2016		756,676		772,821		16,145
Columbian Peso	RBS		300,344,400	5/4/2016		100,000		100,098		98
Euro	BOA		222,000	4/26/2016		249,961		252,769		2,808
Euro	RBS		223,000	4/26/2016		249,202		253,908		4,706
Euro	UBS		223,000	4/26/2016		248,946		253,908		4,962
Euro	BNP		221,000	4/26/2016		245,465		251,630		6,165
Hungarian Forint	DB		203,523,418	4/26/2016		720,437		737,910		17,473
Hungarian Forint	BNP		69,213,540	4/26/2016		249,165		250,946		1,781
Hungarian Forint	BOA		139,669,440	4/26/2016		507,827		506,373		(1,454)
Indian Rupee	BOA		16,397,920	4/4/2016		246,918		247,436		518
Indian Rupee	CITI		20,271,650	4/7/2016		305,434		305,720		286
Indian Rupee	SB		56,331,594	4/7/2016 - 4/18/2016		821,311		849,042		27,731
Indian Rupee	BB		39,260,893	4/7/2016 - 4/18/2016		574,000		591,595		17,595
Indian Rupee	JPM		20,068,050	4/4/2016		300,218		302,817		2,599
Indian Rupee	BNP		45,587,125	4/4/2016 - 4/7/2016		675,997		687,751		11,754
Indonesian Rupiah	CITI		6,513,026,366	4/14/2016 - 5/2/2016		493,000		489,586		(3,414)
Indonesian Rupiah	JPM		12,003,975,456	4/4/2016 - 4/25/2016		895,679		903,989		8,310
Indonesian Rupiah	MSC		1,708,327,410	5/2/2016		128,340		128,833		493
Indonesian Rupiah	DB		15,327,480,745	4/7/2016 - 4/21/2016		1,163,000		1,153,697		(9,303)
Indonesian Rupiah	WBC		3,208,695,000	4/18/2016		241,710		241,374		(336)
Malaysian Ringgit	WBC		1,123,644	4/18/2016		287,230		288,003		773
Malaysian Ringgit	HSBC		1,594,728	4/1/2016 - 5/4/2016		407,336		408,747		1,411
Malaysian Ringgit	SB		1,995,141	4/11/2016		488,000		511,152		23,152
Malaysian Ringgit	BNP		3,007,643	4/1/2016 - 4/25/2016		746,819		770,636		23,817
Malaysian Ringgit	MSC		1,299,898	4/1/2016 - 4/8/2016		318,785		333,103		14,318
Malaysian Ringgit	JPM		2,444,121	4/20/2016 - 4/21/2016		598,000		625,944		27,944
Malaysian Ringgit	CITI		1,002,866	4/1/2016		240,000		257,046		17,046
Mexican Peso	DB		59,273,393	4/26/2016		3,326,014		3,423,160		97,146
Mexican Peso	BNP		143,741	4/26/2016		8,104		8,301		197
Mexican Peso	JPM		17,393,976	4/26/2016		991,000		1,004,539		13,539
Mexican Peso	SSB		4,358,060	4/26/2016		245,000		251,687		6,687
Mexican Peso	MSC		4,398,543	4/26/2016		245,000		254,025		9,025
Mexican Peso	RBC		4,305,205	4/26/2016		249,000		249,185		185
New Taiwan Dollar	BNP		31,802,070	4/21/2016		982,000		988,520		6,520
New Taiwan Dollar	HSBC		35,698,894	4/18/2016 - 4/26/2016		1,100,000		1,109,659		9,659
Polish Zloty	JPM		8,503,922	4/26/2016		2,149,887		2,279,197		129,310
Polish Zloty	BOA		1,922,200	4/26/2016		497,687		515,182		17,495
Polish Zloty	UBS		961,607	4/26/2016		247,521		257,727		10,206
Russian Ruble	CITI		142,557,761	4/4/2016 - 4/26/2016		1,940,300		2,114,709		174,409
Russian Ruble	CSFB		101,494,608	4/14/2016 - 4/25/2016		1,435,843		1,504,730		68,887
Russian Ruble	BOA		16,106,904	4/4/2016		216,000		239,529		23,529
Russian Ruble	MSC		40,080,997	4/11/2016 - 4/29/2016		581,000		593,595		12,595
Russian Ruble	JPM		7,817,479	4/4/2016		105,895		116,255		10,360
Russian Ruble	BNP		43,205,161	4/11/2016		628,548		641,526		12,978
South African Rand	SSB		19,148,257	4/26/2016		1,227,688		1,291,229		63,541
South African Rand	CITI		1,522,734	4/26/2016		98,000		102,683		4,683

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

193

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Foreign Currency Forward Contracts	Counterparty	Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Purchases
South African Rand	SB		3,070,812	4/26/2016	$	200,000	$	207,075	$	7,075
South African Rand	BB		2,746,121	4/1/2016 - 4/26/2016		180,696		185,554		4,858
South Korean Won	HSBC		1,832,875,411	4/8/2016 - 4/25/2016		1,534,751		1,602,725		67,974
Turkish Lira	RBS		2,704,647	4/26/2016		935,000		953,278		18,278
Turkish Lira	HSBC		1,429,987	4/26/2016		489,000		504,012		15,012
Total Purchases					$	47,971,379	$	49,708,298	$	1,736,919
Sales
Brazilian Real	UBS		944,262	4/4/2016	$	243,000	$	262,334	($	19,334)
Brazilian Real	MSC		11,097,028	4/4/2016		2,844,376		3,082,962		(238,586)
Brazilian Real	CITI		450,318	4/4/2016		124,046		125,107		(1,061)
Brazilian Real	HSBC		891,619	4/4/2016		245,000		247,708		(2,708)
Brazilian Real	RBC		2,690,535	4/4/2016		746,000		747,481		(1,481)
Brazilian Real	BNP		5,005,244	6/2/2016		1,365,203		1,368,160		(2,957)
Chinese Yuan	SB		17,514,391	7/21/2016 - 9/1/2016		2,642,845		2,695,534		(52,689)
Chinese Yuan	BOA		1,588,574	6/15/2016		240,000		244,884		(4,884)
Chinese Yuan	WBC		5,919,835	9/1/2016		889,000		910,679		(21,679)
Chinese Yuan	JPM		33,104,519	4/26/2016 - 9/1/2016		4,991,428		5,104,188		(112,760)
Chinese Yuan	HSBC		25,762,582	4/14/2016 - 9/1/2016		3,816,754		3,966,412		(149,658)
Chinese Yuan	BB		17,515,138	5/19/2016 - 9/1/2016		2,610,389		2,695,149		(84,760)
Chinese Yuan	DB		15,572,635	7/26/2016 - 9/1/2016		2,322,284		2,396,302		(74,018)
Chinese Yuan	CITI		1,968,351	9/1/2016		301,003		302,802		(1,799)
Colombian Peso	CITI		229,980,052	4/28/2016		68,233		76,671		(8,438)
Colombian Peso	CSFB		1,257,423,997	4/4/2016		414,991		419,089		(4,098)
Czech Republic Korun	HSBC		6,397,559	4/20/2016		259,247		269,418		(10,171)
Euro	UBS		223,000	4/26/2016		247,521		253,907		(6,386)
Euro	JPM		7,992,762	5/19/2016		8,969,078		9,107,120		(138,042)
Euro	BNP		220,000	4/26/2016		249,165		250,492		(1,327)
Euro	RBC		3,214,260	4/26/2016		3,573,823		3,659,752		(85,929)
Euro	BOA		893,028	4/26/2016		1,005,514		1,016,648		(11,134)
Hong Kong Dollar	BB		1,855,000	4/26/2016		238,929		239,187		(258)
Hong Kong Dollar	HSBC		3,867,518	4/26/2016		498,500		498,684		(184)
Indian Rupee	CITI		20,271,650	4/18/2016		304,883		305,101		(218)
Indian Rupee	HSBC		49,421,646	4/7/2016		715,944		745,336		(29,392)
Indian Rupee	BOA		16,397,920	4/4/2016		242,000		247,436		(5,436)
Indian Rupee	JPM		20,068,050	4/4/2016		302,182		302,817		(635)
Indian Rupee	WBC		49,714,689	4/7/2016		723,096		749,755		(26,659)
Indian Rupee	BNP		42,084,725	4/4/2016 - 4/18/2016		626,188		634,539		(8,351)
Indonesian Rupiah	MSC		1,708,327,410	4/7/2016		128,591		128,833		(242)
Indonesian Rupiah	JPM		10,278,786,033	4/11/2016 - 4/29/2016		771,724		773,149		(1,425)
Indonesian Rupiah	WBC		11,660,340,672	4/4/2016 - 4/18/2016		876,183		877,624		(1,441)
Indonesian Rupiah	DB		4,108,347,600	4/25/2016		299,879		308,746		(8,867)
Indonesian Rupiah	CITI		7,658,592,705	4/7/2016		564,377		577,006		(12,629)
Malaysian Ringgit	JPM		1,002,525	4/25/2016		250,000		256,701		(6,701)
Malaysian Ringgit	BNP		2,005,703	4/1/2016		504,223		514,085		(9,862)
Malaysian Ringgit	CITI		4,053,411	4/1/2016 - 4/28/2016		1,002,502		1,038,479		(35,977)
Malaysian Ringgit	WBC		4,239,997	4/11/2016 - 4/20/2016		1,035,752		1,086,179		(50,427)
Malaysian Ringgit	HSBC		627,139	4/1/2016		149,053		160,743		(11,690)
Malaysian Ringgit	MSC		1,604,764	4/1/2016 - 4/20/2016		390,206		411,067		(20,861)
Mexican Peso	JPM		8,712,473	4/26/2016		489,000		503,164		(14,164)
Mexican Peso	RBS		17,111,239	4/26/2016		987,000		988,757		(1,757)
Mexican Peso	RBC		6,377,778	5/10/2016		353,820		367,856		(14,036)
New Taiwan Dollar	BB		49,237,939	4/18/2016 - 4/26/2016		1,495,524		1,530,586		(35,062)
New Taiwan Dollar	CITI		36,708,916	4/14/2016 - 4/19/2016		1,114,303		1,140,971		(26,668)
New Taiwan Dollar	WBC		13,786,826	4/14/2016		420,908		428,487		(7,579)
New Taiwan Dollar	JPM		12,341,947	4/12/2016		369,962		383,567		(13,605)
New Taiwan Dollar	HSBC		4,463,043	4/19/2016		135,470		138,722		(3,252)
Polish Zloty	UBS		953,971	4/26/2016		248,946		255,680		(6,734)
Polish Zloty	BOA		946,608	4/26/2016		249,961		253,707		(3,746)
Polish Zloty	RBS		950,882	4/26/2016		249,202		254,853		(5,651)
Polish Zloty	BNP		948,163	4/26/2016		245,465		254,124		(8,659)
Russian Ruble	JPM		16,832,400	4/29/2016		249,000		250,538		(1,538)
Russian Ruble	CSFB		13,549,952	4/18/2016 - 4/22/2016		198,000		200,796		(2,796)
Russian Ruble	MSC		29,002,146	4/4/2016 - 4/22/2016		405,000		430,638		(25,638)
Russian Ruble	CITI		32,934,071	4/4/2016 - 4/11/2016		480,915		489,569		(8,654)
Singapore Dollar	HSBC		341,405	4/26/2016		249,000		253,351		(4,351)

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

194

PARTNER WORLDWIDE ALLOCATION PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Foreign Currency Forward Contracts	Counterparty	Contracts to Deliver/Receive		Settlement Date	Value on Settlement Date		Value		Unrealized Gain/(Loss)
Sales
Singapore Dollar	CITI		2,287,769	4/26/2016	$	1,653,550	$	1,697,718	($	44,168)
South African Rand	CITI		1,488,128	4/26/2016		98,000		100,349		(2,349)
South African Rand	BB		1,227,515	4/1/2016		82,696		83,144		(448)
South African Rand	SB		6,170,385	4/26/2016		413,000		417,491		(4,491)
South Korean Won	HSBC		413,667,194	4/8/2016		361,914		361,724		190
South Korean Won	BNP		730,430,062	4/28/2016		625,641		638,711		(13,070)
South Korean Won	CITI		941,856,910	4/8/2016 - 4/25/2016		774,849		823,590		(48,741)
South Korean Won	JPM		293,266,980	4/8/2016		243,000		256,442		(13,442)
South Korean Won	UBS		419,361,843	4/8/2016		361,488		366,703		(5,215)
South Korean Won	DB		581,159,352	4/25/2016		499,000		508,184		(9,184)
South Korean Won	MSC		500,505,000	4/15/2016 - 4/25/2016		425,000		437,658		(12,658)
Thai Baht	DB		25,658,608	4/26/2016		737,316		729,110		8,206
Turkish Lira	RBS		4,265,279	4/26/2016		1,441,014		1,503,336		(62,322)
United Arab Emirates	MSC		17,277,441	12/7/2016		4,674,000		4,698,340		(24,340)
Total Sales					$	68,125,056	$	69,806,132	($	1,681,076)
Net Unrealized Gain/(Loss) on Foreign Currency Forward Contracts									$	55,843

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

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

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

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	18,465,884	$	77,865,549	$	74,464,661		21,866,772	$	21,866,772	$	91,803
Cash Management Trust-Short Term Investment		17,322,047		195,673,465		179,032,417		33,963,095		33,963,095		20,011
Total Value and Income Earned	$	35,787,931							$	55,829,867	$	111,814

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

195

PARTNER ALL CAP PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (98.4%)	Value
	Consumer Discretionary (13.6%)
	2,100	Amazon.com, Inc.a		$1,246,644
	12,500	Delphi Automotive plc		937,750
	8,300	Dollar General Corporation		710,480
	11,280	Home Depot, Inc.		1,505,090
	27,690	Interpublic Group of Companies, Inc.		635,485
	25,150	Jarden Corporationa		1,482,593
	4,000	Mohawk Industries, Inc.a		763,600
	8,000	Royal Caribbean Cruises, Ltd.		657,200
	23,620	Service Corporation International		582,942
	6,700	Signet Jewelers, Ltd.		831,001
	5,800	Time Warner Cable, Inc.		1,186,796
	15,800	Time Warner, Inc.		1,146,290
		Total		11,685,871
	Consumer Staples (9.1%)
	6,100	Constellation Brands, Inc.		921,649
	19,168	Coty, Inc.		533,445
	11,700	CVS Health Corporation		1,213,641
	11,550	Estee Lauder Companies, Inc.		1,089,281
	23,800	Mondelez International, Inc.		954,856
	6,500	Monster Beverage Corporationa		866,970
	4,500	Pinnacle Foods, Inc.		201,060
	26,600	Reynolds American, Inc.		1,338,246
	17,200	WhiteWave Foods Companya		699,008
		Total		7,818,156
	Energy (6.1%)
	25,900	Anadarko Petroleum Corporation		1,206,163
	25,030	Hess Corporation		1,317,829
	19,950	Occidental Petroleum Corporation		1,365,179
	18,800	Schlumberger, Ltd.		1,386,500
		Total		5,275,671
	Financials (16.6%)
	9,300	Aflac, Inc.		587,202
	39,100	Boston Private Financial Holdings, Inc.		447,695
	9,700	Boston Properties, Inc.		1,232,676
	17,120	Capital One Financial Corporation		1,186,587
	33,600	CBRE Group, Inc.a		968,352
	39,700	Citigroup, Inc.		1,657,475
	18,500	Discover Financial Services		942,020
	6,700	Goldman Sachs Group, Inc.		1,051,766
	14,400	Hartford Financial Services Group, Inc.		663,552
	24,200	Invesco, Ltd.		744,634
	82,200	KeyCorp		907,488
	3,900	Marsh & McLennan Companies, Inc.		237,081
	10,600	Mid-America Apartment Communities, Inc.		1,083,426
	11,000	Nasdaq, Inc.		730,180
	133,060	Regions Financial Corporation		1,044,521
	8,670	Reinsurance Group of America, Inc.		834,488
		Total		14,319,143
	Health Care (13.7%)
	11,810	Air Methods Corporationa		427,758
	5,600	Alexion Pharmaceuticals, Inc.a		779,632
	7,390	BioMarin Pharmaceutical, Inc.a		609,527
	6,300	C.R. Bard, Inc.		1,276,821
	16,900	Eli Lilly and Company		1,216,969
	14,990	Endo International plca		421,969
	16,900	Envision Healthcare Holdings, Inc.a		344,760
	16,590	HCA Holdings, Inc.a		1,294,850
	6,700	Humana, Inc.		1,225,765
	19,460	Medivation, Inc.a		894,771

Shares		Common Stock (98.4%)	Value
	Health Care (13.7%) - continued
	7,600	Shire Pharmaceuticals Group plc ADRb		$1,306,440
	12,300	Teva Pharmaceutical Industries, Ltd. ADR		658,173
	9,200	Vertex Pharmaceuticals, Inc.a		731,308
	35,554	Wright Medical Group NVa		590,196
		Total		11,778,939
	Industrials (10.9%)
	7,720	Alaska Air Group, Inc.		633,194
	19,450	Danaher Corporation		1,845,027
	9,220	FedEx Corporation		1,500,278
	8,390	Genesee & Wyoming, Inc.a		526,053
	12,610	IDEX Corporation		1,045,117
	22,100	Ingersoll-Rand plc		1,370,421
	2,300	Lockheed Martin Corporation		509,450
	12,490	Manpower, Inc.		1,016,936
	9,150	WABCO Holdings, Inc.a		978,318
		Total		9,424,794
	Information Technology (19.7%)
	14,470	Adobe Systems, Inc.a		1,357,286
	3,740	Alphabet, Inc., Class Aa		2,853,246
	16,840	Apple, Inc.		1,835,391
	8,400	Broadcom, Ltd.		1,297,800
	11,380	Cavium, Inc.a		696,001
	19,120	Facebook, Inc.a		2,181,592
	41,900	Gogo, Inc.a,b		461,319
	7,600	Imperva, Inc.a		383,800
	16,240	Monolithic Power Systems, Inc.		1,033,514
	9,300	NXP Semiconductors NVa		753,951
	31,380	Oracle Corporation		1,283,756
	15,900	Paycom Software, Inc.a		566,040
	15,500	PayPal Holdings, Inc.a		598,300
	16,100	QLIK Technologies, Inc.a		465,612
	16,100	Salesforce.com, Inc.a		1,188,663
		Total		16,956,271
	Materials (3.1%)
	22,500	CF Industries Holdings, Inc.		705,150
	11,030	Eagle Materials, Inc.		773,313
	5,100	Ecolab, Inc.		568,752
	7,400	LyondellBasell Industries NV		633,292
		Total		2,680,507
	Telecommunications Services (2.3%)
	8,110	SBA Communications Corporationa		812,379
	9,300	Telephone & Data Systems, Inc.		279,837
	24,010	T-Mobile US, Inc.a		919,583
		Total		2,011,799
	Utilities (3.3%)
	13,000	American Electric Power Company, Inc.		863,200
	11,340	Atmos Energy Corporation		842,108
	19,200	PG&E Corporation		1,146,624
		Total		2,851,932
		Total Common Stock (cost $78,832,713)		84,803,083

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

196

PARTNER ALL CAP PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Collateral Held for Securities Loaned (1.7%)	Value
	1,468,975	Thrivent Cash Management Trust		$1,468,975
		Total Collateral Held for Securities Loaned (cost $1,468,975)		1,468,975
Shares or Principal Amount		Short-Term Investments (3.0%)c	Value
		Thrivent Cash Management Trust
	2,614,071	0.290%		2,614,071
		Total Short-Term Investments (at amortized cost)		2,614,071
		Total Investments (cost $82,915,759) 103.1%		$88,886,129
		Other Assets and Liabilities, Net (3.1%)		(2,647,819)
		Total Net Assets 100.0%		$86,238,310

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.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Partner All Cap Portfolio as of March 31, 2016:

Securities Lending Transactions
Common Stock	$	1,458,339
Total lending	$	1,458,339
Gross amount payable upon return of collateral for securities loaned	$	1,468,975
Net amounts due to counterparty	$	10,636

    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	$	9,679,787
Gross unrealized depreciation		(3,709,417)
Net unrealized appreciation (depreciation)	$	5,970,370
Cost for federal income tax purposes	$	82,915,759

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, 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		11,685,871		11,685,871		–		–
Consumer Staples		7,818,156		7,818,156		–		–
Energy		5,275,671		5,275,671		–		–
Financials		14,319,143		14,319,143		–		–
Health Care		11,778,939		11,778,939		–		–
Industrials		9,424,794		9,424,794		–		–
Information Technology		16,956,271		16,956,271		–		–
Materials		2,680,507		2,680,507		–		–
Telecommunications Services		2,011,799		2,011,799		–		–
Utilities		2,851,932		2,851,932		–		–
Subtotal Investments in Securities	$	84,803,083	$	84,803,083	$	–	$	–
Other Investments*	Total
Short-Term Investments		2,614,071
Collateral Held for Securities Loaned		1,468,975
Subtotal Other Investments	$	4,083,046
Total Investments at Value	$	88,886,129

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

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

197

PARTNER ALL CAP PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

A summary of transactions for the fiscal year to date, in Partner All Cap Portfolio, is as follows:

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	786,450	$	4,180,150	$	3,497,625		1,468,975	$	1,468,975	$	1,908
Cash Management Trust-Short Term Investment		1,773,740		4,733,184		3,892,853		2,614,071		2,614,071		1,147
Total Value and Income Earned	$	2,560,190							$	4,083,046	$	3,055

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

198

LARGE CAP GROWTH PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (93.0%)	Value
	Consumer Discretionary (25.2%)
	113,821	Amazon.com, Inc.a		$67,568,698
	45,410	AutoZone, Inc.a		36,177,693
	516,669	Comcast Corporation		31,558,143
	352,450	Discovery Communications, Inc.a,b		10,090,643
	321,420	Home Depot, Inc.		42,887,071
	289,030	Las Vegas Sands Corporation		14,937,070
	495,410	NIKE, Inc.		30,452,853
	512,440	Starbucks Corporation		30,592,668
		Total		264,264,839
	Consumer Staples (3.0%)
	300,160	CVS Health Corporation		31,135,597
		Total		31,135,597
	Energy (1.6%)
	118,150	EOG Resources, Inc.		8,575,327
	116,090	EQT Corporation		7,808,213
		Total		16,383,540
	Financials (3.9%)
	64,040	Goldman Sachs Group, Inc.		10,052,999
	529,229	J.P. Morgan Chase & Company		31,340,942
		Total		41,393,941
	Health Care (15.5%)
	365,519	Abbott Laboratories		15,289,660
	169,136	Allergan plca		45,333,522
	425,842	Cerner Corporationa		22,552,592
	394,672	Gilead Sciences, Inc.		36,254,570
	556,602	Mylan NV		25,798,503
	212,609	Vertex Pharmaceuticals, Inc.a		16,900,289
		Total		162,129,136
	Industrials (6.8%)
	170,004	3M Company		28,327,767
	461,040	Delta Air Lines, Inc.		22,443,427
	191,090	Fluor Corporation		10,261,533
	91,804	Rockwell Automation, Inc.		10,442,705
		Total		71,475,432
	Information Technology (37.0%)
	54,283	Alphabet, Inc., Class Aa		41,412,501
	50,402	Alphabet, Inc., Class Ca		37,546,970
	493,170	Apple, Inc.		53,750,598
	581,302	Facebook, Inc.a		66,326,558
	752,970	Microsoft Corporation		41,586,533
	842,430	PayPal Holdings, Inc.a		32,517,798
	534,989	Salesforce.com, Inc.a		39,498,238
	668,170	Visa, Inc.		51,101,642
	523,510	Xilinx, Inc.		24,830,079
		Total		388,570,917
		Total Common Stock (cost $795,265,682)		975,353,402
Shares		Collateral Held for Securities Loaned (1.0%)	Value
	10,131,500	Thrivent Cash Management Trust		10,131,500
		Total Collateral Held for Securities Loaned (cost $10,131,500)		10,131,500

Shares or Principal Amount		Short-Term Investments (7.0%)c	Value
		Federal Home Loan Bank Discount Notes
	15,000,000	0.365%, 4/8/2016		$14,998,936
	16,500,000	0.365%, 4/11/2016		16,498,327
	10,000,000	0.308%, 5/13/2016		9,996,407
		Thrivent Cash Management Trust
	32,391,519	0.290%		32,391,519
		Total Short-Term Investments (at amortized cost)		73,885,189
		Total Investments (cost $879,282,371) 101.0%		$1,059,370,091
		Other Assets and Liabilities, Net (1.0%)		(10,855,747)
		Total Net Assets 100.0%		$1,048,514,344

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.

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Large Cap Growth Portfolio as of March 31, 2016:

Securities Lending Transactions

Common Stock	$	10,089,212
Total lending	$	10,089,212
Gross amount payable upon return of collateral for securities loaned	$	10,131,500
Net amounts due to counterparty	$	42,288

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$	204,218,378
Gross unrealized depreciation		(24,130,658)
Net unrealized appreciation (depreciation)	$	180,087,720
Cost for federal income tax purposes	$	879,282,371

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

199

LARGE CAP GROWTH PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, 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		264,264,839		264,264,839		–		–
Consumer Staples		31,135,597		31,135,597		–		–
Energy		16,383,540		16,383,540		–		–
Financials		41,393,941		41,393,941		–		–
Health Care		162,129,136		162,129,136		–		–
Industrials		71,475,432		71,475,432		–		–
Information Technology		388,570,917		388,570,917		–		–
Short-Term Investments		41,493,670		–		41,493,670		–
Subtotal Investments in Securities	$	1,016,847,072	$	975,353,402	$	41,493,670	$	–
Other Investments*	Total
Short-Term Investments		32,391,519
Collateral Held for Securities Loaned		10,131,500
Subtotal Other Investments	$	42,523,019
Total Investments at Value	$	1,059,370,091

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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

A summary of transactions for the fiscal year to date, in Large Cap Growth Portfolio, is as follows:

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	10,560,850	$	133,285,775	$	133,715,125		10,131,500	$	10,131,500	$	4,322
Cash Management Trust-Short Term Investment		74,078,772		98,381,920		140,069,173		32,391,519		32,391,519		58,772
Total Value and Income Earned	$	84,639,622							$	42,523,019	$	63,094

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

200

PARTNER GROWTH STOCK PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (97.8%)	Value
	Consumer Discretionary (25.0%)
	12,600	Amazon.com, Inc.a		$7,479,864
	1,500	AutoZone, Inc.a		1,195,035
	17,300	BorgWarner, Inc.		664,320
	8,500	CarMax, Inc.a		434,350
	8,100	Delphi Automotive plc		607,662
	12,130	Ferrari NVa		505,821
	166	Flipkart, Ltd.*,a,b		20,036
	33,600	Hanesbrands, Inc.		952,224
	27,400	Hilton Worldwide Holdings, Inc.		617,048
	12,200	Las Vegas Sands Corporation		630,496
	17,000	Lowe’s Companies, Inc.		1,287,750
	12,000	Marriott International, Inc.		854,160
	56,270	MGM Resorts Internationala		1,206,429
	8,000	Netflix, Inc.a		817,840
	17,800	NIKE, Inc.		1,094,166
	3,200	Priceline Group, Inc.a		4,124,672
	10,300	Ross Stores, Inc.		596,370
	7,100	Royal Caribbean Cruises, Ltd.		583,265
	15,000	Starbucks Corporation		895,500
	5,400	Tesla Motors, Inc.a,c		1,240,758
	10,700	Tractor Supply Company		967,922
	6,200	Walt Disney Company		615,722
		Total		27,391,410
	Consumer Staples (3.4%)
	2,400	Costco Wholesale Corporation		378,192
	8,200	CVS Health Corporation		850,586
	13,000	Philip Morris International, Inc.		1,275,430
	14,900	Walgreens Boots Alliance, Inc.		1,255,176
		Total		3,759,384
	Financials (6.1%)
	19,100	American Tower Corporation		1,955,267
	800	BlackRock, Inc.		272,456
	10,000	Crown Castle International Corporation		865,000
	5,000	Intercontinental Exchange, Inc.		1,175,700
	43,200	Morgan Stanley		1,080,432
	10,800	State Street Corporation		632,016
	20,700	TD Ameritrade Holding Corporation		652,671
		Total		6,633,542
	Health Care (19.7%)
	7,600	Aetna, Inc.		853,860
	12,900	Alexion Pharmaceuticals, Inc.a		1,795,938
	11,467	Allergan plca		3,073,500
	10,600	Anthem, Inc.		1,473,294
	2,910	Biogen, Inc.a		757,531
	4,600	BioMarin Pharmaceutical, Inc.a		379,408
	31,400	Bristol-Myers Squibb Company		2,005,832
	10,800	Celgene Corporationa		1,080,972
	6,500	CIGNA Corporation		892,060
	10,240	Gilead Sciences, Inc.		940,647
	5,500	Humana, Inc.		1,006,225
	2,200	Illumina, Inc.a		356,642
	6,100	Incyte Corporationa		442,067
	2,800	Intuitive Surgical, Inc.a		1,682,940
	6,000	McKesson Corporation		943,500
	1,550	Regeneron Pharmaceuticals, Inc.a		558,682
	8,000	Stryker Corporation		858,320
	12,000	UnitedHealth Group, Inc.		1,546,800
	11,200	Vertex Pharmaceuticals, Inc.a		890,288
		Total		21,538,506
	Industrials (10.9%)
	12,600	Boeing Company		1,599,444

Shares		Common Stock (97.8%)	Value
	Industrials (10.9%) - continued
	4,900	Canadian Pacific Railway, Ltd.		$650,181
	30,800	Danaher Corporation		2,921,688
	3,700	FedEx Corporation		602,064
	11,425	Flowserve Corporation		507,384
	2,000	IHS, Inc.a		248,320
	1,800	Kansas City Southern		153,810
	4,900	Roper Industries, Inc.		895,573
	17,800	United Continental Holdings, Inc.a		1,065,508
	52,800	US Airways Group, Inc.		2,165,328
	13,600	Wabtec Corporation		1,078,344
		Total		11,887,644
	Information Technology (31.2%)
	4,172	Alibaba Group Holding, Ltd. ADRa,c		329,713
	5,200	Alphabet, Inc., Class Aa		3,967,080
	4,570	Alphabet, Inc., Class Ca		3,404,421
	26,000	Apple, Inc.		2,833,740
	7,480	ASML Holding NVc		750,917
	38,900	Facebook, Inc.a		4,438,490
	7,200	Fiserv, Inc.a		738,576
	3,200	LinkedIn Corporationa		365,920
	28,900	MasterCard, Inc.		2,731,050
	61,200	Microsoft Corporation		3,380,076
	26,800	Mobileye NVa		999,372
	7,100	NetSuite, Inc.a,c		486,279
	11,800	NXP Semiconductors NVa		956,626
	4,900	Palo Alto Networks, Inc.a		799,386
	18,100	PayPal Holdings, Inc.a		698,660
	19,600	Salesforce.com, Inc.a		1,447,068
	9,700	ServiceNow, Inc.a		593,446
	73,400	Tencent Holdings, Ltd.		1,500,617
	11,500	VeriSign, Inc.a		1,018,210
	35,700	Visa, Inc.		2,730,336
		Total		34,169,983
	Materials (1.0%)
	6,200	Ashland, Inc.		681,752
	2,700	Martin Marietta Materials, Inc.		430,677
		Total		1,112,429
	Telecommunications Services (0.5%)
	13,400	T-Mobile US, Inc.a		513,220
		Total		513,220
		Total Common Stock (cost $72,881,850)		107,006,118
Shares		Preferred Stock (0.5%)	Value
	Consumer Discretionary (0.5%)
	2,943	AirBNB, Inc.*,a,b		257,538
	7,282	Dropbox, Inc., Class A*,a,b		57,601
	58	Flipkart, Ltd. Series A Preference Shares*,a,b		7,000
	100	Flipkart, Ltd. Series C Preference Shares*,a,b		12,070
	187	Flipkart, Ltd. Series E Preference Shares*,a,b		22,571
	843	Flipkart, Ltd. Series G Preference Shares*,a,b		101,750
	760	Flipkart, Ltd. Series H Preference Shares*,a,b		91,732
		Total		550,262

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

201

PARTNER GROWTH STOCK PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Preferred Stock (0.5%)	Value
	Information Technology (<0.1%)
	4,432	LivingSocial.com, Convertible*,a,b		$1
		Total		1
		Total Preferred Stock (cost $541,385)		550,263
Shares		Collateral Held for Securities Loaned (2.5%)	Value
	2,721,902	Thrivent Cash Management Trust		2,721,902
		Total Collateral Held for Securities Loaned (cost $2,721,902)		2,721,902
Shares or Principal Amount		Short-Term Investments (2.4%)d	Value
		Thrivent Cash Management Trust
	2,651,322	0.290%		2,651,322
		Total Short-Term Investments (at amortized cost)		2,651,322
		Total Investments (cost $78,796,459) 103.2%		$112,929,605
		Other Assets and Liabilities, Net (3.2%)		(3,515,247)
		Total Net Assets 100.0%		$109,414,358

a Non-income producing security.

b Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in the Notes to Financial Statements.

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

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

* 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 value of all restricted securities held in Partner Growth Stock Portfolio as of March 31, 2016 was $570,299 or 0.5% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of March 31, 2016.

Security	Acquisition Date		Cost
AirBNB, Inc.		4/16/2014	$	119,818
Dropbox, Inc., Class A		11/7/2014		139,095
Flipkart, Ltd.		3/19/2015		18,924
Flipkart, Ltd. Series A Preference Shares		3/19/2015		6,612
Flipkart, Ltd. Series C Preference Shares		3/19/2015		11,400
Flipkart, Ltd. Series E Preference Shares		3/19/2015		21,318
Flipkart, Ltd. Series G Preference Shares		12/17/2014		100,958
Flipkart, Ltd. Series H Preference Shares		4/17/2015		108,102
LivingSocial.com, Convertible		11/18/2011		34,082

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Partner Growth Stock Portfolio as of March 31, 2016:

Securities Lending Transactions

Common Stock	$	2,682,525
Total lending	$	2,682,525
Gross amount payable upon return of collateral for securities loaned	$	2,721,902
Net amounts due to counterparty	$	39,377

    Definitions:

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

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$	35,733,672
Gross unrealized depreciation		(1,600,526)
Net unrealized appreciation (depreciation)	$	34,133,146
Cost for federal income tax purposes	$	78,796,459

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

202

PARTNER GROWTH STOCK PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, 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		27,391,410		27,371,374		–		20,036
Consumer Staples		3,759,384		3,759,384		–		–
Financials		6,633,542		6,633,542		–		–
Health Care		21,538,506		21,538,506		–		–
Industrials		11,887,644		11,887,644		–		–
Information Technology		34,169,983		32,669,366		1,500,617		–
Materials		1,112,429		1,112,429		–		–
Telecommunications Services		513,220		513,220		–		–
Preferred Stock
Consumer Discretionary		550,262		–		–		550,262
Information Technology		1		–		–		1
Subtotal Investments in Securities	$	107,556,381	$	105,485,465	$	1,500,617	$	570,299
Other Investments*		Total
Short-Term Investments		2,651,322
Collateral Held for Securities Loaned		2,721,902
Subtotal Other Investments	$	5,373,224
Total Investments at Value	$	112,929,605

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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

A summary of transactions for the fiscal year to date, in Partner Growth Stock Portfolio, is as follows:

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	3,501,278	$	7,311,815	$	8,091,191		2,721,902	$	2,721,902	$	7,868
Cash Management Trust-Short Term Investment		2,630,798		5,519,401		5,498,877		2,651,322		2,651,322		930
Total Value and Income Earned	$	6,132,076							$	5,373,224	$	8,798

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

203

LARGE CAP VALUE PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (97.3%)	Value
	Consumer Discretionary (10.4%)
	587,100	Comcast Corporation		$35,860,068
	167,890	Delphi Automotive plc		12,595,108
	384,300	Discovery Communications, Inc.a,b		11,002,509
	540,198	Harley-Davidson, Inc.		27,728,363
	425,200	Lowe’s Companies, Inc.		32,208,900
		Total		119,394,948
	Consumer Staples (6.2%)
	406,820	CVS Health Corporation		42,199,439
	86,300	Kimberly-Clark Corporation		11,608,213
	180,759	Philip Morris International, Inc.		17,734,265
		Total		71,541,917
	Energy (10.8%)
	223,700	Baker Hughes, Inc.		9,804,771
	387,925	Chevron Corporation		37,008,045
	385,250	Devon Energy Corporation		10,571,260
	209,788	EOG Resources, Inc.		15,226,413
	187,019	EQT Corporation		12,578,898
	1,932,951	Marathon Oil Corporation		21,533,074
	393,050	Southwestern Energy Companya,b		3,171,914
	1,910,200	Weatherford International plcb		14,861,356
		Total		124,755,731
	Financials (21.3%)
	200,000	American International Group, Inc.		10,810,000
	2,024,190	Bank of America Corporation		27,367,049
	502,800	Blackstone Group, LP		14,103,540
	150,900	Capital One Financial Corporation		10,458,879
	411,250	Charles Schwab Corporation		11,523,225
	112,080	Chubb, Ltd.		13,354,332
	836,850	Citigroup, Inc.		34,938,487
	333,500	Comerica, Inc.		12,629,645
	756,800	Fifth Third Bancorp		12,630,992
	56,750	Intercontinental Exchange, Inc.		13,344,195
	551,460	Invesco, Ltd.		16,968,424
	581,420	MetLife, Inc.		25,547,595
	626,610	Morgan Stanley		15,671,516
	482,550	Synchrony Financialb		13,829,883
	486,000	Zions Bancorporation		11,766,060
		Total		244,943,822
	Health Care (12.9%)
	124,450	Amgen, Inc.		18,658,788
	245,300	Express Scripts Holding Companyb		16,849,657
	295,690	Medtronic plc		22,176,750
	790,450	Merck & Company, Inc.		41,822,710
	809,000	Pfizer, Inc.		23,978,760
	329,900	Roche Holding AG ADR		10,103,188
	117,547	UnitedHealth Group, Inc.		15,151,808
		Total		148,741,661
	Industrials (9.9%)
	89,650	Boeing Company		11,380,171
	471,650	CSX Corporation		12,144,987
	163,500	Delta Air Lines, Inc.		7,959,180
	198,540	Honeywell International, Inc.		22,246,407
	256,250	Ingersoll-Rand plc		15,890,062
	147,050	Norfolk Southern Corporation		12,241,913
	67,000	Rockwell Automation, Inc.		7,621,250
	230,500	United Parcel Service, Inc.		24,310,835
		Total		113,794,805
	Information Technology (16.9%)
	22,300	Alphabet, Inc., Class Cb		16,612,385
	1,908,740	Cisco Systems, Inc.		54,341,828

Shares		Common Stock (97.3%)	Value
	Information Technology (16.9%) - continued
	594,450	EMC Corporation		$15,842,092
	328,400	Intel Corporation		10,623,740
	796,960	Microsoft Corporation		44,016,101
	659,500	Oracle Corporation		26,980,145
	450,240	Texas Instruments, Inc.		25,852,781
		Total		194,269,072
	Materials (3.3%)
	188,394	Albemarle Corporation		12,044,028
	275,580	Dow Chemical Company		14,015,999
	449,100	Mosaic Company		12,125,700
		Total		38,185,727
	Telecommunications Services (2.1%)
	456,764	Verizon Communications, Inc.		24,701,797
		Total		24,701,797
	Utilities (3.5%)
	680,930	PG&E Corporation		40,665,140
		Total		40,665,140
		Total Common Stock (cost $929,043,245)		1,120,994,620
Shares		Collateral Held for Securities Loaned (1.2%)	Value
	14,192,625	Thrivent Cash Management Trust		14,192,625
		Total Collateral Held for Securities Loaned (cost $14,192,625)		14,192,625
Shares or Principal Amount		Short-Term Investments (2.2%)c	Value
		Thrivent Cash Management Trust
	25,303,714	0.290%		25,303,714
		Total Short-Term Investments (at amortized cost)		25,303,714
		Total Investments (cost $968,539,584) 100.7%		$1,160,490,959
		Other Assets and Liabilities, Net (0.7%)		(7,607,747)
		Total Net Assets 100.0%		$1,152,883,212

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.

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

204

LARGE CAP VALUE PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Large Cap Value Portfolio as of March 31, 2016:

Securities Lending Transactions

Common Stock	$	14,174,019
Total lending	$	14,174,019
Gross amount payable upon return of collateral for securities loaned	$	14,192,625
Net amounts due to counterparty	$	18,606

    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	$	228,456,015
Gross unrealized depreciation		(36,504,640)
Net unrealized appreciation (depreciation)	$	191,951,375
Cost for federal income tax purposes	$	968,539,584

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, 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		119,394,948		119,394,948		–		–
Consumer Staples		71,541,917		71,541,917		–		–
Energy		124,755,731		124,755,731		–		–
Financials		244,943,822		244,943,822		–		–
Health Care		148,741,661		148,741,661		–		–
Industrials		113,794,805		113,794,805		–		–
Information Technology		194,269,072		194,269,072		–		–
Materials		38,185,727		38,185,727		–		–
Telecommunications Services		24,701,797		24,701,797		–		–
Utilities		40,665,140		40,665,140		–		–
Subtotal Investments in Securities	$	1,120,994,620	$	1,120,994,620	$	–	$	–
Other Investments*	Total
Short-Term Investments		25,303,714
Collateral Held for Securities Loaned		14,192,625
Subtotal Other Investments	$	39,496,339
Total Investments at Value	$	1,160,490,959

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

Investment in Affiliates

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

A summary of transactions for the fiscal year to date, in Large Cap Value Portfolio, is as follows:

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	13,026,675	$	92,593,525	$	91,427,575		14,192,625	$	14,192,625	$	25,794
Cash Management Trust-Short Term Investment		19,152,858		20,705,350		14,554,494		25,303,714		25,303,714		15,391
Total Value and Income Earned	$	32,179,533							$	39,496,339	$	41,185

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

205

LARGE CAP STOCK PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (83.3%)	Value
	Consumer Discretionary (14.1%)
	22,000	Aisan Industry Company, Ltd.		$172,923
	35,752	Amazon.com, Inc.a		21,223,817
	8,900	Autoliv, Inc.b		1,054,472
	25,540	AutoZone, Inc.a		20,347,463
	3,200	Bayerische Motoren Werke AG		255,468
	36,800	Berkeley Group Holdings plc		1,696,801
	27,300	Betsson ABa		423,024
	6,400	Brembo SPA		330,885
	18,800	Bridgestone Corporation		701,670
	22,900	Bunzl plc		664,253
	32,000	Calsonic Kansei Corporation		237,771
	23,700	Cineworld Group plc		182,595
	273,260	Comcast Corporation		16,690,721
	13,100	Compass Group plc		230,931
	1,100	Continental AG		249,491
	6,600	Daimler AG		505,116
	152,600	Debenhams plc		164,650
	66,900	Denso Corporation		2,685,403
	89,900	EDION Corporationb		681,312
	33,400	Eutelsat Communications		1,077,195
	78,000	Gunze, Ltd.		220,629
	44,800	Hakuhodo Dy Holdings, Inc.		507,215
	5,000	Hennes & Mauritz AB		166,421
	95,400	Honda Motor Company, Ltd.		2,608,341
	88,800	Inchcape plc		921,014
	14,000	Intertek Group plc		635,664
	113,615	Las Vegas Sands Corporation		5,871,623
	5,325	Linamar Corporation		256,215
	5,200	LVMH Moet Hennessy Louis Vuitton SE		888,560
	25,200	Marks and Spencer Group plc		146,849
	41,900	NOK Corporation		714,834
	13,800	Nokian Renkaat Oyj		486,873
	2,200	Paddy Power plc		306,854
	36,000	PanaHome Corporation		269,938
	89,900	Persimmon plc		2,686,316
	8,500	ProSiebenSat.1 Media AG		436,347
	13,500	RELX NV		235,367
	3,600	Rightmove plc		217,391
	22,100	Sekisui House, Ltd.		372,862
	21,100	SHOWA Corporation		184,067
	32,900	Sports Direct International plca		178,459
	10,500	Stanley Electric Company, Ltd.		237,312
	56,200	Star Entertainment Group, Ltd.		244,420
	363,800	Starbucks Corporation		21,718,860
	70,900	Sumitomo Forestry Company, Ltd.		813,888
	41,100	Sumitomo Rubber Industries, Ltd.		635,046
	7,200	Tamron Company, Ltd.		117,918
	72,100	Tatts Group, Ltd.		208,892
	14,500	Tokai Rika Company, Ltd.		272,526
	27,100	Toyota Motor Corporation		1,437,259
	76,100	UBM plc		655,686
	13,700	USS Company, Ltd.		218,612
	1,106	Valora Holding AG		276,168
	38,000	Wacoal Holdings Corporation		453,469
	58,500	WH Smith plc		1,523,871
	8,900	Whitbread plc		505,217
	54,700	Wolters Kluwer NV		2,180,212
	53,900	WPP plc		1,254,546
	10,500	Yokohama Rubber Company, Ltd.		172,607
		Total		120,814,309
	Consumer Staples (7.6%)
	11,700	AarhusKarlshamn AB		928,696
	41,500	Axfood AB		765,850
	39,500	British American Tobacco plc		2,309,793

Shares		Common Stock (83.3%)	Value
	Consumer Staples (7.6%) - continued
	26,083	Britvic plc		$265,824
	61,400	Coca-Cola HBC AG		1,302,065
	87,340	CVS Health Corporation		9,059,778
	13,300	Henkel AG & Company KGaA		1,304,162
	96,800	Imperial Tobacco Group plc		5,359,534
	6,300	Japan Tobacco, Inc.		262,223
	26,000	Jeronimo Martins SGPS SA		425,022
	27,300	Kao Corporation		1,455,689
	103,960	Kimberly-Clark Corporation		13,983,660
	181,800	Koninklijke Ahold NV		4,083,475
	4,200	KOSE Corporation		408,313
	38,000	Nestle SA		2,835,589
	25,000	Nippon Meat Packers, Inc.		550,273
	48,200	Nisshin OilliO Group, Ltd.		196,672
	164,475	Philip Morris International, Inc.		16,136,642
	14,500	Suedzucker AG		255,150
	8,800	Sugi Holdings Company, Ltd.		464,282
	54,100	Swedish Match AB		1,833,886
	30,500	Woolworths, Ltd.		516,205
		Total		64,702,783
	Energy (7.9%)
	298,050	Baker Hughes, Inc.		13,063,531
	1,129,211	BP plc		5,649,835
	1,380	Canadian Natural Resources, Ltd.		37,328
	142,229	Chevron Corporation		13,568,647
	114,120	EOG Resources, Inc.		8,282,830
	62,530	EQT Corporation		4,205,768
	53,585	OMV AG		1,504,578
	40,096	Royal Dutch Shell plc		971,675
	466	Royal Dutch Shell plc, Class A		11,252
	22,307	Royal Dutch Shell plc, Class B		542,834
	14,210	Schlumberger, Ltd.		1,047,988
	30,599	Statoil ASA		477,906
	82,770	Suncor Energy, Inc. ADR		2,301,834
	32,100	Total SA		1,460,596
	1,919,854	Weatherford International plca		14,936,464
		Total		68,063,066
	Financials (15.1%)
	11,800	AEON Financial Service Company, Ltd.		277,799
	45,700	Allianz SE		7,421,929
	126,200	Australia & New Zealand Banking Group, Ltd.		2,262,313
	209,500	Bank Hapoalim, Ltd.		1,087,478
	225,134	Bank of America Corporation		3,043,812
	166,400	Bank of East Asia, Ltd.		621,960
	74,820	Bank of Nova Scotia		3,656,458
	54,406	Bank of Queensland, Ltd.		504,439
	452,000	Bank of Yokohama, Ltd.c		2,047,528
	130,800	BinckBank NV		973,661
	173,320	Blackstone Group, LP		4,861,626
	24,199	Canadian Western Bank		449,976
	157,300	CapitaMall Trust		243,776
	50,000	Chiba Bank, Ltd.		249,033
	52,260	Chubb, Ltd.		6,226,779
	246,960	Citigroup, Inc.		10,310,580
	55,000	CNP Assurances		856,496
	12,100	Daiwa House Industry Company, Ltd.		340,111
	8,600	Derwent London plc		388,631
	250,700	DEXUS Property Group		1,522,404
	119,366	Direct Line Insurance Group plc		633,139
	60,200	Erste Group Bank AGa		1,689,640
	121,500	FlexiGroup, Ltd.b		230,461
	145,100	Frasers Centrepoint Trust		215,202

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

206

LARGE CAP STOCK PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (83.3%)	Value
	Financials (15.1%) - continued
	367,000	Fukuoka Financial Group, Inc.		$1,195,493
	30,380	Goldman Sachs Group, Inc.		4,769,052
	44,300	Great Portland Estates plc		462,478
	47,688	H&R Real Estate Investment Trust		770,719
	20,059	Hamborner REIT AG		217,159
	45,700	Hang Seng Bank, Ltd.		808,615
	21,800	Hannover Rueckversicherung SE		2,533,652
	231,100	Henderson Group plc		854,854
	44,400	Hufvudstaden AB		702,240
	360,000	Hysan Development Company, Ltd.		1,534,208
	12,015	Intact Financial Corporation		841,212
	42,570	Intercontinental Exchange, Inc.		10,009,910
	255,760	Invesco, Ltd.		7,869,735
	233,200	Investec plc		1,710,623
	345,249	J.P. Morgan Chase & Company		20,445,646
	250,500	Link REIT		1,488,133
	44,000	Macquarie Group, Ltd.		2,227,017
	763,200	Mizuho Financial Group, Inc.		1,137,384
	4,100	Muenchener Rueckversicherungs-Gesellschaft AG		832,073
	42,500	National Australia Bank, Ltd.		853,354
	44,778	National Bank of Canada		1,464,960
	786,000	New World Development Company, Ltd.		750,180
	62,900	Old Mutual plc		173,737
	61,300	Poundland Group plc		137,200
	13,659	Power Corporation of Canada		315,090
	4,600	Sampo Oyj		217,877
	31,400	Schroders plc		1,207,158
	790,802	Stockland		2,587,182
	247,000	Sumitomo Mitsui Trust Holdings, Inc.b		723,088
	24,700	Swiss Re AG		2,280,790
	134,730	Synchrony Financiala		3,861,362
	123,000	T&D Holdings, Inc.		1,148,948
	6,600	Talanx AG		224,920
	5,200	Tokio Marine Holdings, Inc.		175,697
	14,366	Toronto-Dominion Bank		620,102
	141,617	United Overseas Bank, Ltd.		1,980,938
	271,400	Wing Tai Holdings, Ltd.		354,030
		Total		129,602,047
	Health Care (9.8%)
	2,800	Actelion, Ltd.		417,871
	30,322	Allergan plca		8,127,206
	26,800	Amgen, Inc.		4,018,124
	24,000	Astellas Pharmaceutical, Inc.		318,948
	1,500	Bayer AG		175,771
	113,006	Cerner Corporationa		5,984,798
	5,200	CSL, Ltd.		404,098
	33,700	Essilor International SA		4,152,381
	2,100	Gerresheimer AG		164,305
	66,159	Gilead Sciences, Inc.		6,077,366
	37,300	Hikma Pharmaceuticals plc		1,059,185
	17,587	ICON plca		1,320,784
	4,700	Lonza Group AG		794,494
	368,670	Merck & Company, Inc.		19,506,330
	14,700	Merck KGaA		1,222,803
	69,300	Novartis AG		5,013,989
	47,600	Novo Nordisk AS		2,577,711
	384,920	Pfizer, Inc.		11,409,029
	6,400	Roche Holding AG-Genusschein		1,571,458
	51,900	Sanofi		4,172,552
	71,982	Vertex Pharmaceuticals, Inc.a		5,721,849
		Total		84,211,052

Shares		Common Stock (83.3%)	Value
	Industrials (7.3%)
	14,200	Adecco SA		$923,726
	18,900	Aida Engineering, Ltd.		164,197
	241,065	Air New Zealand, Ltd.		476,605
	11,300	Airbus Group NV		748,711
	23,100	Amada Holdings Company, Ltd.		225,081
	6,600	Andritz AG		361,575
	109,000	Asahi Glass Company, Ltd.		596,430
	7,700	Atlas Copco Aktiebolag		193,250
	18,500	Babcock International Group plc		251,921
	75,590	Boeing Company		9,595,395
	58,800	Central Glass Company, Ltd.		319,025
	13,600	Compagnie de Saint-Gobain		597,371
	7,800	Croda International plc		339,633
	28,000	Dai Nippon Printing Company, Ltd.		248,475
	29,970	Dart Group plc		285,814
	224,780	Delta Air Lines, Inc.		10,942,290
	19,200	Deutsche Post AG		532,876
	7,000	DSV AS		291,160
	10,000	FANUC Corporation		1,548,686
	32,100	Ferrovial SA		688,898
	600	Flughafen Zuerich AG		536,758
	60,000	Fuji Electric Company, Ltd.		207,454
	20,433	Galliford Try plc		420,408
	300	Georg Fischer AG		242,268
	32,000	Hankyu Hanshin Holdings, Inc.		204,071
	4,300	Hochtief AG		525,099
	57,240	Honeywell International, Inc.		6,413,742
	3,100	Hoshizaki Electric Company, Ltd.		258,573
	13,500	Inaba Denki Sangyo Company, Ltd.		424,672
	39,000	Intrum Justitia AB		1,374,367
	185,500	ITOCHU Corporation		2,279,579
	3,200	Jungheinrich AG		291,543
	17,000	Keisei Electric Railway Company, Ltd.		239,168
	63,100	KITZ Corporation		272,881
	54,600	KONE Oyjb		2,627,948
	13,900	Koninklijke Boskalis Westminster NV		544,783
	3,300	Kuehne & Nagel International AG		468,984
	24,700	MIRAIT Holdings Corporation		196,496
	28,000	Mitsuboshi Belting, Ltd.		225,304
	46,000	MTR Corporation, Ltd.		227,981
	30,000	Nikkon Holdings Company, Ltd.		542,962
	47,000	Nippon Express Company, Ltd.		213,685
	48,400	Nitto Kogyo Corporation		770,959
	129,970	Norfolk Southern Corporation		10,820,002
	3,200	Randstad Holding NV		176,998
	2,798	Rieter Holding AG		604,085
	9,314	Saft Groupe SA		281,234
	42,400	Sanwa Holdings Corporation		315,425
	1,200	Schindler Holding AG		221,074
	98,400	SIG plc		206,028
	43,000	Toppan Printing Company, Ltd.		360,522
	6,700	Travis Perkins plc		175,512
	3,800	Vestas Wind Systems AS		267,747
	10,516	WSP Global, Inc.		311,735
	8,900	Yuasa Trading Company, Ltd.		209,080
		Total		62,790,246
	Information Technology (14.8%)
	24,244	Alphabet, Inc., Class Aa		18,495,748
	24,250	Alphabet, Inc., Class Ca		18,065,037
	5,000	Amadeus IT Holding SA		213,820
	306,198	Apple, Inc.		33,372,520
	5,660	AtoS		459,699
	25,600	Canon, Inc.		763,468
	35,760	Check Point Software Technologies, Ltd.a,b		3,127,927

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

207

LARGE CAP STOCK PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (83.3%)	Value
	Information Technology (14.8%) - continued
	199,060	Cisco Systems, Inc.		$5,667,238
	476,130	EMC Corporation		12,688,864
	87,275	Facebook, Inc.a		9,958,077
	78,900	FUJIFILM Holdings NPV		3,118,704
	23,000	Hitachi Kokusai Electric, Inc.		276,117
	14,500	Hoya Corporation		551,154
	16,100	IT Holdings Corporation		380,805
	13,300	ITOCHU Techno-Solutions Corporation		250,954
	6,800	Kyocera Corporation		299,412
	125,960	Microsoft Corporation		6,956,771
	25,200	NEC Networks & System Integration Corporation		391,281
	13,500	NS Solutions Corporation		264,805
	131,640	Salesforce.com, Inc.a		9,718,981
	13,300	SAP SE		1,070,232
	57,300	Shinko Electric Industries Company, Ltd.		322,107
	3,200	TDK Corporation		177,555
	900	U-Blox AGa		172,847
	4,700	United Internet AG		235,485
		Total		126,999,608
	Materials (3.2%)
	2,900	Air Liquide SA		325,354
	83,996	Albemarle Corporation		5,369,864
	3,000	Aurubis AG		149,072
	205,700	BHP Billiton, Ltd.		2,658,008
	58,900	BillerudKorsnas AB		961,507
	66,000	Boral, Ltd.		312,184
	16,800	Buzzi Unicem SPA		289,610
	1,481	CCL Industries, Inc.		281,091
	98,900	Daicel Corporation		1,348,147
	146,250	Dow Chemical Company		7,438,275
	5,900	Evonik Industries AG		176,453
	400	Givaudan SA		783,920
	20,200	Hexpol AB		224,119
	9,600	Holmen AB		314,009
	12,700	JFE Holdings, Inc.		170,564
	3,500	LafargeHolcim, Ltd.		164,359
	1,100	Linde AG		159,828
	31,700	Mitsubishi Chemical Holdings Corporation		165,509
	6,300	Nippon Shokubai Company, Ltd.		320,914
	20,000	Nippon Steel & Sumitomo Metal Corporation		383,433
	107,025	Norsk Hydro ASA		439,714
	19,700	Novozymes AS		884,657
	34,000	Oji Holdings Corporation		136,559
	6,000	Rio Tinto, Ltd.		195,368
	100	Sika AG		395,864
	36,000	Sumitomo Seika Chemicals Company, Ltd.		177,808
	39,000	Tosoh Corporation		163,784
	7,500	Umicore		372,301
	41,400	UPM-Kymmene Oyj		748,497
	51,477	Yara International ASA		1,932,435
		Total		27,443,207
	Telecommunications Services (0.9%)
	23,077	BCE, Inc.		1,051,725
	53,600	Elisa Oyja,b		2,081,357
	52,800	Freenet AG		1,576,983
	712,505	KCOM Group plc		1,100,082
	50,700	Orange SA		885,372
	18,200	Proximus SA		621,066

Shares		Common Stock (83.3%)	Value
	Telecommunications Services (0.9%) - continued
	84,600	Telefonica Deutschland Holding AG		$457,330
		Total		7,773,915
	Utilities (2.6%)
	53,000	CLP Holdings, Ltd.		479,724
	392,200	Electricidade de Portugal SA		1,392,486
	296,050	PG&E Corporation		17,680,106
	205,500	Redes Energeticas Nacionais SGPS SA		672,813
	6,700	Severn Trent plc		208,712
	35,000	Toho Gas Company, Ltd.		248,427
	88,100	United Utilities Group plc		1,166,182
	10,100	Veolia Environnement SA		243,096
		Total		22,091,546
		Total Common Stock (cost $595,235,858)		714,491,779
Shares		Collateral Held for Securities Loaned (1.1%)	Value
	9,676,642	Thrivent Cash Management Trust		9,676,642
		Total Collateral Held for Securities Loaned (cost $9,676,642)		9,676,642
Shares or Principal Amount		Short-Term Investments (16.7%)d	Value
		Federal Agricultural Mortgage Corporation Discount Notes
	5,000,000	0.400%, 7/25/2016e		4,993,611
		Federal National Mortgage Association Discount Notes
	6,900,000	0.350%, 6/1/2016e		6,895,908
		Thrivent Cash Management Trust
	130,869,788	0.290%		130,869,788
		Total Short-Term Investments (at amortized cost)		142,759,307
		Total Investments (cost $747,671,807) 101.1%		$866,927,728
		Other Assets and Liabilities, Net (1.1%)		(9,731,179)
		Total Net Assets 100.0%		$857,196,549

a Non-income producing security.

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

c Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in the Notes to Financial Statements.

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

e All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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

208

LARGE CAP STOCK PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Large Cap Stock Portfolio as of March 31, 2016:

Securities Lending Transactions

Common Stock	$	9,311,898
Total lending	$	9,311,898
Gross amount payable upon return of collateral for securities loaned	$	9,676,642
Net amounts due to counterparty	$	364,744

    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.

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$	140,434,310
Gross unrealized depreciation		(21,178,389)
Net unrealized appreciation (depreciation)	$	119,255,921
Cost for federal income tax purposes	$	747,671,807

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, 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		120,814,309		86,906,956		33,907,353		–
Consumer Staples		64,702,783		39,180,080		25,522,703		–
Energy		68,063,066		57,407,062		10,656,004		–
Financials		129,602,047		71,398,502		56,156,017		2,047,528
Health Care		84,211,052		62,165,486		22,045,566		–
Industrials		62,790,246		37,771,429		25,018,817		–
Information Technology		126,999,608		118,051,163		8,948,445		–
Materials		27,443,207		12,808,139		14,635,068		–
Telecommunications Services		7,773,915		–		7,773,915		–
Utilities		22,091,546		17,680,106		4,411,440		–
Short-Term Investments		11,889,519		–		11,889,519		–
Subtotal Investments in Securities	$	726,381,298	$	503,368,923	$	220,964,847	$	2,047,528
Other Investments*	Total
Short-Term Investments		130,869,788
Collateral Held for Securities Loaned		9,676,642
Subtotal Other Investments	$	140,546,430
Total Investments at Value	$	866,927,728

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		41,925		41,925		–		–
Total Asset Derivatives	$	41,925	$	41,925	$	–	$	–
Liability Derivatives
Futures Contracts		1,628,176		1,628,176		–		–
Total Liability Derivatives	$	1,628,176	$	1,628,176	$	–	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

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

209

LARGE CAP STOCK PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

The following table presents Large Cap Stock Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $9,692,330 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
Eurex Euro STOXX 50 Index		1,957		June 2016	$	63,463,379	$	61,835,203	($	1,628,176)
ICE mini MSCI EAFE Index		685		June 2016		55,631,450		55,673,375		41,925
Total Futures Contracts									($	1,586,251)

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

A summary of transactions for the fiscal year to date, in Large Cap Stock Portfolio, is as follows:

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	4,545,524	$	22,967,102	$	17,835,984		9,676,642	$	9,676,642	$	26,079
Cash Management Trust-Short Term Investment		129,184,785		81,035,501		79,350,498		130,869,788		130,869,788		83,352
Total Value and Income Earned	$	133,730,309							$	140,546,430	$	109,431

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

210

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (97.1%)	Value
	Consumer Discretionary (12.7%)
	2,140	Advance Auto Parts, Inc.		$343,128
	11,350	Amazon.com, Inc.a		6,737,814
	2,150	AutoNation, Inc.a		100,362
	880	AutoZone, Inc.a		701,087
	4,770	Bed Bath & Beyond, Inc.a		236,783
	8,265	Best Buy Company, Inc.		268,117
	6,410	BorgWarner, Inc.		246,144
	6,520	Cablevision Systems Corporation		215,160
	5,710	CarMax, Inc.a		291,781
	13,220	Carnival Corporation		697,619
	12,422	CBS Corporation		684,328
	880	Chipotle Mexican Grill, Inc.a		414,454
	8,110	Coach, Inc.		325,130
	71,245	Comcast Corporation		4,351,645
	9,650	D.R. Horton, Inc.		291,719
	3,380	Darden Restaurants, Inc.		224,094
	8,180	Delphi Automotive plc		613,664
	4,400	Discovery Communications, Inc.a		125,972
	6,980	Discovery Communications, Inc., Class Ca		188,460
	8,420	Dollar General Corporation		720,752
	6,848	Dollar Tree, Inc.a		564,686
	3,480	Expedia, Inc.		375,214
	113,511	Ford Motor Company		1,532,398
	6,642	Gap, Inc.b		195,275
	3,430	Garmin, Ltd.		137,063
	41,048	General Motors Company		1,290,139
	4,390	Genuine Parts Company		436,190
	7,790	Goodyear Tire & Rubber Company		256,914
	6,880	H&R Block, Inc.		181,770
	11,570	Hanesbrands, Inc.		327,894
	5,400	Harley-Davidson, Inc.		277,182
	2,080	Harman International Industries, Inc.		185,203
	3,300	Hasbro, Inc.		264,330
	37,000	Home Depot, Inc.		4,936,910
	11,807	Interpublic Group of Companies, Inc.		270,971
	18,980	Johnson Controls, Inc.		739,651
	5,540	Kohl’s Corporation		258,219
	7,474	L Brands, Inc.		656,292
	3,980	Leggett & Platt, Inc.		192,632
	5,250	Lennar Corporation		253,890
	26,780	Lowe’s Companies, Inc.		2,028,585
	9,108	Macy’s, Inc.		401,572
	5,666	Marriott International, Inc.		403,306
	10,000	Mattel, Inc.		336,200
	26,540	McDonald’s Corporation		3,335,547
	5,230	Michael Kors Holdings, Ltd.a		297,901
	1,860	Mohawk Industries, Inc.a		355,074
	12,500	Netflix, Inc.a		1,277,875
	7,803	Newell Rubbermaid, Inc.b		345,595
	11,065	News Corporation, Class A		141,300
	3,130	News Corporation, Class B		41,472
	39,080	NIKE, Inc.		2,402,248
	3,780	Nordstrom, Inc.b		216,254
	7,050	Omnicom Group, Inc.		586,771
	2,850	O’Reilly Automotive, Inc.a		779,931
	1,450	Priceline Group, Inc.a		1,868,992
	9,372	PulteGroup, Inc.		175,350
	2,370	PVH Corporation		234,772
	1,680	Ralph Lauren Corporation		161,717
	11,960	Ross Stores, Inc.		692,484
	4,970	Royal Caribbean Cruises, Ltd.		408,285
	2,760	Scripps Networks Interactive, Inc.		180,780
	2,350	Sherwin-Williams Company		668,974
	2,340	Signet Jewelers, Ltd.		290,230
	1,700	Snap-On, Inc.		266,883

Shares		Common Stock (97.1%)	Value
	Consumer Discretionary (12.7%) - continued
	18,795	Staples, Inc.		$207,309
	43,480	Starbucks Corporation		2,595,756
	4,760	Starwood Hotels & Resorts Worldwide, Inc.		397,127
	17,660	Target Corporation		1,453,065
	6,420	Tegna, Inc.		150,613
	3,290	Tiffany & Company		241,420
	8,288	Time Warner Cable, Inc.		1,695,890
	23,370	Time Warner, Inc.		1,695,493
	19,550	TJX Companies, Inc.		1,531,742
	3,910	Tractor Supply Company		353,699
	3,320	TripAdvisor, Inc.a		220,780
	32,810	Twenty-First Century Fox, Inc.		914,743
	12,640	Twenty-First Century Fox, Inc., Class B		356,448
	5,240	Under Armour, Inc.a		444,509
	2,540	Urban Outfitters, Inc.a		84,049
	9,940	VF Corporation		643,714
	10,292	Viacom, Inc.		424,854
	44,387	Walt Disney Company		4,408,073
	2,247	Whirlpool Corporation		405,224
	3,412	Wyndham Worldwide Corporation		260,779
	2,430	Wynn Resorts, Ltd.b		227,035
	11,860	Yum! Brands, Inc.		970,741
		Total		68,692,197
	Consumer Staples (10.1%)
	57,760	Altria Group, Inc.		3,619,242
	17,488	Archer-Daniels-Midland Company		634,989
	2,947	Brown-Forman Corporation		290,191
	5,300	Campbell Soup Company		338,087
	3,830	Church & Dwight Company, Inc.		353,049
	3,810	Clorox Company		480,289
	114,730	Coca-Cola Company		5,322,325
	6,130	Coca-Cola Enterprises, Inc.		311,036
	26,390	Colgate-Palmolive Company		1,864,453
	12,790	ConAgra Foods, Inc.		570,690
	5,160	Constellation Brands, Inc.		779,624
	12,920	Costco Wholesale Corporation		2,035,934
	32,174	CVS Health Corporation		3,337,409
	5,510	Dr. Pepper Snapple Group, Inc.		492,704
	6,530	Estee Lauder Companies, Inc.		615,844
	17,550	General Mills, Inc.		1,111,793
	4,220	Hershey Company		388,620
	7,930	Hormel Foods Corporation		342,893
	3,521	J.M. Smucker Company		457,167
	7,440	Kellogg Company		569,532
	10,662	Kimberly-Clark Corporation		1,434,146
	17,617	Kraft Heinz Company		1,383,992
	28,630	Kroger Company		1,095,098
	3,400	McCormick & Company, Inc.		338,232
	5,508	Mead Johnson Nutrition Company		468,015
	5,410	Molson Coors Brewing Company		520,334
	46,052	Mondelez International, Inc.		1,847,606
	4,450	Monster Beverage Corporationa		593,541
	42,570	PepsiCo, Inc.		4,362,574
	45,540	Philip Morris International, Inc.		4,467,929
	77,888	Procter & Gamble Company		6,410,961
	24,508	Reynolds American, Inc.		1,232,997
	5,450	Safeway, Inc. (Casa Ley SA de CV) Contingent Value Rightsa,c		5,531
	5,450	Safeway, Inc. (Property Development Centers, LLC) Contingent Value Rightsa,c		266
	15,440	Sysco Corporation		721,511
	8,640	Tyson Foods, Inc.		575,942

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

211

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (97.1%)	Value
	Consumer Staples (10.1%) - continued
	25,300	Walgreens Boots Alliance, Inc.		$2,131,272
	45,780	Wal-Mart Stores, Inc.		3,135,472
	9,520	Whole Foods Market, Inc.		296,167
		Total		54,937,457
	Energy (6.6%)
	14,822	Anadarko Petroleum Corporation		690,261
	10,880	Apache Corporation		531,053
	12,843	Baker Hughes, Inc.		562,909
	13,640	Cabot Oil & Gas Corporation		309,764
	5,580	Cameron International Corporationa		374,139
	15,000	Chesapeake Energy Corporationb		61,800
	55,386	Chevron Corporation		5,283,824
	2,770	Cimarex Energy Company		269,438
	11,659	Columbia Pipeline Group, Inc.		292,641
	3,750	Concho Resources, Inc.a		378,900
	36,039	ConocoPhillips		1,451,291
	14,430	Devon Energy Corporation		395,959
	1,900	Diamond Offshore Drilling, Inc.b		41,287
	16,010	EOG Resources, Inc.		1,162,006
	4,710	EQT Corporation		316,795
	121,990	Exxon Mobil Corporation		10,197,144
	6,620	FMC Technologies, Inc.a		181,123
	25,120	Halliburton Company		897,286
	3,140	Helmerich & Payne, Inc.b		184,381
	7,700	Hess Corporation		405,405
	53,730	Kinder Morgan, Inc.		959,618
	24,288	Marathon Oil Corporation		270,568
	15,588	Marathon Petroleum Corporation		579,562
	4,620	Murphy Oil Corporation		116,378
	11,150	National Oilwell Varco, Inc.		346,765
	5,800	Newfield Exploration Companya		192,850
	12,420	Noble Energy, Inc.		390,112
	22,430	Occidental Petroleum Corporation		1,534,885
	6,270	ONEOK, Inc.		187,222
	13,764	Phillips 66		1,191,825
	4,720	Pioneer Natural Resources Company		664,293
	5,000	Range Resources Corporationb		161,900
	36,534	Schlumberger, Ltd.		2,694,383
	11,260	Southwestern Energy Companya,b		90,868
	19,804	Spectra Energy Corporation		606,002
	3,500	Tesoro Corporation		301,035
	10,300	Transocean, Ltd.b		94,142
	13,760	Valero Energy Corporation		882,566
	20,230	Williams Companies, Inc.		325,096
		Total		35,577,476
	Financials (15.1%)
	1,560	Affiliated Managers Group, Inc.a		253,344
	12,310	Aflac, Inc.		777,253
	11,102	Allstate Corporation		747,942
	24,100	American Express Company		1,479,740
	33,517	American International Group, Inc.		1,811,594
	12,440	American Tower Corporation		1,273,483
	4,950	Ameriprise Financial, Inc.		465,350
	7,905	Aon plc		825,677
	4,586	Apartment Investment & Management Company		191,787
	1,890	Assurant, Inc.		145,814
	4,021	AvalonBay Communities, Inc.		764,794
	298,300	Bank of America Corporation		4,033,016
	31,272	Bank of New York Mellon Corporation		1,151,748
	22,740	BB&T Corporation		756,560
	54,859	Berkshire Hathaway, Inc.a		7,783,395
	3,670	BlackRock, Inc.		1,249,892
	4,510	Boston Properties, Inc.		573,131

Shares		Common Stock (97.1%)	Value
	Financials (15.1%) - continued
	15,313	Capital One Financial Corporation		$1,061,344
	8,410	CBRE Group, Inc.a		242,376
	34,525	Charles Schwab Corporation		967,390
	13,558	Chubb, Ltd.		1,615,436
	4,378	Cincinnati Financial Corporation		286,146
	85,293	Citigroup, Inc.		3,560,983
	15,390	Citizens Financial Group, Inc.		322,421
	9,930	CME Group, Inc.		953,776
	5,060	Comerica, Inc.		191,622
	9,830	Crown Castle International Corporation		850,295
	12,155	Discover Financial Services		618,933
	8,120	E*TRADE Financial Corporationa		198,859
	2,026	Equinix, Inc.		670,018
	10,730	Equity Residential		805,072
	1,910	Essex Property Trust, Inc.		446,673
	3,660	Extra Space Storage, Inc.		342,064
	2,050	Federal Realty Investment Trust		319,902
	22,764	Fifth Third Bancorp		379,931
	10,900	Franklin Resources, Inc.		425,645
	17,090	General Growth Properties, Inc.		508,086
	11,450	Goldman Sachs Group, Inc.		1,797,421
	11,640	Hartford Financial Services Group, Inc.		536,371
	13,750	HCP, Inc.		447,975
	21,821	Host Hotels & Resorts, Inc.		364,411
	23,101	Huntington Bancshares, Inc.		220,384
	3,470	Intercontinental Exchange, Inc.		815,936
	12,200	Invesco, Ltd.		375,394
	5,712	Iron Mountain, Inc.		193,694
	107,038	J.P. Morgan Chase & Company		6,338,790
	24,280	KeyCorp		268,051
	12,190	Kimco Realty Corporation		350,828
	3,130	Legg Mason, Inc.		108,548
	9,751	Leucadia National Corporation		157,674
	7,014	Lincoln National Corporation		274,949
	7,840	Loews Corporation		299,958
	4,646	M&T Bank Corporation		515,706
	3,710	Macerich Company		293,980
	15,280	Marsh & McLennan Companies, Inc.		928,871
	7,840	McGraw-Hill Financial, Inc.		776,003
	32,052	MetLife, Inc.		1,408,365
	4,990	Moody’s Corporation		481,834
	44,350	Morgan Stanley		1,109,193
	3,380	Nasdaq, Inc.		224,364
	9,970	Navient Corporation		119,341
	6,270	Northern Trust Corporation		408,616
	9,060	People’s United Financial, Inc.		144,326
	14,604	PNC Financial Services Group, Inc.		1,235,060
	7,910	Principal Financial Group, Inc.		312,049
	17,140	Progressive Corporation		602,300
	15,366	Prologis, Inc.		678,870
	12,980	Prudential Financial, Inc.		937,416
	4,310	Public Storage, Inc.		1,188,827
	7,450	Realty Income Corporation		465,700
	37,427	Regions Financial Corporation		293,802
	9,074	Simon Property Group, Inc.		1,884,579
	2,930	SL Green Realty Corporation		283,858
	11,600	State Street Corporation		678,832
	14,690	SunTrust Banks, Inc.		530,015
	24,430	Synchrony Financiala		700,164
	7,288	T. Rowe Price Group, Inc.		535,376
	3,300	Torchmark Corporation		178,728
	8,651	Travelers Companies, Inc.		1,009,658
	47,885	U.S. Bancorp		1,943,652
	7,840	UDR, Inc.		302,075

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

212

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (97.1%)	Value
	Financials (15.1%) - continued
	6,954	Unum Group		$215,018
	9,920	Ventas, Inc.		624,563
	5,197	Vornado Realty Trust		490,753
	135,070	Wells Fargo & Company		6,531,985
	10,440	Welltower, Inc.		723,910
	22,890	Weyerhaeuser Company		709,132
	4,057	Willis Towers Watson plc		481,404
	8,500	XL Group plc		312,800
	5,920	Zions Bancorporation		143,323
		Total		82,006,324
	Health Care (13.8%)
	43,340	Abbott Laboratories		1,812,912
	47,340	AbbVie, Inc.		2,704,061
	10,249	Aetna, Inc.		1,151,475
	6,540	Alexion Pharmaceuticals, Inc.a		910,499
	11,522	Allergan plca		3,088,242
	5,720	AmerisourceBergen Corporation		495,066
	22,050	Amgen, Inc.		3,305,956
	7,690	Anthem, Inc.		1,068,833
	19,830	Baxalta, Inc.		801,132
	16,050	Baxter International, Inc.		659,334
	6,225	Becton, Dickinson and Company		945,079
	6,370	Biogen, Inc.a		1,658,238
	39,670	Boston Scientific Corporationa		746,193
	49,228	Bristol-Myers Squibb Company		3,144,685
	2,170	C.R. Bard, Inc.		439,794
	9,655	Cardinal Health, Inc.		791,227
	22,890	Celgene Corporationa		2,291,060
	4,920	Centene Corporationa		302,924
	8,940	Cerner Corporationa		473,462
	7,480	CIGNA Corporation		1,026,555
	4,860	DaVita HealthCare Partners, Inc.a		356,627
	7,110	Dentsply Sirona, Inc.		438,189
	6,290	Edwards Lifesciences Corporationa		554,841
	28,600	Eli Lilly and Company		2,059,486
	6,060	Endo International plca		170,589
	19,355	Express Scripts Holding Companya		1,329,495
	39,490	Gilead Sciences, Inc.		3,627,551
	8,860	HCA Holdings, Inc.a		691,523
	2,410	Henry Schein, Inc.a		416,038
	7,190	Hologic, Inc.a		248,055
	4,360	Humana, Inc.		797,662
	4,220	Illumina, Inc.a		684,104
	1,100	Intuitive Surgical, Inc.a		661,155
	81,590	Johnson & Johnson		8,828,038
	2,990	Laboratory Corporation of America Holdingsa		350,219
	3,130	Mallinckrodt, LLCa		191,806
	6,712	McKesson Corporation		1,055,462
	41,509	Medtronic plc		3,113,175
	81,133	Merck & Company, Inc.		4,292,747
	11,990	Mylan NV		555,737
	2,460	Patterson Companies, Inc.		114,464
	3,230	PerkinElmer, Inc.		159,756
	4,310	Perrigo Company plc		551,378
	176,040	Pfizer, Inc.		5,217,826
	4,180	Quest Diagnostics, Inc.		298,661
	2,270	Regeneron Pharmaceuticals, Inc.a		818,199
	8,304	St. Jude Medical, Inc.		456,720
	9,270	Stryker Corporation		994,578
	2,815	Tenet Healthcare Corporationa		81,438
	11,650	Thermo Fisher Scientific, Inc.		1,649,524
	27,880	UnitedHealth Group, Inc.		3,593,732
	2,630	Universal Health Services, Inc.		328,014
	2,810	Varian Medical Systems, Inc.a		224,856

Shares		Common Stock (97.1%)	Value
	Health Care (13.8%) - continued
	7,140	Vertex Pharmaceuticals, Inc.a		$567,559
	2,380	Waters Corporationa		313,970
	5,240	Zimmer Biomet Holdings, Inc.		558,741
	13,250	Zoetis, Inc.		587,373
		Total		74,756,015
	Industrials (9.8%)
	17,780	3M Company		2,962,681
	4,830	ADT Corporation		199,286
	2,831	Allegion plc		180,363
	6,910	AMETEK, Inc.		345,362
	18,100	Boeing Company		2,297,614
	4,210	C.H. Robinson Worldwide, Inc.		312,508
	16,910	Caterpillar, Inc.		1,294,291
	2,590	Cintas Corporation		232,608
	28,230	CSX Corporation		726,922
	4,720	Cummins, Inc.		518,917
	17,570	Danaher Corporation		1,666,690
	8,760	Deere & Companyb		674,432
	22,780	Delta Air Lines, Inc.		1,108,930
	4,530	Dover Corporation		291,415
	1,060	Dun & Bradstreet Corporation		109,265
	13,444	Eaton Corporation		841,057
	18,790	Emerson Electric Company		1,021,800
	3,490	Equifax, Inc.		398,872
	5,340	Expeditors International of Washington, Inc.		260,645
	8,450	Fastenal Companyb		414,050
	7,480	FedEx Corporation		1,217,146
	2,240	First Solar, Inc.a		153,373
	3,790	Flowserve Corporation		168,314
	4,070	Fluor Corporation		218,559
	8,610	General Dynamics Corporation		1,131,096
	273,117	General Electric Company		8,682,389
	22,595	Honeywell International, Inc.		2,531,770
	9,600	Illinois Tool Works, Inc.		983,424
	7,570	Ingersoll-Rand plc		469,416
	3,600	Jacobs Engineering Group, Inc.a		156,780
	2,610	JB Hunt Transport Services, Inc.		219,866
	3,170	Kansas City Southern		270,877
	2,280	L-3 Communications Holdings, Inc.		270,180
	7,710	Lockheed Martin Corporation		1,707,765
	9,740	Masco Corporation		306,323
	10,650	Nielsen Holdings plc		560,829
	8,650	Norfolk Southern Corporation		720,112
	5,308	Northrop Grumman Corporation		1,050,453
	10,317	PACCAR, Inc.		564,237
	3,945	Parker Hannifin Corporation		438,211
	5,329	Pentair, Ltd.		289,152
	5,630	Pitney Bowes, Inc.		121,270
	4,690	Quanta Services, Inc.a		105,806
	8,830	Raytheon Company		1,082,823
	7,000	Republic Services, Inc.		333,550
	3,850	Robert Half International, Inc.		179,333
	3,850	Rockwell Automation, Inc.		437,938
	3,840	Rockwell Collins, Inc.		354,086
	2,970	Roper Industries, Inc.		542,827
	1,550	Ryder System, Inc.		100,409
	18,620	Southwest Airlines Company		834,176
	4,470	Stanley Black & Decker, Inc.		470,289
	2,490	Stericycle, Inc.a		314,213
	7,970	Textron, Inc.		290,586
	12,440	Tyco International plc		456,672
	24,690	Union Pacific Corporation		1,964,090
	10,470	United Continental Holdings, Inc.a		626,734
	20,240	United Parcel Service, Inc.		2,134,713

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

213

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (97.1%)	Value
	Industrials (9.8%) - continued
	2,640	United Rentals, Inc.a		$164,182
	22,760	United Technologies Corporation		2,278,276
	17,600	US Airways Group, Inc.		721,776
	4,550	Verisk Analytics, Inc.a		363,636
	1,660	W.W. Grainger, Inc.b		387,494
	12,169	Waste Management, Inc.		717,971
	5,250	Xylem, Inc.		214,725
		Total		53,165,555
	Information Technology (20.3%)
	18,490	Accenture plc		2,133,746
	14,940	Activision Blizzard, Inc.		505,570
	14,680	Adobe Systems, Inc.a		1,376,984
	9,635	Agilent Technologies, Inc.		383,955
	5,180	Akamai Technologies, Inc.a		287,853
	1,720	Alliance Data Systems Corporationa		378,400
	8,560	Alphabet, Inc., Class Aa		6,530,424
	8,699	Alphabet, Inc., Class Ca		6,480,320
	9,060	Amphenol Corporation		523,849
	9,140	Analog Devices, Inc.		540,997
	161,180	Apple, Inc.		17,567,008
	32,670	Applied Materials, Inc.		691,951
	6,610	Autodesk, Inc.a		385,429
	13,450	Automatic Data Processing, Inc.		1,206,599
	10,923	Broadcom, Ltd.		1,687,604
	8,632	CA, Inc.		265,779
	148,720	Cisco Systems, Inc.		4,234,058
	4,480	Citrix Systems, Inc.a		352,038
	17,900	Cognizant Technology Solutions Corporationa		1,122,330
	3,940	Computer Sciences Government Services, Inc.		105,986
	32,440	Corning, Inc.		677,672
	31,220	eBay, Inc.a		744,909
	9,130	Electronic Arts, Inc.a		603,584
	57,106	EMC Corporation		1,521,875
	2,000	F5 Networks, Inc.a		211,700
	67,090	Facebook, Inc.a		7,654,969
	8,110	Fidelity National Information Services, Inc.		513,444
	6,610	Fiserv, Inc.a		678,054
	4,010	FLIR Systems, Inc.		132,129
	3,030	GameStop Corporationb		96,142
	3,680	Harris Corporation		286,525
	49,456	Hewlett Packard Enterprise Company		876,855
	50,736	Hewlett-Packard Company		625,068
	140,800	Intel Corporation		4,554,880
	25,950	International Business Machines Corporation		3,930,127
	7,570	Intuit, Inc.		787,356
	10,460	Juniper Networks, Inc.		266,835
	4,570	KLA-Tencor Corporation		332,742
	4,670	Lam Research Corporation		385,742
	7,060	Linear Technology Corporation		314,594
	28,770	MasterCard, Inc.		2,718,765
	6,010	Microchip Technology, Inc.b		289,682
	29,870	Micron Technology, Inc.a		312,739
	233,600	Microsoft Corporation		12,901,728
	4,655	Motorola Solutions, Inc.		352,383
	8,570	NetApp, Inc.		233,875
	15,170	NVIDIA Corporation		540,507
	92,427	Oracle Corporation		3,781,189
	9,480	Paychex, Inc.		512,015
	31,880	PayPal Holdings, Inc.a		1,230,568
	3,760	Qorvo, Inc.a		189,542
	43,620	QUALCOMM, Inc.		2,230,727

Shares		Common Stock (97.1%)	Value
	Information Technology (20.3%) - continued
	5,320	Red Hat, Inc.a		$396,393
	18,590	Salesforce.com, Inc.a		1,372,500
	5,880	SanDisk Corporation		447,350
	8,690	Seagate Technology plc		299,370
	5,650	Skyworks Solutions, Inc.		440,135
	19,014	Symantec Corporation		349,477
	10,870	TE Connectivity, Ltd.		673,070
	3,900	Teradata Corporationa		102,336
	29,690	Texas Instruments, Inc.		1,704,800
	4,950	Total System Services, Inc.		235,521
	2,830	VeriSign, Inc.a		250,568
	56,550	Visa, Inc.		4,324,944
	6,760	Western Digital Corporation		319,342
	14,610	Western Union Company		281,827
	27,995	Xerox Corporation		312,424
	7,550	Xilinx, Inc.		358,096
	24,960	Yahoo!, Inc.a		918,778
		Total		110,036,733
	Materials (2.6%)
	5,690	Air Products and Chemicals, Inc.		819,645
	1,910	Airgas, Inc.		270,532
	38,614	Alcoa, Inc.		369,922
	2,610	Avery Dennison Corporation		188,207
	4,180	Ball Corporation		297,992
	6,790	CF Industries Holdings, Inc.		212,799
	32,853	Dow Chemical Company		1,670,904
	25,681	E.I. du Pont de Nemours and Company		1,626,121
	4,320	Eastman Chemical Company		312,034
	7,760	Ecolab, Inc.		865,395
	3,860	FMC Corporation		155,828
	36,872	Freeport-McMoRan, Inc.b		381,256
	2,350	International Flavors & Fragrances, Inc.		267,360
	11,761	International Paper Company		482,671
	10,080	LyondellBasell Industries NV		862,646
	1,890	Martin Marietta Materials, Inc.		301,474
	12,988	Monsanto Company		1,139,567
	10,230	Mosaic Company		276,210
	15,388	Newmont Mining Corporation		409,013
	9,340	Nucor Corporation		441,782
	4,690	Owens-Illinois, Inc.a		74,852
	7,750	PPG Industries, Inc.		864,048
	8,330	Praxair, Inc.		953,369
	5,732	Sealed Air Corporation		275,193
	3,900	Vulcan Materials Company		411,723
	7,279	Westrock Company		284,099
		Total		14,214,642
	Telecommunications Services (2.7%)
	179,866	AT&T, Inc.		7,045,351
	15,905	CenturyLink, Inc.		508,324
	33,788	Frontier Communications Corporationb		188,875
	8,501	Level 3 Communications, Inc.a		449,278
	119,666	Verizon Communications, Inc.		6,471,537
		Total		14,663,365
	Utilities (3.4%)
	19,370	AES Corporation		228,566
	3,535	AGL Resources, Inc.		230,270
	7,210	Ameren Corporation		361,221
	14,550	American Electric Power Company, Inc.		966,120
	5,240	American Water Works Company, Inc.		361,193

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

214

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (97.1%)	Value
	Utilities (3.4%) - continued
	12,713	CenterPoint Energy, Inc.		$265,956
	8,200	CMS Energy Corporation		348,008
	8,720	Consolidated Edison, Inc.		668,127
	17,664	Dominion Resources, Inc.		1,326,920
	5,320	DTE Energy Company		482,311
	20,432	Duke Energy Corporation		1,648,454
	9,650	Edison International, Inc.		693,739
	5,250	Entergy Corporation		416,220
	27,064	Exelon Corporation		970,515
	12,524	FirstEnergy Corporation		450,488
	13,700	NextEra Energy, Inc.		1,621,258
	9,429	NiSource, Inc.		222,147
	9,360	Northeast Utilities		546,062
	9,140	NRG Energy, Inc.		118,911
	14,620	PG&E Corporation		873,106
	3,280	Pinnacle West Capital Corporation		246,230
	19,850	PPL Corporation		755,690
	14,940	Public Service Enterprise Group, Inc.		704,272
	4,240	SCANA Corporation		297,436
	6,965	Sempra Energy		724,708
	27,040	Southern Company		1,398,779
	6,910	TECO Energy, Inc.		190,232
	9,336	WEC Energy Group, Inc.		560,814
	15,015	Xcel Energy, Inc.		627,927
		Total		18,305,680
		Total Common Stock (cost $337,125,095)		526,355,444
Shares		Collateral Held for Securities Loaned (0.7%)	Value
	3,912,975	Thrivent Cash Management Trust		3,912,975
		Total Collateral Held for Securities Loaned (cost $3,912,975)		3,912,975
Shares or Principal Amount		Short-Term Investments (2.9%)d	Value
		Federal Home Loan Bank Discount Notes
	1,000,000	0.390%, 4/27/2016e		999,718
	100,000	0.350%, 5/4/2016e		99,968
		Federal National Mortgage Association
	1,000,000	0.340%, 5/23/2016e		999,509
		Thrivent Cash Management Trust
	13,351,541	0.290%		13,351,541
		Total Short-Term Investments (at amortized cost)		15,450,736
		Total Investments (cost $356,488,806) 100.7%		$545,719,155
		Other Assets and Liabilities, Net (0.7%)		(3,615,415)
		Total Net Assets 100.0%		$542,103,740

a Non-income producing security.

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

c Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in the Notes to Financial Statements.

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

e All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

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

215

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Large Cap Index Portfolio as of March 31, 2016:

Securities Lending Transactions
Common Stock	$	3,800,997
Total lending	$	3,800,997
Gross amount payable upon return of collateral for securities loaned	$	3,912,975
Net amounts due to counterparty	$	111,978

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$	202,624,537
Gross unrealized depreciation		(13,394,188)
Net unrealized appreciation (depreciation)	$	189,230,349
Cost for federal income tax purposes	$	356,488,806

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, 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		68,692,197		68,692,197		–		–
Consumer Staples		54,937,457		54,931,660		–		5,797
Energy		35,577,476		35,577,476		–		–
Financials		82,006,324		82,006,324		–		–
Health Care		74,756,015		74,756,015		–		–
Industrials		53,165,555		53,165,555		–		–
Information Technology		110,036,733		110,036,733		–		–
Materials		14,214,642		14,214,642		–		–
Telecommunications Services		14,663,365		14,663,365		–		–
Utilities		18,305,680		18,305,680		–		–
Short-Term Investments		2,099,195		–		2,099,195		–
Subtotal Investments in Securities	$	528,454,639	$	526,349,647	$	2,099,195	$	5,797
Other Investments*	Total
Short-Term Investments		13,351,541
Collateral Held for Securities Loaned		3,912,975
Subtotal Other Investments	$	17,264,516
Total Investments at Value	$	545,719,155

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		457,853		457,853		–		–
Total Asset Derivatives	$	457,853	$	457,853	$	–	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

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

216

LARGE CAP INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

The following table presents Large Cap Index Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $1,299,588 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
CME E-mini S&P 500 Index		144		June 2016	$	14,312,947	$	14,770,800	$	457,853
Total Futures Contracts									$	457,853

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

A summary of transactions for the fiscal year to date, in Large Cap Index Portfolio, is as follows:

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	1,894,887	$	8,244,613	$	6,226,525		3,912,975	$	3,912,975	$	6,805
Cash Management Trust-Short Term Investment		16,796,121		18,023,217		21,467,797		13,351,541		13,351,541		11,990
Total Value and Income Earned	$	18,691,008							$	17,264,516	$	18,795

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

217

HIGH YIELD PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (4.7%)a	Value
	Basic Materials (0.4%)
		Fortescue Metals Group, Ltd., Term Loan
	$3,170,611	4.250%, 6/30/2019		$2,670,352
		Total		2,670,352
	Communications Services (1.5%)
		Birch Communication Inc., Term Loan
	4,167,625	7.750%, 7/17/2020		3,604,996
		Cengage Learning Acquisitions, Term Loan
	5,210,844	7.000%, 3/31/2020		5,181,090
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	2,200,261	4.912%, 3/22/2019		2,191,086
		Total		10,977,172
	Consumer Cyclical (1.5%)
		Amaya BV, Term Loan
	707,437	8.000%, 8/1/2022		685,917
		IMG Worldwide, Inc., Term Loan
	3,250,000	8.250%, 5/6/2022		3,087,500
		Mohegan Tribal Gaming Authority, Term Loan
	2,574,256	5.500%, 6/15/2018		2,485,779
		Scientific Games International, Inc., Term Loan
	4,986,875	6.000%, 10/1/2021		4,814,678
		Total		11,073,874
	Consumer Non-Cyclical (0.4%)
		Albertson’s, LLC, Term Loan
	2,940,393	5.500%, 3/21/2019		2,938,746
		Total		2,938,746
	Technology (0.9%)
		First Data Corporation, Term Loan
	5,280,179	3.932%, 3/23/2018		5,265,658
	1,252,907	0.000%, 3/24/2021b,c		1,249,775
		Total		6,515,433
		Total Bank Loans (cost $35,105,896)		34,175,577
Principal Amount		Long-Term Fixed Income (86.5%)	Value
	Asset-Backed Securities (0.3%)
		Renaissance Home Equity Loan Trust
	1,776,297	5.746%, 5/25/2036d		1,156,014
	1,781,826	6.011%, 5/25/2036d		1,205,808
		Total		2,361,822
	Basic Materials (3.6%)
		ArcelorMittal SA
	2,065,000	6.500%, 3/1/2021e		2,034,025
		First Quantum Minerals, Ltd.
	2,205,000	6.750%, 2/15/2020f		1,510,425
	2,140,000	7.000%, 2/15/2021f		1,433,800
		Graphic Packaging International, Inc.
	790,000	4.750%, 4/15/2021		819,625
	530,000	4.875%, 11/15/2022		537,950
		Hudbay Minerals, Inc.
	3,070,000	9.500%, 10/1/2020		2,179,700
		INEOS Group Holdings SA
	2,795,000	6.125%, 8/15/2018e,f		2,842,152

Principal Amount		Long-Term Fixed Income (86.5%)	Value
	Basic Materials (3.6%) - continued
		Midwest Vanadium, Pty. Ltd.
	$3,430,000	11.500%, 2/15/2018*,g		$197,225
		Novelis, Inc.
	3,950,000	8.750%, 12/15/2020		3,986,735
		Resolute Forest Products, Inc.
	3,815,000	5.875%, 5/15/2023e		2,575,125
		Ryerson, Inc.
	2,100,000	9.000%, 10/15/2017		1,806,000
		Sappi Papier Holding GmbH
	3,080,000	6.625%, 4/15/2021f		3,185,243
		Signode Industrial Group Lux SA
	1,080,000	6.375%, 5/1/2022f		981,450
		Tembec Industries, Inc.
	2,660,000	9.000%, 12/15/2019e,f		1,835,400
		Total		25,924,855
	Capital Goods (9.0%)
		Abengoa Finance SAU
	3,250,000	7.750%, 2/1/2020*,h		284,375
		Abengoa Greenfield SA
	3,460,000	6.500%, 10/1/2019*,h		302,750
		AECOM
	2,660,000	5.750%, 10/15/2022		2,759,750
	1,065,000	5.875%, 10/15/2024		1,096,950
		Aircastle, Ltd.
	3,200,000	5.000%, 4/1/2023		3,216,000
		Anixter, Inc.
	3,455,000	5.125%, 10/1/2021		3,472,275
		Berry Plastics Corporation
	6,370,000	5.125%, 7/15/2023		6,417,775
		Bombardier, Inc.
	2,130,000	7.500%, 3/15/2025f		1,618,800
		Building Materials Corporation of America
	3,990,000	6.000%, 10/15/2025f		4,219,425
		Cemex Finance, LLC
	2,245,000	9.375%, 10/12/2017f		2,469,500
		Cemex SAB de CV
	2,750,000	5.700%, 1/11/2025f		2,549,250
		CNH Capital, LLC
	1,680,000	3.625%, 4/15/2018		1,680,000
		CNH Industrial Capital, LLC
	1,850,000	4.375%, 11/6/2020e		1,817,625
		GCP Applied Technologies, Inc.
	1,440,000	9.500%, 2/1/2023f		1,562,400
		Huntington Ingalls Industries, Inc.
	925,000	5.000%, 12/15/2021f		971,250
	2,650,000	5.000%, 11/15/2025f		2,772,563
		Milacron, LLC
	2,640,000	7.750%, 2/15/2021f		2,428,800
		Nortek, Inc.
	3,640,000	8.500%, 4/15/2021		3,776,500
		Owens-Brockway Glass Container, Inc.
	3,070,000	5.875%, 8/15/2023e,f		3,198,556
		Reynolds Group Issuer, Inc.
	350,000	5.750%, 10/15/2020		359,187
	2,630,000	8.250%, 2/15/2021e		2,695,750
		Safeway Group Holding, LLC
	3,175,000	7.000%, 5/15/2018f		3,182,938
		Silgan Holdings, Inc.
	3,970,000	5.000%, 4/1/2020		4,049,400
		United Rentals North America, Inc.
	1,625,000	6.125%, 6/15/2023e		1,677,813
	1,660,000	5.500%, 7/15/2025		1,651,351

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

218

HIGH YIELD PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (86.5%)	Value
	Capital Goods (9.0%) - continued
		UR Financing Escrow Corporation
	$4,250,000	7.625%, 4/15/2022		$4,526,250
		Total		64,757,233
	Communications Services (16.4%)
		Activision Blizzard, Inc.
	3,190,000	6.125%, 9/15/2023f		3,421,275
		Altice Financing SA
	1,080,000	6.500%, 1/15/2022f		1,098,900
	790,000	6.625%, 2/15/2023f		791,975
		Altice Finco SA
	1,050,000	9.875%, 12/15/2020f		1,128,750
	540,000	8.125%, 1/15/2024e,f		534,600
		AMC Networks, Inc.
	3,800,000	4.750%, 12/15/2022		3,809,500
	3,100,000	5.000%, 4/1/2024		3,111,625
		CCO Holdings, LLC
	800,000	7.375%, 6/1/2020		832,500
	2,165,000	5.250%, 3/15/2021		2,240,775
	2,165,000	5.250%, 9/30/2022		2,229,950
	5,500,000	5.875%, 4/1/2024e,f		5,761,250
		CCOH Safari, LLC
	2,500,000	5.750%, 2/15/2026f		2,587,500
		CenturyLink, Inc.
	750,000	7.500%, 4/1/2024c		751,875
		Clear Channel Worldwide Holdings, Inc.
	3,195,000	6.500%, 11/15/2022		3,179,025
		Columbus International, Inc.
	5,060,000	7.375%, 3/30/2021f		5,388,900
		Digicel, Ltd.
	1,680,000	7.000%, 2/15/2020*		1,533,000
	3,220,000	6.000%, 4/15/2021*		2,881,900
		Frontier Communications Corporation
	1,230,000	10.500%, 9/15/2022f		1,260,750
	3,140,000	11.000%, 9/15/2025f		3,155,700
		Gray Television, Inc.
	2,710,000	7.500%, 10/1/2020		2,859,050
		Hughes Satellite Systems Corporation
	2,865,000	6.500%, 6/15/2019		3,155,081
		Lamar Media Corporation
	785,000	5.750%, 2/1/2026f		824,250
		Level 3 Escrow II, Inc.
	3,000,000	5.375%, 8/15/2022		3,046,530
		Level 3 Financing, Inc.
	1,620,000	6.125%, 1/15/2021		1,696,950
	2,620,000	5.250%, 3/15/2026f		2,639,650
		McGraw-Hill Global Education Holdings, LLC
	2,855,000	9.750%, 4/1/2021		3,097,675
		MDC Partners, Inc.
	3,730,000	6.750%, 4/1/2020f		3,855,887
	2,100,000	6.500%, 5/1/2024f		2,144,625
		Numericable-SFR
	3,590,000	6.000%, 5/15/2022f		3,500,250
	2,710,000	6.250%, 5/15/2024f		2,627,345
		Sinclair Television Group, Inc.
	1,570,000	5.875%, 3/15/2026f		1,607,288
		Sprint Communications, Inc.
	10,325,000	9.000%, 11/15/2018f		10,815,437
	2,870,000	7.000%, 3/1/2020f		2,870,000
		Sprint Corporation
	7,215,000	7.625%, 2/15/2025		5,357,138

Principal Amount		Long-Term Fixed Income (86.5%)	Value
	Communications Services (16.4%) - continued
		T-Mobile USA, Inc.
	$3,790,000	6.542%, 4/28/2020		$3,913,175
	3,450,000	6.000%, 4/15/2024		3,493,125
		Unitymedia Hessen GmbH & Company KG
	5,100,000	5.500%, 1/15/2023f		5,227,500
		Univision Communications, Inc.
	2,713,000	6.750%, 9/15/2022f		2,875,780
	1,410,000	5.125%, 2/15/2025f		1,392,375
		UPCB Finance V, Ltd.
	1,440,000	7.250%, 11/15/2021f		1,522,800
		Virgin Media Secured Finance plc
	1,170,000	5.250%, 1/15/2026f		1,170,000
		Zayo Group, LLC
	1,310,000	6.375%, 5/15/2025f		1,280,656
		Ziggo Bond Finance BV
	1,320,000	5.875%, 1/15/2025f		1,293,600
		Total		117,965,917
	Consumer Cyclical (12.8%)
		Brookfield Residential Properties, Inc.
	2,630,000	6.500%, 12/15/2020f		2,511,650
	2,110,000	6.125%, 7/1/2022f		1,867,350
		Choice Hotels International, Inc.
	3,445,000	5.750%, 7/1/2022		3,668,925
		Churchill Downs, Inc.
	3,536,000	5.375%, 12/15/2021		3,642,080
		Cinemark USA, Inc.
	4,475,000	4.875%, 6/1/2023		4,512,814
		CST Brands, Inc.
	2,110,000	5.000%, 5/1/2023		2,136,375
		CVS Health Corporation
	1,590,000	4.750%, 12/1/2022f		1,784,198
	2,545,000	5.000%, 12/1/2024f		2,917,675
		Family Tree Escrow, LLC
	1,590,000	5.250%, 3/1/2020f		1,663,538
	2,120,000	5.750%, 3/1/2023f		2,247,200
		Jaguar Land Rover Automotive plc
	990,000	4.125%, 12/15/2018f		1,013,513
	665,000	4.250%, 11/15/2019f		682,456
	1,050,000	5.625%, 2/1/2023f		1,078,875
		KB Home
	1,070,000	7.250%, 6/15/2018		1,139,550
	2,000,000	8.000%, 3/15/2020		2,095,000
	1,580,000	7.500%, 9/15/2022e		1,587,900
		L Brands, Inc.
	1,570,000	6.625%, 4/1/2021		1,766,093
	1,860,000	5.625%, 2/15/2022		2,026,321
		Lear Corporation
	2,760,000	4.750%, 1/15/2023		2,835,900
		Lennar Corporation
	1,060,000	4.500%, 11/15/2019		1,102,400
	3,190,000	4.750%, 5/30/2025		3,134,175
		Live Nation Entertainment, Inc.
	2,518,000	5.375%, 6/15/2022f		2,562,065
		LKQ Corporation
	4,005,000	4.750%, 5/15/2023		3,894,862
		Masonite International Corporation
	2,065,000	5.625%, 3/15/2023f		2,157,925
		New Cotai, LLC
	3,996,095	10.625%, 5/1/2019*		2,837,227
		PulteGroup, Inc.
	2,095,000	5.500%, 3/1/2026		2,155,231

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

219

HIGH YIELD PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (86.5%)	Value
	Consumer Cyclical (12.8%) - continued
		RHP Hotel Properties, LP
	$960,000	5.000%, 4/15/2023		$981,600
		Rite Aid Corporation
	3,165,000	6.750%, 6/15/2021		3,343,031
	3,160,000	6.125%, 4/1/2023f		3,349,600
		Scientific Games International, Inc.
	2,190,000	6.625%, 5/15/2021e		1,330,425
		Seminole Indian Tribe of Florida
	3,280,000	7.804%, 10/1/2020*		3,378,400
		Six Flags Entertainment Corporation
	4,250,000	5.250%, 1/15/2021f		4,366,875
		Studio City Finance, Ltd.
	2,665,000	8.500%, 12/1/2020e,f		2,671,662
		Summit Materials, LLC
	2,650,000	6.125%, 7/15/2023		2,517,500
		Toll Brothers Finance Corporation
	2,660,000	4.875%, 11/15/2025		2,633,400
		Tunica-Biloxi Gaming Authority
	4,570,000	9.000%, 11/15/2015*,g		2,285,000
		West Corporation
	2,560,000	5.375%, 7/15/2022f		2,348,288
		ZF North America Capital, Inc.
	2,125,000	4.500%, 4/29/2022f		2,167,500
	2,125,000	4.750%, 4/29/2025f		2,114,375
		Total		92,508,954
	Consumer Non-Cyclical (12.4%)
		Acadia Healthcare Company, Inc.
	525,000	6.500%, 3/1/2024f		546,000
		B&G Foods, Inc.
	3,700,000	4.625%, 6/1/2021		3,746,250
		Centene Escrow Corporation
	4,440,000	6.125%, 2/15/2024f		4,673,100
		Cott Beverages, Inc.
	3,265,000	5.375%, 7/1/2022		3,313,975
		Endo Finance, LLC
	2,650,000	5.875%, 1/15/2023f		2,524,125
	1,590,000	6.000%, 7/15/2023f		1,496,588
		Energizer Holdings, Inc.
	4,240,000	5.500%, 6/15/2025f		4,261,200
		Envision Healthcare Corporation
	3,795,000	5.125%, 7/1/2022f		3,851,925
		Grifols Worldwide Operations, Ltd.
	4,395,000	5.250%, 4/1/2022		4,515,863
		HCA, Inc.
	650,000	3.750%, 3/15/2019		665,860
	2,645,000	6.500%, 2/15/2020		2,902,887
	4,810,000	5.875%, 3/15/2022		5,206,825
	2,035,000	4.750%, 5/1/2023		2,070,612
	3,705,000	5.375%, 2/1/2025		3,745,533
	3,360,000	5.875%, 2/15/2026		3,460,800
		JBS USA, LLC
	3,250,000	5.875%, 7/15/2024f		2,933,125
	4,705,000	5.750%, 6/15/2025f		4,116,875
		MPH Acquisition Holdings, LLC
	4,645,000	6.625%, 4/1/2022f		4,830,800
		Prestige Brands, Inc.
	790,000	6.375%, 3/1/2024f		823,575
		Revlon Consumer Products Corporation
	4,760,000	5.750%, 2/15/2021		4,890,900
		Spectrum Brands Escrow Corporation
	1,470,000	6.375%, 11/15/2020		1,547,910
	2,030,000	6.625%, 11/15/2022		2,194,917

Principal Amount		Long-Term Fixed Income (86.5%)	Value
	Consumer Non-Cyclical (12.4%) - continued
		Spectrum Brands, Inc.
	$2,120,000	5.750%, 7/15/2025		$2,252,500
		Teleflex, Inc.
	2,525,000	5.250%, 6/15/2024		2,584,969
		Tenet Healthcare Corporation
	3,250,000	6.000%, 10/1/2020		3,461,250
	1,900,000	8.125%, 4/1/2022		1,954,625
		TreeHouse Foods, Inc.
	4,155,000	4.875%, 3/15/2022e		4,248,488
		Valeant Pharmaceuticals International
	2,600,000	7.250%, 7/15/2022f		2,080,000
	2,645,000	5.500%, 3/1/2023f		2,079,631
		VPII Escrow Corporation
	3,170,000	7.500%, 7/15/2021f		2,640,990
		Total		89,622,098
	Energy (8.2%)
		Antero Resources Corporation
	1,585,000	5.125%, 12/1/2022		1,438,387
	2,640,000	5.625%, 6/1/2023		2,428,800
		California Resources Corporation
	2,620,000	8.000%, 12/15/2022f		1,008,700
		Concho Resources, Inc.
	4,740,000	6.500%, 1/15/2022		4,728,150
		Continental Resources, Inc.
	3,670,000	5.000%, 9/15/2022		3,163,081
	2,610,000	4.500%, 4/15/2023		2,182,612
		Crestwood Midstream Partners, LP
	2,435,000	6.125%, 3/1/2022		1,826,250
	2,635,000	6.250%, 4/1/2023f		1,949,900
		EP Energy, LLC
	3,715,000	6.375%, 6/15/2023		1,708,900
		Exterran Partners, LP
	3,780,000	6.000%, 4/1/2021		2,683,800
		Hornbeck Offshore Services, Inc.
	2,115,000	5.875%, 4/1/2020		1,279,575
	1,590,000	5.000%, 3/1/2021		954,000
		MEG Energy Corporation
	1,055,000	6.500%, 3/15/2021f		636,956
	3,160,000	6.375%, 1/30/2023f		1,864,400
		Pacific Drilling SA
	2,140,000	5.375%, 6/1/2020f		674,100
		Pacific Drilling V, Ltd.
	4,908,000	7.250%, 12/1/2017f		1,803,690
		Precision Drilling Corporation
	2,450,000	6.625%, 11/15/2020		1,960,000
	1,060,000	6.500%, 12/15/2021		805,600
	1,350,000	5.250%, 11/15/2024		955,125
		Range Resources Corporation
	4,180,000	5.000%, 3/15/2023e		3,542,550
		Rice Energy, Inc.
	4,605,000	6.250%, 5/1/2022		4,006,350
	1,060,000	7.250%, 5/1/2023		927,500
		Sabine Pass Liquefaction, LLC
	2,645,000	5.625%, 2/1/2021		2,542,506
	2,085,000	5.625%, 3/1/2025		1,988,569
		Sunoco, LP
	2,665,000	5.500%, 8/1/2020f		2,658,338
	1,330,000	6.375%, 4/1/2023f		1,330,825
		Tesoro Logistics, LP
	2,400,000	5.500%, 10/15/2019f		2,388,000
	2,130,000	6.250%, 10/15/2022f		2,108,700
		WPX Energy, Inc.
	2,190,000	7.500%, 8/1/2020		1,708,200

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

220

HIGH YIELD PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (86.5%)	Value
	Energy (8.2%) - continued
	$2,670,000	8.250%, 8/1/2023		$2,069,250
		Total		59,322,814
	Financials (8.6%)
		AerCap Ireland Capital, Ltd.
	1,595,000	4.625%, 10/30/2020		1,634,875
	1,190,000	5.000%, 10/1/2021		1,231,650
		Ally Financial, Inc.
	1,460,000	3.250%, 2/13/2018		1,445,400
	4,670,000	4.125%, 3/30/2020		4,634,975
	2,380,000	4.125%, 2/13/2022		2,338,350
		Argos Merger Sub, Inc.
	3,705,000	7.125%, 3/15/2023e,f		3,938,415
		Banco do Brasil SA/Cayman Islands
	1,750,000	6.250%, 12/31/2049f,i		975,100
		BBVA International Preferred SA Unipersonal
	1,585,000	5.919%, 12/29/2049e,i		1,569,150
		CIT Group, Inc.
	3,795,000	3.875%, 2/19/2019		3,785,513
		Corrections Corporation of America
	3,585,000	4.625%, 5/1/2023		3,620,850
		Credit Agricole SA
	1,065,000	6.625%, 9/29/2049e,f,i		1,000,844
		CyrusOne, LP
	3,540,000	6.375%, 11/15/2022		3,672,750
		Drawbridge Special Opportunities Fund, LP
	3,785,000	5.000%, 8/1/2021f		3,510,588
		HSBC Holdings plc
	1,065,000	6.375%, 12/29/2049i		989,119
		Icahn Enterprises, LP
	5,500,000	4.875%, 3/15/2019		5,280,000
	6,485,000	6.000%, 8/1/2020		6,306,662
		ILFC E-Capital Trust II
	1,895,000	4.490%, 12/21/2065f,j		1,534,950
		Jefferies Finance, LLC
	2,650,000	7.375%, 4/1/2020*		2,292,250
		Lloyds Banking Group plc
	1,080,000	6.657%, 1/29/2049f,i		1,177,200
		MPT Operating Partnership, LP
	1,192,000	6.375%, 2/15/2022		1,245,640
	3,010,000	5.500%, 5/1/2024		3,025,050
		Quicken Loans, Inc.
	4,255,000	5.750%, 5/1/2025f		4,127,350
		RHP Hotel Properties, LP
	790,000	5.000%, 4/15/2021		809,750
		Royal Bank of Scotland Group plc
	1,865,000	7.500%, 12/29/2049i		1,734,450
		Total		61,880,881
	Technology (6.8%)
		Alliance Data Systems Corporation
	6,880,000	5.375%, 8/1/2022f		6,450,000
		Amkor Technology, Inc.
	2,405,000	6.625%, 6/1/2021		2,284,750
		Brocade Communications Systems, Inc.
	3,790,000	4.625%, 1/15/2023		3,676,300
		CommScope Technologies Finance, LLC
	4,775,000	6.000%, 6/15/2025f		4,819,766
		Denali Borrower, LLC
	5,680,000	5.625%, 10/15/2020f		5,991,690

Principal Amount		Long-Term Fixed Income (86.5%)	Value
	Technology (6.8%) - continued
		Equinix, Inc.
	$3,185,000	5.750%, 1/1/2025		$3,344,250
	1,030,000	5.875%, 1/15/2026		1,086,135
		First Data Corporation
	3,000,000	5.375%, 8/15/2023f		3,075,000
	1,910,000	7.000%, 12/1/2023f		1,929,100
		NXP Funding, LLC
	3,715,000	5.750%, 3/15/2023f		3,928,612
		Plantronics, Inc.
	2,390,000	5.500%, 5/31/2023f		2,348,175
		Sensata Technologies BV
	4,870,000	4.875%, 10/15/2023f		4,894,350
		SS&C Technologies Holdings, Inc.
	1,590,000	5.875%, 7/15/2023f		1,641,675
		Western Digital Corporation
	3,200,000	10.500%, 4/1/2024c,f		3,208,000
		Total		48,677,803
	Transportation (3.7%)
		Air Medical Merger Sub Corporation
	3,190,000	6.375%, 5/15/2023f		2,990,625
		American Airlines Pass Through Trust
	3,527,742	5.600%, 7/15/2020f		3,563,019
		Avis Budget Car Rental, LLC
	1,670,000	5.125%, 6/1/2022e,f		1,581,281
	3,550,000	5.500%, 4/1/2023e		3,443,500
		Dynagas LNG Partners, LP
	2,130,000	6.250%, 10/30/2019		1,427,100
		Eletson Holdings, Inc.
	2,170,000	9.625%, 1/15/2022*		1,692,600
		Navios Maritime Holdings, Inc.
	2,220,000	8.125%, 2/15/2019e		654,900
	1,895,000	8.125%, 11/15/2021f		1,255,438
		Navios South American Logistics, Inc.
	1,900,000	7.250%, 5/1/2022f		1,225,500
		Teekay Offshore Partners, LP
	3,790,000	6.000%, 7/30/2019		2,378,225
		Ultrapetrol Bahamas, Ltd.
	3,720,000	8.875%, 6/15/2021g		762,600
		United Airlines Pass Through Trust
	1,347,137	5.375%, 8/15/2021		1,380,815
		XPO Logistics, Inc.
	2,390,000	7.875%, 9/1/2019f		2,473,650
	1,600,000	6.500%, 6/15/2022e,f		1,554,000
		Total		26,383,253
	U.S. Government and Agencies (0.9%)
		U.S. Treasury Notes
	6,800,000	0.375%, 5/31/2016k		6,801,061
		Total		6,801,061
	Utilities (3.8%)
		AES Corporation
	2,650,000	4.875%, 5/15/2023		2,550,625
		Calpine Corporation
	3,720,000	5.375%, 1/15/2023e		3,606,094
		Covanta Holding Corporation
	1,850,000	6.375%, 10/1/2022		1,850,000
		Dynegy, Inc.
	2,580,000	7.625%, 11/1/2024		2,341,350
		Electricite de France SA
	2,500,000	5.250%, 12/29/2049f,i		2,287,500
		Energy Transfer Equity, LP
	4,245,000	5.500%, 6/1/2027		3,406,613

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

221

HIGH YIELD PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (86.5%)	Value
	Utilities (3.8%) - continued
		Holly Energy Partners, LP
	$2,700,000	6.500%, 3/1/2020		$2,673,000
		MPLX LP
	4,740,000	4.875%, 12/1/2024f		4,376,143
		Regency Energy Partners, LP
	4,650,000	5.500%, 4/15/2023		4,145,140
		Total		27,236,465
		Total Long-Term Fixed Income (cost $666,712,539)		623,443,156
Shares		Preferred Stock (1.3%)	Value
	Consumer Staples (0.2%)
	43,350	CHS, Inc., 7.100%i		1,200,362
		Total		1,200,362
	Financials (1.1%)
	62,331	Citigroup, Inc., 6.875%i		1,705,376
	48,000	Discover Financial Services, 6.500%i		1,279,200
	86,021	Goldman Sachs Group, Inc., 5.500%i		2,150,525
	20,016	Morgan Stanley, 6.875%i		543,234
	18,720	PNC Financial Services Group, Inc., 6.125%i		545,126
	1,560	Wells Fargo & Company, Convertible, 7.500%i		1,879,816
		Total		8,103,277
		Total Preferred Stock (cost $9,184,908)		9,303,639
Shares		Registered Investment Companies (0.5%)	Value
	Equity Funds/ETFs (0.5%)
	28,500	Energy Select Sector SPDR Fund		1,764,720
	58,250	SPDR S&P Oil & Gas Exploration & Production ETFe		1,767,888
		Total		3,532,608
		Total Registered Investment Companies (cost $3,583,098)		3,532,608
Shares		Common Stock (0.1%)	Value
	Consumer Discretionary (<0.1%)
	121,520	TVMAX Holdings, Inc.l,m		12
		Total		12
	Energy (0.1%)
	7,311	Vantage Drilling Internationalm		804,210
		Total		804,210
	Financials (<0.1%)
	10	New Cotai, LLC*,l,m		33,473
		Total		33,473
		Total Common Stock (cost $7,237,186)		837,695
Shares		Collateral Held for Securities Loaned (5.8%)	Value
	41,734,861	Thrivent Cash Management Trust		41,734,861
		Total Collateral Held for Securities Loaned (cost $41,734,861)		41,734,861

Shares or Principal Amount		Short-Term Investments (6.2%)n	Value
		Thrivent Cash Management Trust
	44,584,447	0.290%		$44,584,447
		Total Short-Term Investments (at amortized cost)		44,584,447
		Total Investments (cost $808,142,935) 105.1%		$757,611,983
		Other Assets and Liabilities, Net (5.1%)		(36,753,763)
		Total Net Assets 100.0%		$720,858,220

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 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 March 31, 2016.

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

f Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of March 31, 2016, the value of these investments was $274,183,254 or 38.0% of total net assets.

g Defaulted security. Interest is not being accrued.

h In bankruptcy. Interest is not being accrued.

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

j 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 March 31, 2016.

k All or a portion of the security is pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.

l Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in the Notes to Financial Statements.

m Non-income producing security.

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

* 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 value of all restricted securities held in High Yield Portfolio as of March 31, 2016 was $17,718,200 or 2.5% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of March 31, 2016. The accompanying Notes to Schedule of Investments are an integral part of this schedule.

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

222

HIGH YIELD PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Security	Acquisition Date		Cost
Abengoa Finance SAU, 2/1/2020		12/6/2013	$	3,250,000
Abengoa Greenfield SA, 10/1/2019		9/24/2014		3,460,000
Digicel, Ltd., 4/15/2021		3/19/2013		3,220,000
Digicel, Ltd., 2/15/2020		2/7/2012		1,680,000
Eletson Holdings, Inc., 1/15/2022		12/12/2013		2,139,989
Jefferies Finance, LLC, 4/1/2020		3/19/2013		2,650,000
Midwest Vanadium, Pty. Ltd., 2/15/2018		2/9/2011		3,245,874
New Cotai, LLC, 5/1/2019		4/12/2013		4,011,538
New Cotai, LLC		4/12/2013		308,750
Seminole Indian Tribe of Florida, 10/1/2020		7/8/2010		3,116,632
Tunica-Biloxi Gaming Authority, 11/15/2016		11/8/2005		4,585,435

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent High Yield Portfolio as of March 31, 2016:

Securities Lending Transactions
Taxable Debt Security	$	38,688,766
Common Stock		1,705,670
Total lending	$	40,394,436
Gross amount payable upon return of collateral for securities loaned	$	41,734,861
Net amounts due to counterparty	$	1,340,425
Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$	12,267,750
Gross unrealized depreciation		(62,798,702)
Net unrealized appreciation (depreciation)	$	(50,530,952)
Cost for federal income tax purposes	$	808,142,935

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing High Yield Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		2,670,352		–		2,670,352		–
Communications Services		10,977,172		–		7,372,176		3,604,996
Consumer Cyclical		11,073,874		–		7,986,374		3,087,500
Consumer Non-Cyclical		2,938,746		–		2,938,746		–
Technology		6,515,433		–		5,265,658		1,249,775
Long-Term Fixed Income
Asset-Backed Securities		2,361,822		–		2,361,822		–
Basic Materials		25,924,855		–		25,924,855		–
Capital Goods		64,757,233		–		64,757,233		–
Communications Services		117,965,917		–		117,965,917		–
Consumer Cyclical		92,508,954		–		92,508,954		–
Consumer Non-Cyclical		89,622,098		–		89,622,098		–
Energy		59,322,814		–		59,322,814		–
Financials		61,880,881		–		61,880,881		–
Technology		48,677,803		–		48,677,803		–
Transportation		26,383,253		–		26,383,253		–
U.S. Government and Agencies		6,801,061		–		6,801,061		–
Utilities		27,236,465		–		27,236,465		–
Preferred Stock
Consumer Staples		1,200,362		1,200,362		–		–
Financials		8,103,277		8,103,277		–		–
Registered Investment Companies
Equity Funds/ETFs		3,532,608		3,532,608		–		–
Common Stock
Consumer Discretionary		12		–		–		12
Energy		804,210		804,210		–		–
Financials		33,473		–		–		33,473
Subtotal Investments in Securities	$	671,292,675	$	13,640,457	$	649,676,462	$	7,975,756
Other Investments*	Total
Short-Term Investments		44,584,447
Collateral Held for Securities Loaned		41,734,861
Subtotal Other Investments	$	86,319,308
Total Investments at Value	$	757,611,983

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

223

HIGH YIELD PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Credit Default Swaps		650,606		–		650,606		–
Total Asset Derivatives	$	650,606	$	–	$	650,606	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents High Yield Portfolio’s swaps contracts held as of March 31, 2016. Investments totaling $1,300,203 were pledged as collateral under the agreement between the counterparty, the custodian and the fund for open swap contracts.

Credit Default Swaps and Counterparty	Buy/Sell  Protection1	Termination Date	Notional Principal Amount2		Value3		Unrealized Gain/(Loss)
CDX HY 25, 5 Year, at 5.00%; CS First Boston Corporation	Sell	12/20/2020	($	17,000,000)	$	650,606	$	650,606
Total Credit Default Swaps					$	650,606	$	650,606

1 As the buyer of protection, High Yield 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, High Yield 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 High Yield Portfolio could be required to make as the seller or receive as the buyer of protection.

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

Investment in Affiliates

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

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

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	42,864,685	$	52,887,981	$	54,017,805		41,734,861	$	41,734,861	$	57,033
Cash Management Trust-Short Term Investment		46,291,200		43,604,605		45,311,358		44,584,447		44,584,447		36,594
Total Value and Income Earned	$	89,155,885							$	86,319,308	$	93,627

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

224

INCOME PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (3.7%)a	Value
	Basic Materials (0.2%)
		Fortescue Metals Group, Ltd., Term Loan
	$959,287	4.250%, 6/30/2019b,c		$807,931
		Ineos US Finance, LLC, Term Loan
	1,522,173	3.750%, 12/15/2020		1,495,535
		Total		2,303,466
	Capital Goods (0.2%)
		ADS Waste Holdings, Inc., Term Loan
	1,498,222	3.750%, 10/9/2019		1,484,483
		Berry Plastics Group, Inc., Term Loan
	1,430,128	3.500%, 2/8/2020		1,422,978
		Total		2,907,461
	Communications Services (1.3%)
		CSC Holdings, LLC, Term Loan
	775,000	5.000%, 10/9/2022		774,876
		Hargray Communications Group, Inc., Term Loan
	1,524,855	5.250%, 6/26/2019		1,515,324
		Intelsat Jackson Holdings SA, Term Loan
	239,713	3.750%, 6/30/2019b,c		223,147
		Level 3 Communications, Inc., Term Loan
	1,600,000	4.000%, 1/15/2020		1,603,504
		LTS Buyer, LLC, Term Loan
	1,548,061	4.000%, 4/13/2020		1,528,710
		McGraw-Hill Global Education Holdings, LLC, Term Loan
	1,589,557	4.912%, 3/22/2019		1,582,928
		NEP/NCP Holdco, Inc., Term Loan
	1,552,389	4.250%, 1/22/2020		1,432,079
		Numericable US, LLC, Term Loan
	1,550,000	4.750%, 2/10/2023		1,535,957
		TNS, Inc., Term Loan
	888,237	5.000%, 2/14/2020		873,528
		Univision Communications, Inc., Term Loan
	1,612,755	4.000%, 3/1/2020		1,595,112
		Virgin Media Investment Holdings, Ltd., Term Loan
	727,314	3.500%, 6/30/2023b,c		720,681
		WideOpenWest Finance, LLC, Term Loan
	1,552,320	4.500%, 4/1/2019		1,533,754
		Yankee Cable Acquisition, LLC, Term Loan
	1,458,389	4.250%, 3/1/2020		1,449,887
		Zayo Group, LLC, Term Loan
	1,548,207	3.750%, 5/6/2021		1,539,180
		Total		17,908,667
	Consumer Cyclical (0.5%)
		Amaya BV, Term Loan
	1,548,300	5.000%, 8/1/2021		1,419,466
		Burlington Coat Factory Warehouse Corporation, Term Loan
	1,301,838	4.250%, 8/13/2021		1,301,604
		Chrysler Group, LLC, Term Loan
	899,711	3.500%, 5/24/2017		899,090
		IMG Worldwide, Inc., Term Loan
	1,240,530	5.250%, 5/6/2021		1,238,210

Principal Amount		Bank Loans (3.7%)a	Value
	Consumer Cyclical (0.5%) - continued
		MGM Resorts International, Term Loan
	$928,800	3.500%, 12/20/2019		$926,144
		ROC Finance, LLC, Term Loan
	1,208,428	5.000%, 6/20/2019		1,160,091
		Total		6,944,605
	Consumer Non-Cyclical (0.5%)
		Albertson’s, LLC, Term Loan
	1,695,946	5.500%, 3/21/2019		1,694,996
		CHS/Community Health Systems, Inc., Term Loan
	738,793	4.000%, 1/27/2021		725,554
		JBS USA, LLC, Term Loan
	947,625	4.000%, 10/30/2022		941,702
		Ortho-Clinical Diagnostics, Inc., Term Loan
	723,160	0.000%, 6/30/2021b,c		668,923
		Sterigenics-Nordion Holdings, LLC, Term Loan
	741,275	4.250%, 5/16/2022		733,862
		Valeant Pharmaceuticals International, Inc., Term Loan
	2,264,623	4.000%, 4/1/2022b,c		2,135,359
		Total		6,900,396
	Energy (0.1%)
		Arch Coal, Inc., Term Loan
	1,548,913	7.500%, 5/16/2018d		546,642
		McJunkin Red Man Corporation, Term Loan
	422,362	4.750%, 11/8/2019		403,355
		MEG Energy Corporation, Term Loan
	149,609	0.000%, 3/31/2020b,c		120,137
		Total		1,070,134
	Financials (0.1%)
		WaveDivision Holdings, LLC, Term Loan
	1,548,000	4.000%, 10/15/2019		1,532,520
		Total		1,532,520
	Technology (0.4%)
		Avago Technologies Cayman Finance, Ltd., Term Loan
	1,345,000	4.250%, 2/1/2023b,c		1,337,508
		First Data Corporation, Term Loan
	1,291,653	3.932%, 3/23/2018		1,288,101
	306,490	0.000%, 3/24/2021b,c		305,724
		ON Semiconductor Corporation, Term Loan
	725,000	0.000%, 3/31/2023b,c		725,225
		Syniverse Holdings, Inc., Term Loan
	614,289	4.000%, 4/23/2019		453,425
		Western Digital Corporation, Term Loan
	975,000	0.000%, 3/16/2023b,c		962,510
		Total		5,072,493
	Transportation (0.2%)
		American Airlines, Inc., Term Loan
	1,456,250	3.250%, 6/27/2020		1,447,935

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

225

INCOME PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (3.7%)a	Value
	Transportation (0.2%) - continued
		XPO Logistics, Inc., Term Loan
	$1,546,125	5.500%, 11/1/2021		$1,549,990
		Total		2,997,925
	Utilities (0.2%)
		Calpine Corporation, Term Loan
	1,254,500	4.000%, 10/9/2019		1,248,228
	1,249,405	3.500%, 5/27/2022		1,231,638
		Total		2,479,866
		Total Bank Loans (cost $51,815,961)		50,117,533
Principal Amount		Long-Term Fixed Income (91.9%)	Value
	Asset-Backed Securities (1.4%)
		Bayview Opportunity Master Fund Trust
	3,605,733	3.721%, 7/28/2035e,f		3,594,886
		CAM Mortgage, LLC
	1,843,196	3.500%, 7/15/2064*,f		1,844,849
		GMAC Mortgage Corporation Loan Trust
	1,767,052	0.616%, 8/25/2035g,h		1,653,283
	2,963,986	0.616%, 12/25/2036g,h		2,577,616
		IndyMac Seconds Asset-Backed Trust
	491,565	0.773%, 10/25/2036g,h		291,325
		Renaissance Home Equity Loan Trust
	2,030,053	5.746%, 5/25/2036f		1,321,160
	1,979,807	6.011%, 5/25/2036f		1,339,786
		Vericrest Opportunity Loan Transferee
	2,938,325	3.500%, 6/26/2045e		2,903,166
	3,164,116	4.250%, 2/26/2046e		3,160,379
		Total		18,686,450
	Basic Materials (2.7%)
		Albemarle Corporation
	3,150,000	4.150%, 12/1/2024		3,118,491
		Alcoa, Inc.
	1,260,000	5.125%, 10/1/2024i		1,195,034
		Barrick Gold Corporation
	599,000	4.100%, 5/1/2023i		583,360
		BHP Billiton Finance USA, Ltd.
	1,250,000	6.250%, 10/19/2075e,i		1,260,938
		Dow Chemical Company
	2,570,000	4.250%, 11/15/2020		2,795,787
		Freeport-McMoRan, Inc.
	1,940,000	3.550%, 3/1/2022i		1,353,150
	2,675,000	3.875%, 3/15/2023		1,812,312
		Georgia-Pacific, LLC
	3,780,000	3.163%, 11/15/2021e		3,856,250
		Glencore Funding, LLC
	3,190,000	3.125%, 4/29/2019e,i		2,894,925
	3,180,000	4.125%, 5/30/2023e		2,599,650
		International Paper Company
	2,500,000	3.800%, 1/15/2026		2,549,240
	1,190,000	4.800%, 6/15/2044		1,146,039
		LyondellBasell Industries NV
	3,170,000	6.000%, 11/15/2021		3,646,188
		Rio Tinto Finance USA, Ltd.
	1,910,000	3.750%, 6/15/2025		1,861,438
		Sappi Papier Holding GmbH
	1,910,000	6.625%, 4/15/2021e		1,975,265

Principal Amount		Long-Term Fixed Income (91.9%)	Value
	Basic Materials (2.7%) - continued
		Teck Resources, Ltd.
	$1,870,000	2.500%, 2/1/2018		$1,636,250
		Weyerhaeuser Company
	2,570,000	7.375%, 3/15/2032		3,139,147
		Yara International ASA
	50,000	7.875%, 6/11/2019e		56,752
		Total		37,480,216
	Capital Goods (1.8%)
		AECOM
	1,870,000	5.875%, 10/15/2024		1,926,100
		BAE Systems plc
	3,880,000	4.750%, 10/11/2021e		4,247,428
		General Electric Capital Corporation
	3,200,000	1.634%, 3/15/2023h		3,172,237
		Huntington Ingalls Industries, Inc.
	630,000	5.000%, 12/15/2021e		661,500
		Republic Services, Inc.
	2,200,000	5.250%, 11/15/2021		2,505,294
	3,170,000	3.550%, 6/1/2022		3,346,433
		Textron, Inc.
	2,360,000	5.600%, 12/1/2017		2,479,761
	1,280,000	4.300%, 3/1/2024		1,324,947
	630,000	3.875%, 3/1/2025		634,991
		United Rentals North America, Inc.
	1,250,000	5.500%, 7/15/2025		1,243,487
		Waste Management, Inc.
	3,140,000	4.100%, 3/1/2045		3,152,061
		Total		24,694,239
	Collateralized Mortgage Obligations (0.8%)
		CitiMortgage Alternative Loan Trust
	1,725,564	5.750%, 4/25/2037		1,451,823
		Countrywide Alternative Loan Trust
	2,305,631	6.000%, 1/25/2037		2,198,052
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	1,995,320	1.121%, 4/25/2047h		1,676,364
		HomeBanc Mortgage Trust
	2,009,362	2.337%, 4/25/2037		1,500,578
		Wachovia Mortgage Loan Trust, LLC
	1,793,856	2.873%, 5/20/2036		1,562,713
		WaMu Mortgage Pass Through Certificates
	532,376	0.723%, 10/25/2045h		489,406
		Washington Mutual Mortgage Pass Through Certificates
	3,636,173	1.101%, 2/25/2047h		2,528,079
		Total		11,407,015
	Commercial Mortgage-Backed Securities (0.6%)
		Bear Stearns Commercial Mortgage Securities, Inc.
	2,893,209	5.331%, 2/11/2044		2,952,550
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	1,461,884	5.322%, 12/11/2049		1,490,396
		Credit Suisse First Boston Mortgage Securities
	3,200,000	5.542%, 1/15/2049		3,257,482
		Total		7,700,428
	Communications Services (9.4%)
		21st Century Fox America, Inc.
	1,900,000	7.625%, 11/30/2028		2,577,128

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

226

INCOME PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (91.9%)	Value
	Communications Services (9.4%) - continued
	$1,880,000	6.150%, 2/15/2041		$2,245,564
		American Tower Corporation
	3,400,000	3.300%, 2/15/2021		3,458,215
	3,500,000	3.450%, 9/15/2021		3,578,901
		AT&T, Inc.
	3,100,000	2.450%, 6/30/2020		3,141,295
	3,310,000	3.800%, 3/15/2022		3,488,028
	2,540,000	3.600%, 2/17/2023		2,638,745
	3,190,000	4.450%, 4/1/2024		3,452,846
	1,000,000	3.950%, 1/15/2025		1,039,332
	1,240,000	3.400%, 5/15/2025		1,242,905
	3,190,000	4.300%, 12/15/2042		2,919,839
		British Telecommunications plc
	1,870,000	9.625%, 12/15/2030		2,922,950
		CCO Safari II, LLC
	4,370,000	4.464%, 7/23/2022e		4,567,821
	3,120,000	6.484%, 10/23/2045e		3,471,705
		CenturyLink, Inc.
	2,200,000	5.800%, 3/15/2022		2,116,620
		Columbus International, Inc.
	1,910,000	7.375%, 3/30/2021e		2,034,150
		Comcast Corporation
	2,540,000	2.750%, 3/1/2023		2,624,755
	3,740,000	3.375%, 8/15/2025		3,978,223
	2,700,000	6.400%, 5/15/2038		3,596,135
		Cox Communications, Inc.
	1,900,000	9.375%, 1/15/2019e		2,230,551
	2,500,000	3.850%, 2/1/2025e		2,411,575
		Crown Castle International Corporation
	2,700,000	4.450%, 2/15/2026		2,807,320
		Frontier Communications Corporation
	1,880,000	6.875%, 1/15/2025		1,587,425
	1,270,000	11.000%, 9/15/2025e		1,276,350
		Hughes Satellite Systems Corporation
	2,322,000	6.500%, 6/15/2019		2,557,103
		Numericable-SFR
	1,920,000	6.000%, 5/15/2022e		1,872,000
		Omnicom Group, Inc.
	4,245,000	4.450%, 8/15/2020		4,632,717
	940,000	3.650%, 11/1/2024		968,600
		Scripps Networks Interactive, Inc.
	3,110,000	3.500%, 6/15/2022		3,113,959
		SES Global Americas Holdings GP
	3,180,000	2.500%, 3/25/2019e		3,138,301
		Sprint Communications, Inc.
	1,290,000	7.000%, 3/1/2020e,i		1,290,000
		Sprint Corporation
	1,600,000	7.125%, 6/15/2024		1,188,000
		Time Warner Cable, Inc.
	3,800,000	4.125%, 2/15/2021		4,015,034
		Time Warner Entertainment Company, LP
	3,620,000	8.375%, 3/15/2023		4,628,565
		Time Warner, Inc.
	2,490,000	4.750%, 3/29/2021		2,745,957
	1,600,000	7.700%, 5/1/2032		2,054,160
		Univision Communications, Inc.
	1,920,000	6.750%, 9/15/2022e		2,035,200
		UPCB Finance VI, Ltd.
	2,340,000	6.875%, 1/15/2022e		2,474,550
		Verizon Communications, Inc.
	3,277,000	2.625%, 2/21/2020		3,371,830

Principal Amount		Long-Term Fixed Income (91.9%)	Value
	Communications Services (9.4%) - continued
	$3,830,000	3.450%, 3/15/2021i		$4,065,147
	4,030,000	3.500%, 11/1/2024		4,228,316
	5,854,000	4.272%, 1/15/2036		5,824,683
	3,200,000	6.550%, 9/15/2043		4,215,126
	5,457,000	4.522%, 9/15/2048		5,466,282
		Total		129,293,908
	Consumer Cyclical (5.5%)
		American Honda Finance Corporation
	4,400,000	3.875%, 9/21/2020e		4,750,957
		CVS Health Corporation
	3,190,000	2.750%, 12/1/2022		3,276,452
	1,870,000	4.750%, 12/1/2022e		2,098,396
	1,910,000	6.125%, 9/15/2039		2,415,334
	3,120,000	5.125%, 7/20/2045		3,613,341
		Family Tree Escrow, LLC
	1,870,000	5.750%, 3/1/2023e		1,982,200
		Ford Motor Credit Company, LLC
	1,700,000	2.597%, 11/4/2019		1,706,156
	2,575,000	4.250%, 9/20/2022		2,754,266
	2,510,000	3.664%, 9/8/2024		2,534,794
	5,000,000	4.134%, 8/4/2025		5,202,975
		General Motors Company
	3,150,000	5.000%, 4/1/2035		2,944,812
		General Motors Financial Company, Inc.
	4,450,000	4.200%, 3/1/2021		4,596,303
	1,890,000	4.375%, 9/25/2021		1,953,366
	3,100,000	3.450%, 4/10/2022		3,043,797
	2,510,000	4.000%, 1/15/2025		2,437,742
		Hilton Worldwide Finance, LLC
	1,910,000	5.625%, 10/15/2021		1,979,142
		Home Depot, Inc.
	3,180,000	4.250%, 4/1/2046		3,500,515
		Hyundai Capital America
	2,065,000	2.875%, 8/9/2018e		2,101,701
		Jaguar Land Rover Automotive plc
	1,910,000	4.125%, 12/15/2018e		1,955,363
		Johnson Controls, Inc.
	1,150,000	5.250%, 12/1/2041		1,150,082
		L Brands, Inc.
	1,900,000	5.625%, 2/15/2022		2,069,898
		Lennar Corporation
	1,880,000	4.500%, 11/15/2019		1,955,200
		Macy’s Retail Holdings, Inc.
	3,570,000	3.875%, 1/15/2022		3,670,892
		MGM Resorts International
	1,880,000	6.000%, 3/15/2023i		1,945,800
		Starwood Hotels & Resorts Worldwide, Inc.
	1,850,000	6.750%, 5/15/2018		2,019,541
		Toll Brothers Finance Corporation
	2,000,000	6.750%, 11/1/2019		2,230,000
	960,000	4.375%, 4/15/2023		938,400
		Visa, Inc.
	2,860,000	3.150%, 12/14/2025		2,985,483
		ZF North America Capital, Inc.
	1,870,000	4.500%, 4/29/2022e		1,907,400
		Total		75,720,308
	Consumer Non-Cyclical (10.4%)
		Actavis Funding SCS
	2,480,000	3.450%, 3/15/2022		2,574,629
	2,555,000	3.850%, 6/15/2024		2,677,975

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

227

INCOME PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (91.9%)	Value
	Consumer Non-Cyclical (10.4%) - continued
		Altria Group, Inc.
	$2,175,000	4.000%, 1/31/2024		$2,394,051
	804,000	9.950%, 11/10/2038		1,413,901
		Amgen, Inc.
	1,870,000	3.625%, 5/22/2024		1,967,292
	1,870,000	4.400%, 5/1/2045		1,908,660
		Anheuser-Busch Inbev Finance, Inc.
	2,570,000	3.300%, 2/1/2023		2,671,831
	3,210,000	4.700%, 2/1/2036		3,469,060
		Baxter International, Inc.
	1,869,000	4.250%, 3/15/2020		1,994,182
		Becton Dickinson and Company
	3,120,000	3.125%, 11/8/2021		3,223,075
		Biogen, Inc.
	3,740,000	3.625%, 9/15/2022		3,955,783
		Boston Scientific Corporation
	3,190,000	6.000%, 1/15/2020		3,600,831
	4,360,000	3.375%, 5/15/2022		4,450,745
		BRF SA
	3,830,000	4.750%, 5/22/2024e		3,619,350
		Bunge Limited Finance Corporation
	2,530,000	8.500%, 6/15/2019		2,938,853
	1,920,000	3.500%, 11/24/2020		1,948,372
		Celgene Corporation
	3,770,000	3.950%, 10/15/2020		4,040,151
	3,820,000	3.250%, 8/15/2022		3,944,624
		Centene Escrow Corporation
	1,270,000	5.625%, 2/15/2021e		1,323,975
		ConAgra Foods, Inc.
	2,004,000	3.200%, 1/25/2023		2,017,437
		Diageo Capital plc
	3,120,000	2.625%, 4/29/2023		3,167,181
		Endo Finance, LLC
	1,260,000	6.000%, 2/1/2025e		1,181,250
		Express Scripts Holding Company
	2,540,000	4.500%, 2/25/2026		2,629,832
		Forest Laboratories, Inc.
	2,550,000	5.000%, 12/15/2021e		2,846,879
		H. J. Heinz Company
	3,120,000	3.500%, 7/15/2022e		3,274,390
	1,860,000	5.200%, 7/15/2045e		2,081,134
		HCA, Inc.
	2,560,000	4.750%, 5/1/2023		2,604,800
		Imperial Tobacco Finance plc
	2,190,000	3.750%, 7/21/2022e		2,286,369
		JBS USA, LLC
	1,910,000	7.250%, 6/1/2021e		1,902,360
		Kraft Foods Group, Inc.
	4,390,000	3.500%, 6/6/2022		4,614,527
		Laboratory Corporation of America Holdings
	1,250,000	3.200%, 2/1/2022		1,267,191
	1,250,000	4.700%, 2/1/2045		1,224,895
		McKesson Corporation
	2,510,000	3.796%, 3/15/2024		2,620,144
	2,550,000	4.883%, 3/15/2044		2,710,066
		Mondelez International, Inc.
	2,560,000	4.000%, 2/1/2024		2,748,544
		Mylan NV
	3,190,000	3.750%, 12/15/2020e		3,263,893
		Newell Rubbermaid, Inc.
	2,700,000	3.850%, 4/1/2023		2,800,200
	2,070,000	4.200%, 4/1/2026		2,165,311
		Pernod Ricard SA
	3,130,000	5.750%, 4/7/2021e		3,564,125

Principal Amount		Long-Term Fixed Income (91.9%)	Value
	Consumer Non-Cyclical (10.4%) - continued
	$1,910,000	4.450%, 1/15/2022e		$2,061,780
		Perrigo Finance Unlimited Company
	2,540,000	3.500%, 3/15/2021		2,602,834
	2,070,000	4.375%, 3/15/2026		2,130,899
		Pfizer, Inc.
	1,870,000	5.600%, 9/15/2040		2,329,457
		Reynolds American, Inc.
	3,120,000	4.000%, 6/12/2022		3,390,516
	1,560,000	5.850%, 8/15/2045		1,905,011
		SABMiller Holdings, Inc.
	3,040,000	3.750%, 1/15/2022e		3,225,151
		Spectrum Brands Escrow Corporation
	1,460,000	6.375%, 11/15/2020		1,537,380
		Tenet Healthcare Corporation
	1,910,000	8.125%, 4/1/2022		1,964,912
		Tyson Foods, Inc.
	3,190,000	4.500%, 6/15/2022		3,495,085
		Valeant Pharmaceuticals International
	2,560,000	6.375%, 10/15/2020e,i		2,124,800
		Watson Pharmaceuticals, Inc.
	3,180,000	3.250%, 10/1/2022		3,259,856
		Whirlpool Corporation
	3,245,000	3.700%, 3/1/2023		3,374,219
		Zoetis, Inc.
	3,190,000	3.250%, 2/1/2023		3,154,540
	1,270,000	4.500%, 11/13/2025		1,358,095
		Total		143,002,403
	Energy (7.7%)
		Anadarko Petroleum Corporation
	1,270,000	5.550%, 3/15/2026		1,281,181
	1,590,000	6.600%, 3/15/2046		1,623,256
		Antero Resources Corporation
	1,880,000	5.625%, 6/1/2023		1,729,600
		BP Capital Markets plc
	2,490,000	3.814%, 2/10/2024		2,588,766
		Buckeye Partners, LP
	3,180,000	5.850%, 11/15/2043		2,774,054
		Canadian Natural Resources, Ltd.
	3,110,000	3.450%, 11/15/2021		2,878,740
		Concho Resources, Inc.
	1,930,000	6.500%, 1/15/2022		1,925,175
		ConocoPhillips Company
	2,860,000	4.200%, 3/15/2021		2,986,741
		Continental Resources, Inc.
	3,830,000	3.800%, 6/1/2024i		3,025,700
		Devon Energy Corporation
	2,560,000	5.850%, 12/15/2025i		2,471,009
		El Paso Pipeline Partners Operating Company, LLC
	3,850,000	5.000%, 10/1/2021		3,928,132
	3,800,000	4.300%, 5/1/2024		3,611,296
	1,280,000	4.700%, 11/1/2042		1,005,528
		Enbridge Energy Partners, LP
	2,550,000	5.200%, 3/15/2020		2,551,974
		Energy Transfer Partners, LP
	5,325,000	4.650%, 6/1/2021		5,116,745
		Enterprise Products Operating, LLC
	2,490,000	3.700%, 2/15/2026i		2,442,274
	1,690,000	7.034%, 1/15/2068		1,713,660
		EQT Midstream Partners, LP
	3,030,000	4.000%, 8/1/2024		2,630,946

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

228

INCOME PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (91.9%)	Value
	Energy (7.7%) - continued
		Exxon Mobil Corporation
	$3,180,000	2.726%, 3/1/2023		$3,234,194
		Halliburton Company
	1,270,000	3.375%, 11/15/2022		1,292,440
		Hornbeck Offshore Services, Inc.
	1,560,000	5.000%, 3/1/2021		936,000
		Magellan Midstream Partners, LP
	1,280,000	5.000%, 3/1/2026		1,384,230
	2,500,000	4.200%, 3/15/2045		2,091,207
		Marathon Oil Corporation
	2,364,000	5.900%, 3/15/2018		2,363,913
	3,180,000	2.800%, 11/1/2022		2,589,592
		Marathon Petroleum Corporation
	1,920,000	6.500%, 3/1/2041		1,905,443
		MPLX, LP
	4,390,000	4.000%, 2/15/2025		3,785,054
		NiSource Finance Corporation
	1,250,000	6.800%, 1/15/2019		1,397,497
		Noble Holding International, Ltd.
	3,045,000	5.950%, 4/1/2025i		1,979,250
		Occidental Petroleum Corporation
	1,910,000	3.400%, 4/15/2026c		1,928,240
		Pioneer Natural Resources Company
	2,240,000	3.450%, 1/15/2021		2,228,188
	3,150,000	3.950%, 7/15/2022		3,198,727
		Regency Energy Partners, LP
	1,270,000	5.000%, 10/1/2022		1,193,522
		Sabine Pass Liquefaction, LLC
	1,910,000	5.750%, 5/15/2024		1,824,050
		Schlumberger Holdings Corporation
	3,200,000	3.625%, 12/21/2022e		3,291,510
		Spectra Energy Partners, LP
	1,560,000	3.500%, 3/15/2025		1,506,740
		Sunoco Logistics Partners Operations, LP
	2,700,000	4.400%, 4/1/2021		2,651,419
	3,200,000	3.450%, 1/15/2023		2,857,200
		Tesoro Logistics, LP
	1,880,000	5.500%, 10/15/2019e		1,870,600
		Transcontinental Gas Pipe Line Company, LLC
	1,925,000	7.850%, 2/1/2026e		2,201,657
		Transocean, Inc.
	2,550,000	4.300%, 10/15/2022		1,408,875
		Valero Energy Corporation
	2,300,000	4.900%, 3/15/2045		2,053,633
		Williams Companies, Inc.
	2,560,000	3.700%, 1/15/2023		1,913,600
		Williams Partners, LP
	1,930,000	4.500%, 11/15/2023		1,639,630
	1,600,000	3.900%, 1/15/2025		1,293,645
		Woodside Finance, Ltd.
	3,130,000	3.650%, 3/5/2025e		2,907,626
		Total		105,212,459
	Financials (28.2%)
		ABN AMRO Bank NV
	2,480,000	4.750%, 7/28/2025e		2,497,950
		Aegon NV
	2,600,000	2.074%, 7/29/2049h,j		1,607,536
		Air Lease Corporation
	1,260,000	2.125%, 1/15/2018		1,247,400
	2,510,000	3.750%, 2/1/2022		2,498,981
	1,260,000	4.250%, 9/15/2024		1,244,250

Principal Amount		Long-Term Fixed Income (91.9%)	Value
	Financials (28.2%) - continued
		Ally Financial, Inc.
	$2,490,000	3.600%, 5/21/2018		$2,468,213
	1,860,000	4.125%, 3/30/2020		1,846,050
		American Express Company
	1,880,000	4.900%, 12/29/2049j		1,687,300
		American International Group, Inc.
	1,870,000	3.750%, 7/10/2025		1,867,771
	2,230,000	3.900%, 4/1/2026		2,236,953
	3,130,000	4.500%, 7/16/2044		2,951,991
		American Tower Trust I
	3,200,000	1.551%, 3/15/2018*		3,197,638
		Aon plc
	1,910,000	3.875%, 12/15/2025		1,947,260
		Ares Capital Corporation
	3,190,000	4.875%, 11/30/2018		3,277,272
		Associated Banc-Corporation
	3,150,000	4.250%, 1/15/2025		3,202,173
		Assured Guaranty US Holdings, Inc.
	3,200,000	5.000%, 7/1/2024i		3,396,566
		AXA SA
	2,580,000	8.600%, 12/15/2030		3,392,700
		Axis Specialty Finance, LLC
	920,000	5.875%, 6/1/2020		1,001,503
		Banco de Brasil SA
	1,371,000	9.000%, 12/31/2049e,j		951,474
		Bank of America Corporation
	3,840,000	1.694%, 3/22/2018h		3,846,720
	3,380,000	7.625%, 6/1/2019		3,933,563
	1,000,000	4.100%, 7/24/2023		1,051,942
	3,830,000	4.125%, 1/22/2024		4,057,065
	2,830,000	4.200%, 8/26/2024		2,881,761
	2,750,000	3.950%, 4/21/2025		2,736,129
	1,270,000	3.875%, 8/1/2025		1,316,281
	1,950,000	5.875%, 2/7/2042		2,363,201
	3,110,000	4.750%, 4/21/2045		3,093,100
	3,130,000	6.500%, 10/23/2049i,j		3,230,786
	1,270,000	6.300%, 12/29/2049j		1,308,100
		Bank of Nova Scotia
	2,560,000	4.500%, 12/16/2025		2,555,730
		Barclays Bank plc
	1,910,000	10.179%, 6/12/2021e		2,426,936
	3,760,000	0.875%, 11/29/2049h,j		1,997,312
		Barclays plc
	1,920,000	5.250%, 8/17/2045		1,928,127
		BBVA Bancomer SA/Texas
	2,285,000	6.750%, 9/30/2022e		2,536,122
		Berkshire Hathaway, Inc.
	2,860,000	2.750%, 3/15/2023		2,916,760
		BNP Paribas SA
	2,230,000	7.625%, 12/29/2049e,j		2,242,265
		BPCE SA
	1,265,000	5.700%, 10/22/2023e		1,339,904
	2,190,000	5.150%, 7/21/2024e		2,236,923
		Branch Banking and Trust Company
	3,130,000	3.625%, 9/16/2025		3,278,528
		Camden Property Trust
	3,140,000	3.500%, 9/15/2024		3,167,255
		CIT Group, Inc.
	3,120,000	5.250%, 3/15/2018		3,227,640
		Citigroup, Inc.
	4,370,000	4.400%, 6/10/2025		4,456,141
	3,305,000	5.500%, 9/13/2025		3,616,691
	1,910,000	3.700%, 1/12/2026		1,960,076
	2,490,000	4.450%, 9/29/2027		2,505,548

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

229

INCOME PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (91.9%)	Value
	Financials (28.2%) - continued
		CNA Financial Corporation
	$1,995,000	7.350%, 11/15/2019		$2,302,882
	1,870,000	7.250%, 11/15/2023		2,206,391
		Compass Bank
	1,575,000	2.750%, 9/29/2019		1,568,451
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	1,910,000	5.750%, 12/1/2043		2,225,251
	1,290,000	11.000%, 12/29/2049e,j		1,547,871
		Credit Agricole SA
	2,570,000	8.125%, 12/29/2049e,i,j		2,563,781
		Credit Suisse Group Funding, Ltd.
	3,190,000	3.125%, 12/10/2020e		3,172,401
	4,400,000	3.750%, 3/26/2025		4,203,338
		DDR Corporation
	1,290,000	7.875%, 9/1/2020		1,550,012
	2,010,000	3.625%, 2/1/2025		1,944,566
		Discover Bank of Greenwood Delaware
	1,635,000	4.200%, 8/8/2023		1,709,023
	1,600,000	4.250%, 3/13/2026		1,608,016
		Duke Realty, LP
	3,220,000	3.875%, 10/15/2022		3,283,270
		Essex Portfolio, LP
	2,940,000	3.500%, 4/1/2025		2,938,898
		Fairfax Financial Holdings, Ltd.
	1,915,000	5.800%, 5/15/2021e		2,060,180
		Five Corners Funding Trust
	1,910,000	4.419%, 11/15/2023e		2,002,100
		GE Capital International Funding
		Company
	2,527,000	4.418%, 11/15/2035e		2,745,315
		Glitnir Banki HF
	50,000	Zero Coupon, 1/21/2011*,d		1,000
		Goldman Sachs Group, Inc.
	2,900,000	5.375%, 3/15/2020		3,217,936
	2,540,000	2.875%, 2/25/2021		2,584,658
	3,275,000	5.250%, 7/27/2021		3,686,422
	2,190,000	4.000%, 3/3/2024		2,296,257
	4,450,000	3.850%, 7/8/2024		4,598,025
	2,490,000	4.250%, 10/21/2025		2,531,800
	3,760,000	5.150%, 5/22/2045		3,819,720
		Hartford Financial Services Group, Inc.
	3,230,000	5.125%, 4/15/2022		3,613,488
		HCP, Inc.
	2,200,000	4.250%, 11/15/2023		2,208,642
	2,555,000	4.200%, 3/1/2024		2,521,754
		Host Hotels & Resorts, LP
	1,240,000	4.000%, 6/15/2025		1,207,692
		HSBC Finance Corporation
	3,210,000	6.676%, 1/15/2021		3,681,915
		HSBC Holdings plc
	1,870,000	5.250%, 3/14/2044		1,896,601
	1,880,000	6.375%, 12/29/2049j		1,746,050
		Huntington Bancshares, Inc.
	2,850,000	7.000%, 12/15/2020		3,309,297
		Hutchison Whampoa International 14, Ltd.
	2,510,000	3.625%, 10/31/2024e		2,607,365
		Icahn Enterprises, LP
	2,040,000	6.000%, 8/1/2020		1,983,900
		ILFC E-Capital Trust II
	2,230,000	4.490%, 12/21/2065e,h		1,806,300

Principal Amount		Long-Term Fixed Income (91.9%)	Value
	Financials (28.2%) - continued
		ING Bank NV
	$3,165,000	5.800%, 9/25/2023e		$3,448,863
		J.P. Morgan Chase & Company
	3,200,000	3.375%, 5/1/2023		3,213,248
	2,830,000	3.875%, 9/10/2024		2,902,309
	1,270,000	3.900%, 7/15/2025		1,346,383
	3,150,000	5.500%, 10/15/2040		3,796,097
	1,910,000	7.900%, 4/29/2049j		1,910,000
	2,550,000	6.750%, 8/29/2049i,j		2,799,900
	2,560,000	6.000%, 12/29/2049j		2,576,640
		Kilroy Realty, LP
	2,550,000	4.250%, 8/15/2029		2,618,172
		Liberty Mutual Group, Inc.
	3,535,000	4.950%, 5/1/2022e		3,848,841
	3,190,000	4.850%, 8/1/2044e		3,051,369
		Liberty Property, LP
	1,875,000	4.750%, 10/1/2020		2,024,828
	1,910,000	4.400%, 2/15/2024		2,011,440
		Lincoln National Corporation
	4,150,000	4.000%, 9/1/2023		4,221,600
		Lloyds Bank plc
	1,910,000	4.650%, 3/24/2026		1,892,940
		Macquarie Bank, Ltd.
	3,215,000	1.650%, 3/24/2017e		3,222,298
		MetLife Capital Trust IV
	700,000	7.875%, 12/15/2037e		805,000
		MetLife Capital Trust X
	2,250,000	9.250%, 4/8/2038e		3,051,563
		MetLife, Inc.
	2,500,000	3.600%, 4/10/2024		2,586,510
		Mitsubishi UFJ Financial Group, Inc.
	2,550,000	3.850%, 3/1/2026		2,652,408
		Mizuho Bank, Ltd.
	2,400,000	3.600%, 9/25/2024e		2,504,710
		Morgan Stanley
	3,180,000	5.625%, 9/23/2019		3,538,602
	3,400,000	5.500%, 1/26/2020		3,789,167
	3,205,000	4.875%, 11/1/2022		3,472,441
	1,870,000	4.000%, 7/23/2025		1,955,337
	2,550,000	5.000%, 11/24/2025		2,759,656
	2,510,000	4.350%, 9/8/2026		2,582,993
	1,570,000	4.300%, 1/27/2045		1,579,798
		National Retail Properties, Inc.
	3,200,000	3.900%, 6/15/2024		3,280,013
		Nationwide Building Society
	2,490,000	3.900%, 7/21/2025e		2,628,016
		Nordea Bank AB
	3,170,000	4.875%, 5/13/2021e		3,433,715
	1,890,000	5.500%, 9/29/2049e,j		1,836,135
		Omega Healthcare Investors, Inc.
	2,960,000	5.875%, 3/15/2024		3,065,272
	1,870,000	5.250%, 1/15/2026		1,906,802
		Peachtree Corners Funding Trust
	1,400,000	3.976%, 2/15/2025e		1,401,548
		PNC Capital Trust C
	3,120,000	1.205%, 6/1/2028h		2,527,200
		Preferred Term Securities XXIII, Ltd.
	2,579,395	0.834%, 12/22/2036*,h		1,947,237
		Prologis, LP
	2,510,000	4.250%, 8/15/2023		2,707,201
		Prudential Financial, Inc.
	1,915,000	3.500%, 5/15/2024		1,946,410
	1,425,000	6.200%, 11/15/2040		1,672,632
		Realty Income Corporation
	3,830,000	3.875%, 7/15/2024		3,882,797

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

230

INCOME PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (91.9%)	Value
	Financials (28.2%) - continued
		Regions Bank
	$377,000	7.500%, 5/15/2018		$415,441
		Reinsurance Group of America, Inc.
	1,930,000	6.450%, 11/15/2019		2,166,938
	3,815,000	4.700%, 9/15/2023		3,977,889
		Royal Bank of Scotland Group plc
	2,520,000	6.000%, 12/19/2023		2,552,256
	2,490,000	7.500%, 12/29/2049j		2,315,700
		Santander Holdings USA, Inc.
	2,550,000	3.450%, 8/27/2018		2,593,337
	2,500,000	4.500%, 7/17/2025		2,570,095
		Santander UK Group Holdings plc
	1,560,000	2.875%, 10/16/2020		1,552,083
	2,500,000	4.750%, 9/15/2025e		2,364,613
		Santander UK plc
	1,700,000	3.125%, 1/8/2021		1,709,943
	960,000	5.000%, 11/7/2023e		974,310
		Simon Property Group, LP
	2,775,000	2.750%, 2/1/2023		2,807,279
		SLM Corporation
	1,024,000	4.625%, 9/25/2017		1,035,520
		Societe Generale SA
	2,490,000	8.000%, 12/31/2049e,i,j		2,415,300
		SunTrust Banks, Inc.
	1,910,000	2.900%, 3/3/2021		1,937,899
		Synchrony Financial
	2,510,000	2.700%, 2/3/2020		2,487,169
	2,690,000	4.250%, 8/15/2024		2,735,380
		Synovus Financial Corporation
	1,920,000	5.750%, 12/15/2025		1,958,400
		UBS Group Funding Jersey, Ltd.
	1,590,000	3.000%, 4/15/2021c,e		1,592,922
	2,490,000	4.125%, 9/24/2025e		2,493,551
		UnionBanCal Corporation
	2,580,000	3.500%, 6/18/2022		2,678,388
		UnitedHealth Group, Inc.
	2,480,000	3.350%, 7/15/2022		2,638,246
	1,240,000	4.750%, 7/15/2045		1,421,897
		Voya Financial, Inc.
	3,215,000	5.500%, 7/15/2022		3,596,190
		Wachovia Capital Trust III
	120,000	5.570%, 3/15/2042h,j		118,500
		Wells Fargo & Company
	3,035,000	3.450%, 2/13/2023		3,112,453
	1,910,000	4.100%, 6/3/2026		2,004,637
	3,220,000	7.980%, 2/28/2049j		3,332,378
	3,160,000	5.875%, 12/31/2049j		3,374,248
		Welltower, Inc.
	1,280,000	6.125%, 4/15/2020		1,443,217
	3,150,000	4.950%, 1/15/2021		3,423,691
	1,550,000	4.000%, 6/1/2025		1,550,846
		XLIT, Ltd.
	1,870,000	4.450%, 3/31/2025		1,851,682
	1,840,000	5.250%, 12/15/2043		1,904,935
		Total		387,187,579
	Foreign Government (0.7%)
		Colombia Government International Bond
	3,200,000	5.625%, 2/26/2044		3,184,000
		Mexico Government International Bond
	3,480,000	4.000%, 10/2/2023		3,645,300

Principal Amount		Long-Term Fixed Income (91.9%)	Value
	Foreign Government (0.7%) - continued
	$2,100,000	3.600%, 1/30/2025		$2,142,000
		Total		8,971,300
	Mortgage-Backed Securities (4.6%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	4,172,500	3.000%, 4/1/2031c		4,361,892
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	6,802,500	4.000%, 4/1/2046c		7,260,074
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	30,150,000	3.500%, 4/1/2046c		31,611,570
	16,277,500	4.000%, 4/1/2046c		17,391,492
	2,025,000	4.500%, 4/1/2046c		2,203,453
		Total		62,828,481
	Technology (2.0%)
		Apple, Inc.
	4,450,000	3.250%, 2/23/2026		4,646,094
		Equinix, Inc.
	1,890,000	5.375%, 1/1/2022		1,967,962
		Fidelity National Information Services, Inc.
	1,560,000	2.850%, 10/15/2018		1,585,426
	3,190,000	3.875%, 6/5/2024		3,192,619
		First Data Corporation
	1,250,000	5.375%, 8/15/2023e		1,281,250
		Fiserv, Inc.
	3,740,000	3.850%, 6/1/2025		3,941,163
		Hewlett Packard Enterprise Company
	2,490,000	2.850%, 10/5/2018e		2,531,812
	2,500,000	3.600%, 10/15/2020e		2,599,603
		Qualcomm, Inc.
	2,490,000	3.450%, 5/20/2025		2,577,108
		Seagate HDD Cayman
	1,870,000	4.875%, 6/1/2027e		1,407,826
		Sensata Technologies BV
	1,890,000	4.875%, 10/15/2023e		1,899,450
		Total		27,630,313
	Transportation (2.7%)
		American Airlines Pass Through Trust
	2,129,170	5.600%, 7/15/2020e		2,150,461
	2,241,147	4.000%, 7/15/2025		2,305,579
		British Airways plc
	4,142,476	4.625%, 6/20/2024e		4,349,599
		Burlington Northern Santa Fe, LLC
	2,500,000	4.700%, 9/1/2045		2,784,330
		Canadian Pacific Railway Company
	940,000	3.700%, 2/1/2026		959,374
	1,702,000	7.125%, 10/15/2031		2,189,274
		Continental Airlines, Inc.
	810,585	7.250%, 11/10/2019		913,934
	1,269,214	4.000%, 10/29/2024		1,307,291
		Delta Air Lines, Inc.
	1,514,086	4.950%, 5/23/2019		1,593,575
	1,811,189	4.250%, 7/30/2023		1,774,966
		ERAC USA Finance, LLC
	3,450,000	5.250%, 10/1/2020e		3,805,654
	1,915,000	4.500%, 8/16/2021e		2,082,676
	2,000,000	3.800%, 11/1/2025e		2,075,058

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

231

INCOME PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (91.9%)	Value
	Transportation (2.7%) - continued
		Navios South American Logistics, Inc.
	$325,000	7.250%, 5/1/2022e		$209,625
		Penske Truck Leasing Company, LP
	2,510,000	3.375%, 2/1/2022e		2,492,056
		United Airlines Pass Through Trust
	1,543,736	3.750%, 9/3/2026		1,543,736
		US Airways Pass Through Trust
	2,894,780	3.950%, 11/15/2025		2,975,834
		Virgin Australia Holdings, Ltd.
	2,010,117	5.000%, 10/23/2023e		2,050,320
		Total		37,563,342
	U.S. Government and Agencies (8.0%)
		U.S. Treasury Bonds
	1,000,000	2.875%, 3/31/2018		1,041,836
	5,090,000	1.625%, 2/15/2026		5,016,037
	1,910,000	3.500%, 2/15/2039		2,272,826
	4,500,000	4.375%, 5/15/2041		6,076,053
	5,307,000	3.125%, 2/15/2042		5,902,169
	9,500,000	3.000%, 11/15/2045		10,255,915
	1,270,000	2.500%, 2/15/2046		1,238,300
		U.S. Treasury Notes
	3,130,000	1.625%, 7/31/2020		3,191,990
	7,000,000	1.375%, 10/31/2020		7,056,056
	7,990,000	1.750%, 12/31/2020		8,185,691
	5,730,000	1.125%, 2/28/2021i		5,706,496
	5,650,000	2.000%, 7/31/2022		5,826,342
	1,960,000	1.875%, 8/31/2022		2,005,631
	7,000,000	1.875%, 10/31/2022		7,160,510
	6,410,000	2.000%, 11/30/2022		6,604,556
	4,250,000	2.125%, 12/31/2022		4,414,687
	3,180,000	1.750%, 1/31/2023		3,223,973
	5,680,000	2.000%, 2/15/2025		5,801,365
	9,750,000	2.250%, 11/15/2025		10,147,234
	9,460,000	2.500%, 2/15/2045		9,224,238
		Total		110,351,905
	U.S. Municipals (0.2%)
		Denver, CO City & County Airport Rev.
	2,550,000	5.250%, 11/15/2022, Ser. A, AMT		3,008,668
		Total		3,008,668
	Utilities (5.2%)
		American Electric Power Company, Inc.
	2,565,000	2.950%, 12/15/2022		2,597,475
		Arizona Public Service Company
	2,880,000	8.750%, 3/1/2019		3,415,153
		Calpine Corporation
	1,920,000	5.375%, 1/15/2023i		1,861,210
		Cleveland Electric Illuminating Company
	923,000	5.700%, 4/1/2017		950,726
		Commonwealth Edison Company
	1,500,000	6.150%, 9/15/2017		1,603,303
		DCP Midstream Operating, LP
	2,560,000	3.875%, 3/15/2023		2,102,369
	2,550,000	5.600%, 4/1/2044		1,876,685
		DCP Midstream, LLC
	1,750,000	5.850%, 5/21/2043e		901,250
		DPL, Inc.
	248,000	6.500%, 10/15/2016		252,960

Principal Amount		Long-Term Fixed Income (91.9%)	Value
	Utilities (5.2%) - continued
		Dynegy Finance I, Inc.
	$1,250,000	7.375%, 11/1/2022		$1,156,250
		Electricite de France SA
	3,200,000	5.250%, 12/29/2049e,j		2,928,000
		Energy Transfer Equity, LP
	1,870,000	5.500%, 6/1/2027		1,500,675
		Enterprise Products Operating, LLC
	1,930,000	6.650%, 4/15/2018		2,088,200
		Exelon Corporation
	3,120,000	3.950%, 6/15/2025e		3,233,584
		Exelon Generation Company, LLC
	1,050,000	5.200%, 10/1/2019		1,143,484
	2,500,000	4.000%, 10/1/2020i		2,613,040
		FirstEnergy Transmission, LLC
	3,830,000	4.350%, 1/15/2025e		3,992,591
		Great River Energy
	13,090	5.829%, 7/1/2017*		13,342
		ITC Holdings Corporation
	5,080,000	4.050%, 7/1/2023		5,246,721
		MidAmerican Energy Holdings Company
	4,450,000	3.750%, 11/15/2023		4,748,653
		Nevada Power Company
	2,800,000	6.750%, 7/1/2037		3,747,663
		NiSource Finance Corporation
	3,200,000	5.450%, 9/15/2020		3,573,312
		Ohio Power Company
	2,400,000	6.050%, 5/1/2018		2,596,495
		Oncor Electric Delivery Company, LLC
	2,490,000	3.750%, 4/1/2045		2,337,624
		Pacific Gas and Electric Company
	1,270,000	2.950%, 3/1/2026		1,282,912
		Pennsylvania Electric Company
	3,700,000	5.200%, 4/1/2020		3,892,789
		PPL Capital Funding, Inc.
	3,205,000	3.500%, 12/1/2022		3,325,947
	3,190,000	3.950%, 3/15/2024		3,378,073
		Xcel Energy, Inc.
	2,490,000	3.300%, 6/1/2025		2,553,490
		Total		70,913,976
		Total Long-Term Fixed Income (cost $1,240,997,464)		1,261,652,990
Shares		Preferred Stock (1.7%)	Value
	Consumer Staples (0.1%)
	76,576	CHS, Inc., 7.100%j		2,120,389
		Total		2,120,389
	Financials (1.6%)
	102,122	Citigroup, Inc., 6.988%h		2,684,788
	22,500	Cobank ACB, 6.250%e,j		2,300,625
	31,925	Countrywide Capital V, 7.000%		822,069
	90,500	Discover Financial Services, 6.500%j		2,411,825
	78,590	GMAC Capital Trust I, 6.402%h		1,926,241
	95,940	Goldman Sachs Group, Inc., 5.500%j		2,398,500
	102,122	HSBC USA, Inc., 6.500%j		2,577,559
	88,200	Morgan Stanley, 7.125%j		2,509,290
	62,918	RBS Capital Funding Trust V, 5.900%j		1,518,211
	101,500	Wells Fargo & Company, 5.850%j		2,675,540
		Total		21,824,648
		Total Preferred Stock (cost $23,409,614)		23,945,037

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

232

INCOME PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares		Common Stock (<0.1%)	Value
	Energy (<0.1%)
	1,346	Vantage Drilling Internationalk		$148,060
		Total		148,060
		Total Common Stock (cost $121,140)		148,060
Shares		Collateral Held for Securities Loaned (3.3%)	Value
	45,319,316	Thrivent Cash Management Trust		45,319,316
		Total Collateral Held for Securities Loaned (cost $45,319,316)		45,319,316
Shares or Principal Amount		Short-Term Investments (6.9%)l	Value
		Federal National Mortgage Association Discount Notes
	400,000	0.320%, 4/13/2016m		399,958
	700,000	0.300%, 4/14/2016		699,924
	1,000,000	0.350%, 6/1/2016m		999,407
		Thrivent Cash Management Trust
	92,170,610	0.290%		92,170,610
		Total Short-Term Investments (at amortized cost)		94,269,899
		Total Investments (cost $1,455,933,394) 107.5%		$1,475,452,835
		Other Assets and Liabilities, Net (7.5%)		(102,868,302)
		Total Net Assets 100.0%		$1,372,584,533

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 In bankruptcy. Interest is not being accrued.

e 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 March 31, 2016, the value of these investments was $225,937,289 or 16.5% of total net assets.

f 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 March 31, 2016.

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

h 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 March 31, 2016.

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

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

k Non-income producing security.

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

m All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

* 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 value of all restricted securities held in Income Portfolio as of March 31, 2016 was $7,004,066 or 0.5% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of March 31, 2016.

Security	Acquisition Date		Cost
American Tower Trust I, 3/15/2018		3/6/2013	$	3,200,325
CAM Mortgage, LLC, 7/15/2064		6/24/2015		1,843,196
Glitnir Banki HF, 1/21/2017		5/1/2008		50,000
Great River Energy, 7/1/2017		4/13/2009		13,091
Preferred Term Securities XXIII, Ltd., 12/22/2036		9/14/2006		2,579,396

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Income Portfolio as of March 31, 2016:

Securities Lending Transactions

Taxable Debt Security	$	43,882,136
Total lending	$	43,882,136
Gross amount payable upon return of collateral for securities loaned	$	45,319,316
Net amounts due to counterparty	$	1,437,180

    Definitions:

AMT	-	Subject to Alternative Minimum Tax
Rev.	-	Revenue
Ser.	-	Series

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

233

INCOME PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$	46,200,478
Gross unrealized depreciation		(26,681,037)
Net unrealized appreciation (depreciation)	$	19,519,441
Cost for federal income tax purposes	$	1,455,933,394

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing Income Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		2,303,466		–		2,303,466		–
Capital Goods		2,907,461		–		2,907,461		–
Communications Services		17,908,667		–		17,908,667		–
Consumer Cyclical		6,944,605		–		5,784,514		1,160,091
Consumer Non-Cyclical		6,900,396		–		6,166,534		733,862
Energy		1,070,134		–		1,070,134		–
Financials		1,532,520		–		1,532,520		–
Technology		5,072,493		–		4,766,769		305,724
Transportation		2,997,925		–		2,997,925		–
Utilities		2,479,866		–		2,479,866		–
Long-Term Fixed Income
Asset-Backed Securities		18,686,450		–		18,686,450		–
Basic Materials		37,480,216		–		37,480,216		–
Capital Goods		24,694,239		–		24,694,239		–
Collateralized Mortgage Obligations		11,407,015		–		11,407,015		–
Commercial Mortgage-Backed Securities		7,700,428		–		7,700,428		–
Communications Services		129,293,908		–		129,293,908		–
Consumer Cyclical		75,720,308		–		75,720,308		–
Consumer Non-Cyclical		143,002,403		–		143,002,403		–
Energy		105,212,459		–		105,212,459		–
Financials		387,187,579		–		387,187,579		–
Foreign Government		8,971,300		–		8,971,300		–
Mortgage-Backed Securities		62,828,481		–		62,828,481		–
Technology		27,630,313		–		27,630,313		–
Transportation		37,563,342		–		37,563,342		–
U.S. Government and Agencies		110,351,905		–		110,351,905		–
U.S. Municipals		3,008,668		–		3,008,668		–
Utilities		70,913,976		–		70,913,976		–
Preferred Stock
Consumer Staples		2,120,389		2,120,389		–		–
Financials		21,824,648		19,524,023		2,300,625		–
Common Stock
Energy		148,060		148,060		–		–
Short-Term Investments		2,099,289		–		2,099,289		–
Subtotal Investments in Securities	$	1,337,962,909	$	21,792,472	$	1,313,970,760	$	2,199,677
Other Investments*	Total
Short-Term Investments		92,170,610
Collateral Held for Securities Loaned		45,319,316
Subtotal Other Investments	$	137,489,926
Total Investments at Value	$	1,475,452,835

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

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

234

INCOME PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		159,185		159,185		–		–
Total Asset Derivatives	$	159,185	$	159,185	$	–	$	–
Liability Derivatives
Futures Contracts		465,871		465,871		–		–
Total Liability Derivatives	$	465,871	$	465,871	$	–	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

The following table presents Income Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $1,399,364 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date	Notional Principal Amount		Value		Unrealized Gain/(Loss)
CBOT 10-Yr. U.S. Treasury Note		(902)	June 2016	($	117,771,533)	($	117,612,348)	$	159,185
CBOT 5-Yr. U.S. Treasury Note		(437)	June 2016		(52,899,545)		(52,948,695)		(49,150)
CBOT U.S. Long Bond		506	June 2016		83,622,096		83,205,375		(416,721)
Total Futures Contracts								($	306,686)

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

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

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust- Collateral Investment	$	28,613,386	$	57,567,980	$	40,862,050		45,319,316	$	45,319,316	$	40,795
Cash Management Trust- Short Term Investment		94,638,205		75,106,710		77,574,305		92,170,610		92,170,610		59,577
Total Value and Income Earned	$	123,251,591							$	137,489,926	$	100,372

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

235

BOND INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (100.4%)	Value
	Asset-Backed Securities (1.4%)
		Conseco Financial Corporation
	$4,590	6.330%, 11/1/2029		$4,666
		Credit Based Asset Servicing and Securitization, LLC
	333,659	3.535%, 12/25/2036a		226,750
		First Horizon ABS Trust
	273,064	0.593%, 10/25/2034b,c		244,871
		GMAC Mortgage Corporation Loan Trust
	441,764	0.616%, 8/25/2035b,c		413,321
	773,214	0.616%, 12/25/2036b,c		672,422
		IndyMac Seconds Asset-Backed Trust
	327,709	0.773%, 10/25/2036b,c		194,216
		Wachovia Asset Securitization, Inc.
	667,230	0.573%, 7/25/2037*,b,c		557,552
		Total		2,313,798
	Basic Materials (0.6%)
		Albemarle Corporation
	150,000	3.000%, 12/1/2019		150,898
		Dow Chemical Company
	27,000	7.375%, 11/1/2029		34,614
		Georgia-Pacific, LLC
	360,000	2.539%, 11/15/2019d		361,480
	250,000	3.734%, 7/15/2023d		260,234
		Glencore Funding, LLC
	175,000	1.680%, 4/16/2018c,d		157,500
		Total		964,726
	Capital Goods (0.6%)
		Lockheed Martin Corporation
	290,000	2.500%, 11/23/2020		297,036
		Newell Rubbermaid, Inc.
	100,000	3.150%, 4/1/2021		102,722
		Roper Industries, Inc.
	300,000	1.850%, 11/15/2017		300,266
		Textron, Inc.
	250,000	3.875%, 3/1/2025		251,980
		Total		952,004
	Commercial Mortgage-Backed Securities (1.4%)
		Commercial Mortgage Pass-Through Certificates
	383,257	5.306%, 12/10/2046		388,013
		Morgan Stanley Capital I
	307,988	3.224%, 7/15/2049		308,790
		UBS Commercial Mortgage Trust
	750,000	3.400%, 5/10/2045		790,984
		WFRBS Commercial Mortgage Trust
	826,000	2.870%, 11/15/2045		849,956
		Total		2,337,743
	Communications Services (1.4%)
		America Movil SAB de CV
	300,000	1.632%, 9/12/2016c		299,881
		American Tower Corporation
	100,000	2.800%, 6/1/2020		100,509
		AT&T, Inc.
	250,000	1.750%, 1/15/2018		250,794
	150,000	2.800%, 2/17/2021		153,793
		British Sky Broadcasting Group plc
	200,000	3.125%, 11/26/2022d		202,561
		CCO Safari II, LLC
	211,000	3.579%, 7/23/2020d		215,608
	211,000	4.464%, 7/23/2022d		220,552

Principal Amount		Long-Term Fixed Income (100.4%)	Value
	Communications Services (1.4%) - continued
		Crown Castle Towers, LLC
	$500,000	4.174%, 8/15/2017d		$513,048
		NBC Universal Enterprise, Inc.
	250,000	1.662%, 4/15/2018d		252,244
		Verizon Communications, Inc.
	250,000	3.000%, 11/1/2021		259,755
		Total		2,468,745
	Consumer Cyclical (2.4%)
		Board of Trustees of The Leland Stanford Junior University
	550,000	3.563%, 6/1/2044		551,687
		California Institute of Technology
	325,000	4.700%, 11/1/2111		334,745
		CVS Health Corporation
	150,000	2.250%, 8/12/2019		153,756
		Daimler Finance North America, LLC
	250,000	1.329%, 8/3/2017c,d		249,937
	27,000	8.500%, 1/18/2031		41,386
		Dartmouth College
	250,000	3.760%, 6/1/2043		254,472
		Home Depot, Inc.
	300,000	4.400%, 4/1/2021		335,901
		Macy’s Retail Holdings, Inc.
	200,000	4.375%, 9/1/2023		205,432
		Massachusetts Institute of Technology
	500,000	4.678%, 7/1/2114		542,008
		President and Fellows of Harvard College
	500,000	3.619%, 10/1/2037		509,478
		Starbucks Corporation
	200,000	3.850%, 10/1/2023		218,343
		Wal-Mart Stores, Inc.
	327,000	7.550%, 2/15/2030		487,783
		Yale University
	200,000	2.086%, 4/15/2019		204,918
		Total		4,089,846
	Consumer Non-Cyclical (4.4%)
		Actavis Funding SCS
	350,000	1.887%, 3/12/2020c		348,742
		Altria Group, Inc.
	240,000	4.000%, 1/31/2024		264,171
		Amgen, Inc.
	250,000	2.125%, 5/1/2020		253,064
		Anheuser-Busch Inbev Finance, Inc.
	250,000	3.650%, 2/1/2026		262,903
	250,000	4.700%, 2/1/2036		270,176
		BAT International Finance plc
	350,000	1.144%, 6/15/2018c,d		347,594
		Bayer U.S. Finance, LLC
	250,000	2.375%, 10/8/2019d		257,681
		Boston Scientific Corporation
	300,000	6.000%, 1/15/2020		338,636
		Bunge Limited Finance Corporation
	225,000	3.500%, 11/24/2020		228,325
		Cardinal Health, Inc.
	195,000	1.950%, 6/15/2018		195,911
		Cargill, Inc.
	325,000	4.100%, 11/1/2042d		311,910
		Celgene Corporation
	195,000	3.550%, 8/15/2022		204,453
		Church & Dwight Company, Inc.
	210,000	2.450%, 12/15/2019		212,494

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

236

BOND INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (100.4%)	Value
	Consumer Non-Cyclical (4.4%) - continued
		Dr Pepper Snapple Group, Inc.
	$250,000	2.700%, 11/15/2022		$251,629
		EMD Finance, LLC
	300,000	0.992%, 3/17/2017c,d		298,944
		Express Scripts Holding Company
	200,000	3.900%, 2/15/2022		208,526
		Fomento Economico Mexicano SAB de CV
	200,000	2.875%, 5/10/2023		193,607
		Gilead Sciences, Inc.
	200,000	2.550%, 9/1/2020		205,963
	200,000	3.250%, 9/1/2022		211,335
		Imperial Tobacco Finance plc
	250,000	3.750%, 7/21/2022d		261,001
		Laboratory Corporation of America Holdings
	255,000	2.625%, 2/1/2020		256,071
		McKesson Corporation
	275,000	2.700%, 12/15/2022		272,881
		Mead Johnson Nutrition Company
	200,000	3.000%, 11/15/2020		205,523
		Mylan NV
	300,000	3.750%, 12/15/2020d		306,949
		Reynolds American, Inc.
	81,000	3.250%, 6/12/2020		84,706
		Sanofi
	250,000	1.250%, 4/10/2018		251,312
		Unilever Capital Corporation
	300,000	2.200%, 3/6/2019		309,019
	350,000	2.100%, 7/30/2020		357,906
		Zoetis, Inc.
	225,000	3.450%, 11/13/2020		231,151
		Total		7,402,583
	Energy (1.7%)
		Anadarko Petroleum Corporation
	100,000	4.850%, 3/15/2021		101,061
		Cameron International Corporation
	150,000	1.400%, 6/15/2017		148,196
		El Paso Pipeline Partners Operating Company, LLC
	325,000	4.700%, 11/1/2042		255,310
		Exxon Mobil Corporation
	250,000	1.708%, 3/1/2019		253,298
	250,000	1.006%, 3/6/2022c		242,862
		Marathon Petroleum Corporation
	250,000	3.400%, 12/15/2020		245,895
		Occidental Petroleum Corporation
	200,000	2.600%, 4/15/2022e		201,680
		Petro-Canada
	150,000	6.800%, 5/15/2038		164,387
		Petroleos Mexicanos
	150,000	5.500%, 2/4/2019d		157,125
	285,000	2.378%, 4/15/2025		291,452
		Pioneer Natural Resources Company
	216,000	3.450%, 1/15/2021		214,861
		Schlumberger Holdings Corporation
	250,000	3.000%, 12/21/2020d		253,459
		Sunoco Logistics Partners Operations, LP
	300,000	4.400%, 4/1/2021		294,602

Principal Amount		Long-Term Fixed Income (100.4%)	Value
	Energy (1.7%) - continued
		Transcontinental Gas Pipe Line Company, LLC
	$125,000	7.850%, 2/1/2026d		$142,965
		Total		2,967,153
	Financials (9.1%)
		ABN AMRO Bank NV
	300,000	2.450%, 6/4/2020d		301,898
		ACE INA Holdings, Inc.
	350,000	2.875%, 11/3/2022		361,168
		Aflac, Inc.
	250,000	2.400%, 3/16/2020		254,152
		American International Group, Inc.
	200,000	3.300%, 3/1/2021		204,236
		American Tower Trust I
	225,000	1.551%, 3/15/2018*		224,834
		AXA SA
	27,000	8.600%, 12/15/2030		35,505
		Bank Nederlandse Gemeenten NV
	500,000	1.750%, 3/24/2020d,f		505,455
		Bank of America Corporation
	250,000	1.700%, 8/25/2017		250,336
		Bank of England
	1,000,000	0.875%, 3/17/2017d,f		1,000,840
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	205,000	2.850%, 9/8/2021d		207,952
		Boston Properties, LP
	300,000	3.125%, 9/1/2023		301,663
		Chubb Corporation
	350,000	6.500%, 5/15/2038		483,442
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	50,000	4.625%, 12/1/2023		52,780
		Discover Bank
	288,000	8.700%, 11/18/2019		335,460
		Duke Realty, LP
	250,000	3.875%, 10/15/2022		254,912
		European Investment Bank
	500,000	1.250%, 5/15/2018		502,536
		Fifth Third Bancorp
	200,000	2.875%, 10/1/2021		203,715
		HCP, Inc.
	250,000	4.000%, 12/1/2022		251,251
		Hospitality Properties Trust
	150,000	4.250%, 2/15/2021		152,198
		HSBC Holdings plc
	300,000	6.800%, 6/1/2038		362,936
		Huntington Bancshares, Inc.
	200,000	3.150%, 3/14/2021		203,208
		ING Bank NV
	400,000	2.625%, 12/5/2022d		407,220
		J.P. Morgan Chase & Company
	250,000	1.519%, 1/25/2018c		250,773
	250,000	2.250%, 1/23/2020		251,978
		Liberty Mutual Group, Inc.
	150,000	4.950%, 5/1/2022d		163,317
	200,000	4.250%, 6/15/2023d		206,129
		Lloyds Bank plc
	365,000	1.160%, 3/16/2018c		362,320
		Marsh & McLennan Companies, Inc.
	400,000	2.550%, 10/15/2018		407,384
		MassMutual Global Funding II
	350,000	2.000%, 4/5/2017d		353,466
		MetLife, Inc.
	200,000	4.368%, 9/15/2023		218,679

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

237

BOND INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (100.4%)	Value
	Financials (9.1%) - continued
		Morgan Stanley
	$250,000	5.000%, 11/24/2025		$270,554
		National Australia Bank, Ltd.
	325,000	2.000%, 6/20/2017d		327,629
		New York Life Global Funding
	350,000	1.550%, 11/2/2018d		350,795
		Nordea Bank AB
	325,000	3.125%, 3/20/2017d		331,136
		North American Development Bank
	400,000	2.300%, 10/10/2018		409,970
		PNC Financial Services Group, Inc.
	325,000	2.854%, 11/9/2022		328,313
		Preferred Term Securities XXIII, Ltd.
	552,727	0.834%, 12/22/2036*,c		417,265
		Prudential Financial, Inc.
	200,000	2.350%, 8/15/2019		202,517
		Realty Income Corporation
	300,000	2.000%, 1/31/2018		301,145
		Regions Financial Corporation
	200,000	3.200%, 2/8/2021		201,663
		Reliance Standard Life Global Funding II
	240,000	2.500%, 4/24/2019d		241,943
		Santander UK plc
	175,000	3.125%, 1/8/2021		176,024
		Simon Property Group, LP
	250,000	2.500%, 9/1/2020		254,574
	250,000	2.500%, 7/15/2021		255,458
		Standard Chartered plc
	200,000	3.950%, 1/11/2023d,f		192,034
		Sumitomo Mitsui Financial Group, Inc.
	250,000	4.436%, 4/2/2024d		261,185
		Svensk Exportkredit AB
	500,000	1.750%, 8/28/2020		502,855
		Svenska Handelsbanken AB
	125,000	1.625%, 3/21/2018		125,456
		Swedbank AB
	300,000	1.750%, 3/12/2018d		299,514
		Synchrony Financial
	215,000	3.750%, 8/15/2021		220,703
		Toronto-Dominion Bank
	250,000	1.562%, 12/14/2020c		250,725
		UBS AG
	250,000	1.330%, 3/26/2018c		249,604
		UnitedHealth Group, Inc.
	165,000	3.350%, 7/15/2022		175,528
		Washington Mutual Bank
	500,000	5.500%, 1/15/2013g,h		0
		Wells Fargo & Company
	150,000	3.450%, 2/13/2023		153,828
		Total		15,572,161
	Foreign Government (3.2%)
		Chile Government International Bond
	350,000	3.875%, 8/5/2020		379,225
		Export Development Canada
	150,000	0.750%, 12/15/2017		149,712
		Export-Import Bank of Korea
	200,000	2.250%, 1/21/2020		201,665
		Hashemite Kingdom of Jordan
	500,000	2.503%, 10/30/2020		526,321
		Inter-American Development Bank
	500,000	3.000%, 10/4/2023		539,438
	400,000	4.375%, 1/24/2044		499,788

Principal Amount		Long-Term Fixed Income (100.4%)	Value
	Foreign Government (3.2%) - continued
		Kommunalbanken AS
	$495,000	1.500%, 10/22/2019d		$497,480
		Kommuninvest I Sverige AB
	300,000	1.000%, 10/24/2017d		300,052
		Mexico Government International Bond
	250,000	3.600%, 1/30/2025		255,000
		Poland Government International Bond
	250,000	4.000%, 1/22/2024		266,925
		Province of Manitoba
	600,000	1.300%, 4/3/2017		602,766
		Province of New Brunswick
	125,000	2.750%, 6/15/2018		129,035
		Province of Quebec
	400,000	7.500%, 7/15/2023		534,318
		Sweden Government International Bond
	500,000	1.625%, 3/24/2020d		506,160
		Total		5,387,885
	Mortgage-Backed Securities (27.2%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	154	6.000%, 6/1/2016		154
	250	6.000%, 9/1/2016		251
	14,212	7.000%, 6/1/2017		14,490
	13,596	5.500%, 12/1/2017		13,882
	2,087,500	3.000%, 4/1/2031e		2,182,253
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	5,646	8.500%, 11/1/2025		5,905
	326	8.000%, 1/1/2026		365
	2,987,500	4.000%, 4/1/2046e		3,188,456
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	4,650,000	3.500%, 4/1/2030e		4,910,446
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	1,212	10.500%, 8/1/2020		1,314
	970	8.000%, 12/1/2024		1,085
	147	8.500%, 12/1/2025		147
	1,169	8.000%, 9/1/2026		1,207
	1,845	8.000%, 4/1/2030		2,330
	14,245,000	3.500%, 4/1/2046e		14,935,549
	11,062,500	4.000%, 4/1/2046e		11,819,590
	8,400,000	4.500%, 4/1/2046e		9,140,250
		Government National Mortgage Association 30-Yr. Pass Through
	2,890	7.500%, 3/15/2023		2,900
	1,753	9.000%, 9/15/2024		1,999
	1,968	8.000%, 6/15/2025		2,028
	585	8.000%, 9/15/2026		607
	6,491	7.500%, 10/15/2027		6,657
	7,683	7.500%, 11/15/2028		7,748
	3,545	8.000%, 10/15/2030		4,078
	2,876	7.500%, 1/15/2031		3,299
		Total		46,246,990

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

238

BOND INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (100.4%)	Value
	Technology (1.1%)
		Amphenol Corporation
	$200,000	2.550%, 1/30/2019		$201,595
		Apple, Inc.
	400,000	2.400%, 5/3/2023		402,433
		Automatic Data Processing, Inc.
	150,000	2.250%, 9/15/2020		154,379
		Cisco Systems, Inc.
	350,000	1.135%, 3/1/2019c		349,889
		Intel Corporation
	140,000	3.100%, 7/29/2022		148,012
		Motorola Solutions, Inc.
	250,000	3.500%, 3/1/2023		229,647
		Oracle Corporation
	250,000	2.500%, 5/15/2022		255,037
		Texas Instruments, Inc.
	200,000	1.750%, 5/1/2020		201,127
		Total		1,942,119
	Transportation (0.9%)
		American Airlines Pass Through Trust
	166,994	5.600%, 7/15/2020d		168,664
		Continental Airlines, Inc.
	306,934	4.150%, 4/11/2024		316,909
		Delta Air Lines, Inc.
	174,702	4.950%, 5/23/2019		183,874
		J.B. Hunt Transport Services, Inc.
	220,000	3.300%, 8/15/2022		224,255
		TTX Company
	250,000	2.250%, 2/1/2019d		253,079
	300,000	4.125%, 10/1/2023*		320,823
		Total		1,467,604
	U.S. Government and Agencies (41.7%)
		Federal Farm Credit Bank
	400,000	2.210%, 8/1/2024		409,486
		Federal Home Loan Mortgage Corporation
	1,000,000	1.250%, 8/1/2019		1,008,115
	325,000	1.250%, 10/2/2019		326,399
	350,000	6.750%, 3/15/2031		528,397
		Federal National Mortgage Association
	1,500,000	1.375%, 2/26/2021		1,499,879
	1,300,000	2.625%, 9/6/2024		1,370,226
	500,000	5.960%, 9/11/2028		679,153
	100,000	6.250%, 5/15/2029		142,622
		Resolution Funding Corporation
	200,000	8.125%, 10/15/2019		247,843
		Tennessee Valley Authority
	350,000	5.250%, 9/15/2039		446,700
		U.S. Treasury Bonds
	1,330,000	1.625%, 2/15/2026		1,310,674
	2,500,000	5.250%, 11/15/2028		3,419,335
	500,000	5.375%, 2/15/2031		716,934
	4,425,000	3.000%, 5/15/2042		4,804,581
	6,800,000	3.625%, 2/15/2044		8,249,515
		U.S. Treasury Notes
	17,125,000	0.875%, 11/15/2017		17,167,813
	3,500,000	1.250%, 12/15/2018		3,539,648
	150,000	1.500%, 10/31/2019		152,584
	8,130,000	1.875%, 6/30/2020		8,378,664
	1,000,000	2.000%, 7/31/2020		1,035,508
	1,000,000	2.250%, 7/31/2021		1,048,750
	1,000,000	2.125%, 9/30/2021		1,040,977
	1,750,000	2.125%, 6/30/2022		1,818,017

Principal Amount		Long-Term Fixed Income (100.4%)	Value
	U.S. Government and Agencies (41.7%) - continued
	$2,825,000	1.625%, 8/15/2022		$2,846,738
	8,400,000	2.250%, 11/15/2024		8,757,655
		Total		70,946,213
	Utilities (3.3%)
		Ameren Corporation
	225,000	2.700%, 11/15/2020		228,158
		American Electric Power Company, Inc.
	300,000	1.650%, 12/15/2017		298,195
		Berkshire Hathaway Energy Company
	200,000	2.400%, 2/1/2020		203,784
		CenterPoint Energy Houston Electric, LLC
	400,000	5.600%, 7/1/2023		457,789
		Commonwealth Edison Company
	275,000	5.900%, 3/15/2036		344,166
		DTE Energy Company
	100,000	2.400%, 12/1/2019		100,771
		Eversource Energy
	230,000	1.600%, 1/15/2018		228,859
		Exelon Generation Company, LLC
	200,000	2.950%, 1/15/2020		201,288
		Kansas City Power & Light Company
	250,000	3.150%, 3/15/2023		251,415
		National Rural Utilities Cooperative Finance Corporation
	28,000	4.023%, 11/1/2032		29,027
		NextEra Energy Capital Holdings, Inc.
	200,000	2.300%, 4/1/2019		201,158
		NiSource Finance Corporation
	350,000	3.850%, 2/15/2023		367,034
		NSTAR Electric Company
	325,000	2.375%, 10/15/2022		325,264
		PPL Capital Funding, Inc.
	325,000	3.500%, 12/1/2022		337,265
		Public Service Company of Colorado
	350,000	3.600%, 9/15/2042		344,494
		Public Service Electric And Gas Company
	360,000	1.800%, 6/1/2019		363,304
		Sempra Energy
	325,000	2.300%, 4/1/2017		327,074
	265,000	2.400%, 3/15/2020		265,946
		Southern California Edison Company
	155,000	2.400%, 2/1/2022		156,491
		Southern California Gas Company
	325,000	3.750%, 9/15/2042		324,911
		Xcel Energy, Inc.
	250,000	1.200%, 6/1/2017		249,458
		Total		5,605,851
		Total Long-Term Fixed Income (cost $167,105,883)		170,665,421
Shares		Collateral Held for Securities Loaned (0.7%)	Value
	1,224,250	Thrivent Cash Management Trust		1,224,250
		Total Collateral Held for Securities Loaned (cost $1,224,250)		1,224,250

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

239

BOND INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Shares or Principal Amount		Short-Term Investments (26.8%)i	Value
		Thrivent Cash Management Trust
	45,478,538	0.290%		$45,478,538
		Total Short-Term Investments (at amortized cost)		45,478,538
		Total Investments (cost $213,808,671) 127.9%		$217,368,209
		Other Assets and Liabilities, Net (27.9%)		(47,355,183)
		Total Net Assets 100.0%		$170,013,026

a 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 March 31, 2016.

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

c Denotes variable rate securities. Variable rate securities are securities whose yields vary with a designated market index or market rate. The rate shown is as of March 31, 2016.

d Denotes securities sold under Rule 144A of the Securities Act of 1933, which exempts them from registration. These securities have been deemed liquid and may be resold to other dealers in the program or to other qualified institutional buyers. As of March 31, 2016, the value of these investments was $11,646,740 or 6.9% of total net assets.

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

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

g Defaulted security. Interest is not being accrued.

h Security is valued at fair value. Market quotations or prices were not readily available or were determined to be unreliable. Fair value was determined in good faith pursuant to procedures adopted by the Board. Further information on fair valuation can be found in the Notes to Financial Statements.

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

* 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 value of all restricted securities held in Bond Index Portfolio as of March 31, 2016 was $1,520,474 or 0.9% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of March 31, 2016.

Security	Acquisition Date		Cost
American Tower Trust I, 3/15/2018		3/6/2013	$	225,000
Preferred Term Securities XXIII, Ltd., 12/22/2036		9/14/2006		552,728
TTX Company, 10/1/2023		9/19/2013		299,997
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		667,230

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Bond Index Portfolio as of March 31, 2016:

Securities Lending Transactions

Taxable Debt Security	$	1,197,909
Total lending	$	1,197,909
Gross amount payable upon return of collateral for securities loaned	$	1,224,250
Net amounts due to counterparty	$	26,341

Unrealized Appreciation (Depreciation)

Gross unrealized appreciation and depreciation of investments, based on cost for federal income tax purposes, were as follows:
Gross unrealized appreciation	$	4,876,838
Gross unrealized depreciation		(1,317,300)
Net unrealized appreciation (depreciation)	$	3,559,538
Cost for federal income tax purposes	$	213,808,671

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

240

BOND INDEX PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, 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		2,313,798		–		2,313,798		–
Basic Materials		964,726		–		964,726		–
Capital Goods		952,004		–		952,004		–
Commercial Mortgage-Backed Securities		2,337,743		–		2,337,743		–
Communications Services		2,468,745		–		2,468,745		–
Consumer Cyclical		4,089,846		–		4,089,846		–
Consumer Non-Cyclical		7,402,583		–		7,402,583		–
Energy		2,967,153		–		2,967,153		–
Financials^		15,572,161		–		15,572,161		0
Foreign Government		5,387,885		–		5,387,885		–
Mortgage-Backed Securities		46,246,990		–		46,246,990		–
Technology		1,942,119		–		1,942,119		–
Transportation		1,467,604		–		1,467,604		–
U.S. Government and Agencies		70,946,213		–		70,946,213		–
Utilities		5,605,851		–		5,605,851		–
Subtotal Investments in Securities	$	170,665,421	$	–	$	170,665,421	$	0
Other Investments*	Total
Short-Term Investments		45,478,538
Collateral Held for Securities Loaned		1,224,250
Subtotal Other Investments	$	46,702,788
Total Investments at Value	$	217,368,209

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

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

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

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

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	815,750	$	1,277,390	$	868,890		1,224,250	$	1,224,250	$	1,038
Cash Management Trust-Short Term Investment		45,346,506		12,458,475		12,326,443		45,478,538		45,478,538		30,660
Total Value and Income Earned	$	46,162,256							$	46,702,788	$	31,698

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

241

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Bank Loans (3.1%)a	Value
	Basic Materials (<0.1%)
		Fortescue Metals Group, Ltd., Term Loan
	$516,965	4.250%, 6/30/2019b,c		$435,398
		Total		435,398
	Capital Goods (0.3%)
		Accudyne Industries, LLC, Term Loan
	620,291	4.000%, 12/13/2019		539,653
		ADS Waste Holdings, Inc., Term Loan
	1,162,416	3.750%, 10/9/2019		1,151,757
		Berry Plastics Group, Inc., Term Loan
	936,050	3.500%, 2/8/2020		931,370
		Total		2,622,780
	Communications Services (0.7%)
		Grande Communications Networks, LLC, Term Loan
	938,488	4.500%, 5/29/2020		921,670
		Integra Telecom Holdings, Inc., Term Loan
	1,179,401	5.250%, 8/14/2020		1,109,227
		LTS Buyer, LLC, Term Loan
	671,025	4.000%, 4/13/2020		662,637
		NEP/NCP Holdco, Inc., Term Loan
	936,285	4.250%, 1/22/2020		863,723
		NTelos, Inc., Term Loan
	670,882	5.750%, 11/9/2019		665,850
		TNS, Inc., Term Loan
	674,256	5.000%, 2/14/2020		663,090
		Univision Communications, Inc., Term Loan
	1,178,685	4.000%, 3/1/2020		1,165,790
		Total		6,051,987
	Consumer Cyclical (0.9%)
		Burlington Coat Factory Warehouse Corporation, Term Loan
	613,955	4.250%, 8/13/2021		613,845
		Ceridian HCM Holding, Inc., Term Loan
	657,618	4.500%, 9/15/2020		632,958
		Chrysler Group, LLC, Term Loan
	549,507	3.500%, 5/24/2017		549,128
		J.C. Penney Corporation, Inc., Term Loan
	1,203,361	6.000%, 5/22/2018		1,204,564
		MGM Resorts International, Term Loan
	1,012,715	3.500%, 12/20/2019		1,009,818
		Mohegan Tribal Gaming Authority, Term Loan
	1,330,838	5.500%, 6/15/2018		1,285,097
		ROC Finance, LLC, Term Loan
	940,875	5.000%, 6/20/2019		903,240
		Scientific Games International, Inc., Term Loan
	1,212,100	6.000%, 10/18/2020		1,171,955
		Seminole Hard Rock Entertainment, Inc., Term Loan
	471,663	3.500%, 5/14/2020		465,767
		Total		7,836,372
	Consumer Non-Cyclical (0.4%)
		Albertson’s, LLC, Term Loan
	606,247	5.500%, 3/21/2019		605,908

Principal Amount		Bank Loans (3.1%)a	Value
	Consumer Non-Cyclical (0.4%) - continued
		JBS USA, LLC, Term Loan
	$606,525	3.750%, 5/25/2018		$603,874
		Supervalu, Inc., Term Loan
	1,871,545	4.500%, 3/21/2019		1,827,564
		Total		3,037,346
	Energy (0.1%)
		Arch Coal, Inc., Term Loan
	672,612	7.500%, 5/16/2018d		237,378
		Pacific Drilling SA, Term Loan
	1,181,587	4.500%, 6/3/2018		367,556
		Total		604,934
	Financials (0.2%)
		Harland Clarke Holdings Corporation, Term Loan
	577,976	7.000%, 5/22/2018		567,139
		WaveDivision Holdings, LLC, Term Loan
	933,637	4.000%, 10/15/2019		924,301
		Total		1,491,440
	Technology (0.1%)
		First Data Corporation, Term Loan
	1,001,031	3.932%, 3/23/2018		998,279
	237,530	0.000%, 3/24/2021b,c		236,936
		Total		1,235,215
	Transportation (0.2%)
		American Airlines, Inc., Term Loan
	1,350,938	3.250%, 6/27/2020		1,343,224
		Total		1,343,224
	Utilities (0.2%)
		Calpine Corporation, Term Loan
	234,600	4.000%, 10/31/2020		232,402
		Intergen NV, Term Loan
	1,181,588	5.500%, 6/15/2020		1,054,567
		Total		1,286,969
		Total Bank Loans (cost $27,882,942)		25,945,665
Principal Amount		Long-Term Fixed Income (92.3%)	Value
	Asset-Backed Securities (11.6%)
		American Homes 4 Rent
	3,196,905	1.441%, 6/17/2031e,f		3,134,428
		BA Credit Card Trust
	4,800,000	0.816%, 6/15/2021f		4,796,158
		Bayview Opportunity Master Fund Trust
	2,448,729	3.228%, 7/28/2034*,g		2,445,210
		Betony CLO, Ltd.
	3,425,000	2.132%, 4/15/2027*,f		3,386,878
		Capital One Multi-Asset Execution Trust
	2,750,000	1.260%, 1/15/2020		2,755,904
		Chase Issuance Trust
	3,700,000	1.590%, 2/18/2020		3,728,058
	2,800,000	1.620%, 7/15/2020		2,822,891
		Chesapeake Funding, LLC
	287,137	0.891%, 5/7/2024e,f		287,109
		Citibank Credit Card Issuance Trust
	5,225,000	1.020%, 2/22/2019		5,226,395

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

242

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (92.3%)	Value
	Asset-Backed Securities (11.6%) - continued
		Commonbond Student Loan Trust
	$1,216,145	3.200%, 6/25/2032*		$1,214,249
		Credit Based Asset Servicing and Securitization, LLC
	1,601,563	3.535%, 12/25/2036g		1,088,401
		Edlinc Student Loan Funding Trust
	1,955,463	3.435%, 10/1/2025*,f		1,966,986
		First Franklin Mortgage Loan Asset- Backed Certificates
	215,069	5.500%, 3/25/2036*,h		2
		Ford Credit Auto Owner Trust
	3,575,000	2.260%, 11/15/2025e		3,621,867
		GMAC Mortgage Corporation Loan Trust
	530,116	0.616%, 8/25/2035f,i		495,986
	873,031	5.750%, 10/25/2036i		825,553
	1,804,166	0.616%, 12/25/2036f,i		1,568,983
		Golden Credit Card Trust
	1,000,000	0.866%, 9/15/2018e,f		1,000,000
		GoldenTree Loan Opportunities IX, Ltd.
	3,750,000	2.128%, 10/29/2026*,f		3,712,352
		Mortgage Equity Conversion Asset Trust
	4,381,572	1.130%, 1/25/2042*,f		3,724,336
	4,433,200	1.120%, 2/25/2042*,f		3,768,220
		Motor plc
	764,366	0.913%, 8/25/2021e,f		763,784
		NextGear Floorplan Master Owner Trust
	3,000,000	1.920%, 10/15/2019*		2,970,980
		Northstar Education Finance, Inc.
	2,814,401	1.133%, 12/26/2031e,f		2,723,134
		OneMain Financial Issuance Trust
	2,000,000	4.100%, 3/20/2028e		2,012,660
		OZLM VIII, Ltd.
	3,760,000	2.060%, 10/17/2026*,f		3,727,023
		Race Point IX CLO, Ltd.
	1,500,000	2.132%, 4/15/2027*,f		1,478,937
		Renaissance Home Equity Loan Trust
	3,419,583	5.608%, 5/25/2036g		2,179,345
	1,192,599	5.285%, 1/25/2037g		596,713
		Selene Non-Performing Loans, LLC
	881,213	2.981%, 5/25/2054*,g		873,237
		SLM Student Loan Trust
	1,518,412	1.036%, 8/15/2022e,f		1,513,778
	1,128,360	1.186%, 10/16/2023e,f		1,125,985
	1,537,137	0.833%, 3/25/2025f		1,487,533
	3,785,394	0.953%, 3/25/2026f		3,724,806
	2,700,000	1.486%, 5/17/2027e,f		2,677,998
		SoFi Professional Loan Program, LLC
	2,770,555	2.420%, 3/25/2030e		2,736,966
	2,547,868	2.510%, 8/25/2033e		2,511,175
		U.S. Residential Opportunity Fund III Trust
	2,053,147	3.721%, 1/27/2035*		2,036,096
		Vericrest Opportunity Loan Transferee
	2,469,405	3.500%, 6/26/2045e,g		2,428,351
	1,631,497	4.250%, 2/26/2046e		1,629,571
	853,477	3.375%, 10/26/2054e		844,412
		Volvo Financial Equipment, LLC
	209,289	0.740%, 3/15/2017e		209,256
		Wachovia Asset Securitization, Inc.
	834,037	0.573%, 7/25/2037*,f,i		696,940

Principal Amount		Long-Term Fixed Income (92.3%)	Value
	Asset-Backed Securities (11.6%) - continued
		World Financial Network Credit Card Master Trust
	$4,000,000	0.910%, 3/16/2020		$3,999,952
		Total		96,518,598
	Basic Materials (0.6%)
		Albemarle Corporation
	1,095,000	3.000%, 12/1/2019		1,101,556
		Freeport-McMoRan, Inc.
	1,170,000	3.550%, 3/1/2022		816,075
		Georgia-Pacific, LLC
	2,555,000	2.539%, 11/15/2019e		2,565,501
		Glencore Funding, LLC
	1,000,000	1.680%, 4/16/2018e,f		900,000
		Total		5,383,132
	Capital Goods (0.7%)
		Lockheed Martin Corporation
	1,500,000	2.500%, 11/23/2020		1,536,393
		Newell Rubbermaid, Inc.
	1,250,000	3.150%, 4/1/2021		1,284,022
		Roper Industries, Inc.
	2,250,000	1.850%, 11/15/2017		2,251,996
		Textron, Inc.
	400,000	3.875%, 3/1/2025		403,169
		Total		5,475,580
	Collateralized Mortgage Obligations (11.5%)
		Alm Loan Funding CLO
	3,760,000	2.050%, 10/17/2026*,f		3,723,797
		American Home Mortgage Assets Trust
	2,552,863	1.271%, 11/25/2046f		1,203,855
		Apidos CLO XVIII
	3,775,000	2.033%, 7/22/2026*,f		3,721,039
		Babson CLO, Ltd.
	3,760,000	2.010%, 10/17/2026*,f		3,691,707
		BCAP, LLC Trust
	2,115,098	0.613%, 3/25/2037f		1,752,666
		Bear Stearns Adjustable Rate Mortgage Trust
	861,528	2.660%, 10/25/2035f		826,427
		Birchwood Park CLO, Ltd.
	3,760,000	2.062%, 7/15/2026*,f		3,727,945
		BlueMountain CLO, Ltd.
	3,760,000	2.102%, 10/15/2026*,f		3,742,053
		Carlyle Global Market Strategies CLO, Ltd.
	3,750,000	1.920%, 7/20/2023*,f		3,727,591
	3,750,000	2.122%, 10/15/2026*,f		3,723,550
		Cent CLO 16, LP
	3,760,000	1.866%, 8/1/2024*,f		3,745,074
		Cent CLO 22, Ltd.
	3,750,000	2.100%, 11/7/2026*,f		3,630,795
		Countrywide Alternative Loan Trust
	552,657	5.500%, 11/25/2035		536,324
	590,355	5.500%, 2/25/2036		551,487
	1,097,920	6.000%, 1/25/2037		1,046,692
		Countrywide Home Loans, Inc.
	1,568,925	2.660%, 3/20/2036		1,340,565
	1,406,169	2.603%, 9/20/2036		1,205,237
		Deutsche Alt-A Securities, Inc., Mortgage Loan Trust
	2,793,449	1.121%, 4/25/2047f		2,346,909

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

243

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (92.3%)	Value
	Collateralized Mortgage Obligations (11.5%) - continued
		Dryden 34 Senior Loan Fund CLO
	$3,760,000	2.052%, 10/15/2026*,f		$3,726,559
		HarborView Mortgage Loan Trust
	1,429,386	2.320%, 6/19/2034		1,381,757
		HomeBanc Mortgage Trust
	1,397,817	2.337%, 4/25/2037		1,043,880
		Impac CMB Trust
	1,514,702	0.953%, 4/25/2035f		1,372,626
	477,080	1.073%, 8/25/2035f		414,845
		J.P. Morgan Alternative Loan Trust
	2,185,945	2.760%, 3/25/2036		1,801,530
		J.P. Morgan Mortgage Trust
	350,430	2.663%, 10/25/2036		313,108
		Madison Park Funding XIV CLO, Ltd.
	4,150,000	2.074%, 7/20/2026*,f		4,125,909
		Master Asset Securitization Trust
	1,290,493	0.933%, 6/25/2036f		706,661
		MLCC Mortgage Investors, Inc.
	433,259	1.093%, 8/25/2029f		428,116
		NCUA Guaranteed Notes
	1,455,963	0.792%, 12/7/2020f		1,452,585
		Neuberger Berman CLO, Ltd.
	3,000,000	2.089%, 8/4/2025*,f		2,976,159
		Octagon Investment Partners XX CLO, Ltd.
	3,760,000	2.058%, 8/12/2026*,f		3,723,198
		Residential Accredit Loans, Inc. Trust
	1,175,630	3.755%, 9/25/2035		959,927
		Sequoia Mortgage Trust
	2,614,692	1.610%, 9/20/2034f		2,498,960
		Structured Adjustable Rate Mortgage Loan Trust
	29,207	2.824%, 12/25/2034		28,310
		Symphony CLO VIII, Ltd.
	3,654,834	1.717%, 1/9/2023*,f		3,639,752
		Voya CLO 3, Ltd.
	3,760,000	2.039%, 7/25/2026*,f		3,723,659
		Wachovia Mortgage Loan Trust, LLC
	1,087,185	2.873%, 5/20/2036		947,099
		WaMu Mortgage Pass Through Certificates
	760,537	0.723%, 10/25/2045f		699,152
	2,369,943	1.231%, 10/25/2046f		1,839,190
	2,304,845	1.142%, 12/25/2046f		1,774,921
	2,419,151	1.091%, 1/25/2047f		1,843,915
		Washington Mutual Mortgage Pass Through Certificates
	1,801,329	1.271%, 9/25/2046f		1,179,473
	3,110,948	1.101%, 2/25/2047f		2,162,912
		Wells Fargo Commercial Mortgage Trust
	3,575,000	2.632%, 5/15/2048		3,667,806
		Wells Fargo Mortgage Backed Securities Trust
	1,536,155	5.500%, 8/25/2035		1,562,089
	717,035	2.830%, 3/25/2036		673,953
	996,348	2.837%, 3/25/2036		981,970
		Total		95,893,734
	Commercial Mortgage-Backed Securities (5.1%)
		Bear Stearns Commercial Mortgage Securities Trust
	3,080,000	5.568%, 10/12/2041		3,116,159

Principal Amount		Long-Term Fixed Income (92.3%)	Value
	Commercial Mortgage-Backed Securities (5.1%) - continued
		Bear Stearns Commercial Mortgage Securities, Inc.
	$1,653,262	5.331%, 2/11/2044		$1,687,171
		Citigroup Commercial Mortgage Trust
	1,250,000	5.705%, 12/10/2049		1,288,588
		Citigroup/Deutsche Bank Commercial Mortgage Trust
	2,308,238	5.322%, 12/11/2049		2,353,257
		Commercial Mortgage Pass-Through Certificates
	5,000,000	1.488%, 6/8/2030e,f		4,966,972
	1,149,769	5.306%, 12/10/2046		1,164,038
		Credit Suisse First Boston Mortgage Securities
	4,974,000	5.542%, 1/15/2049		5,063,349
		Credit Suisse Mortgage Capital Certificates
	2,490,608	5.467%, 9/15/2039		2,509,257
		Federal National Mortgage Association
	1,704,097	1.272%, 1/25/2017		1,703,708
		GS Mortgage Securities Trust
	5,769,465	2.999%, 8/10/2044		5,778,205
		J.P. Morgan Chase Commercial Mortgage Securities Corporation
	5,247,101	5.429%, 12/12/2043		5,302,112
		Morgan Stanley Capital, Inc.
	2,997,881	5.406%, 3/15/2044		3,091,878
		SCG Trust
	3,150,000	1.836%, 11/15/2026e,f		3,130,620
		Wachovia Bank Commercial Mortgage Trust
	1,143,462	5.765%, 7/15/2045		1,141,694
		Total		42,297,008
	Communications Services (3.2%)
		America Movil SAB de CV
	3,000,000	1.632%, 9/12/2016f		2,998,809
		American Tower Corporation
	2,200,000	3.450%, 9/15/2021		2,249,595
		AT&T, Inc.
	1,125,000	1.750%, 1/15/2018		1,128,574
	1,735,000	1.559%, 6/30/2020f		1,717,299
	1,750,000	2.800%, 2/17/2021		1,794,249
		CCO Safari II, LLC
	1,397,000	3.579%, 7/23/2020e		1,427,506
	1,397,000	4.464%, 7/23/2022e		1,460,239
		Crown Castle International Corporation
	250,000	3.400%, 2/15/2021		253,725
		Crown Castle Towers, LLC
	1,650,000	4.174%, 8/15/2017e		1,693,060
		Moody’s Corporation
	1,250,000	2.750%, 7/15/2019		1,282,260
		NBC Universal Enterprise, Inc.
	2,250,000	1.662%, 4/15/2018e		2,270,196
		SES Global Americas Holdings GP
	1,375,000	2.500%, 3/25/2019e		1,356,970
		Verizon Communications, Inc.
	1,650,000	2.164%, 9/15/2016f		1,658,940
	1,000,000	1.036%, 6/9/2017f		998,009
	2,580,000	1.412%, 6/17/2019f		2,573,865

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

244

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Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (92.3%)	Value
	Communications Services (3.2%) - continued
	$1,825,000	3.000%, 11/1/2021		$1,896,215
		Total		26,759,511
	Consumer Cyclical (1.1%)
		CVS Health Corporation
	1,065,000	2.250%, 8/12/2019		1,091,667
		Daimler Finance North America, LLC
	2,500,000	1.329%, 8/3/2017e,f		2,499,372
		eBay, Inc.
	775,000	2.500%, 3/9/2018		787,571
		Home Depot, Inc.
	825,000	1.004%, 9/15/2017f		827,887
	2,100,000	4.400%, 4/1/2021		2,351,307
		Ralph Lauren Corporation
	275,000	2.625%, 8/18/2020		283,614
		Yale University
	1,550,000	2.086%, 4/15/2019		1,588,111
		Total		9,429,529
	Consumer Non-Cyclical (6.3%)
		Actavis Funding SCS
	2,435,000	1.887%, 3/12/2020f		2,426,246
		Altria Group, Inc.
	500,000	2.850%, 8/9/2022		516,476
		Amgen, Inc.
	1,675,000	2.125%, 5/1/2020		1,695,527
		Anheuser-Busch Inbev Finance, Inc.
	2,290,000	1.879%, 2/1/2021f		2,330,503
		BAT International Finance plc
	2,335,000	1.144%, 6/15/2018e,f		2,318,949
		Bayer U.S. Finance, LLC
	1,250,000	2.375%, 10/8/2019e		1,288,403
		Boston Scientific Corporation
	2,045,000	6.000%, 1/15/2020		2,308,369
		Bunge Limited Finance Corporation
	1,135,000	3.500%, 11/24/2020		1,151,772
		Cardinal Health, Inc.
	1,275,000	1.950%, 6/15/2018		1,280,957
		Celgene Corporation
	1,270,000	3.550%, 8/15/2022		1,331,566
		Church & Dwight Company, Inc.
	1,440,000	2.450%, 12/15/2019		1,457,100
		EMD Finance, LLC
	2,470,000	0.992%, 3/17/2017e,f		2,461,303
		Express Scripts Holding Company
	1,200,000	3.900%, 2/15/2022		1,251,154
		Forest Laboratories, Inc.
	2,750,000	4.375%, 2/1/2019e		2,917,816
		Gilead Sciences, Inc.
	1,300,000	2.550%, 9/1/2020		1,338,760
	1,300,000	3.250%, 9/1/2022		1,373,679
		Howard Hughes Medical Institute
	1,500,000	3.500%, 9/1/2023		1,604,833
		Imperial Tobacco Finance plc
	1,750,000	3.750%, 7/21/2022e		1,827,007
		Japan Tobacco, Inc.
	2,500,000	2.100%, 7/23/2018e		2,523,627
		Laboratory Corporation of America Holdings
	1,705,000	2.625%, 2/1/2020		1,712,163
		Mead Johnson Nutrition Company
	1,150,000	3.000%, 11/15/2020		1,181,756
		Merck & Company, Inc.
	1,825,000	0.996%, 2/10/2020f		1,815,961

Principal Amount		Long-Term Fixed Income (92.3%)	Value
	Consumer Non-Cyclical (6.3%) - continued
		Mondelez International, Inc.
	$1,858,000	1.136%, 2/1/2019f		$1,831,304
		Mylan NV
	1,580,000	3.750%, 12/15/2020e		1,616,599
		Reynolds American, Inc.
	549,000	3.250%, 6/12/2020		574,120
		SABMiller Holdings, Inc.
	2,500,000	2.450%, 1/15/2017e		2,522,925
		Unilever Capital Corporation
	2,600,000	2.200%, 3/6/2019		2,678,169
	3,650,000	2.100%, 7/30/2020		3,732,450
		Zoetis, Inc.
	1,175,000	3.450%, 11/13/2020		1,207,122
		Total		52,276,616
	Energy (3.2%)
		Anadarko Petroleum Corporation
	965,000	4.850%, 3/15/2021		975,236
		Cameron International Corporation
	1,575,000	1.400%, 6/15/2017		1,556,061
		Chevron Corporation
	3,000,000	1.718%, 6/24/2018		3,028,392
		DCP Midstream Operating, LP
	1,650,000	2.700%, 4/1/2019		1,474,003
		Enable Midstream Partners, LP
	1,250,000	2.400%, 5/15/2019		1,089,586
		Enbridge, Inc.
	1,700,000	1.083%, 6/2/2017f,j		1,629,450
		Exxon Mobil Corporation
	2,100,000	1.708%, 3/1/2019		2,127,707
	1,785,000	1.006%, 3/6/2022f		1,734,035
		Marathon Petroleum Corporation
	1,500,000	3.400%, 12/15/2020		1,475,371
		Occidental Petroleum Corporation
	1,075,000	2.600%, 4/15/2022c		1,084,030
		Petroleos Mexicanos
	940,000	5.500%, 2/4/2019e		984,650
	2,075,750	2.378%, 4/15/2025		2,122,743
		Pioneer Natural Resources Company
	1,114,000	3.450%, 1/15/2021		1,108,126
		Schlumberger Holdings Corporation
	1,500,000	3.000%, 12/21/2020e		1,520,752
		Shell International Finance BV
	1,735,000	1.071%, 5/11/2020f		1,684,676
		Sunoco Logistics Partners Operations, LP
	1,860,000	4.400%, 4/1/2021		1,826,533
		Transcontinental Gas Pipe Line Company, LLC
	725,000	7.850%, 2/1/2026e		829,196
		Total		26,250,547
	Financials (19.7%)
		ABN AMRO Bank NV
	2,040,000	2.450%, 6/4/2020e		2,052,907
		Aflac, Inc.
	2,100,000	2.400%, 3/16/2020		2,134,875
		American Express Credit Corporation
	2,580,000	1.189%, 3/18/2019f		2,543,622
	850,000	1.682%, 9/14/2020f		845,191
		American International Group, Inc.
	1,430,000	3.300%, 3/1/2021		1,460,287
		American Tower Trust I
	1,650,000	1.551%, 3/15/2018*		1,648,782

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

245

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Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (92.3%)	Value
	Financials (19.7%) - continued
		Ares Capital Corporation
	$1,400,000	4.875%, 11/30/2018		$1,438,301
		Aviation Capital Group Corporation
	1,350,000	3.875%, 9/27/2016e		1,356,750
		Bank of America Corporation
	1,800,000	1.700%, 8/25/2017		1,802,423
	2,000,000	1.694%, 3/22/2018f		2,003,500
	2,200,000	1.482%, 4/1/2019f		2,178,880
	1,100,000	4.000%, 1/22/2025		1,101,669
	1,100,000	6.100%, 12/29/2049k		1,083,500
		Bank of America NA
	2,000,000	5.300%, 3/15/2017		2,069,760
		Bank of New York Mellon Corporation
	675,000	4.500%, 12/31/2049k		615,937
		Bank of Tokyo-Mitsubishi UFJ, Ltd.
	1,445,000	2.850%, 9/8/2021e		1,465,807
		BB&T Corporation
	1,520,000	1.337%, 1/15/2020f		1,499,638
		Bear Stearns Companies, LLC
	2,500,000	6.400%, 10/2/2017		2,674,575
		Caisse Centrale Desjardins du Quebec
	2,155,000	1.283%, 1/29/2018e,f		2,148,324
		Citigroup, Inc.
	1,840,000	1.390%, 4/8/2019f		1,812,597
		CNA Financial Corporation
	3,000,000	5.875%, 8/15/2020		3,348,420
		CoBank ACB
	1,965,000	1.234%, 6/15/2022*,f		1,837,699
		Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	1,600,000	2.500%, 1/19/2021		1,614,966
	800,000	4.625%, 12/1/2023		844,480
		Credit Agricole SA
	1,650,000	1.422%, 4/15/2019e,f		1,632,510
	1,800,000	1.605%, 6/10/2020e,f		1,776,870
	1,050,000	8.125%, 12/29/2049e,j,k		1,047,459
		Credit Suisse Group AG
	1,500,000	6.500%, 8/8/2023e		1,612,500
	990,000	7.500%, 12/11/2049e,k		973,665
		Discover Bank
	1,850,000	8.700%, 11/18/2019		2,154,863
		Discover Financial Services
	2,750,000	2.600%, 11/13/2018		2,756,900
		DRB Prime Student Loan Trust
	2,433,493	2.333%, 10/27/2031*,f		2,415,382
		Fifth Third Bancorp
	1,440,000	2.875%, 10/1/2021		1,466,747
		Goldman Sachs Capital II
	1,039,000	4.000%, 12/29/2049f,k		743,405
		Goldman Sachs Group, Inc.
	1,915,000	1.718%, 11/15/2018f		1,914,808
	2,160,000	1.779%, 4/23/2020f		2,146,608
	1,375,000	2.236%, 11/29/2023f		1,370,889
		HCP, Inc.
	1,330,000	4.000%, 12/1/2022		1,336,654
		Hospitality Properties Trust
	1,750,000	4.250%, 2/15/2021		1,775,646
		HSBC Holdings plc
	1,375,000	6.375%, 12/29/2049j,k		1,299,375
		HSBC USA, Inc.
	1,905,000	0.925%, 6/23/2017f		1,895,864
		Huntington Bancshares, Inc.
	1,600,000	3.150%, 3/14/2021		1,625,667

Principal Amount		Long-Term Fixed Income (92.3%)	Value
	Financials (19.7%) - continued
		ING Bank NV
	$2,750,000	1.588%, 8/17/2020e,f		$2,757,739
		ING Capital Funding Trust III
	1,000,000	4.231%, 12/29/2049f,k		972,500
		ING Groep NV
	1,650,000	6.000%, 12/31/2045k		1,543,781
		Intesa Sanpaolo SPA
	1,500,000	5.017%, 6/26/2024e		1,404,665
		J.P. Morgan Chase & Company
	4,000,000	1.519%, 1/25/2018f		4,012,368
	1,750,000	2.250%, 1/23/2020		1,763,843
	1,750,000	3.875%, 9/10/2024		1,794,714
	1,450,000	7.900%, 4/29/2049k		1,450,000
		Japan Bank for International Cooperation
	4,000,000	1.750%, 7/31/2018		4,028,956
		KeyBank NA
	2,750,000	1.155%, 6/1/2018f		2,735,266
		Kilroy Realty, LP
	750,000	3.800%, 1/15/2023		764,383
		Lloyds Bank plc
	2,475,000	1.160%, 3/16/2018f		2,456,826
		Lloyds Banking Group plc
	350,000	4.582%, 12/10/2025e		343,139
		Metropolitan Life Global Funding I
	3,250,000	3.650%, 6/14/2018e		3,399,604
		Mizuho Financial Group Cayman 3, Ltd.
	825,000	4.600%, 3/27/2024e		850,474
		Morgan Stanley
	2,155,000	1.761%, 1/27/2020f		2,140,952
	1,750,000	5.000%, 11/24/2025		1,893,881
	1,000,000	5.450%, 12/29/2049k		945,000
	1,100,000	5.550%, 12/29/2049k		1,084,325
		New York Life Global Funding
	600,000	1.550%, 11/2/2018e		601,362
		Peachtree Corners Funding Trust
	1,375,000	3.976%, 2/15/2025e		1,376,521
		Prudential Financial, Inc.
	1,430,000	2.350%, 8/15/2019		1,447,995
		Realty Income Corporation
	1,500,000	2.000%, 1/31/2018		1,505,724
		Regions Financial Corporation
	1,200,000	3.200%, 2/8/2021		1,209,980
		Reliance Standard Life Global Funding II
	1,740,000	2.500%, 4/24/2019e		1,754,089
		Royal Bank of Scotland Group plc
	2,205,000	1.569%, 3/31/2017f		2,201,805
		Santander UK plc
	975,000	3.125%, 1/8/2021		980,703
		Simon Property Group, LP
	1,635,000	2.500%, 9/1/2020		1,664,914
	1,600,000	2.500%, 7/15/2021		1,634,933
		Skandinaviska Enskilda Banken AB
	2,500,000	1.375%, 5/29/2018e		2,494,267
		SLM Corporation
	700,000	4.625%, 9/25/2017		707,875
		Stadshypotek AB
	2,000,000	1.875%, 10/2/2019e		2,008,140
		Standard Chartered plc
	1,225,000	3.950%, 1/11/2023e,j		1,176,209
		State Street Corporation
	2,499,000	1.518%, 8/18/2020f		2,487,765

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

246

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (92.3%)	Value
	Financials (19.7%) - continued
		Sumitomo Mitsui Banking Corporation
	$2,555,000	1.200%, 1/16/2018f		$2,543,007
		Sumitomo Mitsui Financial Group, Inc.
	1,800,000	4.436%, 4/2/2024e		1,880,532
		SunTrust Banks, Inc.
	775,000	2.900%, 3/3/2021		786,320
		Svensk Exportkredit AB
	3,500,000	0.919%, 1/23/2017f		3,504,606
		Svenska Handelsbanken AB
	750,000	1.132%, 6/17/2019f		738,817
		Swedbank AB
	1,750,000	1.750%, 3/12/2018e		1,747,163
		Synchrony Financial
	1,440,000	1.849%, 2/3/2020f		1,391,950
	1,520,000	3.750%, 8/15/2021		1,560,321
		Toronto-Dominion Bank
	1,500,000	1.562%, 12/14/2020f		1,504,350
		UBS AG
	2,750,000	1.330%, 3/26/2018f		2,745,644
		USB Group Funding Jersey, Ltd.
	2,250,000	2.068%, 9/24/2020e,f		2,238,944
		USB Realty Corporation
	1,495,000	1.769%, 12/29/2049e,f,k		1,192,262
		Voya Financial, Inc.
	1,500,000	2.900%, 2/15/2018		1,523,107
	500,000	5.650%, 5/15/2053		465,000
		Wells Fargo & Company
	2,155,000	1.298%, 1/30/2020f		2,134,696
	925,000	3.450%, 2/13/2023		948,606
	1,100,000	4.100%, 6/3/2026		1,154,503
	1,100,000	5.875%, 12/31/2049k		1,174,580
		Westpac Banking Corporation
	2,500,000	1.250%, 12/15/2017e		2,492,022
		XLIT, Ltd.
	1,100,000	4.450%, 3/31/2025		1,089,224
		Total		163,939,054
	Foreign Government (0.9%)
		Costa Rica Government International Bond
	1,650,000	4.250%, 1/26/2023e		1,505,625
		Export-Import Bank of Korea
	2,130,000	2.250%, 1/21/2020		2,147,730
		Kommunalbanken AS
	3,500,000	1.500%, 10/22/2019e		3,517,535
		Poland Government International Bond
	125,000	4.000%, 1/22/2024		133,463
		Total		7,304,353
	Mortgage-Backed Securities (3.5%)
		Federal Home Loan Mortgage Corporation Gold 15-Yr. Pass Through
	3,000,000	3.000%, 4/1/2031c		3,136,172
		Federal Home Loan Mortgage Corporation Gold 30-Yr. Pass Through
	537,346	6.500%, 9/1/2037		622,621
	3,000,000	4.000%, 4/1/2046c		3,201,797

Principal Amount		Long-Term Fixed Income (92.3%)	Value
	Mortgage-Backed Securities (3.5%) - continued
		Federal National Mortgage Association Conventional 15-Yr. Pass Through
	$2,695,545	2.250%, 6/25/2025		$2,746,062
	8,350,000	3.500%, 4/1/2030c		8,817,682
		Federal National Mortgage Association Conventional 30-Yr. Pass Through
	770,093	5.559%, 9/1/2037f		819,530
	419,215	5.196%, 10/1/2037f		424,371
	3,285,501	2.067%, 1/1/2043f		3,367,411
	5,736,350	1.733%, 7/1/2043f		5,854,169
		Total		28,989,815
	Technology (2.1%)
		Amphenol Corporation
	1,409,000	2.550%, 1/30/2019		1,420,238
		Apple, Inc.
	3,050,000	0.920%, 5/6/2019f		3,033,951
	1,735,000	0.917%, 5/6/2020f		1,706,277
		Automatic Data Processing, Inc.
	1,000,000	2.250%, 9/15/2020		1,029,191
		Cisco Systems, Inc.
	1,300,000	1.236%, 2/21/2018f		1,303,406
	2,335,000	1.135%, 3/1/2019f		2,334,260
		Hewlett Packard Enterprise Company
	2,800,000	2.543%, 10/5/2018e,f		2,804,301
		Intel Corporation
	905,000	3.100%, 7/29/2022		956,791
		Oracle Corporation
	1,675,000	2.500%, 5/15/2022		1,708,746
		Texas Instruments, Inc.
	1,300,000	1.750%, 5/1/2020		1,307,328
		Total		17,604,489
	Transportation (1.9%)
		Air Canada Pass Through Trust
	1,445,387	3.875%, 3/15/2023e		1,400,219
		American Airlines Pass Through Trust
	1,294,201	5.600%, 7/15/2020e		1,307,143
	1,260,235	4.950%, 1/15/2023		1,348,351
	1,054,984	3.700%, 5/1/2023		1,004,873
		British Airways plc
	1,386,990	4.625%, 6/20/2024e		1,456,339
		Continental Airlines, Inc.
	2,850,098	4.150%, 4/11/2024		2,942,726
		Delta Air Lines, Inc.
	743,126	4.750%, 5/7/2020		787,713
		J.B. Hunt Transport Services, Inc.
	1,450,000	3.300%, 8/15/2022		1,478,047
		TTX Company
	2,000,000	2.250%, 2/1/2019e		2,024,632
	800,000	4.125%, 10/1/2023*		855,527
		Virgin Australia Holdings, Ltd.
	1,300,251	5.000%, 10/23/2023e		1,326,256
		Total		15,931,826
	U.S. Government and Agencies (18.2%)
		Federal Home Loan Mortgage Corporation
	500,000	1.250%, 8/1/2019		504,058
		Federal National Mortgage Association
	4,000,000	1.375%, 2/26/2021j		3,999,676

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

247

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Long-Term Fixed Income (92.3%)	Value
	U.S. Government and Agencies (18.2%) - continued
		NCUA Guaranteed Notes
	$1,174,901	2.900%, 10/29/2020		$1,175,572
		U.S. Treasury Bonds
	8,000,000	5.375%, 2/15/2031		11,470,936
	2,200,000	3.000%, 5/15/2042		2,388,718
	8,300,000	3.625%, 2/15/2044		10,069,261
		U.S. Treasury Bonds, TIPS
	19,209,570	0.125%, 4/15/2019		19,624,036
	7,602,277	0.625%, 1/15/2026		7,947,649
		U.S. Treasury Notes
	5,000,000	1.250%, 12/15/2018		5,056,640
	12,350,000	1.500%, 10/31/2019		12,562,753
	52,570,000	1.875%, 6/30/2020		54,177,906
	13,150,000	2.125%, 6/30/2022		13,661,101
	2,565,000	1.625%, 8/15/2022		2,584,738
		U.S. Treasury Notes, TIPS
	7,004,839	0.125%, 1/15/2023		7,062,299
		Total		152,285,343
	Utilities (2.7%)
		Ameren Corporation
	1,175,000	2.700%, 11/15/2020		1,191,492
		Berkshire Hathaway Energy Company
	1,550,000	2.400%, 2/1/2020		1,579,328
		DTE Energy Company
	730,000	2.400%, 12/1/2019		735,626
		Electricite de France SA
	1,500,000	5.250%, 12/29/2049e,k		1,372,500
		Eversource Energy
	1,560,000	1.600%, 1/15/2018		1,552,258
	1,250,000	1.450%, 5/1/2018		1,238,923
		Exelon Corporation
	1,650,000	2.850%, 6/15/2020		1,683,815
		Exelon Generation Company, LLC
	1,385,000	2.950%, 1/15/2020		1,393,918
		National Rural Utilities Cooperative Finance Corporation
	1,150,000	4.750%, 4/30/2043		1,107,622
		NextEra Energy Capital Holdings, Inc.
	950,000	2.300%, 4/1/2019		955,500
		Pacific Gas & Electric Company
	250,000	5.625%, 11/30/2017		266,122
		PG&E Corporation
	1,500,000	2.400%, 3/1/2019		1,520,015
		Public Service Electric And Gas Company
	2,570,000	1.800%, 6/1/2019		2,593,587
		Sempra Energy
	2,425,000	2.300%, 4/1/2017		2,440,476
	1,765,000	2.400%, 3/15/2020		1,771,303
		Southern California Edison Company
	1,040,000	2.400%, 2/1/2022		1,050,003
		Total		22,452,488
		Total Long-Term Fixed Income (cost $774,625,334)		768,791,623
Shares		Preferred Stock (0.4%)	Value
	Financials (0.3%)
	66,000	Citigroup, Inc., 6.988%f		1,735,140
	8,125	Farm Credit Bank of Texas, 6.750%k		872,930
		Total		2,608,070

Shares		Preferred Stock (0.4%)	Value
	Utilities (0.1%)
	36,000	Southern California Edison Company Trust IV, 5.375%k		$937,080
		Total		937,080
		Total Preferred Stock (cost $3,534,100)		3,545,150
Shares		Common Stock (<0.1%)	Value
	Energy (<0.1%)
	816	Vantage Drilling Internationall		89,760
		Total		89,760
		Total Common Stock (cost $73,440)		89,760
Shares		Collateral Held for Securities Loaned (1.1%)	Value
	8,678,100	Thrivent Cash Management Trust		8,678,100
		Total Collateral Held for Securities Loaned (cost $8,678,100)		8,678,100
Shares or Principal Amount		Short-Term Investments (5.8%)m	Value
		Federal Agricultural Mortgage Corporation Discount Notes
	1,100,000	0.370%, 4/4/2016n		1,099,966
	1,000,000	0.400%, 7/25/2016n		998,722
		Thrivent Cash Management Trust
	46,271,903	0.290%		46,271,903
		Total Short-Term Investments (at amortized cost)		48,370,591
		Total Investments (cost $863,164,507) 102.7%		$855,420,889
		Other Assets and Liabilities, Net (2.7%)		(22,176,737)
		Total Net Assets 100.0%		$833,244,152

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 In bankruptcy. Interest is not being accrued.

e 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 March 31, 2016, the value of these investments was $130,800,611 or 15.7% of total net assets.

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 March 31, 2016.

g 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 March 31, 2016.

h Defaulted security. Interest is not being accrued.

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

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

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

l Non-income producing security.

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

248

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

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

n All or a portion of the security is held on deposit with the counterparty and pledged as the initial margin deposit for open futures contracts.

* 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 value of all restricted securities held in Limited Maturity Bond Portfolio as of March 31, 2016 was $94,107,623 or 11.3% of total net assets. The following table indicates the acquisition date and cost of restricted securities shown in the schedule as of March 31, 2016.

Security	Acquisition Date		Cost
Alm Loan Funding CLO, 10/17/2026		7/31/2014		$3,758,120
American Tower Trust I, 3/15/2018		3/6/2013		1,650,000
Apidos CLO XVIII, 7/22/2026		6/25/2014		3,765,562
Babson CLO, Ltd., 10/17/2026		8/15/2014		3,758,120
Bayview Opportunity Master Fund Trust, 7/28/2034		6/27/2014		2,446,280
Betony CLO, Ltd., 4/15/2027		2/25/2015		3,425,000
Birchwood Park CLO, Ltd., 7/15/2026		7/31/2014		3,760,000
BlueMountain CLO, Ltd., 10/15/2026		8/27/2014		3,756,202
Carlyle Global Market Strategies CLO, Ltd., 7/20/2023		7/3/2014		3,750,000
Carlyle Global Market Strategies CLO, Ltd., 10/15/2026		9/19/2014		3,750,000
Cent CLO 16, LP, 8/1/2024		9/5/2014		3,760,000
Cent CLO 22, Ltd., 11/7/2026		9/19/2014		3,750,000
CoBank ACB, 6/15/2022		10/18/2013		1,910,526
Commonbond Student Loan Trust, 6/25/2032		6/17/2015		1,215,836
DRB Prime Student Loan Trust, 10/27/2031		9/23/2015		2,433,493
Dryden 34 Senior Loan Fund CLO, 10/15/2026		7/21/2014		3,760,000
Edlinc Student Loan Funding Trust, 10/1/2025		11/29/2012		1,969,754
First Franklin Mortgage Loan Asset-Backed Certificates, 3/25/2036		4/19/2006		214,738
GoldenTree Loan Opportunities IX, Ltd., 10/29/2026		10/3/2014		3,746,250
Madison Park Funding XIV CLO, Ltd., 7/20/2026		7/3/2014		4,145,020
Mortgage Equity Conversion Asset Trust, 1/25/2042		1/18/2007		4,381,572
Mortgage Equity Conversion Asset Trust, 2/25/2042		2/14/2007		4,433,200
Neuberger Berman CLO, Ltd., 8/4/2025		6/19/2014		3,000,000
NextGear Floorplan Master Owner Trust, 10/15/2019		11/3/2014		2,999,466
Octagon Investment Partners XX CLO, Ltd., 8/12/2026		7/10/2014		3,760,000
OZLM VIII, Ltd., 10/17/2026		8/7/2014		3,738,568
Race Point IX CLO, Ltd., 4/15/2027		2/13/2015		1,500,000
Selene Non-Performing Loans, LLC, 5/25/2054		5/23/2014		881,213
Symphony CLO VIII, Ltd., 1/9/2023		9/15/2014		3,654,834

Security	Acquisition Date		Cost
TTX Company, 10/1/2023		9/19/2013		$799,992
U.S. Residential Opportunity Fund III Trust, 1/27/2035		2/6/2015		2,053,147
Voya CLO 3, Ltd., 7/25/2026		7/10/2014		3,754,360
Wachovia Asset Securitization, Inc., 7/25/2037		3/16/2007		834,037

The following table presents the total amount of securities loaned with continuous maturity, by type, offset by the gross payable upon return of collateral for securities loaned by Thrivent Limited Maturity Bond Portfolio as of March 31, 2016:

Securities Lending Transactions

Taxable Debt Security	$	8,533,670
Total lending	$	8,533,670
Gross amount payable upon return of collateral for securities loaned	$	8,678,100
Net amounts due to counterparty	$	144,430

    Definitions:

CLO	-	Collateralized Loan Obligation
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	$	10,403,163
Gross unrealized depreciation		(18,146,781)
Net unrealized appreciation (depreciation)	$	(7,743,618)
Cost for federal income tax purposes	$	863,164,507

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

249

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, in valuing Limited Maturity Bond Portfolio’s assets carried at fair value.

Investments in Securities	Total		Level 1		Level 2		Level 3
Bank Loans
Basic Materials		435,398		–		435,398		–
Capital Goods		2,622,780		–		2,622,780		–
Communications Services		6,051,987		–		5,386,137		665,850
Consumer Cyclical		7,836,372		–		6,933,132		903,240
Consumer Non-Cyclical		3,037,346		–		3,037,346		–
Energy		604,934		–		604,934		–
Financials		1,491,440		–		1,491,440		–
Technology		1,235,215		–		998,279		236,936
Transportation		1,343,224		–		1,343,224		–
Utilities		1,286,969		–		1,286,969		–
Long-Term Fixed Income
Asset-Backed Securities		96,518,598		–		89,026,042		7,492,556
Basic Materials		5,383,132		–		5,383,132		–
Capital Goods		5,475,580		–		5,475,580		–
Collateralized Mortgage Obligations		95,893,734		–		95,893,734		–
Commercial Mortgage-Backed Securities		42,297,008		–		42,297,008		–
Communications Services		26,759,511		–		26,759,511		–
Consumer Cyclical		9,429,529		–		9,429,529		–
Consumer Non-Cyclical		52,276,616		–		52,276,616		–
Energy		26,250,547		–		26,250,547		–
Financials		163,939,054		–		163,939,054		–
Foreign Government		7,304,353		–		7,304,353		–
Mortgage-Backed Securities		28,989,815		–		28,989,815		–
Technology		17,604,489		–		17,604,489		–
Transportation		15,931,826		–		15,931,826		–
U.S. Government and Agencies		152,285,343		–		152,285,343		–
Utilities		22,452,488		–		22,452,488		–
Preferred Stock
Financials		2,608,070		1,735,140		872,930		–
Utilities		937,080		937,080		–		–
Common Stock
Energy		89,760		89,760		–		–
Short-Term Investments		2,098,688		–		2,098,688		–
Subtotal Investments in Securities	$	800,470,886	$	2,761,980	$	788,410,324	$	9,298,582
Other Investments*	Total
Short-Term Investments		46,271,903
Collateral Held for Securities Loaned		8,678,100
Subtotal Other Investments	$	54,950,003
Total Investments at Value	$	855,420,889

* In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

Other Financial Instruments	Total		Level 1		Level 2		Level 3
Asset Derivatives
Futures Contracts		177,274		177,274		–		–
Total Asset Derivatives	$	177,274	$	177,274	$	–	$	–
Liability Derivatives
Futures Contracts		69,506		69,506		–		–
Total Liability Derivatives	$	69,506	$	69,506	$	–	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

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

250

LIMITED MATURITY BOND PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

The following table presents Limited Maturity Bond Portfolio’s futures contracts held as of March 31, 2016. Investments and/or cash totaling $1,299,711 were pledged as the initial margin deposit for these contracts.

Futures Contracts	Number of Contracts Long/(Short)		Expiration Date		Notional Principal Amount		Value		Unrealized Gain/(Loss)
CBOT 10-Yr. U.S. Treasury Note		(298)		June 2016	($	38,908,999)	($	38,856,408)	$	52,591
CBOT 2-Yr. U.S. Treasury Note		728		June 2016		159,218,099		159,250,000		31,901
CBOT 5-Yr. U.S. Treasury Note		(618)		June 2016		(74,809,883)		(74,879,389)		(69,506)
CBOT U.S. Long Bond		(78)		June 2016		(12,900,825)		(12,826,125)		74,700
CME Ultra Long Term U.S. Treasury Bond		(12)		June 2016		(2,087,023)		(2,070,375)		16,648
Ultra 10-Yr. U.S. Treasury Note		1		June 2016		139,316		140,750		1,434
Total Futures Contracts									$	107,768

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, any affiliated mutual fund, or a company which is under common ownership or control with the Portfolio.

A summary of transactions for the fiscal year to date, in Limited Maturity Bond Portfolio, is as follows:    

Portfolio	Value December 31, 2015		Gross Purchases		Gross Sales		Shares Held at March 31, 2016		Value March 31, 2016		Income Earned January 1, 2016 - March 31, 2016
Cash Management Trust-Collateral Investment	$	11,023,000	$	15,690,753	$	18,035,653		8,678,100	$	8,678,100	$	6,758
Cash Management Trust-Short Term Investment		44,769,481		48,236,448		46,734,026		46,271,903		46,271,903		25,331
Total Value and Income Earned	$	55,792,481							$	54,950,003	$	32,089

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

251

MONEY MARKET PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		Government Agency Debt (47.8%)a	Value
		Federal Agricultural Mortgage Corporation
	$2,031,000	0.369%, 4/15/2016		$2,030,708
	1,455,000	0.343%, 4/29/2016		1,454,612
	1,300,000	0.410%, 5/11/2016		1,299,408
	2,200,000	0.400%, 6/14/2016		2,198,191
	1,355,000	0.380%, 6/17/2016		1,353,899
	750,000	0.400%, 7/22/2016		749,748
	2,525,000	0.489%, 8/15/2016		2,520,340
	750,000	0.450%, 9/28/2016		749,516
	1,510,000	0.551%, 3/7/2017b		1,510,000
		Federal Farm Credit Bank
	700,000	0.509%, 6/30/2016b		699,994
	780,000	0.463%, 3/13/2017b		779,482
		Federal Home Loan Bank
	300,000	0.280%, 5/12/2016		299,904
	2,100,000	0.340%, 5/13/2016		2,099,167
	475,000	0.370%, 5/16/2016		474,780
	1,410,000	0.478%, 5/17/2016b		1,409,956
	1,700,000	0.395%, 5/25/2016		1,698,993
	1,300,000	0.399%, 6/1/2016b		1,299,996
	1,800,000	0.458%, 6/1/2016		1,798,602
	330,000	0.375%, 6/10/2016		330,009
	1,800,000	0.310%, 6/17/2016		1,798,806
	1,470,000	0.408%, 6/22/2016b		1,469,998
	1,300,000	0.400%, 6/24/2016		1,298,787
	1,000,000	0.535%, 7/15/2016		998,440
	200,000	0.430%, 7/20/2016		199,737
	440,000	0.402%, 7/22/2016		439,450
	3,020,000	0.453%, 7/26/2016b		3,019,993
	750,000	0.469%, 9/1/2016b		750,000
	1,570,000	0.517%, 9/2/2016		1,566,525
	665,000	0.510%, 9/7/2016		663,502
	780,000	2.000%, 9/9/2016		784,928
	3,750,000	0.513%, 10/13/2016b		3,749,791
	1,470,000	0.561%, 1/19/2017b		1,469,871
	1,280,000	0.523%, 1/26/2017b		1,280,000
	1,300,000	0.554%, 3/30/2017b		1,300,000
	1,300,000	0.593%, 8/23/2017b		1,299,909
		Federal Home Loan Bank of Chicago
	1,440,000	5.625%, 6/13/2016		1,454,859
		Federal Home Loan Mortgage Corporation
	1,000,000	0.525%, 4/18/2016		1,002,236
	1,000,000	0.260%, 4/19/2016		999,870
	950,000	0.290%, 5/10/2016		949,702
	700,000	0.300%, 6/1/2016		699,644
	380,000	0.380%, 6/9/2016		379,723
	1,250,000	0.562%, 7/21/2017b		1,249,832
		Federal National Mortgage Association
	3,690,000	0.300%, 4/20/2016		3,689,416
	154,000	0.430%, 7/6/2016		153,823
	680,000	5.250%, 9/15/2016		694,464
		International Bank for Reconstruction and Development
	300,000	0.360%, 4/19/2016		299,946
		Overseas Private Investment Corporation
	431,032	0.400%, 4/6/2016b		431,032
	600,000	0.400%, 4/7/2016b		600,000
	2,526,316	0.400%, 4/7/2016b		2,526,316
	2,000,000	0.500%, 4/30/2016		2,096,887
	1,260,000	0.510%, 4/30/2016		1,265,916
	1,260,000	0.520%, 5/2/2016		1,265,984
	1,300,000	0.550%, 6/21/2016		1,314,882

Principal Amount		Government Agency Debt (47.8%)a	Value
	$2,550,000	0.870%, 11/18/2016		$2,558,179
	700,000	0.990%, 11/21/2016		701,902
	2,600,000	1.010%, 3/17/2017		2,600,000
		Total		73,781,655
Principal Amount		Treasury Debt (2.0%)a	Value
		U.S. Treasury Bills
	1,300,000	0.430%, 8/18/2016		1,297,841
		U.S. Treasury Notes
	1,050,000	0.500%, 7/31/2016		1,050,191
	780,000	0.500%, 8/31/2016		780,161
		Total		3,128,193
Principal Amount		U.S. Government Agency Debt (39.3%)a	Value
		Federal Agricultural Mortgage Corporation
	1,470,000	0.619%, 1/25/2017b		1,470,000
		Federal Home Loan Bank
	2,000,000	0.380%, 4/1/2016		2,000,000
	1,450,000	0.375%, 4/8/2016		1,449,894
	500,000	0.370%, 4/11/2016		499,949
	5,260,000	0.380%, 4/15/2016		5,259,222
	2,550,000	0.410%, 4/20/2016		2,549,448
	460,000	0.330%, 4/27/2016		459,890
	1,460,000	0.400%, 4/29/2016		1,459,546
	1,250,000	0.503%, 5/12/2016b		1,249,999
	680,000	0.370%, 5/18/2016		679,672
	1,650,000	0.380%, 5/20/2016		1,649,147
	1,450,000	0.533%, 5/20/2016b		1,450,000
	1,330,000	0.392%, 5/24/2016b		1,330,000
	1,330,000	0.373%, 5/26/2016b		1,329,989
	1,310,000	0.382%, 6/23/2016b		1,310,000
	1,320,000	0.373%, 7/22/2016b		1,320,000
	1,330,000	0.386%, 8/17/2016b		1,330,000
	500,000	0.470%, 8/17/2016		499,099
	2,780,000	0.478%, 8/17/2016b		2,779,793
	1,330,000	0.393%, 8/25/2016b		1,330,000
		Federal Home Loan Bank Discount Notes
	1,450,000	0.250%, 4/6/2016		1,449,950
	825,000	0.400%, 5/4/2016		824,697
		Federal Home Loan Mortgage Corporation
	1,000,000	0.300%, 4/15/2016		999,883
	760,000	0.250%, 5/27/2016		762,478
	1,330,000	0.387%, 8/24/2016b		1,330,000
	1,340,000	0.406%, 9/2/2016b		1,340,000
		Federal National Mortgage Association
	1,925,000	0.461%, 8/12/2016b		1,925,298
	1,250,000	0.461%, 8/16/2016b		1,250,074
	1,330,000	0.453%, 8/26/2016b		1,330,437
		Overseas Private Investment Corporation
	5,000,000	0.400%, 4/6/2016b		5,000,000
	2,189,473	0.400%, 4/6/2016b		2,189,474
	1,390,000	0.400%, 4/7/2016b		1,390,000
	2,100,000	0.400%, 4/7/2016b		2,100,000
	1,410,000	0.400%, 4/7/2016b		1,410,000
	2,300,000	0.400%, 4/7/2016b		2,300,000
	2,134,400	0.360%, 4/14/2016b		2,134,400
	1,310,000	0.550%, 7/7/2016		1,315,299
		Total		60,457,638

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

252

MONEY MARKET PORTFOLIO

Schedule of Investments as of March 31, 2016

(unaudited)

Principal Amount		U.S. Treasury Debt (10.8%)a	Value
		U.S. Treasury Bills
	$4,560,000	0.285%, 4/14/2016		$4,559,531
		U.S. Treasury Notes
	8,280,000	0.200%, 4/30/2016		8,290,535
	1,470,000	0.513%, 5/15/2016		1,478,454
	2,205,000	0.325%, 5/31/2016		2,215,301
		Total		16,543,821
		Total Investments (at amortized cost) 99.9%		$153,911,307
		Other Assets and Liabilities, Net 0.1%		188,271
		Total Net Assets 100.0%		$154,099,578

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

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 March 31, 2016.

Cost for federal income tax purposes $ 153,911,307

Fair Valuation Measurements

The following table is a summary of the inputs used, as of March 31, 2016, 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
Government Agency Debt		73,781,655		–		73,781,655		–
Treasury Debt		3,128,193		–		3,128,193		–
U.S. Government Agency Debt		60,457,638		–		60,457,638		–
U.S. Treasury Debt		16,543,821		–		16,543,821		–
Total	$	153,911,307	$	–	$	153,911,307	$	–

There were no significant transfers between Levels during the period ended March 31, 2016. Transfers between Levels are identified as of the end of the period.

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

253

NOTES TO SCHEDULE OF INVESTMENTS

as of March 31, 2016

(unaudited)

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. Security prices are based on quotes that are obtained from an independent pricing service approved by the Board of Directors (the “Board”). The pricing service, in determining values of fixed-income securities, takes into consideration such factors as current quotations by broker/dealers, coupon, maturity, quality, type of issue, trading characteristics, and other yield and risk factors it deems relevant in determining valuations. Securities which cannot be valued by the approved pricing service are valued using price quotes obtained from third-party broker-dealers that make markets in the securities. Exchange-listed options and futures contracts are valued at the last quoted sales price. Swap agreements are valued at the latest bid quotation of the contract as furnished by an independent pricing service. Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by the pricing service. 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 the Money Market Portfolio are valued on the basis of amortized cost (which approximates market value), whereby a portfolio security is valued at its cost initially and thereafter valued to reflect a constant amortization to maturity of any discount or premium. The Money Market Portfolio and the Adviser follow procedures designed to help maintain a constant net asset value of $1.00 per share.

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

The Committee monitors for significant events occurring prior to the close of trading on the New York Stock Exchange that could have a material impact on the value of any securities that are held by the Portfolios. Examples of such events include trading halts, national news/events, and issuer-specific developments. If the Committee decides that such

events warrant using fair value estimates, the Committee will take such events into consideration in determining the fair value of such securities. If market quotations or prices are not readily available or determined to be unreliable, the securities will be valued at fair value as determined in good faith pursuant to procedures adopted by the Board.

In accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), 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 included in this level are U.S. equity securities, futures, options and registered investment company funds. Level 2 includes other significant observable inputs such as quoted prices for similar securities, interest rates, prepayment speeds and credit risk, typically included in this level are fixed income securities, international securities, swaps and forward contracts. 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. The valuation levels are not necessarily an indication of the risk associated with investing in these securities or other investments. Investments measured using net asset value per share as a practical expedient for fair value and that are not publicly available-for-sale are not categorized within the fair value hierarchy.

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, evaluate the impacts of these events and may adjust the valuation of foreign securities to reflect the fair value as of the close of the U.S. markets. The Board has authorized the Adviser to make fair valuation determinations pursuant to policies approved by the Board.

(C) 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.

(G) Derivative Financial Instruments – Each of the Portfolios, with the exception of the Money Market Portfolio, may invest in derivatives. Derivatives, a category that includes options, futures, swaps, foreign currency forward contracts and hybrid instruments, are financial instruments whose value is derived from another security, an index or a currency.

254

NOTES TO SCHEDULE OF INVESTMENTS

as of March 31, 2016

(unaudited)

Each applicable Portfolio may use derivatives for hedging (attempting to offset a potential loss in one position by establishing an interest in an opposite position). This includes the use of currency-based derivatives to manage the risk of its positions in foreign securities. Each applicable Portfolio may also use derivatives for replication of a certain asset class or speculation (investing for potential income or capital gain). These contracts may be transacted on an exchange or over-the-counter (OTC).

A derivative may incur a mark to market loss if the value of the derivative decreases due to an unfavorable change in the market rates or values of the underlying derivative. Losses can also occur if the counterparty does not perform under the derivative. A Portfolio’s risk of loss from the counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by such Portfolio. With exchange traded futures and centrally cleared swaps, there is minimal counterparty credit risk to the Portfolios because the exchange’s clearinghouse, as counterparty to such derivatives, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the derivative; thus, the credit risk is limited to the failure of the clearinghouse. However, credit risk still exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a broker’s customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro-rata basis across all the broker’s customers, potentially resulting in losses to the Portfolios. Using derivatives to hedge can guard against potential risks, but it also adds to the Portfolios’ expenses and can eliminate some opportunities for gains. In addition, a derivative used for mitigating exposure or replication may not accurately track the value of the underlying asset. Another risk with derivatives is that some types can amplify a gain or loss, potentially earning or losing substantially more money than the actual cost of the derivative.

In order to define their contractual rights and to secure rights that will help the Portfolios mitigate their counterparty risk, the Portfolios may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Portfolio and a counterparty that governs OTC derivatives and foreign exchange contracts and typically includes, among other things, collateral posting terms and netting provisions in the event of a default and/ or termination event. Under an ISDA Master Agreement, each Portfolio may, under certain circumstances, offset with the counterparty certain derivatives’ payables and/or

receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy and insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

Collateral and margin requirements vary by type of derivative. Margin requirements are established by the broker or clearing house for exchange traded and centrally cleared derivatives (futures, options, and centrally cleared swaps). Brokers can ask for margining in excess of the minimum in certain situations. Collateral terms are contract specific for OTC derivatives (foreign currency exchange contracts, options, and swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Portfolio and the counterparty. For financial reporting purposes, non-cash collateral that has been pledged to cover obligations of the Portfolio has been noted in the Schedule of Investments. To the extent amounts due to the Portfolio from its counterparties are not fully collateralized, contractually or otherwise, the Portfolio bears the risk of loss from counterparty nonperformance. The Portfolios attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

Options – All Portfolios, with the exception of the 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

255

NOTES TO SCHEDULE OF INVESTMENTS

as of March 31, 2016

(unaudited)

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 the counterparty. Risks of loss may exceed amounts recognized on the Statement of Assets and Liabilities.

Futures Contracts – All Portfolios, with the exception of the Money Market Portfolio, 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.

Foreign Currency Forward Contracts – In connection with purchases and sales of securities denominated in foreign currencies all Portfolios, with the exception of the Money Market Portfolio, may enter into foreign currency forward contracts. Additionally, the Portfolios may enter into such contracts to mitigate currency and counterparty exposure to 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.

Swap Agreements – All Portfolios, with the exception of the Money Market Portfolio, may enter into swap transactions, which involve swapping one or more investment characteristics of a security or a basket of securities with another party. Such transactions include market risk, risk of default by the other party to the transaction, risk of imperfect correlation and manager risk and may involve commissions or other costs. Swap transactions generally do not involve delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swap transactions is generally limited to the net amount of payments that the 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. Daily fluctuations in the value of the centrally cleared credit default contracts are recorded in variation margin in the Statement of Assets and Liabilities and recorded as unrealized gain or loss. 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 in 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 in 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. Certain 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. Certain interest rate and credit default index swaps must be cleared through a clearinghouse or central 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

256

NOTES TO SCHEDULE OF INVESTMENTS

as of March 31, 2016

(unaudited)

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 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.

For financial reporting purposes, the Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

Unfunded Bridge Loan Commitment

The following Portfolio entered into a loan commitment with Nexstar Broadcasting, Inc. on March 28, 2016. Maturity of the commitment will be no later than January 27, 2017. The Portfolio will receive a fee of 0.50%.

Portfolio	Unfunded Commitment
High Yield	$	10,480,000

257

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Date: May 20, 2016	THRIVENT SERIES FUND, INC.
	By:	/s/    David S. Royal
		David S. Royal
		President

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

Date: May 20, 2016	By:	/s/    David S. Royal
		David S. Royal
		President

Date: May 20, 2016	By:	/s/    Gerard V. Vaillancourt
		Gerard V. Vaillancourt
		Treasurer