Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

1

Shares

Common

Stock

(

48.9%

)

Value

Communications

Services

(2.7%)

29,892

Activision

Blizzard,

Inc.

$

2,419,757

7,017

Alphabet,

Inc.,

Class

A

a

10,284,115

1,426

Alphabet,

Inc.,

Class

C

a

2,095,650

4,718

ANGI

Homeservices

,

Inc.

a

52,346

497

AT&T,

Inc.

14,169

9,068

Cinemark

Holdings,

Inc.

90,680

56,065

Comcast

Corporation

2,593,567

879

Consolidated

Communications

Holdings,

Inc.

a

5,002

33,672

Discovery,

Inc.,

Class

A

a,b

733,039

20,217

DISH

Network

Corporation

a

586,900

1,698

EchoStar

Corporation

a

42,263

20,988

Facebook,

Inc.

a

5,496,757

18,705

Gannett

Company,

Inc.

24,317

770

Hemisphere

Media

Group,

Inc.

a

6,691

221

IAC/

InterActiveCorp

a

26,471

5,412

Interpublic

Group

of

Companies,

Inc.

90,218

70,720

Live

Nation

Entertainment,

Inc.

a

3,810,394

582

Match

Group,

Inc.

a

64,398

6,055

Meredith

Corporation

79,442

1,083

News Corporation

15,140

1,974

Omnicom

Group,

Inc.

97,713

40,533

ORBCOMM,

Inc.

a

137,812

103,581

QuinStreet

,

Inc.

a

1,640,723

6,574

RingCentral,

Inc.

a

1,805,286

1,164

Scholastic

Corporation

24,432

6,717

Take-Two

Interactive

Software,

Inc.

a

1,109,783

20,142

Twitter,

Inc.

a

896,319

74,552

Uber

Technologies,

Inc.

a

2,719,657

58,730

Verizon

Communications,

Inc.

3,493,848

6,370

Walt

Disney

Company

790,390

15,348

Zillow

Group,

Inc.

a

1,558,436

Total

42,805,715

Consumer

Discretionary

(7.0%)

2,617

Aaron's,

Inc.

148,253

4,065

Adient

plc

a

70,446

7,724

Amazon.com,

Inc.

a

24,320,791

6,277

American

Eagle

Outfitters,

Inc.

92,962

678

American

Public

Education,

Inc.

a

19,113

57,045

Aptiv

plc

5,229,886

2,392

At

Home

Group,

Inc.

a

35,545

1,530

AutoNation,

Inc.

a

80,983

1,053

AutoZone,

Inc.

a

1,240,055

3,511

Beazer

Homes

USA,

Inc.

a

46,345

5,600

Bed

Bath

&

Beyond,

Inc.

83,888

826

Big

Lots,

Inc.

36,840

4,604

BJ's

Restaurants,

Inc.

135,542

367

Booking

Holdings,

Inc.

a

627,820

17,123

Bright

Horizons

Family

Solutions,

Inc.

a

2,603,381

1,217

Brunswick

Corporation

71,693

11,878

Burlington

Stores,

Inc.

a

2,447,937

2,378

Caesars

Entertainment,

Inc.

a

133,311

2,285

Camping

World

Holdings,

Inc.

67,979

4,560

Capri

Holdings,

Ltd.

a

82,080

5,821

Carnival

Corporation

88,363

53

Cavco

Industries,

Inc.

a

9,556

34,700

Cedar

Fair,

LP

974,029

978

Century

Casinos,

Inc.

a

5,359

1,184

Century

Communities,

Inc.

a

50,119

20,811

Chewy,

Inc.

a,b

1,141,067

33,378

Chico's

FAS,

Inc.

32,460

3,449

Chipotle

Mexican

Grill,

Inc.

a

4,289,556

Shares

Common

Stock

(48.9%)

Value

Consumer

Discretionary

(7.0%)

-

continued

497

Choice

Hotels

International,

Inc.

$

42,722

1,097

Churchill

Downs,

Inc.

179,711

99,501

Cooper-Standard

Holdings,

Inc.

a

1,314,408

2,207

Cracker

Barrel

Old

Country

Store,

Inc.

253,055

29,502

Crocs,

Inc.

a

1,260,620

3,667

Culp,

Inc.

45,544

11,311

D.R.

Horton,

Inc.

855,451

4,484

Dana,

Inc.

55,243

2,972

Darden

Restaurants,

Inc.

299,399

4,219

Dave

&

Buster's

Entertainment,

Inc.

b

63,960

1,093

Deckers

Outdoor

Corporation

a

240,471

1,634

Denny's

Corporation

a

16,340

3,846

Designer

Brands,

Inc.

20,884

3,471

Dick's

Sporting

Goods,

Inc.

200,901

1,666

Dine

Brands

Global,

Inc.

90,947

5,560

Domino's

Pizza,

Inc.

2,364,557

91

Dorman

Products,

Inc.

a

8,225

71,522

Duluth

Holdings,

Inc.

a,b

873,999

1,481

Dunkin'

Brands

Group,

Inc.

121,309

1,136

eBay,

Inc.

59,186

8,099

Emerald

Holding,

Inc.

16,522

1,627

Ethan

Allen

Interiors,

Inc.

22,030

16,154

Etsy,

Inc.

a

1,964,811

4,681

Express,

Inc.

a

2,855

4,508

Extended

Stay

America,

Inc.

53,871

25,569

Five

Below,

Inc.

a

3,247,263

3,550

Foot

Locker,

Inc.

117,256

262

Fox

Factory

Holding

Corporation

a

19,474

5,031

Gap,

Inc.

85,678

5,183

Genuine

Parts

Company

493,266

7,472

Goodyear

Tire

&

Rubber

Company

57,310

2,850

Grand

Canyon

Education,

Inc.

a

227,829

22,569

Harley-Davidson,

Inc.

553,843

1,226

Helen

of

Troy,

Ltd.

a

237,256

21,572

Home

Depot,

Inc.

5,990,760

421

Hovnanian

Enterprises,

Inc.

a

13,691

1,977

Jack

in

the

Box,

Inc.

156,796

3,998

KB

Home

153,483

9,408

Knoll,

Inc.

113,460

12,465

Kohl's

Corporation

230,976

4,957

L

Brands,

Inc.

157,682

5,453

Lear

Corporation

594,650

31,395

Leggett

&

Platt,

Inc.

1,292,532

3,098

Lithia

Motors,

Inc.

706,158

17,407

Lowe's

Companies,

Inc.

2,887,125

4,330

Lululemon

Athletica

,

Inc.

a

1,426,172

7,329

Macy's,

Inc.

b

41,775

285

Madison

Square

Garden

Sports

Corporation

a

42,887

3,699

Marcus

Corporation

28,593

382

Marriott

Vacations

Worldwide

Corporation

34,689

12,462

Mattel,

Inc.

a

145,805

3,562

McDonald's

Corporation

781,823

32

Mercadolibre

,

Inc.

a

34,639

1,424

Meritage

Homes

Corporation

a

157,195

8,707

Michaels

Companies,

Inc.

a

84,066

11,812

Miller

Industries,

Inc.

361,093

3,383

Modine

Manufacturing

Company

a

21,144

5,296

Mohawk

Industries,

Inc.

a

516,837

368

Netflix,

Inc.

a

184,011

28,668

NIKE,

Inc.

3,598,981

6,786

Nordstrom,

Inc.

b

80,889

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

2

Shares

Common

Stock

(48.9%)

Value

Consumer

Discretionary

(7.0%)

-

continued

6,442

Norwegian

Cruise

Line

Holdings,

Ltd.

a

$

110,223

893

NVR,

Inc.

a

3,646,226

805

Office

Depot,

Inc.

15,657

27,870

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

2,434,444

913

Overstock.com,

Inc.

a

66,329

2,044

Park

Hotels

&

Resorts,

Inc.

20,420

8,931

Party

City

Holdco,

Inc.

a

23,221

11,815

Penn

National

Gaming,

Inc.

a

858,951

54,806

Planet

Fitness,

Inc.

a

3,377,146

59,725

Playa

Hotels

and

Resorts

NV

a

250,248

886

Polaris,

Inc.

83,585

493

Pool

Corporation

164,928

5,800

PulteGroup,

Inc.

268,482

1,334

PVH

Corporation

79,560

5,811

Qurate

Retail,

Inc.

41,723

448

Red

Robin

Gourmet

Burgers,

Inc.

a

5,896

35,890

Red

Rock

Resorts,

Inc.

613,719

4,459

RH

a

1,706,103

1,743

Royal

Caribbean

Cruises,

Ltd.

112,824

9,444

Ruth's

Hospitality

Group,

Inc.

104,451

4,324

Sally

Beauty

Holdings,

Inc.

a

37,576

467

SeaWorld

Entertainment,

Inc.

a

9,209

8,133

Six

Flags

Entertainment

Corporation

165,100

19,010

Skyline

Corporation

a

508,898

11,838

Sleep

Number

Corporation

a

578,997

15,140

Sony

Corporation

ADR

1,161,995

6,608

Standard

Motor

Products,

Inc.

295,047

45,254

Stoneridge,

Inc.

a

831,316

307

Strategic

Education,

Inc.

28,081

17,822

Taylor

Morrison

Home

Corporation

a

438,243

7,596

Tenneco,

Inc.

a

52,716

2,611

Tesla,

Inc.

a

1,120,145

58,530

Texas

Roadhouse,

Inc.

3,558,039

5,092

Thor

Industries,

Inc.

485,064

8,702

Toll

Brothers,

Inc.

423,439

6,098

TopBuild

Corporation

a

1,040,868

6,265

Tri

Pointe

Homes,

Inc.

a

113,647

472

Tupperware

Brands

Corporation

a

9,516

4,361

Ulta

Beauty,

Inc.

a

976,777

2,430

Urban

Outfitters,

Inc.

a

50,568

1,270

Vail

Resorts,

Inc.

271,742

516

Wayfair,

Inc.

a

150,161

627

Whirlpool

Corporation

115,299

1,252

Williams-Sonoma,

Inc.

113,231

9,101

Wingstop

,

Inc.

1,243,652

711

Workhorse

Group,

Inc.

a

17,974

1,666

Wyndham

Destinations,

Inc.

51,246

601

YETI

Holdings,

Inc.

a

27,237

1,277

Yum!

Brands,

Inc.

116,590

32,214

Zumiez

,

Inc.

a

896,193

Total

108,342,169

Consumer

Staples

(1.4%)

26,878

BJ's

Wholesale

Club

Holdings,

Inc.

a

1,116,781

11,743

Casey's

General

Stores,

Inc.

2,086,144

31,066

Celsius

Holdings,

Inc.

a

705,509

10,668

Colgate-Palmolive

Company

823,036

1,667

Costco

Wholesale

Corporation

591,785

134,518

Cott

Corporation

1,910,156

55,518

e.l.f

.

Beauty,

Inc.

a

1,019,866

34,540

Hain

Celestial

Group,

Inc.

a

1,184,722

9,010

John

B.

Sanfilippo

&

Son,

Inc.

679,174

Shares

Common

Stock

(48.9%)

Value

Consumer

Staples

(1.4%)

-

continued

4,810

Kimberly-Clark

Corporation

$

710,244

23,511

Lamb

Weston

Holdings,

Inc.

1,558,074

1,031

McCormick

&

Company,

Inc.

200,117

263

Medifast

,

Inc.

43,250

12,501

Monster

Beverage

Corporation

a

1,002,580

6,468

PepsiCo,

Inc.

896,465

2,570

Philip

Morris

International,

Inc.

192,724

5,182

Procter

&

Gamble

Company

720,246

1,036

Seneca

Foods

Corporation

a

37,016

2,055

Simply

Good

Foods

Company

a

45,313

2,785

TreeHouse

Foods,

Inc.

a

112,876

86,877

Turning

Point

Brands,

Inc.

2,423,868

407

Vector

Group,

Ltd.

3,944

24,204

Wal-Mart

Stores,

Inc.

3,386,382

Total

21,450,272

Energy

(0.8%)

7,965

Abraxas

Petroleum

Corporation

a

1,163

16,071

Antero

Midstream

Corporation

86,301

6,486

Apache

Corporation

61,422

21,388

Archrock

,

Inc.

115,067

38,089

BP

plc

ADR

665,034

10,057

Centennial

Resource

Development,

Inc.

a

6,058

5,401

ChampionX

Corporation

a

43,154

13,795

Chevron

Corporation

993,240

11,860

Cimarex

Energy

Company

288,554

10,238

CNX

Resources

Corporation

a

96,647

10,526

Concho

Resources,

Inc.

464,407

10,330

ConocoPhillips

339,237

7,840

Continental

Resources,

Inc.

b

96,275

8,097

Core

Laboratories

NV

123,560

2,043

Delek

US

Holdings,

Inc.

22,739

31,507

Devon

Energy

Corporation

298,056

13,143

Diamondback

Energy,

Inc.

395,867

15,716

EnLink

Midstream,

LLC

36,933

26,587

Enterprise

Products

Partners,

LP

419,809

4,943

EOG

Resources,

Inc.

177,651

21,089

EQT

Corporation

272,681

20,506

Equitrans

Midstream

Corporation

173,481

685

Evolution

Petroleum

Corporation

1,534

6,246

Exterran

Corporation

a

25,983

13,680

Exxon

Mobil

Corporation

469,634

9,242

Frank's

International

NV

a

14,233

20,227

Gran

Tierra

Energy,

Inc.

a

4,699

21,581

Halliburton

Company

260,051

88,119

Helmerich

&

Payne,

Inc.

1,290,943

5,062

Liberty

Oilfield

Services,

Inc.

40,445

43,930

Marathon

Oil

Corporation

179,674

20,940

Marathon

Petroleum

Corporation

614,380

532

Nabors

Industries,

Ltd.

13,002

10,064

NexTier

Oilfield

Solutions,

Inc.

a

18,618

92,134

Nine

Energy

Service,

Inc.

a

104,111

12,867

Oceaneering

International,

Inc.

a

45,292

24,499

Patterson-UTI

Energy,

Inc.

69,822

4,787

PBF

Energy,

Inc.

27,238

2,300

PDC

Energy,

Inc.

a

28,509

3,032

Peabody

Energy

Corporation

6,974

8,561

Pioneer

Natural

Resources

Company

736,160

5,439

Plains

GP

Holdings,

LP

33,124

2,748

ProPetro

Holding

Corporation

a

11,157

10,073

QEP

Resources,

Inc.

9,094

5,568

Range

Resources

Corporation

36,860

7,227

RPC,

Inc.

a

19,079

5,440

Schlumberger,

Ltd.

84,646

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

3

Shares

Common

Stock

(48.9%)

Value

Energy

(0.8%)

-

continued

38,232

SEACOR

Holdings,

Inc.

a

$

1,111,787

10,645

SM

Energy

Company

16,926

18,608

Southwestern

Energy

Company

a

43,729

22,809

Talos

Energy,

Inc.

a

147,118

5,092

Targa

Resources

Corporation

71,441

23,276

TechnipFMC

plc

146,872

9,447

Valero

Energy

Corporation

409,244

175,632

WPX

Energy,

Inc.

a

860,597

Total

12,130,312

Financials

(5.4%)

137

1st

Source

Corporation

4,225

21,030

Aflac,

Inc.

764,440

4,719

AG

Mortgage

Investment

Trust,

Inc.

13,024

42,737

Air

Lease

Corporation

1,257,323

1,242

Alleghany

Corporation

646,399

36,163

Ally

Financial,

Inc.

906,606

1,045

American

Equity

Investment

Life

Holding

Company

22,980

23,314

American

Express

Company

2,337,228

21,979

American

Financial

Group,

Inc.

1,472,153

15,720

American

International

Group,

Inc.

432,772

2,499

Ameriprise

Financial,

Inc.

385,121

18,829

Ameris

Bancorp

428,925

1,513

Aon

plc

312,132

9,539

Apollo

Commercial

Real

Estate

Finance,

Inc.

85,946

1,069

Argo

Group

International

Holdings,

Ltd.

36,806

17,424

Arthur

J.

Gallagher

&

Company

1,839,626

1,722

Artisan

Partners

Asset

Management,

Inc.

67,141

30,420

Associated

Banc-Corp

383,900

103,833

Assured

Guaranty,

Ltd.

2,230,333

5,306

Bancorp,

Inc.

a

45,844

68,862

Bank

of

America

Corporation

1,658,886

1,580

Bank

of

Marin

Bancorp

45,757

31,436

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

700,394

3,849

BankFinancial

Corporation

27,790

8,254

Banner

Corporation

266,274

2,531

Berkshire

Hathaway,

Inc.

a

538,951

32,510

Berkshire

Hills

Bancorp,

Inc.

328,676

1,580

BlackRock,

Inc.

890,409

1,605

Blackstone

Mortgage

Trust,

Inc.

35,262

41,686

Boston

Private

Financial

Holdings,

Inc.

230,107

1,259

Bridge

Bancorp,

Inc.

21,944

79,696

Bridgewater

Bancshares,

Inc.

a

756,315

4,405

Brighthouse

Financial,

Inc.

a

118,539

14,312

BrightSphere

Investment

Group

184,625

10,132

Brookline

Bancorp,

Inc.

87,591

1,441

Brown

&

Brown,

Inc.

65,234

2,423

Byline

Bancorp,

Inc.

27,331

19,497

Capital

One

Financial

Corporation

1,401,054

8,143

Central

Pacific

Financial

Corporation

110,501

52,568

Charles

Schwab

Corporation

1,904,539

9,609

Chubb,

Ltd.

1,115,797

2,222

Cincinnati

Financial

Corporation

173,249

8,521

CIT

Group,

Inc.

150,907

39,694

Citigroup,

Inc.

1,711,208

5,389

Citizens

Financial

Group,

Inc.

136,234

6,788

Cohen

&

Steers,

Inc.

378,363

43,887

Columbia

Banking

System,

Inc.

1,046,705

7,510

Comerica,

Inc.

287,257

Shares

Common

Stock

(48.9%)

Value

Financials

(5.4%)

-

continued

10,548

Community

Trust

Bancorp,

Inc.

$

298,086

1,294

Cullen/Frost

Bankers,

Inc.

82,751

579

Customers

Bancorp,

Inc.

a

6,485

289

Diamond

Hill

Investment

Group,

Inc.

36,506

19,392

Discover

Financial

Services

1,120,470

4,687

East

West

Bancorp,

Inc.

153,452

3,592

Ellington

Residential

Mortgage

REIT

39,871

790

Encore

Capital

Group,

Inc.

a

30,486

1,786

Enterprise

Financial

Services

Corporation

48,704

17,017

Essent

Group,

Ltd.

629,799

16,585

Evercore

,

Inc.

1,085,654

229,332

Everi

Holdings,

Inc.

a

1,891,989

14,742

F.N.B.

Corporation

99,951

1,875

FactSet

Research

Systems,

Inc.

627,900

1,491

FBL

Financial

Group,

Inc.

71,866

637

Federal

Agricultural

Mortgage

Corporation

40,551

6,153

Financial

Institutions,

Inc.

94,756

2,222

First

American

Financial

Corporation

113,122

3,498

First

Bancorp

73,213

22,962

First

BanCorp

119,862

44

First

Bancshares,

Inc.

923

11,476

First

Busey

Corporation

182,354

591

First

Citizens

BancShares

,

Inc.

188,399

4,047

First

Commonwealth

Financial

Corporation

31,324

16,168

First

Financial

Bancorp

194,097

3,660

First

Financial

Corporation

114,924

44,971

First

Interstate

BancSystem

,

Inc.

1,432,326

1,665

First

Merchants

Corporation

38,561

424

First

Mid-Illinois

Bancshares,

Inc.

10,579

7,797

First

Midwest

Bancorp,

Inc.

84,052

486

First

of

Long

Island

Corporation

7,198

7,297

First

Republic

Bank

795,811

983

Flagstar

Bancorp,

Inc.

29,126

1,555

Flushing

Financial

Corporation

16,359

52,133

Fulton

Financial

Corporation

486,401

14,671

Glacier

Bancorp,

Inc.

470,206

2,028

Goldman

Sachs

Group,

Inc.

407,567

7,293

Granite

Point

Mortgage

Trust,

Inc.

51,707

9,503

Great

Southern

Bancorp,

Inc.

344,199

12,274

Great

Western

Bancorp,

Inc.

152,811

12,937

Hamilton

Lane,

Inc.

835,601

29,147

Hancock

Whitney

Corporation

548,255

4,885

Hanmi

Financial

Corporation

40,106

5,103

Hanover

Insurance

Group,

Inc.

475,498

19,759

Hartford

Financial

Services

Group,

Inc.

728,317

50,437

Heartland

Financial

USA,

Inc.

1,512,858

114,299

Heritage

Commerce

Corporation

760,660

6,816

Hometrust

Bancshares,

Inc.

92,561

20,141

Hope

Bancorp,

Inc.

152,769

7,310

Horizon

Bancorp,

Inc.

73,758

7,321

Houlihan

Lokey

,

Inc.

432,305

8,269

Independent

Bank

Corporation

103,941

26,062

Interactive

Brokers

Group,

Inc.

1,259,576

652

International

Bancshares

Corporation

16,991

28,570

J.P.

Morgan

Chase

&

Company

2,750,434

9,650

Julius

Baer

Group,

Ltd.

409,859

25,654

Kemper

Corporation

1,714,457

60,354

KeyCorp

720,023

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

4

Shares

Common

Stock

(48.9%)

Value

Financials

(5.4%)

-

continued

8,137

Ladder

Capital

Corporation

$

57,935

2,754

Lakeland

Bancorp,

Inc.

27,402

1,744

Lincoln

National

Corporation

54,640

3,876

Loews

Corporation

134,691

939

Markel

Corporation

a

914,304

242

MarketAxess

Holdings,

Inc.

116,545

1,565

Marsh

&

McLennan

Companies,

Inc.

179,505

2,936

Mercantile

Bank

Corporation

52,907

13,771

Meridian

Bancorp,

Inc.

142,530

688

Meta

Financial

Group,

Inc.

13,223

18,290

MetLife,

Inc.

679,839

4,302

Midland

States

Bancorp,

Inc.

55,281

11,063

MidWestOne

Financial

Group,

Inc.

197,696

495

Moody's

Corporation

143,476

29,190

Morgan

Stanley

1,411,336

144

Morningstar,

Inc.

23,128

3,420

Mr.

Cooper

Group,

Inc.

a

76,334

4,524

MSCI,

Inc.

1,614,073

82

National

Western

Life

Group,

Inc.

14,987

5,046

Northern

Trust

Corporation

393,437

4,451

OFG

Bancorp

55,459

1,254

Old

Republic

International

Corporation

18,484

3,248

Old

Second

Bancorp,

Inc.

24,344

12,191

PacWest

Bancorp

208,222

471

Peapack

-Gladstone

Financial

Corporation

7,136

1,361

Peoples

Bancorp,

Inc.

25,981

25,392

Popular,

Inc.

920,968

14,057

Premier

Financial

Corporation

218,938

13,611

Primerica,

Inc.

1,539,949

18,523

Prosight

Global,

Inc.

a

210,051

7,707

QCR

Holdings,

Inc.

211,249

37,800

Radian

Group,

Inc.

552,258

14,823

Raymond

James

Financial,

Inc.

1,078,521

7,073

Redwood

Trust,

Inc.

53,189

8,521

Reinsurance

Group

of

America,

Inc.

811,114

7,766

S&P

Global,

Inc.

2,800,420

1,151

Safety

Insurance

Group,

Inc.

79,523

39,628

Santander

Consumer

USA

Holdings,

Inc.

720,833

69,741

Seacoast

Banking

Corporation

of

Florida

a

1,257,430

10,530

SEI

Investments

Company

534,082

9,906

Selective

Insurance

Group,

Inc.

510,060

152

Signature

Bank

12,614

9,326

Simmons

First

National

Corporation

147,864

1,161

Southside

Bancshares,

Inc.

28,363

5,251

Starwood

Property

Trust,

Inc.

79,238

8,177

State

Auto

Financial

Corporation

112,516

5,093

Sterling

Bancorp

53,578

4,387

SVB

Financial

Group

a

1,055,600

83,988

Synovus

Financial

Corporation

1,778,026

7,734

T.

Rowe

Price

Group,

Inc.

991,653

1,474

TCF

Financial

Corporation

34,433

1,384

Territorial

Bancorp,

Inc.

27,998

2,408

Texas

Capital

Bancshares,

Inc.

a

74,961

9,821

TMX

Group,

Ltd.

1,010,017

94

Torchmark

Corporation

7,511

2,603

Towne

Bank

42,689

10,771

TPG

RE

Finance

Trust,

Inc.

91,123

2,774

TriCo

Bancshares

67,935

46,448

Triumph

Bancorp,

Inc.

a

1,446,391

Shares

Common

Stock

(48.9%)

Value

Financials

(5.4%)

-

continued

23,350

Truist

Financial

Corporation

$

888,468

8,821

TrustCo

Bank

Corporation

46,046

6,262

Two

Harbors

Investment

Corporation

31,874

5,616

United

Bankshares

,

Inc.

120,576

528

Univest

Financial

Corporation

7,587

16,518

Valley

National

Bancorp

113,148

548

Walker

&

Dunlop,

Inc.

29,044

719

Washington

Federal,

Inc.

14,998

2,212

Washington

Trust

Bancorp,

Inc.

67,820

14,447

Webster

Financial

Corporation

381,545

60,940

Wells

Fargo

&

Company

1,432,699

4,068

WesBanco

,

Inc.

86,892

64,587

Western

Alliance

Bancorp

2,042,241

10,899

Western

Asset

Mortgage

Capital

Corporation

22,234

170

Westwood

Holdings

Group,

Inc.

1,894

11,962

Wintrust

Financial

Corporation

479,078

46,001

Zions

Bancorporations

NA

1,344,149

Total

84,719,473

Health

Care

(8.0%)

8,780

Abbott

Laboratories

955,527

2,361

AbbVie,

Inc.

206,800

1,710

Acadia

Healthcare

Company,

Inc.

a

50,411

63,103

ACADIA

Pharmaceuticals,

Inc.

a

2,602,999

401

Acceleron

Pharma,

Inc.

a

45,125

6,200

ADMA

Biologics,

Inc.

a

14,818

2,801

Adverum

Biotechnologies,

Inc.

a

28,850

2,617

Agile

Therapeutics,

Inc.

a

7,956

10,037

Agilent

Technologies,

Inc.

1,013,135

21,494

Agios

Pharmaceuticals,

Inc.

a

752,290

3,614

Akebia

Therapeutics,

Inc.

a

9,071

5,851

Alexion

Pharmaceuticals,

Inc.

a

669,530

3,912

Align

Technology,

Inc.

a

1,280,632

1,330

Alkermes

plc

a

22,038

3,234

AmerisourceBergen

Corporation

313,439

9,659

Amgen,

Inc.

2,454,931

23,675

AMN

Healthcare

Services,

Inc.

a

1,384,041

2,537

AnaptysBio

,

Inc.

a

37,421

1,476

Anavex

Life

Sciences

Corporation

a

6,716

3,845

Anthem,

Inc.

1,032,729

5,360

Arena

Pharmaceuticals,

Inc.

a

400,874

6,762

Argenx

SE

ADR

a

1,775,160

794

Assembly

Biosciences,

Inc.

a

13,053

1,696

Atara

Biotherapeutics

,

Inc.

a

21,980

72

Atrion

Corporation

45,072

457

AVROBIO,

Inc.

a

5,950

23,423

Axonics

Modulation

Technologies,

Inc.

a,b

1,195,510

383

Axsome

Therapeutics,

Inc.

a

27,289

3,579

Baxter

International,

Inc.

287,823

3,172

Becton,

Dickinson

and

Company

738,061

3,255

Biogen,

Inc.

a

923,378

30,102

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

a

1,956,931

1,080

Bio-Rad

Laboratories,

Inc.

a

556,697

9,805

Bio-

Techne

Corporation

2,428,993

941

Bluebird

Bio,

Inc.

a

50,767

641

Bruker

Corporation

25,480

1,964

Cantel

Medical

Corporation

86,298

51,536

Catalent

,

Inc.

a

4,414,574

20,370

Centene

Corporation

a

1,188,182

19,159

Cerner

Corporation

1,385,004

2,708

Charles

River

Laboratories

International,

Inc.

a

613,227

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

5

Shares

Common

Stock

(48.9%)

Value

Health

Care

(8.0%)

-

continued

650

Chemed

Corporation

$

312,228

7,307

Cigna

Holding

Company

1,237,879

1,990

Clovis

Oncology,

Inc.

a

11,602

5,103

CryoLife

,

Inc.

a

94,252

12,969

CVS

Health

Corporation

757,390

2,836

CytomX

Therapeutics,

Inc.

a

18,859

1,912

Danaher

Corporation

411,711

425

Deciphera

Pharmaceuticals,

Inc.

a

21,803

6,097

Dexcom

,

Inc.

a

2,513,366

4,262

Dynavax

Technologies

Corporation

a

18,412

1,203

Editas

Medicine,

Inc.

a

33,756

34,804

Edwards

Lifesciences

Corporation

a

2,778,055

3,369

Eli

Lilly

and

Company

498,679

446

Encompass

Health

Corporation

28,981

7,082

Gilead

Sciences,

Inc.

447,512

18,820

GlaxoSmithKline

plc

ADR

708,385

7,534

Global

Blood

Therapeutics,

Inc.

a

415,425

32,289

Guardant

Health,

Inc.

a

3,609,264

3,655

Haemonetics

Corporation

a

318,899

63,674

Halozyme

Therapeutics,

Inc.

a

1,673,353

7,050

HCA

Healthcare,

Inc.

878,994

506

HealthStream

,

Inc.

a

10,155

5,252

Hill-Rom

Holdings,

Inc.

438,595

4,156

Humana,

Inc.

1,720,127

20

ICU

Medical,

Inc.

a

3,655

402

IDEXX

Laboratories,

Inc.

a

158,030

4,835

ImmunoGen

,

Inc.

a

17,406

963

Incyte

Corporation

a

86,420

1,151

Insmed

,

Inc.

a

36,993

13,369

Inspire

Medical

Systems,

Inc.

a

1,725,269

8,227

Insulet

Corporation

a

1,946,426

4,997

Intuitive

Surgical,

Inc.

a

3,545,571

2,497

Invitae

Corporation

a

108,245

1,482

Iovance

Biotherapeutics

,

Inc.

a

48,787

4,070

IQVIA

Holding,

Inc.

a

641,554

7,851

Jazz

Pharmaceuticals,

Inc.

a

1,119,474

28,847

Johnson

&

Johnson

4,294,741

1,837

Laboratory

Corporation

of

America

Holdings

a

345,852

37,598

LHC

Group,

Inc.

a

7,991,831

4,482

Ligand

Pharmaceuticals,

Inc.

a,b

427,224

1,566

MacroGenics

,

Inc.

a

39,448

275

Masimo

Corporation

a

64,917

29,669

Medtronic

plc

3,083,202

35,257

Merck

&

Company,

Inc.

2,924,568

1,041

Mersana

Therapeutics,

Inc.

a

19,383

2,230

Mesa

Laboratories,

Inc.

b

568,115

706

Mettler

-Toledo

International,

Inc.

a

681,820

164

Mirati

Therapeutics,

Inc.

a

27,232

4,431

Molina

Healthcare,

Inc.

a

811,050

9,477

MyoKardia

,

Inc.

a

1,291,999

1,448

Myovant

Sciences,

Ltd.

a

20,344

24,979

Natera

,

Inc.

a

1,804,483

3,737

National

Healthcare

Corporation

232,852

1,493

Nektar

Therapeutics

a

24,769

860

Neogen

Corporation

a

67,295

2,950

Neurocrine

Biosciences,

Inc.

a

283,672

20,752

Nevro

Corporation

a

2,890,754

16,875

Novo

Nordisk

AS

ADR

1,171,631

98,909

Optinose

,

Inc.

a

385,745

1,390

Orthifix

Medical,

Inc.

a

43,285

4,023

PerkinElmer,

Inc.

504,927

802

Pfizer,

Inc.

29,433

14,419

PRA

Health

Sciences,

Inc.

a

1,462,663

666

Precision

BioSciences

,

Inc.

a

4,103

Shares

Common

Stock

(48.9%)

Value

Health

Care

(8.0%)

-

continued

2,451

Quest

Diagnostics,

Inc.

$

280,615

2,612

Quidel

Corporation

a

573,021

431

Reata

Pharmaceuticals,

Inc.

a

41,988

8,314

Repligen

Corporation

a

1,226,648

148

Replimune

Group,

Inc.

a

3,407

4,845

Retrophin

,

Inc.

a

89,439

3,057

Sage

Therapeutics,

Inc.

a

186,844

3,682

Sarepta

Therapeutics,

Inc.

a

517,063

28,876

Silk

Road

Medical,

Inc.

a,b

1,940,756

3,542

Spectrum

Pharmaceuticals,

Inc.

a

14,451

367

STERIS

plc

64,662

10,609

Stryker

Corporation

2,210,597

565

Surmodics

,

Inc.

a

21,984

29,928

Syneos

Health,

Inc.

a

1,590,973

56,251

Tactile

Systems

Technology,

Inc.

a

2,058,224

4,577

Teladoc

Health,

Inc.

a,b

1,003,461

7,613

Teleflex,

Inc.

2,591,617

5,107

Tenet

Healthcare

Corporation

a

125,173

8,236

Thermo

Fisher

Scientific,

Inc.

3,636,359

1,588

Tilray

,

Inc.

a

7,702

990

U.S.

Physical

Therapy,

Inc.

86,011

378

uniQure

B.V.

a

13,922

768

United

Therapeutics

Corporation

a

77,568

4,879

UnitedHealth

Group,

Inc.

1,521,126

5,431

Universal

Health

Services,

Inc.

581,226

15,950

VBI

Vaccines,

Inc.

a,b

45,617

20,503

Veeva

Systems,

Inc.

a

5,765,239

7,728

Vertex

Pharmaceuticals,

Inc.

a

2,102,943

513

Viking

Therapeutics,

Inc.

a

2,986

1,491

Waters

Corporation

a

291,759

160

West

Pharmaceutical

Services,

Inc.

43,984

3,274

Zimmer

Biomet

Holdings,

Inc.

445,722

28,533

Zoetis,

Inc.

4,718,502

8,861

Zymeworks

,

Inc.

a

412,745

Total

125,215,946

Industrials

(6.7%)

1,004

3M

Company

160,821

22,763

A.O.

Smith

Corporation

1,201,886

578

Acuity

Brands,

Inc.

59,158

3,584

AECOM

a

149,955

1,765

Aegion

Corporation

a

24,939

26,157

Aerojet

Rocketdyne

Holdings,

Inc.

a

1,043,403

13,676

AGCO

Corporation

1,015,716

5,084

Allegion

plc

502,858

89,679

Altra

Industrial

Motion

Corporation

3,315,433

6,230

American

Airlines

Group,

Inc.

b

76,567

16,574

AMETEK,

Inc.

1,647,456

49,806

Arconic

,

Inc.

832,756

52,154

ASGN,

Inc.

a

3,314,908

2,056

Avis

Budget

Group,

Inc.

a

54,114

11,452

AZZ,

Inc.

390,742

877

Bloom

Energy

Corporation

a

15,760

4,004

Boeing

Company

661,701

13,109

BWX

Technologies,

Inc.

738,168

5,811

Carlisle

Companies,

Inc.

711,092

37,680

Carrier

Global

Corporation

1,150,747

16,708

CBIZ,

Inc.

a

382,112

18,029

Chart

Industries,

Inc.

a

1,266,898

1,223

Cintas

Corporation

407,051

10,178

Copart

,

Inc.

a

1,070,318

1,676

CRA

International,

Inc.

62,800

12,434

Crane

Company

623,316

6,739

CSW

Industrials,

Inc.

520,588

8,836

CSX

Corporation

686,292

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

6

Shares

Common

Stock

(48.9%)

Value

Industrials

(6.7%)

-

continued

26,582

Curtiss-Wright

Corporation

$

2,479,037

25,060

Delta

Air

Lines,

Inc.

766,335

1,164

Douglas

Dynamics,

Inc.

39,809

2,318

Eaton

Corporation

plc

236,506

10,428

EMCOR

Group,

Inc.

706,080

11,367

Emerson

Electric

Company

745,334

9,899

Encore

Wire

Corporation

459,512

6,368

Expeditors

International

of

Washington,

Inc.

576,431

37

Exponent,

Inc.

2,665

12,621

Fluor

Corporation

111,191

9,566

Forrester

Research,

Inc.

a

313,669

32,307

Forward

Air

Corporation

1,853,776

4,676

FuelCell

Energy,

Inc.

a

10,007

5,342

Generac

Holdings,

Inc.

a

1,034,425

12,369

General

Dynamics

Corporation

1,712,241

4,789

Gorman-Rupp

Company

141,084

6,639

Heico

Corporation

694,838

25,902

Helios

Technologies,

Inc.

942,833

16,841

Honeywell

International,

Inc.

2,772,197

5,250

Hubbell,

Inc.

718,410

1,026

ICF

International,

Inc.

63,130

18,281

IDEX

Corporation

3,334,637

2,724

Illinois

Tool

Works,

Inc.

526,304

1,453

JB

Hunt

Transport

Services,

Inc.

183,630

36,270

Johnson

Controls

International

plc

1,481,629

5,140

Kansas

City

Southern

929,466

1,319

L3Harris

Technologies,

Inc.

224,019

8,175

Landstar

System,

Inc.

1,025,881

4,177

Lennox

International,

Inc.

1,138,692

34,146

Lincoln

Electric

Holdings,

Inc.

3,142,798

3,032

Linde

Public

Limited

Company

722,010

5,816

Lockheed

Martin

Corporation

2,229,156

29,453

Manpower,

Inc.

2,159,788

1,546

Masonite

International

Corporation

a

152,126

20,648

Mercury

Systems,

Inc.

a

1,599,394

144,178

Meritor,

Inc.

a

3,019,087

31,229

Middleby

Corporation

a

2,801,554

2,783

MSC

Industrial

Direct

Company,

Inc.

176,108

15,074

NAPCO

Security

Technologies,

Inc.

a

354,239

4,657

Nordson

Corporation

893,306

6,828

Norfolk

Southern

Corporation

1,461,124

17,822

Nutrien

,

Ltd.

699,157

14,695

Old

Dominion

Freight

Line,

Inc.

2,658,619

8,580

Otis

Worldwide

Corporation

535,564

9,004

Parker-Hannifin

Corporation

1,821,869

2,541

Quad/Graphics,

Inc.

7,699

59,728

Raven

Industries,

Inc.

1,285,347

17,170

Raytheon

Technologies

Corporation

987,962

5,233

Regal-Beloit

Corporation

491,222

878

Republic

Services,

Inc.

81,961

50,009

Ritchie

Brothers

Auctioneers,

Inc.

2,963,033

6,106

Rockwell

Automation,

Inc.

1,347,472

4,071

Roper

Industries,

Inc.

1,608,493

2,464

Ryder

System,

Inc.

104,079

19,024

Saia,

Inc.

a

2,399,687

4,960

Simpson

Manufacturing

Company,

Inc.

481,914

6,172

SiteOne

Landscape

Supply,

Inc.

a

752,675

1,327

Snap-On,

Inc.

195,241

62,448

Southwest

Airlines

Company

2,341,800

270

SP

Plus

Corporation

a

4,846

Shares

Common

Stock

(48.9%)

Value

Industrials

(6.7%)

-

continued

878

Spirit

Aerosystems

Holdings,

Inc.

$

16,603

2,331

Spirit

Airlines,

Inc.

a

37,529

708

SPX

FLOW,

Inc.

a

30,317

11,148

Standex

International

Corporation

659,962

52,074

Summit

Materials,

Inc.

a

861,304

1,436

Teledyne

Technologies,

Inc.

a

445,462

1,004

Thermon

Group

Holdings,

Inc.

a

11,275

15,257

Timken

Company

827,235

11,686

Toro

Company

981,040

28,382

Trex

Company,

Inc.

a

2,032,151

13,789

TriMas

Corporation

a

314,389

1,415

UniFirst

Corporation

267,959

3,783

Union

Pacific

Corporation

744,759

4,169

United

Airlines

Holdings,

Inc.

a

144,873

125

United

Parcel

Service,

Inc.

20,829

26,126

United

Rentals,

Inc.

a

4,558,987

10,868

Valmont

Industries,

Inc.

1,349,588

6,079

Verisk

Analytics,

Inc.

1,126,499

4,511

Waste

Connections,

Inc.

468,242

2,330

Watsco

,

Inc.

542,634

40,268

Willdan

Group,

Inc.

a

1,027,237

4,730

XPO

Logistics,

Inc.

a

400,442

Total

103,659,969

Information

Technology

(12.4%)

5,398

Accenture

plc

1,219,894

10,069

Adobe,

Inc.

a

4,938,140

1,709

ADTRAN,

Inc.

17,526

11,298

Advanced

Energy

Industries,

Inc.

a

711,096

14,324

Advanced

Micro

Devices,

Inc.

a

1,174,425

45,649

Agilysys

,

Inc.

a

1,102,880

10,642

Akamai

Technologies,

Inc.

a

1,176,367

15,919

Alliance

Data

Systems

Corporation

668,280

1,896

American

Software,

Inc.

26,620

28,568

Amphenol

Corporation

3,093,057

786

Analog

Devices,

Inc.

91,758

36,819

Anaplan,

Inc.

a

2,304,133

5,069

ANSYS,

Inc.

a

1,658,729

176,667

Apple,

Inc.

20,459,805

944

Aspen

Technology,

Inc.

a

119,501

6,835

Atlassian

Corporation

plc

a

1,242,535

1,032

Automatic

Data

Processing,

Inc.

143,954

15,456

Avalara,

Inc.

a

1,968,167

1,796

Avnet,

Inc.

46,409

11,409

Bandwidth,

Inc.

a

1,991,669

7,311

Benchmark

Electronics,

Inc.

147,317

26,774

Blackline,

Inc.

a

2,399,754

37

Broadcom,

Ltd.

13,480

3,903

Broadridge

Financial

Solutions,

Inc.

515,196

444

CACI

International,

Inc.

a

94,643

501

Cadence

Design

Systems,

Inc.

a

53,422

12,764

CDK

Global,

Inc.

556,383

15,538

CDW

Corporation

1,857,257

1,132

Ceridian

HCM

Holding,

Inc.

a

93,560

83,712

Change

Healthcare,

Inc.

a

1,214,661

33,927

Ciena

Corporation

a

1,346,563

78,140

Cisco

Systems,

Inc.

3,077,935

11,439

Cognex

Corporation

744,679

23,942

Computer

Services,

Inc.

1,484,404

11,172

Coupa

Software,

Inc.

a

3,063,809

5,626

Cree,

Inc.

a

358,601

5,012

CTS

Corporation

110,414

18,047

Descartes

Systems

Group,

Inc.

a

1,028,318

12,399

DocuSign,

Inc.

a

2,668,761

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

7

Shares

Common

Stock

(48.9%)

Value

Information

Technology

(12.4%)

-

continued

44,008

Dolby

Laboratories,

Inc.

$

2,916,850

681

Domo,

Inc.

a

26,103

30,548

Dropbox,

Inc.

a

588,354

977

DSP

Group,

Inc.

a

12,877

27,614

Elastic

NV

a

2,979,274

15,752

Endava

plc

ADR

a

994,739

2,306

EPAM

Systems,

Inc.

a

745,484

3,290

ePlus

,

Inc.

a

240,828

22,281

Euronet

Worldwide,

Inc.

a

2,029,799

40,911

Eventbrite,

Inc.

a,b

443,884

3,855

ExlService

Holdings,

Inc.

a

254,314

777

eXp

World

Holdings,

Inc.

a

31,344

2,246

F5

Networks,

Inc.

a

275,741

1,255

Fair

Isaac

Corporation

a

533,852

15,830

Five9,

Inc.

a

2,052,834

426

FLIR

Systems,

Inc.

15,272

948

Gartner,

Inc.

a

118,453

13,810

Global

Payments,

Inc.

2,452,380

13,107

Guidewire

Software,

Inc.

a

1,366,667

19,092

Health

Catalyst,

Inc.

a,b

698,767

4,953

II-VI,

Inc.

a

200,894

8,663

Inphi

Corporation

a

972,422

1,737

Intel

Corporation

89,942

2,489

InterDigital

,

Inc.

142,022

360

International

Business

Machines

Corporation

43,801

2,142

Intuit,

Inc.

698,742

1,925

Jack

Henry

&

Associates,

Inc.

312,986

4,019

Juniper

Networks,

Inc.

86,408

63

KLA-Tencor

Corporation

12,206

5,434

Lam

Research

Corporation

1,802,729

61,933

Lattice

Semiconductor

Corporation

a

1,793,580

5,800

Littelfuse

,

Inc.

1,028,572

25,659

Lumentum

Holdings,

Inc.

a

1,927,761

738

Manhattan

Associates,

Inc.

a

70,472

1,310

ManTech

International

Corporation

90,233

24,297

MasterCard,

Inc.

8,216,516

838

MaxLinear

,

Inc.

a

19,475

47,937

Medallia

,

Inc.

a,b

1,314,432

750

Methode

Electronics,

Inc.

21,375

417

Microchip

Technology,

Inc.

42,851

96,800

Microsoft

Corporation

20,359,944

1,578

MicroStrategy

,

Inc.

a

237,584

21,727

MKS

Instruments,

Inc.

2,373,240

19,068

Monolithic

Power

Systems,

Inc.

5,331,603

1,468

Motorola

Solutions,

Inc.

230,197

5,821

MTS

Systems

Corporation

111,239

38,123

National

Instruments

Corporation

1,360,991

270

NetApp,

Inc.

11,837

9,135

Nice,

Ltd.

ADR

a,b

2,073,919

11,797

Nova

Measuring

Instruments,

Ltd.

a

615,096

6,230

Novanta

,

Inc.

a

656,268

84,681

Nuance

Communications,

Inc.

a

2,810,562

11,333

NVIDIA

Corporation

6,133,646

25,859

Oracle

Corporation

1,543,782

7,143

Palo

Alto

Networks,

Inc.

a

1,748,249

2,254

Paychex,

Inc.

179,802

21

Paylocity

Holding

Corporation

a

3,390

22,600

PayPal

Holdings,

Inc.

a

4,452,878

13,756

Plexus

Corporation

a

971,586

1,250

Progress

Software

Corporation

45,850

6,363

Proofpoint

,

Inc.

a

671,615

12,132

Q2

Holdings,

Inc.

a

1,107,166

3,362

QAD,

Inc.

141,876

4,528

Qorvo

,

Inc.

a

584,157

Shares

Common

Stock

(48.9%)

Value

Information

Technology

(12.4%)

-

continued

11,200

QUALCOMM,

Inc.

$

1,318,016

356

Qualys

,

Inc.

a

34,892

6,293

Rogers

Corporation

a

617,092

32,892

SailPoint

Technologies

Holdings,

Inc.

a

1,301,536

6,141

Salesforce.com,

Inc.

a

1,543,356

1,004

Samsung

Electronics

Company,

Ltd.

GDR

1,272,996

2,535

ScanSource

,

Inc.

a

50,269

2,231

Semtech

Corporation

a

118,154

14,076

ServiceNow

,

Inc.

a

6,826,860

1,141

Silicon

Laboratories,

Inc.

a

111,647

163

Skyworks

Solutions,

Inc.

23,716

148

Solaredge

Technology,

Ltd.

a

35,276

20,357

Square,

Inc.

a

3,309,030

52,746

STMicroelectronics

NV

ADR

b

1,618,775

10,793

Synopsys,

Inc.

a

2,309,486

4,164

TE

Connectivity,

Ltd.

406,989

19,844

Texas

Instruments,

Inc.

2,833,525

184

Tyler

Technologies,

Inc.

a

64,135

3,897

VeriSign,

Inc.

a

798,300

42,551

Visa,

Inc.

8,508,923

3,197

VMware,

Inc.

a,b

459,313

5,942

WEX,

Inc.

a

825,760

30,194

Workiva

,

Inc.

a

1,683,617

490

Zendesk

,

Inc.

a

50,431

10,336

Zscaler

,

Inc.

a

1,454,172

Total

193,982,080

Materials

(1.6%)

3,315

AdvanSix

,

Inc.

a

42,697

497

Air

Products

and

Chemicals,

Inc.

148,036

3,186

AptarGroup,

Inc.

360,655

1,182

Avery

Dennison

Corporation

151,107

28,115

Axalta

Coating

Systems,

Ltd.

a

623,310

146

Balchem

Corporation

14,254

12,447

Ball

Corporation

1,034,595

2,775

Cabot

Corporation

99,983

1,522

Carpenter

Technology

Corporation

27,639

1,648

Celanese

Corporation

177,078

27,390

CF

Industries

Holdings,

Inc.

841,147

12,492

Chemours

Company

261,208

25,296

Eastman

Chemical

Company

1,976,123

12,192

Ecolab,

Inc.

2,436,449

102,111

Element

Solutions,

Inc.

a

1,073,187

8,150

Ferroglobe

Representation

&

Warranty

Insurance

Trust

a,c

1

1,360

FMC

Corporation

144,038

1,998

Ingevity

Corporation

a

98,781

6,281

Innospec

,

Inc.

397,713

233,406

Ivanhoe

Mines,

Ltd.

a

848,398

7,750

Kaiser

Aluminum

Corporation

415,322

1,477

Kraton

Performance

Polymers,

Inc.

a

26,320

97,954

Louisiana-Pacific

Corporation

2,890,623

10,252

Martin

Marietta

Materials,

Inc.

2,412,911

3,385

Materion

Corporation

176,122

3,818

Minerals

Technologies,

Inc.

195,100

6,988

Myers

Industries,

Inc.

92,451

6,540

Neenah,

Inc.

245,054

17,302

Nucor

Corporation

776,168

737

Olympic

Steel,

Inc.

8,372

4,118

PPG

Industries,

Inc.

502,725

7,971

Quaker

Chemical

Corporation

1,432,468

633

Reliance

Steel

&

Aluminum

Company

64,591

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

8

Shares

Common

Stock

(48.9%)

Value

Materials

(1.6%)

-

continued

852

RPM

International,

Inc.

$

70,580

3,449

Ryerson

Holding

Corporation

a

19,763

727

Scotts

Miracle-

Gro

Company

111,166

3,063

Sensient

Technologies

Corporation

176,858

845

Sherwin-Williams

Company

588,745

25,021

Steel

Dynamics,

Inc.

716,351

18,074

UFP

Technologies,

Inc.

a

748,625

13,458

United

States

Lime

&

Minerals,

Inc.

1,212,566

6,171

United

States

Steel

Corporation

45,295

22,561

W.

R.

Grace

&

Company

908,983

1,471

Worthington

Industries,

Inc.

59,987

Total

24,653,545

Real

Estate

(2.3%)

27,667

Agree

Realty

Corporation

1,760,728

3,467

Alexandria

Real

Estate

Equities,

Inc.

554,720

58,787

American

Campus

Communities,

Inc.

2,052,842

8,775

American

Tower

Corporation

2,121,181

5,374

Apartment

Investment

&

Management

Company

181,211

4,864

Armada

Hoffler

Properties,

Inc.

45,041

1,736

Ashford

Hospitality

Trust,

Inc.

2,864

3,717

AvalonBay

Communities,

Inc.

555,097

347

BBX

Capital

Corporation

4,646

75

Bluerock

Residential

Growth

REIT,

Inc.

569

18,968

Camden

Property

Trust

1,687,773

6,015

CareTrust

REIT,

Inc.

107,037

10,195

CBL

&

Associates

Properties,

Inc.

a

1,642

42,702

CBRE

Group,

Inc.

a

2,005,713

20,243

Cedar

Realty

Trust,

Inc.

16,397

17,480

Colliers

International

Group,

Inc.

1,165,741

2,315

Colony

Credit

Real

Estate,

Inc.

11,367

3,777

Columbia

Property

Trust,

Inc.

41,207

2,564

Community

Healthcare

Trust,

Inc.

119,893

1,442

Corepoint

Lodging,

Inc.

7,859

3,343

CoreSite

Realty

Corporation

397,416

3,186

CoStar

Group,

Inc.

a

2,703,353

46,987

Cushman

and

Wakefield

plc

a

493,833

16

CyrusOne

,

Inc.

1,120

3,900

Digital

Realty

Trust,

Inc.

572,364

7,734

Diversified

Healthcare

Trust

27,224

17,992

Douglas

Emmett,

Inc.

451,599

17,610

Duke

Realty

Corporation

649,809

2,136

EastGroup

Properties,

Inc.

276,249

4,073

EPR

Properties

112,008

5,623

Equity

Lifestyle

Properties,

Inc.

344,690

30,649

Essential

Properties

Realty

Trust,

Inc.

561,490

1,788

Essex

Property

Trust,

Inc.

359,013

2,323

Farmland

Partners,

Inc.

15,471

25,408

First

Industrial

Realty

Trust,

Inc.

1,011,238

8,908

FirstService

Corporation

1,174,876

20,429

Four

Corners

Property

Trust,

Inc.

522,778

3,574

Gaming

and

Leisure

Properties,

Inc.

131,988

5,396

Getty

Realty

Corporation

140,350

3,184

Gladstone

Commercial

Corporation

53,650

208

Gladstone

Land

Corporation

3,124

1,394

Global

Medical

REIT,

Inc.

18,819

23,764

Healthcare

Realty

Trust,

Inc.

715,772

80,609

Host

Hotels

&

Resorts,

Inc.

869,771

8,638

Industrial

Logistics

Properties

Trust

188,913

Shares

Common

Stock

(48.9%)

Value

Real

Estate

(2.3%)

-

continued

1,927

Innovative

Industrial

Properties,

Inc.

$

239,160

1,269

Investors

Real

Estate

Trust

82,701

3,031

Jones

Lang

LaSalle,

Inc.

289,945

19,024

Kilroy

Realty

Corporation

988,487

606

Lamar

Advertising

Company

40,099

3,356

Lexington

Realty

Trust

35,070

28,262

Medical

Properties

Trust,

Inc.

498,259

662

MGM

Growth

Properties

LLC

18,523

466

National

Health

Investors,

Inc.

28,086

9,169

National

Retail

Properties,

Inc.

316,422

52,177

National

Storage

Affiliates

Trust

1,706,710

11,451

New

Residential

Investment

Corporation

91,035

3,598

New

Senior

Investment

Group,

Inc.

14,392

13,040

NexPoint

Residential

Trust,

Inc.

578,324

6,047

Omega

Healthcare

Investors,

Inc.

181,047

2,277

One

Liberty

Properties,

Inc.

37,252

1,868

Physicians

Realty

Trust

33,456

1,214

Plymouth

Industrial

REIT,

Inc.

14,981

1,451

PotlatchDeltic

Corporation

61,087

4,727

Preferred

Apartment

Communities,

Inc.

25,526

20,108

Rayonier,

Inc.

REIT

531,656

9,369

Realty

Income

Corporation

569,167

391

Retail

Properties

of

America,

Inc.

2,272

17,994

Rexford

Industrial

Realty,

Inc.

823,405

246

RMR

Group,

Inc.

6,758

18,502

Sabra

Health

Care

REIT,

Inc.

255,050

4,408

SBA

Communications

Corporation

1,403,860

35,731

Service

Properties

Trust

284,061

8,067

Spirit

Realty

Capital,

Inc.

272,261

5,892

STAG

Industrial,

Inc.

179,647

5,029

Store

Capital

Corporation

137,945

135,445

Sunstone

Hotel

Investors,

Inc.

1,075,433

8,572

Terreno

Realty

Corporation

469,403

6,171

UDR,

Inc.

201,236

1,791

UMH

Properties,

Inc.

24,250

6,427

Uniti

Group,

Inc.

67,708

88

Universal

Health

Realty

Income

Trust

5,015

4,757

WP

Carey,

Inc.

309,966

Total

36,140,101

Utilities

(0.6%)

1,523

ALLETE,

Inc.

78,800

10,437

Alliant

Energy

Corporation

539,071

2,346

Artesian

Resources

Corporation

80,867

1,290

Black

Hills

Corporation

69,002

28,844

CenterPoint

Energy,

Inc.

558,131

380

Chesapeake

Utilities

Corporation

32,034

8,738

CMS

Energy

Corporation

536,601

1,994

Consolidated

Water

Company,

Ltd.

20,758

1,749

DTE

Energy

Company

201,205

11,370

Duke

Energy

Corporation

1,006,927

14,350

Entergy

Corporation

1,413,905

1,374

Essential

Utilities,

Inc.

55,303

14,558

Exelon

Corporation

520,594

14,719

FirstEnergy

Corporation

422,582

3,393

Hawaiian

Electric

Industries,

Inc.

112,783

1,503

IDACORP,

Inc.

120,090

358

Middlesex

Water

Company

22,250

1,395

National

Fuel

Gas

Company

56,623

5,422

New

Jersey

Resources

Corporation

146,502

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

9

Shares

Common

Stock

(48.9%)

Value

Utilities

(0.6%)

-

continued

1,495

NextEra

Energy,

Inc.

$

414,952

783

Northwest

Natural

Holding

Company

35,540

9,858

NorthWestern

Corporation

479,493

5,458

OGE

Energy

Corporation

163,685

1,250

Otter

Tail

Corporation

45,213

16,329

PNM

Resources,

Inc.

674,878

12,898

Portland

General

Electric

Company

457,879

1,052

South

Jersey

Industries,

Inc.

20,272

2,226

Southwest

Gas

Holdings,

Inc.

140,461

9,838

Spire,

Inc.

523,382

7,801

UGI

Corporation

257,277

1,540

Unitil

Corporation

59,506

Total

9,266,566

Total

Common

Stock

(cost

$566,244,228)

762,366,148

Shares

Registered

Investment

Companies

(

39.1%

)

Value

Unaffiliated  (0.6%)

9,701

Health

Care

Select

Sector

SPDR

Fund

1,023,262

11,882

iShares

Dow

Jones

US

Home

Construction

Index

Fund

673,115

5,412

ProShares

Ultra

S&P

500

b

397,620

20,730

SPDR

S&P

500

ETF

Trust

6,942,270

13,530

SPDR

S&P

Regional

Banking

ETF

482,750

1,430

Utilities

Select

Sector

SPDR

Fund

b

84,913

Total

9,603,930

Affiliated  (38.5%)

4,052,272

Thrivent

Core

Emerging

Markets

Equity

Fund

a

41,333,174

6,785,137

Thrivent

Core

International

Equity

Fund

60,184,169

7,868,125

Thrivent

Core

Low

Volatility

Equity

Fund

94,496,177

4,700,959

Thrivent

Global

Stock

Portfolio

58,087,872

2,181,096

Thrivent

High

Yield

Portfolio

9,733,796

538,894

Thrivent

Income

Portfolio

5,977,955

13,123,673

Thrivent

International

Allocation

Portfolio

117,158,968

826,224

Thrivent

International

Index

Portfolio

a

9,214,715

3,884,006

Thrivent

Large

Cap

Value

Portfolio

62,801,652

1,024,629

Thrivent

Limited

Maturity

Bond

Portfolio

10,286,964

4,586,424

Thrivent

Mid

Cap

Stock

Portfolio

84,585,129

2,946,745

Thrivent

Small

Cap

Stock

Portfolio

45,389,010

Total

599,249,581

Total

Registered

Investment

Companies

(cost

$587,711,969)

608,853,511

Principal

Amount

Long-Term

Fixed

Income

(

4.2%

)

Value

Collateralized

Mortgage

Obligations

(<0.1%)

MASTR

Alternative

Loans

Trust

$

18,133

0.598%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

d

3,074

Sequoia

Mortgage

Trust

50,301

3.426%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

d

38,853

Principal

Amount

Long-Term

Fixed

Income

(4.2%)

Value

Collateralized

Mortgage

Obligations

(<0.1%)

-

continued

WaMu

Mortgage

Pass

Through

Certificates

$

23,366

3.309%, 

9/25/2036,

Ser.

2006-AR10,

Class

1A2

d

$

21,998

35,590

3.671%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

d

34,374

Total

98,299

Mortgage-Backed

Securities

(1.8%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

1,305,147

3.000%, 

3/25/2050

1,368,559

413,273

3.000%, 

4/1/2050

433,353

437,352

3.500%, 

7/1/2047

462,767

Federal

National

Mortgage

Association

423,743

4.500%, 

5/1/2048

458,916

663,890

3.500%, 

10/1/2048

701,462

275,783

3.500%, 

6/1/2049

291,724

774,546

3.500%, 

8/1/2049

820,155

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1,750,000

1.500%, 

10/1/2035

e

1,790,059

2,000,000

2.000%, 

10/1/2035

e

2,078,125

4,298,000

2.500%, 

10/1/2035

e

4,487,381

2,667,000

2.000%, 

11/1/2035

e

2,770,123

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

1,125,000

2.000%, 

10/1/2050

e

1,162,969

4,150,000

2.500%, 

10/1/2050

e,f

4,352,637

2,500,000

2.000%, 

11/1/2050

e,f

2,578,198

1,850,000

2.500%, 

11/1/2050

e

1,936,339

1,347,491

4.000%, 

7/1/2048

1,437,207

1,050,000

3.000%, 

10/1/2049

e

1,099,916

Total

28,229,890

U.S.

Government

&

Agencies

(2.4%)

U.S.

Treasury

Bonds

920,000

2.250%, 

11/15/2027

1,034,209

5,000,000

2.875%, 

5/15/2028

5,882,422

170,000

5.250%, 

11/15/2028

233,836

120,000

3.000%, 

5/15/2042

159,516

2,413,000

2.500%, 

5/15/2046

2,981,092

U.S.

Treasury

Notes

100,000

2.500%, 

2/28/2021

100,965

1,045,000

1.125%, 

8/31/2021

1,054,144

1,475,000

1.500%, 

9/30/2021

1,494,705

665,000

0.125%, 

6/30/2022

664,844

940,000

2.000%, 

11/30/2022

977,747

500,000

2.125%, 

7/31/2024

536,602

2,330,000

2.250%, 

11/15/2024

2,522,953

2,040,000

2.125%, 

11/30/2024

2,200,092

640,000

2.625%, 

1/31/2026

718,125

15,030,000

2.500%, 

2/28/2026

16,787,218

Total

37,348,470

Total

Long-Term

Fixed

Income

(cost

$61,414,475)

65,676,659

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

10

Shares

Collateral

Held

for

Securities

Loaned

(

0.7%

)

Value

10,537,651

Thrivent

Cash

Management

Trust

$

10,537,651

Total

Collateral

Held

for

Securities

Loaned

(cost

$10,537,651)

10,537,651

Shares

or

Principal

Amount

Short-Term

Investments

(

9.2%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

3,600,000

0.064%,

10/7/2020

g,h

3,599,964

1,400,000

0.069%,

10/14/2020

g,h

1,399,970

3,200,000

0.080%,

10/28/2020

g,h

3,199,856

100,000

0.085%,

11/4/2020

g,h

99,993

2,100,000

0.085%,

11/5/2020

g,h

2,099,857

3,300,000

0.090%,

11/6/2020

g,h

3,299,769

800,000

0.060%,

11/10/2020

g,h

799,938

100,000

0.080%,

11/12/2020

g,h

99,992

6,100,000

0.072%,

11/18/2020

g,h

6,099,431

4,500,000

0.070%,

11/19/2020

g,h

4,499,571

6,300,000

0.055%,

11/24/2020

g,h

6,299,338

300,000

0.055%,

12/8/2020

g,h

299,949

7,700,000

0.075%,

12/22/2020

g,h

7,698,422

Thrivent

Core

Short-Term

Reserve

Fund

10,353,769

0.310%

103,537,689

Total

Short-Term

Investments

(cost

$142,978,718)

143,033,739

Total

Investments

(cost

$1,368,887,041)

102.1%

$1,590,467,708

Other

Assets

and

Liabilities,

Net

(2.1%)

(32,326,369)

Total

Net

Assets

100.0%

$1,558,141,339

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

e

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

f

All

or

a

portion

of

the

security

was

earmarked

to

cover

written

options.

g

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

h

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

Aggressive

Allocation

Portfolio

as

of

September

30,

2020:

Securities

Lending

Transactions

Common

Stock

$

10,299,833

Total

lending

$10,299,833

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$10,537,651

Net

amounts

due

to

counterparty

$237,818

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

FNMA

-

Federal

National

Mortgage

Association

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.

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

11

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Aggressive

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

42,805,715

42,805,715

–

–

Consumer

Discretionary

108,342,169

108,342,169

–

–

Consumer

Staples

21,450,272

21,450,272

–

–

Energy

12,130,312

12,130,312

–

–

Financials

84,719,473

83,299,597

1,419,876

–

Health

Care

125,215,946

125,215,946

–

–

Industrials

103,659,969

103,659,969

–

–

Information

Technology

193,982,080

192,709,084

1,272,996

–

Materials

24,653,545

23,805,146

848,398

1

Real

Estate

36,140,101

36,140,101

–

–

Utilities

9,266,566

9,266,566

–

–

Registered

Investment

Companies

Unaffiliated

9,603,930

9,603,930

–

–

Affiliated

403,236,061

403,236,061

–

–

Long-Term

Fixed

Income

Collateralized

Mortgage

Obligations

98,299

–

98,299

–

Mortgage-Backed

Securities

28,229,890

–

28,229,890

–

U.S.

Government

&

Agencies

37,348,470

–

37,348,470

–

Short-Term

Investments

39,496,050

–

39,496,050

–

Subtotal

Investments

in

Securities

$1,280,378,848

$1,171,664,868

$108,713,979

$1

Other

Investments  *

Total

Affiliated

Short-Term

Investments

103,537,689

Affiliated

Registered

Investment

Companies

196,013,520

Collateral

Held

for

Securities

Loaned

10,537,651

Subtotal

Other

Investments

$310,088,860

Total

Investments

at

Value

$1,590,467,708

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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

365,441

365,441

–

–

Total

Asset

Derivatives

$365,441

$365,441

$–

$–

Liability

Derivatives

Futures

Contracts

5,379,159

5,379,159

–

–

Call

Options

Written

14,363

–

–

14,363

Total

Liability

Derivatives

$5,393,522

$5,379,159

$–

$14,363

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

12

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

Counterparty:

MSC

-

Morgan

Stanley

&

Company

The

following

table

presents

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$39,496,050

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

10-Yr.

U.S.

Treasury

Note

53

December

2020

$

7,373,796

$

21,361

CBOT

2-Yr.

U.S.

Treasury

Note

30

December

2020

6,627,280

1,549

CBOT

U.S.

Long

Bond

22

December

2020

3,911,260

(

33,072)

CME

E-mini

Russell

2000

Index

3

December

2020

223,432

2,228

CME

E-mini

S&P

500

Index

1,607

December

2020

268,994,874

338,326

CME

E-mini

S&P

Mid-Cap

400

Index

3

December

2020

554,793

1,977

CME

Euro

Foreign

Exchange

Currency

290

December

2020

42,836,703

(

295,516)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

24

December

2020

5,406,443

(

82,943)

Eurex

Euro

STOXX

50

Index

1,168

December

2020

45,357,333

(

1,809,480)

ICE

mini

MSCI

EAFE

Index

473

December

2020

45,135,027

(

1,306,847)

ICE

US

mini

MSCI

Emerging

Markets

Index

1,289

December

2020

71,384,200

(

1,230,375)

Total

Futures

Long

Contracts

$

497,805,141

(

$

4,392,792)

CBOT

5-Yr.

U.S.

Treasury

Note

(124)

December

2020

(

$

15,612,994)

(

$

14,881)

CME

E-mini

Russell

2000

Index

(1,291)

December

2020

(

96,696,151)

(

412,869)

CME

E-mini

S&P

Mid-Cap

400

Index

(958)

December

2020

(

177,609,921)

(

185,299)

Ultra

10-Yr.

U.S.

Treasury

Note

(20)

December

2020

(

3,190,561)

(

7,877)

Total

Futures

Short

Contracts

(

$

293,109,627)

($620,926)

Total

Futures

Contracts

$

204,695,514

($5,013,718)

The

following

table

presents

Aggressive

Allocation

Portfolio's

options

contracts

held

as

of

September

30,

2020.

Option

_

Description

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Principal

Amount

Value

Unrealized

Appreciation/

(Depreciation)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(1.00)

$

104.88

October

2020

(1,048,828)

(

$

1,451)

$

2,611

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(1.85)

102.78

November

2020

(1,907,866)

(

12,912)

(

1,927)

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Total

Options

Written

Contracts

($14,363)

$684

(*)  Security

is

valued

using

significant

unobservable

inputs.

Market

quotations

or

prices

were

not

readily

available

or

were

determined

to

be

unreliable.

Value

was

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

13

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Aggressive

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity*

$–

$39,200

$–

$41,333

4,052

2.7%

Core

International

Equity

66,155

–

–

60,184

6,785

3.9

Core

Low

Volatility

Equity

64,230

30,000

–

94,496

7,868

6.1

Global

Stock

57,741

6,627

–

58,088

4,701

3.7

High

Yield

10,023

390

–

9,734

2,181

0.6

Income

5,559

157

–

5,978

539

0.4

International

Allocation

138,230

5,662

8,000

117,159

13,124

7.5

International

Index*

–

8,000

–

9,215

826

0.6

Large

Cap

Value

71,333

2,627

–

62,802

3,884

4.0

Limited

Maturity

Bond

9,999

167

–

10,287

1,025

0.7

Mid

Cap

Stock

85,507

3,272

–

84,585

4,586

5.4

Small

Cap

Stock

50,260

5,371

–

45,389

2,947

2.9

Total

Affiliated

Registered

Investment

Companies

559,037

599,250

38.4

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

144,108

270,315

310,916

103,538

10,354

6.7

Total

Affiliated

Short-Term

Investments

144,108

103,538

6.7

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

10,245

163,769

163,476

10,538

10,538

0.7

Total

Collateral

Held

for

Securities

Loaned

10,245

10,538

0.7

Total

Value

$713,390

$713,326

*  

Non-income

producing

security.

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity*

$–

$2,133

–

$–

Core

International

Equity

–

(5,971)

–

–

Core

Low

Volatility

Equity

–

266

–

–

Global

Stock

–

(6,280)

5,669

957

High

Yield

–

(679)

–

390

Income

–

262

28

130

International

Allocation

(7,184)

(11,549)

1,932

3,730

International

Index*

–

1,215

–

–

Large

Cap

Value

–

(11,158)

1,393

1,234

Limited

Maturity

Bond

–

121

–

167

Mid

Cap

Stock

–

(4,194)

2,864

409

Small

Cap

Stock

–

(10,242)

5,053

317

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

(24)

55

–

939

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$8,273

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

62

Total

Affiliated

Income

from

Securities

Loaned,

Net

$62

Total

Value

$(7,208)

$(46,021)

$16,939

*  

Non-income

producing

security.

All

Cap

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

14

Shares

Common

Stock

(

98.3%

)

Value

Communications

Services

(5.2%)

730

Alphabet,

Inc.,

Class

A

a

$

1,069,888

21,720

Comcast

Corporation

1,004,767

12,490

Facebook,

Inc.

a

3,271,131

27,950

QuinStreet,

Inc.

a

442,728

9,590

Verizon

Communications,

Inc.

570,509

Total

6,359,023

Consumer

Discretionary

(10.7%)

1,630

Amazon.com,

Inc.

a

5,132,430

1,140

AutoZone,

Inc.

a

1,342,509

3,310

Burlington

Stores,

Inc.

a

682,158

10,870

Canada

Goose

Holdings,

Inc.

a,b

349,688

700

Chipotle

Mexican

Grill,

Inc.

a

870,597

7,090

Dollar

Tree,

Inc.

a

647,601

990

Domino's

Pizza,

Inc.

421,027

2,010

Netflix,

Inc.

a

1,005,060

180

NVR,

Inc.

a

734,962

17,980

Sony

Corporation

ADR

1,379,965

1,940

Texas

Roadhouse,

Inc.

117,933

2,973

Wingstop,

Inc.

406,260

Total

13,090,190

Consumer

Staples

(7.5%)

53,330

Alimentation

Couche-Tard,

Inc.

1,857,168

3,850

Casey's

General

Stores,

Inc.

683,953

20,520

Celsius

Holdings,

Inc.

a

466,009

15,040

Church

&

Dwight

Company,

Inc.

1,409,398

3,850

Costco

Wholesale

Corporation

1,366,750

18,420

Philip

Morris

International,

Inc.

1,381,316

18,610

Sysco

Corporation

1,157,914

28,220

Turning

Point

Brands,

Inc.

787,338

Total

9,109,846

Energy

(2.0%)

26,590

BP

plc

ADR

464,261

17,610

Helmerich

&

Payne,

Inc.

257,986

9,120

Pioneer

Natural

Resources

Company

784,229

13,380

Valero

Energy

Corporation

579,622

81,700

WPX

Energy,

Inc.

a

400,330

Total

2,486,428

Financials

(11.8%)

9,880

American

Express

Company

990,470

17,290

Arch

Capital

Group,

Ltd.

a

505,732

24,660

Assured

Guaranty,

Ltd.

529,697

37,060

Bank

of

America

Corporation

892,775

15,450

Essent

Group,

Ltd.

571,805

89,911

Everi

Holdings,

Inc.

a

741,766

13,900

First

Republic

Bank

1,515,934

29,170

Hartford

Financial

Services

Group,

Inc.

1,075,206

11,130

Interactive

Brokers

Group,

Inc.

537,913

10,160

Intercontinental

Exchange,

Inc.

1,016,508

19,100

J.P.

Morgan

Chase

&

Company

1,838,757

450

Markel

Corporation

a

438,165

24,351

Prosight

Global,

Inc.

a

276,140

4,640

S&P

Global,

Inc.

1,673,184

3,010

SVB

Financial

Group

a

724,266

15,490

Western

Alliance

Bancorp

489,794

17,730

Zions

Bancorporations

NA

518,071

Total

14,336,183

Health

Care

(13.6%)

9,020

Abbott

Laboratories

981,647

12,390

AMN

Healthcare

Services,

Inc.

a

724,319

Shares

Common

Stock

(98.3%)

Value

Health

Care

(13.6%)

-

continued

8,350

BioMarin

Pharmaceutical,

Inc.

a

$

635,268

7,260

Catalent,

Inc.

a

621,892

12,070

Centene

Corporation

a

704,043

10,560

Cigna

Holding

Company

1,788,970

1,190

Dexcom,

Inc.

a

490,554

4,690

Guardant

Health,

Inc.

a

524,248

5,960

Jazz

Pharmaceuticals,

Inc.

a

849,836

16,040

Johnson

&

Johnson

2,388,035

4,960

LHC

Group,

Inc.

a

1,054,298

19,760

Medtronic

plc

2,053,459

25,160

Merck

&

Company,

Inc.

2,087,022

6,250

Syneos

Health,

Inc.

a

332,250

5,150

Vertex

Pharmaceuticals,

Inc.

a

1,401,418

Total

16,637,259

Industrials

(10.9%)

19,760

Altra

Industrial

Motion

Corporation

730,527

25,500

Arconic,

Inc.

426,360

5,710

Carlisle

Companies,

Inc.

698,733

7,510

Honeywell

International,

Inc.

1,236,221

8,980

Kansas

City

Southern

1,623,853

3,070

Lockheed

Martin

Corporation

1,176,670

20,770

Meritor,

Inc.

a

434,924

2,840

Nordson

Corporation

544,769

4,860

Parker-Hannifin

Corporation

983,372

15,770

Ritchie

Brothers

Auctioneers,

Inc.

934,373

4,660

Roper

Industries,

Inc.

1,841,213

7,470

Timken

Company

405,023

7,070

Toro

Company

593,527

3,550

Valmont

Industries,

Inc.

440,839

6,610

Waste

Connections,

Inc.

686,118

18,540

Willdan

Group,

Inc.

a

472,955

Total

13,229,477

Information

Technology

(26.0%)

4,010

Adobe,

Inc.

a

1,966,624

5,140

Akamai

Technologies,

Inc.

a

568,176

4,910

Alliance

Data

Systems

Corporation

206,122

1,680

ANSYS,

Inc.

a

549,746

36,400

Apple,

Inc.

4,215,484

6,160

Atlassian

Corporation

plc

a

1,119,826

5,590

Blackline,

Inc.

a

501,032

10,290

Ciena

Corporation

a

408,410

17,820

Cisco

Systems,

Inc.

701,930

9,400

Dolby

Laboratories,

Inc.

623,032

3,960

Euronet

Worldwide,

Inc.

a

360,756

4,270

F5

Networks,

Inc.

a

524,228

7,010

Five9,

Inc.

a

909,057

25,920

Juniper

Networks,

Inc.

557,280

25,340

Lattice

Semiconductor

Corporation

a

733,846

5,290

MasterCard,

Inc.

1,788,919

13,610

Microsoft

Corporation

2,862,591

16,560

National

Instruments

Corporation

591,192

24,210

Nuance

Communications,

Inc.

a

803,530

3,880

NVIDIA

Corporation

2,099,934

9,000

PayPal

Holdings,

Inc.

a

1,773,270

5,640

ServiceNow,

Inc.

a

2,735,400

6,145

Snowflake,

Inc.

a

1,542,395

10,150

Visa,

Inc.

2,029,696

14,810

Xilinx,

Inc.

1,543,794

Total

31,716,270

Materials

(4.1%)

51,660

Axalta

Coating

Systems,

Ltd.

a

1,145,302

5,210

Ball

Corporation

433,055

All

Cap

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

15

Shares

Common

Stock

(98.3%)

Value

Materials

(4.1%)

-

continued

8,130

Berry

Plastics

Group,

Inc.

a

$

392,841

10,290

CF

Industries

Holdings,

Inc.

316,006

15,490

Eastman

Chemical

Company

1,210,079

18,460

Element

Solutions,

Inc.

a

194,015

29,970

Louisiana-Pacific

Corporation

884,415

1,710

Martin

Marietta

Materials,

Inc.

402,466

Total

4,978,179

Real

Estate

(3.7%)

3,390

Alexandria

Real

Estate

Equities,

Inc.

542,400

2,340

AvalonBay

Communities,

Inc.

349,456

5,900

Camden

Property

Trust

524,982

12,465

Cousins

Properties,

Inc.

356,374

2,360

Crown

Castle

International

Corporation

392,940

15,540

Duke

Realty

Corporation

573,426

730

Equinix,

Inc.

554,895

21,090

Physicians

Realty

Trust

377,722

4,390

Prologis,

Inc.

441,722

5,470

QTS

Realty

Trust,

Inc.

344,719

Total

4,458,636

Utilities

(2.8%)

10,600

Duke

Energy

Corporation

938,736

8,140

Evergy,

Inc.

413,675

2,441

NextEra

Energy,

Inc.

677,524

7,090

NorthWestern

Corporation

344,857

11,820

PNM

Resources,

Inc.

488,521

29,970

Vistra

Energy

Corporation

565,234

Total

3,428,547

Total

Common

Stock

(cost

$100,673,307)

119,830,038

Shares

Registered

Investment

Companies

(

1.0%

)

Value

Unaffiliated  (1.0%)

12,930

Materials

Select

Sector

SPDR

Fund

822,865

7,740

SPDR

S&P

Homebuilders

ETF

417,031

Total

1,239,896

Total

Registered

Investment

Companies

(cost

$1,095,044)

1,239,896

Shares

Collateral

Held

for

Securities

Loaned

(

0.2%

)

Value

314,150

Thrivent

Cash

Management

Trust

314,150

Total

Collateral

Held

for

Securities

Loaned

(cost

$314,150)

314,150

Shares

Short-Term

Investments

(

0.7%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

82,069

0.310%

820,693

Total

Short-Term

Investments

(cost

$819,953)

820,693

Total

Investments

(cost

$102,902,454)

100.2%

$122,204,777

Other

Assets

and

Liabilities,

Net

(0.2%)

(301,208)

Total

Net

Assets

100.0%

$121,903,569

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

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

All

Cap

Portfolio

as

of

September

30,

2020:

Securities

Lending

Transactions

Common

Stock

$

331,351

Total

lending

$331,351

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$314,150

Net

amounts

due

to

counterparty

$(17,201)

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

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

All

Cap

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

16

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

All

Cap

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

6,359,023

6,359,023

–

–

Consumer

Discretionary

13,090,190

13,090,190

–

–

Consumer

Staples

9,109,846

7,252,678

1,857,168

–

Energy

2,486,428

2,486,428

–

–

Financials

14,336,183

14,336,183

–

–

Health

Care

16,637,259

16,637,259

–

–

Industrials

13,229,477

13,229,477

–

–

Information

Technology

31,716,270

31,716,270

–

–

Materials

4,978,179

4,978,179

–

–

Real

Estate

4,458,636

4,458,636

–

–

Utilities

3,428,547

3,428,547

–

–

Registered

Investment

Companies

Unaffiliated

1,239,896

1,239,896

–

–

Subtotal

Investments

in

Securities

$121,069,934

$119,212,766

$1,857,168

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

820,693

Collateral

Held

for

Securities

Loaned

314,150

Subtotal

Other

Investments

$1,134,843

Total

Investments

at

Value

$122,204,777

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

All

Cap

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$1,093

$9,207

$9,478

$821

82

0.7%

Total

Affiliated

Short-Term

Investments

1,093

821

0.7

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

330

16

314

314

0.2

Total

Collateral

Held

for

Securities

Loaned

–

314

0.2

Total

Value

$1,093

$1,135

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$(2)

$1

–

$16

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$16

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$(2)

$1

$–

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

17

Principal

Amount

Bank

Loans

(

15.2%

)

a

Value

Basic

Materials

(0.6%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

205,275

4.756%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

196,859

Hexion,

Inc.,

Term

Loan

346,670

3.800%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

340,603

Innophos

Holdings,

Inc.,

Term

Loan

348,250

3.897%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b,c

344,767

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

332,787

3.410%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

318,022

Nouryon

USA,

LLC,

Term

Loan

585,425

3.151%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

565,983

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

681,445

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

678,037

Total

2,444,271

Capital

Goods

(1.6%)

Advanced

Disposal

Services,

Inc.,

Term

Loan

349,272

3.000%, 

(LIBOR

1W

+

2.250%),

11/10/2023

b

348,399

Asplundh

Tree

Expert,

LLC,

Term

Loan

225,000

0.000%, 

(LIBOR

1M

+

2.500%),

9/4/2027

b,d,e

224,579

Flex

Acquisition

Company,

Inc.

Term

Loan

703,126

3.546%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

681,153

GFL

Environmental,

Inc.,

Term

Loan

908,737

4.000%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

903,739

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

498,735

3.523%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

467,255

Natgasoline,

LLC,

Term

Loan

427,388

3.813%, 

(LIBOR

3M

+

3.500%),

11/14/2025

b,c

406,018

Navistar,

Inc.,

Term

Loan

755,625

3.660%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

748,069

Reynolds

Group

Holdings,

Inc.,

Term

Loan

252,727

3.979%, 

(LIBOR

1M

+

2.750%),

2/5/2023

b

249,348

450,000

0.000%, 

(LIBOR

1M

+

3.250%),

2/16/2026

b,d,e

441,450

TransDigm,

Inc.,

Term

Loan

1,220,775

2.397%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

1,152,106

Principal

Amount

Bank

Loans

(15.2%)

a

Value

Capital

Goods

(1.6%)

-

continued

Vertiv

Group

Corporation,

Term

Loan

$

1,164,150

3.157%, 

(LIBOR

1M

+

3.000%),

3/2/2027

b

$

1,144,360

Total

6,766,476

Communications

Services

(4.1%)

Altice

France

SA,

Term

Loan

338,625

2.897%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

322,520

CenturyLink,

Inc.,

Term

Loan

1,237,982

2.397%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b

1,187,361

CommScope,

Inc.,

Term

Loan

905,850

3.397%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

881,102

Coral-US

Co-Borrower,

LLC,

Term

Loan

1,440,000

2.397%, 

(LIBOR

1M

+

2.250%),

1/31/2028

b

1,391,069

CSC

Holdings,

LLC,

Term

Loan

624,037

2.402%, 

(LIBOR

1M

+

2.250%),

7/17/2025

b

602,639

1,333,300

2.652%, 

(LIBOR

1M

+

2.500%),

4/15/2027

b

1,290,248

Diamond

Sports

Group,

LLC,

Term

Loan

1,035,271

3.400%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

798,888

Entercom

Media

Corporation,

Term

Loan

521,204

2.645%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

489,280

GCI,

LLC,

Term

Loan

825,000

0.000%, 

(LIBOR

1M

+

2.750%),

9/24/2025

b,c,d,e

818,812

Gray

Television,

Inc.,

Term

Loan

315,000

2.405%, 

(LIBOR

1M

+

2.250%),

2/7/2024

b

307,856

HCP

Acquisition,

LLC,

Term

Loan

684,779

4.000%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

679,787

iHeartCommunications,

Inc.,

Term

Loan

402,970

3.147%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

381,500

Mediacom

Illinois,

LLC,

Term

Loan

150,890

1.860%, 

(LIBOR

1W

+

1.750%),

2/15/2024

b

149,381

NEP

Group,

Inc.,

Term

Loan

707,400

3.397%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

606,419

Nexstar

Broadcasting,

Inc.,

Term

Loan

860,000

2.905%, 

(LIBOR

1M

+

2.750%),

9/19/2026

b

839,936

Nielsen

Finance,

LLC,

Term

Loan

279,300

4.750%, 

(LIBOR

1M

+

3.750%),

6/4/2025

b

278,741

Radiate

Holdco,

LLC,

Term

Loan

1,235,000

0.000%, 

(LIBOR

1M

+

3.500%),

9/11/2026

b,d,e

1,211,844

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

18

Principal

Amount

Bank

Loans

(15.2%)

a

Value

Communications

Services

(4.1%)

-

continued

SBA

Senior

Finance

II,

LLC,

Term

Loan

$

514,835

1.900%, 

(LIBOR

1M

+

1.750%),

4/11/2025

b

$

500,852

Terrier

Media

Buyer,

Inc.,

Term

Loan

421,812

4.397%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

410,816

224,438

4.397%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

217,985

T-Mobile

USA,

Inc.,

Term

Loan

862,837

3.147%, 

(LIBOR

1M

+

3.000%),

4/1/2027

b

861,526

TNS,

Inc.,

Term

Loan

282,626

4.150%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

280,153

Virgin

Media

Bristol,

LLC,

Term

Loan

1,170,000

2.652%, 

(LIBOR

1M

+

2.500%),

1/31/2028

b

1,133,929

WideOpenWest

Finance,

LLC,

Term

Loan

654,014

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

643,079

Windstream

Services,

LLC,

Term

Loan

203,439

0.000%, 

(PRIME

+

5.000%),

3/30/2021

b,f

122,470

Xplornet

Communications,

Inc.,

Term

Loan

204,488

4.897%, 

(LIBOR

1M

+

4.750%),

6/11/2027

b

200,271

Ziggo

Financing

Partnership,

Term

Loan

760,000

2.652%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b

730,124

Total

17,338,588

Consumer

Cyclical

(2.1%)

1011778

B.C.,

LLC,

Term

Loan

1,250,550

1.897%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b

1,196,876

Boyd

Gaming

Corporation,

Term

Loan

196,761

2.356%, 

(LIBOR

1W

+

2.250%),

9/15/2023

b

191,076

Caesars

Resort

Collection,

LLC,

Term

Loan

695,000

0.000%, 

(LIBOR

1M

+

4.500%),

7/20/2025

b,d,e

671,641

Cengage

Learning,

Inc.,

Term

Loan

342,380

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

285,398

Four

Seasons

Hotels,

Ltd.,

Term

Loan

559,028

2.147%, 

(LIBOR

1M

+

2.000%),

11/30/2023

b

542,956

Golden

Entertainment,

Inc.,

Term

Loan

1,032,550

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

987,376

Golden

Nugget,

LLC,

Term

Loan

517,017

3.250%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

459,597

Principal

Amount

Bank

Loans

(15.2%)

a

Value

Consumer

Cyclical

(2.1%)

-

continued

IAA,

Inc.,

Term

Loan

$

217,687

2.438%, 

(LIBOR

1M

+

2.250%),

6/28/2026

b,c

$

213,878

LCPR

Loan

Financing,

LLC,

Term

Loan

1,120,000

5.152%, 

(LIBOR

1M

+

5.000%),

10/15/2026

b

1,117,671

Michaels

Stores,

Inc.,

Term

Loan

495,000

0.000%, 

(LIBOR

1M

+

3.500%),

9/17/2027

b,c,d,e

482,625

Scientific

Games

International,

Inc.,

Term

Loan

1,805,592

3.471%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

1,694,747

Staples,

Inc.,

Term

Loan

192,064

4.751%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

180,219

479,335

5.251%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

444,732

Stars

Group

Holdings

BV,

Term

Loan

502,562

3.720%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

500,853

Total

8,969,645

Consumer

Non-Cyclical

(2.8%)

Bausch

Health

Americas,

Inc.,

Term

Loan

1,068,158

3.151%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

1,045,684

Bellring

Brands,

LLC,

Term

Loan

204,684

6.000%, 

(LIBOR

1M

+

5.000%),

10/21/2024

b

204,770

Change

Healthcare

Holdings,

LLC,

Term

Loan

409,551

3.500%, 

(LIBOR

1M

+

2.500%),

3/1/2024

b

400,402

Chobani,

LLC,

Term

Loan

531,720

4.500%, 

(LIBOR

1M

+

3.500%),

10/10/2023

b

525,074

Dole

Food

Company,

Inc.,

Term

Loan

409,429

3.750%, 

(LIBOR

1M

+

2.750%),

4/6/2024

b,d,e

402,862

Endo

International

plc,

Term

Loan

567,286

5.000%, 

(LIBOR

3M

+

4.250%),

4/27/2024

b

538,922

Energizer

Holdings,

Inc.,

Term

Loan

100,320

2.438%, 

(LIBOR

1M

+

2.250%),

12/17/2025

b

98,564

Global

Medical

Response,

Inc.,

Term

Loan

1,714,990

4.250%, 

(LIBOR

3M

+

3.250%),

4/28/2022

b

1,708,833

1,755,000

0.000%, 

(LIBOR

1M

+

4.750%),

9/24/2025

b,d,e

1,713,863

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

575,650

2.100%, 

(LIBOR

1W

+

2.000%),

11/15/2027

b

563,061

IQVIA,

Inc.,

Term

Loan

144,256

1.897%, 

(LIBOR

1M

+

1.750%),

1/1/2025

b

142,123

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

19

Principal

Amount

Bank

Loans

(15.2%)

a

Value

Consumer

Non-Cyclical

(2.8%)

-

continued

JBS

USA

LUX

SA,

Term

Loan

$

856,307

2.147%, 

(LIBOR

1M

+

2.000%),

5/1/2026

b

$

831,902

Libbey

Glass,

Inc.,

Term

Loan

299,409

0.000%,PIK

5.750%,

(LIBOR

1M

+

5.000%),

4/9/2021

b,g,h

46,908

MPH

Acquisition

Holdings,

LLC,

Term

Loan

1,440,000

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

1,415,318

Ortho-Clinical

Diagnostics

SA,

Term

Loan

1,303,435

3.406%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

1,245,432

Plantronics,

Inc.,

Term

Loan

409,649

2.647%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

383,874

R.R.

Donnelley

&

Sons

Company,

Term

Loan

98,744

5.147%, 

(LIBOR

1M

+

5.000%),

1/15/2024

b

94,053

Sotera

Health

Holdings,

LLC,

Term

Loan

452,725

5.500%, 

(LIBOR

3M

+

4.500%),

12/13/2026

b

450,461

US

Foods,

Inc.,

Term

Loan

139,273

1.897%, 

(LIBOR

1M

+

1.750%),

6/27/2023

b

133,702

Total

11,945,808

Energy

(0.4%)

BCP

Raptor

II,

LLC,

Term

Loan

399,937

4.897%, 

(LIBOR

1M

+

4.750%),

11/3/2025

b

278,624

Buckeye

Partners,

LP,

Term

Loan

149,250

2.897%, 

(LIBOR

1M

+

2.750%),

11/1/2026

b,d,e

146,265

Calpine

Corporation,

Term

Loan

591,279

2.400%, 

(LIBOR

1M

+

2.250%),

1/15/2024

b

574,599

CONSOL

Energy,

Inc.,

Term

Loan

428,475

4.650%, 

(LIBOR

1M

+

4.500%),

9/28/2024

b

341,709

Illuminate

Buyer,

LLC,

Term

Loan

390,000

4.147%, 

(LIBOR

1M

+

4.000%),

6/30/2027

b

386,346

Total

1,727,543

Financials

(1.4%)

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

408,618

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

396,642

BPR

Nimbus,

LLC,

Term

Loan

650,854

2.647%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

525,799

Delos

Finance

SARL,

Term

Loan

175,000

1.970%, 

(LIBOR

3M

+

1.750%),

10/6/2023

b

170,712

INEOS

U.S.

Finance,

LLC,

Term

Loan

139,284

2.147%, 

(LIBOR

1M

+

2.000%),

3/31/2024

b

135,066

Principal

Amount

Bank

Loans

(15.2%)

a

Value

Financials

(1.4%)

-

continued

Level

3

Financing,

Inc.,

Term

Loan

$

725,000

1.897%, 

(LIBOR

1M

+

1.750%),

3/1/2027

b

$

701,662

MoneyGram

International,

Inc.,

Term

Loan

400,234

7.000%, 

(LIBOR

3M

+

6.000%),

6/30/2023

b

389,728

NCR

Corporation,

Term

Loan

608,850

2.650%, 

(LIBOR

1M

+

2.500%),

8/28/2026

b

592,612

Newco

Financing

Partnership,

Term

Loan

560,000

0.000%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

542,640

Northriver

Midstream

Finance,

LP,

Term

Loan

584,041

3.546%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

563,505

Tronox

Finance,

LLC,

Term

Loan

1,235,476

3.177%, 

(LIBOR

3M

+

3.000%),

9/22/2024

b

1,214,300

UPC

Financing

Partnership,

Term

Loan

560,000

0.000%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

542,640

Vericast

Corporation,

Term

Loan

180,221

5.750%, 

(LIBOR

3M

+

4.750%),

11/3/2023

b,d,e

146,859

Total

5,922,165

Technology

(1.4%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

1,068,675

3.761%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b,d,e

970,090

Prime

Security

Services

Borrower,

LLC,

Term

Loan

1,653,300

4.250%, 

(LIBOR

1M

+

3.250%),

9/23/2026

b

1,636,469

Rackspace

Technology

Global,

Inc.,

Term

Loan

1,485,502

4.000%, 

(LIBOR

3M

+

3.000%),

11/3/2023

b

1,455,613

SS&C

Technologies,

Inc.,

Term

Loan

398,640

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

385,354

282,908

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

273,478

Zayo

Group

Holdings,

Inc.,

Term

Loan

1,104,450

3.147%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

1,070,334

Total

5,791,338

Transportation

(0.4%)

Genesee

&

Wyoming,

Inc.,

Term

Loan

691,525

2.220%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

679,534

SkyMiles

IP,

Ltd.,

Term

Loan

420,000

0.000%, 

(LIBOR

1M

+

3.750%),

10/20/2027

b,d,e

422,776

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

20

Principal

Amount

Bank

Loans

(15.2%)

a

Value

Transportation

(0.4%)

-

continued

United

Airlines,

Inc.,

Term

Loan

$

515,990

1.895%, 

(LIBOR

1M

+

1.750%),

4/1/2024

b

$

485,459

Total

1,587,769

Utilities

(0.4%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

75,835

2.438%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

75,583

Core

and

Main,

LP,

Term

Loan

481,387

3.750%, 

(LIBOR

3M

+

2.750%),

8/1/2024

b

470,705

EnergySolutions,

LLC,

Term

Loan

342,125

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

325,874

Pacific

Gas

&

Electric

Company,

Term

Loan

862,838

5.500%, 

(LIBOR

1M

+

4.500%),

1/1/2022

b

844,140

Talen

Energy

Supply,

LLC,

Term

Loan

247,950

3.897%, 

(LIBOR

1M

+

3.750%),

7/8/2026

b

244,437

Total

1,960,739

Total

Bank

Loans

(cost

$66,707,831)

64,454,342

Shares

Common

Stock

(

46.3%

)

Value

Communications

Services

(3.2%)

4,278

Activision

Blizzard,

Inc.

346,304

1,431

Alphabet,

Inc.,

Class

A

i

2,097,274

693

Alphabet,

Inc.,

Class

C

i

1,018,433

286

AT&T,

Inc.

8,154

73,969

Auto

Trader

Group

plc

j

537,047

12,774

Carsales.com,

Ltd.

191,361

28

Charter

Communications,

Inc.

i

17,482

22,923

Comcast

Corporation

1,060,418

100

Daiichikosho

Company,

Ltd.

3,212

11,557

Deutsche

Telekom

AG

192,426

13,832

Discovery,

Inc.,

Class

A

i,k

301,123

10,214

DISH

Network

Corporation

i

296,512

4,861

Facebook,

Inc.

i

1,273,096

39,000

HKT

Trust

and

HKT,

Ltd.

51,765

1,288

Ipsos

SA

32,200

3,700

KDDI

Corporation

93,061

5,775

Live

Nation

Entertainment,

Inc.

i

311,157

60

Match

Group,

Inc.

i

6,639

46,867

Mediaset

Espana

Comunicacion

SA

i

173,573

300

Nintendo

Company,

Ltd.

170,007

3,200

Nippon

Telegraph

&

Telephone

Corporation

65,333

5,900

NTT

DOCOMO,

Inc.

216,802

20,718

QuinStreet,

Inc.

i

328,173

649

REA

Group,

Ltd.

51,679

3,458

Rightmove

plc

27,956

19,505

Seven

West

Media,

Ltd.

i

1,568

28,900

SoftBank

Corporation

322,938

3,000

SoftBank

Group

Corporation

185,624

13,400

TV

Asahi

Holdings

Corporation

212,799

14,596

Twitter,

Inc.

i

649,522

11,157

Uber

Technologies,

Inc.

i

407,007

24,138

Verizon

Communications,

Inc.

1,435,970

Shares

Common

Stock

(46.3%)

Value

Communications

Services

(3.2%)

-

continued

3,664

Walt

Disney

Company

$

454,629

2,990

Wolters

Kluwer

NV

255,056

7,754

Zillow

Group,

Inc.

i

787,341

Total

13,583,641

Consumer

Discretionary

(5.5%)

1,500

ABC-MART,

Inc.

78,099

1,611

Amazon.com,

Inc.

i

5,072,604

800

AOKI

Holdings,

Inc.

4,023

10,883

Aptiv

plc

997,753

1,450

ARB

Corporation,

Ltd.

28,970

3,090

Aristocrat

Leisure,

Ltd.

67,388

1,700

Autobacs

Seven

Company,

Ltd.

22,143

401

AutoZone,

Inc.

i

472,234

28,534

B&M

European

Value

Retail

SA

181,911

2,598

Berkeley

Group

Holdings

plc

141,625

270

Booking

Holdings,

Inc.

i

461,884

1,100

Bridgestone

Corporation

34,770

3,221

Bunzl

plc

103,995

1,839

Burlington

Stores,

Inc.

i

378,999

6,415

Callaway

Golf

Company

122,783

6,940

Cedar

Fair,

LP

194,806

352

Chipotle

Mexican

Grill,

Inc.

i

437,786

2,100

Chiyoda

Company,

Ltd.

19,564

197

Churchill

Downs,

Inc.

32,273

208

Cie

Generale

des

Etablissements

Michelin

22,328

21,700

Citizen

Watch

Company,

Ltd.

i

60,875

1,976

Collins

Foods,

Ltd.

14,692

11,035

Cooper-Standard

Holdings,

Inc.

i

145,772

5,900

Crocs,

Inc.

i

252,107

4,671

D.R.

Horton,

Inc.

353,268

553

Darden

Restaurants,

Inc.

55,709

282

Deckers

Outdoor

Corporation

i

62,043

8,300

Denso

Corporation

363,803

3,135

Dick's

Sporting

Goods,

Inc.

181,454

6,964

Dollarama,

Inc.

266,939

4,704

Dometic

Group

AB

i,j

58,078

281

Domino's

Pizza

Enterprises,

Ltd.

16,067

1,101

Domino's

Pizza

Group

plc

5,181

740

Domino's

Pizza,

Inc.

314,707

100

Doutor

Nichires

Holdings

Company,

Ltd.

1,519

654

eBay,

Inc.

34,073

1,009

Emerald

Holding,

Inc.

2,058

870

Europris

ASA

j

4,460

200

Exedy

Corporation

2,605

100

Fast

Retailing

Company,

Ltd.

62,842

898

Five

Below,

Inc.

i

114,046

38,000

Galaxy

Entertainment

Group,

Ltd.

256,907

373

Grand

Canyon

Education,

Inc.

i

29,818

7,921

GVC

Holdings

plc

i

99,205

11,425

Harley-Davidson,

Inc.

280,369

89

Helen

of

Troy,

Ltd.

i

17,223

212

Hermes

International

182,587

5,552

Home

Depot,

Inc.

1,541,846

15,711

Husqvarna

AB

172,761

6,757

Industria

de

Diseno

Textil

SA

186,929

749

InterContinental

Hotels

Group

plc

i

39,316

1,200

Izumi

Company,

Ltd.

43,757

6,278

Leggett

&

Platt,

Inc.

258,465

7,587

Lowe's

Companies,

Inc.

1,258,380

2,188

Lululemon

Athletica,

Inc.

i

720,662

49

LVMH

Moet

Hennessy

Louis

Vuitton

SE

22,927

2,043

McDonald's

Corporation

448,418

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

21

Shares

Common

Stock

(46.3%)

Value

Consumer

Discretionary

(5.5%)

-

continued

18

Mercadolibre,

Inc.

i

$

19,485

2,363

Miller

Industries,

Inc.

72,237

1,294

Mohawk

Industries,

Inc.

i

126,281

28,149

Moneysupermarket.com

Group

plc

97,031

220

Netflix,

Inc.

i

110,007

7,900

NHK

Spring

Company,

Ltd.

50,582

2,100

Nihon

Unisys,

Ltd.

66,255

4,171

NIKE,

Inc.

523,627

6,500

Nissan

Motor

Company,

Ltd.

i

22,988

230

NVR,

Inc.

i

939,118

1,300

Onward

Holdings

Company,

Ltd.

3,368

400

Oriental

Land

Company,

Ltd.

56,098

2,479

Pandox

AB

i

28,420

1,517

Planet

Fitness,

Inc.

i

93,478

1,822

Playa

Hotels

and

Resorts

NV

i

7,634

1,500

PLENUS

Company,

Ltd.

25,899

1,167

Premier

Investments,

Ltd.

17,348

11,116

Redrow

plc

i

57,837

1,899

Restaurant

Brands

International,

Inc.

109,211

2,256

RH

i,k

863,191

2,400

Rinnai

Corporation

234,099

4,000

Sangetsu

Company,

Ltd.

61,666

200

Sankyo

Company,

Ltd.

5,237

81

Scandic

Hotels

Group

AB

j

243

4,900

Sekisui

House,

Ltd.

86,832

600

SHIMAMURA

Company,

Ltd.

58,286

2,366

Sleep

Number

Corporation

i

115,721

2,000

Sony

Corporation

153,284

6,145

Sony

Corporation

ADR

471,629

9,056

Stoneridge,

Inc.

i

166,359

38,300

Sumitomo

Electric

Industries,

Ltd.

431,156

18,100

Sumitomo

Rubber

Industries,

Ltd.

168,133

2,069

Super

Retail

Group,

Ltd.

15,735

600

Takara

Standard

Company,

Ltd.

8,076

374

Tesla,

Inc.

i

160,450

5,686

Texas

Roadhouse,

Inc.

345,652

2,185

Thule

Group

AB

j

72,104

700

Toyoda

Gosei

Company,

Ltd.

16,073

900

Toyota

Motor

Corporation

59,733

113

Wayfair,

Inc.

i

32,884

761

Yum!

Brands,

Inc.

69,479

6,443

Zumiez,

Inc.

i

179,244

Total

23,009,976

Consumer

Staples

(2.1%)

2,300

Arcs

Company,

Ltd.

59,048

1,400

Asahi

Group

Holdings,

Ltd.

48,794

3,379

BJ's

Wholesale

Club

Holdings,

Inc.

i

140,397

1,486

British

American

Tobacco

plc

53,305

4,843

Bunge,

Ltd.

221,325

3,060

Carlsberg

AS

412,250

6,136

Colgate-Palmolive

Company

473,392

959

Costco

Wholesale

Corporation

340,445

26,907

Cott

Corporation

k

382,079

651

Elior

Participations

SCA

j

3,023

3,555

ForFarmers

BV

21,757

799

Glanbia

plc

8,250

16,973

Hain

Celestial

Group,

Inc.

i

582,174

12,700

Japan

Tobacco,

Inc.

231,696

1,800

John

B.

Sanfilippo

&

Son,

Inc.

135,684

800

Kao

Corporation

60,057

2,000

Kewpie

Corporation

41,136

1,955

Kimberly-Clark

Corporation

288,675

5,768

Lamb

Weston

Holdings,

Inc.

382,245

Shares

Common

Stock

(46.3%)

Value

Consumer

Staples

(2.1%)

-

continued

20

Lindt

&

Spruengli

AG

$

168,820

470

L'Oreal

SA

152,953

800

Ministop

Company,

Ltd.

11,245

9,510

Nestle

SA

1,131,805

100

Noevir

Holdings

Company,

Ltd.

4,680

3,356

Orkla

ASA

33,870

3,720

PepsiCo,

Inc.

515,592

1,479

Philip

Morris

International,

Inc.

110,910

2,981

Procter

&

Gamble

Company

414,329

283

Royal

Unibrew

AS

29,169

3,000

Seven

&

I

Holdings

Company,

Ltd.

93,210

2,800

Sugi

Holdings

Company,

Ltd.

197,971

2,800

Sundrug

Company,

Ltd.

105,546

8,478

Turning

Point

Brands,

Inc.

236,536

300

Unicharm

Corporation

13,417

1,723

Unilever

NV

104,634

10,257

Wal-Mart

Stores,

Inc.

1,435,057

Total

8,645,476

Energy

(1.3%)

15,465

BP

plc

ADR

270,019

30,631

CGG

SA

i

20,429

557

Cheniere

Energy,

Inc.

i

25,772

5,997

Chevron

Corporation

431,784

73

Cimarex

Energy

Company

1,776

4,189

ConocoPhillips

137,567

515

Core

Laboratories

NV

7,859

3,774

Diamondback

Energy,

Inc.

113,673

5,662

Enbridge,

Inc.

165,330

34,500

Eneos

Holdings,

Inc.

123,091

22,592

Eni

SPA

176,582

15,481

Enterprise

Products

Partners,

LP

244,445

2,843

EOG

Resources,

Inc.

102,177

7,636

EQT

Corporation

98,734

12,686

Equinor

ASA

179,731

6,420

Exxon

Mobil

Corporation

220,399

384

Gaztransport

Et

Technigaz

SA

36,619

4,114

Gibson

Energy,

Inc.

66,674

8,928

Halliburton

Company

107,582

17,248

Helmerich

&

Payne,

Inc.

252,683

12,356

John

Wood

Group

plc

i

33,924

1,700

Kinder

Morgan,

Inc.

20,961

450

Lundin

Energy

AB

8,924

9,041

Marathon

Oil

Corporation

36,978

8,644

Marathon

Petroleum

Corporation

253,615

1,300

MPLX,

LP

20,462

10,012

Nine

Energy

Service,

Inc.

i

11,314

2,108

OMV

AG

i

57,677

1,651

PDC

Energy,

Inc.

i

20,464

3,975

Pioneer

Natural

Resources

Company

341,810

18,158

Royal

Dutch

Shell

plc,

Class

A

226,674

29,400

Royal

Dutch

Shell

plc,

Class

B

356,537

2,163

SBM

Offshore

NV

34,504

3,257

Schlumberger,

Ltd.

50,679

7,646

SEACOR

Holdings,

Inc.

i

222,346

2,274

Subsea

7

SA

i

16,344

3,259

TC

Energy

Corporation

136,817

7,759

Tenaris

SA

ADR

76,426

10,896

Total

SE

374,199

31,973

Tullow

Oil

plc

i

6,256

4,783

Valero

Energy

Corporation

207,200

1,003

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

17,037

1,100

Williams

Companies,

Inc.

21,615

294

Woodside

Petroleum,

Ltd.

3,731

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

22

Shares

Common

Stock

(46.3%)

Value

Energy

(1.3%)

-

continued

65,868

WPX

Energy,

Inc.

i

$

322,753

Total

5,662,173

Financials

(6.3%)

12,794

AB

Industrivarden

i

340,240

8,538

Aflac,

Inc.

310,356

7,400

AIA

Group,

Ltd.

73,557

8,547

Air

Lease

Corporation

251,453

4,406

Allianz

SE

845,648

18,270

Ally

Financial,

Inc.

458,029

3,354

American

Express

Company

336,238

1,260

American

Financial

Group,

Inc.

84,395

6,396

American

International

Group,

Inc.

176,082

870

Aon

plc

179,481

22

Ares

Capital

Corporation

307

2,439

Arthur

J.

Gallagher

&

Company

257,510

4,723

Associated

Banc-Corp

59,604

26,915

Assured

Guaranty,

Ltd.

578,134

820

ASX,

Ltd.

47,942

2,785

Baloise

Holding

AG

410,020

29,323

Bank

of

America

Corporation

706,391

308

Bank

of

Marin

Bancorp

8,920

6,287

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

140,074

1,453

Berkshire

Hathaway,

Inc.

i

309,402

3,097

Berkshire

Hills

Bancorp,

Inc.

31,311

909

BlackRock,

Inc.

512,267

1,091

Blackstone

Mortgage

Trust,

Inc.

23,969

800

Boston

Private

Financial

Holdings,

Inc.

4,416

15,940

Bridgewater

Bancshares,

Inc.

i

151,271

8,043

Capital

One

Financial

Corporation

577,970

7,555

Charles

Schwab

Corporation

273,718

3,947

Chubb,

Ltd.

458,326

29,632

CI

Financial

Corporation

375,866

16,251

Citigroup,

Inc.

700,581

1,358

Cohen

&

Steers,

Inc.

75,695

8,782

Columbia

Banking

System,

Inc.

209,451

3,054

Comerica,

Inc.

116,815

1,614

Commonwealth

Bank

of

Australia

74,270

1,246

Community

Trust

Bancorp,

Inc.

35,212

1,782

Credit

Agricole

SA

i

15,548

25,900

DBS

Group

Holdings,

Ltd.

380,765

1,754

Deutsche

Boerse

AG

307,514

6,631

Deutsche

Pfandbriefbank

AG

i,j

43,963

5,040

Discover

Financial

Services

291,211

25,881

DnB

ASA

i

360,538

2,033

Ellington

Residential

Mortgage

REIT

22,566

5,347

Euronext

NV

j

669,802

3,316

Evercore,

Inc.

217,065

21,599

Everi

Holdings,

Inc.

i

178,192

613

FactSet

Research

Systems,

Inc.

205,281

313

FBL

Financial

Group,

Inc.

15,087

370

Financial

Institutions,

Inc.

5,698

4,413

First

BanCorp

23,036

2,271

First

Busey

Corporation

36,086

2,733

First

Financial

Bancorp

32,810

8,995

First

Interstate

BancSystem,

Inc.

286,491

413

First

Merchants

Corporation

9,565

239

First

Mid-Illinois

Bancshares,

Inc.

5,963

26,095

FlexiGroup,

Ltd.

20,338

2,900

FS

KKR

Capital

Corporation

45,994

3,100

FS

KKR

Capital

Corporation

II

45,601

6,871

Fulton

Financial

Corporation

64,106

2,933

Glacier

Bancorp,

Inc.

94,003

821

Goldman

Sachs

Group,

Inc.

164,996

Shares

Common

Stock

(46.3%)

Value

Financials

(6.3%)

-

continued

3,800

Golub

Capital

BDC,

Inc.

$

50,312

1,426

Great

Southern

Bancorp,

Inc.

51,650

749

Great

Western

Bancorp,

Inc.

9,325

277

Groupe

Bruxelles

Lambert

SA

24,972

4,049

Hancock

Whitney

Corporation

76,162

1,452

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

61,376

8,014

Hartford

Financial

Services

Group,

Inc.

295,396

10,093

Heartland

Financial

USA,

Inc.

302,740

20,235

Heritage

Commerce

Corporation

134,664

958

Hometrust

Bancshares,

Inc.

13,010

3,191

Hope

Bancorp,

Inc.

24,204

1,376

Houlihan

Lokey,

Inc.

81,253

14,702

HSBC

Holdings

plc

57,518

239

IGM

Financial,

Inc.

5,480

433

Independent

Bank

Corporation

5,443

5,459

Interactive

Brokers

Group,

Inc.

263,833

101,543

Israel

Discount

Bank,

Ltd.

273,932

12,392

J.P.

Morgan

Chase

&

Company

1,192,978

7,900

Japan

Post

Bank

Company,

Ltd.

61,618

1,200

Japan

Post

Holdings

Company,

Ltd.

8,183

3,970

Julius

Baer

Group,

Ltd.

168,615

6,462

Kemper

Corporation

431,855

30,491

KeyCorp

363,758

822

L

E

Lundbergforetagen

AB

i

40,614

646

Lakeland

Bancorp,

Inc.

6,428

5,209

Laurentian

Bank

of

Canada

k

106,993

474

Markel

Corporation

i

461,534

82

MarketAxess

Holdings,

Inc.

39,490

900

Marsh

&

McLennan

Companies,

Inc.

103,230

2,192

Mediobanca

SPA

17,176

8,188

Meridian

Bancorp,

Inc.

84,746

7,420

MetLife,

Inc.

275,801

3,048

MidWestOne

Financial

Group,

Inc.

54,468

14,500

Mitsubishi

UFJ

Financial

Group,

Inc.

57,868

2,460

Mizrahi

Tefahot

Bank,

Ltd.

43,635

285

Moody's

Corporation

82,607

11,861

Morgan

Stanley

573,479

900

MS

and

AD

Insurance

Group

Holdings,

Inc.

24,249

4,165

National

Bank

of

Canada

206,881

462

OFG

Bancorp

5,756

1,008

Onex

Corporation

44,967

10,000

ORIX

Corporation

124,903

896

PacWest

Bancorp

15,304

2,245

Paragon

Banking

Group

plc

9,625

1,803

Pargesa

Holding

SA

149,055

266

Peapack-Gladstone

Financial

Corporation

4,030

3,252

Popular,

Inc.

117,950

2,721

Primerica,

Inc.

307,854

214

QCR

Holdings,

Inc.

5,866

16,295

Radian

Group,

Inc.

238,070

270

Raiffeisen

Bank

International

AG

i

4,133

4,804

Raymond

James

Financial,

Inc.

349,539

100

Ricoh

Leasing

Company,

Ltd.

2,706

7,287

Royal

Bank

of

Canada

511,630

1,689

S&P

Global,

Inc.

609,053

7,925

Santander

Consumer

USA

Holdings,

Inc.

144,156

9,753

Seacoast

Banking

Corporation

of

Florida

i

175,847

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

23

Shares

Common

Stock

(46.3%)

Value

Financials

(6.3%)

-

continued

1,752

Selective

Insurance

Group,

Inc.

$

90,210

2,600

Senshu

Ikeda

Holdings,

Inc.

4,341

735

Simmons

First

National

Corporation

11,653

5,500

Singapore

Exchange,

Ltd.

37,096

2,700

Sixth

Street

Specialty

Lending,

Inc.

46,467

1,507

St.

James's

Place

plc

18,130

1,635

State

Auto

Financial

Corporation

22,498

5,600

Sumitomo

Mitsui

Financial

Group,

Inc.

156,580

13,193

Sun

Life

Financial,

Inc.

537,608

1,154

Swiss

Life

Holding

AG

436,664

12,537

Synovus

Financial

Corporation

265,408

2,092

T.

Rowe

Price

Group,

Inc.

268,236

515

TMX

Group,

Ltd.

52,964

2,500

Tokio

Marine

Holdings,

Inc.

109,386

717

Topdanmark

AS

34,706

14,252

Toronto-Dominion

Bank

659,859

9,290

Triumph

Bancorp,

Inc.

i

289,291

9,580

Truist

Financial

Corporation

364,519

286

Washington

Federal,

Inc.

5,966

218

Washington

Trust

Bancorp,

Inc.

6,684

25,045

Wells

Fargo

&

Company

588,808

15,086

Western

Alliance

Bancorp

477,019

19,066

Zions

Bancorporations

NA

557,108

Total

26,736,261

Health

Care

(7.0%)

5,050

Abbott

Laboratories

549,591

1,358

AbbVie,

Inc.

118,947

2,959

Alexion

Pharmaceuticals,

Inc.

i

338,598

1,976

Align

Technology,

Inc.

i

646,863

3,229

Amgen,

Inc.

820,683

4,735

AMN

Healthcare

Services,

Inc.

i

276,808

1,852

Anthem,

Inc.

497,429

4,700

Astellas

Pharmaceutical,

Inc.

70,061

2,059

Baxter

International,

Inc.

165,585

1,526

Becton,

Dickinson

and

Company

355,070

1,307

Biogen,

Inc.

i

370,770

2,481

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

i

161,290

3,589

Catalent,

Inc.

i

307,434

8,291

Centene

Corporation

i

483,614

3,073

Cerner

Corporation

222,147

73

Chemed

Corporation

35,066

5,000

Chugai

Pharmaceutical

Company,

Ltd.

224,377

3,013

Cigna

Holding

Company

510,432

3,199

CSL,

Ltd.

660,807

5,350

CVS

Health

Corporation

312,440

5,600

Daiichi

Sankyo

Company,

Ltd.

171,907

4,829

Danaher

Corporation

1,039,829

8,311

Edwards

Lifesciences

Corporation

i

663,384

1,942

Eli

Lilly

and

Company

287,455

3,313

Gilead

Sciences,

Inc.

209,348

49,987

GlaxoSmithKline

plc

937,136

7,712

GlaxoSmithKline

plc

ADR

290,280

171

Grifols

SA

4,917

7,884

Halozyme

Therapeutics,

Inc.

i

207,192

2,888

HCA

Healthcare,

Inc.

360,076

602

Humana,

Inc.

249,162

23

IDEXX

Laboratories,

Inc.

i

9,042

76

Illumina,

Inc.

i

23,490

536

Incyte

Corporation

i

48,101

1,064

Intuitive

Surgical,

Inc.

i

754,951

2,217

IQVIA

Holding,

Inc.

i

349,466

Shares

Common

Stock

(46.3%)

Value

Health

Care

(7.0%)

-

continued

3,968

Jazz

Pharmaceuticals,

Inc.

i

$

565,797

13,560

Johnson

&

Johnson

2,018,813

1,000

KYORIN

Holdings,

Inc.

20,271

326

Laboratory

Corporation

of

America

Holdings

i

61,376

2,069

LHC

Group,

Inc.

i

439,787

65

Lifco

AB

5,028

381

LNA

Sante

21,155

1,700

M3,

Inc.

105,156

154

Masimo

Corporation

i

36,353

900

Medipal

Holdings

Corporation

18,047

13,656

Medtronic

plc

1,419,132

14,991

Merck

&

Company,

Inc.

1,243,503

311

Mettler-Toledo

International,

Inc.

i

300,348

16,436

Novartis

AG

1,427,045

12,710

Novo

Nordisk

AS

880,607

2,431

Novo

Nordisk

AS

ADR

168,784

900

Olympus

Corporation

18,716

9,810

Optinose,

Inc.

i

38,259

804

PerkinElmer,

Inc.

100,910

337

Pfizer,

Inc.

12,368

464

Quest

Diagnostics,

Inc.

53,123

1,322

Quidel

Corporation

i

290,020

6,353

Recordati

SPA

325,434

4,485

Roche

Holding

AG

1,536,294

2,121

Sanofi

212,551

1,200

Sawai

Pharmaceutical

Company,

Ltd.

60,547

1,276

Sonova

Holding

AG

i

323,358

210

STERIS

plc

37,000

3,140

Stryker

Corporation

654,282

5,985

Syneos

Health,

Inc.

i

318,163

100

Sysmex

Corporation

9,568

5,735

Tactile

Systems

Technology,

Inc.

i

209,844

5,200

Takeda

Pharmaceutical

Company,

Ltd.

185,863

295

Tecan

Group

AG

146,708

658

Teladoc

Health,

Inc.

i,k

144,260

1,100

Terumo

Corporation

43,796

2,483

Thermo

Fisher

Scientific,

Inc.

1,096,294

100

Toho

Holdings

Company,

Ltd.

2,156

500

Tsumura

&

Company

15,582

2,806

UnitedHealth

Group,

Inc.

874,827

2,744

Universal

Health

Services,

Inc.

293,663

901

Veeva

Systems,

Inc.

i

253,352

1,260

Vertex

Pharmaceuticals,

Inc.

i

342,871

1,292

Zimmer

Biomet

Holdings,

Inc.

175,893

2,952

Zoetis,

Inc.

488,172

Total

29,728,824

Industrials

(6.6%)

603

3M

Company

96,589

7

A.P.

Moller

-

Maersk

AS,

Class

A

10,247

83

A.P.

Moller

-

Maersk

AS,

Class

B

131,213

5,054

Aalberts

NV

181,741

294

Aerojet

Rocketdyne

Holdings,

Inc.

i

11,728

2,737

AGCO

Corporation

203,277

204

Akzo

Nobel

NV

20,618

1,854

Allegion

plc

183,379

18,214

Altra

Industrial

Motion

Corporation

673,372

6,107

AMETEK,

Inc.

607,036

25,220

Arconic,

Inc.

421,678

3,594

ASGN,

Inc.

i

228,435

12,716

Assa

Abloy

AB

297,302

11,768

Atlas

Copco

AB,

Class

A

561,084

3,578

Atlas

Copco

AB,

Class

B

149,324

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

24

Shares

Common

Stock

(46.3%)

Value

Industrials

(6.6%)

-

continued

1,941

Boeing

Company

$

320,770

2,182

Canadian

National

Railway

Company

232,383

2,130

Carlisle

Companies,

Inc.

260,648

15,364

Carrier

Global

Corporation

469,217

2,441

CIA

De

Distribucion

Integral

41,667

716

Cintas

Corporation

238,306

393

CSW

Industrials,

Inc.

30,359

3,577

CSX

Corporation

277,826

4,747

Curtiss-Wright

Corporation

442,705

200

Daikin

Industries,

Ltd.

36,955

10,176

Delta

Air

Lines,

Inc.

311,182

1,354

Deutsche

Post

AG

61,439

1,335

Eaton

Corporation

plc

136,210

6,538

Emerson

Electric

Company

428,697

1,978

Encore

Wire

Corporation

91,819

615

Expeditors

International

of

Washington,

Inc.

55,670

7,542

Experian

plc

283,387

2,173

Fortive

Corporation

165,604

3,440

Forward

Air

Corporation

197,387

603

Geberit

AG

356,750

5,895

General

Dynamics

Corporation

816,045

289

Gorman-Rupp

Company

8,514

2,923

Greenbrier

Companies,

Inc.

85,936

1,200

GS

Yuasa

Corporation

20,737

30,312

GWA

Group,

Ltd.

60,649

1,900

Hanwa

Company,

Ltd.

38,033

3,354

Heico

Corporation

351,030

5,179

Helios

Technologies,

Inc.

188,516

4,916

Honeywell

International,

Inc.

809,223

1,803

IDEX

Corporation

328,885

1,569

Illinois

Tool

Works,

Inc.

303,146

6,900

Inaba

Denki

Sangyo

Company,

Ltd.

173,312

498

JB

Hunt

Transport

Services,

Inc.

62,937

1,212

Jet2

plc

10,493

14,772

Johnson

Controls

International

plc

603,436

4,200

Kamigumi

Company,

Ltd.

82,763

2,081

Kansas

City

Southern

376,307

7,400

Kinden

Corporation

130,693

6,985

Koninklijke

Philips

NV

i

329,828

75

Kuehne

&

Nagel

International

AG

14,563

541

L3Harris

Technologies,

Inc.

91,883

1,725

Landstar

System,

Inc.

216,470

9,629

Legrand

SA

769,724

899

Lennox

International,

Inc.

245,076

3,035

Lincoln

Electric

Holdings,

Inc.

279,341

1,746

Linde

Public

Limited

Company

415,775

1,518

Lockheed

Martin

Corporation

581,819

5,085

Manpower,

Inc.

372,883

27,400

Marubeni

Corporation

155,561

15,674

Meritor,

Inc.

i

328,214

2,421

Middleby

Corporation

i,k

217,188

16,800

Mitsubishi

Corporation

402,114

12,500

Mitsubishi

Electric

Corporation

169,615

2,700

Mitsuboshi

Belting,

Ltd.

43,937

24,400

Mitsui

&

Company,

Ltd.

419,261

3,015

NAPCO

Security

Technologies,

Inc.

i

70,852

6,429

National

Express

Group

plc

i

12,636

100

Nikkon

Holdings

Company,

Ltd.

2,168

300

Nishimatsu

Construction

Company,

Ltd.

5,959

10,200

Nitto

Kogyo

Corporation

202,687

4,798

Nobina

AB

i,j

31,541

Shares

Common

Stock

(46.3%)

Value

Industrials

(6.6%)

-

continued

523

Nordson

Corporation

$

100,322

974

Norfolk

Southern

Corporation

208,426

9,025

Nutrien,

Ltd.

354,051

2,590

Old

Dominion

Freight

Line,

Inc.

468,583

3,477

Otis

Worldwide

Corporation

217,034

14,713

PageGroup

plc

i

70,927

3,248

Parker-Hannifin

Corporation

657,200

3,807

Patrick

Industries,

Inc.

218,979

11,949

Raven

Industries,

Inc.

257,142

6,964

Raytheon

Technologies

Corporation

400,709

2,000

Recruit

Holdings

Company,

Ltd.

79,431

3,906

Redde

Northgate

plc

9,298

29,981

RELX

plc

667,322

3,226

Ritchie

Brothers

Auctioneers,

Inc.

191,140

2,478

Rockwell

Automation,

Inc.

546,845

1,801

Saia,

Inc.

i

227,178

1,561

Sandvik

AB

i

30,526

200

Sanwa

Holdings

Corporation

2,121

6,770

Schneider

Electric

SE

841,509

7,773

SEEK,

Ltd.

119,910

4,784

Signify

NV

i,j

176,947

3,438

SKF

AB

70,928

90,800

Sojitz

Corporation

k

206,063

15,645

Southwest

Airlines

Company

586,687

1,598

Spirax-Sarco

Engineering

plc

227,559

505

Spirit

Aerosystems

Holdings,

Inc.

9,550

1,034

Stanley

Black

&

Decker,

Inc.

167,715

115

Stantec,

Inc.

3,492

20,400

Sumitomo

Corporation

245,912

700

Taikisha,

Ltd.

19,416

300

Taisei

Corporation

10,154

246

Teledyne

Technologies,

Inc.

i

76,312

1,605

TFI

International,

Inc.

67,115

7,718

Timken

Company

418,470

2,600

Toppan

Forms

Company,

Ltd.

24,751

2,814

Transcontinental,

Inc.

k

34,743

7,622

Transurban

Group

77,827

2,500

Tsubakimoto

Chain

Company

58,813

1,880

Tutor

Perini

Corporation

i

20,924

2,170

Union

Pacific

Corporation

427,208

72

United

Parcel

Service,

Inc.

11,997

5,074

United

Rentals,

Inc.

i

885,413

1,067

Valmont

Industries,

Inc.

132,500

1,566

Verisk

Analytics,

Inc.

290,195

1,600

Yuasa

Trading

Company,

Ltd.

50,001

Total

28,015,099

Information

Technology

(9.4%)

3,105

Accenture

plc

701,699

2,094

Adobe,

Inc.

i

1,026,960

2,258

Advanced

Energy

Industries,

Inc.

i

142,119

18,343

Advanced

Micro

Devices,

Inc.

i

1,503,943

800

Advantest

Corporation

38,912

9,125

Agilysys,

Inc.

i

220,460

5,502

Akamai

Technologies,

Inc.

i

608,191

5,754

Alliance

Data

Systems

Corporation

241,553

4,749

Amphenol

Corporation

514,174

439

Analog

Devices,

Inc.

51,249

2,275

ANSYS,

Inc.

i

744,448

46,871

Apple,

Inc.

5,428,130

235

ASM

International

NV

33,686

1,955

ASML

Holding

NV

722,129

594

Automatic

Data

Processing,

Inc.

82,857

100

Azbil

Corporation

3,747

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

25

Shares

Common

Stock

(46.3%)

Value

Information

Technology

(9.4%)

-

continued

1,556

BE

Semiconductor

Industries

NV

$

66,709

2,447

Blackline,

Inc.

i

219,325

1,284

Broadcom,

Ltd.

467,787

1,113

Broadridge

Financial

Solutions,

Inc.

146,916

287

Cadence

Design

Systems,

Inc.

i

30,603

3,800

Canon,

Inc.

63,029

547

Capgemini

SA

70,178

1,825

CDW

Corporation

218,142

9,550

CGI,

Inc.

i

648,214

16,743

Change

Healthcare,

Inc.

i

242,941

10,709

Ciena

Corporation

i

425,040

33,763

Cisco

Systems,

Inc.

1,329,925

500

Computer

Engineering

&

Consulting,

Ltd.

7,758

4,788

Computer

Services,

Inc.

296,856

14,638

Computershare,

Ltd.

129,498

818

Dialog

Semiconductor

plc

i

35,653

4,413

Dolby

Laboratories,

Inc.

292,494

15,451

Dropbox,

Inc.

i

297,586

600

DTS

Corporation

12,769

334

Fair

Isaac

Corporation

i

142,077

3,500

Fuji

Soft,

Inc.

180,480

570

Gartner,

Inc.

i

71,221

24,309

Halma

plc

734,424

1,800

Hitachi,

Ltd.

60,947

1,500

Hoya

Corporation

169,374

2,325

II-VI,

Inc.

i

94,302

997

Intel

Corporation

51,625

207

International

Business

Machines

Corporation

25,186

1,232

Intuit,

Inc.

401,891

600

ITOCHU

Techno-Solutions

Corporation

22,761

372

Jack

Henry

&

Associates,

Inc.

60,483

500

Japan

Material

Company,

Ltd.

7,010

100

Kanematsu

Electronics,

Ltd.

4,062

700

Keyence

Corporation

327,235

727

Lam

Research

Corporation

241,182

600

Lasertec

Corporation

49,319

6,016

Lattice

Semiconductor

Corporation

i

174,223

1,084

Littelfuse,

Inc.

192,237

971

Lumentum

Holdings,

Inc.

i

72,951

5,492

MasterCard,

Inc.

1,857,230

2,023

Microchip

Technology,

Inc.

207,883

7,603

Micron

Technology,

Inc.

i

357,037

26,190

Microsoft

Corporation

5,508,543

423

Motorola

Solutions,

Inc.

66,331

500

Murata

Manufacturing

Company,

Ltd.

32,514

7,624

National

Instruments

Corporation

272,177

11,100

NEC

Networks

&

System

Integration

Corporation

213,369

1,600

Nice,

Ltd.

ADR

i,k

363,248

500

NS

Solutions

Corporation

15,406

900

NSD

Company,

Ltd.

17,677

300

NTT

Data

Corporation

3,839

34,677

Nuance

Communications,

Inc.

i

1,150,930

1,968

NVIDIA

Corporation

1,065,121

100

OBIC

Company,

Ltd.

17,586

1,605

ON

Semiconductor

Corporation

i

34,812

12,368

Oracle

Corporation

738,370

600

Oracle

Corporation

Japan

64,786

500

Otsuka

Corporation

25,551

1,353

Paychex,

Inc.

107,929

Shares

Common

Stock

(46.3%)

Value

Information

Technology

(9.4%)

-

continued

3,661

PayPal

Holdings,

Inc.

i

$

721,327

2,750

Plexus

Corporation

i

194,232

4,619

QUALCOMM,

Inc.

543,564

1,600

Ryoyo

Electro

Corporation

k

44,445

1,556

Sage

Group

plc

14,460

906

Salesforce.com,

Inc.

i

227,696

406

Samsung

Electronics

Company,

Ltd.

GDR

514,777

519

SAP

SE

80,818

1,328

ServiceNow,

Inc.

i

644,080

91

Skyworks

Solutions,

Inc.

13,240

2,934

Square,

Inc.

i

476,922

1,812

Synopsys,

Inc.

i

387,732

615

Technology

One,

Ltd.

3,523

183

Teradyne,

Inc.

14,541

9,528

Texas

Instruments,

Inc.

1,360,503

1,800

TIS,

Inc.

38,232

800

Tokyo

Electron,

Ltd.

209,004

683

VeriSign,

Inc.

i

139,913

7,688

Visa,

Inc.

1,537,369

1,307

VMware,

Inc.

i,k

187,777

3,421

Workiva,

Inc.

i

190,755

105

Worldline

SA

i,j

8,598

Total

39,822,517

Materials

(2.2%)

3,051

Air

Liquide

SA

483,616

285

Air

Products

and

Chemicals,

Inc.

84,890

8,300

Air

Water,

Inc.

112,255

11,531

Axalta

Coating

Systems,

Ltd.

i

255,642

6,288

Ball

Corporation

522,658

6,331

BHP

Group,

Ltd.

163,553

1,095

Buzzi

Unicem

SPA

25,441

3,597

Centamin

plc

9,391

11,162

CF

Industries

Holdings,

Inc.

342,785

87

Christian

Hansen

Holding

AS

9,657

2,908

Croda

International

plc

234,577

6,333

Eastman

Chemical

Company

494,734

3,249

Ecolab,

Inc.

649,280

20,425

Element

Solutions,

Inc.

i

214,667

118

EMS-CHEMIE

Holding

AG

106,019

280

Eramet

SA

i

7,067

48

Givaudan

SA

207,255

9,221

Granges

AB

i

82,303

14,275

Hexpol

AB

i

127,692

11,212

Hochschild

Mining

plc

i

31,616

1,308

Holmen

AB

48,533

202

IAMGOLD

Corporation

i

774

407

IMCD

NV

48,407

45,112

Ivanhoe

Mines,

Ltd.

i

163,976

5,194

Koninklijke

DSM

NV

855,102

7,500

Kyoei

Steel,

Ltd.

96,402

1,000

Lintec

Corporation

23,285

12,641

Louisiana-Pacific

Corporation

373,036

439

Martin

Marietta

Materials,

Inc.

103,323

100

Nippon

Steel

Trading

Corporation

2,857

612

Novozymes

AS

38,466

5,969

Nucor

Corporation

267,769

5,081

Ramelius

Resources,

Ltd.

7,674

2,279

Rio

Tinto

plc

137,134

2,510

Rio

Tinto,

Ltd.

171,437

18,868

Sandfire

Resources,

Ltd.

55,760

486

Sherwin-Williams

Company

338,616

300

Shin-Etsu

Chemical

Company,

Ltd.

39,256

1,520

Sika

AG

373,239

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

26

Shares

Common

Stock

(46.3%)

Value

Materials

(2.2%)

-

continued

6,518

Silver

Lake

Resources,

Ltd.

i

$

10,941

10,377

Steel

Dynamics,

Inc.

297,093

20,800

Sumitomo

Chemical

Company,

Ltd.

68,847

2,478

Symrise

AG

342,270

1,300

Taiyo

Holdings

Company,

Ltd.

68,074

5,500

Toagosei

Company,

Ltd.

58,944

38,200

Toray

Industries,

Inc.

174,765

3,700

Ube

Industries,

Ltd.

62,483

3,614

UFP

Technologies,

Inc.

i

149,692

2,690

United

States

Lime

&

Minerals,

Inc.

242,369

4,391

W.

R.

Grace

&

Company

176,913

348

Wacker

Chemie

AG

33,772

3,066

Yara

International

ASA

117,979

Total

9,114,286

Real

Estate

(2.0%)

1,753

Agree

Realty

Corporation

111,561

1,754

Alexandria

Real

Estate

Equities,

Inc.

280,640

4,760

Allied

Properties

REIT

128,156

6,534

Alstria

Office

REIT

AG

90,857

14,953

American

Campus

Communities,

Inc.

522,159

1,437

American

Tower

Corporation

347,366

91,904

Ascendas

REIT

219,920

1,523

AvalonBay

Communities,

Inc.

227,445

4,008

Camden

Property

Trust

356,632

5,595

Castellum

AB

127,086

3,948

CBRE

Group,

Inc.

i

185,438

5,436

Choice

Properties

REIT

52,174

189

Cofinimmo

SA

28,420

3,495

Colliers

International

Group,

Inc.

233,082

418

Community

Healthcare

Trust,

Inc.

19,546

2,400

Daito

Trust

Construction

Company,

Ltd.

212,748

1,970

Digital

Realty

Trust,

Inc.

289,117

9,101

Douglas

Emmett,

Inc.

228,435

8,906

Duke

Realty

Corporation

328,631

629

EastGroup

Properties,

Inc.

81,349

1,997

Entra

ASA

j,k

28,064

6,189

Essential

Properties

Realty

Trust,

Inc.

113,382

444

Essex

Property

Trust,

Inc.

89,151

4,870

First

Industrial

Realty

Trust,

Inc.

193,826

5,388

Four

Corners

Property

Trust,

Inc.

137,879

2

Frontier

Real

Estate

Investment

Corporation

6,813

3

Fukuoka

REIT

Corporation

3,896

786

Getty

Realty

Corporation

20,444

7,059

Granite

REIT

409,688

2

Hankyu

REIT,

Inc.

2,329

3,323

Healthcare

Realty

Trust,

Inc.

100,089

37,038

Host

Hotels

&

Resorts,

Inc.

399,640

8,000

Hysan

Development

Company,

Ltd.

24,059

497

Industrial

Logistics

Properties

Trust

10,869

43

Invesco

Office

J-Reit,

Inc.

5,957

1,110

iSTAR

Financial,

Inc.

13,109

20

Japan

Hotel

REIT

Investment

Corporation

9,882

4

Japan

Prime

Realty

Investment

Corporation

12,411

1,250

Kilroy

Realty

Corporation

64,950

1,372

Kungsleden

AB

12,988

241

LEG

Immobilien

AG

34,352

Shares

Common

Stock

(46.3%)

Value

Real

Estate

(2.0%)

-

continued

3,517

Lexington

Realty

Trust

$

36,753

25,800

Mapletree

Commercial

Trust

37,064

14

Mori

Trust

Sogo

REIT,

Inc.

17,708

7,802

National

Storage

Affiliates

Trust

255,203

13

Nomura

Real

Estate

Master

Fund,

Inc.

16,286

690

Plymouth

Industrial

REIT,

Inc.

8,515

4,125

PSP

Swiss

Property

AG

498,303

10,169

Quebecor,

Inc.

254,387

4,021

Rayonier,

Inc.

REIT

106,315

3,263

Realty

Income

Corporation

198,227

19,000

Road

King

Infrastructure,

Ltd.

22,705

2,077

Service

Properties

Trust

16,512

1,151

Spirit

Realty

Capital,

Inc.

38,846

27,093

Sunstone

Hotel

Investors,

Inc.

215,118

15,470

TAG

Immobilien

AG

466,483

1,715

Terreno

Realty

Corporation

93,913

187

UDR,

Inc.

6,098

15

United

Urban

Investment

Corporation

16,691

3,090

Waypoint

REIT,

Ltd.

6,039

41,100

Wing

Tai

Holdings,

Ltd.

52,527

1,504

WP

Carey,

Inc.

98,001

Total

8,226,234

Utilities

(0.7%)

5,272

Alliant

Energy

Corporation

272,299

14,573

CenterPoint

Energy,

Inc.

281,988

4,415

CMS

Energy

Corporation

271,125

4,680

Duke

Energy

Corporation

414,461

9,335

Enagas

SA

215,389

4,052

Enel

SPA

35,155

6,699

Entergy

Corporation

660,052

5,796

Exelon

Corporation

207,265

6,018

FirstEnergy

Corporation

172,777

604

NextEra

Energy,

Inc.

167,646

640

Northland

Power,

Inc.

19,360

1,970

NorthWestern

Corporation

95,821

3,265

PNM

Resources,

Inc.

134,942

2,579

Portland

General

Electric

Company

91,554

1,578

Spire,

Inc.

83,950

262

Unitil

Corporation

10,124

Total

3,133,908

Total

Common

Stock

(cost

$166,321,204)

195,678,395

Principal

Amount

Long-Term

Fixed

Income

(

25.2%

)

Value

Asset-Backed

Securities

(2.0%)

522

Funding

CLO,

Ltd.

$

225,000

4.098%, 

(LIBOR

3M

+

3.850%),

10/23/2033,

Ser.

2020-6A,

Class

D

b,e,j

225,000

Babson

CLO,

Ltd.

300,000

3.172%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,j

267,924

Benefit

Street

Partners

CLO

IV,

Ltd.

300,000

2.022%, 

(LIBOR

3M

+

1.750%),

1/20/2029,

Ser.

2014-IVA,

Class

A2RR

b,j

298,603

Business

Jet

Securities,

LLC

330,221

4.447%, 

6/15/2033,

Ser.

2018-2,

Class

A

j

330,161

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

27

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Asset-Backed

Securities

(2.0%)

-

continued

Cent

CLO,

LP

$

850,000

2.545%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,j

$

831,031

College

Ave

Student

Loans,

LLC

191,222

1.798%, 

(LIBOR

1M

+

1.650%),

11/26/2046,

Ser.

2017-A,

Class

A1

b,j

191,808

Foundation

Finance

Trust

124,751

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

j

126,852

Harley

Marine

Financing,

LLC

439,124

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

j

393,659

Madison

Park

Funding

XIV,

Ltd.

500,000

1.658%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,j

489,500

OHA

Credit

Funding

1,

Ltd.

390,000

1.722%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,j

386,077

OZLM

Funding

II,

Ltd.

785,000

1.768%, 

(LIBOR

3M

+

1.500%),

7/30/2031,

Ser.

2012-2A,

Class

A1BR

b,j

771,997

OZLM

IX,

Ltd.

425,000

1.822%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,j

421,303

Palmer

Square

Loan

Funding,

Ltd.

300,000

2.522%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,j

300,013

Park

Avenue

Institutional

Advisers

CLO,

Ltd.

800,000

1.772%, 

(LIBOR

3M

+

1.500%),

10/20/2031,

Ser.

2018-1A,

Class

A1B

b,j

792,455

Pretium

Mortgage

Credit

Partners,

LLC

454,128

3.721%, 

1/25/2059,

Ser.

2019-CFL1,

Class

A1

j,l

453,218

Riserva

CLO,

Ltd.

350,000

1.972%, 

(LIBOR

3M

+

1.700%),

10/18/2028,

Ser.

2016-3A,

Class

BR

b,j

346,978

Sound

Point

CLO

X,

Ltd.

400,000

2.972%, 

(LIBOR

3M

+

2.700%),

1/20/2028,

Ser.

2015-3A,

Class

DR

b,j

382,519

Sound

Point

CLO

XXI,

Ltd.

800,000

1.695%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,j

769,409

THL

Credit

Wind

River

CLO,

Ltd.

350,000

3.125%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,j

329,730

Vericrest

Opportunity

Loan

Transferee

353,740

3.352%, 

9/25/2049,

Ser.

2019-NPL5,

Class

A1A

j,l

354,142

Total

8,462,379

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Basic

Materials

(0.4%)

Air

Products

and

Chemicals,

Inc.

$

17,000

1.500%, 

10/15/2025

$

17,631

Alcoa

Nederland

Holding

BV

95,000

5.500%, 

12/15/2027

j

99,009

BWAY

Holding

Company

90,000

5.500%, 

4/15/2024

j

90,319

Cleveland-Cliffs,

Inc.

60,000

5.750%, 

3/1/2025

55,800

50,000

9.875%, 

10/17/2025

j

55,812

EI

du

Pont

de

Nemours

&

Company

34,000

1.700%, 

7/15/2025

35,257

First

Quantum

Minerals,

Ltd.

110,000

7.500%, 

4/1/2025

j

108,802

Freeport-McMoRan,

Inc.

90,000

4.125%, 

3/1/2028

91,125

90,000

4.250%, 

3/1/2030

92,250

Kinross

Gold

Corporation

44,000

5.125%, 

9/1/2021

45,274

Krayton

Polymers,

LLC

120,000

7.000%, 

4/15/2025

j

122,400

Methanex

Corporation

130,000

5.250%, 

12/15/2029

128,538

Mosaic

Company

15,000

3.250%, 

11/15/2022

15,675

Norbord,

Inc.

130,000

5.750%, 

7/15/2027

j

137,319

Novelis

Corporation

150,000

5.875%, 

9/30/2026

j

154,125

40,000

4.750%, 

1/30/2030

j

39,039

Nucor

Corporation

17,000

2.000%, 

6/1/2025

17,752

Olin

Corporation

150,000

5.125%, 

9/15/2027

148,500

Peabody

Securities

Finance

Corporation

110,000

6.375%, 

3/31/2025

j

44,000

Steel

Dynamics,

Inc.

21,000

2.400%, 

6/15/2025

21,906

Syngenta

Finance

NV

71,000

3.933%, 

4/23/2021

j

71,916

Tronox

Finance

plc

130,000

5.750%, 

10/1/2025

j

128,050

Xstrata

Finance

Canada,

Ltd.

66,000

4.950%, 

11/15/2021

j

68,897

Total

1,789,396

Capital

Goods

(0.9%)

AECOM

200,000

5.125%, 

3/15/2027

216,024

Amsted

Industries,

Inc.

150,000

5.625%, 

7/1/2027

j

159,573

Ardagh

Packaging

Finance

plc

61,000

6.000%, 

2/15/2025

j

63,336

100,000

5.250%, 

8/15/2027

j

101,900

Berry

Global,

Inc.

80,000

4.875%, 

7/15/2026

j

83,900

Caterpillar

Financial

Services

Corporation

53,000

1.900%, 

9/6/2022

54,494

48,000

1.950%, 

11/18/2022

49,573

35,000

1.450%, 

5/15/2025

36,148

Chart

Industries,

Inc.,

Convertible

117,000

1.000%, 

11/15/2024

j

162,159

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

28

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Capital

Goods

(0.9%)

-

continued

Cintas

Corporation

No.

2

$

64,000

2.900%, 

4/1/2022

$

66,200

CNH

Industrial

Capital,

LLC

64,000

4.875%, 

4/1/2021

65,235

20,000

1.950%, 

7/2/2023

20,325

Covanta

Holding

Corporation

120,000

6.000%, 

1/1/2027

124,800

25,000

5.000%, 

9/1/2030

25,233

Crown

Americas

Capital

Corporation

IV

130,000

4.500%, 

1/15/2023

134,875

Crown

Cork

&

Seal

Company,

Inc.

50,000

7.375%, 

12/15/2026

59,444

General

Electric

Company

260,000

5.000%, 

1/21/2021

b,m

207,158

Greenbrier

Companies,

Inc.,

Convertible

47,000

2.875%, 

2/1/2024

42,993

H&E

Equipment

Services,

Inc.

135,000

5.625%, 

9/1/2025

140,738

Honeywell

International,

Inc.

35,000

1.350%, 

6/1/2025

36,068

Huntington

Ingalls

Industries,

Inc.

31,000

3.844%, 

5/1/2025

j

34,056

Jeld-Wen,

Inc.

80,000

4.625%, 

12/15/2025

j

80,400

John

Deere

Capital

Corporation

47,000

1.200%, 

4/6/2023

47,919

48,000

2.050%, 

1/9/2025

50,861

KBR,

Inc.,

Convertible

246,000

2.500%, 

11/1/2023

277,365

Otis

Worldwide

Corporation

47,000

2.056%, 

4/5/2025

49,367

PACCAR

Financial

Corporation

33,000

2.650%, 

4/6/2023

34,785

Parker-Hannifin

Corporation

70,000

2.700%, 

6/14/2024

74,931

Patrick

Industries,

Inc.,

Convertible

78,000

1.000%, 

2/1/2023

76,730

Raytheon

Technologies

Corporation

41,000

2.800%, 

3/15/2022

j

42,270

Republic

Services,

Inc.

34,000

2.500%, 

8/15/2024

36,184

Reynolds

Group

Issuer,

Inc.

240,000

5.125%, 

7/15/2023

j

243,000

Roper

Technologies,

Inc.

33,000

2.350%, 

9/15/2024

34,897

35,000

1.000%, 

9/15/2025

35,088

Standard

Industries,

Inc.

160,000

4.375%, 

7/15/2030

j

164,042

TransDigm,

Inc.

50,000

6.250%, 

3/15/2026

j

52,428

180,000

5.500%, 

11/15/2027

172,989

TTM

Technologies,

Inc.,

Convertible

70,000

1.750%, 

12/15/2020

82,729

United

Rentals

North

America,

Inc.

250,000

4.000%, 

7/15/2030

255,625

United

Technologies

Corporation

78,000

3.950%, 

8/16/2025

88,672

WESCO

Distribution,

Inc.

80,000

7.250%, 

6/15/2028

j

87,654

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Capital

Goods

(0.9%)

-

continued

WW

Grainger,

Inc.

$

30,000

1.850%, 

2/15/2025

$

31,417

Total

3,903,585

Collateralized

Mortgage

Obligations

(4.2%)

Antler

Mortgage

Trust

379,833

4.458%, 

6/27/2022,

Ser.

2019-RTL1,

Class

A1

j

380,864

710,096

4.335%, 

7/25/2022,

Ser.

2018-RTL1,

Class

A1

j

711,598

Banc

of

America

Alternative

Loan

Trust

218,801

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

209,044

Banc

of

America

Mortgage

Securities

Trust

188,167

3.373%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

176,154

54,169

3.613%, 

9/25/2035,

Ser.

2005-H,

Class

2A1

b

50,588

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

77,119

3.564%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

74,197

Bellemeade

Re,

Ltd.

298,692

1.748%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,j

295,753

150,000

2.798%, 

(LIBOR

1M

+

2.650%),

6/25/2030,

Ser.

2020-1A,

Class

M1A

b,j

150,308

200,000

3.548%, 

(LIBOR

1M

+

3.400%),

6/25/2030,

Ser.

2020-1A,

Class

M1B

b,j

202,726

200,000

2.448%, 

(LIBOR

1M

+

2.300%),

8/26/2030,

Ser.

2020-2A,

Class

M1A

b,j

200,233

CHL

Mortgage

Pass-Through

Trust

242,401

3.400%, 

11/20/2035,

Ser.

2005-HYB7,

Class

6A1

b

205,715

113,961

3.454%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

112,832

404,290

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

323,200

CIM

Trust

258,618

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,j

272,597

Citigroup

Mortgage

Loan

Trust,

Inc.

309,143

3.958%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

299,417

Countrywide

Alternative

Loan

Trust

271,426

6.500%, 

8/25/2036,

Ser.

2006-23CB,

Class

2A3

151,887

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

142,567

3.457%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

132,047

Credit

Suisse

First

Boston

Mortgage

Securities

Corporation

102,451

5.250%, 

10/25/2035,

Ser.

2005-9,

Class

1A3

102,578

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

29

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Collateralized

Mortgage

Obligations

(4.2%)

-

continued

Credit

Suisse

Mortgage

Capital

Certificates

$

95,939

3.393%, 

2/25/2024,

Ser.

2020-BPL1,

Class

A1

j,l

$

95,980

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

204,013

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

209,405

145,428

2.404%, 

8/25/2035,

Ser.

2005-AR1,

Class

2A3

b

138,009

Eagle

Re,

Ltd.

300,782

1.948%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,j

298,800

Federal

Home

Loan

Mortgage

Corporation

799,766

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

n

86,418

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

719,019

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

n

40,800

715,340

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

n

87,077

844,979

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

n

63,206

Federal

National

Mortgage

Association

-

REMIC

901,360

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

n

50,339

739,197

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

n

37,126

1,478,661

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

n

73,174

1,720,714

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

n

109,154

1,065,825

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

n

57,303

519,696

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

n

28,178

1,399,771

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

n

77,036

600,943

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

n

37,275

2,119,086

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

n

117,906

554,451

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

n

31,837

849,433

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

n

41,795

563,338

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

n

61,065

Genworth

Mortgage

Insurance

Corporation

175,000

2.048%, 

(LIBOR

1M

+

1.900%),

11/26/2029,

Ser.

2019-1,

Class

M1

b,j

171,394

GMAC

Mortgage

Corporation

Loan

Trust

99,265

3.668%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

94,864

33,178

0.648%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,o

36,975

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Collateralized

Mortgage

Obligations

(4.2%)

-

continued

GMACM

Mortgage

Loan

Trust

$

53,328

3.991%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

$

50,387

GSAA

Home

Equity

Trust

76,740

4.539%, 

8/25/2034,

Ser.

2004-10,

Class

M2

l

82,066

IndyMac

INDA

Mortgage

Loan

Trust

741,167

3.127%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

690,988

IndyMac

INDX

Mortgage

Loan

Trust

480,523

0.358%, 

(LIBOR

1M

+

0.210%),

4/25/2046,

Ser.

2006-AR2,

Class

1A1B

b

435,219

IndyMac

Seconds

Asset-Backed

Trust

152,326

0.488%, 

(LIBOR

1M

+

0.340%),

10/25/2036,

Ser.

2006-2B,

Class

A

b,o

105,109

J.P.

Morgan

Alternative

Loan

Trust

366,483

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

297,497

Legacy

Mortgage

Asset

Trust

356,038

4.000%, 

1/25/2059,

Ser.

2019-GS1,

Class

A1

j

362,208

290,457

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

j,l

294,627

Master

Asset

Securitization

Trust

454,687

0.648%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

113,444

Merrill

Lynch

Mortgage

Investors

Trust

275,497

3.536%, 

6/25/2035,

Ser.

2005-A5,

Class

M1

b

149,966

MFA

NQM1

Trust

145,309

2.300%, 

8/25/2049,

Ser.

2020-NQM1,

Class

A3

b,j

146,031

New

Residential

Mortgage

Loan

Trust

96,954

4.335%, 

7/25/2060,

Ser.

2020-NPL1,

Class

A1

j,l

97,070

Preston

Ridge

Partners

Mortgage

Trust,

LLC

116,092

4.500%, 

1/25/2024,

Ser.

2019-1A,

Class

A1

j,l

116,981

385,110

3.967%, 

4/25/2024,

Ser.

2019-2A,

Class

A1

j,l

388,322

368,167

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,j

368,645

216,569

4.750%, 

10/25/2024,

Ser.

2019-GS1,

Class

A2

b,j

215,706

Pretium

Mortgage

Credit

Partners,

LLC

393,077

2.858%, 

5/27/2059,

Ser.

2020-NPL1,

Class

A1

j,l

390,064

Radnor

RE,

Ltd.

525,000

2.848%, 

(LIBOR

1M

+

2.700%),

3/25/2028,

Ser.

2018-1,

Class

M2

b,j

500,110

RCO

Mortgage,

LLC

193,584

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

j,l

193,137

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

30

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Collateralized

Mortgage

Obligations

(4.2%)

-

continued

$

397,821

3.197%, 

11/25/2052,

Ser.

2017-INV1,

Class

A

b,j

$

403,269

Residential

Accredit

Loans,

Inc.

Trust

161,274

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

161,423

159,179

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

159,060

131,720

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

127,992

Residential

Asset

Securitization

Trust

162,685

2.756%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

161,401

285,039

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

297,988

Residential

Funding

Mortgage

Security

I

Trust

250,254

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

234,421

Silver

Hill

Trust

220,378

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,j

223,970

Stanwich

Mortgage

Loan

Trust

146,220

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

j,l

145,063

Starwood

Mortgage

Residential

Trust

276,173

4.121%, 

10/25/2048,

Ser.

2018-IMC2,

Class

A1

b,j

285,660

250,000

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,j

258,703

Structured

Adjustable

Rate

Mortgage

Loan

Trust

89,125

3.201%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

80,206

170,560

3.678%, 

9/25/2035,

Ser.

2005-18,

Class

1A1

b

137,198

Structured

Asset

Mortgage

Investments,

Inc.

339,159

0.458%, 

(LIBOR

1M

+

0.310%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

315,024

Toorak

Mortgage

Corporation

456,657

4.336%, 

8/25/2021,

Ser.

2018-1,

Class

A1

j,l

459,221

500,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

j,l

511,579

300,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

j,l

301,055

Vericrest

Opportunity

Loan

Transferee

185,115

2.981%, 

3/25/2050,

Ser.

2020-NPL4,

Class

A1

j,l

184,725

250,000

3.475%, 

3/25/2050,

Ser.

2020-NPL5,

Class

A1B

j,l

243,365

138,681

3.352%, 

8/25/2049,

Ser.

2019-NPL4,

Class

A1A

j,l

138,819

900,000

4.090%, 

11/25/2049,

Ser.

2019-NPL8,

Class

A1B

j,l

886,994

78,061

3.426%, 

12/27/2049,

Ser.

2019-NP10,

Class

A1A

j,l

78,090

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Collateralized

Mortgage

Obligations

(4.2%)

-

continued

Verus

Securitization

Trust

$

271,149

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,j

$

276,417

Wachovia

Asset

Securitization,

Inc.

223,942

0.312%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

b,j,o

194,151

WaMu

Mortgage

Pass

Through

Certificates

261,505

2.051%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

234,899

Wells

Fargo

Home

Equity

Trust

194,767

0.648%, 

(LIBOR

1M

+

0.500%),

4/25/2034,

Ser.

2004-1,

Class

M1

b

188,532

Total

17,783,656

Commercial

Mortgage-Backed

Securities

(0.2%)

BFLD

Trust

225,000

1.800%, 

(LIBOR

1M

+

1.700%),

10/15/2022,

Ser.

2020-EYP,

Class

B

b,e,j

225,000

Federal

National

Mortgage

Association

-

ACES

4,973,092

1.466%, 

2/25/2031,

Ser.

2019-M21,

Class

X2

b,n

528,306

Total

753,306

Communications

Services

(1.6%)

Altice

France

SA

70,000

5.500%, 

1/15/2028

j

70,875

American

Tower

Corporation

50,000

3.375%, 

5/15/2024

54,129

41,000

2.950%, 

1/15/2025

44,284

AT&T,

Inc.

140,000

4.450%, 

4/1/2024

156,540

CCO

Holdings,

LLC

125,000

5.500%, 

5/1/2026

j

130,312

110,000

5.125%, 

5/1/2027

j

115,744

60,000

4.500%, 

8/15/2030

j

63,003

70,000

4.250%, 

2/1/2031

j

72,513

CCOH

Safari,

LLC

235,000

5.750%, 

2/15/2026

j

244,400

Charter

Communications

Operating,

LLC

50,000

4.500%, 

2/1/2024

55,433

37,000

4.908%, 

7/23/2025

42,767

Comcast

Corporation

39,000

3.700%, 

4/15/2024

43,065

39,000

3.950%, 

10/15/2025

44,724

Cox

Communications,

Inc.

51,000

2.950%, 

6/30/2023

j

53,680

Crown

Castle

International

Corporation

32,000

4.450%, 

2/15/2026

36,654

CSC

Holdings,

LLC

50,000

5.500%, 

5/15/2026

j

52,000

70,000

4.125%, 

12/1/2030

j

71,348

300,000

4.625%, 

12/1/2030

j

301,419

Deutsche

Telekom

International

Finance

BV

34,000

2.485%, 

9/19/2023

j

35,549

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

31

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Communications

Services

(1.6%)

-

continued

Discovery

Communications,

LLC

$

45,000

2.950%, 

3/20/2023

$

47,403

DISH

Network

Corporation,

Convertible

277,000

3.375%, 

8/15/2026

254,285

Embarq

Corporation

110,000

7.995%, 

6/1/2036

130,247

Entercom

Media

Corporation

60,000

6.500%, 

5/1/2027

j

52,200

Fox

Corporation

76,000

4.030%, 

1/25/2024

83,659

Front

Range

BidCo,

Inc.

160,000

4.000%, 

3/1/2027

j

157,476

GCI

Liberty,

Inc.,

Convertible

509,000

1.750%, 

9/30/2046

j

872,172

GCI,

LLC

70,000

4.750%, 

10/15/2028

e,j

70,876

Gray

Escrow,

Inc.

110,000

7.000%, 

5/15/2027

j,k

119,255

iHeartCommunications,

Inc.

80,000

4.750%, 

1/15/2028

j

75,396

Level

3

Financing,

Inc.

100,000

5.250%, 

3/15/2026

103,595

90,000

4.625%, 

9/15/2027

j

92,475

120,000

4.250%, 

7/1/2028

j

121,838

Liberty

Interactive,

LLC,

Convertible

118,000

3.500%, 

1/15/2031

98,078

Liberty

Media

Corporation,

Convertible

47,000

1.000%, 

1/30/2023

55,756

Netflix,

Inc.

220,000

4.875%, 

4/15/2028

245,850

Nexstar

Escrow

Corporation

100,000

5.625%, 

7/15/2027

j

104,895

Nielsen

Finance,

LLC

30,000

5.625%, 

10/1/2028

j

30,825

SBA

Communications

Corporation

80,000

3.875%, 

2/15/2027

j

81,200

SFR

Group

SA

150,000

7.375%, 

5/1/2026

j

157,185

Sirius

XM

Radio,

Inc.

220,000

5.000%, 

8/1/2027

j

229,805

60,000

4.125%, 

7/1/2030

j

61,487

Sprint

Capital

Corporation

90,000

6.875%, 

11/15/2028

112,080

50,000

8.750%, 

3/15/2032

73,191

Sprint

Corporation

150,000

7.250%, 

9/15/2021

156,938

230,000

7.625%, 

2/15/2025

269,100

Telesat

Canada

/

Telesat,

LLC

80,000

4.875%, 

6/1/2027

j

80,324

T-Mobile

USA,

Inc.

52,000

3.500%, 

4/15/2025

j

57,055

230,000

4.500%, 

2/1/2026

236,992

Univision

Communications,

Inc.

120,000

6.625%, 

6/1/2027

j

117,150

VeriSign,

Inc.

130,000

4.750%, 

7/15/2027

137,800

Verizon

Communications,

Inc.

102,000

2.946%, 

3/15/2022

105,742

81,000

1.380%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

82,746

Viacom,

Inc.

65,000

4.250%, 

9/1/2023

70,805

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Communications

Services

(1.6%)

-

continued

$

44,000

5.875%, 

2/28/2057

b

$

44,774

Virgin

Media

Secured

Finance

plc

200,000

5.500%, 

8/15/2026

j

208,500

Vodafone

Group

plc

52,000

3.750%, 

1/16/2024

56,790

VTR

Finance

BV

50,000

6.375%, 

N/A

j

52,500

Walt

Disney

Company

36,000

1.750%, 

1/13/2026

37,400

Windstream

Services,

LLC

100,000

8.625%, 

10/31/2025

*,f

60,000

Ziggo

BV

110,000

5.500%, 

1/15/2027

j

115,225

Total

7,009,509

Consumer

Cyclical

(1.6%)

1011778

B.C.,

ULC

240,000

4.375%, 

1/15/2028

j

244,752

Allied

Universal

Holdco,

LLC

70,000

6.625%, 

7/15/2026

j

74,550

Allison

Transmission,

Inc.

165,000

5.000%, 

10/1/2024

j

166,660

Amazon.com,

Inc.

34,000

0.800%, 

6/3/2025

34,303

American

Honda

Finance

Corporation

52,000

2.050%, 

1/10/2023

53,749

35,000

0.650%, 

9/8/2023

34,988

35,000

1.200%, 

7/8/2025

35,255

BMW

Finance

NV

34,000

2.250%, 

8/12/2022

j

35,097

Booking

Holdings,

Inc.,

Convertible

40,000

0.900%, 

9/15/2021

42,564

Brookfield

Property

REIT,

Inc.

40,000

5.750%, 

5/15/2026

j

31,523

Brookfield

Residential

Properties,

Inc.

240,000

6.250%, 

9/15/2027

j

242,022

Burlington

Stores,

Inc.,

Convertible

289,000

2.250%, 

4/15/2025

j

344,351

Carnival

Corporation

50,000

11.500%, 

4/1/2023

j

56,049

50,000

10.500%, 

2/1/2026

j

55,375

Cedar

Fair,

LP

90,000

5.250%, 

7/15/2029

85,444

Colt

Merger

Sub,

Inc.

150,000

6.250%, 

7/1/2025

j

156,375

D.R.

Horton,

Inc.

60,000

2.550%, 

12/1/2020

60,203

16,000

2.600%, 

10/15/2025

17,155

Daimler

Finance

North

America,

LLC

32,000

2.550%, 

8/15/2022

j

33,054

Dana,

Inc.

100,000

5.625%, 

6/15/2028

103,250

Dick's

Sporting

Goods,

Inc.,

Convertible

205,000

3.250%, 

4/15/2025

j

375,363

Ford

Motor

Company

40,000

9.000%, 

4/22/2025

45,860

20,000

9.625%, 

4/22/2030

25,825

100,000

7.450%, 

7/16/2031

114,681

Ford

Motor

Credit

Company,

LLC

240,000

4.063%, 

11/1/2024

239,700

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

32

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Consumer

Cyclical

(1.6%)

-

continued

$

130,000

4.134%, 

8/4/2025

$

128,754

General

Motors

Company

46,000

5.400%, 

10/2/2023

50,706

General

Motors

Financial

Company,

Inc.

64,000

4.375%, 

9/25/2021

66,026

36,000

4.200%, 

11/6/2021

37,171

43,000

3.150%, 

6/30/2022

44,169

68,000

3.950%, 

4/13/2024

71,937

48,000

2.900%, 

2/26/2025

49,452

35,000

2.750%, 

6/20/2025

35,851

84,000

5.700%, 

9/30/2030

b,m

84,315

Hanesbrands,

Inc.

170,000

4.875%, 

5/15/2026

j

181,475

Harley-Davidson

Financial

Services,

Inc.

52,000

4.050%, 

2/4/2022

j

53,737

Herc

Holdings,

Inc.

60,000

5.500%, 

7/15/2027

j

62,079

Hilton

Domestic

Operating

Company,

Inc.

220,000

4.875%, 

1/15/2030

226,600

Home

Depot,

Inc.

31,000

3.750%, 

2/15/2024

34,197

Hyundai

Capital

America

52,000

3.000%, 

6/20/2022

j

53,610

35,000

1.800%, 

10/15/2025

j

34,807

International

Game

Technology

plc

110,000

5.250%, 

1/15/2029

j

111,237

KB

Home

80,000

4.800%, 

11/15/2029

88,200

Kohl's

Corporation

45,000

9.500%, 

5/15/2025

53,092

L

Brands,

Inc.

70,000

6.625%, 

10/1/2030

j

71,225

Landry's,

Inc.

80,000

6.750%, 

10/15/2024

j

66,800

Lennar

Corporation

65,000

2.950%, 

11/29/2020

65,000

20,000

4.125%, 

1/15/2022

20,450

48,000

4.875%, 

12/15/2023

51,606

265,000

4.500%, 

4/30/2024

284,212

14,000

5.875%, 

11/15/2024

15,645

Lowe's

Companies,

Inc.

31,000

4.000%, 

4/15/2025

35,133

Marriott

International,

Inc.

69,000

3.750%, 

10/1/2025

70,853

Marriott

Vacations

Worldwide

Corporation,

Convertible

45,000

1.500%, 

9/15/2022

44,233

Mattamy

Group

Corporation

200,000

5.250%, 

12/15/2027

j

205,500

McDonald's

Corporation

70,000

3.350%, 

4/1/2023

74,732

MGM

Resorts

International

60,000

6.000%, 

3/15/2023

62,244

122,000

5.750%, 

6/15/2025

127,954

Nissan

Motor

Company,

Ltd.

35,000

3.043%, 

9/15/2023

j

35,477

Norwegian

Cruise

Line

Holdings,

Ltd.

50,000

10.250%, 

2/1/2026

j

52,094

Penn

National

Gaming,

Inc.,

Convertible

36,000

2.750%, 

5/15/2026

115,540

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Consumer

Cyclical

(1.6%)

-

continued

Prime

Security

Services

Borrower,

LLC

$

205,000

5.750%, 

4/15/2026

j

$

219,223

35,000

3.375%, 

8/31/2027

j

33,644

Ralph

Lauren

Corporation

34,000

1.700%, 

6/15/2022

34,610

Royal

Caribbean

Cruises,

Ltd.

50,000

9.125%, 

6/15/2023

j

53,000

40,000

11.500%, 

6/1/2025

j

46,490

Scientific

Games

International,

Inc.

110,000

5.000%, 

10/15/2025

j

110,688

ServiceMaster

Company,

LLC

180,000

5.125%, 

11/15/2024

j

184,050

Six

Flags

Entertainment

Corporation

70,000

5.500%, 

4/15/2027

j,k

66,381

Six

Flags

Theme

Parks,

Inc.

50,000

7.000%, 

7/1/2025

j

53,188

Staples,

Inc.

130,000

7.500%, 

4/15/2026

j

119,790

Target

Corporation

31,000

2.250%, 

4/15/2025

33,096

TJX

Companies,

Inc.

31,000

3.500%, 

4/15/2025

34,572

Under

Armour,

Inc.,

Convertible

40,000

1.500%, 

6/1/2024

j

49,986

VF

Corporation

35,000

2.050%, 

4/23/2022

35,880

Volkswagen

Group

of

America

Finance,

LLC

62,000

4.250%, 

11/13/2023

j

68,119

17,000

3.350%, 

5/13/2025

j

18,559

Wyndham

Destinations,

Inc.

60,000

6.625%, 

7/31/2026

j

62,857

Wyndham

Hotels

&

Resorts,

Inc.

35,000

4.375%, 

8/15/2028

j

33,950

Yum!

Brands,

Inc.

160,000

4.750%, 

1/15/2030

j

172,400

Total

7,004,744

Consumer

Non-Cyclical

(1.7%)

Abbott

Laboratories

64,000

2.550%, 

3/15/2022

66,074

46,000

3.400%, 

11/30/2023

49,977

AbbVie,

Inc.

44,000

2.900%, 

11/6/2022

46,134

68,000

2.300%, 

11/21/2022

j

70,366

35,000

2.800%, 

3/15/2023

j

36,585

141,000

3.600%, 

5/14/2025

156,249

Albertson's

Companies,

Inc.

140,000

3.500%, 

3/15/2029

j

135,887

50,000

4.875%, 

2/15/2030

j

52,125

Altria

Group,

Inc.

47,000

3.800%, 

2/14/2024

51,365

35,000

4.400%, 

2/14/2026

40,295

Amgen,

Inc.

47,000

1.900%, 

2/21/2025

49,144

Anheuser-Busch

Companies,

LLC

35,000

3.650%, 

2/1/2026

39,116

Anheuser-Busch

InBev

Worldwide,

Inc.

56,000

4.150%, 

1/23/2025

63,225

Anthem,

Inc.

50,000

2.375%, 

1/15/2025

53,115

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

33

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Consumer

Non-Cyclical

(1.7%)

-

continued

Aramark

Services,

Inc.

$

50,000

6.375%, 

5/1/2025

j

$

52,084

AstraZeneca

plc

36,000

0.700%, 

4/8/2026

35,300

BAT

Capital

Corporation

44,000

2.764%, 

8/15/2022

45,597

56,000

3.222%, 

8/15/2024

59,922

BAT

International

Finance

plc

35,000

1.668%, 

3/25/2026

35,110

Bausch

Health

Companies,

Inc.

60,000

7.000%, 

1/15/2028

j

63,450

30,000

5.000%, 

1/30/2028

j

29,137

Bayer

U.S.

Finance

II,

LLC

70,000

3.500%, 

6/25/2021

j

71,404

Boston

Scientific

Corporation

70,000

3.450%, 

3/1/2024

75,827

Bristol-Myers

Squibb

Company

56,000

3.625%, 

5/15/2024

61,703

Bunge,

Ltd.

Finance

Corporation

65,000

3.500%, 

11/24/2020

65,285

41,000

1.630%, 

8/17/2025

41,170

Cargill,

Inc.

35,000

1.375%, 

7/23/2023

j

35,799

Centene

Corporation

60,000

4.750%, 

1/15/2025

61,668

48,000

5.375%, 

8/15/2026

j

50,840

40,000

4.250%, 

12/15/2027

41,857

90,000

4.625%, 

12/15/2029

97,079

160,000

3.000%, 

10/15/2030

e

163,000

Cigna

Corporation

75,000

4.125%, 

11/15/2025

85,997

Conagra

Brands,

Inc.

37,000

3.800%, 

10/22/2021

38,259

37,000

4.300%, 

5/1/2024

41,276

Constellation

Brands,

Inc.

70,000

4.250%, 

5/1/2023

76,342

CVS

Health

Corporation

44,000

2.750%, 

12/1/2022

45,882

56,000

3.700%, 

3/9/2023

59,985

70,000

4.100%, 

3/25/2025

79,089

DaVita,

Inc.

110,000

4.625%, 

6/1/2030

j

112,904

Diageo

Capital

plc

42,000

1.375%, 

9/29/2025

43,034

Edgewell

Personal

Care

Company

50,000

5.500%, 

6/1/2028

j

52,612

Encompass

Health

Corporation

130,000

4.500%, 

2/1/2028

130,650

Energizer

Holdings,

Inc.

160,000

6.375%, 

7/15/2026

j

172,032

110,000

4.375%, 

3/31/2029

j

111,100

General

Mills,

Inc.

35,000

3.700%, 

10/17/2023

38,156

35,000

3.650%, 

2/15/2024

38,154

HCA,

Inc.

320,000

5.375%, 

2/1/2025

350,400

HLF

Financing

SARL,

LLC

70,000

7.250%, 

8/15/2026

j

71,925

Illumina,

Inc.,

Convertible

24,000

0.500%, 

6/15/2021

30,793

Imperial

Brands

Finance

plc

34,000

3.125%, 

7/26/2024

j

35,948

Ionis

Pharmaceuticals,

Inc.,

Convertible

63,000

0.125%, 

12/15/2024

j

58,014

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Consumer

Non-Cyclical

(1.7%)

-

continued

JBS

Investments

II

GmbH

$

70,000

5.750%, 

1/15/2028

j

$

72,800

JBS

USA,

LLC

120,000

5.750%, 

6/15/2025

j

123,696

110,000

5.500%, 

1/15/2030

j

119,900

Kellogg

Company

78,000

3.125%, 

5/17/2022

81,171

Kraft

Foods

Group,

Inc.

120,000

5.000%, 

6/4/2042

131,252

Kraft

Heinz

Foods

Company

120,000

4.625%, 

1/30/2029

133,525

180,000

3.750%, 

4/1/2030

j

190,013

50,000

4.250%, 

3/1/2031

j

54,820

Kroger

Company

43,000

2.800%, 

8/1/2022

44,674

Medtronic,

Inc.

15,000

3.500%, 

3/15/2025

16,896

Molina

Healthcare,

Inc.

90,000

4.375%, 

6/15/2028

j

91,845

Mondelez

International

Holdings

Netherlands

BV

65,000

2.000%, 

10/28/2021

j

66,019

Mondelez

International,

Inc.

16,000

2.125%, 

4/13/2023

16,606

Mylan

NV

41,000

3.150%, 

6/15/2021

41,660

Mylan,

Inc.

34,000

4.200%, 

11/29/2023

37,269

Novartis

Capital

Corporation

30,000

1.750%, 

2/14/2025

31,406

Par

Pharmaceutical,

Inc.

110,000

7.500%, 

4/1/2027

j

115,245

PepsiCo,

Inc.

46,000

2.250%, 

3/19/2025

49,249

Pernod

Ricard

SA

35,000

5.750%, 

4/7/2021

j

35,948

Philip

Morris

International,

Inc.

55,000

1.500%, 

5/1/2025

56,751

Post

Holdings,

Inc.

70,000

5.750%, 

3/1/2027

j

73,588

QBE

Insurance

Group,

Ltd.

84,000

5.875%, 

5/12/2025

b,j,m

89,145

Reynolds

American,

Inc.

35,000

4.850%, 

9/15/2023

39,048

Royalty

Pharma

plc

34,000

1.200%, 

9/2/2025

j

33,892

Scotts

Miracle-Gro

Company

130,000

4.500%, 

10/15/2029

137,719

Shire

Acquisitions

Investments

Ireland

Designated

Activity

Company

23,000

2.400%, 

9/23/2021

23,415

Simmons

Foods,

Inc.

80,000

5.750%, 

11/1/2024

j

80,083

Spectrum

Brands,

Inc.

70,000

5.750%, 

7/15/2025

72,170

50,000

5.000%, 

10/1/2029

j

51,875

40,000

5.500%, 

7/15/2030

j

42,200

Sysco

Corporation

65,000

5.650%, 

4/1/2025

76,855

Teleflex,

Inc.

120,000

4.625%, 

11/15/2027

126,300

Tenet

Healthcare

Corporation

60,000

4.625%, 

7/15/2024

60,150

170,000

5.125%, 

11/1/2027

j

174,862

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

34

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Consumer

Non-Cyclical

(1.7%)

-

continued

Teva

Pharmaceutical

Finance

Netherlands

III

BV

$

17,000

2.200%, 

7/21/2021

$

16,856

125,000

2.800%, 

7/21/2023

119,531

Thermo

Fisher

Scientific,

Inc.

31,000

4.133%, 

3/25/2025

35,319

TreeHouse

Foods,

Inc.

50,000

4.000%, 

9/1/2028

50,569

UnitedHealth

Group,

Inc.

65,000

3.350%, 

7/15/2022

68,490

Upjohn,

Inc.

35,000

1.650%, 

6/22/2025

j

35,820

VRX

Escrow

Corporation

420,000

6.125%, 

4/15/2025

j

429,975

Zoetis,

Inc.

52,000

3.250%, 

2/1/2023

54,863

Total

7,071,911

Energy

(1.4%)

Antero

Resources

Corporation

75,000

5.000%, 

3/1/2025

46,875

Apache

Corporation

65,000

4.875%, 

11/15/2027

61,425

70,000

4.375%, 

10/15/2028

64,050

60,000

5.100%, 

9/1/2040

53,934

Archrock

Partners,

LP

70,000

6.250%, 

4/1/2028

j

65,975

BP

Capital

Markets

America,

Inc.

172,000

2.520%, 

9/19/2022

177,894

33,000

2.937%, 

4/6/2023

34,902

BP

Capital

Markets

plc

84,000

4.875%, 

3/22/2030

b,m

89,880

Buckeye

Partners,

LP

80,000

4.125%, 

3/1/2025

j

76,400

60,000

3.950%, 

12/1/2026

56,003

20,000

4.125%, 

12/1/2027

18,950

Canadian

Natural

Resources,

Ltd.

43,000

2.950%, 

1/15/2023

44,716

34,000

2.050%, 

7/15/2025

34,686

Canadian

Oil

Sands,

Ltd.

43,000

9.400%, 

9/1/2021

j

45,453

Cheniere

Energy

Partners,

LP

225,000

5.625%, 

10/1/2026

234,000

Chevron

Corporation

17,000

1.141%, 

5/11/2023

17,328

34,000

1.554%, 

5/11/2025

35,225

Comstock

Resources,

Inc.

50,000

9.750%, 

8/15/2026

51,260

Continental

Resources,

Inc.

83,000

5.000%, 

9/15/2022

82,430

50,000

4.500%, 

4/15/2023

47,670

DCP

Midstream

Operating,

LP

70,000

5.625%, 

7/15/2027

71,610

Devon

Energy

Corporation

35,000

5.850%, 

12/15/2025

39,216

Diamondback

Energy,

Inc.

34,000

2.875%, 

12/1/2024

34,419

Enagas

SA

195,000

5.500%, 

1/15/2028

j

175,500

Enbridge,

Inc.

42,000

2.900%, 

7/15/2022

43,591

267,000

6.250%, 

3/1/2078

b

271,005

Endeavor

Energy

Resources,

LP

30,000

5.500%, 

1/30/2026

j

29,775

90,000

5.750%, 

1/30/2028

j

90,450

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Energy

(1.4%)

-

continued

Energy

Transfer

Operating,

LP

$

41,000

4.200%, 

9/15/2023

$

43,203

70,000

5.875%, 

1/15/2024

76,988

80,000

6.625%, 

2/15/2028

b,m

54,376

EnLink

Midstream

Partners,

LP

70,000

4.850%, 

7/15/2026

60,558

100,000

5.600%, 

4/1/2044

64,250

Enterprise

Products

Operating,

LLC

200,000

4.875%, 

8/16/2077

b

174,202

EOG

Resources,

Inc.

65,000

2.625%, 

3/15/2023

67,709

EQM

Midstream

Partners,

LP

80,000

6.500%, 

7/1/2027

j

84,802

40,000

5.500%, 

7/15/2028

40,282

EQT

Corporation

120,000

3.900%, 

10/1/2027

109,350

EQT

Corporation,

Convertible

117,000

1.750%, 

5/1/2026

j

133,345

Equinor

ASA

31,000

2.875%, 

4/6/2025

33,692

Exxon

Mobil

Corporation

49,000

1.571%, 

4/15/2023

50,397

32,000

2.992%, 

3/19/2025

35,045

Harvest

Midstream,

LP

60,000

7.500%, 

9/1/2028

j

59,700

Hess

Corporation

41,000

3.500%, 

7/15/2024

41,936

Kinder

Morgan

Energy

Partners,

LP

88,000

3.450%, 

2/15/2023

92,439

Marathon

Petroleum

Corporation

35,000

4.750%, 

12/15/2023

38,357

MPLX,

LP

66,000

4.500%, 

7/15/2023

71,522

41,000

1.750%, 

3/1/2026

40,907

Murphy

Oil

Corporation

50,000

5.875%, 

12/1/2027

42,702

Nabors

Industries,

Ltd.

100,000

7.250%, 

1/15/2026

j

49,250

National

Fuel

Gas

Company

34,000

5.500%, 

1/15/2026

37,108

Newfield

Exploration

Company

47,000

5.625%, 

7/1/2024

45,713

Noble

Energy,

Inc.

55,000

3.900%, 

11/15/2024

60,169

NuStar

Logistics,

LP

90,000

5.750%, 

10/1/2025

92,952

Occidental

Petroleum

Corporation

64,000

2.700%, 

8/15/2022

59,800

140,000

2.900%, 

8/15/2024

118,780

50,000

3.400%, 

4/15/2026

39,875

50,000

8.500%, 

7/15/2027

50,385

80,000

3.500%, 

8/15/2029

61,344

50,000

6.450%, 

9/15/2036

42,501

120,000

4.400%, 

4/15/2046

85,616

ONEOK,

Inc.

16,000

2.200%, 

9/15/2025

15,765

Parsley

Energy,

LLC

120,000

5.625%, 

10/15/2027

j

119,400

PDC

Energy,

Inc.,

Convertible

9,000

1.125%, 

9/15/2021

8,535

Pioneer

Natural

Resources

Company,

Convertible

77,000

0.250%, 

5/15/2025

j

84,776

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

35

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Energy

(1.4%)

-

continued

Plains

All

American

Pipeline,

LP

$

169,000

6.125%, 

11/15/2022

b,m

$

107,214

13,000

2.850%, 

1/31/2023

13,232

16,000

3.600%, 

11/1/2024

16,504

35,000

4.650%, 

10/15/2025

37,598

QEP

Resources,

Inc.

50,000

5.625%, 

3/1/2026

28,375

Sabine

Pass

Liquefaction,

LLC

43,000

6.250%, 

3/15/2022

45,630

43,000

5.625%, 

4/15/2023

47,098

Schlumberger

Finance

Canada,

Ltd.

35,000

1.400%, 

9/17/2025

35,183

Shell

International

Finance

BV

31,000

2.375%, 

4/6/2025

33,062

Southwestern

Energy

Company

125,000

7.500%, 

4/1/2026

122,187

Suncor

Energy,

Inc.

34,000

3.100%, 

5/15/2025

36,517

Sunoco

Logistics

Partners

Operations,

LP

65,000

4.400%, 

4/1/2021

65,953

Sunoco,

LP

90,000

5.875%, 

3/15/2028

92,025

Targa

Resources

Partners,

LP

140,000

5.375%, 

2/1/2027

140,787

20,000

5.000%, 

1/15/2028

19,500

Transocean

Guardian,

Ltd.

54,601

5.875%, 

1/15/2024

j

35,218

W&T

Offshore,

Inc.

70,000

9.750%, 

11/1/2023

j

48,206

Western

Gas

Partners,

LP

44,000

4.000%, 

7/1/2022

44,261

Western

Midstream

Operating,

LP

30,000

6.250%, 

2/1/2050

27,787

70,000

4.100%, 

2/1/2025

66,675

70,000

3.950%, 

6/1/2025

65,786

Williams

Partners,

LP

88,000

4.000%, 

11/15/2021

90,622

50,000

4.500%, 

11/15/2023

54,745

WPX

Energy,

Inc.

60,000

5.750%, 

6/1/2026

62,100

70,000

5.250%, 

10/15/2027

71,050

Total

5,889,668

Financials

(4.2%)

ACE

INA

Holdings,

Inc.

65,000

2.875%, 

11/3/2022

67,987

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

59,000

3.150%, 

2/15/2024

58,504

32,000

3.500%, 

1/15/2025

31,166

Air

Lease

Corporation

83,000

2.500%, 

3/1/2021

83,499

Aircastle,

Ltd.

51,000

5.000%, 

4/1/2023

51,112

Ally

Financial,

Inc.

52,000

1.450%, 

10/2/2023

51,870

115,000

5.750%, 

11/20/2025

129,097

American

Express

Company

34,000

3.700%, 

8/3/2023

36,828

35,000

3.400%, 

2/22/2024

38,022

American

International

Group,

Inc.

17,000

2.500%, 

6/30/2025

18,168

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Financials

(4.2%)

-

continued

Athene

Global

Funding

$

60,000

4.000%, 

1/25/2022

j

$

62,288

Australia

and

New

Zealand

Banking

Group,

Ltd.

57,000

2.950%, 

7/22/2030

b,j

59,065

Aviation

Capital

Group,

LLC

31,000

5.500%, 

12/15/2024

j

31,978

Avolon

Holdings

Funding,

Ltd.

18,000

5.250%, 

5/15/2024

j

18,080

BAC

Capital

Trust

XIV

92,000

4.000%, 

(LIBOR

3M

+

0.400%),

10/19/2020

b,m

90,918

Banco

Santander

Mexico

SA

17,000

5.375%, 

4/17/2025

j

18,904

Bank

of

America

Corporation

58,000

2.738%, 

1/23/2022

b

58,409

82,000

3.499%, 

5/17/2022

b

83,528

55,000

3.004%, 

12/20/2023

b

57,746

115,000

3.550%, 

3/5/2024

b

122,492

164,000

5.125%, 

6/20/2024

b,m

168,171

143,000

3.864%, 

7/23/2024

b

154,856

70,000

4.200%, 

8/26/2024

77,942

360,000

6.250%, 

9/5/2024

b,m

385,650

35,000

3.458%, 

3/15/2025

b

37,932

85,000

1.319%, 

6/19/2026

b

85,512

168,000

5.875%, 

3/15/2028

b,m

181,147

Bank

of

Montreal

105,000

3.300%, 

2/5/2024

113,735

Bank

of

New

York

Mellon

Corporation

58,000

2.600%, 

2/7/2022

59,676

35,000

1.600%, 

4/24/2025

36,335

42,000

4.700%, 

9/20/2025

b,m

44,562

Bank

of

Nova

Scotia

72,000

2.375%, 

1/18/2023

74,989

32,000

1.950%, 

2/1/2023

33,071

126,000

4.900%, 

6/4/2025

b,m

130,410

Barclays

plc

65,000

4.610%, 

2/15/2023

b

68,034

81,000

4.338%, 

5/16/2024

b

86,951

85,000

8.000%, 

6/15/2024

b,m

90,525

41,000

2.852%, 

5/7/2026

b

42,566

BB&T

Corporation

34,000

2.500%, 

8/1/2024

36,186

BNP

Paribas

SA

84,000

7.625%, 

3/30/2021

b,j,m

85,470

38,000

2.819%, 

11/19/2025

b,j

40,086

BPCE

SA

35,000

3.000%, 

5/22/2022

j

36,206

32,000

2.375%, 

1/14/2025

j

33,270

Camden

Property

Trust

35,000

4.875%, 

6/15/2023

38,406

Canadian

Imperial

Bank

of

Commerce

32,000

2.250%, 

1/28/2025

33,744

Capital

One

Bank

USA

NA

52,000

3.375%, 

2/15/2023

54,953

48,000

2.280%, 

1/28/2026

b

49,669

Capital

One

Financial

Corporation

129,000

3.050%, 

3/9/2022

133,252

Cascades

USA,

Inc.

120,000

5.125%, 

1/15/2026

j

125,724

Central

Fidelity

Capital

Trust

I

135,000

1.275%, 

(LIBOR

3M

+

1.000%),

4/15/2027

b

126,022

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

36

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Financials

(4.2%)

-

continued

Charles

Schwab

Corporation

$

332,000

5.375%, 

6/1/2025

b,m

$

359,739

CIT

Group,

Inc.

150,000

4.750%, 

2/16/2024

154,405

Citigroup,

Inc.

43,000

2.750%, 

4/25/2022

44,435

43,000

0.935%, 

(LIBOR

3M

+

0.690%),

10/27/2022

b

43,213

136,000

2.312%, 

11/4/2022

b

138,654

83,000

3.142%, 

1/24/2023

b

85,631

184,000

5.000%, 

9/12/2024

b,m

183,080

258,000

4.700%, 

1/30/2025

b,m

249,292

105,000

3.352%, 

4/24/2025

b

113,584

92,000

5.950%, 

5/15/2025

b,m

96,370

85,000

5.500%, 

9/13/2025

100,523

CNA

Financial

Corporation

40,000

3.950%, 

5/15/2024

44,315

Comerica,

Inc.

42,000

5.625%, 

7/1/2025

b,m

44,100

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

86,000

3.950%, 

11/9/2022

91,375

Cooperatieve

Rabobank

UA

35,000

1.339%, 

6/24/2026

b,j

35,424

Corporate

Office

Properties,

LP

35,000

2.250%, 

3/15/2026

35,393

Credit

Acceptance

Corporation

70,000

5.125%, 

12/31/2024

j

69,512

Credit

Agricole

SA

43,000

3.375%, 

1/10/2022

j

44,408

84,000

8.125%, 

12/23/2025

b,j,m

98,700

35,000

1.907%, 

6/16/2026

b,j

35,787

Credit

Suisse

Group

AG

138,000

7.500%, 

12/11/2023

b,j,m

150,420

34,000

2.593%, 

9/11/2025

b,j

35,478

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

132,000

3.800%, 

9/15/2022

139,520

Dai-ichi

Life

Insurance

Company,

Ltd.

238,000

5.100%, 

10/28/2024

b,j,m

263,882

Danske

Bank

AS

61,000

5.000%, 

1/12/2023

b,j

63,935

Deutsche

Bank

AG

69,000

2.222%, 

9/18/2024

b

69,453

Deutsche

Bank

AG

of

New

York

34,000

3.950%, 

2/27/2023

35,710

Digital

Realty

Trust,

LP

65,000

2.750%, 

2/1/2023

67,984

Discover

Bank

35,000

4.200%, 

8/8/2023

38,297

51,000

2.450%, 

9/12/2024

53,797

ESH

Hospitality,

Inc.

70,000

5.250%, 

5/1/2025

j

70,700

30,000

4.625%, 

10/1/2027

j

29,438

Fidelity

National

Financial,

Inc.

57,000

5.500%, 

9/1/2022

61,860

Fifth

Third

Bancorp

65,000

2.600%, 

6/15/2022

67,197

35,000

3.650%, 

1/25/2024

38,147

84,000

4.500%, 

9/30/2025

b,m

84,525

First

Horizon

National

Corporation

41,000

3.550%, 

5/26/2023

43,141

FNB

Corporation

64,000

2.200%, 

2/24/2023

64,567

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Financials

(4.2%)

-

continued

FTI

Consulting,

Inc.,

Convertible

$

146,000

2.000%, 

8/15/2023

$

178,857

General

Electric

Capital

Corporation

68,000

3.100%, 

1/9/2023

71,355

Goldman

Sachs

Group,

Inc.

187,000

4.165%, 

(LIBOR

3M

+

3.922%),

11/2/2020

b,m

183,784

88,000

3.000%, 

4/26/2022

89,269

59,000

2.876%, 

10/31/2022

b

60,410

43,000

1.298%, 

(LIBOR

3M

+

1.050%),

6/5/2023

b

43,280

70,000

3.625%, 

2/20/2024

76,010

206,000

5.500%, 

8/10/2024

b,m

217,330

31,000

3.500%, 

4/1/2025

34,204

49,000

3.272%, 

9/29/2025

b

53,040

52,000

4.250%, 

10/21/2025

59,077

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Convertible

112,000

4.125%, 

9/1/2022

180,079

Hartford

Financial

Services

Group,

Inc.

66,000

2.405%, 

(LIBOR

3M

+

2.125%),

2/12/2047

b,j

56,774

HCP,

Inc.

33,000

4.250%, 

11/15/2023

36,112

Hospitality

Properties

Trust

60,000

4.250%, 

2/15/2021

59,700

HSBC

Holdings

plc

88,000

6.875%, 

6/1/2021

b,m

89,760

65,000

3.803%, 

3/11/2025

b

70,218

136,000

6.375%, 

3/30/2025

b,m

142,349

39,000

2.633%, 

11/7/2025

b

40,623

41,000

1.645%, 

4/18/2026

b

40,884

91,000

6.500%, 

3/23/2028

b,m

96,630

Huntington

Bancshares,

Inc.

45,000

3.150%, 

3/14/2021

45,482

126,000

4.450%, 

10/15/2027

b,m

124,740

Icahn

Enterprises,

LP

75,000

6.750%, 

2/1/2024

76,933

90,000

6.375%, 

12/15/2025

92,517

60,000

6.250%, 

5/15/2026

62,550

ILFC

E-Capital

Trust

II

138,000

3.230%, 

(H15T30Y

+

1.800%),

12/21/2065

b,j

74,865

ING

Groep

NV

70,000

4.100%, 

10/2/2023

76,756

Intercontinental

Exchange,

Inc.

34,000

0.700%, 

6/15/2023

34,089

Iron

Mountain,

Inc.

80,000

4.875%, 

9/15/2027

j

81,581

iStar,

Inc.,

Convertible

33,000

3.125%, 

9/15/2022

35,097

J.P.

Morgan

Chase

&

Company

99,000

2.776%, 

4/25/2023

b

102,376

70,000

3.375%, 

5/1/2023

74,714

210,000

5.150%, 

5/1/2023

b,m

211,050

89,000

1.494%, 

(LIBOR

3M

+

1.230%),

10/24/2023

b

90,374

84,000

6.750%, 

2/1/2024

b,m

90,930

24,000

1.514%, 

6/1/2024

b

24,519

296,000

5.000%, 

8/1/2024

b,m

295,490

70,000

3.875%, 

9/10/2024

77,426

145,000

4.023%, 

12/5/2024

b

159,459

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

37

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Financials

(4.2%)

-

continued

$

258,000

4.600%, 

2/1/2025

b,m

$

252,840

31,000

2.083%, 

4/22/2026

b

32,378

Kilroy

Realty,

LP

39,000

4.375%, 

10/1/2025

43,049

Liberty

Mutual

Group,

Inc.

35,000

5.000%, 

6/1/2021

j

36,066

Lincoln

National

Corporation

50,000

2.638%, 

(LIBOR

3M

+

2.358%),

5/17/2066

b

36,075

Lloyds

Banking

Group

plc

67,000

3.000%, 

1/11/2022

68,934

51,000

2.858%, 

3/17/2023

b

52,426

65,000

3.900%, 

3/12/2024

70,745

86,000

7.500%, 

6/27/2024

b,m

90,193

156,000

6.657%, 

5/21/2037

b,j,m

184,860

MetLife,

Inc.

84,000

3.850%, 

9/15/2025

b,m

83,685

164,000

5.875%, 

3/15/2028

b,m

178,350

MGIC

Investment

Corporation,

Convertible

100,000

9.000%, 

4/1/2063

j

127,750

MGM

Growth

Properties

Operating

Partnership,

LP

90,000

4.625%, 

6/15/2025

j

91,800

Mitsubishi

UFJ

Financial

Group,

Inc.

44,000

2.998%, 

2/22/2022

45,468

53,000

2.623%, 

7/18/2022

54,930

83,000

3.455%, 

3/2/2023

88,359

35,000

3.407%, 

3/7/2024

38,024

41,000

1.412%, 

7/17/2025

41,506

Mizuho

Financial

Group,

Inc.

53,000

2.721%, 

7/16/2023

b

54,887

Morgan

Stanley

86,000

5.500%, 

7/28/2021

89,614

43,000

2.750%, 

5/19/2022

44,561

10,000

4.875%, 

11/1/2022

10,811

84,000

3.125%, 

1/23/2023

88,826

66,000

4.100%, 

5/22/2023

71,336

34,000

2.720%, 

7/22/2025

b

36,117

69,000

2.188%, 

4/28/2026

b

72,228

MPT

Operating

Partnership,

LP

100,000

5.250%, 

8/1/2026

103,000

130,000

4.625%, 

8/1/2029

135,261

National

Australia

Bank,

Ltd.

48,000

1.875%, 

12/13/2022

49,573

National

Bank

of

Canada

48,000

2.100%, 

2/1/2023

49,620

National

Securities

Clearing

Corporation

35,000

1.200%, 

4/23/2023

j

35,616

Natwest

Group

plc

35,000

6.125%, 

12/15/2022

38,284

35,000

6.100%, 

6/10/2023

38,721

Nippon

Life

Insurance

Company

129,000

3.400%, 

1/23/2050

b,j

137,385

Nomura

Holdings,

Inc.

39,000

2.648%, 

1/16/2025

41,062

Nordea

Bank

Abp

200,000

6.625%, 

3/26/2026

b,j,m

225,666

Outfront

Media

Cap,

LLC

120,000

4.625%, 

3/15/2030

j

115,200

Park

Aerospace

Holdings,

Ltd.

17,000

4.500%, 

3/15/2023

j

16,865

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Financials

(4.2%)

-

continued

PayPal

Holdings,

Inc.

$

35,000

1.650%, 

6/1/2025

$

36,243

PNC

Financial

Services

Group,

Inc.

35,000

3.500%, 

1/23/2024

38,138

Preferred

Term

Securities

XXIII,

Ltd.

42,333

0.450%, 

(LIBOR

3M

+

0.200%),

12/22/2036

b,j

34,902

Provident

Financing

Trust

I

42,000

7.405%, 

3/15/2038

48,175

Prudential

Financial,

Inc.

245,000

5.625%, 

6/15/2043

b

260,202

201,000

5.200%, 

3/15/2044

b

212,881

42,000

3.700%, 

10/1/2050

b

42,853

Quicken

Loans,

LLC

60,000

3.625%, 

3/1/2029

j

59,475

60,000

3.875%, 

3/1/2031

j

59,250

Regions

Financial

Corporation

41,000

3.800%, 

8/14/2023

44,450

84,000

5.750%, 

6/15/2025

b,m

89,670

Reinsurance

Group

of

America,

Inc.

64,000

4.700%, 

9/15/2023

70,662

Royal

Bank

of

Canada

31,000

1.600%, 

4/17/2023

31,811

31,000

2.250%, 

11/1/2024

32,853

Royal

Bank

of

Scotland

Group

plc

84,000

8.625%, 

8/15/2021

b,m

86,100

88,000

4.269%, 

3/22/2025

b

95,646

25,000

3.754%, 

11/1/2029

b

25,884

Santander

Holdings

USA,

Inc.

33,000

3.450%, 

6/2/2025

35,216

Santander

UK

Group

Holdings

plc

86,000

2.875%, 

8/5/2021

87,728

Santander

UK

plc

48,000

2.100%, 

1/13/2023

49,532

Service

Properties

Trust

60,000

4.500%, 

6/15/2023

58,864

70,000

4.750%, 

10/1/2026

62,380

Simon

Property

Group,

LP

40,000

2.500%, 

7/15/2021

40,432

34,000

2.000%, 

9/13/2024

35,046

Societe

Generale

SA

39,000

2.625%, 

10/16/2024

j

40,396

84,000

8.000%, 

9/29/2025

b,j,m

93,765

Springleaf

Finance

Corporation

90,000

6.875%, 

3/15/2025

99,871

100,000

7.125%, 

3/15/2026

111,720

Standard

Chartered

plc

52,000

2.744%, 

9/10/2022

b,j

52,822

Starwood

Property

Trust,

Inc.,

Convertible

28,000

4.375%, 

4/1/2023

26,842

State

Street

Corporation

31,000

2.825%, 

3/30/2023

b,j

32,075

31,000

2.354%, 

11/1/2025

b

32,808

Sumitomo

Mitsui

Financial

Group,

Inc.

43,000

2.784%, 

7/12/2022

44,684

136,000

2.778%, 

10/18/2022

142,030

39,000

2.448%, 

9/27/2024

41,211

Sumitomo

Mitsui

Trust

Bank,

Ltd.

35,000

1.050%, 

9/12/2025

j

35,126

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

38

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Financials

(4.2%)

-

continued

Synchrony

Financial

$

34,000

2.850%, 

7/25/2022

$

35,020

38,000

4.250%, 

8/15/2024

41,286

Toronto-Dominion

Bank

35,000

3.250%, 

3/11/2024

37,926

Truist

Bank

52,000

1.500%, 

3/10/2025

53,607

Truist

Financial

Corporation

189,000

4.950%, 

9/1/2025

b,m

198,923

UBS

Group

AG

42,000

1.364%, 

1/30/2027

b,j

41,968

USB

Realty

Corporation

184,000

1.422%, 

(LIBOR

3M

+

1.147%),

1/15/2022

b,j,m

149,040

Ventas

Realty,

LP

41,000

3.100%, 

1/15/2023

42,628

35,000

3.750%, 

5/1/2024

37,495

VEREIT

Operating

Partnership,

LP

34,000

4.625%, 

11/1/2025

37,559

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

50,000

4.250%, 

12/1/2026

j

50,233

30,000

3.750%, 

2/15/2027

j

29,498

50,000

4.625%, 

12/1/2029

j

51,072

30,000

4.125%, 

8/15/2030

j

29,550

Wachovia

Capital

Trust

II

50,000

0.775%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

45,519

Wells

Fargo

&

Company

50,000

2.100%, 

7/26/2021

50,698

43,000

2.625%, 

7/22/2022

44,606

70,000

4.125%, 

8/15/2023

76,253

60,000

1.491%, 

(LIBOR

3M

+

1.230%),

10/31/2023

b

60,747

38,000

3.750%, 

1/24/2024

41,282

40,000

1.654%, 

6/2/2024

b

40,735

68,000

2.406%, 

10/30/2025

b

71,243

48,000

2.188%, 

4/30/2026

b

49,851

Westpac

Banking

Corporation

32,000

2.000%, 

1/13/2023

33,170

32,000

2.894%, 

2/4/2030

b

33,157

Total

17,838,277

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

42,000

2.150%, 

5/13/2025

j

43,373

Total

43,373

Mortgage-Backed

Securities

(4.4%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

792,410

3.000%, 

3/25/2050

830,911

95,671

3.500%, 

7/1/2047

101,230

Federal

Home

Loan

Mortgage

Corporation

Gold

30-Yr.

Pass

Through

192

9.000%, 

4/1/2025

212

1,767

8.000%, 

6/1/2027

1,987

794

8.000%, 

8/1/2030

949

Federal

National

Mortgage

Association

236,798

4.500%, 

5/1/2048

256,453

374,252

3.500%, 

10/1/2048

395,432

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Mortgage-Backed

Securities

(4.4%)

-

continued

$

68,946

3.500%, 

6/1/2049

$

72,931

440,630

3.500%, 

8/1/2049

466,577

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1,750,000

1.500%, 

10/1/2035

e

1,790,059

925,000

2.000%, 

10/1/2035

e

961,133

1,318,000

2.500%, 

10/1/2035

e

1,376,074

2,060,000

2.000%, 

11/1/2035

e

2,139,653

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

3,625,000

2.000%, 

10/1/2050

e

3,747,344

2,400,000

2.500%, 

10/1/2050

e

2,517,187

1,200,000

2.000%, 

11/1/2050

e

1,237,535

700,000

2.500%, 

11/1/2050

e

732,669

291

8.000%, 

11/1/2026

322

2,500

8.500%, 

4/1/2030

3,025

725,572

4.000%, 

7/1/2048

773,881

700,000

3.000%, 

10/1/2049

e

733,277

Federal

National

Mortgage

AssociationConventional

15-Yr.

Pass

Through

500,000

1.500%, 

11/1/2035

e

511,091

Government

National

Mortgage

Association

30-Yr.

Pass

Through

457

9.000%, 

12/15/2026

517

Total

18,650,449

Technology

(1.4%)

Akamai

Technologies,

Inc.,

Convertible

424,000

0.375%, 

9/1/2027

490,533

Apple,

Inc.

122,000

3.450%, 

5/6/2024

134,454

35,000

1.125%, 

5/11/2025

35,810

Baidu,

Inc.

39,000

3.075%, 

4/7/2025

41,446

Black

Knight

InfoServ,

LLC

20,000

3.625%, 

9/1/2028

j

20,212

Broadcom

Corporation

133,000

2.650%, 

1/15/2023

138,154

48,000

3.125%, 

1/15/2025

51,196

Broadcom,

Inc.

17,000

2.250%, 

11/15/2023

17,673

CommScope

Technologies

Finance,

LLC

215,000

6.000%, 

6/15/2025

j

217,913

Dell

International,

LLC/

EMC

Corporation

52,000

4.000%, 

7/15/2024

j

56,182

15,000

5.850%, 

7/15/2025

j

17,502

Diamond

1

Finance

Corporation

122,000

5.450%, 

6/15/2023

j

133,754

Diamond

Sports

Group,

LLC

70,000

5.375%, 

8/15/2026

j

49,525

130,000

6.625%, 

8/15/2027

j

67,600

Fiserv,

Inc.

75,000

2.750%, 

7/1/2024

80,177

Gartner,

Inc.

70,000

4.500%, 

7/1/2028

j

73,339

50,000

3.750%, 

10/1/2030

j

50,577

Global

Payments,

Inc.

17,000

2.650%, 

2/15/2025

18,038

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

39

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Technology

(1.4%)

-

continued

Hewlett

Packard

Enterprise

Company

$

33,000

2.250%, 

4/1/2023

$

34,056

28,000

4.450%, 

10/2/2023

30,789

Intuit,

Inc.

35,000

0.950%, 

7/15/2025

35,327

Iron

Mountain,

Inc.

140,000

5.000%, 

7/15/2028

j

143,497

J2

Global,

Inc.,

Convertible

119,000

1.750%, 

11/1/2026

j

105,222

91,000

3.250%, 

6/15/2029

104,121

Lumentum

Holdings,

Inc.,

Convertible

88,000

0.250%, 

3/15/2024

123,029

Marvell

Technology

Group,

Ltd.

41,000

4.200%, 

6/22/2023

44,263

Microchip

Technology,

Inc.,

Convertible

73,000

1.625%, 

2/15/2027

112,469

Micron

Technology,

Inc.

46,000

2.497%, 

4/24/2023

47,766

NCR

Corporation

230,000

6.125%, 

9/1/2029

j

243,023

Nuance

Communications,

Inc.,

Convertible

574,000

1.250%, 

4/1/2025

1,016,726

NXP

BV/NXP

Funding,

LLC

52,000

4.875%, 

3/1/2024

j

58,466

NXP

Funding,

LLC

17,000

2.700%, 

5/1/2025

j

17,994

ON

Semiconductor

Corporation,

Convertible

57,000

1.000%, 

12/1/2020

68,115

269,000

1.625%, 

10/15/2023

355,248

Open

Text

Corporation

100,000

4.125%, 

2/15/2030

j

102,844

Oracle

Corporation

30,000

2.500%, 

5/15/2022

30,938

47,000

2.500%, 

4/1/2025

50,363

Panasonic

Corporation

53,000

2.536%, 

7/19/2022

j

54,690

Plantronics,

Inc.

130,000

5.500%, 

5/31/2023

j

115,700

PTC,

Inc.

40,000

3.625%, 

2/15/2025

j

40,600

Qorvo,

Inc.

70,000

3.375%, 

4/1/2031

j

71,199

Seagate

HDD

Cayman

34,000

4.250%, 

3/1/2022

35,482

34,000

4.750%, 

1/1/2025

37,321

Sensata

Technologies,

Inc.

120,000

3.750%, 

2/15/2031

j

119,250

SS&C

Technologies,

Inc.

170,000

5.500%, 

9/30/2027

j

180,662

Switch,

Ltd.

30,000

3.750%, 

9/15/2028

j

30,300

Tencent

Holdings,

Ltd.

41,000

1.810%, 

1/26/2026

j

41,801

Teradyne,

Inc.,

Convertible

63,000

1.250%, 

12/15/2023

160,747

Texas

Instruments,

Inc.

46,000

1.375%, 

3/12/2025

47,592

Total

System

Services,

Inc.

35,000

3.750%, 

6/1/2023

37,523

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Technology

(1.4%)

-

continued

Verint

Systems,

Inc.,

Convertible

$

159,000

1.500%, 

6/1/2021

$

160,590

Vishay

Intertechnology,

Inc.,

Convertible

130,000

2.250%, 

6/15/2025

125,799

Xerox

Holdings

Corporation

70,000

5.000%, 

8/15/2025

j

69,179

Total

5,746,776

Transportation

(0.4%)

AerCap

Holdings

NV

150,000

5.875%, 

10/10/2079

b

115,021

Air

Canada

Pass

Through

Trust

15,604

3.875%, 

3/15/2023

j

13,422

Air

Lease

Corporation

32,000

2.300%, 

2/1/2025

31,421

35,000

3.375%, 

7/1/2025

35,733

Air

Transport

Services

Group,

Inc.,

Convertible

63,000

1.125%, 

10/15/2024

66,379

American

Airlines,

Inc.

20,000

11.750%, 

7/15/2025

j

19,300

CSX

Corporation

35,000

3.700%, 

11/1/2023

37,976

Delta

Air

Lines,

Inc.

110,000

7.000%, 

5/1/2025

j

120,760

68,882

4.500%, 

10/20/2025

j

70,690

J.B.

Hunt

Transport

Services,

Inc.

65,000

3.300%, 

8/15/2022

67,662

Meritor,

Inc.,

Convertible

200,000

3.250%, 

10/15/2037

207,500

Mileage

Plus

Holdings,

LLC

70,000

6.500%, 

6/20/2027

j

72,888

Penske

Truck

Leasing

Company,

LP

35,000

3.375%, 

2/1/2022

j

36,139

Ryder

System,

Inc.

75,000

3.500%, 

6/1/2021

76,534

Southwest

Airlines

Company

17,000

4.750%, 

5/4/2023

18,154

50,000

5.250%, 

5/4/2025

55,057

Southwest

Airlines

Company,

Convertible

221,000

1.250%, 

5/1/2025

288,405

Union

Pacific

Corporation

62,000

3.750%, 

7/15/2025

70,585

United

Airlines

Pass

Through

Trust

65,000

3.700%, 

12/1/2022

60,883

XPO

Logistics,

Inc.

150,000

6.750%, 

8/15/2024

j

158,880

Total

1,623,389

Utilities

(0.8%)

AES

Corporation

100,000

5.125%, 

9/1/2027

106,510

Alabama

Power

Company

44,000

2.450%, 

3/30/2022

45,215

Ameren

Corporation

34,000

2.500%, 

9/15/2024

36,007

Berkshire

Hathaway

Energy

Company

31,000

4.050%, 

4/15/2025

j

35,362

Calpine

Corporation

90,000

4.500%, 

2/15/2028

j

92,173

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

40

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Utilities

(0.8%)

-

continued

CenterPoint

Energy,

Inc.

$

43,000

2.500%, 

9/1/2022

$

44,435

34,000

2.500%, 

9/1/2024

36,167

Dominion

Energy,

Inc.

35,000

2.715%, 

8/15/2021

35,640

35,000

3.071%, 

8/15/2024

37,630

135,000

4.650%, 

12/15/2024

b,m

136,806

DTE

Energy

Company

56,000

3.300%, 

6/15/2022

58,273

53,000

2.529%, 

10/1/2024

56,332

Duke

Energy

Corporation

86,000

2.400%, 

8/15/2022

88,888

138,000

4.875%, 

9/16/2024

b,m

145,977

Edison

International

31,000

4.950%, 

4/15/2025

33,926

Entergy

Corporation

34,000

0.900%, 

9/15/2025

33,953

Evergy,

Inc.

34,000

2.450%, 

9/15/2024

35,986

Eversource

Energy

43,000

2.500%, 

3/15/2021

43,352

Exelon

Generation

Company,

LLC

34,000

3.250%, 

6/1/2025

37,163

FirstEnergy

Corporation

66,000

2.850%, 

7/15/2022

67,647

30,000

2.050%, 

3/1/2025

30,345

Florida

Power

&

Light

Company

31,000

2.850%, 

4/1/2025

33,993

Georgia

Power

Company

32,000

2.100%, 

7/30/2023

33,402

34,000

2.200%, 

9/15/2024

35,862

GFL

Environmental,

Inc.

80,000

3.750%, 

8/1/2025

j

79,800

NextEra

Energy

Operating

Partners,

LP

220,000

3.875%, 

10/15/2026

j

227,700

NiSource,

Inc.

213,000

5.650%, 

6/15/2023

b,m

211,402

35,000

0.950%, 

8/15/2025

34,956

PG&E

Corporation

50,000

5.000%, 

7/1/2028

48,500

40,000

5.250%, 

7/1/2030

38,700

PPL

Capital

Funding,

Inc.

70,000

3.950%, 

3/15/2024

76,855

PSEG

Power,

LLC

55,000

3.000%, 

6/15/2021

55,893

Public

Service

Enterprise

Group,

Inc.

35,000

2.875%, 

6/15/2024

37,444

Sempra

Energy

68,000

3.550%, 

6/15/2024

73,612

84,000

4.875%, 

10/15/2025

b,m

86,310

Southern

Company

119,000

4.000%, 

1/15/2051

b

119,330

Suburban

Propane

Partners,

LP

90,000

5.875%, 

3/1/2027

92,138

Talen

Energy

Supply,

LLC

90,000

7.625%, 

6/1/2028

j

90,000

TerraForm

Power

Operating,

LLC

90,000

5.000%, 

1/31/2028

j

98,521

TransCanada

Trust

350,000

5.875%, 

8/15/2076

b

372,750

Principal

Amount

Long-Term

Fixed

Income

(25.2%)

Value

Utilities

(0.8%)

-

continued

Vistra

Operations

Company,

LLC

$

130,000

5.000%, 

7/31/2027

j

$

136,533

Total

3,221,488

Total

Long-Term

Fixed

Income

(cost

$104,950,059)

106,791,906

Shares

Registered

Investment

Companies

(

8.0%

)

Value

Unaffiliated  (1.1%)

12,245

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

48,858

6,375

AllianceBernstein

Global

High

Income

Fund,

Inc.

67,001

13,850

AllianzGI

NFJ

Dividend

Interest

&

Premium

Strategy

Fund

163,430

2,992

BlackRock

Core

Bond

Trust

46,855

4,621

BlackRock

Corporate

High

Yield

Fund,

Inc.

49,352

3,333

BlackRock

Credit

Allocation

Income

Trust

47,395

4,650

BlackRock

Enhanced

Equity

Dividend

Trust

33,992

7,190

BlackRock

Enhanced

Global

Dividend

Trust

68,808

3,960

BlackRock

Multi-Sector

Income

Trust

62,489

19,841

BlackRock

Resources

&

Commodities

Strategy

Trust

118,054

2,700

Brookfield

Real

Assets

Income

Fund,

Inc.

44,604

4,596

Cohen

&

Steers

Quality

Income

Realty

Fund,

Inc.

51,062

4,042

Eaton

Vance

Limited

Duration

Income

Fund

45,715

6,461

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

47,553

1,941

Health

Care

Select

Sector

SPDR

Fund

204,737

5,350

Invesco

Dynamic

Credit

Opportunities

Fund

49,273

17,500

Invesco

Senior

Loan

ETF

380,450

2,375

iShares

Dow

Jones

US

Home

Construction

Index

Fund

134,544

1,660

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

139,274

22,500

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

820,125

12,240

Liberty

All-Star

Equity

Fund

73,562

10,950

Nuveen

Credit

Strategies

Income

Fund

64,714

3,699

PGIM

Global

High

Yield

Fund,

Inc.

49,012

3,616

PGIM

High

Yield

Bond

Fund,

Inc.

49,937

2,493

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

50,059

4,381

Royce

Micro-Cap

Trust,

Inc.

33,602

3,909

Royce

Value

Trust,

Inc.

49,410

29,782

Templeton

Global

Income

Fund

159,334

1,861

Tri-Continental

Corporation

48,256

580

Utilities

Select

Sector

SPDR

Fund

k

34,440

8,450

Vanguard

Short-Term

Corporate

Bond

ETF

k

700,083

9,372

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

46,391

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

41

Shares

Registered

Investment

Companies

(8.0%)

Value

Unaffiliated  (1.1%)-

continued

6,300

Wells

Fargo

Income

Opportunities

Fund

$

45,990

33,188

Western

Asset

High

Income

Opportunity

Fund,

Inc.

162,621

Total

4,190,982

Affiliated  (6.9%)

2,983,164

Thrivent

Core

Emerging

Markets

Debt

Fund

29,294,670

Total

29,294,670

Total

Registered

Investment

Companies

(cost

$33,071,861)

33,485,652

Shares

Preferred

Stock

(

1.2%

)

Value

Communications

Services

(0.1%)

8,625

AT&T,

Inc.,

4.750%

m

219,938

2,375

AT&T,

Inc.,

5.000%

m

63,436

Total

283,374

Consumer

Discretionary

(<0.1%)

476

International

Flavors

&

Fragrances,

Inc.,

Convertible,

6.000%

21,087

Total

21,087

Consumer

Staples

(0.1%)

12,800

CHS,

Inc.,

7.100%

b,m

341,120

Total

341,120

Energy

(<0.1%)

17,758

Crestwood

Equity

Partners,

LP,

9.250%

m

104,595

1,600

Energy

Transfer

Operating,

LP,

7.600%

b,m

27,856

3,136

Nustar

Logistics,

LP,

7.009%

b

60,023

Total

192,474

Financials

(0.7%)

2,750

Aegon

Funding

Corporation

II,

5.100%

70,042

3,174

Agribank

FCB,

6.875%

b,m

338,031

5,700

Allstate

Corporation,

5.100%

m

152,646

5,000

Bank

of

America

Corporation,

5.000%

m

131,200

2,000

Bank

of

America

Corporation,

5.375%

m

53,740

72

Bank

of

America

Corporation,

Convertible,

7.250%

m

107,136

5,525

Capital

One

Financial

Corporation,

5.000%

m

138,567

2,485

Cobank

ACB,

6.250%

b,m

258,440

5,875

Equitable

Holdings,

Inc.,

5.250%

m

149,989

140

First

Horizon

Bank,

3.750%

b,j,m

105,000

7,800

GMAC

Capital

Trust

I,

6.065%

b

194,766

3,700

Hartford

Financial

Services

Group,

Inc.,

7.875%

b

102,379

3,650

J.P.

Morgan

Chase

&

Company,

4.750%

m

96,579

3,350

J.P.

Morgan

Chase

&

Company,

5.750%

m

91,488

3,350

Legg

Mason,

Inc.,

5.450%

85,425

6,200

Morgan

Stanley,

7.125%

b,m

171,120

775

Synovus

Financial

Corporation,

5.875%

b,m

19,941

Shares

Preferred

Stock

(1.2%)

Value

Financials

(0.7%)

-

continued

5,025

Truist

Financial

Corporation,

4.750%

i,m

$

130,399

483

Wells

Fargo

&

Company,

Convertible,

7.500%

m

648,210

Total

3,045,098

Health

Care

(<0.1%)

111

Danaher

Corporation,

Convertible,

5.000%

141,809

Total

141,809

Industrials

(0.1%)

243

Fortive

Corporation,

Convertible,

5.000%

227,531

1,957

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

197,461

Total

424,992

Real

Estate

(0.1%)

6,150

Public

Storage,

4.125%

i,m

159,470

1,300

Public

Storage,

4.625%

m

34,996

325

Public

Storage,

4.700%

m

8,817

511

Public

Storage,

4.875%

m

13,817

Total

217,100

Utilities

(0.1%)

2,505

NextEra

Energy,

Inc.,

Convertible,

4.872%

135,671

6,725

Southern

Company,

4.950%

177,271

2,432

Southern

Company,

Convertible,

6.750%

113,185

Total

426,127

Total

Preferred

Stock

(cost

$5,028,343)

5,093,181

Shares

Collateral

Held

for

Securities

Loaned

(

0.8%

)

Value

3,591,348

Thrivent

Cash

Management

Trust

3,591,348

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,591,348)

3,591,348

Shares

or

Principal

Amount

Short-Term

Investments

(

9.1%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

0.090%,

10/7/2020

p,q

199,998

200,000

0.080%,

10/28/2020

p,q

199,991

800,000

0.090%,

11/6/2020

p,q

799,944

200,000

0.080%,

11/12/2020

p,q

199,984

400,000

0.070%,

11/18/2020

p,q

399,963

200,000

0.055%,

12/8/2020

p,q

199,966

200,000

0.055%,

12/9/2020

p,q

199,965

300,000

0.055%,

12/10/2020

p,q

299,947

Thrivent

Core

Short-Term

Reserve

Fund

3,569,877

0.310%

35,698,772

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

42

x

Shares

or

Principal

Amount

Short-Term

Investments

(9.1%)

Value

U.S.

Treasury

Bills

100,000

0.092%,

11/19/2020

p,r

$

99,988

Total

Short-Term

Investments

(cost

$38,276,218)

38,298,518

Total

Investments

(cost

$417,946,864)

105.8%

$447,393,342

Other

Assets

and

Liabilities,

Net

(5.8%)

(24,534,407)

Total

Net

Assets

100.0%

$422,858,935

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

f

In

bankruptcy.  Interest

is

not

being

accrued.

g

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

h

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

September

30,

2020.

i

Non-income

producing

security.

j

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$42,290,224

or

10.0%

of

total

net

assets.

k

All

or

a

portion

of

the

security

is

on

loan.

l

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

September

30,

2020.

m

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

n

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.

o

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

p

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

q

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.

r

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

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

September

30,

2020

was

$60,000

or

0.0%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2020.

Security

Acquisition

Date

Cost

Windstream

Services,

LLC,

10/31/2025

1/14/2020

$

98,092

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

September

30,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

171,001

Common

Stock

3,355,790

Total

lending

$3,526,791

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,591,348

Net

amounts

due

to

counterparty

$64,557

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

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

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.

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

H15T30Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

30

Year

LIBOR

1W

-

ICE

Libor

USD

Rate

1

Week

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

43

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

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

2,444,271

–

2,099,504

344,767

Capital

Goods

6,766,476

–

6,360,458

406,018

Communications

Services

17,338,588

–

16,519,776

818,812

Consumer

Cyclical

8,969,645

–

8,273,142

696,503

Consumer

Non-Cyclical

11,945,808

–

11,945,808

–

Energy

1,727,543

–

1,727,543

–

Financials

5,922,165

–

5,922,165

–

Technology

5,791,338

–

5,791,338

–

Transportation

1,587,769

–

1,587,769

–

Utilities

1,960,739

–

1,960,739

–

Common

Stock

Communications

Services

13,583,641

10,799,234

2,784,407

–

Consumer

Discretionary

23,009,976

18,647,227

4,362,749

–

Consumer

Staples

8,645,476

5,658,840

2,986,636

–

Energy

5,662,173

3,786,423

1,875,750

–

Financials

26,736,261

18,778,163

7,958,098

–

Health

Care

29,728,824

22,301,737

7,427,087

–

Industrials

28,015,099

19,479,950

8,535,149

–

Information

Technology

39,822,517

35,130,038

4,692,479

–

Materials

9,114,286

4,514,241

4,600,045

–

Real

Estate

8,226,234

5,428,241

2,797,993

–

Utilities

3,133,908

2,864,004

269,904

–

Long-Term

Fixed

Income

Asset-Backed

Securities

8,462,379

–

8,462,379

–

Basic

Materials

1,789,396

–

1,789,396

–

Capital

Goods

3,903,585

–

3,903,585

–

Collateralized

Mortgage

Obligations

17,783,656

–

17,783,656

–

Commercial

Mortgage-Backed

Securities

753,306

–

753,306

–

Communications

Services

7,009,509

–

7,009,509

–

Consumer

Cyclical

7,004,744

–

7,004,744

–

Consumer

Non-Cyclical

7,071,911

–

7,071,911

–

Energy

5,889,668

–

5,889,668

–

Financials

17,838,277

–

17,838,277

–

Foreign

Government

43,373

–

43,373

–

Mortgage-Backed

Securities

18,650,449

–

18,650,449

–

Technology

5,746,776

–

5,746,776

–

Transportation

1,623,389

–

1,623,389

–

Utilities

3,221,488

–

3,221,488

–

Preferred

Stock

Communications

Services

283,374

283,374

–

–

Consumer

Discretionary

21,087

21,087

–

–

Consumer

Staples

341,120

341,120

–

–

Energy

192,474

192,474

–

–

Financials

3,045,098

2,343,627

701,471

–

Health

Care

141,809

141,809

–

–

Industrials

424,992

424,992

–

–

Real

Estate

217,100

217,100

–

–

Utilities

426,127

426,127

–

–

Registered

Investment

Companies

Unaffiliated

4,190,982

4,190,982

–

–

Short-Term

Investments

2,599,746

–

2,599,746

–

Subtotal

Investments

in

Securities

$378,808,552

$155,970,790

$220,571,662

$2,266,100

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

29,294,670

Affiliated

Short-Term

Investments

35,698,772

Collateral

Held

for

Securities

Loaned

3,591,348

Subtotal

Other

Investments

$68,584,790

Total

Investments

at

Value

$447,393,342

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

44

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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

45,252

45,252

–

–

Total

Asset

Derivatives

$45,252

$45,252

$–

$–

Liability

Derivatives

Futures

Contracts

365,948

365,948

–

–

Credit

Default

Swaps

700

–

700

–

Total

Liability

Derivatives

$366,648

$365,948

$700

$–

The

following

table

presents

Balanced

Income

Plus

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$2,499,758

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

E-mini

S&P

500

Index

26

December

2020

$

4,349,779

$

7,821

CME

Euro

Foreign

Exchange

Currency

26

December

2020

3,840,532

(

26,495)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

10

December

2020

2,252,684

(

34,559)

Eurex

Euro

STOXX

50

Index

104

December

2020

4,038,667

(

161,118)

ICE

mini

MSCI

EAFE

Index

42

December

2020

4,007,746

(

116,026)

Total

Futures

Long

Contracts

$

18,489,408

(

$

330,377)

CBOT

10-Yr.

U.S.

Treasury

Note

(41)

December

2020

(

$

5,714,263)

(

$

6,518)

CBOT

2-Yr.

U.S.

Treasury

Note

(12)

December

2020

(

2,650,276)

(

1,256)

CBOT

5-Yr.

U.S.

Treasury

Note

(5)

December

2020

(

629,556)

(

600)

CBOT

U.S.

Long

Bond

(25)

December

2020

(

4,444,462)

37,431

CME

E-mini

Russell

2000

Index

(38)

December

2020

(

2,845,508)

(

12,852)

CME

E-mini

S&P

Mid-Cap

400

Index

(18)

December

2020

(

3,336,853)

(

3,767)

Ultra

10-Yr.

U.S.

Treasury

Note

(7)

December

2020

(

1,116,696)

(

2,757)

Total

Futures

Short

Contracts

(

$

20,737,614)

$9,681

Total

Futures

Contracts

(

$

2,248,206)

($320,696)

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

45

The

following

table

presents

Balanced

Income

Plus

Portfolio's

swaps

contracts

held

as

of

September

30,

2020.

Investments

totaling

$99,988

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

35,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2025

$

1,050,000

$

–

(

$

700)

(

$

700)

Total

Credit

Default

Swaps

$–

($700)

($700)

1

As

the

buyer

of

protection,

Balanced

Income

Plus

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,

Balanced

Income

Plus

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

Balanced

Income

Plus

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Balanced

Income

Plus

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$29,953

$1,016

$1,350

$29,295

2,983

6.9%

Total

Affiliated

Registered

Investment

Companies

29,953

29,295

6.9

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

24,791

121,712

110,814

35,699

3,570

8.5

Total

Affiliated

Short-Term

Investments

24,791

35,699

8.5

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

2,787

46,823

46,019

3,591

3,591

0.8

Total

Collateral

Held

for

Securities

Loaned

2,787

3,591

0.8

Total

Value

$57,531

$68,585

Balanced

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

46

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$0

$(324)

–

$1,015

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

(12)

22

–

203

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1,218

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

15

Total

Affiliated

Income

from

Securities

Loaned,

Net

$15

Total

Value

$(12)

$(302)

$–

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

47

Principal

Amount

Bank

Loans

(

11.9%

)

a

Value

Basic

Materials

(0.5%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

136,850

4.756%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

131,239

Chemours

Company,

Term

Loan

433,875

1.900%, 

(LIBOR

1M

+

1.750%),

4/3/2025

b

417,605

Hexion,

Inc.,

Term

Loan

495,317

3.800%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

486,649

Innophos

Holdings,

Inc.,

Term

Loan

497,500

3.897%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b,c

492,525

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

459,188

3.410%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

438,813

Nouryon

USA,

LLC,

Term

Loan

838,447

3.151%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

810,603

Peabody

Energy

Corporation,

Term

Loan

614,250

2.897%, 

(LIBOR

1M

+

2.750%),

3/31/2025

b

238,022

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

973,703

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

968,834

Total

3,984,290

Capital

Goods

(1.2%)

Advanced

Disposal

Services,

Inc.,

Term

Loan

465,696

3.000%, 

(LIBOR

1W

+

2.250%),

11/10/2023

b

464,532

Asplundh

Tree

Expert,

LLC,

Term

Loan

310,000

0.000%, 

(LIBOR

1M

+

2.500%),

9/4/2027

b,d,e

309,420

Flex

Acquisition

Company,

Inc.

Term

Loan

1,000,000

3.546%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

968,750

GFL

Environmental,

Inc.,

Term

Loan

1,364,304

4.000%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

1,356,801

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

706,170

3.523%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

661,597

Natgasoline,

LLC,

Term

Loan

589,500

3.813%, 

(LIBOR

3M

+

3.500%),

11/14/2025

b,c

560,025

Navistar,

Inc.,

Term

Loan

999,375

3.660%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

989,381

Reynolds

Group

Holdings,

Inc.,

Term

Loan

715,434

3.979%, 

(LIBOR

1M

+

2.750%),

2/5/2023

b

705,868

500,000

0.000%, 

(LIBOR

1M

+

3.250%),

2/16/2026

b,d,e

490,500

Principal

Amount

Bank

Loans

(11.9%)

a

Value

Capital

Goods

(1.2%)

-

continued

TransDigm,

Inc.,

Term

Loan

$

1,751,763

2.397%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

$

1,653,226

Vertiv

Group

Corporation,

Term

Loan

1,666,625

3.157%, 

(LIBOR

1M

+

3.000%),

3/2/2027

b

1,638,292

Total

9,798,392

Communications

Services

(3.2%)

Altice

France

SA,

Term

Loan

435,375

2.897%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

414,669

CenturyLink,

Inc.,

Term

Loan

1,777,747

2.397%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b

1,705,055

Charter

Communications

Operating,

LLC,

Term

Loan

734,337

1.900%, 

(LIBOR

1M

+

1.750%),

4/30/2025

b

720,480

CommScope,

Inc.,

Term

Loan

1,257,300

3.397%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,222,951

Coral-US

Co-Borrower,

LLC,

Term

Loan

2,065,000

2.397%, 

(LIBOR

1M

+

2.250%),

1/31/2028

b

1,994,831

CSC

Holdings,

LLC,

Term

Loan

798,187

2.402%, 

(LIBOR

1M

+

2.250%),

7/17/2025

b

770,818

1,850,700

2.652%, 

(LIBOR

1M

+

2.500%),

4/15/2027

b

1,790,941

Diamond

Sports

Group,

LLC,

Term

Loan

1,481,269

3.400%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

1,143,051

Entercom

Media

Corporation,

Term

Loan

742,544

2.645%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

697,063

GCI,

LLC,

Term

Loan

1,130,000

0.000%, 

(LIBOR

1M

+

2.750%),

9/24/2025

b,c,d,e

1,121,525

Gray

Television,

Inc.,

Term

Loan

450,000

2.405%, 

(LIBOR

1M

+

2.250%),

2/7/2024

b

439,794

HCP

Acquisition,

LLC,

Term

Loan

986,956

4.000%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

979,761

iHeartCommunications,

Inc.,

Term

Loan

572,118

3.147%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

541,635

Mediacom

Illinois,

LLC,

Term

Loan

203,373

1.860%, 

(LIBOR

1W

+

1.750%),

2/15/2024

b

201,339

NEP

Group,

Inc.,

Term

Loan

987,475

3.397%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

846,513

Nexstar

Broadcasting,

Inc.,

Term

Loan

1,235,000

2.905%, 

(LIBOR

1M

+

2.750%),

9/19/2026

b

1,206,187

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

48

Principal

Amount

Bank

Loans

(11.9%)

a

Value

Communications

Services

(3.2%)

-

continued

Nielsen

Finance,

LLC,

Term

Loan

$

403,987

4.750%, 

(LIBOR

1M

+

3.750%),

6/4/2025

b

$

403,180

Radiate

Holdco,

LLC,

Term

Loan

1,695,000

0.000%, 

(LIBOR

1M

+

3.500%),

9/11/2026

b,d,e

1,663,219

SBA

Senior

Finance

II,

LLC,

Term

Loan

772,390

1.900%, 

(LIBOR

1M

+

1.750%),

4/11/2025

b

751,412

Terrier

Media

Buyer,

Inc.,

Term

Loan

600,462

4.397%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

584,808

324,188

4.397%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

314,867

T-Mobile

USA,

Inc.,

Term

Loan

1,236,900

3.147%, 

(LIBOR

1M

+

3.000%),

4/1/2027

b

1,235,020

TNS,

Inc.,

Term

Loan

752,073

4.150%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

745,492

Virgin

Media

Bristol,

LLC,

Term

Loan

1,625,000

2.652%, 

(LIBOR

1M

+

2.500%),

1/31/2028

b

1,574,901

WideOpenWest

Finance,

LLC,

Term

Loan

1,232,323

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

1,211,718

Windstream

Services,

LLC,

Term

Loan

282,830

0.000%, 

(PRIME

+

5.000%),

3/30/2021

b,f

170,264

Xplornet

Communications,

Inc.,

Term

Loan

289,275

4.897%, 

(LIBOR

1M

+

4.750%),

6/11/2027

b

283,310

Ziggo

Financing

Partnership,

Term

Loan

1,090,000

2.652%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b

1,047,152

Total

25,781,956

Consumer

Cyclical

(1.7%)

1011778

B.C.,

LLC,

Term

Loan

1,746,800

1.897%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b

1,671,827

Boyd

Gaming

Corporation,

Term

Loan

251,248

2.356%, 

(LIBOR

1W

+

2.250%),

9/15/2023

b

243,990

Caesars

Resort

Collection,

LLC,

Term

Loan

950,000

0.000%, 

(LIBOR

1M

+

4.500%),

7/20/2025

b,d,e

918,071

Cengage

Learning,

Inc.,

Term

Loan

472,451

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

393,821

Four

Seasons

Hotels,

Ltd.,

Term

Loan

763,195

2.147%, 

(LIBOR

1M

+

2.000%),

11/30/2023

b

741,253

Principal

Amount

Bank

Loans

(11.9%)

a

Value

Consumer

Cyclical

(1.7%)

-

continued

Golden

Entertainment,

Inc.,

Term

Loan

$

1,375,125

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

$

1,314,963

Golden

Nugget,

LLC,

Term

Loan

708,632

3.250%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

629,932

IAA,

Inc.,

Term

Loan

304,763

2.438%, 

(LIBOR

1M

+

2.250%),

6/28/2026

b,c

299,429

LCPR

Loan

Financing,

LLC,

Term

Loan

1,550,000

5.152%, 

(LIBOR

1M

+

5.000%),

10/15/2026

b

1,546,776

Men's

Warehouse,

Inc.,

Term

Loan

597,487

4.250%, 

(LIBOR

1M

+

3.250%),

4/9/2025

b,g

179,246

Michaels

Stores,

Inc.,

Term

Loan

680,000

0.000%, 

(LIBOR

1M

+

3.500%),

9/17/2027

b,c,d,e

663,000

Scientific

Games

International,

Inc.,

Term

Loan

2,508,476

3.471%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

2,354,481

Staples,

Inc.,

Term

Loan

266,924

4.751%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

250,463

682,816

5.251%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

633,523

Stars

Group

Holdings

BV,

Term

Loan

708,489

3.720%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

706,081

Tenneco,

Inc.,

Term

Loan

451,950

3.147%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

406,475

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

524,300

1.897%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

504,801

Total

13,458,132

Consumer

Non-Cyclical

(2.1%)

Bausch

Health

Americas,

Inc.,

Term

Loan

1,533,566

3.151%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

1,501,300

Bellring

Brands,

LLC,

Term

Loan

292,405

6.000%, 

(LIBOR

1M

+

5.000%),

10/21/2024

b

292,528

Change

Healthcare

Holdings,

LLC,

Term

Loan

587,188

3.500%, 

(LIBOR

1M

+

2.500%),

3/1/2024

b

574,070

Chobani,

LLC,

Term

Loan

738,500

4.500%, 

(LIBOR

1M

+

3.500%),

10/10/2023

b

729,269

Dole

Food

Company,

Inc.,

Term

Loan

984,311

3.750%, 

(LIBOR

1M

+

2.750%),

4/6/2024

b,d,e

968,522

Elanco

Animal

Health,

Inc.,

Term

Loan

268,567

1.905%, 

(LIBOR

1M

+

1.750%),

8/1/2027

b

260,733

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

49

Principal

Amount

Bank

Loans

(11.9%)

a

Value

Consumer

Non-Cyclical

(2.1%)

-

continued

Endo

International

plc,

Term

Loan

$

787,526

5.000%, 

(LIBOR

3M

+

4.250%),

4/27/2024

b

$

748,150

Global

Medical

Response,

Inc.,

Term

Loan

2,184,000

4.250%, 

(LIBOR

3M

+

3.250%),

4/28/2022

b

2,176,159

238,263

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

230,321

2,170,000

0.000%, 

(LIBOR

1M

+

4.750%),

9/24/2025

b,d,e

2,119,135

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

724,525

2.100%, 

(LIBOR

1W

+

2.000%),

11/15/2027

b

708,680

IQVIA,

Inc.,

Term

Loan

203,949

1.897%, 

(LIBOR

1M

+

1.750%),

1/1/2025

b

200,932

JBS

USA

LUX

SA,

Term

Loan

1,217,638

2.147%, 

(LIBOR

1M

+

2.000%),

5/1/2026

b

1,182,936

Libbey

Glass,

Inc.,

Term

Loan

266,865

0.000%,PIK

5.750%,

(LIBOR

1M

+

5.000%),

4/9/2021

b,g,h

41,810

MPH

Acquisition

Holdings,

LLC,

Term

Loan

2,003,523

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

1,969,182

Ortho-Clinical

Diagnostics

SA,

Term

Loan

1,858,942

3.406%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

1,776,219

Plantronics,

Inc.,

Term

Loan

404,757

2.647%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

379,290

R.R.

Donnelley

&

Sons

Company,

Term

Loan

138,241

5.147%, 

(LIBOR

1M

+

5.000%),

1/15/2024

b

131,675

Sotera

Health

Holdings,

LLC,

Term

Loan

646,750

5.500%, 

(LIBOR

3M

+

4.500%),

12/13/2026

b

643,516

US

Foods,

Inc.,

Term

Loan

198,961

1.897%, 

(LIBOR

1M

+

1.750%),

6/27/2023

b

191,003

Total

16,825,430

Energy

(0.4%)

BCP

Raptor

II,

LLC,

Term

Loan

557,938

4.897%, 

(LIBOR

1M

+

4.750%),

11/3/2025

b

388,698

Buckeye

Partners,

LP,

Term

Loan

547,250

2.897%, 

(LIBOR

1M

+

2.750%),

11/1/2026

b,d,e

536,305

Calpine

Corporation,

Term

Loan

780,294

2.400%, 

(LIBOR

1M

+

2.250%),

1/15/2024

b

758,282

CONSOL

Energy,

Inc.,

Term

Loan

591,000

4.650%, 

(LIBOR

1M

+

4.500%),

9/28/2024

b

471,322

Illuminate

Buyer,

LLC,

Term

Loan

555,000

4.147%, 

(LIBOR

1M

+

4.000%),

6/30/2027

b

549,800

Principal

Amount

Bank

Loans

(11.9%)

a

Value

Energy

(0.4%)

-

continued

Lealand

Finance

Company

BV,

Term

Loan

$

206,839

0.000%, 

(LIBOR

1M

+

4.000%),

6/30/2025

b

$

154,441

Total

2,858,848

Financials

(1.1%)

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

512,088

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

497,079

Blackstone

CQP

Holdco,

LP,

Term

Loan

291,313

3.725%, 

(LIBOR

3M

+

3.500%),

9/30/2024

b

284,685

BPR

Nimbus,

LLC,

Term

Loan

935,427

2.647%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

755,694

Delos

Finance

SARL,

Term

Loan

250,000

1.970%, 

(LIBOR

3M

+

1.750%),

10/6/2023

b

243,875

INEOS

U.S.

Finance,

LLC,

Term

Loan

198,977

2.147%, 

(LIBOR

1M

+

2.000%),

3/31/2024

b

192,952

Level

3

Financing,

Inc.,

Term

Loan

1,030,000

1.897%, 

(LIBOR

1M

+

1.750%),

3/1/2027

b

996,844

MoneyGram

International,

Inc.,

Term

Loan

555,578

7.000%, 

(LIBOR

3M

+

6.000%),

6/30/2023

b

540,994

NCR

Corporation,

Term

Loan

841,500

2.650%, 

(LIBOR

1M

+

2.500%),

8/28/2026

b

819,057

Newco

Financing

Partnership,

Term

Loan

770,000

0.000%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

746,130

Northriver

Midstream

Finance,

LP,

Term

Loan

831,515

3.546%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

802,279

Tronox

Finance,

LLC,

Term

Loan

1,734,763

3.177%, 

(LIBOR

3M

+

3.000%),

9/22/2024

b

1,705,029

UPC

Financing

Partnership,

Term

Loan

770,000

0.000%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

746,130

Vericast

Corporation,

Term

Loan

254,072

5.750%, 

(LIBOR

3M

+

4.750%),

11/3/2023

b,d,e

207,039

Total

8,537,787

Technology

(1.1%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

1,484,275

3.761%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b,d,e

1,347,351

Prime

Security

Services

Borrower,

LLC,

Term

Loan

2,356,200

4.250%, 

(LIBOR

1M

+

3.250%),

9/23/2026

b

2,332,214

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

50

Principal

Amount

Bank

Loans

(11.9%)

a

Value

Technology

(1.1%)

-

continued

Rackspace

Technology

Global,

Inc.,

Term

Loan

$

2,063,882

4.000%, 

(LIBOR

3M

+

3.000%),

11/3/2023

b

$

2,022,356

SS&C

Technologies,

Inc.,

Term

Loan

911,465

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

881,086

636,667

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

615,447

Zayo

Group

Holdings,

Inc.,

Term

Loan

1,582,050

3.147%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

1,533,181

Total

8,731,635

Transportation

(0.3%)

Genesee

&

Wyoming,

Inc.,

Term

Loan

990,025

2.220%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

972,858

SkyMiles

IP,

Ltd.,

Term

Loan

570,000

0.000%, 

(LIBOR

1M

+

3.750%),

10/20/2027

b,d,e

573,768

United

Airlines,

Inc.,

Term

Loan

739,255

1.895%, 

(LIBOR

1M

+

1.750%),

4/1/2024

b

695,513

Total

2,242,139

Utilities

(0.3%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

105,327

2.438%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

104,976

Core

and

Main,

LP,

Term

Loan

627,262

3.750%, 

(LIBOR

3M

+

2.750%),

8/1/2024

b

613,343

EnergySolutions,

LLC,

Term

Loan

425,212

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

405,015

Pacific

Gas

&

Electric

Company,

Term

Loan

1,231,913

5.500%, 

(LIBOR

1M

+

4.500%),

1/1/2022

b

1,205,217

Talen

Energy

Supply,

LLC,

Term

Loan

342,000

3.897%, 

(LIBOR

1M

+

3.750%),

7/8/2026

b

337,154

Total

2,665,705

Total

Bank

Loans

(cost

$98,715,247)

94,884,314

Principal

Amount

Long-Term

Fixed

Income

(

50.1%

)

Value

Asset-Backed

Securities

(3.9%)

522

Funding

CLO,

Ltd.

950,000

4.098%, 

(LIBOR

3M

+

3.850%),

10/23/2033,

Ser.

2020-6A,

Class

D

b,e,i

950,000

Apidos

CLO

XXIV

1,570,000

1.722%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2016-24A,

Class

A1BR

b,i

1,547,378

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Asset-Backed

Securities

(3.9%)

-

continued

Babson

CLO,

Ltd.

$

1,200,000

3.172%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,i

$

1,071,696

Benefit

Street

Partners

CLO

IV,

Ltd.

1,000,000

2.022%, 

(LIBOR

3M

+

1.750%),

1/20/2029,

Ser.

2014-IVA,

Class

A2RR

b,i

995,344

Business

Jet

Securities,

LLC

1,163,635

4.447%, 

6/15/2033,

Ser.

2018-2,

Class

A

i

1,163,424

Cent

CLO,

LP

2,950,000

2.545%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,i

2,884,168

Foundation

Finance

Trust

339,599

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

i

345,318

Harley

Marine

Financing,

LLC

1,248,038

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

i

1,118,819

Madison

Park

Funding

XIV,

Ltd.

1,450,000

1.658%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,i

1,419,550

Myers

Park

CLO,

Ltd.

1,425,000

1.672%, 

(LIBOR

3M

+

1.400%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,i

1,412,282

OHA

Credit

Funding

1,

Ltd.

1,215,000

1.722%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,i

1,202,779

OZLM

Funding

II,

Ltd.

2,435,000

1.768%, 

(LIBOR

3M

+

1.500%),

7/30/2031,

Ser.

2012-2A,

Class

A1BR

b,i

2,394,664

OZLM

IX,

Ltd.

1,875,000

1.822%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,i

1,858,691

Palmer

Square

Loan

Funding,

Ltd.

1,000,000

2.522%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,i

1,000,043

Park

Avenue

Institutional

Advisers

CLO,

Ltd.

2,400,000

1.772%, 

(LIBOR

3M

+

1.500%),

10/20/2031,

Ser.

2018-1A,

Class

A1B

b,i

2,377,366

Pretium

Mortgage

Credit

Partners,

LLC

1,907,336

3.721%, 

1/25/2059,

Ser.

2019-CFL1,

Class

A1

i,j

1,903,514

Riserva

CLO,

Ltd.

1,200,000

1.972%, 

(LIBOR

3M

+

1.700%),

10/18/2028,

Ser.

2016-3A,

Class

BR

b,i

1,189,639

Saxon

Asset

Securities

Trust

184,048

3.639%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

185,890

Sound

Point

CLO

X,

Ltd.

1,150,000

2.972%, 

(LIBOR

3M

+

2.700%),

1/20/2028,

Ser.

2015-3A,

Class

DR

b,i

1,099,743

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

51

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Asset-Backed

Securities

(3.9%)

-

continued

Sound

Point

CLO

XXI,

Ltd.

$

2,400,000

1.695%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,i

$

2,308,226

THL

Credit

Wind

River

CLO,

Ltd.

1,250,000

3.125%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,i

1,177,609

Vericrest

Opportunity

Loan

Transferee

1,609,515

3.352%, 

9/25/2049,

Ser.

2019-NPL5,

Class

A1A

i,j

1,611,346

Total

31,217,489

Basic

Materials

(0.9%)

Air

Products

and

Chemicals,

Inc.

55,000

1.500%, 

10/15/2025

57,042

Alcoa

Nederland

Holding

BV

370,000

5.500%, 

12/15/2027

i

385,614

BWAY

Holding

Company

380,000

5.500%, 

4/15/2024

i

381,345

Cleveland-Cliffs,

Inc.

260,000

5.750%, 

3/1/2025

k

241,800

220,000

9.875%, 

10/17/2025

i

245,575

EI

du

Pont

de

Nemours

&

Company

111,000

1.700%, 

7/15/2025

115,104

First

Quantum

Minerals,

Ltd.

460,000

7.500%, 

4/1/2025

i

454,991

Freeport-McMoRan,

Inc.

360,000

4.125%, 

3/1/2028

364,500

390,000

4.250%, 

3/1/2030

399,750

Kinross

Gold

Corporation

108,000

5.125%, 

9/1/2021

111,127

Krayton

Polymers,

LLC

480,000

7.000%, 

4/15/2025

i

489,600

Methanex

Corporation

530,000

5.250%, 

12/15/2029

524,038

Mosaic

Company

55,000

3.250%, 

11/15/2022

57,477

Norbord,

Inc.

520,000

5.750%, 

7/15/2027

i

549,276

Novelis

Corporation

580,000

5.875%, 

9/30/2026

i

595,950

160,000

4.750%, 

1/30/2030

i

156,155

Nucor

Corporation

56,000

2.000%, 

6/1/2025

58,478

OCI

NV

420,000

4.625%, 

10/15/2025

e,i

420,000

Olin

Corporation

600,000

5.125%, 

9/15/2027

k

594,000

Peabody

Securities

Finance

Corporation

455,000

6.375%, 

3/31/2025

i

182,000

Steel

Dynamics,

Inc.

67,000

2.400%, 

6/15/2025

69,891

Syngenta

Finance

NV

200,000

3.933%, 

4/23/2021

i

202,579

Tronox

Finance

plc

550,000

5.750%, 

10/1/2025

i

541,750

Xstrata

Finance

Canada,

Ltd.

163,000

4.950%, 

11/15/2021

i

170,154

Total

7,368,196

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Capital

Goods

(1.8%)

AECOM

$

1,105,000

5.125%, 

3/15/2027

$

1,193,533

Amsted

Industries,

Inc.

665,000

5.625%, 

7/1/2027

i

707,440

Ardagh

Packaging

Finance

plc

259,000

6.000%, 

2/15/2025

i

268,920

400,000

5.250%, 

8/15/2027

i

407,600

Berry

Global,

Inc.

330,000

4.875%, 

7/15/2026

i

346,087

Caterpillar

Financial

Services

Corporation

164,000

1.900%, 

9/6/2022

168,623

171,000

1.950%, 

11/18/2022

176,604

111,000

1.450%, 

5/15/2025

114,642

Chart

Industries,

Inc.,

Convertible

232,000

1.000%, 

11/15/2024

i

321,546

Cintas

Corporation

No.

2

162,000

2.900%, 

4/1/2022

167,569

CNH

Industrial

Capital,

LLC

165,000

4.875%, 

4/1/2021

168,184

67,000

1.950%, 

7/2/2023

68,087

Covanta

Holding

Corporation

470,000

6.000%, 

1/1/2027

488,800

95,000

5.000%, 

9/1/2030

95,883

Crown

Americas

Capital

Corporation

IV

380,000

4.500%, 

1/15/2023

394,250

Crown

Cork

&

Seal

Company,

Inc.

410,000

7.375%, 

12/15/2026

487,441

General

Electric

Company

745,000

5.000%, 

1/21/2021

b,l

593,589

Greenbrier

Companies,

Inc.,

Convertible

89,000

2.875%, 

2/1/2024

81,412

H&E

Equipment

Services,

Inc.

570,000

5.625%, 

9/1/2025

594,225

Honeywell

International,

Inc.

111,000

1.350%, 

6/1/2025

114,386

Huntington

Ingalls

Industries,

Inc.

111,000

3.844%, 

5/1/2025

i

121,942

Jeld-Wen,

Inc.

340,000

4.625%, 

12/15/2025

i

341,700

John

Deere

Capital

Corporation

169,000

1.200%, 

4/6/2023

172,303

171,000

2.050%, 

1/9/2025

k

181,192

KBR,

Inc.,

Convertible

456,000

2.500%, 

11/1/2023

514,140

L3Harris

Technologies,

Inc.

280,000

4.950%, 

2/15/2021

281,525

Otis

Worldwide

Corporation

172,000

2.056%, 

4/5/2025

180,662

PACCAR

Financial

Corporation

114,000

2.650%, 

4/6/2023

120,168

Parker-Hannifin

Corporation

225,000

2.700%, 

6/14/2024

240,851

Patrick

Industries,

Inc.,

Convertible

149,000

1.000%, 

2/1/2023

146,575

Raytheon

Technologies

Corporation

112,000

2.800%, 

3/15/2022

i

115,470

Republic

Services,

Inc.

105,000

2.500%, 

8/15/2024

111,744

Reynolds

Group

Issuer,

Inc.

1,125,000

5.125%, 

7/15/2023

i

1,139,062

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

52

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Capital

Goods

(1.8%)

-

continued

Roper

Technologies,

Inc.

$

117,000

2.350%, 

9/15/2024

$

123,727

111,000

1.000%, 

9/15/2025

111,279

Standard

Industries,

Inc.

690,000

4.375%, 

7/15/2030

i

707,433

TransDigm,

Inc.

220,000

6.250%, 

3/15/2026

i

230,681

770,000

5.500%, 

11/15/2027

740,009

TTM

Technologies,

Inc.,

Convertible

155,000

1.750%, 

12/15/2020

183,186

United

Rentals

North

America,

Inc.

1,010,000

4.000%, 

7/15/2030

1,032,725

United

Technologies

Corporation

237,000

3.950%, 

8/16/2025

269,426

WESCO

Distribution,

Inc.

330,000

7.250%, 

6/15/2028

i

361,573

WW

Grainger,

Inc.

115,000

1.850%, 

2/15/2025

120,433

Total

14,506,627

Collateralized

Mortgage

Obligations

(9.2%)

Alternative

Loan

Trust

516,045

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

417,702

Antler

Mortgage

Trust

1,186,977

4.458%, 

6/27/2022,

Ser.

2019-RTL1,

Class

A1

i

1,190,201

2,086,813

4.335%, 

7/25/2022,

Ser.

2018-RTL1,

Class

A1

i

2,091,227

Banc

of

America

Alternative

Loan

Trust

794,365

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

758,943

Banc

of

America

Mortgage

Securities

Trust

752,668

3.373%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

704,617

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

47,900

2.410%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

48,077

Bellemeade

Re,

Ltd.

896,075

1.748%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,i

887,258

700,000

2.798%, 

(LIBOR

1M

+

2.650%),

6/25/2030,

Ser.

2020-1A,

Class

M1A

b,i

701,439

900,000

3.548%, 

(LIBOR

1M

+

3.400%),

6/25/2030,

Ser.

2020-1A,

Class

M1B

b,i

912,269

900,000

2.448%, 

(LIBOR

1M

+

2.300%),

8/26/2030,

Ser.

2020-2A,

Class

M1A

b,i

901,050

Cascade

Funding

Mortgage

Trust

877,448

4.580%, 

6/25/2048,

Ser.

2018-RM1,

Class

A1

i

880,396

1,401,740

4.000%, 

10/25/2068,

Ser.

2018-RM2,

Class

A

b,i

1,453,813

CHL

Mortgage

Pass-Through

Trust

972,167

3.400%, 

11/20/2035,

Ser.

2005-HYB7,

Class

6A1

b

825,037

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Collateralized

Mortgage

Obligations

(9.2%)

-

continued

$

372,273

3.454%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

$

368,586

1,263,405

6.000%, 

11/25/2037,

Ser.

2007-18,

Class

1A2

1,010,001

CIM

Trust

718,384

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,i

757,215

Citigroup

Mortgage

Loan

Trust,

Inc.

149,383

5.500%, 

11/25/2035,

Ser.

2005-9,

Class

21A2

152,988

220,176

3.736%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

b

190,351

1,262,334

3.958%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

1,222,618

Countrywide

Alternative

Loan

Trust

586,049

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

581,918

253,027

3.201%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

240,660

265,170

3.547%, 

10/25/2035,

Ser.

2005-43,

Class

1A1

b

253,146

311,137

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

301,719

236,375

6.000%, 

4/25/2036,

Ser.

2006-4CB,

Class

1A1

165,655

904,753

6.500%, 

8/25/2036,

Ser.

2006-23CB,

Class

2A3

506,290

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

418,196

3.457%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

387,337

Credit

Suisse

Mortgage

Capital

Certificates

438,579

3.393%, 

2/25/2024,

Ser.

2020-BPL1,

Class

A1

i,j

438,765

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

850,056

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

872,521

Eagle

Re,

Ltd.

812,112

1.948%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,i

806,761

Federal

Home

Loan

Mortgage

Corporation

2,699,209

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

m

291,662

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

925,429

2.500%, 

12/15/2022,

Ser.

4155,

Class

AI

m

18,177

664,024

2.500%, 

5/15/2027,

Ser.

4106,

Class

HI

m

30,522

2,265,679

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

m

128,563

1,730,863

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

m

110,884

2,603,659

3.000%, 

7/15/2027,

Ser.

4074,

Class

IO

m

167,510

845,648

2.500%, 

2/15/2028,

Ser.

4162,

Class

AI

m

46,421

1,863,445

2.500%, 

2/15/2028,

Ser.

4161,

Class

UI

m

103,627

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

53

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Collateralized

Mortgage

Obligations

(9.2%)

-

continued

$

2,637,034

2.500%, 

3/15/2028,

Ser.

4177,

Class

EI

m

$

147,577

2,622,912

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

m

319,281

1,366,386

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

m

131,061

2,859,805

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

m

213,919

Federal

National

Mortgage

Association

-

REMIC

3,712,374

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

m

207,328

2,402,391

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

m

120,661

4,620,815

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

m

228,669

2,354,667

3.500%, 

9/25/2027,

Ser.

2012-98,

Class

YI

m

160,163

6,218,075

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

m

394,445

3,197,476

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

m

171,909

1,663,026

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

m

90,171

4,299,298

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

m

236,611

1,273,746

2.500%, 

2/25/2028,

Ser.

2013-46,

Class

CI

m

59,203

2,259,175

3.000%, 

2/25/2028,

Ser.

2013-2,

Class

GI

m

140,130

823,482

3.000%, 

4/25/2028,

Ser.

2013-30,

Class

DI

m

53,922

3,079,516

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

m

151,524

1,827,660

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

m

198,114

First

Horizon

Alternative

Mortgage

Securities

Trust

260,562

3.337%, 

3/25/2035,

Ser.

2005-AA2,

Class

1A1

b

240,128

271,687

3.202%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

265,949

First

Horizon

Mortgage

Pass-

Through

Trust

213,529

3.827%, 

8/25/2037,

Ser.

2007-AR2,

Class

1A2

b

141,746

Genworth

Mortgage

Insurance

Corporation

700,000

2.048%, 

(LIBOR

1M

+

1.900%),

11/26/2029,

Ser.

2019-1,

Class

M1

b,i

685,574

GMAC

Mortgage

Corporation

Loan

Trust

529,413

3.668%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

505,942

Government

National

Mortgage

Association

743,202

4.000%, 

1/16/2027,

Ser.

2012-3,

Class

IO

m

49,873

Greenpoint

Mortgage

Funding

Trust

380,919

0.348%, 

(LIBOR

1M

+

0.200%),

10/25/2045,

Ser.

2005-AR4,

Class

G41B

b

335,412

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Collateralized

Mortgage

Obligations

(9.2%)

-

continued

IndyMac

IMJA

Mortgage

Loan

Trust

$

675,384

6.250%, 

11/25/2037,

Ser.

2007-A3,

Class

A1

$

446,297

IndyMac

INDX

Mortgage

Loan

Trust

1,996,019

0.358%, 

(LIBOR

1M

+

0.210%),

4/25/2046,

Ser.

2006-AR2,

Class

1A1B

b

1,807,832

J.P.

Morgan

Alternative

Loan

Trust

596,552

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

484,259

J.P.

Morgan

Mortgage

Trust

111,901

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

127,415

463,589

3.868%, 

2/25/2036,

Ser.

2006-A1,

Class

2A2

b

405,388

Legacy

Mortgage

Asset

Trust

1,495,361

4.000%, 

1/25/2059,

Ser.

2019-GS1,

Class

A1

i

1,521,271

1,355,465

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

i,j

1,374,924

Lehman

Mortgage

Trust

204,504

0.898%, 

(LIBOR

1M

+

0.750%),

12/25/2035,

Ser.

2005-2,

Class

3A1

b

126,716

Master

Asset

Securitization

Trust

727,499

0.648%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

181,510

MASTR

Alternative

Loans

Trust

253,860

0.598%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

43,029

Merrill

Lynch

Alternative

Note

Asset

Trust

339,032

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

225,324

Merrill

Lynch

Mortgage

Investors

Trust

776,400

3.536%, 

6/25/2035,

Ser.

2005-A5,

Class

M1

b

422,632

MFA

NQM1

Trust

774,981

2.300%, 

8/25/2049,

Ser.

2020-NQM1,

Class

A3

b,i

778,830

New

Residential

Mortgage

Loan

Trust

484,772

4.335%, 

7/25/2060,

Ser.

2020-NPL1,

Class

A1

i,j

485,352

Oaktown

Re

II,

Ltd.

413,106

1.698%, 

(LIBOR

1M

+

1.550%),

7/25/2028,

Ser.

2018-1A,

Class

M1

b,i

411,881

Preston

Ridge

Partners

Mortgage

Trust,

LLC

331,691

4.500%, 

1/25/2024,

Ser.

2019-1A,

Class

A1

i,j

334,232

1,347,884

3.967%, 

4/25/2024,

Ser.

2019-2A,

Class

A1

i,j

1,359,128

1,429,355

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,i

1,431,208

1,061,188

4.750%, 

10/25/2024,

Ser.

2019-GS1,

Class

A2

b,i

1,056,958

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

54

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Collateralized

Mortgage

Obligations

(9.2%)

-

continued

$

493,099

3.351%, 

11/25/2024,

Ser.

2019-4A,

Class

A1

i,j

$

494,309

737,878

3.671%, 

8/25/2025,

Ser.

2020-2,

Class

A1

i,j

737,935

Pretium

Mortgage

Credit

Partners,

LLC

873,504

2.858%, 

5/27/2059,

Ser.

2020-NPL1,

Class

A1

i,j

866,810

Radnor

RE,

Ltd.

103,037

1.548%, 

(LIBOR

1M

+

1.400%),

3/25/2028,

Ser.

2018-1,

Class

M1

b,i

102,848

1,700,000

2.848%, 

(LIBOR

1M

+

2.700%),

3/25/2028,

Ser.

2018-1,

Class

M2

b,i

1,619,402

RCO

Mortgage,

LLC

817,355

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

i,j

815,467

745,914

3.197%, 

11/25/2052,

Ser.

2017-INV1,

Class

A

b,i

756,129

Renaissance

Home

Equity

Loan

Trust

1,163,589

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

j

673,802

Residential

Accredit

Loans,

Inc.

Trust

604,778

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

605,336

275,502

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

275,296

351,253

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

341,312

589,319

5.750%, 

4/25/2037,

Ser.

2007-QS6,

Class

A28

561,613

361,118

6.250%, 

4/25/2037,

Ser.

2007-QS6,

Class

A6

353,763

160,881

6.000%, 

6/25/2037,

Ser.

2007-QS8,

Class

A10

156,017

Residential

Asset

Securitization

Trust

450,399

6.222%, 

8/25/2022,

Ser.

2007-A8,

Class

3A1

b

329,622

488,056

2.756%, 

1/25/2034,

Ser.

2004-IP1,

Class

A1

b

484,204

1,230,851

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

1,286,764

Residential

Funding

Mortgage

Security

I

Trust

789,552

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

739,598

Sequoia

Mortgage

Trust

704,222

3.426%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

543,942

Silver

Hill

Trust

1,013,738

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,i

1,030,260

Stanwich

Mortgage

Loan

Trust

584,879

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

i,j

580,251

Starwood

Mortgage

Residential

Trust

1,049,459

4.121%, 

10/25/2048,

Ser.

2018-IMC2,

Class

A1

b,i

1,085,508

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Collateralized

Mortgage

Obligations

(9.2%)

-

continued

$

1,175,000

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,i

$

1,215,902

Structured

Adjustable

Rate

Mortgage

Loan

Trust

245,863

3.201%, 

7/25/2035,

Ser.

2005-15,

Class

4A1

b

221,259

160,966

3.678%, 

9/25/2035,

Ser.

2005-18,

Class

1A1

b

129,481

Structured

Asset

Mortgage

Investments,

Inc.

572,761

0.458%, 

(LIBOR

1M

+

0.310%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

532,003

Toorak

Mortgage

Corporation

1,598,299

4.336%, 

8/25/2021,

Ser.

2018-1,

Class

A1

i,j

1,607,275

2,000,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

i,j

2,046,318

1,250,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

i,j

1,254,396

Vericrest

Opportunity

Loan

Transferee

1,018,131

2.981%, 

3/25/2050,

Ser.

2020-NPL4,

Class

A1

i,j

1,015,986

1,750,000

3.475%, 

3/25/2050,

Ser.

2020-NPL5,

Class

A1B

i,j

1,703,557

693,403

3.352%, 

8/25/2049,

Ser.

2019-NPL4,

Class

A1A

i,j

694,093

3,600,000

4.090%, 

11/25/2049,

Ser.

2019-NPL8,

Class

A1B

i,j

3,547,976

2,200,000

4.090%, 

11/26/2049,

Ser.

2019-NPL9,

Class

A1B

i,j

2,178,596

296,632

3.426%, 

12/27/2049,

Ser.

2019-NP10,

Class

A1A

i,j

296,740

Verus

Securitization

Trust

1,016,809

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,i

1,036,564

WaMu

Mortgage

Pass

Through

Certificates

697,346

2.051%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

626,397

785,395

1.932%, 

(COF

11

+

1.250%),

3/25/2047,

Ser.

2007-OA2,

Class

2A

b

732,597

Washington

Mutual

Mortgage

Pass

Through

Certificates

361,580

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

2A9

350,434

759,654

7.000%, 

4/25/2037,

Ser.

2007-2,

Class

1A1

449,610

Washington

Mutual

Mortgage

Pass-Through

Certificates

331,910

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

331,464

Total

73,610,260

Commercial

Mortgage-Backed

Securities

(0.4%)

BFLD

Trust

950,000

1.800%, 

(LIBOR

1M

+

1.700%),

10/15/2022,

Ser.

2020-EYP,

Class

B

b,e,i

950,000

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

55

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Commercial

Mortgage-Backed

Securities

(0.4%)

-

continued

Federal

National

Mortgage

Association

-

ACES

$

20,886,987

1.466%, 

2/25/2031,

Ser.

2019-M21,

Class

X2

b,m

$

2,218,885

Total

3,168,885

Communications

Services

(3.1%)

Altice

France

SA

290,000

5.500%, 

1/15/2028

i

293,625

American

Tower

Corporation

176,000

3.375%, 

5/15/2024

190,533

112,000

2.950%, 

1/15/2025

120,972

AT&T,

Inc.

452,000

4.450%, 

4/1/2024

505,400

British

Sky

Broadcasting

Group

plc

110,000

3.125%, 

11/26/2022

i

116,029

CCO

Holdings,

LLC

700,000

5.500%, 

5/1/2026

i

729,750

460,000

5.125%, 

5/1/2027

i

484,021

1,130,000

4.750%, 

3/1/2030

i

1,196,387

160,000

4.250%, 

2/1/2031

i

165,744

Charter

Communications

Operating,

LLC

170,000

4.500%, 

2/1/2024

188,472

120,000

4.908%, 

7/23/2025

138,704

Comcast

Corporation

117,000

3.700%, 

4/15/2024

129,194

117,000

3.950%, 

10/15/2025

134,172

Cox

Communications,

Inc.

171,000

2.950%, 

6/30/2023

i

179,986

Crown

Castle

International

Corporation

118,000

4.450%, 

2/15/2026

135,163

CSC

Holdings,

LLC

725,000

5.500%, 

5/15/2026

i

754,000

280,000

4.125%, 

12/1/2030

i

285,390

500,000

4.625%, 

12/1/2030

i

502,365

Deutsche

Telekom

International

Finance

BV

105,000

2.485%, 

9/19/2023

i

109,783

Discovery

Communications,

LLC

114,000

2.950%, 

3/20/2023

120,089

DISH

Network

Corporation,

Convertible

655,000

3.375%, 

8/15/2026

601,288

Embarq

Corporation

480,000

7.995%, 

6/1/2036

568,349

Entercom

Media

Corporation

250,000

6.500%, 

5/1/2027

i

217,500

Fox

Corporation

229,000

4.030%, 

1/25/2024

252,077

Front

Range

BidCo,

Inc.

640,000

4.000%, 

3/1/2027

i

629,904

GCI

Liberty,

Inc.,

Convertible

1,090,000

1.750%, 

9/30/2046

i

1,867,715

GCI,

LLC

290,000

4.750%, 

10/15/2028

e,i

293,628

Gray

Escrow,

Inc.

460,000

7.000%, 

5/15/2027

i

498,703

iHeartCommunications,

Inc.

320,000

4.750%, 

1/15/2028

i

301,583

Level

3

Financing,

Inc.

235,000

5.250%, 

3/15/2026

243,448

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Communications

Services

(3.1%)

-

continued

$

580,000

4.625%, 

9/15/2027

i

$

595,950

510,000

4.250%, 

7/1/2028

i

517,813

Liberty

Interactive,

LLC,

Convertible

172,000

3.500%, 

1/15/2031

142,962

Liberty

Media

Corporation,

Convertible

100,000

1.000%, 

1/30/2023

118,630

Netflix,

Inc.

925,000

4.875%, 

4/15/2028

1,033,687

Nexstar

Escrow

Corporation

400,000

5.625%, 

7/15/2027

i

419,580

Nielsen

Finance,

LLC

130,000

5.625%, 

10/1/2028

i

133,575

SBA

Communications

Corporation

300,000

3.875%, 

2/15/2027

i

304,500

SFR

Group

SA

650,000

7.375%, 

5/1/2026

i

681,135

Sirius

XM

Radio,

Inc.

940,000

5.000%, 

8/1/2027

i

981,896

200,000

4.125%, 

7/1/2030

i

204,958

Sprint

Capital

Corporation

400,000

6.875%, 

11/15/2028

498,134

200,000

8.750%, 

3/15/2032

292,762

Sprint

Corporation

630,000

7.250%, 

9/15/2021

659,137

960,000

7.625%, 

2/15/2025

1,123,200

Telesat

Canada

/

Telesat,

LLC

320,000

4.875%, 

6/1/2027

i

321,296

T-Mobile

USA,

Inc.

187,000

3.500%, 

4/15/2025

i

205,180

930,000

4.500%, 

2/1/2026

958,272

Univision

Communications,

Inc.

520,000

6.625%, 

6/1/2027

i

507,650

VeriSign,

Inc.

540,000

4.750%, 

7/15/2027

572,400

Verizon

Communications,

Inc.

67,000

2.946%, 

3/15/2022

69,458

219,000

1.380%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

223,721

Viacom,

Inc.

161,000

4.250%, 

9/1/2023

175,378

118,000

5.875%, 

2/28/2057

b

120,074

Virgin

Media

Secured

Finance

plc

865,000

5.500%, 

8/15/2026

i

901,763

Vodafone

Group

plc

165,000

3.750%, 

1/16/2024

180,199

VTR

Finance

BV

190,000

6.375%, 

N/A

i

199,500

Walt

Disney

Company

111,000

1.750%, 

1/13/2026

115,318

Windstream

Services,

LLC

410,000

8.625%, 

10/31/2025

*,f

246,000

Ziggo

BV

423,000

5.500%, 

1/15/2027

i

443,093

Total

24,901,195

Consumer

Cyclical

(3.2%)

1011778

B.C.,

ULC

960,000

4.375%, 

1/15/2028

i

979,008

Allied

Universal

Holdco,

LLC

300,000

6.625%, 

7/15/2026

i

319,500

Allison

Transmission,

Inc.

675,000

5.000%, 

10/1/2024

i

681,790

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

56

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Consumer

Cyclical

(3.2%)

-

continued

Amazon.com,

Inc.

$

111,000

0.800%, 

6/3/2025

$

111,988

American

Honda

Finance

Corporation

163,000

2.050%, 

1/10/2023

168,482

111,000

0.650%, 

9/8/2023

110,961

111,000

1.200%, 

7/8/2025

111,808

BMW

Finance

NV

109,000

2.250%, 

8/12/2022

i

112,517

Booking

Holdings,

Inc.,

Convertible

74,000

0.900%, 

9/15/2021

78,744

Brookfield

Property

REIT,

Inc.

175,000

5.750%, 

5/15/2026

i

137,912

Brookfield

Residential

Properties,

Inc.

920,000

6.250%, 

9/15/2027

i

927,751

Burlington

Stores,

Inc.,

Convertible

544,000

2.250%, 

4/15/2025

i

648,189

Carnival

Corporation

200,000

11.500%, 

4/1/2023

i

224,196

210,000

10.500%, 

2/1/2026

i

232,575

Cedar

Fair,

LP

380,000

5.250%, 

7/15/2029

k

360,764

Colt

Merger

Sub,

Inc.

620,000

6.250%, 

7/1/2025

i

646,350

D.R.

Horton,

Inc.

160,000

2.550%, 

12/1/2020

160,541

56,000

2.600%, 

10/15/2025

60,043

Daimler

Finance

North

America,

LLC

118,000

2.550%, 

8/15/2022

i

121,888

Dana,

Inc.

400,000

5.625%, 

6/15/2028

413,000

Dick's

Sporting

Goods,

Inc.,

Convertible

427,000

3.250%, 

4/15/2025

i

781,853

Ford

Motor

Company

170,000

9.000%, 

4/22/2025

194,907

100,000

9.625%, 

4/22/2030

129,125

450,000

7.450%, 

7/16/2031

516,064

Ford

Motor

Credit

Company,

LLC

990,000

4.063%, 

11/1/2024

988,762

500,000

4.134%, 

8/4/2025

495,207

General

Motors

Company

163,000

5.400%, 

10/2/2023

179,676

General

Motors

Financial

Company,

Inc.

162,000

4.375%, 

9/25/2021

167,128

118,000

4.200%, 

11/6/2021

121,837

108,000

3.150%, 

6/30/2022

110,936

233,000

3.950%, 

4/13/2024

246,490

171,000

2.900%, 

2/26/2025

176,172

111,000

2.750%, 

6/20/2025

113,700

240,000

5.700%, 

9/30/2030

b,l

240,900

Hanesbrands,

Inc.

700,000

4.875%, 

5/15/2026

i

747,250

Harley-Davidson

Financial

Services,

Inc.

180,000

4.050%, 

2/4/2022

i

186,013

Herc

Holdings,

Inc.

260,000

5.500%, 

7/15/2027

i

269,009

Hilton

Domestic

Operating

Company,

Inc.

920,000

4.875%, 

1/15/2030

947,600

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Consumer

Cyclical

(3.2%)

-

continued

Home

Depot,

Inc.

$

111,000

3.750%, 

2/15/2024

$

122,447

Hyundai

Capital

America

165,000

3.000%, 

6/20/2022

i,k

170,107

111,000

1.800%, 

10/15/2025

i

110,388

International

Game

Technology

plc

410,000

5.250%, 

1/15/2029

i

414,612

KB

Home

330,000

4.800%, 

11/15/2029

363,825

Kohl's

Corporation

145,000

9.500%, 

5/15/2025

171,075

L

Brands,

Inc.

250,000

6.625%, 

10/1/2030

i

254,375

Landry's,

Inc.

320,000

6.750%, 

10/15/2024

i

267,200

Lennar

Corporation

161,000

2.950%, 

11/29/2020

161,000

65,000

4.125%, 

1/15/2022

66,462

172,000

4.875%, 

12/15/2023

184,921

1,180,000

4.500%, 

4/30/2024

1,265,550

58,000

5.875%, 

11/15/2024

64,815

Lowe's

Companies,

Inc.

111,000

4.000%, 

4/15/2025

125,801

Marriott

International,

Inc.

223,000

3.750%, 

10/1/2025

228,990

Marriott

Vacations

Worldwide

Corporation,

Convertible

87,000

1.500%, 

9/15/2022

85,518

Mattamy

Group

Corporation

830,000

5.250%, 

12/15/2027

i

852,825

McDonald's

Corporation

226,000

3.350%, 

4/1/2023

241,279

MGM

Resorts

International

115,000

6.000%, 

3/15/2023

119,302

575,000

5.750%, 

6/15/2025

603,060

Nissan

Motor

Company,

Ltd.

111,000

3.043%, 

9/15/2023

i

112,514

Norwegian

Cruise

Line

Holdings,

Ltd.

200,000

10.250%, 

2/1/2026

i

208,375

Penn

National

Gaming,

Inc.,

Convertible

68,000

2.750%, 

5/15/2026

218,243

Prime

Security

Services

Borrower,

LLC

820,000

5.750%, 

4/15/2026

i

876,892

150,000

3.375%, 

8/31/2027

i

144,187

Ralph

Lauren

Corporation

111,000

1.700%, 

6/15/2022

112,990

Royal

Caribbean

Cruises,

Ltd.

210,000

9.125%, 

6/15/2023

i

222,600

150,000

11.500%, 

6/1/2025

i

174,337

Scientific

Games

International,

Inc.

470,000

5.000%, 

10/15/2025

i

472,938

ServiceMaster

Company,

LLC

690,000

5.125%, 

11/15/2024

i

705,525

Six

Flags

Entertainment

Corporation

290,000

5.500%, 

4/15/2027

i,k

275,007

Six

Flags

Theme

Parks,

Inc.

190,000

7.000%, 

7/1/2025

i

202,113

Staples,

Inc.

520,000

7.500%, 

4/15/2026

i

479,159

Target

Corporation

111,000

2.250%, 

4/15/2025

118,506

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

57

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Consumer

Cyclical

(3.2%)

-

continued

TJX

Companies,

Inc.

$

111,000

3.500%, 

4/15/2025

$

123,790

Under

Armour,

Inc.,

Convertible

74,000

1.500%, 

6/1/2024

i

92,475

VF

Corporation

116,000

2.050%, 

4/23/2022

118,915

Volkswagen

Group

of

America

Finance,

LLC

200,000

4.250%, 

11/13/2023

i

219,740

56,000

3.350%, 

5/13/2025

i

61,137

Wyndham

Destinations,

Inc.

250,000

6.625%, 

7/31/2026

i

261,903

Wyndham

Hotels

&

Resorts,

Inc.

150,000

4.375%, 

8/15/2028

i

145,500

Yum!

Brands,

Inc.

700,000

4.750%, 

1/15/2030

i

754,250

Total

25,195,284

Consumer

Non-Cyclical

(3.3%)

Abbott

Laboratories

216,000

2.550%, 

3/15/2022

223,001

113,000

3.400%, 

11/30/2023

122,770

AbbVie,

Inc.

108,000

2.900%, 

11/6/2022

113,239

233,000

2.300%, 

11/21/2022

i

241,106

107,000

2.800%, 

3/15/2023

i

111,844

457,000

3.600%, 

5/14/2025

506,423

Albertson's

Companies,

Inc.

610,000

3.500%, 

3/15/2029

i

592,081

190,000

4.875%, 

2/15/2030

i

198,075

Altria

Group,

Inc.

173,000

3.800%, 

2/14/2024

189,066

113,000

4.400%, 

2/14/2026

130,096

Amgen,

Inc.

172,000

1.900%, 

2/21/2025

179,846

Anheuser-Busch

Companies,

LLC

113,000

3.650%, 

2/1/2026

126,290

Anheuser-Busch

InBev

Worldwide,

Inc.

177,000

4.150%, 

1/23/2025

199,836

Anthem,

Inc.

166,000

2.375%, 

1/15/2025

176,343

Aramark

Services,

Inc.

180,000

6.375%, 

5/1/2025

i

187,501

AstraZeneca

plc

110,000

0.700%, 

4/8/2026

107,862

BAT

Capital

Corporation

110,000

2.764%, 

8/15/2022

113,992

177,000

3.222%, 

8/15/2024

189,397

BAT

International

Finance

plc

111,000

1.668%, 

3/25/2026

111,350

Bausch

Health

Companies,

Inc.

120,000

5.000%, 

1/30/2028

i

116,550

Bayer

U.S.

Finance

II,

LLC

213,000

3.500%, 

6/25/2021

i

217,272

Boston

Scientific

Corporation

241,000

3.450%, 

3/1/2024

261,063

Bristol-Myers

Squibb

Company

177,000

3.625%, 

5/15/2024

195,025

Bunge,

Ltd.

Finance

Corporation

70,000

3.500%, 

11/24/2020

70,306

134,000

1.630%, 

8/17/2025

134,557

Cargill,

Inc.

114,000

1.375%, 

7/23/2023

i

116,601

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Consumer

Non-Cyclical

(3.3%)

-

continued

Centene

Corporation

$

280,000

4.750%, 

1/15/2025

$

287,784

172,000

5.375%, 

8/15/2026

i

182,178

150,000

4.250%, 

12/15/2027

156,964

360,000

4.625%, 

12/15/2029

388,318

610,000

3.000%, 

10/15/2030

e

621,437

Cigna

Corporation

235,000

4.125%, 

11/15/2025

269,456

Conagra

Brands,

Inc.

118,000

3.800%, 

10/22/2021

122,014

118,000

4.300%, 

5/1/2024

131,636

Constellation

Brands,

Inc.

220,000

4.250%, 

5/1/2023

239,932

CVS

Health

Corporation

108,000

2.750%, 

12/1/2022

112,619

141,000

3.700%, 

3/9/2023

151,033

220,000

4.100%, 

3/25/2025

248,566

DaVita,

Inc.

470,000

4.625%, 

6/1/2030

i

482,408

Diageo

Capital

plc

133,000

1.375%, 

9/29/2025

136,274

Edgewell

Personal

Care

Company

200,000

5.500%, 

6/1/2028

i

210,446

Encompass

Health

Corporation

550,000

4.500%, 

2/1/2028

552,750

Energizer

Holdings,

Inc.

780,000

6.375%, 

7/15/2026

i

838,656

450,000

4.375%, 

3/31/2029

i

454,500

General

Mills,

Inc.

110,000

3.700%, 

10/17/2023

119,920

110,000

3.650%, 

2/15/2024

119,914

HCA,

Inc.

1,350,000

5.375%, 

2/1/2025

1,478,250

HLF

Financing

SARL,

LLC

300,000

7.250%, 

8/15/2026

i

308,250

Illumina,

Inc.,

Convertible

44,000

0.500%, 

6/15/2021

56,453

Imperial

Brands

Finance

plc

105,000

3.125%, 

7/26/2024

i

111,016

Ionis

Pharmaceuticals,

Inc.,

Convertible

119,000

0.125%, 

12/15/2024

i

109,582

JBS

Investments

II

GmbH

290,000

5.750%, 

1/15/2028

i

301,600

JBS

USA,

LLC

470,000

5.750%, 

6/15/2025

i

484,476

430,000

5.500%, 

1/15/2030

i

468,700

Kellogg

Company

220,000

3.125%, 

5/17/2022

228,943

Kraft

Foods

Group,

Inc.

500,000

5.000%, 

6/4/2042

546,882

Kraft

Heinz

Foods

Company

500,000

4.625%, 

1/30/2029

556,356

750,000

3.750%, 

4/1/2030

i

791,721

230,000

4.250%, 

3/1/2031

i

252,172

Kroger

Company

110,000

2.800%, 

8/1/2022

114,281

Medtronic,

Inc.

57,000

3.500%, 

3/15/2025

64,205

Molina

Healthcare,

Inc.

350,000

4.375%, 

6/15/2028

i

357,175

Mondelez

International

Holdings

Netherlands

BV

162,000

2.000%, 

10/28/2021

i

164,539

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

58

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Consumer

Non-Cyclical

(3.3%)

-

continued

Mondelez

International,

Inc.

$

57,000

2.125%, 

4/13/2023

$

59,159

Mylan

NV

148,000

3.150%, 

6/15/2021

150,383

Mylan,

Inc.

105,000

4.200%, 

11/29/2023

115,095

Novartis

Capital

Corporation

114,000

1.750%, 

2/14/2025

119,343

Par

Pharmaceutical,

Inc.

470,000

7.500%, 

4/1/2027

i

492,410

PepsiCo,

Inc.

168,000

2.250%, 

3/19/2025

179,865

Pernod

Ricard

SA

150,000

5.750%, 

4/7/2021

i

154,065

Philip

Morris

International,

Inc.

170,000

1.500%, 

5/1/2025

175,412

Post

Holdings,

Inc.

290,000

5.750%, 

3/1/2027

i

304,863

QBE

Insurance

Group,

Ltd.

240,000

5.875%, 

5/12/2025

b,i,l

254,700

Reynolds

American,

Inc.

110,000

4.850%, 

9/15/2023

122,722

Royalty

Pharma

plc

111,000

1.200%, 

9/2/2025

i

110,649

Scotts

Miracle-Gro

Company

530,000

4.500%, 

10/15/2029

561,469

Shire

Acquisitions

Investments

Ireland

Designated

Activity

Company

59,000

2.400%, 

9/23/2021

60,065

Simmons

Foods,

Inc.

320,000

5.750%, 

11/1/2024

i

320,333

Spectrum

Brands,

Inc.

300,000

5.750%, 

7/15/2025

309,300

240,000

5.000%, 

10/1/2029

i

249,000

150,000

5.500%, 

7/15/2030

i

158,250

Sysco

Corporation

223,000

5.650%, 

4/1/2025

263,671

Teleflex,

Inc.

725,000

4.875%, 

6/1/2026

748,563

Tenet

Healthcare

Corporation

240,000

4.625%, 

7/15/2024

240,600

700,000

5.125%, 

11/1/2027

i

720,020

Teva

Pharmaceutical

Finance

Netherlands

III

BV

52,000

2.200%, 

7/21/2021

51,558

440,000

2.800%, 

7/21/2023

420,750

Thermo

Fisher

Scientific,

Inc.

112,000

4.133%, 

3/25/2025

127,604

TreeHouse

Foods,

Inc.

200,000

4.000%, 

9/1/2028

202,276

Tyson

Foods,

Inc.

98,000

4.500%, 

6/15/2022

103,773

UnitedHealth

Group,

Inc.

70,000

3.350%, 

7/15/2022

73,758

Upjohn,

Inc.

111,000

1.650%, 

6/22/2025

i

113,600

VRX

Escrow

Corporation

1,895,000

6.125%, 

4/15/2025

i

1,940,006

Zoetis,

Inc.

161,000

3.250%, 

2/1/2023

169,865

Total

26,226,025

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Energy

(2.6%)

Antero

Resources

Corporation

$

285,000

5.000%, 

3/1/2025

$

178,125

Apache

Corporation

190,000

4.875%, 

11/15/2027

179,550

310,000

4.375%, 

10/15/2028

k

283,650

240,000

5.100%, 

9/1/2040

215,736

Archrock

Partners,

LP

290,000

6.250%, 

4/1/2028

i

273,325

BP

Capital

Markets

America,

Inc.

442,000

2.520%, 

9/19/2022

457,146

114,000

2.937%, 

4/6/2023

120,571

BP

Capital

Markets

plc

240,000

4.875%, 

3/22/2030

b,l

256,800

Buckeye

Partners,

LP

120,000

4.125%, 

3/1/2025

i

114,600

390,000

3.950%, 

12/1/2026

364,018

140,000

4.125%, 

12/1/2027

132,650

Canadian

Natural

Resources,

Ltd.

110,000

2.950%, 

1/15/2023

114,389

111,000

2.050%, 

7/15/2025

113,240

Canadian

Oil

Sands,

Ltd.

108,000

9.400%, 

9/1/2021

i

114,162

Cheniere

Energy

Partners,

LP

970,000

5.625%, 

10/1/2026

1,008,800

Chevron

Corporation

56,000

1.141%, 

5/11/2023

57,079

111,000

1.554%, 

5/11/2025

114,998

Comstock

Resources,

Inc.

200,000

9.750%, 

8/15/2026

205,040

Continental

Resources,

Inc.

304,000

5.000%, 

9/15/2022

301,912

176,000

4.500%, 

4/15/2023

167,800

DCP

Midstream

Operating,

LP

300,000

5.625%, 

7/15/2027

306,900

Devon

Energy

Corporation

111,000

5.850%, 

12/15/2025

124,372

Diamondback

Energy,

Inc.

117,000

2.875%, 

12/1/2024

118,442

Enagas

SA

800,000

5.500%, 

1/15/2028

i

720,000

Enbridge,

Inc.

110,000

2.900%, 

7/15/2022

114,168

887,000

6.250%, 

3/1/2078

b

900,305

Endeavor

Energy

Resources,

LP

130,000

5.500%, 

1/30/2026

i

129,025

360,000

5.750%, 

1/30/2028

i

361,800

Energy

Transfer

Operating,

LP

112,000

4.200%, 

9/15/2023

118,017

220,000

5.875%, 

1/15/2024

241,962

264,000

6.625%, 

2/15/2028

b,l

179,441

EnLink

Midstream

Partners,

LP

310,000

4.850%, 

7/15/2026

268,184

420,000

5.600%, 

4/1/2044

269,850

Enterprise

Products

Operating,

LLC

440,000

4.875%, 

8/16/2077

b

383,244

EOG

Resources,

Inc.

180,000

2.625%, 

3/15/2023

187,502

EQM

Midstream

Partners,

LP

350,000

6.500%, 

7/1/2027

i

371,007

160,000

5.500%, 

7/15/2028

161,128

EQT

Corporation

540,000

3.900%, 

10/1/2027

k

492,075

EQT

Corporation,

Convertible

223,000

1.750%, 

5/1/2026

i

254,153

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

59

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Energy

(2.6%)

-

continued

Equinor

ASA

$

112,000

2.875%, 

4/6/2025

$

121,727

Exxon

Mobil

Corporation

165,000

1.571%, 

4/15/2023

169,703

113,000

2.992%, 

3/19/2025

123,754

Harvest

Midstream,

LP

270,000

7.500%, 

9/1/2028

i

268,650

Hess

Corporation

112,000

3.500%, 

7/15/2024

114,558

Kinder

Morgan

Energy

Partners,

LP

216,000

3.450%, 

2/15/2023

226,895

Marathon

Petroleum

Corporation

110,000

4.750%, 

12/15/2023

120,552

MPLX,

LP

162,000

4.500%, 

7/15/2023

175,553

134,000

1.750%, 

3/1/2026

133,695

Murphy

Oil

Corporation

280,000

5.875%, 

12/1/2027

239,131

Nabors

Industries,

Ltd.

410,000

7.250%, 

1/15/2026

i

201,925

National

Fuel

Gas

Company

112,000

5.500%, 

1/15/2026

122,237

Newfield

Exploration

Company

172,000

5.625%, 

7/1/2024

167,291

Noble

Energy,

Inc.

178,000

3.900%, 

11/15/2024

194,727

NuStar

Logistics,

LP

360,000

5.750%, 

10/1/2025

371,808

Occidental

Petroleum

Corporation

284,000

2.700%, 

8/15/2022

265,361

590,000

2.900%, 

8/15/2024

500,574

210,000

3.400%, 

4/15/2026

167,475

190,000

8.500%, 

7/15/2027

191,465

360,000

3.500%, 

8/15/2029

276,048

200,000

6.450%, 

9/15/2036

170,004

500,000

4.400%, 

4/15/2046

356,733

ONEOK,

Inc.

57,000

2.200%, 

9/15/2025

56,164

Parsley

Energy,

LLC

460,000

5.625%, 

10/15/2027

i

457,700

PDC

Energy,

Inc.,

Convertible

17,000

1.125%, 

9/15/2021

16,122

Pioneer

Natural

Resources

Company,

Convertible

146,000

0.250%, 

5/15/2025

i

160,745

Plains

All

American

Pipeline,

LP

260,000

6.125%, 

11/15/2022

b,l

164,944

60,000

2.850%, 

1/31/2023

61,071

53,000

3.600%, 

11/1/2024

54,668

111,000

4.650%, 

10/15/2025

119,240

QEP

Resources,

Inc.

210,000

5.625%, 

3/1/2026

119,175

Sabine

Pass

Liquefaction,

LLC

108,000

6.250%, 

3/15/2022

114,605

108,000

5.625%, 

4/15/2023

118,293

Schlumberger

Finance

Canada,

Ltd.

111,000

1.400%, 

9/17/2025

111,579

Shell

International

Finance

BV

112,000

2.375%, 

4/6/2025

119,449

Southwestern

Energy

Company

530,000

7.500%, 

4/1/2026

k

518,075

Suncor

Energy,

Inc.

112,000

3.100%, 

5/15/2025

120,293

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Energy

(2.6%)

-

continued

Sunoco

Logistics

Partners

Operations,

LP

$

175,000

4.400%, 

4/1/2021

$

177,567

Sunoco,

LP

370,000

5.875%, 

3/15/2028

378,325

Targa

Resources

Partners,

LP

570,000

5.375%, 

2/1/2027

573,203

100,000

5.000%, 

1/15/2028

97,500

Transocean

Guardian,

Ltd.

261,300

5.875%, 

1/15/2024

i

168,539

W&T

Offshore,

Inc.

320,000

9.750%, 

11/1/2023

i

220,371

Western

Gas

Partners,

LP

110,000

4.000%, 

7/1/2022

110,652

Western

Midstream

Operating,

LP

160,000

6.250%, 

2/1/2050

148,200

310,000

4.100%, 

2/1/2025

295,275

300,000

3.950%, 

6/1/2025

281,940

Williams

Partners,

LP

215,000

4.500%, 

11/15/2023

235,403

WPX

Energy,

Inc.

240,000

5.750%, 

6/1/2026

248,400

270,000

5.250%, 

10/15/2027

274,050

Total

20,676,580

Financials

(7.3%)

ACE

INA

Holdings,

Inc.

70,000

2.875%, 

11/3/2022

73,216

Aegon

NV

720,000

0.736%, 

(USISDA

10Y

+

0.100%),

1/15/2021

b,l

546,048

AerCap

Ireland

Capital

DAC

150,000

6.500%, 

7/15/2025

161,904

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

90,000

3.150%, 

2/15/2024

89,243

118,000

3.500%, 

1/15/2025

114,925

Air

Lease

Corporation

220,000

2.500%, 

3/1/2021

221,324

Aircastle,

Ltd.

178,000

5.000%, 

4/1/2023

178,390

Ally

Financial,

Inc.

167,000

1.450%, 

10/2/2023

166,584

430,000

5.750%, 

11/20/2025

482,709

American

Express

Company

105,000

3.700%, 

8/3/2023

113,734

113,000

3.400%, 

2/22/2024

122,755

American

International

Group,

Inc.

56,000

2.500%, 

6/30/2025

59,847

Ares

Capital

Corporation,

Convertible

90,000

4.625%, 

3/1/2024

93,321

Athene

Global

Funding

165,000

4.000%, 

1/25/2022

i,k

171,292

Australia

and

New

Zealand

Banking

Group,

Ltd.

200,000

2.950%, 

7/22/2030

b,i

207,246

Aviation

Capital

Group,

LLC

100,000

5.500%, 

12/15/2024

i

103,156

Avolon

Holdings

Funding,

Ltd.

57,000

5.250%, 

5/15/2024

i

57,253

BAC

Capital

Trust

XIV

248,000

4.000%, 

(LIBOR

3M

+

0.400%),

10/19/2020

b,l

245,084

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

60

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Financials

(7.3%)

-

continued

Banco

Santander

Mexico

SA

$

67,000

5.375%, 

4/17/2025

i

$

74,504

Bank

of

America

Corporation

218,000

2.738%, 

1/23/2022

b

219,538

224,000

3.499%, 

5/17/2022

b

228,174

200,000

3.004%, 

12/20/2023

b

209,985

328,000

3.550%, 

3/5/2024

b

349,368

564,000

5.125%, 

6/20/2024

b,l

578,344

497,000

3.864%, 

7/23/2024

b

538,204

244,000

4.200%, 

8/26/2024

271,683

990,000

6.250%, 

9/5/2024

b,l

1,060,537

113,000

3.458%, 

3/15/2025

b

122,467

279,000

1.319%, 

6/19/2026

b

280,681

480,000

5.875%, 

3/15/2028

b,l

517,562

Bank

of

Montreal

330,000

3.300%, 

2/5/2024

357,452

Bank

of

New

York

Mellon

Corporation

216,000

2.600%, 

2/7/2022

222,240

114,000

1.600%, 

4/24/2025

118,349

120,000

4.700%, 

9/20/2025

b,l

127,320

Bank

of

Nova

Scotia

221,000

2.375%, 

1/18/2023

230,174

114,000

1.950%, 

2/1/2023

117,817

35,000

1.625%, 

5/1/2023

35,897

360,000

4.900%, 

6/4/2025

b,l

372,600

Barclays

Bank

plc

100,000

5.140%, 

10/14/2020

100,141

Barclays

plc

225,000

4.610%, 

2/15/2023

b

235,504

283,000

4.338%, 

5/16/2024

b

303,794

195,000

8.000%, 

6/15/2024

b,l

207,675

134,000

2.852%, 

5/7/2026

b

139,119

BB&T

Corporation

105,000

2.500%, 

8/1/2024

111,751

BNP

Paribas

SA

240,000

7.625%, 

3/30/2021

b,i,l

244,200

141,000

2.819%, 

11/19/2025

b,i

148,740

BPCE

SA

110,000

3.000%, 

5/22/2022

i

113,791

114,000

2.375%, 

1/14/2025

i

118,523

Camden

Property

Trust

110,000

4.875%, 

6/15/2023

120,706

Canadian

Imperial

Bank

of

Commerce

114,000

2.250%, 

1/28/2025

120,211

Capital

One

Bank

USA

NA

165,000

3.375%, 

2/15/2023

174,370

171,000

2.280%, 

1/28/2026

b

176,947

Capital

One

Financial

Corporation

324,000

3.050%, 

3/9/2022

334,680

Cascades

USA,

Inc.

480,000

5.125%, 

1/15/2026

i

502,896

Central

Fidelity

Capital

Trust

I

445,000

1.275%, 

(LIBOR

3M

+

1.000%),

4/15/2027

b

415,406

Charles

Schwab

Corporation

962,000

5.375%, 

6/1/2025

b,l

1,042,375

CIT

Group,

Inc.

655,000

5.000%, 

8/15/2022

675,469

Citigroup,

Inc.

108,000

2.750%, 

4/25/2022

111,604

108,000

0.935%, 

(LIBOR

3M

+

0.690%),

10/27/2022

b

108,535

466,000

2.312%, 

11/4/2022

b

475,092

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Financials

(7.3%)

-

continued

$

218,000

3.142%, 

1/24/2023

b

$

224,909

496,000

5.000%, 

9/12/2024

b,l

493,520

726,000

4.700%, 

1/30/2025

b,l

701,497

336,000

3.352%, 

4/24/2025

b

363,468

248,000

5.950%, 

5/15/2025

b,l

259,780

274,000

5.500%, 

9/13/2025

324,039

CNA

Financial

Corporation

126,000

3.950%, 

5/15/2024

139,593

Comerica,

Inc.

120,000

5.625%, 

7/1/2025

b,l

126,000

Compass

Bank

250,000

3.500%, 

6/11/2021

254,530

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

216,000

3.950%, 

11/9/2022

229,501

Cooperatieve

Rabobank

UA

111,000

1.339%, 

6/24/2026

b,i

112,346

Corporate

Office

Properties,

LP

111,000

2.250%, 

3/15/2026

112,245

Credit

Acceptance

Corporation

310,000

5.125%, 

12/31/2024

i

307,839

Credit

Agricole

SA

108,000

3.375%, 

1/10/2022

i

111,537

240,000

8.125%, 

12/23/2025

b,i,l

282,000

111,000

1.907%, 

6/16/2026

b,i

113,496

Credit

Suisse

Group

AG

372,000

7.500%, 

12/11/2023

b,i,l

405,480

117,000

2.593%, 

9/11/2025

b,i

122,088

250,000

2.193%, 

6/5/2026

b,i

258,139

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

325,000

3.800%, 

9/15/2022

343,515

Dai-ichi

Life

Insurance

Company,

Ltd.

518,000

5.100%, 

10/28/2024

b,i,l

574,332

Danske

Bank

AS

177,000

5.000%, 

1/12/2023

b,i

185,516

Deutsche

Bank

AG

223,000

2.222%, 

9/18/2024

b

224,464

200,000

6.000%, 

10/30/2025

b,l

172,500

Deutsche

Bank

AG

of

New

York

117,000

3.950%, 

2/27/2023

122,884

Digital

Realty

Trust,

LP

165,000

2.750%, 

2/1/2023

172,576

Discover

Bank

107,000

4.200%, 

8/8/2023

117,078

175,000

2.450%, 

9/12/2024

184,596

ESH

Hospitality,

Inc.

280,000

5.250%, 

5/1/2025

i

282,800

150,000

4.625%, 

10/1/2027

i

147,191

Fidelity

National

Financial,

Inc.

180,000

5.500%, 

9/1/2022

195,348

Fifth

Third

Bancorp

164,000

2.600%, 

6/15/2022

169,543

113,000

3.650%, 

1/25/2024

123,160

240,000

4.500%, 

9/30/2025

b,l

241,500

First

Horizon

National

Corporation

134,000

3.550%, 

5/26/2023

140,998

Five

Corners

Funding

Trust

275,000

4.419%, 

11/15/2023

i

305,550

FNB

Corporation

229,000

2.200%, 

2/24/2023

231,029

FTI

Consulting,

Inc.,

Convertible

322,000

2.000%, 

8/15/2023

394,465

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

61

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Financials

(7.3%)

-

continued

GE

Capital

Funding,

LLC

$

200,000

3.450%, 

5/15/2025

i

$

214,102

General

Electric

Capital

Corporation

232,000

3.100%, 

1/9/2023

243,447

Goldman

Sachs

Group,

Inc.

500,000

4.165%, 

(LIBOR

3M

+

3.922%),

11/2/2020

b,l

491,400

216,000

3.000%, 

4/26/2022

219,115

164,000

2.876%, 

10/31/2022

b

167,920

108,000

1.298%, 

(LIBOR

3M

+

1.050%),

6/5/2023

b

108,704

226,000

3.625%, 

2/20/2024

245,404

548,000

5.500%, 

8/10/2024

b,l

578,140

111,000

3.500%, 

4/1/2025

122,472

176,000

3.272%, 

9/29/2025

b

190,513

167,000

4.250%, 

10/21/2025

189,727

Guardian

Life

Global

Funding

200,000

2.000%, 

4/26/2021

i

201,975

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Convertible

205,000

4.125%, 

9/1/2022

329,609

HCP,

Inc.

114,000

4.250%, 

11/15/2023

124,751

Hospitality

Properties

Trust

80,000

4.250%, 

2/15/2021

79,600

HSBC

Holdings

plc

216,000

6.875%, 

6/1/2021

b,l

220,320

225,000

3.803%, 

3/11/2025

b

243,062

372,000

6.375%, 

3/30/2025

b,l

389,367

141,000

2.633%, 

11/7/2025

b

146,869

134,000

1.645%, 

4/18/2026

b

133,622

248,000

6.500%, 

3/23/2028

b,l

263,344

Huntington

Bancshares,

Inc.

140,000

3.150%, 

3/14/2021

141,499

360,000

4.450%, 

10/15/2027

b,l

356,400

Icahn

Enterprises,

LP

325,000

6.750%, 

2/1/2024

333,377

430,000

6.375%, 

12/15/2025

442,025

200,000

6.250%, 

5/15/2026

208,500

ILFC

E-Capital

Trust

II

372,000

3.230%, 

(H15T30Y

+

1.800%),

12/21/2065

b,i

201,810

ING

Groep

NV

225,000

4.100%, 

10/2/2023

246,715

Intercontinental

Exchange,

Inc.

111,000

0.700%, 

6/15/2023

111,291

Iron

Mountain,

Inc.

855,000

4.875%, 

9/15/2027

i

871,897

iStar,

Inc.,

Convertible

58,000

3.125%, 

9/15/2022

61,686

J.P.

Morgan

Chase

&

Company

272,000

2.776%, 

4/25/2023

b

281,275

252,000

3.375%, 

5/1/2023

268,971

600,000

5.150%, 

5/1/2023

b,l

603,000

215,000

1.494%, 

(LIBOR

3M

+

1.230%),

10/24/2023

b

218,319

240,000

6.750%, 

2/1/2024

b,l

259,800

97,000

1.514%, 

6/1/2024

b

99,098

1,132,000

5.000%, 

8/1/2024

b,l

1,130,049

245,000

3.875%, 

9/10/2024

270,991

476,000

4.023%, 

12/5/2024

b

523,465

726,000

4.600%, 

2/1/2025

b,l

711,480

111,000

2.083%, 

4/22/2026

b

115,932

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Financials

(7.3%)

-

continued

KeyBank

NA

$

285,000

1.250%, 

3/10/2023

$

290,245

Kilroy

Realty,

LP

125,000

4.375%, 

10/1/2025

137,979

Liberty

Mutual

Group,

Inc.

25,000

5.000%, 

6/1/2021

i

25,761

Lincoln

National

Corporation

235,000

2.638%, 

(LIBOR

3M

+

2.358%),

5/17/2066

b

169,555

Lloyds

Banking

Group

plc

233,000

3.000%, 

1/11/2022

239,725

175,000

2.858%, 

3/17/2023

b

179,891

225,000

3.900%, 

3/12/2024

244,887

242,000

7.500%, 

6/27/2024

b,l

253,798

590,000

6.657%, 

5/21/2037

b,i,l

699,150

MetLife,

Inc.

240,000

3.850%, 

9/15/2025

b,l

239,100

480,000

5.875%, 

3/15/2028

b,l

522,000

MGIC

Investment

Corporation,

Convertible

393,000

9.000%, 

4/1/2063

i

502,058

MGM

Growth

Properties

Operating

Partnership,

LP

420,000

4.625%, 

6/15/2025

i

428,400

Mitsubishi

UFJ

Financial

Group,

Inc.

108,000

2.998%, 

2/22/2022

111,603

163,000

2.623%, 

7/18/2022

168,936

220,000

3.455%, 

3/2/2023

234,204

113,000

3.407%, 

3/7/2024

122,764

134,000

1.412%, 

7/17/2025

135,653

Mizuho

Financial

Group,

Inc.

163,000

2.721%, 

7/16/2023

b

168,804

Morgan

Stanley

216,000

5.500%, 

7/28/2021

225,078

108,000

2.750%, 

5/19/2022

111,920

64,000

4.875%, 

11/1/2022

69,189

218,000

3.125%, 

1/23/2023

230,525

234,000

4.100%, 

5/22/2023

252,920

114,000

2.720%, 

7/22/2025

b

121,098

226,000

2.188%, 

4/28/2026

b

236,571

MPT

Operating

Partnership,

LP

510,000

5.250%, 

8/1/2026

525,300

460,000

4.625%, 

8/1/2029

478,616

National

Australia

Bank,

Ltd.

171,000

1.875%, 

12/13/2022

176,603

National

Bank

of

Canada

171,000

2.100%, 

2/1/2023

176,773

National

Securities

Clearing

Corporation

115,000

1.200%, 

4/23/2023

i

117,023

Natwest

Group

plc

110,000

6.125%, 

12/15/2022

120,322

110,000

6.100%, 

6/10/2023

121,694

Nippon

Life

Insurance

Company

363,000

3.400%, 

1/23/2050

b,i

386,595

Nomura

Holdings,

Inc.

137,000

2.648%, 

1/16/2025

144,242

Nordea

Bank

Abp

200,000

6.625%, 

3/26/2026

b,i,l

225,666

Outfront

Media

Cap,

LLC

680,000

4.625%, 

3/15/2030

i

652,800

Park

Aerospace

Holdings,

Ltd.

57,000

4.500%, 

3/15/2023

i

56,546

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

62

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Financials

(7.3%)

-

continued

PayPal

Holdings,

Inc.

$

111,000

1.650%, 

6/1/2025

$

114,941

PNC

Financial

Services

Group,

Inc.

110,000

3.500%, 

1/23/2024

119,862

Provident

Financing

Trust

I

112,000

7.405%, 

3/15/2038

128,468

Prudential

Financial,

Inc.

695,000

5.625%, 

6/15/2043

b

738,125

589,000

5.200%, 

3/15/2044

b

623,815

120,000

3.700%, 

10/1/2050

b

122,436

Quicken

Loans,

LLC

240,000

3.625%, 

3/1/2029

i

237,900

240,000

3.875%, 

3/1/2031

i

237,000

Regions

Financial

Corporation

112,000

3.800%, 

8/14/2023

121,425

240,000

5.750%, 

6/15/2025

b,l

256,200

Reinsurance

Group

of

America,

Inc.

162,000

4.700%, 

9/15/2023

178,863

Royal

Bank

of

Canada

111,000

1.600%, 

4/17/2023

113,905

118,000

2.250%, 

11/1/2024

125,052

Royal

Bank

of

Scotland

Group

plc

240,000

8.625%, 

8/15/2021

b,l

246,000

220,000

4.269%, 

3/22/2025

b

239,116

94,000

3.754%, 

11/1/2029

b

97,323

Santander

Holdings

USA,

Inc.

111,000

3.450%, 

6/2/2025

118,454

Santander

UK

Group

Holdings

plc

210,000

2.875%, 

8/5/2021

214,220

Santander

UK

plc

171,000

2.100%, 

1/13/2023

176,457

Service

Properties

Trust

250,000

4.500%, 

6/15/2023

245,265

330,000

4.750%, 

10/1/2026

294,080

Simon

Property

Group,

LP

120,000

2.500%, 

7/15/2021

121,297

106,000

2.000%, 

9/13/2024

109,260

Societe

Generale

SA

141,000

2.625%, 

10/16/2024

i

146,047

240,000

8.000%, 

9/29/2025

b,i,l

267,900

Springleaf

Finance

Corporation

770,000

6.875%, 

3/15/2025

854,450

Standard

Chartered

plc

163,000

2.744%, 

9/10/2022

b,i

165,578

Starwood

Property

Trust,

Inc.,

Convertible

67,000

4.375%, 

4/1/2023

64,229

State

Street

Corporation

111,000

2.825%, 

3/30/2023

b,i

114,847

118,000

2.354%, 

11/1/2025

b

124,881

Sumitomo

Mitsui

Financial

Group,

Inc.

108,000

2.784%, 

7/12/2022

112,229

456,000

2.778%, 

10/18/2022

476,219

141,000

2.448%, 

9/27/2024

148,995

Sumitomo

Mitsui

Trust

Bank,

Ltd.

111,000

1.050%, 

9/12/2025

i

111,400

Synchrony

Financial

94,000

3.750%, 

8/15/2021

95,934

105,000

2.850%, 

7/25/2022

108,150

115,000

4.250%, 

8/15/2024

124,945

Toronto-Dominion

Bank

113,000

3.250%, 

3/11/2024

122,445

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Financials

(7.3%)

-

continued

Truist

Bank

$

167,000

1.500%, 

3/10/2025

$

172,161

Truist

Financial

Corporation

540,000

4.950%, 

9/1/2025

b,l

568,350

UBS

Group

AG

134,000

1.364%, 

1/30/2027

b,i

133,897

USB

Realty

Corporation

496,000

1.422%, 

(LIBOR

3M

+

1.147%),

1/15/2022

b,i,l

401,760

Ventas

Realty,

LP

112,000

3.100%, 

1/15/2023

116,447

110,000

3.750%, 

5/1/2024

117,841

VEREIT

Operating

Partnership,

LP

110,000

4.625%, 

11/1/2025

121,514

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

180,000

4.250%, 

12/1/2026

i

180,837

110,000

3.750%, 

2/15/2027

i

108,161

180,000

4.625%, 

12/1/2029

i

183,858

110,000

4.125%, 

8/15/2030

i

108,350

Wachovia

Capital

Trust

II

220,000

0.775%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

200,284

Wells

Fargo

&

Company

205,000

2.100%, 

7/26/2021

207,863

110,000

2.625%, 

7/22/2022

114,109

220,000

4.125%, 

8/15/2023

239,652

250,000

1.491%, 

(LIBOR

3M

+

1.230%),

10/31/2023

b

253,114

115,000

3.750%, 

1/24/2024

124,932

100,000

1.654%, 

6/2/2024

b

101,838

233,000

2.406%, 

10/30/2025

b

244,113

169,000

2.188%, 

4/30/2026

b

175,517

Westpac

Banking

Corporation

114,000

2.000%, 

1/13/2023

118,169

114,000

2.894%, 

2/4/2030

b

118,122

Total

58,287,147

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

133,000

2.150%, 

5/13/2025

i

137,346

Total

137,346

Mortgage-Backed

Securities

(10.4%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

4,661,238

3.000%, 

3/25/2050

4,887,712

2,406,706

3.000%, 

4/1/2050

2,523,642

1,284,722

3.500%, 

7/1/2047

1,359,379

Federal

National

Mortgage

Association

1,034,432

4.500%, 

5/1/2048

1,120,294

1,952,618

3.500%, 

10/1/2048

2,063,125

810,112

3.500%, 

6/1/2049

856,940

2,272,001

3.500%, 

8/1/2049

2,405,789

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

5,000,000

1.500%, 

10/1/2035

e

5,114,453

6,950,000

2.000%, 

10/1/2035

e

7,221,484

8,688,000

2.500%, 

10/1/2035

e

9,070,815

5,050,000

2.000%, 

11/1/2035

e

5,245,265

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

63

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Mortgage-Backed

Securities

(10.4%)

-

continued

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

$

11,075,000

2.000%, 

10/1/2050

e

$

11,448,781

11,127,000

2.500%, 

10/1/2050

e

11,670,310

4,525,000

2.000%, 

11/1/2050

e

4,666,538

7,200,000

2.500%, 

11/1/2050

e

7,536,022

2,632,791

4.000%, 

7/1/2048

2,808,081

3,075,000

3.000%, 

10/1/2049

e

3,221,183

Total

83,219,813

Technology

(2.1%)

Akamai

Technologies,

Inc.,

Convertible

1,007,000

0.375%, 

9/1/2027

1,165,017

Apple,

Inc.

385,000

3.450%, 

5/6/2024

424,301

111,000

1.125%, 

5/11/2025

113,568

Baidu,

Inc.

137,000

3.075%, 

4/7/2025

145,593

Black

Knight

InfoServ,

LLC

75,000

3.625%, 

9/1/2028

i

75,797

Broadcom

Corporation

441,000

2.650%, 

1/15/2023

458,088

171,000

3.125%, 

1/15/2025

182,384

Broadcom,

Inc.

55,000

2.250%, 

11/15/2023

57,176

CommScope

Technologies

Finance,

LLC

859,000

6.000%, 

6/15/2025

i

870,639

Dell

International,

LLC/

EMC

Corporation

170,000

4.000%, 

7/15/2024

i

183,674

56,000

5.850%, 

7/15/2025

i

65,342

Diamond

1

Finance

Corporation

330,000

5.450%, 

6/15/2023

i

361,792

Diamond

Sports

Group,

LLC

300,000

5.375%, 

8/15/2026

i

212,250

530,000

6.625%, 

8/15/2027

i

275,600

Fiserv,

Inc.

235,000

2.750%, 

7/1/2024

251,220

Gartner,

Inc.

310,000

4.500%, 

7/1/2028

i

324,787

210,000

3.750%, 

10/1/2030

i

212,426

Global

Payments,

Inc.

52,000

2.650%, 

2/15/2025

55,175

Hewlett

Packard

Enterprise

Company

106,000

2.250%, 

4/1/2023

109,393

92,000

4.450%, 

10/2/2023

101,164

Intuit,

Inc.

111,000

0.950%, 

7/15/2025

112,038

J2

Global,

Inc.,

Convertible

221,000

1.750%, 

11/1/2026

i

195,413

301,000

3.250%, 

6/15/2029

344,399

Lumentum

Holdings,

Inc.,

Convertible

208,000

0.250%, 

3/15/2024

290,796

Marvell

Technology

Group,

Ltd.

112,000

4.200%, 

6/22/2023

120,913

Microchip

Technology,

Inc.,

Convertible

152,000

1.625%, 

2/15/2027

234,182

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Technology

(2.1%)

-

continued

Micron

Technology,

Inc.

$

158,000

2.497%, 

4/24/2023

$

164,065

NCR

Corporation

920,000

6.125%, 

9/1/2029

i

972,090

Nuance

Communications,

Inc.,

Convertible

1,313,000

1.250%, 

4/1/2025

2,325,717

NXP

BV/NXP

Funding,

LLC

165,000

4.875%, 

3/1/2024

i

185,518

NXP

Funding,

LLC

56,000

2.700%, 

5/1/2025

i

59,274

ON

Semiconductor

Corporation,

Convertible

630,000

1.625%, 

10/15/2023

831,994

Open

Text

Corporation

410,000

4.125%, 

2/15/2030

i

421,660

Oracle

Corporation

60,000

2.500%, 

5/15/2022

61,876

166,000

2.500%, 

4/1/2025

177,877

Panasonic

Corporation

163,000

2.536%, 

7/19/2022

i

168,197

Plantronics,

Inc.

510,000

5.500%, 

5/31/2023

i

453,900

PTC,

Inc.

160,000

3.625%, 

2/15/2025

i

162,400

Qorvo,

Inc.

250,000

3.375%, 

4/1/2031

i

254,281

Seagate

HDD

Cayman

116,000

4.250%, 

3/1/2022

121,056

111,000

4.750%, 

1/1/2025

121,841

Sensata

Technologies,

Inc.

530,000

3.750%, 

2/15/2031

i

526,688

SS&C

Technologies,

Inc.

700,000

5.500%, 

9/30/2027

i

743,904

Switch,

Ltd.

110,000

3.750%, 

9/15/2028

i

111,100

Tencent

Holdings,

Ltd.

134,000

1.810%, 

1/26/2026

i

136,617

Teradyne,

Inc.,

Convertible

148,000

1.250%, 

12/15/2023

377,629

Texas

Instruments,

Inc.

167,000

1.375%, 

3/12/2025

172,781

Total

System

Services,

Inc.

111,000

3.750%, 

6/1/2023

119,002

Verint

Systems,

Inc.,

Convertible

282,000

1.500%, 

6/1/2021

284,820

Vishay

Intertechnology,

Inc.,

Convertible

286,000

2.250%, 

6/15/2025

276,758

Xerox

Holdings

Corporation

280,000

5.000%, 

8/15/2025

i

276,716

Total

16,450,888

Transportation

(0.6%)

AerCap

Holdings

NV

424,000

5.875%, 

10/10/2079

b

325,127

Air

Lease

Corporation

114,000

2.300%, 

2/1/2025

111,938

111,000

3.375%, 

7/1/2025

113,323

Air

Transport

Services

Group,

Inc.,

Convertible

118,000

1.125%, 

10/15/2024

124,329

American

Airlines,

Inc.

100,000

11.750%, 

7/15/2025

i

96,500

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

64

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Transportation

(0.6%)

-

continued

CSX

Corporation

$

110,000

3.700%, 

11/1/2023

$

119,354

Delta

Air

Lines,

Inc.

440,000

7.000%, 

5/1/2025

i

483,041

222,697

4.500%, 

10/20/2025

i

228,543

J.B.

Hunt

Transport

Services,

Inc.

70,000

3.300%, 

8/15/2022

72,867

Meritor,

Inc.,

Convertible

476,000

3.250%, 

10/15/2037

493,850

Mileage

Plus

Holdings,

LLC

300,000

6.500%, 

6/20/2027

i

312,375

Penske

Truck

Leasing

Company,

LP

113,000

3.375%, 

2/1/2022

i

116,676

Ryder

System,

Inc.

238,000

3.500%, 

6/1/2021

242,869

Southwest

Airlines

Company

56,000

4.750%, 

5/4/2023

59,800

167,000

5.250%, 

5/4/2025

183,892

Southwest

Airlines

Company,

Convertible

418,000

1.250%, 

5/1/2025

545,490

Union

Pacific

Corporation

168,000

3.750%, 

7/15/2025

191,263

United

Airlines

Pass

Through

Trust

70,000

3.700%, 

12/1/2022

65,566

XPO

Logistics,

Inc.

300,000

6.125%, 

9/1/2023

i

306,202

529,000

6.750%, 

8/15/2024

i

560,317

Total

4,753,322

Utilities

(1.3%)

AES

Corporation

430,000

5.125%, 

9/1/2027

457,993

Alabama

Power

Company

108,000

2.450%, 

3/30/2022

110,982

Ameren

Corporation

109,000

2.500%, 

9/15/2024

115,433

Berkshire

Hathaway

Energy

Company

114,000

4.050%, 

4/15/2025

i

130,041

Calpine

Corporation

450,000

4.500%, 

2/15/2028

i

460,863

CenterPoint

Energy,

Inc.

110,000

2.500%, 

9/1/2022

113,671

105,000

2.500%, 

9/1/2024

111,693

Dominion

Energy,

Inc.

110,000

2.715%, 

8/15/2021

112,013

110,000

3.071%, 

8/15/2024

118,265

375,000

4.650%, 

12/15/2024

b,l

380,018

DTE

Energy

Company

178,000

3.300%, 

6/15/2022

185,226

164,000

2.529%, 

10/1/2024

174,310

Duke

Energy

Corporation

216,000

2.400%, 

8/15/2022

223,254

370,000

4.875%, 

9/16/2024

b,l

391,388

Edison

International

113,000

4.950%, 

4/15/2025

123,666

Entergy

Corporation

111,000

0.900%, 

9/15/2025

110,846

Evergy,

Inc.

106,000

2.450%, 

9/15/2024

112,193

Eversource

Energy

109,000

2.500%, 

3/15/2021

109,892

Principal

Amount

Long-Term

Fixed

Income

(50.1%)

Value

Utilities

(1.3%)

-

continued

Exelon

Generation

Company,

LLC

$

112,000

3.250%, 

6/1/2025

$

122,418

FirstEnergy

Corporation

163,000

2.850%, 

7/15/2022

167,067

116,000

2.050%, 

3/1/2025

117,333

Florida

Power

&

Light

Company

111,000

2.850%, 

4/1/2025

121,718

Georgia

Power

Company

114,000

2.100%, 

7/30/2023

118,996

106,000

2.200%, 

9/15/2024

111,804

GFL

Environmental,

Inc.

350,000

3.750%, 

8/1/2025

i

349,125

NextEra

Energy

Operating

Partners,

LP

920,000

3.875%, 

10/15/2026

i

952,200

NiSource,

Inc.

565,000

5.650%, 

6/15/2023

b,l

560,763

111,000

0.950%, 

8/15/2025

110,861

PG&E

Corporation

200,000

5.000%, 

7/1/2028

194,000

180,000

5.250%, 

7/1/2030

174,150

PPL

Capital

Funding,

Inc.

220,000

3.950%, 

3/15/2024

241,544

PSEG

Power,

LLC

100,000

3.000%, 

6/15/2021

101,623

Public

Service

Enterprise

Group,

Inc.

110,000

2.875%, 

6/15/2024

117,682

Sempra

Energy

233,000

3.550%, 

6/15/2024

252,231

240,000

4.875%, 

10/15/2025

b,l

246,600

Southern

Company

351,000

4.000%, 

1/15/2051

b

351,973

Suburban

Propane

Partners,

LP

380,000

5.875%, 

3/1/2027

389,025

Talen

Energy

Supply,

LLC

390,000

7.625%, 

6/1/2028

i

390,000

TerraForm

Power

Operating,

LLC

395,000

5.000%, 

1/31/2028

i

432,397

TransCanada

Trust

768,000

5.875%, 

8/15/2076

b

817,920

Vistra

Operations

Company,

LLC

570,000

5.000%, 

7/31/2027

i

598,643

Total

10,581,820

Total

Long-Term

Fixed

Income

(cost

$394,724,429)

400,300,877

Shares

Common

Stock

(

26.1%

)

Value

Communications

Services

(1.8%)

3,714

Activision

Blizzard,

Inc.

300,648

1,350

Alphabet,

Inc.,

Class

A

n

1,978,560

738

Alphabet,

Inc.,

Class

C

n

1,084,565

301

AT&T,

Inc.

8,581

75,160

Auto

Trader

Group

plc

i

545,695

12,957

Carsales.com,

Ltd.

194,102

56

Charter

Communications,

Inc.

n

34,963

24,624

Comcast

Corporation

1,139,106

100

Daiichikosho

Company,

Ltd.

3,212

11,776

Deutsche

Telekom

AG

196,072

14,858

Discovery,

Inc.,

Class

A

k,n

323,459

11,055

DISH

Network

Corporation

n

320,927

4,658

Facebook,

Inc.

n

1,219,930

39,000

HKT

Trust

and

HKT,

Ltd.

51,765

1,272

Ipsos

SA

31,800

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

65

Shares

Common

Stock

(26.1%)

Value

Communications

Services

(1.8%)

-

continued

3,700

KDDI

Corporation

$

93,061

4,991

Live

Nation

Entertainment,

Inc.

n

268,915

63

Match

Group,

Inc.

n

6,971

47,682

Mediaset

Espana

Comunicacion

SA

n

176,592

300

Nintendo

Company,

Ltd.

170,007

3,300

Nippon

Telegraph

&

Telephone

Corporation

67,375

6,000

NTT

DOCOMO,

Inc.

220,477

19,884

QuinStreet,

Inc.

n

314,962

658

REA

Group,

Ltd.

52,396

3,234

Rightmove

plc

26,145

16,932

Seven

West

Media,

Ltd.

n

1,361

29,300

SoftBank

Corporation

327,408

3,000

SoftBank

Group

Corporation

185,624

13,500

TV

Asahi

Holdings

Corporation

214,387

21,834

Twitter,

Inc.

n

971,613

9,283

Uber

Technologies,

Inc.

n

338,644

25,938

Verizon

Communications,

Inc.

1,543,051

3,828

Walt

Disney

Company

474,978

3,951

Windstream

Services,

LLC

Rights

c,n

37,495

3,052

Wolters

Kluwer

NV

260,345

8,392

Zillow

Group,

Inc.

n

852,124

Total

14,037,316

Consumer

Discretionary

(3.0%)

1,500

ABC-MART,

Inc.

78,099

1,511

Amazon.com,

Inc.

n

4,757,731

800

AOKI

Holdings,

Inc.

4,023

11,062

Aptiv

plc

1,014,164

1,470

ARB

Corporation,

Ltd.

29,369

3,134

Aristocrat

Leisure,

Ltd.

68,348

1,700

Autobacs

Seven

Company,

Ltd.

22,143

441

AutoZone,

Inc.

n

519,339

28,919

B&M

European

Value

Retail

SA

184,365

2,639

Berkeley

Group

Holdings

plc

143,860

353

Booking

Holdings,

Inc.

n

603,870

1,100

Bridgestone

Corporation

34,770

3,267

Bunzl

plc

105,480

2,406

Burlington

Stores,

Inc.

n

495,853

13,911

Callaway

Golf

Company

266,257

6,661

Cedar

Fair,

LP

186,974

324

Chipotle

Mexican

Grill,

Inc.

n

402,962

2,200

Chiyoda

Company,

Ltd.

20,495

207

Churchill

Downs,

Inc.

33,911

211

Cie

Generale

des

Etablissements

Michelin

22,651

22,000

Citizen

Watch

Company,

Ltd.

n

61,716

2,011

Collins

Foods,

Ltd.

14,952

10,590

Cooper-Standard

Holdings,

Inc.

n

139,894

5,662

Crocs,

Inc.

n

241,937

5,016

D.R.

Horton,

Inc.

379,360

582

Darden

Restaurants,

Inc.

58,631

297

Deckers

Outdoor

Corporation

n

65,343

8,400

Denso

Corporation

368,187

5,833

Dick's

Sporting

Goods,

Inc.

337,614

7,079

Dollarama,

Inc.

271,347

4,771

Dometic

Group

AB

i,n

58,905

285

Domino's

Pizza

Enterprises,

Ltd.

16,296

1,117

Domino's

Pizza

Group

plc

5,257

779

Domino's

Pizza,

Inc.

331,293

100

Doutor

Nichires

Holdings

Company,

Ltd.

1,519

688

eBay,

Inc.

35,845

974

Emerald

Holding,

Inc.

1,987

Shares

Common

Stock

(26.1%)

Value

Consumer

Discretionary

(3.0%)

-

continued

885

Europris

ASA

i

$

4,537

200

Exedy

Corporation

2,605

100

Fast

Retailing

Company,

Ltd.

62,842

862

Five

Below,

Inc.

n

109,474

39,000

Galaxy

Entertainment

Group,

Ltd.

263,667

392

Grand

Canyon

Education,

Inc.

n

31,337

8,053

GVC

Holdings

plc

n

100,858

12,366

Harley-Davidson,

Inc.

303,462

94

Helen

of

Troy,

Ltd.

n

18,191

215

Hermes

International

185,171

5,395

Home

Depot,

Inc.

1,498,246

15,936

Husqvarna

AB

175,235

6,903

Industria

de

Diseno

Textil

SA

190,968

763

InterContinental

Hotels

Group

plc

n

40,050

1,200

Izumi

Company,

Ltd.

43,757

6,026

Leggett

&

Platt,

Inc.

248,090

8,114

Lowe's

Companies,

Inc.

1,345,788

2,368

Lululemon

Athletica,

Inc.

n

779,948

50

LVMH

Moet

Hennessy

Louis

Vuitton

SE

23,395

2,149

McDonald's

Corporation

471,684

19

Mercadolibre,

Inc.

n

20,567

2,268

Miller

Industries,

Inc.

69,333

1,400

Mohawk

Industries,

Inc.

n

136,626

28,569

Moneysupermarket.com

Group

plc

98,478

221

Netflix,

Inc.

n

110,507

8,000

NHK

Spring

Company,

Ltd.

51,222

2,000

Nihon

Unisys,

Ltd.

63,101

3,630

NIKE,

Inc.

455,710

6,600

Nissan

Motor

Company,

Ltd.

n

23,342

245

NVR,

Inc.

n

1,000,364

1,400

Onward

Holdings

Company,

Ltd.

3,627

400

Oriental

Land

Company,

Ltd.

56,098

2,520

Pandox

AB

n

28,890

660

Penn

National

Gaming,

Inc.

n

47,982

1,597

Planet

Fitness,

Inc.

n

98,407

2,831

Playa

Hotels

and

Resorts

NV

n

11,862

1,500

PLENUS

Company,

Ltd.

25,899

1,184

Premier

Investments,

Ltd.

17,601

11,275

Redrow

plc

n

58,665

1,929

Restaurant

Brands

International,

Inc.

110,937

2,441

RH

n

933,975

2,500

Rinnai

Corporation

243,853

4,000

Sangetsu

Company,

Ltd.

61,666

200

Sankyo

Company,

Ltd.

5,237

82

Scandic

Hotels

Group

AB

i

246

5,000

Sekisui

House,

Ltd.

88,604

600

SHIMAMURA

Company,

Ltd.

58,286

2,271

Sleep

Number

Corporation

n

111,075

2,000

Sony

Corporation

153,284

6,600

Sony

Corporation

ADR

506,550

8,692

Stoneridge,

Inc.

n

159,672

38,900

Sumitomo

Electric

Industries,

Ltd.

437,910

18,200

Sumitomo

Rubber

Industries,

Ltd.

169,062

1,933

Super

Retail

Group,

Ltd.

14,701

600

Takara

Standard

Company,

Ltd.

8,076

322

Tesla,

Inc.

n

138,141

5,456

Texas

Roadhouse,

Inc.

331,670

2,216

Thule

Group

AB

i

73,127

800

Toyoda

Gosei

Company,

Ltd.

18,369

900

Toyota

Motor

Corporation

59,733

119

Wayfair,

Inc.

n

34,630

800

Yum!

Brands,

Inc.

73,040

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

66

Shares

Common

Stock

(26.1%)

Value

Consumer

Discretionary

(3.0%)

-

continued

6,183

Zumiez,

Inc.

n

$

172,011

Total

23,626,188

Consumer

Staples

(1.1%)

2,400

Arcs

Company,

Ltd.

61,616

1,400

Asahi

Group

Holdings,

Ltd.

48,794

2,911

BJ's

Wholesale

Club

Holdings,

Inc.

n

120,952

1,507

British

American

Tobacco

plc

54,058

8,348

Bunge,

Ltd.

381,504

3,110

Carlsberg

AS

418,986

6,409

Colgate-Palmolive

Company

494,454

1,001

Costco

Wholesale

Corporation

355,355

25,824

Cott

Corporation

366,701

661

Elior

Participations

SCA

i

3,069

3,086

ForFarmers

BV

18,887

746

Glanbia

plc

7,703

18,371

Hain

Celestial

Group,

Inc.

n

630,125

13,000

Japan

Tobacco,

Inc.

237,169

1,729

John

B.

Sanfilippo

&

Son,

Inc.

130,332

800

Kao

Corporation

60,057

2,000

Kewpie

Corporation

41,136

2,100

Kimberly-Clark

Corporation

310,086

6,235

Lamb

Weston

Holdings,

Inc.

413,193

20

Lindt

&

Spruengli

AG

168,819

477

L'Oreal

SA

155,231

800

Ministop

Company,

Ltd.

11,245

9,646

Nestle

SA

1,147,990

100

Noevir

Holdings

Company,

Ltd.

4,680

3,419

Orkla

ASA

34,506

3,886

PepsiCo,

Inc.

538,600

1,557

Philip

Morris

International,

Inc.

116,759

3,114

Procter

&

Gamble

Company

432,815

289

Royal

Unibrew

AS

29,788

3,100

Seven

&

I

Holdings

Company,

Ltd.

96,317

2,800

Sugi

Holdings

Company,

Ltd.

197,971

2,800

Sundrug

Company,

Ltd.

105,546

8,137

Turning

Point

Brands,

Inc.

227,022

300

Unicharm

Corporation

13,417

1,750

Unilever

NV

106,273

11,001

Wal-Mart

Stores,

Inc.

1,539,150

Total

9,080,306

Energy

(0.9%)

16,619

BP

plc

ADR

290,168

31,183

CGG

SA

n

20,797

1,036

Cheniere

Energy,

Inc.

n

47,936

6,406

Chevron

Corporation

461,232

77

Cimarex

Energy

Company

1,873

4,510

ConocoPhillips

148,108

544

Core

Laboratories

NV

8,301

3,974

Diamondback

Energy,

Inc.

119,697

16,799

Enbridge,

Inc.

490,531

34,800

Eneos

Holdings,

Inc.

124,162

22,999

Eni

SPA

179,763

32,338

Enterprise

Products

Partners,

LP

510,617

2,970

EOG

Resources,

Inc.

106,742

18,866

EQT

Corporation

243,937

12,867

Equinor

ASA

182,295

6,828

Exxon

Mobil

Corporation

234,405

422

Gaztransport

Et

Technigaz

SA

40,243

4,172

Gibson

Energy,

Inc.

67,614

9,599

Halliburton

Company

115,668

16,796

Helmerich

&

Payne,

Inc.

246,061

12,571

John

Wood

Group

plc

n

34,515

Shares

Common

Stock

(26.1%)

Value

Energy

(0.9%)

-

continued

39,700

Kinder

Morgan,

Inc.

$

489,501

457

Lundin

Energy

AB

9,063

9,709

Marathon

Oil

Corporation

39,710

9,282

Marathon

Petroleum

Corporation

272,334

91,459

McDermott

International,

Inc.

n

219,502

6,500

MPLX,

LP

102,310

9,609

Nine

Energy

Service,

Inc.

n

10,858

2,146

OMV

AG

n

58,717

3,074

PDC

Energy,

Inc.

n

38,102

4,599

Pioneer

Natural

Resources

Company

395,468

18,481

Royal

Dutch

Shell

plc,

Class

A

230,706

29,850

Royal

Dutch

Shell

plc,

Class

B

361,994

2,193

SBM

Offshore

NV

34,982

3,481

Schlumberger,

Ltd.

54,164

7,338

SEACOR

Holdings,

Inc.

n

213,389

2,304

Subsea

7

SA

n

16,560

3,311

TC

Energy

Corporation

139,000

7,870

Tenaris

SA

ADR

77,520

10,930

Total

SE

375,366

32,511

Tullow

Oil

plc

n

6,361

5,174

Valero

Energy

Corporation

224,138

1,018

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

17,292

5,200

Williams

Companies,

Inc.

102,180

299

Woodside

Petroleum,

Ltd.

3,795

69,458

WPX

Energy,

Inc.

n

340,344

Total

7,508,021

Financials

(3.6%)

12,977

AB

Industrivarden

n

345,106

9,170

Aflac,

Inc.

333,329

7,400

AIA

Group,

Ltd.

73,557

8,202

Air

Lease

Corporation

241,303

4,482

Allianz

SE

860,234

19,775

Ally

Financial,

Inc.

495,759

2,889

American

Express

Company

289,622

1,332

American

Financial

Group,

Inc.

89,217

6,870

American

International

Group,

Inc.

189,131

909

Aon

plc

187,527

42

Ares

Capital

Corporation

586

2,579

Arthur

J.

Gallagher

&

Company

272,291

4,968

Associated

Banc-Corp

62,696

27,705

Assured

Guaranty,

Ltd.

595,103

831

ASX,

Ltd.

48,585

2,833

Baloise

Holding

AG

417,087

31,436

Bank

of

America

Corporation

757,293

296

Bank

of

Marin

Bancorp

8,572

6,033

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

134,415

1,517

Berkshire

Hathaway,

Inc.

n

323,030

3,257

Berkshire

Hills

Bancorp,

Inc.

32,928

949

BlackRock,

Inc.

534,809

2,348

Blackstone

Mortgage

Trust,

Inc.

51,586

841

Boston

Private

Financial

Holdings,

Inc.

4,642

15,298

Bridgewater

Bancshares,

Inc.

n

145,178

8,650

Capital

One

Financial

Corporation

621,589

6,549

Charles

Schwab

Corporation

237,270

4,246

Chubb,

Ltd.

493,046

30,056

CI

Financial

Corporation

381,244

17,459

Citigroup,

Inc.

752,657

1,302

Cohen

&

Steers,

Inc.

72,573

8,429

Columbia

Banking

System,

Inc.

201,032

3,280

Comerica,

Inc.

125,460

1,637

Commonwealth

Bank

of

Australia

75,329

1,187

Community

Trust

Bancorp,

Inc.

33,545

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

67

Shares

Common

Stock

(26.1%)

Value

Financials

(3.6%)

-

continued

1,814

Credit

Agricole

SA

n

$

15,827

26,300

DBS

Group

Holdings,

Ltd.

386,646

1,778

Deutsche

Boerse

AG

311,721

6,746

Deutsche

Pfandbriefbank

AG

i,n

44,726

5,420

Discover

Financial

Services

313,168

26,312

DnB

ASA

n

366,542

1,951

Ellington

Residential

Mortgage

REIT

21,656

5,423

Euronext

NV

i

679,322

3,183

Evercore,

Inc.

208,359

20,731

Everi

Holdings,

Inc.

n

171,031

649

FactSet

Research

Systems,

Inc.

217,337

295

FBL

Financial

Group,

Inc.

14,219

355

Financial

Institutions,

Inc.

5,467

4,606

First

BanCorp

24,043

2,470

First

Busey

Corporation

39,248

2,876

First

Financial

Bancorp

34,526

8,631

First

Interstate

BancSystem,

Inc.

274,897

434

First

Merchants

Corporation

10,051

229

First

Mid-Illinois

Bancshares,

Inc.

5,714

32,068

FlexiGroup,

Ltd.

24,993

14,500

FS

KKR

Capital

Corporation

229,970

15,900

FS

KKR

Capital

Corporation

II

233,889

7,234

Fulton

Financial

Corporation

67,493

2,815

Glacier

Bancorp,

Inc.

90,221

892

Goldman

Sachs

Group,

Inc.

179,265

19,300

Golub

Capital

BDC,

Inc.

255,532

1,469

Great

Southern

Bancorp,

Inc.

53,207

783

Great

Western

Bancorp,

Inc.

9,748

281

Groupe

Bruxelles

Lambert

SA

25,333

4,263

Hancock

Whitney

Corporation

80,187

4,991

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

210,970

8,629

Hartford

Financial

Services

Group,

Inc.

318,065

9,687

Heartland

Financial

USA,

Inc.

290,562

19,421

Heritage

Commerce

Corporation

129,247

923

Hometrust

Bancshares,

Inc.

12,534

3,375

Hope

Bancorp,

Inc.

25,599

1,320

Houlihan

Lokey,

Inc.

77,946

14,912

HSBC

Holdings

plc

58,340

243

IGM

Financial,

Inc.

5,572

417

Independent

Bank

Corporation

5,242

5,909

Interactive

Brokers

Group,

Inc.

285,582

103,476

Israel

Discount

Bank,

Ltd.

279,147

13,268

J.P.

Morgan

Chase

&

Company

1,277,310

8,000

Japan

Post

Bank

Company,

Ltd.

62,398

1,200

Japan

Post

Holdings

Company,

Ltd.

8,183

4,280

Julius

Baer

Group,

Ltd.

181,782

6,753

Kemper

Corporation

451,303

33,003

KeyCorp

393,726

842

L

E

Lundbergforetagen

AB

n

41,602

621

Lakeland

Bancorp,

Inc.

6,179

5,284

Laurentian

Bank

of

Canada

k

108,533

514

Markel

Corporation

n

500,482

86

MarketAxess

Holdings,

Inc.

41,417

940

Marsh

&

McLennan

Companies,

Inc.

107,818

2,231

Mediobanca

SPA

17,482

8,274

Meridian

Bancorp,

Inc.

85,636

7,980

MetLife,

Inc.

296,617

3,062

MidWestOne

Financial

Group,

Inc.

54,718

14,700

Mitsubishi

UFJ

Financial

Group,

Inc.

58,666

2,304

Mizrahi

Tefahot

Bank,

Ltd.

40,868

Shares

Common

Stock

(26.1%)

Value

Financials

(3.6%)

-

continued

298

Moody's

Corporation

$

86,375

12,750

Morgan

Stanley

616,463

900

MS

and

AD

Insurance

Group

Holdings,

Inc.

24,249

4,225

National

Bank

of

Canada

209,862

482

OFG

Bancorp

6,006

1,026

Onex

Corporation

45,770

10,200

ORIX

Corporation

127,401

935

PacWest

Bancorp

15,970

1,942

Paragon

Banking

Group

plc

8,326

1,842

Pargesa

Holding

SA

152,279

254

Peapack-Gladstone

Financial

Corporation

3,848

3,424

Popular,

Inc.

124,188

2,611

Primerica,

Inc.

295,409

206

QCR

Holdings,

Inc.

5,646

17,637

Radian

Group,

Inc.

257,677

275

Raiffeisen

Bank

International

AG

n

4,209

5,160

Raymond

James

Financial,

Inc.

375,442

100

Ricoh

Leasing

Company,

Ltd.

2,706

7,414

Royal

Bank

of

Canada

520,547

1,604

S&P

Global,

Inc.

578,402

7,606

Santander

Consumer

USA

Holdings,

Inc.

138,353

9,360

Seacoast

Banking

Corporation

of

Florida

n

168,761

1,682

Selective

Insurance

Group,

Inc.

86,606

2,200

Senshu

Ikeda

Holdings,

Inc.

3,673

773

Simmons

First

National

Corporation

12,256

5,100

Singapore

Exchange,

Ltd.

34,398

13,600

Sixth

Street

Specialty

Lending,

Inc.

234,056

1,527

St.

James's

Place

plc

18,370

1,569

State

Auto

Financial

Corporation

21,589

5,700

Sumitomo

Mitsui

Financial

Group,

Inc.

159,377

13,382

Sun

Life

Financial,

Inc.

545,310

1,172

Swiss

Life

Holding

AG

443,475

12,033

Synovus

Financial

Corporation

254,739

2,186

T.

Rowe

Price

Group,

Inc.

280,289

524

TMX

Group,

Ltd.

53,890

2,500

Tokio

Marine

Holdings,

Inc.

109,386

842

Topdanmark

AS

40,757

14,456

Toronto-Dominion

Bank

669,304

8,916

Triumph

Bancorp,

Inc.

n

277,644

10,310

Truist

Financial

Corporation

392,296

302

Washington

Federal,

Inc.

6,300

210

Washington

Trust

Bancorp,

Inc.

6,439

26,909

Wells

Fargo

&

Company

632,631

15,713

Western

Alliance

Bancorp

496,845

20,576

Zions

Bancorporations

NA

601,231

Total

28,463,945

Health

Care

(3.9%)

5,275

Abbott

Laboratories

574,078

1,430

AbbVie,

Inc.

125,254

3,202

Alexion

Pharmaceuticals,

Inc.

n

366,405

2,139

Align

Technology,

Inc.

n

700,223

3,230

Amgen,

Inc.

820,937

4,545

AMN

Healthcare

Services,

Inc.

n

265,701

2,217

Anthem,

Inc.

595,464

4,700

Astellas

Pharmaceutical,

Inc.

70,061

2,151

Baxter

International,

Inc.

172,983

1,614

Becton,

Dickinson

and

Company

375,546

1,414

Biogen,

Inc.

n

401,124

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

68

Shares

Common

Stock

(26.1%)

Value

Health

Care

(3.9%)

-

continued

2,381

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

n

$

154,789

3,885

Catalent,

Inc.

n

332,789

8,910

Centene

Corporation

n

519,720

2,767

Cerner

Corporation

200,026

76

Chemed

Corporation

36,507

5,300

Chugai

Pharmaceutical

Company,

Ltd.

237,840

3,229

Cigna

Holding

Company

547,025

3,252

CSL,

Ltd.

671,756

5,747

CVS

Health

Corporation

335,625

5,600

Daiichi

Sankyo

Company,

Ltd.

171,907

9,757

Danaher

Corporation

2,100,975

8,208

Edwards

Lifesciences

Corporation

n

655,163

2,029

Eli

Lilly

and

Company

300,333

3,468

Gilead

Sciences,

Inc.

219,143

50,856

GlaxoSmithKline

plc

953,427

8,283

GlaxoSmithKline

plc

ADR

311,772

174

Grifols

SA

5,003

7,568

Halozyme

Therapeutics,

Inc.

n

198,887

3,110

HCA

Healthcare,

Inc.

387,755

522

Humana,

Inc.

216,051

24

IDEXX

Laboratories,

Inc.

n

9,435

177

Illumina,

Inc.

n

54,707

564

Incyte

Corporation

n

50,613

1,003

Intuitive

Surgical,

Inc.

n

711,669

2,316

IQVIA

Holding,

Inc.

n

365,071

4,294

Jazz

Pharmaceuticals,

Inc.

n

612,281

14,441

Johnson

&

Johnson

2,149,976

1,000

KYORIN

Holdings,

Inc.

20,271

337

Laboratory

Corporation

of

America

Holdings

n

63,447

1,987

LHC

Group,

Inc.

n

422,357

66

Lifco

AB

5,105

330

LNA

Sante

18,323

1,700

M3,

Inc.

105,156

161

Masimo

Corporation

n

38,006

900

Medipal

Holdings

Corporation

18,047

14,525

Medtronic

plc

1,509,438

16,053

Merck

&

Company,

Inc.

1,331,596

325

Mettler-Toledo

International,

Inc.

n

313,869

16,722

Novartis

AG

1,451,876

12,931

Novo

Nordisk

AS

895,919

2,094

Novo

Nordisk

AS

ADR

145,386

900

Olympus

Corporation

18,716

9,415

Optinose,

Inc.

n

36,719

771

PerkinElmer,

Inc.

96,768

471

Pfizer,

Inc.

17,286

488

Quest

Diagnostics,

Inc.

55,871

1,431

Quidel

Corporation

n

313,933

6,457

Recordati

SPA

330,762

4,563

Roche

Holding

AG

1,563,013

2,155

Sanofi

215,958

1,200

Sawai

Pharmaceutical

Company,

Ltd.

60,547

1,296

Sonova

Holding

AG

n

328,426

222

STERIS

plc

39,114

3,098

Stryker

Corporation

645,530

5,744

Syneos

Health,

Inc.

n

305,351

100

Sysmex

Corporation

9,568

5,504

Tactile

Systems

Technology,

Inc.

n

201,391

5,300

Takeda

Pharmaceutical

Company,

Ltd.

189,438

299

Tecan

Group

AG

148,697

565

Teladoc

Health,

Inc.

k,n

123,871

1,100

Terumo

Corporation

43,796

Shares

Common

Stock

(26.1%)

Value

Health

Care

(3.9%)

-

continued

2,465

Thermo

Fisher

Scientific,

Inc.

$

1,088,347

100

Toho

Holdings

Company,

Ltd.

2,156

500

Tsumura

&

Company

15,582

2,931

UnitedHealth

Group,

Inc.

913,798

2,970

Universal

Health

Services,

Inc.

317,849

781

Veeva

Systems,

Inc.

n

219,609

1,135

Vertex

Pharmaceuticals,

Inc.

n

308,856

1,392

Zimmer

Biomet

Holdings,

Inc.

189,507

2,706

Zoetis,

Inc.

447,491

Total

31,564,767

Industrials

(3.7%)

603

3M

Company

96,589

7

A.P.

Moller

-

Maersk

AS,

Class

A

10,247

85

A.P.

Moller

-

Maersk

AS,

Class

B

134,375

5,129

Aalberts

NV

184,438

776

Aerojet

Rocketdyne

Holdings,

Inc.

n

30,955

2,626

AGCO

Corporation

195,033

207

Akzo

Nobel

NV

20,922

1,937

Allegion

plc

191,589

18,999

Altra

Industrial

Motion

Corporation

702,393

6,379

AMETEK,

Inc.

634,073

27,301

Arconic,

Inc.

456,473

3,450

ASGN,

Inc.

n

219,282

12,937

Assa

Abloy

AB

302,469

11,919

Atlas

Copco

AB,

Class

A

568,284

3,629

Atlas

Copco

AB,

Class

B

151,452

2,063

Boeing

Company

340,931

2,220

Canadian

National

Railway

Company

236,430

2,300

Carlisle

Companies,

Inc.

281,451

16,510

Carrier

Global

Corporation

504,215

2,287

CIA

De

Distribucion

Integral

39,039

753

Cintas

Corporation

250,621

413

CSW

Industrials,

Inc.

31,904

3,856

CSX

Corporation

299,496

4,670

Curtiss-Wright

Corporation

435,524

200

Daikin

Industries,

Ltd.

36,955

10,930

Delta

Air

Lines,

Inc.

334,239

1,373

Deutsche

Post

AG

62,301

1,405

Eaton

Corporation

plc

143,352

6,830

Emerson

Electric

Company

447,843

1,899

Encore

Wire

Corporation

88,152

647

Expeditors

International

of

Washington,

Inc.

58,566

7,649

Experian

plc

287,408

5,249

Fortive

Corporation

400,026

3,302

Forward

Air

Corporation

189,469

613

Geberit

AG

362,666

6,247

General

Dynamics

Corporation

864,772

277

Gorman-Rupp

Company

8,160

6,593

Greenbrier

Companies,

Inc.

193,834

1,300

GS

Yuasa

Corporation

22,465

28,732

GWA

Group,

Ltd.

57,488

1,900

Hanwa

Company,

Ltd.

38,033

3,631

Heico

Corporation

380,020

4,971

Helios

Technologies,

Inc.

180,944

4,857

Honeywell

International,

Inc.

799,511

1,884

IDEX

Corporation

343,660

1,651

Illinois

Tool

Works,

Inc.

318,990

7,000

Inaba

Denki

Sangyo

Company,

Ltd.

175,824

524

JB

Hunt

Transport

Services,

Inc.

66,223

1,233

Jet2

plc

10,675

15,880

Johnson

Controls

International

plc

648,698

4,300

Kamigumi

Company,

Ltd.

84,733

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

69

Shares

Common

Stock

(26.1%)

Value

Industrials

(3.7%)

-

continued

2,240

Kansas

City

Southern

$

405,059

7,600

Kinden

Corporation

134,226

7,106

Koninklijke

Philips

NV

n

335,541

76

Kuehne

&

Nagel

International

AG

14,757

580

L3Harris

Technologies,

Inc.

98,507

1,815

Landstar

System,

Inc.

227,764

9,752

Legrand

SA

779,556

947

Lennox

International,

Inc.

258,162

2,913

Lincoln

Electric

Holdings,

Inc.

268,113

1,838

Linde

Public

Limited

Company

437,683

1,491

Lockheed

Martin

Corporation

571,470

4,880

Manpower,

Inc.

357,850

27,800

Marubeni

Corporation

157,832

17,093

Meritor,

Inc.

n

357,927

2,324

Middleby

Corporation

n

208,486

17,000

Mitsubishi

Corporation

406,901

12,700

Mitsubishi

Electric

Corporation

172,329

2,800

Mitsuboshi

Belting,

Ltd.

45,565

24,800

Mitsui

&

Company,

Ltd.

426,134

2,894

NAPCO

Security

Technologies,

Inc.

n

68,009

6,337

National

Express

Group

plc

n

12,455

100

Nikkon

Holdings

Company,

Ltd.

2,168

300

Nishimatsu

Construction

Company,

Ltd.

5,959

10,300

Nitto

Kogyo

Corporation

204,674

4,738

Nobina

AB

i,n

31,147

553

Nordson

Corporation

106,076

846

Norfolk

Southern

Corporation

181,036

9,766

Nutrien,

Ltd.

383,120

2,803

Old

Dominion

Freight

Line,

Inc.

507,119

3,740

Otis

Worldwide

Corporation

233,451

14,960

PageGroup

plc

n

72,118

3,461

Parker-Hannifin

Corporation

700,299

7,908

Patrick

Industries,

Inc.

454,868

11,468

Raven

Industries,

Inc.

246,791

7,490

Raytheon

Technologies

Corporation

430,975

2,000

Recruit

Holdings

Company,

Ltd.

79,431

3,397

Redde

Northgate

plc

8,086

30,304

RELX

plc

674,512

3,096

Ritchie

Brothers

Auctioneers,

Inc.

183,438

2,637

Rockwell

Automation,

Inc.

581,933

1,729

Saia,

Inc.

n

218,096

1,583

Sandvik

AB

n

30,956

200

Sanwa

Holdings

Corporation

2,121

6,888

Schneider

Electric

SE

856,176

7,884

SEEK,

Ltd.

121,622

4,852

Signify

NV

i,n

179,462

3,487

SKF

AB

71,939

91,900

Sojitz

Corporation

k

208,560

19,673

Southwest

Airlines

Company

737,737

1,624

Spirax-Sarco

Engineering

plc

231,262

532

Spirit

Aerosystems

Holdings,

Inc.

10,060

1,925

Stanley

Black

&

Decker,

Inc.

312,235

20,600

Sumitomo

Corporation

248,323

700

Taikisha,

Ltd.

19,416

300

Taisei

Corporation

10,154

259

Teledyne

Technologies,

Inc.

n

80,344

1,633

TFI

International,

Inc.

68,285

8,353

Timken

Company

452,900

2,700

Toppan

Forms

Company,

Ltd.

25,703

2,629

Transcontinental,

Inc.

32,459

7,731

Transurban

Group

78,940

2,500

Tsubakimoto

Chain

Company

58,813

3,600

Tutor

Perini

Corporation

n

40,068

Shares

Common

Stock

(26.1%)

Value

Industrials

(3.7%)

-

continued

2,282

Union

Pacific

Corporation

$

449,257

76

United

Parcel

Service,

Inc.

12,664

5,484

United

Rentals,

Inc.

n

956,958

1,024

Valmont

Industries,

Inc.

127,160

1,636

Verisk

Analytics,

Inc.

303,167

1,600

Yuasa

Trading

Company,

Ltd.

50,001

Total

29,749,557

Information

Technology

(5.4%)

3,243

Accenture

plc

732,886

1,966

Adobe,

Inc.

n

964,185

2,168

Advanced

Energy

Industries,

Inc.

n

136,454

32,514

Advanced

Micro

Devices,

Inc.

n

2,665,823

800

Advantest

Corporation

38,912

8,758

Agilysys,

Inc.

n

211,593

6,089

Akamai

Technologies,

Inc.

n

673,078

6,228

Alliance

Data

Systems

Corporation

261,451

4,961

Amphenol

Corporation

537,127

461

Analog

Devices,

Inc.

53,817

2,440

ANSYS,

Inc.

n

798,441

46,081

Apple,

Inc.

5,336,641

220

ASM

International

NV

31,536

1,987

ASML

Holding

NV

733,949

625

Automatic

Data

Processing,

Inc.

87,181

100

Azbil

Corporation

3,747

1,578

BE

Semiconductor

Industries

NV

67,652

2,347

Blackline,

Inc.

n

210,362

2,875

Broadcom,

Ltd.

1,047,420

1,163

Broadridge

Financial

Solutions,

Inc.

153,516

304

Cadence

Design

Systems,

Inc.

n

32,416

3,900

Canon,

Inc.

64,688

557

Capgemini

SA

71,461

1,570

CDW

Corporation

187,662

9,687

CGI,

Inc.

n

657,513

16,070

Change

Healthcare,

Inc.

n

233,176

11,075

Ciena

Corporation

n

439,567

36,096

Cisco

Systems,

Inc.

1,421,821

500

Computer

Engineering

&

Consulting,

Ltd.

7,758

4,596

Computer

Services,

Inc.

284,952

14,881

Computershare,

Ltd.

131,648

829

Dialog

Semiconductor

plc

n

36,132

4,368

Dolby

Laboratories,

Inc.

289,511

16,723

Dropbox,

Inc.

n

322,085

600

DTS

Corporation

12,769

351

Fair

Isaac

Corporation

n

149,308

3,500

Fuji

Soft,

Inc.

180,480

595

Gartner,

Inc.

n

74,345

24,713

Halma

plc

746,629

1,800

Hitachi,

Ltd.

60,947

1,500

Hoya

Corporation

169,374

5,245

II-VI,

Inc.

n

212,737

1,054

Intel

Corporation

54,576

218

International

Business

Machines

Corporation

26,524

1,287

Intuit,

Inc.

419,832

600

ITOCHU

Techno-Solutions

Corporation

22,761

391

Jack

Henry

&

Associates,

Inc.

63,573

500

Japan

Material

Company,

Ltd.

7,010

100

Kanematsu

Electronics,

Ltd.

4,062

700

Keyence

Corporation

327,236

765

Lam

Research

Corporation

253,789

600

Lasertec

Corporation

49,319

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

70

Shares

Common

Stock

(26.1%)

Value

Information

Technology

(5.4%)

-

continued

5,773

Lattice

Semiconductor

Corporation

n

$

167,186

1,039

Littelfuse,

Inc.

184,256

2,072

Lumentum

Holdings,

Inc.

n

155,669

5,236

MasterCard,

Inc.

1,770,658

5,185

Microchip

Technology,

Inc.

532,811

18,173

Micron

Technology,

Inc.

n

853,404

26,023

Microsoft

Corporation

5,473,418

569

Motorola

Solutions,

Inc.

89,225

500

Murata

Manufacturing

Company,

Ltd.

32,514

7,318

National

Instruments

Corporation

261,253

11,200

NEC

Networks

&

System

Integration

Corporation

215,291

1,732

Nice,

Ltd.

ADR

k,n

393,216

500

NS

Solutions

Corporation

15,406

900

NSD

Company,

Ltd.

17,677

300

NTT

Data

Corporation

3,839

39,176

Nuance

Communications,

Inc.

n

1,300,251

1,786

NVIDIA

Corporation

966,619

100

OBIC

Company,

Ltd.

17,586

5,550

ON

Semiconductor

Corporation

n

120,380

13,099

Oracle

Corporation

782,010

600

Oracle

Corporation

Japan

64,786

500

Otsuka

Corporation

25,551

1,354

Paychex,

Inc.

108,009

3,279

PayPal

Holdings,

Inc.

n

646,061

2,639

Plexus

Corporation

n

186,393

4,960

QUALCOMM,

Inc.

583,693

1,700

Ryoyo

Electro

Corporation

k

47,223

15,867

Sabre

Corporation

103,294

1,582

Sage

Group

plc

14,702

796

Salesforce.com,

Inc.

n

200,051

435

Samsung

Electronics

Company,

Ltd.

GDR

551,547

529

SAP

SE

82,375

1,569

ServiceNow,

Inc.

n

760,965

95

Skyworks

Solutions,

Inc.

13,823

2,556

Square,

Inc.

n

415,478

1,893

Synopsys,

Inc.

n

405,064

625

Technology

One,

Ltd.

3,581

286

Teradyne,

Inc.

22,726

10,079

Texas

Instruments,

Inc.

1,439,180

1,900

TIS,

Inc.

40,356

900

Tokyo

Electron,

Ltd.

235,129

719

VeriSign,

Inc.

n

147,287

7,051

Visa,

Inc.

1,409,988

1,404

VMware,

Inc.

k,n

201,713

3,283

Workiva,

Inc.

n

183,060

107

Worldline

SA

i,n

8,762

Total

43,014,898

Materials

(1.2%)

3,095

Air

Liquide

SA

490,590

302

Air

Products

and

Chemicals,

Inc.

89,954

8,500

Air

Water,

Inc.

114,960

12,387

Axalta

Coating

Systems,

Ltd.

n

274,620

6,806

Ball

Corporation

565,715

6,433

BHP

Group,

Ltd.

166,188

1,111

Buzzi

Unicem

SPA

25,813

3,653

Centamin

plc

9,537

12,000

CF

Industries

Holdings,

Inc.

368,520

88

Christian

Hansen

Holding

AS

9,769

2,956

Croda

International

plc

238,449

6,810

Eastman

Chemical

Company

531,997

2,979

Ecolab,

Inc.

595,323

Shares

Common

Stock

(26.1%)

Value

Materials

(1.2%)

-

continued

19,602

Element

Solutions,

Inc.

n

$

206,017

121

EMS-CHEMIE

Holding

AG

108,714

286

Eramet

SA

n

7,219

48

Givaudan

SA

207,255

9,410

Granges

AB

n

83,990

14,489

Hexpol

AB

n

129,606

11,408

Hochschild

Mining

plc

n

32,168

1,329

Holmen

AB

49,313

205

IAMGOLD

Corporation

n

785

414

IMCD

NV

49,239

43,298

Ivanhoe

Mines,

Ltd.

n

157,382

5,284

Koninklijke

DSM

NV

869,919

7,600

Kyoei

Steel,

Ltd.

97,687

1,000

Lintec

Corporation

23,285

12,133

Louisiana-Pacific

Corporation

358,045

470

Martin

Marietta

Materials,

Inc.

110,619

100

Nippon

Steel

Trading

Corporation

2,857

622

Novozymes

AS

39,094

6,420

Nucor

Corporation

288,001

5,165

Ramelius

Resources,

Ltd.

7,801

2,320

Rio

Tinto

plc

139,601

2,550

Rio

Tinto,

Ltd.

174,169

19,123

Sandfire

Resources,

Ltd.

56,514

508

Sherwin-Williams

Company

353,944

300

Shin-Etsu

Chemical

Company,

Ltd.

39,256

1,553

Sika

AG

381,342

6,612

Silver

Lake

Resources,

Ltd.

n

11,099

11,232

Steel

Dynamics,

Inc.

321,572

21,100

Sumitomo

Chemical

Company,

Ltd.

69,841

2,521

Symrise

AG

348,209

1,300

Taiyo

Holdings

Company,

Ltd.

68,074

5,600

Toagosei

Company,

Ltd.

60,016

38,400

Toray

Industries,

Inc.

175,680

3,800

Ube

Industries,

Ltd.

64,172

3,470

UFP

Technologies,

Inc.

n

143,727

2,582

United

States

Lime

&

Minerals,

Inc.

232,638

4,215

W.

R.

Grace

&

Company

169,822

353

Wacker

Chemie

AG

34,257

3,110

Yara

International

ASA

119,672

Total

9,274,036

Real

Estate

(1.1%)

1,683

Agree

Realty

Corporation

107,106

1,899

Alexandria

Real

Estate

Equities,

Inc.

303,840

4,868

Allied

Properties

REIT

131,064

6,628

Alstria

Office

REIT

AG

92,165

15,079

American

Campus

Communities,

Inc.

526,559

1,095

American

Tower

Corporation

264,694

93,600

Ascendas

REIT

223,978

1,640

AvalonBay

Communities,

Inc.

244,918

4,338

Camden

Property

Trust

385,995

5,684

Castellum

AB

129,108

4,248

CBRE

Group,

Inc.

n

199,529

5,531

Choice

Properties

REIT

53,086

177

Cofinimmo

SA

26,616

3,354

Colliers

International

Group,

Inc.

223,678

440

Community

Healthcare

Trust,

Inc.

20,574

2,500

Daito

Trust

Construction

Company,

Ltd.

221,612

2,133

Digital

Realty

Trust,

Inc.

313,039

9,850

Douglas

Emmett,

Inc.

247,235

9,640

Duke

Realty

Corporation

355,716

631

EastGroup

Properties,

Inc.

81,607

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

71

Shares

Common

Stock

(26.1%)

Value

Real

Estate

(1.1%)

-

continued

1,864

Entra

ASA

i,k

$

26,195

6,514

Essential

Properties

Realty

Trust,

Inc.

119,336

470

Essex

Property

Trust,

Inc.

94,371

5,150

First

Industrial

Realty

Trust,

Inc.

204,970

5,673

Four

Corners

Property

Trust,

Inc.

145,172

2

Frontier

Real

Estate

Investment

Corporation

6,813

3

Fukuoka

REIT

Corporation

3,896

827

Getty

Realty

Corporation

21,510

7,118

Granite

REIT

413,112

2

Hankyu

REIT,

Inc.

2,329

3,189

Healthcare

Realty

Trust,

Inc.

96,053

39,970

Host

Hotels

&

Resorts,

Inc.

431,276

8,000

Hysan

Development

Company,

Ltd.

24,059

522

Industrial

Logistics

Properties

Trust

11,416

44

Invesco

Office

J-Reit,

Inc.

6,095

2,070

iSTAR

Financial,

Inc.

24,447

20

Japan

Hotel

REIT

Investment

Corporation

9,882

4

Japan

Prime

Realty

Investment

Corporation

12,410

1,315

Kilroy

Realty

Corporation

68,327

1,282

Kungsleden

AB

12,136

244

LEG

Immobilien

AG

34,780

6,567

Lexington

Realty

Trust

68,625

24,200

Mapletree

Commercial

Trust

34,765

14

Mori

Trust

Sogo

REIT,

Inc.

17,708

7,808

National

Storage

Affiliates

Trust

255,400

13

Nomura

Real

Estate

Master

Fund,

Inc.

16,286

725

Plymouth

Industrial

REIT,

Inc.

8,947

4,191

PSP

Swiss

Property

AG

506,276

10,337

Quebecor,

Inc.

258,590

3,859

Rayonier,

Inc.

REIT

102,032

3,436

Realty

Income

Corporation

208,737

17,000

Road

King

Infrastructure,

Ltd.

20,315

2,170

Service

Properties

Trust

17,252

1,217

Spirit

Realty

Capital,

Inc.

41,074

26,003

Sunstone

Hotel

Investors,

Inc.

206,464

15,724

TAG

Immobilien

AG

474,142

1,646

Terreno

Realty

Corporation

90,135

196

UDR,

Inc.

6,392

15

United

Urban

Investment

Corporation

16,691

3,141

Waypoint

REIT,

Ltd.

6,139

39,000

Wing

Tai

Holdings,

Ltd.

49,843

1,571

WP

Carey,

Inc.

102,366

Total

8,428,883

Utilities

(0.4%)

5,707

Alliant

Energy

Corporation

294,766

15,773

CenterPoint

Energy,

Inc.

305,208

4,778

CMS

Energy

Corporation

293,417

5,030

Duke

Energy

Corporation

445,457

9,469

Enagas

SA

218,481

4,110

Enel

SPA

35,658

7,236

Entergy

Corporation

712,963

6,228

Exelon

Corporation

222,713

6,460

FirstEnergy

Corporation

185,467

664

NextEra

Energy,

Inc.

184,300

649

Northland

Power,

Inc.

19,633

1,892

NorthWestern

Corporation

92,027

3,133

PNM

Resources,

Inc.

129,487

Shares

Common

Stock

(26.1%)

Value

Utilities

(0.4%)

-

continued

2,475

Portland

General

Electric

Company

$

87,862

1,515

Spire,

Inc.

80,598

268

Unitil

Corporation

10,355

Total

3,318,392

Total

Common

Stock

(cost

$180,251,972)

208,066,309

Shares

Registered

Investment

Companies

(

6.8%

)

Value

Unaffiliated  (1.9%)

38,518

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

153,687

20,475

AllianceBernstein

Global

High

Income

Fund,

Inc.

215,192

12,614

AllianzGI

NFJ

Dividend

Interest

&

Premium

Strategy

Fund

148,845

9,418

BlackRock

Core

Bond

Trust

147,486

14,543

BlackRock

Corporate

High

Yield

Fund,

Inc.

155,319

10,490

BlackRock

Credit

Allocation

Income

Trust

149,168

23,300

BlackRock

Enhanced

Equity

Dividend

Trust

170,323

23,398

BlackRock

Enhanced

Global

Dividend

Trust

223,919

14,016

BlackRock

Multi-Sector

Income

Trust

221,173

13,700

Brookfield

Real

Assets

Income

Fund,

Inc.

226,324

14,463

Cohen

&

Steers

Quality

Income

Realty

Fund,

Inc.

160,684

12,716

Eaton

Vance

Limited

Duration

Income

Fund

143,818

20,328

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

149,614

1,863

Health

Care

Select

Sector

SPDR

Fund

196,509

16,645

Invesco

Dynamic

Credit

Opportunities

Fund

153,300

106,528

Invesco

Senior

Loan

ETF

2,315,919

2,279

iShares

Dow

Jones

US

Home

Construction

Index

Fund

129,105

28,000

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

1,020,600

38,878

Liberty

All-Star

Equity

Fund

233,657

34,950

Nuveen

Credit

Strategies

Income

Fund

206,555

11,509

PGIM

Global

High

Yield

Fund,

Inc.

152,494

11,374

PGIM

High

Yield

Bond

Fund,

Inc.

157,075

7,843

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

157,487

22,009

Royce

Micro-Cap

Trust,

Inc.

168,809

25,553

Royce

Value

Trust,

Inc.

322,990

28,013

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

2,920,916

5,853

Tri-Continental

Corporation

151,768

640

Utilities

Select

Sector

SPDR

Fund

k

38,003

2,208

Vanguard

High

Dividend

Yield

ETF

178,694

44,225

Vanguard

Short-Term

Corporate

Bond

ETF

3,664,041

46,457

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

229,962

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

72

Shares

Registered

Investment

Companies

(6.8%)

Value

Unaffiliated  (1.9%)-

continued

31,200

Wells

Fargo

Income

Opportunities

Fund

$

227,760

Total

14,891,196

Affiliated  (4.9%)

4,003,308

Thrivent

Core

Emerging

Markets

Debt

Fund

39,312,481

Total

39,312,481

Total

Registered

Investment

Companies

(cost

$53,462,301)

54,203,677

Shares

Preferred

Stock

(

1.9%

)

Value

Communications

Services

(0.1%)

24,475

AT&T,

Inc.,

4.750%

l

624,112

6,825

AT&T,

Inc.,

5.000%

l

182,296

Total

806,408

Consumer

Discretionary

(<0.1%)

888

International

Flavors

&

Fragrances,

Inc.,

Convertible,

6.000%

39,338

Total

39,338

Consumer

Staples

(0.2%)

26,000

CHS,

Inc.,

6.750%

b,l

682,500

31,200

CHS,

Inc.,

7.100%

b,l

831,480

Total

1,513,980

Energy

(0.1%)

49,859

Crestwood

Equity

Partners,

LP,

9.250%

l

293,670

5,300

Energy

Transfer

Operating,

LP,

7.600%

b,l

92,273

11,309

Nustar

Logistics,

LP,

7.009%

b

216,454

Total

602,397

Financials

(1.2%)

7,525

Aegon

Funding

Corporation

II,

5.100%

191,662

6,475

Agribank

FCB,

6.875%

b,l

689,587

15,500

Allstate

Corporation,

5.100%

l

415,090

13,200

Bank

of

America

Corporation,

5.000%

l

346,368

5,800

Bank

of

America

Corporation,

5.375%

l

155,846

218

Bank

of

America

Corporation,

Convertible,

7.250%

l

324,384

14,875

Capital

One

Financial

Corporation,

5.000%

l

373,065

8,650

Cobank

ACB,

6.250%

b,l

899,600

16,200

Equitable

Holdings,

Inc.,

5.250%

l

413,586

425

First

Horizon

Bank,

3.750%

b,i,l

318,750

29,050

GMAC

Capital

Trust

I,

6.065%

b

725,378

16,585

Hartford

Financial

Services

Group,

Inc.,

7.875%

b

458,907

9,925

J.P.

Morgan

Chase

&

Company,

4.750%

l

262,616

9,600

J.P.

Morgan

Chase

&

Company,

5.750%

l

262,176

9,600

Legg

Mason,

Inc.,

5.450%

244,800

22,200

Morgan

Stanley,

7.125%

b,l

612,720

2,675

Synovus

Financial

Corporation,

5.875%

b,l

68,828

14,400

Truist

Financial

Corporation,

4.750%

l,n

373,680

Shares

Preferred

Stock

(1.9%)

Value

Financials

(1.2%)

-

continued

1,500

Wells

Fargo

&

Company,

Convertible,

7.500%

l

$

2,013,075

Total

9,150,118

Health

Care

(<0.1%)

207

Danaher

Corporation,

Convertible,

5.000%

264,455

Total

264,455

Industrials

(0.1%)

518

Fortive

Corporation,

Convertible,

5.000%

485,024

4,686

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

472,818

Total

957,842

Real

Estate

(0.1%)

17,650

Public

Storage,

4.125%

l,n

457,664

3,775

Public

Storage,

4.625%

l

101,623

958

Public

Storage,

4.700%

l

25,991

1,475

Public

Storage,

4.875%

l

39,884

Total

625,162

Utilities

(0.1%)

5,664

NextEra

Energy,

Inc.,

Convertible,

4.872%

306,762

19,200

Southern

Company,

4.950%

506,112

6,218

Southern

Company,

Convertible,

6.750%

289,386

Total

1,102,260

Total

Preferred

Stock

(cost

$14,963,794)

15,061,960

Shares

Collateral

Held

for

Securities

Loaned

(

0.5%

)

Value

3,988,364

Thrivent

Cash

Management

Trust

3,988,364

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,988,364)

3,988,364

Shares

or

Principal

Amount

Short-Term

Investments

(

12.3%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

1,000,000

0.074%,

10/14/2020

o,p

999,978

200,000

0.060%,

11/4/2020

o,p

199,987

1,500,000

0.090%,

11/6/2020

o,p

1,499,895

200,000

0.060%,

11/10/2020

o,p

199,984

800,000

0.070%,

11/19/2020

o,p

799,924

400,000

0.075%,

12/22/2020

o,p

399,918

Thrivent

Core

Short-Term

Reserve

Fund

9,365,652

0.310%

93,656,515

U.S.

Treasury

Bills

200,000

0.093%,

11/19/2020

o,q

199,976

Total

Short-Term

Investments

(cost

$97,955,882)

97,956,177

Total

Investments

(cost

$844,061,989)

109.6%

$874,461,678

Other

Assets

and

Liabilities,

Net

(9.6%)

(76,285,786)

Total

Net

Assets

100.0%

$798,175,892

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

73

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

f

In

bankruptcy.  Interest

is

not

being

accrued.

g

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

h

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

September

30,

2020.

i

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$159,151,935

or

19.9%

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

September

30,

2020.

k

All

or

a

portion

of

the

security

is

on

loan.

l

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

m

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.

n

Non-income

producing

security.

o

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

p

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.

q

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

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

September

30,

2020

was

$246,000

or

0.0%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2020.

Security

Acquisition

Date

Cost

Windstream

Services,

LLC,

10/31/2025

11/6/2017

$

402,602

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

September

30,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

2,482,701

Common

Stock

1,373,508

Total

lending

$3,856,209

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,988,364

Net

amounts

due

to

counterparty

$132,155

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

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

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.

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

COF

11

-

11th

District

Cost

of

Funds

H15T30Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

30

Year

LIBOR

1W

-

ICE

Libor

USD

Rate

1

Week

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

USISDA

10Y

-

ICE

Swap

USD

Rate

10

Year

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

74

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

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

3,984,290

–

3,491,765

492,525

Capital

Goods

9,798,392

–

9,238,367

560,025

Communications

Services

25,781,956

–

24,660,431

1,121,525

Consumer

Cyclical

13,458,132

–

12,495,703

962,429

Consumer

Non-Cyclical

16,825,430

–

16,825,430

–

Energy

2,858,848

–

2,858,848

–

Financials

8,537,787

–

8,537,787

–

Technology

8,731,635

–

8,731,635

–

Transportation

2,242,139

–

2,242,139

–

Utilities

2,665,705

–

2,665,705

–

Long-Term

Fixed

Income

Asset-Backed

Securities

31,217,489

–

31,217,489

–

Basic

Materials

7,368,196

–

7,368,196

–

Capital

Goods

14,506,627

–

14,506,627

–

Collateralized

Mortgage

Obligations

73,610,260

–

73,610,260

–

Commercial

Mortgage-Backed

Securities

3,168,885

–

3,168,885

–

Communications

Services

24,901,195

–

24,901,195

–

Consumer

Cyclical

25,195,284

–

25,195,284

–

Consumer

Non-Cyclical

26,226,025

–

26,226,025

–

Energy

20,676,580

–

20,676,580

–

Financials

58,287,147

–

58,287,147

–

Foreign

Government

137,346

–

137,346

–

Mortgage-Backed

Securities

83,219,813

–

83,219,813

–

Technology

16,450,888

–

16,450,888

–

Transportation

4,753,322

–

4,753,322

–

Utilities

10,581,820

–

10,581,820

–

Common

Stock

Communications

Services

14,037,316

11,181,997

2,817,824

37,495

Consumer

Discretionary

23,626,188

19,202,244

4,423,944

–

Consumer

Staples

9,080,306

6,057,048

3,023,258

–

Energy

7,508,021

5,604,796

1,903,225

–

Financials

28,463,945

20,371,831

8,092,114

–

Health

Care

31,564,767

24,013,417

7,551,350

–

Industrials

29,749,557

21,105,770

8,643,787

–

Information

Technology

43,014,898

38,212,990

4,801,908

–

Materials

9,274,036

4,611,299

4,662,737

–

Real

Estate

8,428,883

5,598,792

2,830,091

–

Utilities

3,318,392

3,044,620

273,772

–

Preferred

Stock

Communications

Services

806,408

806,408

–

–

Consumer

Discretionary

39,338

39,338

–

–

Consumer

Staples

1,513,980

1,513,980

–

–

Energy

602,397

602,397

–

–

Financials

9,150,118

7,242,181

1,907,937

–

Health

Care

264,455

264,455

–

–

Industrials

957,842

957,842

–

–

Real

Estate

625,162

625,162

–

–

Utilities

1,102,260

1,102,260

–

–

Registered

Investment

Companies

Unaffiliated

14,891,196

14,891,196

–

–

Short-Term

Investments

4,299,662

–

4,299,662

–

Subtotal

Investments

in

Securities

$737,504,318

$187,050,023

$547,280,296

$3,173,999

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

39,312,481

Affiliated

Short-Term

Investments

93,656,515

Collateral

Held

for

Securities

Loaned

3,988,364

Subtotal

Other

Investments

$136,957,360

Total

Investments

at

Value

$874,461,678

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

75

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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

34,993

34,993

–

–

Total

Asset

Derivatives

$34,993

$34,993

$–

$–

Liability

Derivatives

Futures

Contracts

509,133

509,133

–

–

Credit

Default

Swaps

1,859

–

1,859

–

Total

Liability

Derivatives

$510,992

$509,133

$1,859

$–

The

following

table

presents

Diversified

Income

Plus

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$4,099,686

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

123

December

2020

$

27,171,846

$

6,349

CBOT

5-Yr.

U.S.

Treasury

Note

30

December

2020

3,777,515

3,422

CME

E-mini

S&P

500

Index

3

December

2020

498,539

4,261

CME

Euro

Foreign

Exchange

Currency

45

December

2020

6,647,075

(

45,856)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

1

December

2020

225,268

(

3,456)

Eurex

Euro

STOXX

50

Index

182

December

2020

7,067,667

(

281,956)

ICE

mini

MSCI

EAFE

Index

7

December

2020

668,133

(

19,513)

Total

Futures

Long

Contracts

$

46,056,043

(

$

336,749)

CBOT

10-Yr.

U.S.

Treasury

Note

(127)

December

2020

(

$

17,700,280)

(

$

20,189)

CBOT

U.S.

Long

Bond

(14)

December

2020

(

2,488,899)

20,961

CME

E-mini

Russell

2000

Index

(99)

December

2020

(

7,415,264)

(

31,516)

CME

E-mini

S&P

500

Index

(73)

December

2020

(

12,136,612)

(

98,188)

CME

E-mini

S&P

Mid-Cap

400

Index

(10)

December

2020

(

1,854,530)

(

1,370)

Ultra

10-Yr.

U.S.

Treasury

Note

(18)

December

2020

(

2,871,504)

(

7,089)

Total

Futures

Short

Contracts

(

$

44,467,089)

($137,391)

Total

Futures

Contracts

$

1,588,954

($474,140)

The

following

table

presents

Diversified

Income

Plus

Portfolio's

swaps

contracts

held

as

of

September

30,

2020.

Investments

totaling

$199,976

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

35,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2025

$

2,790,000

$

–

(

$

1,859)

(

$

1,859)

Total

Credit

Default

Swaps

$–

($1,859)

($1,859)

1

As

the

buyer

of

protection,

Diversified

Income

Plus

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,

Diversified

Income

Plus

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

Diversified

Income

Plus

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

Diversified

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

76

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Diversified

Income

Plus

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$41,621

$1,785

$3,700

$39,312

4,003

4.9%

Total

Affiliated

Registered

Investment

Companies

41,621

39,312

4.9

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

99,710

217,293

223,310

93,657

9,366

11.7

Total

Affiliated

Short-Term

Investments

99,710

93,657

11.7

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

4,288

121,119

121,419

3,988

3,988

0.5

Total

Collateral

Held

for

Securities

Loaned

4,288

3,988

0.5

Total

Value

$145,619

$136,957

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$42

$(436)

–

$1,419

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

(36)

0

–

810

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$2,229

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

31

Total

Affiliated

Income

from

Securities

Loaned,

Net

$31

Total

Value

$6

$(436)

$–

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

77

Shares

Common

Stock

(

84.4%

)

Value

Communications

Services

(11.1%)

136

Alphabet,

Inc.,

Class

A

a

$

199,322

137

Alphabet,

Inc.,

Class

C

a

201,335

423

CenturyLink,

Inc.

4,268

73

Discovery,

Inc.,

Class

A

a

1,589

146

Discovery,

Inc.,

Class

C

a

2,862

131

Electronic

Arts,

Inc.

a

17,084

1,090

Facebook,

Inc.

a

285,471

20

John

Wiley

and

Sons,

Inc.

634

74

Liberty

Global

plc,

Class

A

a

1,555

177

Liberty

Global

plc,

Class

C

a

3,635

64

New

York

Times

Company

2,738

97

Omnicom

Group,

Inc.

4,801

11

Scholastic

Corporation

231

1,875

Verizon

Communications,

Inc.

111,544

819

Walt

Disney

Company

101,621

Total

938,690

Consumer

Discretionary

(8.7%)

121

Aptiv

plc

11,093

103

Aramark

2,724

38

Autoliv,

Inc.

2,769

26

AutoNation,

Inc.

a

1,376

105

Best

Buy

Company,

Inc.

11,685

19

Booking

Holdings,

Inc.

a

32,503

94

BorgWarner,

Inc.

3,642

11

Buckle,

Inc.

224

41

Callaway

Golf

Company

785

64

Capri

Holdings,

Ltd.

a

1,152

74

CarMax,

Inc.

a

6,801

16

Choice

Hotels

International,

Inc.

1,375

13

Columbia

Sportswear

Company

1,131

59

Darden

Restaurants,

Inc.

5,944

13

Deckers

Outdoor

Corporation

a

2,860

18

Domino's

Pizza,

Inc.

7,655

9

Ethan

Allen

Interiors,

Inc.

122

47

Foot

Locker,

Inc.

1,552

34

GameStop

Corporation

a

347

101

Gap,

Inc.

1,720

65

Garmin,

Ltd.

6,166

158

Hanesbrands,

Inc.

2,489

69

Harley-Davidson,

Inc.

1,693

59

Hasbro,

Inc.

4,880

126

Hilton

Worldwide

Holdings,

Inc.

10,750

487

Home

Depot,

Inc.

135,245

10

Jack

in

the

Box,

Inc.

793

19

Knoll,

Inc.

229

70

Kohl's

Corporation

1,297

21

La-Z-Boy,

Inc.

664

131

LKQ

Corporation

a

3,633

342

Lowe's

Companies,

Inc.

56,724

125

Marriott

International,

Inc.

11,573

157

Mattel,

Inc.

a

1,837

337

McDonald's

Corporation

73,968

17

Meritage

Homes

Corporation

a

1,877

28

Mohawk

Industries,

Inc.

a

2,733

183

Newell

Brands,

Inc.

3,140

562

NIKE,

Inc.

70,553

50

Nordstrom,

Inc.

596

24

Office

Depot,

Inc.

467

18

Pool

Corporation

6,022

32

PVH

Corporation

1,908

81

Royal

Caribbean

Cruises,

Ltd.

5,243

20

Signet

Jewelers,

Ltd.

374

529

Starbucks

Corporation

45,452

336

Tesla,

Inc.

a

144,147

Shares

Common

Stock

(84.4%)

Value

Consumer

Discretionary

(8.7%)

-

continued

49

Tiffany

&

Company

$

5,677

52

Tractor

Supply

Company

7,454

24

Ulta

Beauty,

Inc.

a

5,376

85

Under

Armour,

Inc.,

Class

A

a

955

89

Under

Armour,

Inc.,

Class

C

a

876

18

Vail

Resorts,

Inc.

3,851

150

VF

Corporation

10,538

28

Whirlpool

Corporation

5,149

37

Wolverine

World

Wide,

Inc.

956

Total

732,745

Consumer

Staples

(6.7%)

252

Archer-Daniels-Midland

Company

11,716

64

Bunge,

Ltd.

2,925

82

Campbell

Soup

Company

3,966

57

Clorox

Company

11,980

1,849

Coca-Cola

Company

91,285

369

Colgate-Palmolive

Company

28,468

73

Darling

Ingredients,

Inc.

a

2,630

102

Estee

Lauder

Companies,

Inc.

22,262

275

General

Mills,

Inc.

16,962

37

Hain

Celestial

Group,

Inc.

a

1,269

134

Hormel

Foods

Corporation

6,551

30

Ingredion,

Inc.

2,270

52

J.M.

Smucker

Company

6,007

116

Kellogg

Company

7,492

154

Kimberly-Clark

Corporation

22,740

305

Kraft

Heinz

Company

9,135

356

Kroger

Company

12,072

66

Lamb

Weston

Holdings,

Inc.

4,374

56

McCormick

&

Company,

Inc.

10,870

647

Mondelez

International,

Inc.

37,170

629

PepsiCo,

Inc.

87,179

1,122

Procter

&

Gamble

Company

155,947

219

Sysco

Corporation

13,626

20

United

Natural

Foods,

Inc.

a

297

Total

569,193

Energy

(1.1%)

171

Apache

Corporation

1,620

297

Baker

Hughes

Company

3,947

103

Cheniere

Energy,

Inc.

a

4,766

486

ConocoPhillips

15,960

17

Core

Laboratories

NV

260

173

Devon

Energy

Corporation

1,637

116

EQT

Corporation

1,500

125

Hess

Corporation

5,116

358

Marathon

Oil

Corporation

1,464

295

Marathon

Petroleum

Corporation

8,655

176

National

Oilwell

Varco,

Inc.

1,595

217

Noble

Energy,

Inc.

1,855

408

Occidental

Petroleum

Corporation

4,084

199

ONEOK,

Inc.

5,170

198

Phillips

66

10,264

75

Pioneer

Natural

Resources

Company

6,449

629

Schlumberger,

Ltd.

9,787

270

Southwestern

Energy

Company

a

635

193

TechnipFMC

plc

1,218

185

Valero

Energy

Corporation

8,014

Total

93,996

Financials

(6.3%)

49

Air

Lease

Corporation

1,442

142

Allstate

Corporation

13,368

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

78

Shares

Common

Stock

(84.4%)

Value

Financials

(6.3%)

-

continued

169

Ally

Financial,

Inc.

$

4,237

310

American

Express

Company

31,077

55

Ameriprise

Financial,

Inc.

8,476

86

Arthur

J.

Gallagher

&

Company

9,080

18

Bank

of

Hawaii

Corporation

909

361

Bank

of

New

York

Mellon

Corporation

12,397

69

BlackRock,

Inc.

38,885

34

Cathay

General

Bancorp

737

525

Charles

Schwab

Corporation

19,021

205

Chubb,

Ltd.

23,805

45

CIT

Group,

Inc.

797

193

Citizens

Financial

Group,

Inc.

4,879

163

CME

Group,

Inc.

27,271

63

Comerica,

Inc.

2,410

100

E*TRADE

Financial

Corporation

5,005

184

Equitable

Holdings,

Inc.

3,356

17

FactSet

Research

Systems,

Inc.

5,693

78

First

Republic

Bank

8,507

135

Franklin

Resources,

Inc.

2,747

162

Hartford

Financial

Services

Group,

Inc.

5,971

15

Heartland

Financial

USA,

Inc.

450

248

Intercontinental

Exchange,

Inc.

24,812

24

International

Bancshares

Corporation

625

177

Invesco,

Ltd.

2,020

442

KeyCorp

5,273

88

Lincoln

National

Corporation

2,757

115

Loews

Corporation

3,996

58

M&T

Bank

Corporation

5,341

231

Marsh

&

McLennan

Companies,

Inc.

26,496

76

Moody's

Corporation

22,029

210

New

York

Community

Bancorp,

Inc.

1,737

90

Northern

Trust

Corporation

7,017

75

Old

National

Bancorp

942

192

People's

United

Financial,

Inc.

1,979

192

PNC

Financial

Services

Group,

Inc.

21,103

124

Principal

Financial

Group,

Inc.

4,993

265

Progressive

Corporation

25,088

179

Prudential

Financial,

Inc.

11,370

435

Regions

Financial

Corporation

5,016

109

S&P

Global,

Inc.

39,305

24

Signature

Bank

1,992

160

State

Street

Corporation

9,493

23

SVB

Financial

Group

a

5,534

103

T.

Rowe

Price

Group,

Inc.

13,207

123

TD

Ameritrade

Holding

Corporation

4,815

115

Travelers

Companies,

Inc.

12,442

611

Truist

Financial

Corporation

23,249

100

Umpqua

Holdings

Corporation

1,062

57

Voya

Financial,

Inc.

2,732

58

Willis

Towers

Watson

plc

12,112

74

Zions

Bancorporations

NA

2,162

Total

531,219

Health

Care

(8.8%)

800

AbbVie,

Inc.

70,072

20

ABIOMED,

Inc.

a

5,541

140

Agilent

Technologies,

Inc.

14,132

34

Align

Technology,

Inc.

a

11,130

69

AmerisourceBergen

Corporation

6,688

Shares

Common

Stock

(84.4%)

Value

Health

Care

(8.8%)

-

continued

267

Amgen,

Inc.

$

67,861

131

Becton,

Dickinson

and

Company

30,481

74

Biogen,

Inc.

a

20,992

82

BioMarin

Pharmaceutical,

Inc.

a

6,239

17

Bio-Techne

Corporation

4,211

1,025

Bristol-Myers

Squibb

Company

61,797

132

Cardinal

Health,

Inc.

6,197

262

Centene

Corporation

a

15,282

138

Cerner

Corporation

9,976

167

Cigna

Holding

Company

28,292

24

Cooper

Companies,

Inc.

8,091

39

DaVita,

Inc.

a

3,340

99

Dentsply

Sirona,

Inc.

4,329

281

Edwards

Lifesciences

Corporation

a

22,429

568

Gilead

Sciences,

Inc.

35,892

122

HCA

Healthcare,

Inc.

15,211

65

Henry

Schein,

Inc.

a

3,821

117

Hologic,

Inc.

a

7,777

60

Humana,

Inc.

24,833

38

IDEXX

Laboratories,

Inc.

a

14,938

87

IQVIA

Holding,

Inc.

a

13,714

25

Jazz

Pharmaceuticals,

Inc.

a

3,565

44

Laboratory

Corporation

of

America

Holdings

a

8,284

39

Mednax,

Inc.

a

635

1,144

Merck

&

Company,

Inc.

94,895

11

Mettler-Toledo

International,

Inc.

a

10,623

39

Patterson

Companies,

Inc.

940

61

Quest

Diagnostics,

Inc.

6,984

66

ResMed,

Inc.

11,314

49

Select

Medical

Holdings

Corporation

a

1,020

32

Teladoc

Health,

Inc.

a

7,016

41

Varian

Medical

Systems,

Inc.

a

7,052

118

Vertex

Pharmaceuticals,

Inc.

a

32,110

28

Waters

Corporation

a

5,479

33

West

Pharmaceutical

Services,

Inc.

9,072

215

Zoetis,

Inc.

35,555

Total

747,810

Industrials

(8.0%)

261

3M

Company

41,807

61

A.O.

Smith

Corporation

3,221

36

Acco

Brands

Corporation

209

18

Acuity

Brands,

Inc.

1,842

29

AGCO

Corporation

2,154

42

Allegion

plc

4,154

4

AMERCO

1,424

18

Applied

Industrial

Technologies,

Inc.

992

10

ArcBest

Corporation

311

24

ASGN,

Inc.

a

1,525

23

Avis

Budget

Group,

Inc.

a

605

53

Builders

FirstSource,

Inc.

a

1,729

61

C.H.

Robinson

Worldwide,

Inc.

6,234

245

Caterpillar,

Inc.

36,542

96

Copart,

Inc.

a

10,095

347

CSX

Corporation

26,951

67

Cummins,

Inc.

14,148

135

Deere

&

Company

29,920

72

Delta

Air

Lines,

Inc.

2,202

19

Deluxe

Corporation

489

65

Dover

Corporation

7,042

181

Eaton

Corporation

plc

18,467

10

Echo

Global

Logistics,

Inc.

a

258

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

79

Shares

Common

Stock

(84.4%)

Value

Industrials

(8.0%)

-

continued

25

EMCOR

Group,

Inc.

$

1,693

75

Expeditors

International

of

Washington,

Inc.

6,789

23

Exponent,

Inc.

1,657

260

Fastenal

Company

11,723

59

Flowserve

Corporation

1,610

137

Fortive

Corporation

10,441

63

Fortune

Brands

Home

and

Security,

Inc.

5,451

76

Graco,

Inc.

4,663

17

Granite

Construction,

Inc.

299

12

H&E

Equipment

Services,

Inc.

236

73

HD

Supply

Holdings,

Inc.

a

3,010

7

Heidrick

&

Struggles

International,

Inc.

137

19

HNI

Corporation

596

9

ICF

International,

Inc.

554

172

IHS

Markit,

Ltd.

13,504

143

Illinois

Tool

Works,

Inc.

27,629

22

Interface,

Inc.

135

337

Johnson

Controls

International

plc

13,766

43

Kansas

City

Southern

7,776

12

Kelly

Services,

Inc.

204

16

Lennox

International,

Inc.

4,362

26

Lincoln

Electric

Holdings,

Inc.

2,393

238

Linde

Public

Limited

Company

56,675

26

Manpower,

Inc.

1,907

120

Masco

Corporation

6,616

31

Meritor,

Inc.

a

649

25

Middleby

Corporation

a

2,243

116

Norfolk

Southern

Corporation

24,823

49

Owens

Corning,

Inc.

3,372

157

PACCAR,

Inc.

13,389

58

Parker-Hannifin

Corporation

11,736

62

Quanta

Services,

Inc.

3,277

11

Resources

Connection,

Inc.

127

52

Robert

Half

International,

Inc.

2,753

52

Rockwell

Automation,

Inc.

11,475

47

Roper

Industries,

Inc.

18,570

24

Ryder

System,

Inc.

1,014

71

Sensata

Technologies

Holding

plc

a

3,063

23

Snap-On,

Inc.

3,384

67

Southwest

Airlines

Company

2,512

48

Spirit

Aerosystems

Holdings,

Inc.

908

70

Stanley

Black

&

Decker,

Inc.

11,354

33

Steelcase,

Inc.

334

7

Tennant

Company

422

24

Tetra

Tech,

Inc.

2,292

31

Timken

Company

1,681

108

Trane

Technologies

plc

13,095

86

TransUnion

7,235

15

TrueBlue,

Inc.

a

232

308

Union

Pacific

Corporation

60,636

319

United

Parcel

Service,

Inc.

53,155

33

United

Rentals,

Inc.

a

5,758

21

W.W.

Grainger,

Inc.

7,492

82

Wabtec

Corporation

5,074

82

Xylem,

Inc.

6,898

Total

675,100

Information

Technology

(27.5%)

289

Accenture

plc

65,311

218

Adobe,

Inc.

a

106,914

531

Advanced

Micro

Devices,

Inc.

a

43,537

167

Analog

Devices,

Inc.

19,496

39

ANSYS,

Inc.

a

12,762

Shares

Common

Stock

(84.4%)

Value

Information

Technology

(27.5%)

-

continued

415

Applied

Materials,

Inc.

$

24,672

99

Autodesk,

Inc.

a

22,870

195

Automatic

Data

Processing,

Inc.

27,201

127

Cadence

Design

Systems,

Inc.

a

13,542

1,914

Cisco

Systems,

Inc.

75,392

53

Citrix

Systems,

Inc.

7,299

78

Cognex

Corporation

5,078

245

Cognizant

Technology

Solutions

Corporation

17,008

89

CommScope

Holding

Company,

Inc.

a

801

345

Corning,

Inc.

11,181

109

Dell,

Inc.

a

7,378

28

F5

Networks,

Inc.

a

3,438

226

Flextronics

International,

Ltd.

a

2,518

62

Fortinet,

Inc.

a

7,304

581

Hewlett

Packard

Enterprise

Company

5,444

648

HP,

Inc.

12,306

1,919

Intel

Corporation

99,366

402

International

Business

Machines

Corporation

48,911

118

Intuit,

Inc.

38,493

17

Itron,

Inc.

a

1,033

85

Keysight

Technologies,

Inc.

a

8,396

66

Lam

Research

Corporation

21,896

405

MasterCard,

Inc.

136,959

111

Microchip

Technology,

Inc.

11,406

3,265

Microsoft

Corporation

686,727

77

Motorola

Solutions,

Inc.

12,074

254

NortonLifeLock,

Inc.

5,293

279

NVIDIA

Corporation

151,000

53

Okta,

Inc.

a

11,334

929

Oracle

Corporation

55,461

23

Paycom

Software,

Inc.

a

7,160

506

PayPal

Holdings,

Inc.

a

99,697

13

Plantronics,

Inc.

154

408

Salesforce.com,

Inc.

a

102,539

86

ServiceNow,

Inc.

a

41,710

76

Skyworks

Solutions,

Inc.

11,058

174

Slack

Technologies,

Inc.

a

4,674

72

Splunk,

Inc.

a

13,545

149

TE

Connectivity,

Ltd.

14,563

49

Teradata

Corporation

a

1,112

416

Texas

Instruments,

Inc.

59,401

113

Trimble,

Inc.

a

5,503

765

Visa,

Inc.

152,977

38

VMware,

Inc.

a

5,459

186

Western

Union

Company

3,986

79

Workday,

Inc.

a

16,995

82

Xerox

Holdings

Corporation

1,539

24

Zebra

Technologies

Corporation

a

6,059

Total

2,327,932

Materials

(2.0%)

100

Air

Products

and

Chemicals,

Inc.

29,786

48

Albemarle

Corporation

4,285

714

Amcor

plc

7,890

38

Avery

Dennison

Corporation

4,858

96

Axalta

Coating

Systems,

Ltd.

a

2,128

148

Ball

Corporation

12,302

15

Compass

Minerals

International,

Inc.

890

25

Domtar

Corporation

657

116

Ecolab,

Inc.

23,181

23

H.B.

Fuller

Company

1,053

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

80

Shares

Common

Stock

(84.4%)

Value

Materials

(2.0%)

-

continued

39

International

Flavors

&

Fragrances,

Inc.

$

4,776

15

Minerals

Technologies,

Inc.

766

163

Mosaic

Company

2,978

364

Newmont

Mining

Corporation

23,096

136

Nucor

Corporation

6,101

107

PPG

Industries,

Inc.

13,063

10

Schnitzer

Steel

Industries,

Inc.

192

71

Sealed

Air

Corporation

2,756

37

Sherwin-Williams

Company

25,779

45

Sonoco

Products

Company

2,298

Total

168,835

Real

Estate

(2.7%)

201

American

Tower

Corporation

48,588

64

AvalonBay

Communities,

Inc.

9,558

67

Boston

Properties,

Inc.

5,380

152

CBRE

Group,

Inc.

a

7,139

51

Corporate

Office

Properties

Trust

1,210

122

Digital

Realty

Trust,

Inc.

17,905

167

Duke

Realty

Corporation

6,162

40

Equinix,

Inc.

30,405

169

Equity

Residential

8,675

33

Federal

Realty

Investment

Trust

2,423

244

Healthpeak

Properties,

Inc.

6,625

319

Host

Hotels

&

Resorts,

Inc.

3,442

130

Iron

Mountain,

Inc.

3,483

23

Jones

Lang

LaSalle,

Inc.

2,200

45

Macerich

Company

306

30

PotlatchDeltic

Corporation

1,263

335

Prologis,

Inc.

33,708

52

Realogy

Holdings

Corporation

a

491

51

SBA

Communications

Corporation

16,242

139

Simon

Property

Group,

Inc.

8,990

134

UDR,

Inc.

4,370

74

Vornado

Realty

Trust

2,494

338

Weyerhaeuser

Company

9,640

Total

230,699

Utilities

(1.5%)

301

AES

Corporation

5,451

113

Alliant

Energy

Corporation

5,836

82

American

Water

Works

Company,

Inc.

11,880

55

Atmos

Energy

Corporation

5,257

30

Avista

Corporation

1,024

228

CenterPoint

Energy,

Inc.

4,412

130

CMS

Energy

Corporation

7,983

151

Consolidated

Edison,

Inc.

11,748

106

Essential

Utilities,

Inc.

4,266

152

Eversource

Energy

12,700

246

FirstEnergy

Corporation

7,063

91

MDU

Resources

Group,

Inc.

2,048

43

New

Jersey

Resources

Corporation

1,162

173

NiSource,

Inc.

3,806

14

Northwest

Natural

Holding

Company

635

91

OGE

Energy

Corporation

2,729

19

Ormat

Technologies,

Inc.

1,123

348

PPL

Corporation

9,469

133

Sempra

Energy

15,742

94

UGI

Corporation

3,100

Shares

Common

Stock

(84.4%)

Value

Utilities

(1.5%)

-

continued

143

WEC

Energy

Group,

Inc.

$

13,857

Total

131,291

Total

Common

Stock

(cost

$6,390,559)

7,147,510

Shares

Registered

Investment

Companies

(

14.2%

)

Value

Unaffiliated  (14.2%)

15,809

iShares

ESG

MSCI

USA

ETF

1,204,804

Total

1,204,804

Total

Registered

Investment

Companies

(cost

$1,196,108)

1,204,804

Shares

Short-Term

Investments

(

0.9%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

7,052

0.310%

70,520

Total

Short-Term

Investments

(cost

$70,520)

70,520

Total

Investments

(cost

$7,657,187)

99.5%

$8,422,834

Other

Assets

and

Liabilities,

Net

0.5%

45,319

Total

Net

Assets

100.0%

$8,468,153

a

Non-income

producing

security.

Definitions:

ETF

-

Exchange

Traded

Fund

ESG

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

81

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

ESG

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

938,690

938,690

–

–

Consumer

Discretionary

732,745

732,745

–

–

Consumer

Staples

569,193

569,193

–

–

Energy

93,996

93,996

–

–

Financials

531,219

531,219

–

–

Health

Care

747,810

747,810

–

–

Industrials

675,100

675,100

–

–

Information

Technology

2,327,932

2,327,932

–

–

Materials

168,835

168,835

–

–

Real

Estate

230,699

230,699

–

–

Utilities

131,291

131,291

–

–

Registered

Investment

Companies

Unaffiliated

1,204,804

1,204,804

–

–

Subtotal

Investments

in

Securities

$8,352,314

$8,352,314

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

70,520

Subtotal

Other

Investments

$70,520

Total

Investments

at

Value

$8,422,834

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

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.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

ESG

Index

Portfolio,

is

as

follows:

Portfolio

Value

4/30/2020

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$1,250

$1,760

$2,939

$71

7

0.9%

Total

Affiliated

Short-Term

Investments

1,250

71

0.9

Total

Value

$1,250

$71

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

4/30/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$0

$–

–

$0

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$

0

Total

Value

$0

$–

$–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

82

Shares

Common

Stock

(

80.4%

)

Value

Communications

Services

(5.9%)

44,409

Activision

Blizzard,

Inc.

$

3,594,909

8,954

Alphabet,

Inc.,

Class

A

a

13,122,982

1,614

Alphabet,

Inc.,

Class

C

a

2,371,934

5,724

ANGI

Homeservices,

Inc.

a

63,508

518,796

Auto

Trader

Group

plc

b

3,766,687

89,400

Carsales.com,

Ltd.

1,339,258

7,205

Cinemark

Holdings,

Inc.

72,050

109,851

Comcast

Corporation

5,081,707

1,477

Consolidated

Communications

Holdings,

Inc.

a

8,404

81,288

Deutsche

Telekom

AG

1,353,457

68,508

Discovery,

Inc.,

Class

A

a,c

1,491,419

2,010

EchoStar

Corporation

a

50,029

24,728

Facebook,

Inc.

a

6,476,263

22,400

Gannett

Company,

Inc.

29,120

1,188

Hemisphere

Media

Group,

Inc.

a

10,324

267,000

HKT

Trust

and

HKT,

Ltd.

354,391

175

IAC/InterActiveCorp

a

20,962

6,596

Interpublic

Group

of

Companies,

Inc.

109,955

8,758

Ipsos

SA

218,952

25,900

KDDI

Corporation

651,425

76,061

Live

Nation

Entertainment,

Inc.

a

4,098,167

377

Match

Group,

Inc.

a

41,715

329,284

Mediaset

Espana

Comunicacion

SA

a

1,219,514

5,509

Meredith

Corporation

72,278

1,564

News Corporation

21,865

2,300

Nintendo

Company,

Ltd.

1,303,390

22,700

Nippon

Telegraph

&

Telephone

Corporation

463,459

41,100

NTT

DOCOMO,

Inc.

1,510,266

1,594

Omnicom

Group,

Inc.

78,903

19,643

ORBCOMM,

Inc.

a

66,786

4,541

REA

Group,

Ltd.

361,594

22,317

Rightmove

plc

180,420

3,483

RingCentral,

Inc.

a

956,467

1,471

Scholastic

Corporation

30,876

116,927

Seven

West

Media,

Ltd.

a

9,399

203,600

SoftBank

Corporation

2,275,096

20,800

SoftBank

Group

Corporation

1,286,991

3,560

Take-Two

Interactive

Software,

Inc.

a

588,183

94,000

TV

Asahi

Holdings

Corporation

1,492,767

110,864

Uber

Technologies,

Inc.

a

4,044,319

119,445

Verizon

Communications,

Inc.

7,105,783

21,018

Wolters

Kluwer

NV

1,792,898

Total

69,188,872

Consumer

Discretionary

(10.5%)

2,328

Aaron's,

Inc.

131,881

10,500

ABC-MART,

Inc.

546,696

3,679

Adient

plc

a

63,757

9,755

Amazon.com,

Inc.

a

30,715,861

5,070

American

Eagle

Outfitters,

Inc.

75,087

535

American

Public

Education,

Inc.

a

15,082

5,600

AOKI

Holdings,

Inc.

28,162

62,474

Aptiv

plc

5,727,616

10,146

ARB

Corporation,

Ltd.

202,709

21,627

Aristocrat

Leisure,

Ltd.

471,654

2,902

At

Home

Group,

Inc.

a

43,124

11,500

Autobacs

Seven

Company,

Ltd.

149,788

1,239

AutoNation,

Inc.

a

65,580

1,363

AutoZone,

Inc.

a

1,605,123

199,950

B&M

European

Value

Retail

SA

1,274,727

3,313

Beazer

Homes

USA,

Inc.

a

43,732

Shares

Common

Stock

(80.4%)

Value

Consumer

Discretionary

(10.5%)

-

continued

6,329

Bed

Bath

&

Beyond,

Inc.

c

$

94,808

18,231

Berkeley

Group

Holdings

plc

993,827

1,001

Big

Lots,

Inc.

44,645

4,428

BJ's

Restaurants,

Inc.

130,360

7,700

Bridgestone

Corporation

243,390

9,693

Bright

Horizons

Family

Solutions,

Inc.

a

1,473,724

958

Brunswick

Corporation

56,436

22,542

Bunzl

plc

727,804

4,506

Burlington

Stores,

Inc.

a

928,642

2,822

Caesars

Entertainment,

Inc.

a

158,201

2,765

Camping

World

Holdings,

Inc.

82,259

5,215

Capri

Holdings,

Ltd.

a

93,870

4,625

Carnival

Corporation

c

70,207

62

Cavco

Industries,

Inc.

a

11,179

1,185

Century

Casinos,

Inc.

a

6,494

1,434

Century

Communities,

Inc.

a

60,701

11,020

Chewy,

Inc.

a,c

604,227

32,561

Chico's

FAS,

Inc.

31,666

3,424

Chipotle

Mexican

Grill,

Inc.

a

4,258,463

14,500

Chiyoda

Company,

Ltd.

135,083

596

Choice

Hotels

International,

Inc.

51,232

754

Churchill

Downs,

Inc.

123,520

1,456

Cie

Generale

des

Etablissements

Michelin

156,299

151,900

Citizen

Watch

Company,

Ltd.

a

426,122

13,884

Collins

Foods,

Ltd.

103,231

24,244

Cooper-Standard

Holdings,

Inc.

a

320,263

1,960

Cracker

Barrel

Old

Country

Store,

Inc.

224,734

4,584

Culp,

Inc.

56,933

23,115

D.R.

Horton,

Inc.

1,748,187

3,561

Dana,

Inc.

43,872

1,965

Darden

Restaurants,

Inc.

197,954

4,440

Dave

&

Buster's

Entertainment,

Inc.

c

67,310

697

Deckers

Outdoor

Corporation

a

153,347

1,838

Denny's

Corporation

a

18,380

58,300

Denso

Corporation

2,555,391

4,387

Designer

Brands,

Inc.

23,821

2,848

Dick's

Sporting

Goods,

Inc.

164,842

1,683

Dine

Brands

Global,

Inc.

91,875

48,957

Dollarama,

Inc.

1,876,584

32,920

Dometic

Group

AB

a,b

406,449

1,965

Domino's

Pizza

Enterprises,

Ltd.

112,353

7,706

Domino's

Pizza

Group

plc

36,265

2,268

Domino's

Pizza,

Inc.

964,535

102

Dorman

Products,

Inc.

a

9,219

600

Doutor

Nichires

Holdings

Company,

Ltd.

9,116

34,631

Duluth

Holdings,

Inc.

a,c

423,191

1,198

Dunkin'

Brands

Group,

Inc.

98,128

6,232

Emerald

Holding,

Inc.

12,713

1,975

Ethan

Allen

Interiors,

Inc.

26,741

8,037

Etsy,

Inc.

a

977,540

6,117

Europris

ASA

b

31,360

1,200

Exedy

Corporation

15,631

3,207

Express,

Inc.

a

1,956

3,566

Extended

Stay

America,

Inc.

42,614

700

Fast

Retailing

Company,

Ltd.

439,895

10,686

Five

Below,

Inc.

a

1,357,122

3,006

Foot

Locker,

Inc.

99,288

295

Fox

Factory

Holding

Corporation

a

21,927

268,000

Galaxy

Entertainment

Group,

Ltd.

1,811,867

3,998

Gap,

Inc.

68,086

4,207

Genuine

Parts

Company

400,380

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

83

Shares

Common

Stock

(80.4%)

Value

Consumer

Discretionary

(10.5%)

-

continued

6,308

Goodyear

Tire

&

Rubber

Company

$

48,382

1,785

Grand

Canyon

Education,

Inc.

a

142,693

55,585

GVC

Holdings

plc

a

696,163

1,007

Helen

of

Troy,

Ltd.

a

194,875

1,488

Hermes

International

1,281,552

23,638

Home

Depot,

Inc.

6,564,509

509

Hovnanian

Enterprises,

Inc.

a

16,553

109,954

Husqvarna

AB

1,209,073

47,631

Industria

de

Diseno

Textil

SA

1,317,690

5,269

InterContinental

Hotels

Group

plc

a

276,573

8,500

Izumi

Company,

Ltd.

309,944

1,865

Jack

in

the

Box,

Inc.

147,913

3,640

KB

Home

139,740

7,955

Knoll,

Inc.

95,937

11,486

Kohl's

Corporation

212,836

6,032

L

Brands,

Inc.

191,878

5,071

Lear

Corporation

552,993

1,500

Lithia

Motors,

Inc.

341,910

30,455

Lowe's

Companies,

Inc.

5,051,266

347

LVMH

Moet

Hennessy

Louis

Vuitton

SE

162,362

8,919

Macy's,

Inc.

c

50,838

334

Madison

Square

Garden

Sports

Corporation

a

50,260

3,466

Marcus

Corporation

26,792

435

Marriott

Vacations

Worldwide

Corporation

39,502

10,065

Mattel,

Inc.

a

117,760

1,507

Meritage

Homes

Corporation

a

166,358

8,398

Michaels

Companies,

Inc.

a

81,083

2,901

Modine

Manufacturing

Company

a

18,131

8,471

Mohawk

Industries,

Inc.

a

826,685

198,072

Moneysupermarket.com

Group

plc

682,761

55,300

NHK

Spring

Company,

Ltd.

354,071

14,800

Nihon

Unisys,

Ltd.

466,943

42,179

NIKE,

Inc.

5,295,152

45,300

Nissan

Motor

Company,

Ltd.

a

160,208

5,236

Nordstrom,

Inc.

c

62,413

7,298

Norwegian

Cruise

Line

Holdings,

Ltd.

a,c

124,869

261

NVR,

Inc.

a

1,065,694

966

Office

Depot,

Inc.

18,789

14,318

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

1,250,677

9,200

Onward

Holdings

Company,

Ltd.

23,834

2,600

Oriental

Land

Company,

Ltd.

364,638

1,094

Overstock.com,

Inc.

a

79,479

17,396

Pandox

AB

a

199,433

1,606

Park

Hotels

&

Resorts,

Inc.

16,044

9,647

Party

City

Holdco,

Inc.

a,c

25,082

10,598

Penn

National

Gaming,

Inc.

a

770,475

27,822

Planet

Fitness,

Inc.

a

1,714,392

31,878

Playa

Hotels

and

Resorts

NV

a

133,569

10,000

PLENUS

Company,

Ltd.

172,662

1,047

Polaris,

Inc.

98,774

561

Pool

Corporation

187,677

8,169

Premier

Investments,

Ltd.

121,436

5,639

PulteGroup,

Inc.

261,029

1,336

PVH

Corporation

79,679

7,033

Qurate

Retail,

Inc.

50,497

753

Red

Robin

Gourmet

Burgers,

Inc.

a

9,909

18,260

Red

Rock

Resorts,

Inc.

312,246

77,791

Redrow

plc

a

404,753

13,316

Restaurant

Brands

International,

Inc.

765,803

17,100

Rinnai

Corporation

1,667,956

Shares

Common

Stock

(80.4%)

Value

Consumer

Discretionary

(10.5%)

-

continued

1,463

Royal

Caribbean

Cruises,

Ltd.

$

94,700

8,855

Ruth's

Hospitality

Group,

Inc.

97,936

3,969

Sally

Beauty

Holdings,

Inc.

a,c

34,491

27,300

Sangetsu

Company,

Ltd.

420,868

1,500

Sankyo

Company,

Ltd.

39,278

564

Scandic

Hotels

Group

AB

b

1,691

533

SeaWorld

Entertainment,

Inc.

a

10,511

34,800

Sekisui

House,

Ltd.

616,681

4,200

SHIMAMURA

Company,

Ltd.

408,003

7,954

Six

Flags

Entertainment

Corporation

161,466

9,181

Skyline

Corporation

a

245,775

13,900

Sony

Corporation

1,065,324

30,354

Sony

Corporation

ADR

2,329,670

6,120

Standard

Motor

Products,

Inc.

273,258

241

Strategic

Education,

Inc.

22,044

268,100

Sumitomo

Electric

Industries,

Ltd.

3,018,089

126,900

Sumitomo

Rubber

Industries,

Ltd.

1,178,792

13,366

Super

Retail

Group,

Ltd.

101,651

4,000

Takara

Standard

Company,

Ltd.

53,841

16,435

Taylor

Morrison

Home

Corporation

a

404,137

7,643

Tenneco,

Inc.

a

53,042

3,892

Tesla,

Inc.

a

1,669,707

14,567

Texas

Roadhouse,

Inc.

885,528

4,598

Thor

Industries,

Inc.

438,005

15,293

Thule

Group

AB

b

504,662

8,353

Toll

Brothers,

Inc.

406,457

3,442

TopBuild

Corporation

a

587,515

5,300

Toyoda

Gosei

Company,

Ltd.

121,694

6,200

Toyota

Motor

Corporation

411,494

4,978

Tri

Pointe

Homes,

Inc.

a

90,301

383

Tupperware

Brands

Corporation

a

7,721

2,310

Ulta

Beauty,

Inc.

a

517,394

1,911

Urban

Outfitters,

Inc.

a

39,768

1,231

Vail

Resorts,

Inc.

263,397

258

Wayfair,

Inc.

a

75,081

507

Whirlpool

Corporation

93,232

1,472

Williams-Sonoma,

Inc.

133,128

4,432

Wingstop,

Inc.

605,633

802

Workhorse

Group,

Inc.

a,c

20,275

1,352

Wyndham

Destinations,

Inc.

41,588

675

YETI

Holdings,

Inc.

a

30,591

Total

121,984,452

Consumer

Staples

(3.0%)

16,400

Arcs

Company,

Ltd.

421,040

9,700

Asahi

Group

Holdings,

Ltd.

338,070

37,689

BJ's

Wholesale

Club

Holdings,

Inc.

a

1,565,978

10,400

British

American

Tobacco

plc

373,063

21,494

Carlsberg

AS

2,895,718

5,992

Casey's

General

Stores,

Inc.

1,064,479

14,971

Celsius

Holdings,

Inc.

a

339,991

26,758

e.l.f.

Beauty,

Inc.

a

491,544

4,564

Elior

Participations

SCA

b

21,190

21,277

ForFarmers

BV

130,220

5,160

Glanbia

plc

53,279

746

Hain

Celestial

Group,

Inc.

a

25,588

88,900

Japan

Tobacco,

Inc.

1,621,873

5,600

Kao

Corporation

420,396

14,000

Kewpie

Corporation

287,949

9,618

Kimberly-Clark

Corporation

1,420,194

10,391

Lamb

Weston

Holdings,

Inc.

688,612

138

Lindt

&

Spruengli

AG

1,164,854

3,292

L'Oreal

SA

1,071,319

854

McCormick

&

Company,

Inc.

165,761

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

84

Shares

Common

Stock

(80.4%)

Value

Consumer

Staples

(3.0%)

-

continued

319

Medifast,

Inc.

$

52,460

5,200

Ministop

Company,

Ltd.

73,091

6,684

Monster

Beverage

Corporation

a

536,057

66,622

Nestle

SA

7,928,820

400

Noevir

Holdings

Company,

Ltd.

18,722

23,601

Orkla

ASA

238,193

1,994

Royal

Unibrew

AS

205,524

1,172

Seneca

Foods

Corporation

a

41,876

21,200

Seven

&

I

Holdings

Company,

Ltd.

658,686

991

Simply

Good

Foods

Company

a

21,852

19,400

Sugi

Holdings

Company,

Ltd.

1,371,654

19,400

Sundrug

Company,

Ltd.

731,282

2,190

TreeHouse

Foods,

Inc.

a

88,761

21,345

Turning

Point

Brands,

Inc.

595,525

2,400

Unicharm

Corporation

107,336

12,105

Unilever

NV

735,109

488

Vector

Group,

Ltd.

4,729

45,465

Wal-Mart

Stores,

Inc.

6,361,008

Total

34,331,803

Energy

(2.2%)

12,626

Antero

Midstream

Corporation

67,802

7,950

Apache

Corporation

75,287

24,142

Archrock,

Inc.

129,884

76,194

BP

plc

ADR

1,330,347

11,409

Centennial

Resource

Development,

Inc.

a

6,873

215,251

CGG

SA

a

143,561

4,005

ChampionX

Corporation

a

32,000

22,771

Chevron

Corporation

1,639,512

12,017

Cimarex

Energy

Company

292,374

9,219

CNX

Resources

Corporation

a

87,027

6,010

Concho

Resources,

Inc.

265,161

20,650

ConocoPhillips

678,146

6,973

Continental

Resources,

Inc.

c

85,628

7,538

Core

Laboratories

NV

115,030

2,334

Delek

US

Holdings,

Inc.

25,977

31,670

Devon

Energy

Corporation

299,598

6,246

Diamondback

Energy,

Inc.

188,130

240,500

Eneos

Holdings,

Inc.

858,072

158,760

Eni

SPA

1,240,887

19,031

EnLink

Midstream,

LLC

44,723

53,240

Enterprise

Products

Partners,

LP

840,660

18,984

EQT

Corporation

245,463

88,780

Equinor

ASA

1,257,805

16,644

Equitrans

Midstream

Corporation

140,808

6,976

Exterran

Corporation

a

29,020

16,980

Exxon

Mobil

Corporation

582,923

10,323

Frank's

International

NV

a

15,897

2,909

Gaztransport

Et

Technigaz

SA

277,412

28,788

Gibson

Energy,

Inc.

466,558

15,836

Gran

Tierra

Energy,

Inc.

a

3,679

44,167

Halliburton

Company

532,212

8,869

Helmerich

&

Payne,

Inc.

129,931

86,718

John

Wood

Group

plc

a

238,091

5,044

Liberty

Oilfield

Services,

Inc.

40,302

3,156

Lundin

Energy

AB

62,586

67,826

Marathon

Oil

Corporation

277,408

42,765

Marathon

Petroleum

Corporation

1,254,725

617

Nabors

Industries,

Ltd.

15,080

7,973

NexTier

Oilfield

Solutions,

Inc.

a

14,750

20,281

Nine

Energy

Service,

Inc.

a

22,918

12,701

Oceaneering

International,

Inc.

a

44,708

14,811

OMV

AG

a

405,247

26,137

Patterson-UTI

Energy,

Inc.

74,490

Shares

Common

Stock

(80.4%)

Value

Energy

(2.2%)

-

continued

3,804

PBF

Energy,

Inc.

$

21,645

1,802

PDC

Energy,

Inc.

a

22,336

2,769

Peabody

Energy

Corporation

6,369

16,295

Pioneer

Natural

Resources

Company

1,401,207

6,148

Plains

GP

Holdings,

LP

37,441

3,139

ProPetro

Holding

Corporation

a

12,744

11,442

QEP

Resources,

Inc.

10,330

6,361

Range

Resources

Corporation

42,110

127,713

Royal

Dutch

Shell

plc,

Class

A

1,594,292

206,560

Royal

Dutch

Shell

plc,

Class

B

2,504,976

5,680

RPC,

Inc.

a

14,995

15,134

SBM

Offshore

NV

241,414

12,770

SM

Energy

Company

20,304

22,746

Southwestern

Energy

Company

a

53,453

15,932

Subsea

7

SA

a

114,509

11,032

Talos

Energy,

Inc.

a

71,156

6,166

Targa

Resources

Corporation

86,509

22,873

TC

Energy

Corporation

960,235

23,320

TechnipFMC

plc

147,149

54,299

Tenaris

SA

ADR

534,845

76,404

Total

SE

2,623,924

224,431

Tullow

Oil

plc

a

43,911

7,022

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

119,277

2,064

Woodside

Petroleum,

Ltd.

26,196

Total

25,290,019

Financials

(10.5%)

93

1st

Source

Corporation

2,868

89,537

AB

Industrivarden

a

2,381,120

42,067

Aflac,

Inc.

1,529,135

5,348

AG

Mortgage

Investment

Trust,

Inc.

14,760

51,200

AIA

Group,

Ltd.

508,933

1,080

Alleghany

Corporation

562,086

30,953

Allianz

SE

5,940,838

1,194

American

Equity

Investment

Life

Holding

Company

26,256

34,553

American

Express

Company

3,463,938

18,259

American

Financial

Group,

Inc.

1,222,988

31,675

American

International

Group,

Inc.

872,013

2,035

Ameriprise

Financial,

Inc.

313,614

9,253

Ameris

Bancorp

210,783

10,682

Apollo

Commercial

Real

Estate

Finance,

Inc.

96,245

1,210

Argo

Group

International

Holdings,

Ltd.

41,660

7,800

Arthur

J.

Gallagher

&

Company

823,524

2,109

Artisan

Partners

Asset

Management,

Inc.

82,230

20,268

Associated

Banc-Corp

255,782

7,459

Assured

Guaranty,

Ltd.

160,219

5,736

ASX,

Ltd.

335,359

19,564

Baloise

Holding

AG

2,880,300

5,188

Bancorp,

Inc.

a

44,824

129,448

Bank

of

America

Corporation

3,118,402

814

Bank

of

Marin

Bancorp

23,573

4,632

BankFinancial

Corporation

33,443

7,623

Banner

Corporation

245,918

24,863

Berkshire

Hills

Bancorp,

Inc.

251,365

1,962

Blackstone

Mortgage

Trust,

Inc.

43,105

38,883

Boston

Private

Financial

Holdings,

Inc.

214,634

1,017

Bridge

Bancorp,

Inc.

17,726

3,920

Brighthouse

Financial,

Inc.

a

105,487

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

85

Shares

Common

Stock

(80.4%)

Value

Financials

(10.5%)

-

continued

14,222

BrightSphere

Investment

Group

$

183,464

9,195

Brookline

Bancorp,

Inc.

79,491

1,769

Brown

&

Brown,

Inc.

80,083

2,409

Byline

Bancorp,

Inc.

27,174

39,833

Capital

One

Financial

Corporation

2,862,399

7,354

Central

Pacific

Financial

Corporation

99,794

78,181

Charles

Schwab

Corporation

2,832,498

19,619

Chubb,

Ltd.

2,278,158

207,373

CI

Financial

Corporation

2,630,416

1,821

Cincinnati

Financial

Corporation

141,983

8,481

CIT

Group,

Inc.

150,199

80,478

Citigroup,

Inc.

3,469,407

4,359

Citizens

Financial

Group,

Inc.

110,196

15,023

Comerica,

Inc.

574,630

11,294

Commonwealth

Bank

of

Australia

519,708

7,408

Community

Trust

Bancorp,

Inc.

209,350

12,519

Credit

Agricole

SA

a

109,228

1,308

Cullen/Frost

Bankers,

Inc.

83,647

472

Customers

Bancorp,

Inc.

a

5,286

182,000

DBS

Group

Holdings,

Ltd.

2,675,646

12,294

Deutsche

Boerse

AG

2,155,401

46,589

Deutsche

Pfandbriefbank

AG

a,b

308,883

265

Diamond

Hill

Investment

Group,

Inc.

33,475

30,804

Discover

Financial

Services

1,779,855

181,859

DnB

ASA

a

2,533,409

3,907

East

West

Bancorp,

Inc.

127,915

957

Encore

Capital

Group,

Inc.

a

36,931

2,103

Enterprise

Financial

Services

Corporation

57,349

9,370

Essent

Group,

Ltd.

346,784

37,419

Euronext

NV

b

4,687,361

58,737

Everi

Holdings,

Inc.

a

484,580

11,906

F.N.B.

Corporation

80,723

653

FactSet

Research

Systems,

Inc.

218,677

1,110

FBL

Financial

Group,

Inc.

53,502

698

Federal

Agricultural

Mortgage

Corporation

44,435

5,580

Financial

Institutions,

Inc.

85,932

2,295

First

American

Financial

Corporation

116,838

2,945

First

Bancorp

61,639

13,513

First

BanCorp

70,538

34

First

Bancshares,

Inc.

713

7,660

First

Busey

Corporation

121,717

572

First

Citizens

BancShares,

Inc.

182,342

3,273

First

Commonwealth

Financial

Corporation

25,333

10,693

First

Financial

Bancorp

128,369

3,925

First

Financial

Corporation

123,245

728

First

Merchants

Corporation

16,860

8,156

First

Midwest

Bancorp,

Inc.

87,922

747

First

of

Long

Island

Corporation

11,063

3,902

First

Republic

Bank

425,552

1,193

Flagstar

Bancorp,

Inc.

35,349

221,455

FlexiGroup,

Ltd.

172,595

1,260

Flushing

Financial

Corporation

13,255

35,637

Fulton

Financial

Corporation

332,493

4,078

Goldman

Sachs

Group,

Inc.

819,556

8,845

Granite

Point

Mortgage

Trust,

Inc.

62,711

6,837

Great

Southern

Bancorp,

Inc.

247,636

9,810

Great

Western

Bancorp,

Inc.

122,134

1,940

Groupe

Bruxelles

Lambert

SA

174,896

6,260

Hamilton

Lane,

Inc.

404,333

20,297

Hancock

Whitney

Corporation

381,787

Shares

Common

Stock

(80.4%)

Value

Financials

(10.5%)

-

continued

3,984

Hanmi

Financial

Corporation

$

32,709

5,563

Hanover

Insurance

Group,

Inc.

518,360

39,548

Hartford

Financial

Services

Group,

Inc.

1,457,739

11,455

Heritage

Commerce

Corporation

76,233

5,458

Hometrust

Bancshares,

Inc.

74,120

13,339

Hope

Bancorp,

Inc.

101,176

8,231

Horizon

Bancorp,

Inc.

83,051

502

Houlihan

Lokey,

Inc.

29,643

102,888

HSBC

Holdings

plc

402,526

1,679

IGM

Financial,

Inc.

38,496

7,765

Independent

Bank

Corporation

97,606

8,083

Interactive

Brokers

Group,

Inc.

390,651

782

International

Bancshares

Corporation

20,379

714,920

Israel

Discount

Bank,

Ltd.

1,928,638

50,546

J.P.

Morgan

Chase

&

Company

4,866,063

55,600

Japan

Post

Bank

Company,

Ltd.

433,670

8,200

Japan

Post

Holdings

Company,

Ltd.

55,916

19,690

Julius

Baer

Group,

Ltd.

836,281

3,368

Kemper

Corporation

225,083

5,805

L

E

Lundbergforetagen

AB

a

286,820

7,528

Ladder

Capital

Corporation

53,599

1,818

Lakeland

Bancorp,

Inc.

18,089

36,456

Laurentian

Bank

of

Canada

c

748,805

1,409

Lincoln

National

Corporation

44,144

3,181

Loews

Corporation

110,540

78

MarketAxess

Holdings,

Inc.

37,564

15,401

Mediobanca

SPA

120,682

2,485

Mercantile

Bank

Corporation

44,780

658

Meta

Financial

Group,

Inc.

12,647

36,609

MetLife,

Inc.

1,360,757

2,969

Midland

States

Bancorp,

Inc.

38,152

6,571

MidWestOne

Financial

Group,

Inc.

117,424

101,600

Mitsubishi

UFJ

Financial

Group,

Inc.

405,473

15,900

Mizrahi

Tefahot

Bank,

Ltd.

282,031

58,638

Morgan

Stanley

2,835,147

165

Morningstar,

Inc.

26,501

4,148

Mr.

Cooper

Group,

Inc.

a

92,583

6,300

MS

and

AD

Insurance

Group

Holdings,

Inc.

169,742

2,426

MSCI,

Inc.

865,548

29,150

National

Bank

of

Canada

1,447,922

109

National

Western

Life

Group,

Inc.

19,922

4,113

Northern

Trust

Corporation

320,691

3,543

OFG

Bancorp

44,146

1,418

Old

Republic

International

Corporation

20,901

4,109

Old

Second

Bancorp,

Inc.

30,797

7,080

Onex

Corporation

315,836

69,900

ORIX

Corporation

873,070

9,155

PacWest

Bancorp

156,367

13,422

Paragon

Banking

Group

plc

57,543

12,726

Pargesa

Holding

SA

1,052,065

1,536

Peoples

Bancorp,

Inc.

29,322

19,504

Popular,

Inc.

707,410

12,667

Premier

Financial

Corporation

197,289

9,290

Prosight

Global,

Inc.

a

105,349

6,731

QCR

Holdings,

Inc.

184,497

6,749

Radian

Group,

Inc.

98,603

1,900

Raiffeisen

Bank

International

AG

a

29,082

26,117

Raymond

James

Financial,

Inc.

1,900,273

8,489

Redwood

Trust,

Inc.

63,837

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

86

Shares

Common

Stock

(80.4%)

Value

Financials

(10.5%)

-

continued

7,837

Reinsurance

Group

of

America,

Inc.

$

746,004

300

Ricoh

Leasing

Company,

Ltd.

8,118

51,201

Royal

Bank

of

Canada

3,594,894

9,572

S&P

Global,

Inc.

3,451,663

968

Safety

Insurance

Group,

Inc.

66,879

10,256

Seacoast

Banking

Corporation

of

Florida

a

184,916

10,707

SEI

Investments

Company

543,059

894

Selective

Insurance

Group,

Inc.

46,032

15,100

Senshu

Ikeda

Holdings,

Inc.

25,208

122

Signature

Bank

10,125

7,126

Simmons

First

National

Corporation

112,983

35,500

Singapore

Exchange,

Ltd.

239,436

1,076

Southside

Bancshares,

Inc.

26,287

10,560

St.

James's

Place

plc

127,042

6,320

Starwood

Property

Trust,

Inc.

95,369

4,007

Sterling

Bancorp

42,154

39,300

Sumitomo

Mitsui

Financial

Group,

Inc.

1,098,860

92,493

Sun

Life

Financial,

Inc.

3,769,044

2,345

SVB

Financial

Group

a

564,254

8,097

Swiss

Life

Holding

AG

3,063,837

21,034

Synovus

Financial

Corporation

445,290

3,339

T.

Rowe

Price

Group,

Inc.

428,127

1,181

TCF

Financial

Corporation

27,588

1,625

Territorial

Bancorp,

Inc.

32,874

1,945

Texas

Capital

Bancshares,

Inc.

a

60,548

8,366

TMX

Group,

Ltd.

860,381

17,600

Tokio

Marine

Holdings,

Inc.

770,080

5,818

Topdanmark

AS

281,620

106

Torchmark

Corporation

8,469

99,744

Toronto-Dominion

Bank

4,618,090

1,945

Towne

Bank

31,898

9,784

TPG

RE

Finance

Trust,

Inc.

82,773

3,369

TriCo

Bancshares

82,507

47,490

Truist

Financial

Corporation

1,806,994

10,675

TrustCo

Bank

Corporation

55,723

7,154

Two

Harbors

Investment

Corporation

36,414

5,204

United

Bankshares,

Inc.

111,730

632

Univest

Financial

Corporation

9,082

14,671

Valley

National

Bancorp

100,496

623

Walker

&

Dunlop,

Inc.

33,019

2,182

Washington

Trust

Bancorp,

Inc.

66,900

13,553

Webster

Financial

Corporation

357,935

124,013

Wells

Fargo

&

Company

2,915,546

3,433

WesBanco,

Inc.

73,329

9,454

Western

Alliance

Bancorp

298,935

12,380

Western

Asset

Mortgage

Capital

Corporation

25,255

214

Westwood

Holdings

Group,

Inc.

2,384

11,586

Wintrust

Financial

Corporation

464,019

37,790

Zions

Bancorporations

NA

1,104,224

Total

122,122,657

Health

Care

(12.8%)

1,344

Acadia

Healthcare

Company,

Inc.

a

39,621

32,261

ACADIA

Pharmaceuticals,

Inc.

a

1,330,766

458

Acceleron

Pharma,

Inc.

a

51,539

7,009

ADMA

Biologics,

Inc.

a

16,751

3,294

Adverum

Biotechnologies,

Inc.

a

33,928

3,924

Agile

Therapeutics,

Inc.

a

11,929

6,157

Agilent

Technologies,

Inc.

621,488

11,035

Agios

Pharmaceuticals,

Inc.

a

386,225

Shares

Common

Stock

(80.4%)

Value

Health

Care

(12.8%)

-

continued

4,251

Akebia

Therapeutics,

Inc.

a

$

10,670

1,501

Alkermes

plc

a

24,872

2,654

AmerisourceBergen

Corporation

257,226

8,028

Amgen,

Inc.

2,040,396

3,088

AnaptysBio,

Inc.

a

45,548

2,060

Anavex

Life

Sciences

Corporation

a

9,373

7,040

Anthem,

Inc.

1,890,874

2,636

Arena

Pharmaceuticals,

Inc.

a

197,146

3,470

Argenx

SE

ADR

a

910,944

897

Assembly

Biosciences,

Inc.

a

14,747

32,500

Astellas

Pharmaceutical,

Inc.

484,464

1,918

Atara

Biotherapeutics,

Inc.

a

24,857

88

Atrion

Corporation

55,088

516

AVROBIO,

Inc.

a

6,718

11,288

Axonics

Modulation

Technologies,

Inc.

a,c

576,140

433

Axsome

Therapeutics,

Inc.

a

30,851

3,758

Becton,

Dickinson

and

Company

874,411

6,553

Biogen,

Inc.

a

1,858,955

8,973

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

a

583,335

948

Bio-Rad

Laboratories,

Inc.

a

488,656

5,492

Bio-Techne

Corporation

1,360,533

1,139

Bluebird

Bio,

Inc.

a

61,449

687

Bruker

Corporation

27,308

1,831

Cantel

Medical

Corporation

80,454

22,573

Catalent,

Inc.

a

1,933,603

41,040

Centene

Corporation

a

2,393,863

26,011

Cerner

Corporation

1,880,335

2,529

Charles

River

Laboratories

International,

Inc.

a

572,692

633

Chemed

Corporation

304,062

35,500

Chugai

Pharmaceutical

Company,

Ltd.

1,593,080

14,866

Cigna

Holding

Company

2,518,449

2,250

Clovis

Oncology,

Inc.

a

13,117

5,568

CryoLife,

Inc.

a

102,841

22,450

CSL,

Ltd.

4,637,427

26,480

CVS

Health

Corporation

1,546,432

3,402

CytomX

Therapeutics,

Inc.

a

22,623

38,800

Daiichi

Sankyo

Company,

Ltd.

1,191,073

480

Deciphera

Pharmaceuticals,

Inc.

a

24,624

3,229

Dexcom,

Inc.

a

1,331,091

5,124

Dynavax

Technologies

Corporation

a

22,136

1,416

Editas

Medicine,

Inc.

a

39,733

38,033

Edwards

Lifesciences

Corporation

a

3,035,794

360

Encompass

Health

Corporation

23,393

10,104

Gilead

Sciences,

Inc.

638,472

351,203

GlaxoSmithKline

plc

6,584,210

38,289

GlaxoSmithKline

plc

ADR

1,441,198

3,833

Global

Blood

Therapeutics,

Inc.

a

211,352

1,201

Grifols

SA

34,535

16,545

Guardant

Health,

Inc.

a

1,849,400

3,319

Haemonetics

Corporation

a

289,583

11,914

Halozyme

Therapeutics,

Inc.

a

313,100

14,350

HCA

Healthcare,

Inc.

1,789,158

607

HealthStream,

Inc.

a

12,182

5,203

Hill-Rom

Holdings,

Inc.

434,503

6,197

Humana,

Inc.

2,564,876

22

ICU

Medical,

Inc.

a

4,021

288

IDEXX

Laboratories,

Inc.

a

113,216

5,466

ImmunoGen,

Inc.

a

19,678

1,301

Insmed,

Inc.

a

41,814

6,474

Inspire

Medical

Systems,

Inc.

a

835,470

4,356

Insulet

Corporation

a

1,030,586

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

87

Shares

Common

Stock

(80.4%)

Value

Health

Care

(12.8%)

-

continued

6,230

Intuitive

Surgical,

Inc.

a

$

4,420,434

2,993

Invitae

Corporation

a

129,747

1,790

Iovance

Biotherapeutics,

Inc.

a

58,927

174

IQVIA

Holding,

Inc.

a

27,428

35,825

Johnson

&

Johnson

5,333,626

7,000

KYORIN

Holdings,

Inc.

141,898

1,060

Laboratory

Corporation

of

America

Holdings

a

199,566

13,750

LHC

Group,

Inc.

a

2,922,700

453

Lifco

AB

35,038

2,203

Ligand

Pharmaceuticals,

Inc.

a,c

209,990

2,275

LNA

Sante

126,321

11,600

M3,

Inc.

717,533

1,906

MacroGenics,

Inc.

a

48,012

6,100

Medipal

Holdings

Corporation

122,319

42,350

Medtronic

plc

4,401,012

62,739

Merck

&

Company,

Inc.

5,204,200

1,177

Mersana

Therapeutics,

Inc.

a

21,916

1,078

Mesa

Laboratories,

Inc.

274,631

130

Mettler-Toledo

International,

Inc.

a

125,547

186

Mirati

Therapeutics,

Inc.

a

30,885

3,603

Molina

Healthcare,

Inc.

a

659,493

4,825

MyoKardia,

Inc.

a

657,792

1,753

Myovant

Sciences,

Ltd.

a

24,630

12,878

Natera,

Inc.

a

930,307

3,957

National

Healthcare

Corporation

246,561

1,207

Nektar

Therapeutics

a

20,024

849

Neogen

Corporation

a

66,434

1,430

Neurocrine

Biosciences,

Inc.

a

137,509

10,542

Nevro

Corporation

a

1,468,501

115,477

Novartis

AG

10,026,212

89,300

Novo

Nordisk

AS

6,187,114

25,105

Novo

Nordisk

AS

ADR

1,743,040

6,500

Olympus

Corporation

135,172

24,569

Optinose,

Inc.

a

95,819

1,528

Orthifix

Medical,

Inc.

a

47,582

9,229

PRA

Health

Sciences,

Inc.

a

936,190

799

Precision

BioSciences,

Inc.

a

4,922

1,348

Quest

Diagnostics,

Inc.

154,333

528

Reata

Pharmaceuticals,

Inc.

a

51,438

44,622

Recordati

SPA

2,285,776

4,017

Repligen

Corporation

a

592,668

168

Replimune

Group,

Inc.

a

3,867

2,335

Retrophin,

Inc.

a

43,104

31,510

Roche

Holding

AG

10,793,453

1,873

Sage

Therapeutics,

Inc.

a

114,478

14,882

Sanofi

1,491,361

1,967

Sarepta

Therapeutics,

Inc.

a

276,226

8,200

Sawai

Pharmaceutical

Company,

Ltd.

413,740

13,979

Silk

Road

Medical,

Inc.

a

939,529

8,950

Sonova

Holding

AG

a

2,268,066

3,983

Spectrum

Pharmaceuticals,

Inc.

a

16,251

10,221

Stryker

Corporation

2,129,750

446

Surmodics,

Inc.

a

17,354

600

Sysmex

Corporation

57,409

13,293

Tactile

Systems

Technology,

Inc.

a

486,391

36,700

Takeda

Pharmaceutical

Company,

Ltd.

1,311,766

2,066

Tecan

Group

AG

1,027,454

6,814

Teladoc

Health,

Inc.

a,c

1,493,901

3,970

Teleflex,

Inc.

1,351,467

4,188

Tenet

Healthcare

Corporation

a

102,648

7,600

Terumo

Corporation

302,592

7,757

Thermo

Fisher

Scientific,

Inc.

3,424,871

1,795

Tilray,

Inc.

a

8,706

Shares

Common

Stock

(80.4%)

Value

Health

Care

(12.8%)

-

continued

500

Toho

Holdings

Company,

Ltd.

$

10,782

3,500

Tsumura

&

Company

109,074

966

U.S.

Physical

Therapy,

Inc.

83,926

462

uniQure

B.V.

a

17,015

749

United

Therapeutics

Corporation

a

75,649

18,761

VBI

Vaccines,

Inc.

a,c

53,656

16,691

Veeva

Systems,

Inc.

a

4,693,342

10,944

Vertex

Pharmaceuticals,

Inc.

a

2,978,081

571

Viking

Therapeutics,

Inc.

a

3,323

1,217

Waters

Corporation

a

238,143

183

West

Pharmaceutical

Services,

Inc.

50,307

6,512

Zimmer

Biomet

Holdings,

Inc.

886,544

29,879

Zoetis,

Inc.

4,941,090

4,431

Zymeworks,

Inc.

a

206,396

Total

149,245,943

Industrials

(10.4%)

12,091

A.O.

Smith

Corporation

638,405

48

A.P.

Moller

-

Maersk

AS,

Class

A

70,262

585

A.P.

Moller

-

Maersk

AS,

Class

B

924,816

35,561

Aalberts

NV

1,278,767

455

Acuity

Brands,

Inc.

46,569

2,909

AECOM

a

121,713

1,965

Aegion

Corporation

a

27,765

12,608

Aerojet

Rocketdyne

Holdings,

Inc.

a

502,933

1,427

Akzo

Nobel

NV

144,228

1,925

Allegion

plc

190,402

17,454

Altra

Industrial

Motion

Corporation

645,274

4,782

American

Airlines

Group,

Inc.

c

58,771

4,853

AMETEK,

Inc.

482,388

17,239

ASGN,

Inc.

a

1,095,711

89,341

Assa

Abloy

AB

2,088,803

82,272

Atlas

Copco

AB,

Class

A

3,922,630

25,040

Atlas

Copco

AB,

Class

B

1,045,018

1,661

Avis

Budget

Group,

Inc.

a

43,718

11,181

AZZ,

Inc.

381,496

991

Bloom

Energy

Corporation

a

17,808

4,284

Boeing

Company

707,974

7,012

BWX

Technologies,

Inc.

394,846

15,327

Canadian

National

Railway

Company

1,632,325

11,352

Carlisle

Companies,

Inc.

1,389,144

75,975

Carrier

Global

Corporation

2,320,276

16,283

CBIZ,

Inc.

a

372,392

8,726

Chart

Industries,

Inc.

a

613,176

15,805

CIA

De

Distribucion

Integral

269,789

5,446

Copart,

Inc.

a

572,701

1,758

CRA

International,

Inc.

65,872

11,886

Crane

Company

595,845

6,101

CSW

Industrials,

Inc.

471,302

17,688

CSX

Corporation

1,373,827

7,089

Curtiss-Wright

Corporation

661,120

1,200

Daikin

Industries,

Ltd.

221,729

50,150

Delta

Air

Lines,

Inc.

1,533,587

9,476

Deutsche

Post

AG

429,981

1,395

Douglas

Dynamics,

Inc.

47,709

9,845

EMCOR

Group,

Inc.

666,605

4,290

Expeditors

International

of

Washington,

Inc.

388,331

52,779

Experian

plc

1,983,147

42

Exponent,

Inc.

3,025

10,707

Fluor

Corporation

94,329

8,986

Forrester

Research,

Inc.

a

294,651

7,284

Forward

Air

Corporation

417,956

5,276

FuelCell

Energy,

Inc.

a

11,291

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

88

Shares

Common

Stock

(80.4%)

Value

Industrials

(10.4%)

-

continued

4,236

Geberit

AG

$

2,506,121

2,828

Generac

Holdings,

Inc.

a

547,614

15,009

General

Dynamics

Corporation

2,077,696

3,819

Gorman-Rupp

Company

112,508

8,700

GS

Yuasa

Corporation

150,341

197,964

GWA

Group,

Ltd.

396,092

13,300

Hanwa

Company,

Ltd.

266,232

16,282

Honeywell

International,

Inc.

2,680,180

5,026

Hubbell,

Inc.

687,758

1,257

ICF

International,

Inc.

77,343

8,666

IDEX

Corporation

1,580,765

48,300

Inaba

Denki

Sangyo

Company,

Ltd.

1,213,186

473

JB

Hunt

Transport

Services,

Inc.

59,778

8,514

Jet2

plc

73,710

73,015

Johnson

Controls

International

plc

2,982,663

29,800

Kamigumi

Company,

Ltd.

587,220

10,320

Kansas

City

Southern

1,866,166

52,400

Kinden

Corporation

925,450

49,073

Koninklijke

Philips

NV

a

2,317,198

523

Kuehne

&

Nagel

International

AG

101,553

2,674

L3Harris

Technologies,

Inc.

454,152

4,681

Landstar

System,

Inc.

587,419

67,286

Legrand

SA

5,378,715

2,335

Lennox

International,

Inc.

636,544

14,016

Lincoln

Electric

Holdings,

Inc.

1,290,033

6,299

Lockheed

Martin

Corporation

2,414,281

3,334

Manpower,

Inc.

244,482

191,700

Marubeni

Corporation

1,088,359

1,371

Masonite

International

Corporation

a

134,906

10,333

Mercury

Systems,

Inc.

a

800,394

35,228

Meritor,

Inc.

a

737,674

9,502

Middleby

Corporation

a

852,424

117,300

Mitsubishi

Corporation

2,807,618

88,000

Mitsubishi

Electric

Corporation

1,194,090

19,000

Mitsuboshi

Belting,

Ltd.

309,188

171,900

Mitsui

&

Company,

Ltd.

2,953,727

2,640

MSC

Industrial

Direct

Company,

Inc.

167,059

43,720

National

Express

Group

plc

a

85,932

1,600

Nikkon

Holdings

Company,

Ltd.

34,686

2,200

Nishimatsu

Construction

Company,

Ltd.

43,700

71,400

Nitto

Kogyo

Corporation

1,418,809

32,771

Nobina

AB

a,b

215,429

2,115

Nordson

Corporation

405,699

10,133

Norfolk

Southern

Corporation

2,168,361

5,115

Old

Dominion

Freight

Line,

Inc.

925,406

17,172

Otis

Worldwide

Corporation

1,071,876

103,241

PageGroup

plc

a

497,694

12,641

Parker-Hannifin

Corporation

2,557,780

2,886

Quad/Graphics,

Inc.

8,745

34,355

Raytheon

Technologies

Corporation

1,976,787

13,900

Recruit

Holdings

Company,

Ltd.

552,044

23,378

Redde

Northgate

plc

55,649

5,254

Regal-Beloit

Corporation

493,193

209,175

RELX

plc

4,655,854

693

Republic

Services,

Inc.

64,692

16,365

Ritchie

Brothers

Auctioneers,

Inc.

969,626

1,223

Rockwell

Automation,

Inc.

269,892

2,177

Roper

Industries,

Inc.

860,154

2,044

Ryder

System,

Inc.

86,339

4,846

Saia,

Inc.

a

611,274

10,925

Sandvik

AB

a

213,642

Shares

Common

Stock

(80.4%)

Value

Industrials

(10.4%)

-

continued

1,600

Sanwa

Holdings

Corporation

$

16,965

47,565

Schneider

Electric

SE

5,912,312

54,397

SEEK,

Ltd.

839,153

33,480

Signify

NV

a,b

1,238,334

2,402

Simpson

Manufacturing

Company,

Inc.

233,378

2,991

SiteOne

Landscape

Supply,

Inc.

a

364,752

24,059

SKF

AB

496,351

1,317

Snap-On,

Inc.

193,770

632,800

Sojitz

Corporation

c

1,436,090

18,162

Southwest

Airlines

Company

681,075

327

SP

Plus

Corporation

a

5,870

11,231

Spirax-Sarco

Engineering

plc

1,599,322

1,852

Spirit

Airlines,

Inc.

a,c

29,817

781

SPX

FLOW,

Inc.

a

33,442

10,681

Standex

International

Corporation

632,315

810

Stantec,

Inc.

24,594

142,400

Sumitomo

Corporation

1,716,560

25,236

Summit

Materials,

Inc.

a

417,403

5,200

Taikisha,

Ltd.

144,234

1,800

Taisei

Corporation

60,925

1,075

Teledyne

Technologies,

Inc.

a

333,476

11,276

TFI

International,

Inc.

471,516

1,445

Thermon

Group

Holdings,

Inc.

a

16,227

18,500

Toppan

Forms

Company,

Ltd.

176,113

6,188

Toro

Company

519,483

18,207

Transcontinental,

Inc.

c

224,793

53,342

Transurban

Group

544,670

14,376

Trex

Company,

Inc.

a

1,029,322

14,232

TriMas

Corporation

a

324,490

17,700

Tsubakimoto

Chain

Company

416,395

1,464

UniFirst

Corporation

277,238

4,087

United

Airlines

Holdings,

Inc.

a

142,023

15,279

United

Rentals,

Inc.

a

2,666,186

5,385

Valmont

Industries,

Inc.

668,709

2,752

Verisk

Analytics,

Inc.

509,973

3,657

Waste

Connections,

Inc.

379,597

2,236

Watsco,

Inc.

520,742

18,837

Willdan

Group,

Inc.

a

480,532

3,834

XPO

Logistics,

Inc.

a

324,586

11,200

Yuasa

Trading

Company,

Ltd.

350,004

Total

121,217,046

Information

Technology

(16.6%)

12,753

Adobe,

Inc.

a

6,254,454

1,922

ADTRAN,

Inc.

19,710

5,600

Advantest

Corporation

272,387

4,300

Alliance

Data

Systems

Corporation

180,514

1,531

American

Software,

Inc.

21,495

11,892

Amphenol

Corporation

1,287,547

18,722

Anaplan,

Inc.

a

1,171,623

570

ANSYS,

Inc.

a

186,521

199,340

Apple,

Inc.

23,085,565

1,517

ASM

International

NV

217,452

13,717

ASML

Holding

NV

5,066,720

1,127

Aspen

Technology,

Inc.

a

142,667

3,657

Atlassian

Corporation

plc

a

664,806

7,490

Avalara,

Inc.

a

953,777

2,218

Avnet,

Inc.

57,313

600

Azbil

Corporation

22,482

5,499

Bandwidth,

Inc.

a,c

959,960

10,887

BE

Semiconductor

Industries

NV

466,748

7,611

Benchmark

Electronics,

Inc.

153,362

7,143

Blackline,

Inc.

a

640,227

1,611

Broadridge

Financial

Solutions,

Inc.

212,652

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

89

Shares

Common

Stock

(80.4%)

Value

Information

Technology

(16.6%)

-

continued

549

CACI

International,

Inc.

a

$

117,025

500

Canon

Electronics,

Inc.

7,007

26,900

Canon,

Inc.

446,178

3,847

Capgemini

SA

493,555

12,047

CDK

Global,

Inc.

525,129

21,213

CDW

Corporation

2,535,590

914

Ceridian

HCM

Holding,

Inc.

a

75,542

66,838

CGI,

Inc.

a

4,536,682

137,246

Cisco

Systems,

Inc.

5,406,120

5,544

Cognex

Corporation

360,914

3,400

Computer

Engineering

&

Consulting,

Ltd.

52,751

102,854

Computershare,

Ltd.

909,921

5,730

Coupa

Software,

Inc.

a

1,571,395

4,567

Cree,

Inc.

a

291,101

4,869

CTS

Corporation

107,264

8,869

Descartes

Systems

Group,

Inc.

a

505,356

5,722

Dialog

Semiconductor

plc

a

249,393

6,629

DocuSign,

Inc.

a

1,426,826

17,469

Dolby

Laboratories,

Inc.

1,157,845

766

Domo,

Inc.

a

29,361

1,193

DSP

Group,

Inc.

a

15,724

4,300

DTS

Corporation

91,510

14,623

Elastic

NV

a

1,577,675

7,591

Endava

plc

ADR

a

479,372

1,221

EPAM

Systems,

Inc.

a

394,725

3,120

ePlus,

Inc.

a

228,384

11,326

Euronet

Worldwide,

Inc.

a

1,031,799

19,798

Eventbrite,

Inc.

a

214,808

4,175

ExlService

Holdings,

Inc.

a

275,425

845

eXp

World

Holdings,

Inc.

a

34,087

2,005

F5

Networks,

Inc.

a

246,154

678

Fair

Isaac

Corporation

a

288,408

7,662

Five9,

Inc.

a

993,608

456

FLIR

Systems,

Inc.

16,348

24,200

Fuji

Soft,

Inc.

1,247,892

7,318

Global

Payments,

Inc.

1,299,530

6,765

Guidewire

Software,

Inc.

a

705,387

170,586

Halma

plc

5,153,746

9,240

Health

Catalyst,

Inc.

a

338,184

12,600

Hitachi,

Ltd.

426,629

10,500

Hoya

Corporation

1,185,621

4,020

II-VI,

Inc.

a

163,051

4,198

Inphi

Corporation

a

471,225

2,033

InterDigital,

Inc.

116,003

4,400

ITOCHU

Techno-Solutions

Corporation

166,916

1,067

Jack

Henry

&

Associates,

Inc.

173,484

4,400

Japan

Material

Company,

Ltd.

61,692

4,898

Juniper

Networks,

Inc.

105,307

400

Kanematsu

Electronics,

Ltd.

16,247

4,700

Keyence

Corporation

2,197,153

51

KLA-Tencor

Corporation

9,881

2,209

Lam

Research

Corporation

732,836

4,100

Lasertec

Corporation

337,015

15,652

Lattice

Semiconductor

Corporation

a

453,282

467

Littelfuse,

Inc.

82,818

13,063

Lumentum

Holdings,

Inc.

a

981,423

894

Manhattan

Associates,

Inc.

a

85,368

1,590

ManTech

International

Corporation

109,519

29,175

MasterCard,

Inc.

9,866,110

986

MaxLinear,

Inc.

a

22,915

23,105

Medallia,

Inc.

a,c

633,539

608

Methode

Electronics,

Inc.

17,328

337

Microchip

Technology,

Inc.

34,630

Shares

Common

Stock

(80.4%)

Value

Information

Technology

(16.6%)

-

continued

121,801

Microsoft

Corporation

$

25,618,404

1,824

MicroStrategy,

Inc.

a

274,621

11,111

MKS

Instruments,

Inc.

1,213,655

10,427

Monolithic

Power

Systems,

Inc.

2,915,493

721

Motorola

Solutions,

Inc.

113,060

5,787

MTS

Systems

Corporation

110,590

3,700

Murata

Manufacturing

Company,

Ltd.

240,601

77,900

NEC

Networks

&

System

Integration

Corporation

1,497,425

212

NetApp,

Inc.

9,294

3,162

Nice,

Ltd.

ADR

a

717,869

5,714

Nova

Measuring

Instruments,

Ltd.

a

297,928

3,018

Novanta,

Inc.

a

317,916

3,500

NS

Solutions

Corporation

107,845

5,900

NSD

Company,

Ltd.

115,885

1,900

NTT

Data

Corporation

24,315

15,680

NVIDIA

Corporation

8,486,330

1,000

OBIC

Company,

Ltd.

175,863

30,517

Oracle

Corporation

1,821,865

4,200

Oracle

Corporation

Japan

453,503

3,600

Otsuka

Corporation

183,965

3,785

Palo

Alto

Networks,

Inc.

a

926,379

25

Paylocity

Holding

Corporation

a

4,035

32,041

PayPal

Holdings,

Inc.

a

6,313,038

1,529

Progress

Software

Corporation

56,084

3,084

Proofpoint,

Inc.

a

325,516

5,871

Q2

Holdings,

Inc.

a

535,787

3,066

QAD,

Inc.

129,385

2,397

Qorvo,

Inc.

a

309,237

22,872

QUALCOMM,

Inc.

2,691,577

401

Qualys,

Inc.

a

39,302

3,050

Rogers

Corporation

a

299,083

11,600

Ryoyo

Electro

Corporation

c

322,228

10,940

Sage

Group

plc

101,668

15,941

SailPoint

Technologies

Holdings,

Inc.

a

630,785

8,835

Salesforce.com,

Inc.

a

2,220,412

2,046

Samsung

Electronics

Company,

Ltd.

GDR

2,594,172

3,649

SAP

SE

568,219

2,887

ScanSource,

Inc.

a

57,249

1,982

Semtech

Corporation

a

104,967

14,911

ServiceNow,

Inc.

a

7,231,835

1,394

Silicon

Laboratories,

Inc.

a

136,403

174

Solaredge

Technology,

Ltd.

a

41,473

30,267

Square,

Inc.

a

4,919,901

27,948

STMicroelectronics

NV

ADR

857,724

4,377

Synopsys,

Inc.

a

936,590

3,418

TE

Connectivity,

Ltd.

334,075

4,325

Technology

One,

Ltd.

24,777

22,342

Texas

Instruments,

Inc.

3,190,214

12,800

TIS,

Inc.

271,872

5,900

Tokyo

Electron,

Ltd.

1,541,403

144

Tyler

Technologies,

Inc.

a

50,193

2,243

VeriSign,

Inc.

a

459,479

57,745

Visa,

Inc.

11,547,268

6,477

VMware,

Inc.

a,c

930,551

3,148

WEX,

Inc.

a

437,478

6,699

Workiva,

Inc.

a

373,536

740

Worldline

SA

a,b

60,594

581

Zendesk,

Inc.

a

59,796

5,527

Zscaler,

Inc.

a

777,594

Total

193,034,001

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

90

Shares

Common

Stock

(80.4%)

Value

Materials

(4.1%)

2,690

AdvanSix,

Inc.

a

$

34,647

21,352

Air

Liquide

SA

3,384,519

57,800

Air

Water,

Inc.

781,728

3,410

AptarGroup,

Inc.

386,012

1,438

Avery

Dennison

Corporation

183,834

57,141

Axalta

Coating

Systems,

Ltd.

a

1,266,816

166

Balchem

Corporation

16,207

44,434

BHP

Group,

Ltd.

1,147,891

7,665

Buzzi

Unicem

SPA

178,086

2,713

Cabot

Corporation

97,749

1,231

Carpenter

Technology

Corporation

22,355

1,346

Celanese

Corporation

144,628

25,219

Centamin

plc

65,839

55,149

CF

Industries

Holdings,

Inc.

1,693,626

10,929

Chemours

Company

228,525

612

Christian

Hansen

Holding

AS

67,936

20,443

Croda

International

plc

1,649,058

40,529

Eastman

Chemical

Company

3,166,125

13,586

Ecolab,

Inc.

2,715,026

833

EMS-CHEMIE

Holding

AG

c

748,422

1,978

Eramet

SA

a

49,926

1,104

FMC

Corporation

116,925

335

Givaudan

SA

1,446,466

65,042

Granges

AB

a

580,543

100,450

Hexpol

AB

a

898,537

78,755

Hochschild

Mining

plc

a

222,075

9,183

Holmen

AB

340,735

1,412

IAMGOLD

Corporation

a

5,408

2,864

IMCD

NV

340,631

1,919

Ingevity

Corporation

a

94,875

6,054

Innospec,

Inc.

383,339

7,470

Kaiser

Aluminum

Corporation

400,317

36,490

Koninklijke

DSM

NV

6,007,443

1,195

Kraton

Performance

Polymers,

Inc.

a

21,295

52,500

Kyoei

Steel,

Ltd.

674,815

6,800

Lintec

Corporation

158,341

16,861

Louisiana-Pacific

Corporation

497,568

7,034

Martin

Marietta

Materials,

Inc.

1,655,522

3,508

Materion

Corporation

182,521

3,571

Minerals

Technologies,

Inc.

182,478

8,037

Myers

Industries,

Inc.

106,330

6,181

Neenah,

Inc.

231,602

800

Nippon

Steel

Trading

Corporation

22,854

4,304

Novozymes

AS

270,517

31,594

Nucor

Corporation

1,417,307

1,133

Olympic

Steel,

Inc.

12,871

3,342

PPG

Industries,

Inc.

407,991

4,367

Quaker

Chemical

Corporation

784,794

35,722

Ramelius

Resources,

Ltd.

53,952

717

Reliance

Steel

&

Aluminum

Company

73,163

16,014

Rio

Tinto

plc

963,607

17,613

Rio

Tinto,

Ltd.

1,202,993

1,033

RPM

International,

Inc.

85,574

4,581

Ryerson

Holding

Corporation

a

26,249

142,577

Sandfire

Resources,

Ltd.

421,353

873

Scotts

Miracle-Gro

Company

133,490

2,799

Sensient

Technologies

Corporation

161,614

1,900

Shin-Etsu

Chemical

Company,

Ltd.

248,623

10,713

Sika

AG

2,630,596

45,619

Silver

Lake

Resources,

Ltd.

a

76,576

3,619

Steel

Dynamics,

Inc.

103,612

145,700

Sumitomo

Chemical

Company,

Ltd.

482,264

17,412

Symrise

AG

2,405,003

Shares

Common

Stock

(80.4%)

Value

Materials

(4.1%)

-

continued

8,800

Taiyo

Holdings

Company,

Ltd.

$

460,808

38,400

Toagosei

Company,

Ltd.

411,537

267,700

Toray

Industries,

Inc.

1,224,729

26,000

Ube

Industries,

Ltd.

439,069

4,880

United

States

Steel

Corporation

35,819

783

W.

R.

Grace

&

Company

31,547

2,438

Wacker

Chemie

AG

236,599

1,165

Worthington

Industries,

Inc.

47,509

21,458

Yara

International

ASA

825,699

Total

48,275,040

Real

Estate

(3.6%)

17,959

Agree

Realty

Corporation

1,142,911

33,676

Allied

Properties

REIT

906,676

45,728

Alstria

Office

REIT

AG

635,863

31,068

American

Campus

Communities,

Inc.

1,084,895

13,051

American

Tower

Corporation

3,154,818

5,774

Apartment

Investment

&

Management

Company

194,699

5,133

Armada

Hoffler

Properties,

Inc.

47,532

645,632

Ascendas

REIT

1,544,954

1,702

Ashford

Hospitality

Trust,

Inc.

2,808

7,565

AvalonBay

Communities,

Inc.

1,129,757

293

BBX

Capital

Corporation

3,923

86

Bluerock

Residential

Growth

REIT,

Inc.

652

7,929

Camden

Property

Trust

705,522

5,486

CareTrust

REIT,

Inc.

97,623

39,265

Castellum

AB

891,877

15,582

CBL

&

Associates

Properties,

Inc.

a

2,510

37,092

CBRE

Group,

Inc.

a

1,742,211

18,556

Cedar

Realty

Trust,

Inc.

15,030

38,193

Choice

Properties

REIT

366,570

1,221

Cofinimmo

SA

183,603

2,617

Colony

Credit

Real

Estate,

Inc.

12,849

2,984

Columbia

Property

Trust,

Inc.

32,555

1,944

Community

Healthcare

Trust,

Inc.

90,901

2,204

Corepoint

Lodging,

Inc.

12,012

1,620

CoreSite

Realty

Corporation

192,586

1,691

CoStar

Group,

Inc.

a

1,434,830

22,751

Cushman

and

Wakefield

plc

a

239,113

20

CyrusOne,

Inc.

1,401

17,000

Daito

Trust

Construction

Company,

Ltd.

1,506,962

5,937

Diversified

Healthcare

Trust

20,898

1,326

EastGroup

Properties,

Inc.

171,492

12,877

Entra

ASA

b,c

180,960

3,666

EPR

Properties

100,815

3,255

Equity

Lifestyle

Properties,

Inc.

199,532

18,797

Essential

Properties

Realty

Trust,

Inc.

344,361

833

Essex

Property

Trust,

Inc.

167,258

2,915

Farmland

Partners,

Inc.

19,414

16,654

First

Industrial

Realty

Trust,

Inc.

662,829

4,310

FirstService

Corporation

568,446

10,516

Four

Corners

Property

Trust,

Inc.

269,104

12

Frontier

Real

Estate

Investment

Corporation

40,878

21

Fukuoka

REIT

Corporation

27,271

4,381

Gaming

and

Leisure

Properties,

Inc.

161,790

3,904

Getty

Realty

Corporation

101,543

2,713

Gladstone

Commercial

Corporation

45,714

249

Gladstone

Land

Corporation

3,740

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

91

Shares

Common

Stock

(80.4%)

Value

Real

Estate

(3.6%)

-

continued

1,673

Global

Medical

REIT,

Inc.

$

22,586

49,244

Granite

REIT

2,858,005

15

Hankyu

REIT,

Inc.

17,467

6,526

Healthcare

Realty

Trust,

Inc.

196,563

75,799

Host

Hotels

&

Resorts,

Inc.

817,871

58,000

Hysan

Development

Company,

Ltd.

174,430

7,298

Industrial

Logistics

Properties

Trust

159,607

1,775

Innovative

Industrial

Properties,

Inc.

220,295

302

Invesco

Office

J-Reit,

Inc.

41,837

1,365

Investors

Real

Estate

Trust

88,957

139

Japan

Hotel

REIT

Investment

Corporation

68,681

25

Japan

Prime

Realty

Investment

Corporation

77,566

2,475

Jones

Lang

LaSalle,

Inc.

236,759

16,163

Kilroy

Realty

Corporation

839,829

8,861

Kungsleden

AB

83,880

735

Lamar

Advertising

Company

48,635

1,686

LEG

Immobilien

AG

240,322

3,796

Lexington

Realty

Trust

39,668

166,500

Mapletree

Commercial

Trust

239,189

27,368

Medical

Properties

Trust,

Inc.

482,498

755

MGM

Growth

Properties

LLC

21,125

96

Mori

Trust

Sogo

REIT,

Inc.

121,426

591

National

Health

Investors,

Inc.

35,620

9,366

National

Retail

Properties,

Inc.

323,221

24,432

National

Storage

Affiliates

Trust

799,171

13,859

New

Residential

Investment

Corporation

110,179

4,087

New

Senior

Investment

Group,

Inc.

16,348

6,310

NexPoint

Residential

Trust,

Inc.

279,849

91

Nomura

Real

Estate

Master

Fund,

Inc.

114,002

4,944

Omega

Healthcare

Investors,

Inc.

148,023

2,365

One

Liberty

Properties,

Inc.

38,691

2,373

Physicians

Realty

Trust

42,500

1,796

PotlatchDeltic

Corporation

75,612

4,879

Preferred

Apartment

Communities,

Inc.

26,347

28,948

PSP

Swiss

Property

AG

3,496,941

70,124

Quebecor,

Inc.

1,754,219

2,990

Realty

Income

Corporation

181,643

469

Retail

Properties

of

America,

Inc.

2,725

8,707

Rexford

Industrial

Realty,

Inc.

398,432

377

RMR

Group,

Inc.

10,356

115,000

Road

King

Infrastructure,

Ltd.

137,426

16,934

Sabra

Health

Care

REIT,

Inc.

233,435

2,334

SBA

Communications

Corporation

743,332

30,462

Service

Properties

Trust

242,173

6,310

Spirit

Realty

Capital,

Inc.

212,963

6,032

STAG

Industrial,

Inc.

183,916

6,129

Store

Capital

Corporation

168,118

108,665

TAG

Immobilien

AG

3,276,688

4,819

UDR,

Inc.

157,148

2,379

UMH

Properties,

Inc.

32,212

106

United

Urban

Investment

Corporation

117,952

7,821

Uniti

Group,

Inc.

82,394

100

Universal

Health

Realty

Income

Trust

5,699

21,722

Waypoint

REIT,

Ltd.

42,454

269,300

Wing

Tai

Holdings,

Ltd.

344,174

Shares

Common

Stock

(80.4%)

Value

Real

Estate

(3.6%)

-

continued

1,756

WP

Carey,

Inc.

$

114,421

Total

41,509,268

Utilities

(0.8%)

1,197

ALLETE,

Inc.

61,933

2,850

Artesian

Resources

Corporation

98,239

1,581

Black

Hills

Corporation

84,568

411

Chesapeake

Utilities

Corporation

34,647

2,531

Consolidated

Water

Company,

Ltd.

26,348

1,429

DTE

Energy

Company

164,392

23,210

Duke

Energy

Corporation

2,055,478

65,333

Enagas

SA

1,507,446

28,361

Enel

SPA

246,059

11,780

Entergy

Corporation

1,160,683

1,080

Essential

Utilities,

Inc.

43,470

28,689

Exelon

Corporation

1,025,919

29,818

FirstEnergy

Corporation

856,075

2,696

Hawaiian

Electric

Industries,

Inc.

89,615

1,813

IDACORP,

Inc.

144,859

407

Middlesex

Water

Company

25,295

1,097

National

Fuel

Gas

Company

44,527

4,591

New

Jersey

Resources

Corporation

124,049

3,061

NextEra

Energy,

Inc.

849,611

4,478

Northland

Power,

Inc.

135,462

622

Northwest

Natural

Holding

Company

28,233

4,476

OGE

Energy

Corporation

134,235

1,450

Otter

Tail

Corporation

52,446

836

South

Jersey

Industries,

Inc.

16,110

1,825

Southwest

Gas

Holdings,

Inc.

115,157

1,508

Spire,

Inc.

80,226

6,426

UGI

Corporation

211,929

1,118

Unitil

Corporation

43,199

Total

9,460,210

Total

Common

Stock

(cost

$757,723,882)

935,659,311

Shares

Registered

Investment

Companies

(

4.7%

)

Value

Unaffiliated  (2.2%)

355,284

iShares

Russell

Mid

Cap

ETF

20,386,196

12,825

SPDR

S&P

500

ETF

Trust

4,294,964

6,550

SPDR

S&P

Regional

Banking

ETF

233,704

2,940

Utilities

Select

Sector

SPDR

Fund

c

174,577

Total

25,089,441

Affiliated  (2.5%)

2,869,002

Thrivent

Core

Emerging

Markets

Equity

Fund

a

29,263,825

Total

29,263,825

Total

Registered

Investment

Companies

(cost

$52,258,204)

54,353,266

Shares

Collateral

Held

for

Securities

Loaned

(

1.0%

)

Value

11,485,239

Thrivent

Cash

Management

Trust

11,485,239

Total

Collateral

Held

for

Securities

Loaned

(cost

$11,485,239)

11,485,239

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

92

Shares

or

Principal

Amount

Short-Term

Investments

(

14.4%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

4,300,000

0.060%,

10/7/2020

d,e

$

4,299,957

3,200,000

0.067%,

10/14/2020

d,e

3,199,931

700,000

0.080%,

10/28/2020

d,e

699,968

300,000

0.060%,

11/4/2020

d,e

299,980

4,700,000

0.090%,

11/6/2020

d,e

4,699,671

300,000

0.060%,

11/10/2020

d,e

299,977

200,000

0.080%,

11/12/2020

d,e

199,984

2,100,000

0.070%,

11/18/2020

d,e

2,099,804

1,400,000

0.070%,

11/19/2020

d,e

1,399,867

300,000

0.055%,

12/9/2020

d,e

299,948

6,400,000

0.055%,

12/10/2020

d,e

6,398,880

2,700,000

0.075%,

12/22/2020

d,e

2,699,446

300,000

0.092%,

12/28/2020

d,e

299,934

Thrivent

Core

Short-Term

Reserve

Fund

14,079,699

0.310%

140,796,987

Total

Short-Term

Investments

(cost

$167,605,250)

167,694,334

Total

Investments

(cost

$989,072,575)

100.5%

$1,169,192,150

Other

Assets

and

Liabilities,

Net

(0.5%)

(5,948,905)

Total

Net

Assets

100.0%

$1,163,243,245

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$11,423,600

or

1.0%

of

total

net

assets.

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.

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

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

Global

Stock

Portfolio

as

of

September

30,

2020:

Securities

Lending

Transactions

Common

Stock

$

11,113,471

Total

lending

$11,113,471

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$11,485,239

Net

amounts

due

to

counterparty

$371,768

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

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.

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

93

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Global

Stock

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

69,188,872

49,608,908

19,579,964

–

Consumer

Discretionary

121,984,452

91,415,929

30,568,523

–

Consumer

Staples

34,331,803

13,464,415

20,867,388

–

Energy

25,290,019

12,111,066

13,178,953

–

Financials

122,122,657

66,167,356

55,955,301

–

Health

Care

149,245,943

97,158,074

52,087,869

–

Industrials

121,217,046

61,494,981

59,722,065

–

Information

Technology

193,034,001

161,123,969

31,910,032

–

Materials

48,275,040

17,155,270

31,119,770

–

Real

Estate

41,509,268

22,016,995

19,492,273

–

Utilities

9,460,210

7,571,243

1,888,967

–

Registered

Investment

Companies

Unaffiliated

25,089,441

25,089,441

–

–

Short-Term

Investments

26,897,347

–

26,897,347

–

Subtotal

Investments

in

Securities

$987,646,099

$624,377,647

$363,268,452

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

140,796,987

Affiliated

Registered

Investment

Companies

29,263,825

Collateral

Held

for

Securities

Loaned

11,485,239

Subtotal

Other

Investments

$181,546,051

Total

Investments

at

Value

$1,169,192,150

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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

458,766

458,766

–

–

Total

Asset

Derivatives

$458,766

$458,766

$–

$–

Liability

Derivatives

Futures

Contracts

4,721,022

4,721,022

–

–

Total

Liability

Derivatives

$4,721,022

$4,721,022

$–

$–

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

94

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

The

following

table

presents

Global

Stock

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$26,897,347

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

E-mini

Russell

2000

Index

4

December

2020

$

297,909

$

2,971

CME

E-mini

S&P

500

Index

650

December

2020

109,493,417

(

553,417)

CME

E-mini

S&P

Mid-Cap

400

Index

2

December

2020

369,862

1,318

CME

Euro

Foreign

Exchange

Currency

435

December

2020

64,255,055

(

443,274)

Eurex

Euro

STOXX

50

Index

1,748

December

2020

67,880,666

(

2,708,022)

ICE

US

mini

MSCI

Emerging

Markets

Index

1,058

December

2020

58,597,959

(

1,016,309)

Total

Futures

Long

Contracts

$

300,894,868

(

$

4,716,733)

CME

E-mini

Russell

2000

Index

(879)

December

2020

(

$

66,183,792)

$

65,412

ICE

mini

MSCI

EAFE

Index

(222)

December

2020

(

20,959,585)

389,065

Total

Futures

Short

Contracts

(

$

87,143,377)

$454,477

Total

Futures

Contracts

$

213,751,491

($4,262,256)

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Global

Stock

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity*

$–

$28,000

$–

$29,264

2,869

2.5%

Total

Affiliated

Registered

Investment

Companies

–

29,264

2.5

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

181,119

321,311

361,624

140,797

14,080

12.1

Total

Affiliated

Short-Term

Investments

181,119

140,797

12.1

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

3,577

65,881

57,973

11,485

11,485

1.0

Total

Collateral

Held

for

Securities

Loaned

3,577

11,485

1.0

Total

Value

$184,696

$181,546

*  

Non-income

producing

security.

Global

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

95

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Equity*

$–

$1,264

–

$–

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

(99)

90

–

1,235

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1,235

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

29

Total

Affiliated

Income

from

Securities

Loaned,

Net

$29

Total

Value

$(99)

$1,354

$–

*  

Non-income

producing

security.

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

96

Principal

Amount

Long-Term

Fixed

Income

(

98.3%

)

Value

Asset-Backed

Securities

(3.2%)

Arkansas

Student

Loan

Authority

$

1,482,899

1.150%, 

(LIBOR

3M

+

0.900%),

11/25/2043,

Ser.

2010-1A

a

$

1,472,252

Brazos

Higher

Education

Authority,

Inc.

174,160

1.095%, 

(LIBOR

3M

+

0.850%),

7/25/2029,

Ser.

2011-2,

Class

A2

a

174,160

ECMC

Group

Student

Loan

Trust

1,100,000

1.510%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

a,b

1,099,999

Goodgreen

1,672,255

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

b

1,770,578

Nationstar

HECM

Loan

Trust

1,100,000

1.269%, 

9/25/2030,

Ser.

2020-1A,

Class

A1

a,b,c

1,100,000

Navient

Student

Loan

Trust

1,000,000

1.199%, 

(LIBOR

1M

+

1.050%),

6/25/2069,

Ser.

2020-1A,

Class

A1B

a,b

1,012,486

SLM

Student

Loan

Trust

526,476

0.548%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

a

502,826

Total

7,132,301

Collateralized

Mortgage

Obligations

(12.0%)

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,600,000

3.000%, 

10/15/2034,

Ser.

4369,

Class

GV

1,661,247

562,193

2.000%, 

1/15/2041,

Ser.

4074,

Class

JA

576,097

2,114,830

1.750%, 

6/15/2042,

Ser.

4097,

Class

QN

2,158,672

959,292

1.750%, 

12/15/2042,

Ser.

4141,

Class

KM

977,198

949,551

3.000%, 

5/15/2045,

Ser.

4631,

Class

PA

1,014,915

1,037,701

3.000%, 

3/15/2047,

Ser.

4734,

Class

JA

1,104,470

1,981,759

3.500%, 

8/15/2047,

Ser.

4860,

Class

CA

2,079,902

1,739,186

2.000%, 

9/25/2049,

Ser.

4906,

Class

KE

1,784,434

Federal

National

Mortgage

Association

-

REMIC

788,585

2.000%, 

11/25/2032,

Ser.

2012-123,

Class

BA

824,261

1,529,944

3.000%, 

11/25/2037,

Ser.

2013-88,

Class

EA

1,547,678

1,592,184

3.000%, 

6/25/2042,

Ser.

2016-24,

Class

LJ

1,658,095

945,361

3.000%, 

1/25/2043,

Ser.

2013-114,

Class

AB

976,506

1,104,902

3.250%, 

6/25/2043,

Ser.

2013-60,

Class

PT

1,189,961

1,728,481

3.000%, 

3/25/2046,

Ser.

2016-66,

Class

PA

1,801,616

692,097

3.000%, 

6/25/2046,

Ser.

2017-58,

Class

P

741,038

Principal

Amount

Long-Term

Fixed

Income

(98.3%)

Value

Collateralized

Mortgage

Obligations

(12.0%)

-

continued

$

724,920

3.500%, 

12/25/2047,

Ser.

2018-41,

Class

PB

$

761,053

GMAC

Mortgage

Corporation

Loan

Trust

33,178

0.648%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

a,d

36,975

IndyMac

Seconds

Asset-Backed

Trust

203,102

0.488%, 

(LIBOR

1M

+

0.340%),

10/25/2036,

Ser.

2006-2B,

Class

A

a,d

140,146

Seasoned

Credit

Risk

Transfer

Trust

1,682,612

3.000%, 

8/25/2056,

Ser.

2017-2,

Class

HA

d

1,784,881

1,764,541

2.500%, 

8/25/2059,

Ser.

2020-1,

Class

MT

d

1,875,356

1,941,058

2.000%, 

11/25/2059,

Ser.

2020-2,

Class

MT

d

1,998,260

Wachovia

Asset

Securitization,

Inc.

298,590

0.312%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

a,b,d

258,869

Total

26,951,630

Commercial

Mortgage-Backed

Securities

(3.0%)

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

1,496,293

1.238%, 

1/25/2035,

Ser.

K-1516,

Class

A1

d

1,489,293

1,271,093

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

1,315,994

Federal

National

Mortgage

Association

-

ACES

863,360

3.560%, 

9/25/2021,

Ser.

2018-M5,

Class

A2

a

871,093

1,250,000

2.961%, 

2/25/2027,

Ser.

2017-M7,

Class

A2

a

1,397,923

FRESB

Multifamily

Mortgage

Pass-

Through

Trust

1,578,681

2.950%, 

8/25/2027,

Ser.

2017-SB40,

Class

A10F

a,d

1,667,592

Total

6,741,895

Energy

(0.1%)

Petroleos

Mexicanos

150,000

2.378%, 

4/15/2025

156,259

Total

156,259

Financials

(2.3%)

HSBC

Bank

Canada

750,000

0.950%, 

5/14/2023

b

759,164

Nationwide

Building

Society

750,000

1.700%, 

2/13/2023

b

771,896

Oesterreichische

Kontrollbank

AG

2,000,000

2.875%, 

9/7/2021

2,048,678

Preferred

Term

Securities

XXIII,

Ltd.

42,333

0.450%, 

(LIBOR

3M

+

0.200%),

12/22/2036

a,b

34,902

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

97

Principal

Amount

Long-Term

Fixed

Income

(98.3%)

Value

Financials

(2.3%)

-

continued

Santander

UK

plc

$

700,000

1.625%, 

2/12/2023

b

$

719,537

Westpac

Banking

Corporation

750,000

2.000%, 

1/16/2025

b

793,853

Total

5,128,030

Foreign

Government

(4.8%)

CPPIB

Capital,

Inc.

2,000,000

3.125%, 

9/25/2023

b

2,165,545

Development

Bank

of

Japan,

Inc.

750,000

2.125%, 

9/1/2022

b

773,876

Export

Development

Canada

2,000,000

2.500%, 

1/24/2023

2,103,068

Jordan

Government

International

Bond

500,000

2.503%, 

10/30/2020

500,848

Kommunalbanken

AS

2,000,000

2.500%, 

1/11/2023

b

2,098,520

Province

of

British

Columbia

Canada

1,550,000

1.750%, 

9/27/2024

1,629,813

Province

of

Ontario

Canada

1,000,000

3.400%, 

10/17/2023

1,089,661

Province

of

Quebec

400,000

7.500%, 

7/15/2023

e

475,799

Total

10,837,130

Mortgage-Backed

Securities

(26.0%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

3,729,398

3.000%, 

2/1/2050

3,960,984

2,330,619

3.000%, 

3/25/2050

2,443,856

2,518,533

3.000%, 

4/1/2050

2,640,902

1,366,725

3.500%, 

7/1/2047

1,446,148

Federal

National

Mortgage

Association

2,000,000

3.830%, 

10/1/2028

2,293,902

1,155,299

3.500%, 

10/1/2048

1,220,682

1,342,546

3.500%, 

8/1/2049

1,421,602

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

4,000,000

1.500%, 

10/1/2035

f

4,091,563

5,200,000

2.000%, 

10/1/2035

f

5,403,125

2,730,000

2.500%, 

10/1/2035

f

2,850,291

2,250,000

2.000%, 

11/1/2035

f

2,336,999

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

3,100,000

2.000%, 

10/1/2050

f

3,204,625

8,900,000

2.500%, 

10/1/2050

f,g

9,334,570

6,120,000

2.000%, 

11/1/2050

f,g

6,311,428

7,050,000

2.500%, 

11/1/2050

f

7,379,022

689

8.000%, 

4/1/2030

843

1,782,834

4.000%, 

7/1/2048

1,901,535

Total

58,242,077

U.S.

Government

&

Agencies

(46.9%)

Federal

Farm

Credit

Bank

400,000

2.210%, 

8/1/2024

429,390

Federal

Home

Loan

Bank

2,500,000

2.500%, 

2/13/2024

2,688,576

Principal

Amount

Long-Term

Fixed

Income

(98.3%)

Value

U.S.

Government

&

Agencies

(46.9%)

-

continued

Federal

Home

Loan

Mortgage

Corporation

$

1,000,000

0.250%, 

8/24/2023

$

1,000,087

Federal

National

Mortgage

Association

500,000

5.960%, 

9/11/2028

694,500

1,000,000

0.875%, 

8/5/2030

983,454

Tennessee

Valley

Authority

1,115,000

5.250%, 

9/15/2039

1,718,792

U.S.

Treasury

Bonds

25,000

1.375%, 

8/15/2050

24,461

1,375,000

2.250%, 

11/15/2027

1,545,693

300,000

5.500%, 

8/15/2028

415,559

1,500,000

5.250%, 

11/15/2028

2,063,262

9,375,000

2.625%, 

2/15/2029

10,948,242

7,410,000

1.500%, 

2/15/2030

7,992,380

630,000

1.125%, 

5/15/2040

620,058

1,115,000

3.000%, 

5/15/2042

1,482,166

4,180,000

2.500%, 

5/15/2046

5,164,096

4,820,000

2.875%, 

5/15/2049

6,453,340

U.S.

Treasury

Bonds,

TIPS

2,100,480

0.500%, 

1/15/2028

2,356,230

1,100,009

0.875%, 

2/15/2047

1,458,816

U.S.

Treasury

Notes

5,095,000

1.125%, 

8/31/2021

5,139,581

7,125,000

1.500%, 

9/30/2021

7,220,186

7,000,000

1.125%, 

2/28/2022

7,096,797

1,500,000

1.875%, 

7/31/2022

1,547,695

225,000

2.000%, 

11/30/2022

234,035

5,875,000

1.375%, 

2/15/2023

6,045,283

275,000

2.750%, 

7/31/2023

295,120

1,050,000

2.500%, 

1/31/2024

1,130,883

250,000

2.125%, 

7/31/2024

268,301

5,200,000

1.250%, 

8/31/2024

5,409,422

6,850,000

2.250%, 

11/15/2024

7,417,266

250,000

2.125%, 

11/30/2024

269,619

2,950,000

1.375%, 

1/31/2025

3,094,504

1,350,000

2.875%, 

7/31/2025

1,518,644

2,275,000

2.625%, 

1/31/2026

2,552,710

750,000

1.750%, 

12/31/2026

812,754

3,750,000

0.500%, 

4/30/2027

3,766,553

U.S.

Treasury

Notes,

TIPS

2,978,645

0.125%, 

10/15/2024

3,161,086

Total

105,019,541

Total

Long-Term

Fixed

Income

(cost

$210,113,211)

220,208,863

Shares

Collateral

Held

for

Securities

Loaned

(

0.2%

)

Value

369,000

Thrivent

Cash

Management

Trust

369,000

Total

Collateral

Held

for

Securities

Loaned

(cost

$369,000)

369,000

Shares

or

Principal

Amount

Short-Term

Investments

(

19.7%

)

Value

Federal

Agricultural

Mortgage

Corporation

Discount

Notes

10,000,000

0.065%,

10/9/2020

h

9,999,867

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

98

Shares

or

Principal

Amount

Short-Term

Investments

(19.7%)

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

0.070%,

10/14/2020

h,i

$

299,993

400,000

0.070%,

11/18/2020

h,i

399,963

Thrivent

Core

Short-Term

Reserve

Fund

3,349,786

0.310%

33,497,860

Total

Short-Term

Investments

(cost

$44,167,467)

44,197,683

Total

Investments

(cost

$254,649,678)

118.2%

$264,775,546

Other

Assets

and

Liabilities,

Net

(18.2%)

(40,770,492)

Total

Net

Assets

100.0%

$224,005,054

a

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$13,359,225

or

6.0%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

e

All

or

a

portion

of

the

security

is

on

loan.

f

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

g

All

or

a

portion

of

the

security

was

earmarked

to

cover

written

options.

h

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

i

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

Government

Bond

Portfolio

as

of

September

30,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

356,849

Total

lending

$356,849

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$369,000

Net

amounts

due

to

counterparty

$12,151

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

FNMA

-

Federal

National

Mortgage

Association

HECM

-

Home

Equity

Conversion

Mortgage

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

Ser.

-

Series

TIPS

-

Treasury

Inflation

Protected

Security

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

99

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Government

Bond

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

7,132,301

–

6,032,301

1,100,000

Collateralized

Mortgage

Obligations

26,951,630

–

26,951,630

–

Commercial

Mortgage-Backed

Securities

6,741,895

–

6,741,895

–

Energy

156,259

–

156,259

–

Financials

5,128,030

–

5,128,030

–

Foreign

Government

10,837,130

–

10,837,130

–

Mortgage-Backed

Securities

58,242,077

–

58,242,077

–

U.S.

Government

&

Agencies

105,019,541

–

105,019,541

–

Short-Term

Investments

10,699,823

–

10,699,823

–

Subtotal

Investments

in

Securities

$230,908,686

$–

$229,808,686

$1,100,000

Other

Investments  *

Total

Affiliated

Short-Term

Investments

33,497,860

Collateral

Held

for

Securities

Loaned

369,000

Subtotal

Other

Investments

$33,866,860

Total

Investments

at

Value

$264,775,546

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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

7,072

7,072

–

–

Total

Asset

Derivatives

$7,072

$7,072

$–

$–

Liability

Derivatives

Futures

Contracts

277,667

277,667

–

–

Call

Options

Written

25,571

–

–

25,571

Total

Liability

Derivatives

$303,238

$277,667

$–

$25,571

The

following

table

presents

Government

Bond

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$699,956

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

5-Yr.

U.S.

Treasury

Note

62

December

2020

$

7,806,865

$

7,072

CBOT

U.S.

Long

Bond

42

December

2020

7,464,200

(

60,388)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

59

December

2020

13,263,808

(

176,871)

Total

Futures

Long

Contracts

$

28,534,873

(

$

230,187)

CBOT

10-Yr.

U.S.

Treasury

Note

(47)

December

2020

(

$

6,550,497)

(

$

7,472)

CBOT

2-Yr.

U.S.

Treasury

Note

(40)

December

2020

(

8,834,252)

(

4,185)

Ultra

10-Yr.

U.S.

Treasury

Note

(73)

December

2020

(

11,645,546)

(

28,751)

Total

Futures

Short

Contracts

(

$

27,030,295)

($40,408)

Total

Futures

Contracts

$

1,504,578

($270,595)

The

following

table

presents

Government

Bond

Portfolio's

options

contracts

held

as

of

September

30,

2020.

Government

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

100

Counterparty:

MSC

-

Morgan

Stanley

&

Company

Option

_

Description

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Principal

Amount

Value

Unrealized

Appreciation/

(Depreciation)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(1.75)

$

104.88

October

2020

(1,835,449)

(

$

2,539)

$

4,570

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(3.30)

102.78

November

2020

(3,403,221)

(

23,032)

(

3,438)

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Total

Options

Written

Contracts

($25,571)

$1,132

(*)  Security

is

valued

using

significant

unobservable

inputs.

Market

quotations

or

prices

were

not

readily

available

or

were

determined

to

be

unreliable.

Value

was

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Government

Bond

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$32,356

$78,550

$77,387

$33,498

3,350

14.9%

Total

Affiliated

Short-Term

Investments

32,356

33,498

14.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

5,532

5,163

369

369

0.2

Total

Collateral

Held

for

Securities

Loaned

–

369

0.2

Total

Value

$32,356

$33,867

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Registered

Investment

Companies

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$(51)

$30

–

$276

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$276

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

1

Total

Affiliated

Income

from

Securities

Loaned,

Net

$1

Total

Value

$(51)

$30

$–

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

101

Principal

Amount

Bank

Loans

(

3.4%

)

a

Value

Capital

Goods

(1.0%)

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

$

2,608,043

3.523%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

$

2,443,424

Navistar,

Inc.,

Term

Loan

4,195,455

3.660%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

4,153,500

Vertiv

Group

Corporation,

Term

Loan

2,024,825

3.157%, 

(LIBOR

1M

+

3.000%),

3/2/2027

b

1,990,403

Total

8,587,327

Communications

Services

(0.4%)

Windstream

Services,

LLC,

Term

Loan

6,355,000

0.000%, 

(PRIME

+

5.000%),

3/30/2021

b,c

3,825,710

Total

3,825,710

Consumer

Cyclical

(0.9%)

Cengage

Learning,

Inc.,

Term

Loan

4,080,083

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

3,401,035

Golden

Nugget,

LLC,

Term

Loan

1,264,725

3.250%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

1,124,264

Staples,

Inc.,

Term

Loan

3,651,362

5.251%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

3,387,770

Total

7,913,069

Consumer

Non-Cyclical

(1.0%)

Bellring

Brands,

LLC,

Term

Loan

3,494,241

6.000%, 

(LIBOR

1M

+

5.000%),

10/21/2024

b

3,495,708

Chobani,

LLC,

Term

Loan

3,042,632

4.500%, 

(LIBOR

1M

+

3.500%),

10/10/2023

b

3,004,599

Endo

International

plc,

Term

Loan

1,789,075

5.000%, 

(LIBOR

3M

+

4.250%),

4/27/2024

b

1,699,622

Total

8,199,929

Energy

(0.1%)

Chesapeake

Energy

Corporation,

Term

Loan

1,025,000

0.000%, 

(LIBOR

1M

+

8.000%),

6/23/2024

b,d,e,f

717,182

Total

717,182

Total

Bank

Loans

(cost

$32,692,119)

29,243,217

Principal

Amount

Long-Term

Fixed

Income

(

91.0%

)

Value

Basic

Materials

(6.4%)

Alcoa,

Inc.

1,605,000

5.125%, 

10/1/2024

1,691,269

Big

River

Steel,

LLC

1,540,000

6.625%, 

1/31/2029

g

1,557,171

Cleveland-Cliffs,

Inc.

4,255,000

5.750%, 

3/1/2025

h

3,957,150

750,000

9.875%, 

10/17/2025

g

837,187

Principal

Amount

Long-Term

Fixed

Income

(91.0%)

Value

Basic

Materials

(6.4%)

-

continued

First

Quantum

Minerals,

Ltd.

$

4,245,000

7.250%, 

4/1/2023

g

$

4,239,694

2,140,000

6.875%, 

3/1/2026

g

2,062,425

Freeport-McMoRan,

Inc.

2,610,000

4.125%, 

3/1/2028

2,642,625

3,390,000

4.250%, 

3/1/2030

3,474,750

Grinding

Media,

Inc.

3,250,000

7.375%, 

12/15/2023

g

3,290,625

Krayton

Polymers,

LLC

2,675,000

7.000%, 

4/15/2025

g

2,728,500

Mercer

International,

Inc.

1,370,000

7.375%, 

1/15/2025

1,387,125

1,565,000

5.500%, 

1/15/2026

1,502,400

Methanex

Corporation

1,850,000

4.250%, 

12/1/2024

1,854,625

2,560,000

5.125%, 

10/15/2027

2,547,200

Midwest

Vanadium,

Pty.

Ltd.

3,197,756

11.500%, 

2/15/2018

*,c,i

7,994

Norbord,

Inc.

1,570,000

5.750%, 

7/15/2027

g

1,658,391

NOVA

Chemicals

Corporation

1,045,000

5.250%, 

8/1/2023

g

1,029,325

Novelis

Corporation

2,240,000

5.875%, 

9/30/2026

g

2,301,600

2,090,000

4.750%, 

1/30/2030

g

2,039,777

OCI

NV

3,330,000

4.625%, 

10/15/2025

e,g

3,330,000

Olin

Corporation

2,650,000

5.625%, 

8/1/2029

2,610,224

3,195,000

5.000%, 

2/1/2030

3,003,300

Peabody

Securities

Finance

Corporation

3,180,000

6.000%, 

3/31/2022

g,h

1,844,400

Tronox

Finance

plc

3,210,000

5.750%, 

10/1/2025

g

3,161,850

Total

54,759,607

Capital

Goods

(9.4%)

Abengoa

Abenewco

2

Bis

SA,

Convertible

3,933,448

0.000%,PIK

1.500%,

4/26/2024

*,j

29,501

Advanced

Disposal

Services,

Inc.

3,155,000

5.625%, 

11/15/2024

g

3,249,650

Advanced

Drainage

Systems,

Inc.

2,640,000

5.000%, 

9/30/2027

g

2,758,800

AECOM

1,065,000

5.875%, 

10/15/2024

1,152,751

3,195,000

5.125%, 

3/15/2027

3,450,983

Amsted

Industries,

Inc.

2,125,000

5.625%, 

7/1/2027

g

2,260,617

2,630,000

4.625%, 

5/15/2030

g

2,715,475

Arconic,

Inc.

1,605,000

5.900%, 

2/1/2027

1,732,196

ARD

Finance

SA

2,100,000

6.500%, 

6/30/2027

g

2,089,080

Ardagh

Packaging

Finance

plc

5,295,000

5.250%, 

8/15/2027

g

5,395,605

Berry

Global,

Inc.

1,740,000

4.500%, 

2/15/2026

g

1,757,400

Berry

Plastics

Corporation

1,825,000

5.125%, 

7/15/2023

1,852,557

Bombardier,

Inc.

2,945,000

7.500%, 

3/15/2025

g

2,212,431

2,050,000

7.875%, 

4/15/2027

g

1,554,802

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

102

Principal

Amount

Long-Term

Fixed

Income

(91.0%)

Value

Capital

Goods

(9.4%)

-

continued

BWAY

Holding

Company

$

3,205,000

7.250%, 

4/15/2025

g

$

3,016,706

Clean

Harbors,

Inc.

2,080,000

5.125%, 

7/15/2029

g

2,256,530

Cornerstone

Building

Brands,

Inc.

1,535,000

6.125%, 

1/15/2029

g

1,550,350

Covanta

Holding

Corporation

1,060,000

6.000%, 

1/1/2027

1,102,400

1,030,000

5.000%, 

9/1/2030

1,039,579

Crown

Cork

&

Seal

Company,

Inc.

3,210,000

7.375%, 

12/15/2026

3,816,305

Flex

Acquisition

Company,

Inc.

3,205,000

6.875%, 

1/15/2025

g

3,203,029

1,300,000

7.875%, 

7/15/2026

g

1,313,000

GFL

Environmental,

Inc.

1,926,000

7.000%, 

6/1/2026

g,h

2,030,389

H&E

Equipment

Services,

Inc.

1,951,000

5.625%, 

9/1/2025

2,033,918

Jeld-Wen,

Inc.

1,150,000

6.250%, 

5/15/2025

g

1,224,750

2,670,000

4.875%, 

12/15/2027

g

2,723,534

New

Enterprise

Stone

&

Lime

Company,

Inc.

2,145,000

6.250%, 

3/15/2026

g

2,209,350

Owens-Brockway

Glass

Container,

Inc.

3,070,000

5.875%, 

8/15/2023

g

3,223,500

Reynolds

Group

Issuer,

Inc.

2,175,000

5.125%, 

7/15/2023

g

2,202,188

TransDigm,

Inc.

4,445,000

6.250%, 

3/15/2026

g

4,660,805

U.S.

Concrete,

Inc.

2,560,000

5.125%, 

3/1/2029

g

2,566,400

United

Rentals

North

America,

Inc.

4,240,000

5.875%, 

9/15/2026

4,467,900

1,790,000

3.875%, 

2/15/2031

1,816,850

WESCO

Distribution,

Inc.

1,280,000

7.250%, 

6/15/2028

g

1,402,464

Total

80,071,795

Communications

Services

(17.4%)

CCO

Holdings,

LLC

3,450,000

5.375%, 

6/1/2029

g

3,738,937

3,940,000

4.750%, 

3/1/2030

g

4,171,475

4,695,000

4.500%, 

8/15/2030

g

4,929,961

3,000,000

4.250%, 

2/1/2031

g

3,107,704

CCOH

Safari,

LLC

5,455,000

5.750%, 

2/15/2026

g

5,673,200

Cengage

Learning,

Inc.

1,705,000

9.500%, 

6/15/2024

g

1,125,300

CSC

Holdings,

LLC

5,590,000

6.500%, 

2/1/2029

g

6,232,850

2,560,000

4.125%, 

12/1/2030

g

2,609,280

9,500,000

4.625%, 

12/1/2030

g

9,544,935

Cumulus

Media

New

Holdings,

Inc.

2,555,000

6.750%, 

7/1/2026

g

2,366,875

Embarq

Corporation

5,325,000

7.995%, 

6/1/2036

6,305,120

Entercom

Media

Corporation

3,585,000

6.500%, 

5/1/2027

g

3,118,950

Front

Range

BidCo,

Inc.

1,560,000

4.000%, 

3/1/2027

g

1,535,391

2,080,000

6.125%, 

3/1/2028

g

2,143,669

Principal

Amount

Long-Term

Fixed

Income

(91.0%)

Value

Communications

Services

(17.4%)

-

continued

GCI,

LLC

$

3,210,000

4.750%, 

10/15/2028

e,g

$

3,250,157

LCPR

Senior

Secured

Financing

DAC

2,500,000

6.750%, 

10/15/2027

g

2,612,500

Level

3

Financing,

Inc.

5,510,000

5.375%, 

5/1/2025

5,675,989

1,700,000

5.250%, 

3/15/2026

1,761,115

Lions

Gate

Capital

Holdings,

LLC

1,530,000

5.875%, 

11/1/2024

g

1,503,225

Meredith

Corporation

2,590,000

6.875%, 

2/1/2026

2,162,650

Netflix,

Inc.

3,075,000

4.875%, 

4/15/2028

3,436,313

Nielsen

Finance,

LLC

1,795,000

5.625%, 

10/1/2028

g

1,844,363

Qualitytech,

LP

3,740,000

4.750%, 

11/15/2025

g

3,879,128

Scripps

Escrow,

Inc.

2,310,000

5.875%, 

7/15/2027

g

2,229,150

SFR

Group

SA

2,650,000

7.375%, 

5/1/2026

g

2,776,935

Sinclair

Television

Group,

Inc.

1,570,000

5.875%, 

3/15/2026

g

1,546,450

770,000

5.125%, 

2/15/2027

g

714,329

Sirius

XM

Radio,

Inc.

2,000,000

4.625%, 

7/15/2024

g

2,068,750

2,660,000

5.500%, 

7/1/2029

g

2,860,032

5,115,000

4.125%, 

7/1/2030

g

5,241,801

Sprint

Capital

Corporation

2,045,000

6.875%, 

11/15/2028

2,546,710

1,795,000

8.750%, 

3/15/2032

2,627,539

Sprint

Corporation

2,685,000

7.250%, 

9/15/2021

2,809,181

2,040,000

7.125%, 

6/15/2024

2,347,244

8,240,000

7.625%, 

2/15/2025

9,640,800

TEGNA,

Inc.

3,075,000

4.625%, 

3/15/2028

g

3,006,735

Terrier

Media

Buyer,

Inc.

1,590,000

8.875%, 

12/15/2027

g

1,601,925

United

States

Cellular

Corporation

2,746,000

6.700%, 

12/15/2033

3,539,470

Univision

Communications,

Inc.

3,580,000

6.625%, 

6/1/2027

g

3,494,975

VeriSign,

Inc.

2,630,000

4.750%, 

7/15/2027

2,787,800

VTR

Comunicaciones

SPA

1,020,000

5.125%, 

1/15/2028

g

1,054,578

YPSO

Finance

BIS

SA

2,660,000

10.500%, 

5/15/2027

g

2,955,925

Ziggo

Bond

Company

BV

1,765,000

5.125%, 

2/28/2030

g

1,789,057

Ziggo

BV

3,585,000

5.500%, 

1/15/2027

g

3,755,288

3,475,000

4.875%, 

1/15/2030

g

3,596,625

Total

147,720,386

Consumer

Cyclical

(15.7%)

1011778

B.C.,

ULC

3,690,000

4.375%, 

1/15/2028

g

3,763,062

Allied

Universal

Holdco,

LLC

1,535,000

6.625%, 

7/15/2026

g

1,634,775

Allison

Transmission,

Inc.

3,835,000

5.000%, 

10/1/2024

g

3,873,580

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

103

Principal

Amount

Long-Term

Fixed

Income

(91.0%)

Value

Consumer

Cyclical

(15.7%)

-

continued

Brookfield

Residential

Properties,

Inc.

$

3,440,000

6.250%, 

9/15/2027

g

$

3,468,982

Carnival

Corporation

260,000

10.500%, 

2/1/2026

g

287,950

Cedar

Fair,

LP

1,600,000

5.250%, 

7/15/2029

1,519,008

Colt

Merger

Sub,

Inc.

5,110,000

6.250%, 

7/1/2025

g

5,327,175

Dana

Financing

Luxembourg

SARL

3,925,000

6.500%, 

6/1/2026

g

4,091,812

Expedia

Group,

Inc.

1,700,000

6.250%, 

5/1/2025

g

1,873,332

Ford

Motor

Company

1,000,000

9.625%, 

4/22/2030

h

1,291,250

4,095,000

7.450%, 

7/16/2031

4,696,187

Ford

Motor

Credit

Company,

LLC

7,165,000

5.125%, 

6/16/2025

7,388,906

2,610,000

4.134%, 

8/4/2025

2,584,983

Hanesbrands,

Inc.

4,145,000

4.875%, 

5/15/2026

g

4,424,787

Herc

Holdings,

Inc.

4,830,000

5.500%, 

7/15/2027

g

4,997,359

Hertz

Corporation

1,548,000

7.625%, 

6/1/2022

c,g,i

1,424,160

Hilton

Domestic

Operating

Company,

Inc.

2,050,000

4.875%, 

1/15/2030

2,111,500

Hilton

Escrow

Issuer,

LLC

2,090,000

4.250%, 

9/1/2024

2,095,225

International

Game

Technology

plc

1,600,000

6.250%, 

1/15/2027

g

1,714,048

575,000

5.250%, 

1/15/2029

g

581,469

KAR

Auction

Services,

Inc.

2,670,000

5.125%, 

6/1/2025

g

2,669,947

KB

Home

2,130,000

6.875%, 

6/15/2027

2,513,400

2,110,000

4.800%, 

11/15/2029

2,326,275

L

Brands,

Inc.

1,280,000

6.875%, 

7/1/2025

g

1,382,400

1,795,000

6.625%, 

10/1/2030

g

1,826,412

Landry's,

Inc.

1,460,000

6.750%, 

10/15/2024

g

1,219,100

Lennar

Corporation

1,525,000

4.500%, 

4/30/2024

1,635,562

1,590,000

4.750%, 

5/30/2025

1,735,298

3,165,000

4.750%, 

11/29/2027

3,613,639

Levi

Strauss

&

Company

2,000,000

5.000%, 

5/1/2025

2,046,250

Mattamy

Group

Corporation

3,685,000

5.250%, 

12/15/2027

g

3,786,337

1,300,000

4.625%, 

3/1/2030

g

1,316,380

New

Red

Finance,

Inc.

2,410,000

5.000%, 

10/15/2025

g

2,471,118

2,300,000

4.000%, 

10/15/2030

e,g

2,317,733

PGT

Escrow

Issuer,

Inc.

3,195,000

6.750%, 

8/1/2026

g

3,402,675

Prime

Security

Services

Borrower,

LLC

4,770,000

5.750%, 

4/15/2026

g

5,100,943

3,905,000

3.375%, 

8/31/2027

g

3,753,681

1,050,000

6.250%, 

1/15/2028

g

1,063,125

Royal

Caribbean

Cruises,

Ltd.

1,025,000

9.125%, 

6/15/2023

g

1,086,500

Principal

Amount

Long-Term

Fixed

Income

(91.0%)

Value

Consumer

Cyclical

(15.7%)

-

continued

Scientific

Games

International,

Inc.

$

2,650,000

5.000%, 

10/15/2025

g

$

2,666,563

2,300,000

7.250%, 

11/15/2029

g

2,334,500

SeaWorld

Parks

and

Entertainment,

Inc.

2,050,000

9.500%, 

8/1/2025

g

2,116,584

Service

Corporation

International

1,030,000

3.375%, 

8/15/2030

1,031,288

Service

Properties

Trust

3,075,000

7.500%, 

9/15/2025

3,270,624

ServiceMaster

Company,

LLC

2,560,000

5.125%, 

11/15/2024

g

2,617,600

Six

Flags

Entertainment

Corporation

1,535,000

4.875%, 

7/31/2024

g

1,443,975

Six

Flags

Theme

Parks,

Inc.

1,000,000

7.000%, 

7/1/2025

g

1,063,750

Staples,

Inc.

1,855,000

7.500%, 

4/15/2026

g

1,709,308

Stars

Group

Holdings

BV

2,550,000

7.000%, 

7/15/2026

g,h

2,709,375

Uber

Technologies,

Inc.

1,540,000

6.250%, 

1/15/2028

g

1,580,425

Wyndham

Destinations,

Inc.

1,790,000

6.625%, 

7/31/2026

g

1,875,222

Wyndham

Hotels

&

Resorts,

Inc.

1,540,000

4.375%, 

8/15/2028

g

1,493,800

Yum!

Brands,

Inc.

2,090,000

5.250%, 

6/1/2026

g

2,171,510

720,000

4.750%, 

1/15/2030

g

775,800

Total

133,276,649

Consumer

Non-Cyclical

(14.2%)

Air

Medical

Merger

Sub

Corporation

3,190,000

6.375%, 

5/15/2023

g

3,190,000

Albertson's

Companies,

Inc.

1,540,000

7.500%, 

3/15/2026

g

1,689,442

1,930,000

4.625%, 

1/15/2027

g

1,974,757

4,410,000

5.875%, 

2/15/2028

g

4,707,675

4,400,000

3.500%, 

3/15/2029

g

4,270,750

Bausch

Health

Companies,

Inc.

3,415,000

5.000%, 

1/30/2028

g

3,316,819

2,125,000

7.250%, 

5/30/2029

g

2,287,031

625,000

5.250%, 

1/30/2030

g

615,787

Centene

Corporation

2,130,000

5.375%, 

6/1/2026

g

2,248,151

1,150,000

4.250%, 

12/15/2027

1,203,394

1,795,000

4.625%, 

12/15/2029

1,936,195

2,310,000

3.375%, 

2/15/2030

2,396,625

Cooke

Omega

Investments,

Inc.

2,555,000

8.500%, 

12/15/2022

g

2,638,037

DaVita,

Inc.

4,090,000

4.625%, 

6/1/2030

g

4,197,976

2,050,000

3.750%, 

2/15/2031

g

1,975,278

Dole

Food

Company,

Inc.

3,064,000

7.250%, 

6/15/2025

g

3,048,680

Edgewell

Personal

Care

Company

1,540,000

5.500%, 

6/1/2028

g

1,620,434

Encompass

Health

Corporation

3,415,000

4.500%, 

2/1/2028

3,432,075

Energizer

Holdings,

Inc.

3,690,000

4.750%, 

6/15/2028

g

3,818,781

HCA,

Inc.

3,705,000

5.375%, 

2/1/2025

4,056,975

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

104

Principal

Amount

Long-Term

Fixed

Income

(91.0%)

Value

Consumer

Non-Cyclical

(14.2%)

-

continued

$

2,130,000

5.875%, 

2/1/2029

$

2,481,450

Herbalife

Nutrition,

Ltd.

3,580,000

7.875%, 

9/1/2025

g

3,844,025

Illumina,

Inc.

2,565,000

9.000%, 

7/1/2028

g

2,750,963

JBS

Investments

II

GmbH

2,560,000

5.750%, 

1/15/2028

g

2,662,400

JBS

USA,

LLC

3,100,000

5.500%, 

1/15/2030

g

3,379,000

Kraft

Heinz

Foods

Company

2,880,000

3.875%, 

5/15/2027

g

3,067,776

2,610,000

3.750%, 

4/1/2030

g

2,755,190

2,560,000

4.875%, 

10/1/2049

g

2,696,216

Mattel,

Inc.

2,085,000

5.875%, 

12/15/2027

g

2,243,981

Molina

Healthcare,

Inc.

1,430,000

4.375%, 

6/15/2028

g

1,459,315

MPH

Acquisition

Holdings,

LLC

4,190,000

7.125%, 

6/1/2024

g,h

4,305,225

Ortho-Clinical

Diagnostics,

Inc.

2,620,000

7.250%, 

2/1/2028

g

2,724,800

Par

Pharmaceutical,

Inc.

2,650,000

7.500%, 

4/1/2027

g

2,776,352

Pilgrim's

Pride

Corporation

3,215,000

5.750%, 

3/15/2025

g

3,275,281

Simmons

Foods,

Inc.

1,855,000

5.750%, 

11/1/2024

g

1,856,929

Spectrum

Brands,

Inc.

3,500,000

5.750%, 

7/15/2025

3,608,500

930,000

5.000%, 

10/1/2029

g

964,875

770,000

5.500%, 

7/15/2030

g

812,350

Tenet

Healthcare

Corporation

7,930,000

4.875%, 

1/1/2026

g

8,048,950

4,240,000

5.125%, 

11/1/2027

g

4,361,264

Teva

Pharmaceutical

Finance

Netherlands

III

BV

2,945,000

3.150%, 

10/1/2026

2,598,963

VRX

Escrow

Corporation

3,225,000

6.125%, 

4/15/2025

g

3,301,594

Total

120,600,261

Energy

(9.7%)

Antero

Resources

Corporation

1,660,000

5.625%, 

6/1/2023

h

1,203,500

Apache

Corporation

390,000

4.625%, 

11/15/2025

371,719

1,535,000

4.375%, 

10/15/2028

h

1,404,525

2,300,000

5.100%, 

9/1/2040

2,067,470

Boardwalk

Pipelines,

LP

3,177,000

5.950%, 

6/1/2026

3,698,067

Buckeye

Partners,

LP

4,265,000

4.125%, 

12/1/2027

4,041,087

1,570,000

4.500%, 

3/1/2028

g

1,513,087

California

Resources

Corporation

4,790,000

8.000%, 

12/15/2022

*,c,i

59,875

Cenovus

Energy,

Inc.

1,280,000

5.375%, 

7/15/2025

1,231,678

Centennial

Resource

Production,

LLC

4,020,000

5.375%, 

1/15/2026

g

1,608,000

Cheniere

Energy

Partners,

LP

2,705,000

5.625%, 

10/1/2026

2,813,200

5,785,000

4.500%, 

10/1/2029

5,932,517

Comstock

Resources,

Inc.

1,540,000

9.750%, 

8/15/2026

1,578,808

Principal

Amount

Long-Term

Fixed

Income

(91.0%)

Value

Energy

(9.7%)

-

continued

CrownRock

Finance,

Inc.

$

1,790,000

5.625%, 

10/15/2025

g

$

1,687,075

Enagas

SA

4,285,000

5.500%, 

1/15/2028

g

3,856,500

Endeavor

Energy

Resources,

LP

1,020,000

6.625%, 

7/15/2025

g

1,048,050

1,020,000

5.750%, 

1/30/2028

g

1,025,100

EnLink

Midstream

Partners,

LP

2,805,000

5.600%, 

4/1/2044

1,802,213

EQM

Midstream

Partners

LP

1,790,000

6.000%, 

7/1/2025

g

1,845,937

EQM

Midstream

Partners,

LP

3,675,000

4.125%, 

12/1/2026

3,492,610

Harvest

Midstream,

LP

2,150,000

7.500%, 

9/1/2028

g

2,139,250

MEG

Energy

Corporation

1,280,000

6.500%, 

1/15/2025

g

1,255,578

Murphy

Oil

Corporation

1,535,000

5.875%, 

12/1/2027

1,310,951

Nabors

Industries,

Ltd.

2,300,000

7.250%, 

1/15/2026

g

1,132,750

Noble

Holding

International,

Ltd.

3,210,000

7.750%, 

1/15/2024

c,i

16,050

NuStar

Logistics,

LP

515,000

5.750%, 

10/1/2025

531,892

770,000

6.375%, 

10/1/2030

798,875

Occidental

Petroleum

Corporation

823,000

2.700%, 

8/15/2022

768,987

1,790,000

2.700%, 

2/15/2023

1,637,850

1,550,000

2.900%, 

8/15/2024

1,315,067

1,150,000

3.500%, 

6/15/2025

954,500

2,045,000

8.000%, 

7/15/2025

h

2,057,740

2,045,000

8.875%, 

7/15/2030

2,106,350

2,555,000

4.300%, 

8/15/2039

1,771,024

1,000,000

4.625%, 

6/15/2045

722,620

2,555,000

4.400%, 

4/15/2046

1,822,903

Pacific

Drilling

First

Lien

Escrow

Issuer,

Ltd.

2,115,000

8.375%, 

10/1/2023

g

338,400

Pacific

Drilling

Second

Lien

Escrow

Issuer,

Ltd.

596,442

0.000%,PIK

12.000%,

4/1/2024

g,j

5,964

Parsley

Energy,

LLC

3,200,000

5.625%, 

10/15/2027

g

3,184,000

Precision

Drilling

Corporation

1,180,000

7.750%, 

12/15/2023

896,800

Sanchez

Energy

Corporation

3,740,000

0.000%, 

2/15/2023

c,i,k

4

Southwestern

Energy

Company

2,145,000

7.500%, 

4/1/2026

h

2,096,738

Sunoco,

LP

1,565,000

4.875%, 

1/15/2023

1,572,825

1,090,000

5.500%, 

2/15/2026

1,088,638

Targa

Resources

Partners,

LP

1,060,000

5.125%, 

2/1/2025

1,057,350

1,075,000

5.000%, 

1/15/2028

1,048,125

2,560,000

4.875%, 

2/1/2031

g

2,479,168

Transocean

Pontus,

Ltd.

417,300

6.125%, 

8/1/2025

g

373,484

Transocean,

Inc.

3,037,000

11.500%, 

1/30/2027

g

1,214,800

Valaris

plc

3,745,000

4.750%, 

1/15/2024

c,i

267,224

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

105

Principal

Amount

Long-Term

Fixed

Income

(91.0%)

Value

Energy

(9.7%)

-

continued

W&T

Offshore,

Inc.

$

1,790,000

9.750%, 

11/1/2023

g

$

1,232,701

WPX

Energy,

Inc.

930,000

5.250%, 

10/15/2027

943,950

2,430,000

4.500%, 

1/15/2030

2,399,625

Total

82,823,201

Financials

(7.9%)

Ally

Financial,

Inc.

4,000,000

5.750%, 

11/20/2025

4,490,313

CIT

Group,

Inc.

1,429,000

5.000%, 

8/15/2022

1,473,656

1,251,000

5.000%, 

8/1/2023

1,297,912

Credit

Acceptance

Corporation

1,580,000

5.125%, 

12/31/2024

g

1,568,987

2,020,000

6.625%, 

3/15/2026

2,085,650

Drawbridge

Special

Opportunities

Fund,

LP

3,785,000

5.000%, 

8/1/2021

g

3,831,955

ESH

Hospitality,

Inc.

2,560,000

4.625%, 

10/1/2027

g

2,512,051

Global

Aircraft

Leasing

Company,

Ltd.

2,652,800

0.000%,PIK

7.250%,

9/15/2024

g,j

1,478,936

Icahn

Enterprises,

LP

2,650,000

4.750%, 

9/15/2024

2,683,125

2,520,000

6.250%, 

5/15/2026

2,627,100

3,155,000

5.250%, 

5/15/2027

3,286,879

MGM

Growth

Properties

Operating

Partnership,

LP

2,350,000

5.750%, 

2/1/2027

2,532,125

MPT

Operating

Partnership,

LP

890,000

5.500%, 

5/1/2024

901,125

2,100,000

5.250%, 

8/1/2026

2,163,000

1,340,000

5.000%, 

10/15/2027

1,397,218

2,650,000

4.625%, 

8/1/2029

2,757,245

Park

Aerospace

Holdings,

Ltd.

4,285,000

4.500%, 

3/15/2023

g

4,250,879

Quicken

Loans,

Inc.

4,015,000

5.750%, 

5/1/2025

g

4,133,443

Royal

Bank

of

Scotland

Group

plc

3,100,000

5.125%, 

5/28/2024

3,403,073

Service

Properties

Trust

1,025,000

4.500%, 

6/15/2023

1,005,586

Springleaf

Finance

Corporation

835,000

6.125%, 

3/15/2024

874,663

730,000

6.875%, 

3/15/2025

810,063

780,000

7.125%, 

3/15/2026

871,416

2,090,000

6.625%, 

1/15/2028

2,319,482

Synchrony

Financial

4,280,000

3.950%, 

12/1/2027

4,603,505

Trivium

Packaging

Finance

1,060,000

5.500%, 

8/15/2026

g

1,097,604

530,000

8.500%, 

8/15/2027

g

571,459

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

1,050,000

4.250%, 

12/1/2026

g

1,054,883

2,090,000

3.750%, 

2/15/2027

g

2,055,055

1,050,000

4.625%, 

12/1/2029

g

1,072,507

2,090,000

4.125%, 

8/15/2030

g

2,058,650

Total

67,269,545

Principal

Amount

Long-Term

Fixed

Income

(91.0%)

Value

Technology

(5.1%)

Black

Knight

InfoServ,

LLC

$

770,000

3.625%, 

9/1/2028

g

$

778,181

CDW,

LLC

500,000

4.125%, 

5/1/2025

514,670

CommScope

Technologies

Finance,

LLC

1,951,000

6.000%, 

6/15/2025

g

1,977,436

CommScope,

Inc.

2,615,000

5.500%, 

3/1/2024

g

2,687,096

1,530,000

7.125%, 

7/1/2028

g

1,572,075

Diamond

Finance

Corporation

4,795,000

7.125%, 

6/15/2024

g

4,988,238

Diamond

Sports

Group,

LLC

2,390,000

5.375%, 

8/15/2026

g

1,690,925

4,470,000

6.625%, 

8/15/2027

g

2,324,400

Iron

Mountain,

Inc.

3,745,000

5.250%, 

3/15/2028

g

3,899,481

640,000

5.000%, 

7/15/2028

g

655,987

1,020,000

5.250%, 

7/15/2030

g

1,063,350

NCR

Corporation

2,090,000

8.125%, 

4/15/2025

g

2,309,972

4,240,000

5.750%, 

9/1/2027

g

4,432,878

Plantronics,

Inc.

2,390,000

5.500%, 

5/31/2023

g

2,127,100

Presidio

Holdings,

Inc.

520,000

8.250%, 

2/1/2028

g

544,700

PTC,

Inc.

390,000

3.625%, 

2/15/2025

g

395,850

1,045,000

4.000%, 

2/15/2028

g

1,074,077

Qorvo,

Inc.

2,615,000

4.375%, 

10/15/2029

2,778,438

510,000

3.375%, 

4/1/2031

g

518,734

Seagate

HDD

Cayman

1,201,000

4.091%, 

6/1/2029

g

1,298,058

SS&C

Technologies,

Inc.

3,200,000

5.500%, 

9/30/2027

g

3,400,704

Switch,

Ltd.

2,690,000

3.750%, 

9/15/2028

g

2,716,900

Total

43,749,250

Transportation

(1.9%)

AerCap

Holdings

NV

2,640,000

5.875%, 

10/10/2079

b

2,024,379

Delta

Air

Lines,

Inc.

2,810,000

7.000%, 

5/1/2025

g

3,084,874

1,540,000

4.750%, 

10/20/2028

g

1,597,750

Mileage

Plus

Holdings,

LLC

1,660,000

6.500%, 

6/20/2027

g

1,728,475

Spirit

Loyalty

Cayman,

Ltd.

750,000

8.000%, 

9/20/2025

g

794,640

XPO

Logistics,

Inc.

2,670,000

6.125%, 

9/1/2023

g

2,725,202

2,130,000

6.750%, 

8/15/2024

g

2,256,096

1,800,000

6.250%, 

5/1/2025

g

1,917,000

Total

16,128,416

Utilities

(3.3%)

Calpine

Corporation

4,305,000

4.500%, 

2/15/2028

g

4,408,923

DCP

Midstream

Operating,

LP

1,315,000

8.125%, 

8/16/2030

1,486,594

GFL

Environmental,

Inc.

636,000

8.500%, 

5/1/2027

g

690,060

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

106

Principal

Amount

Long-Term

Fixed

Income

(91.0%)

Value

Utilities

(3.3%)

-

continued

NextEra

Energy

Operating

Partners,

LP

$

5,290,000

3.875%, 

10/15/2026

g

$

5,475,150

NRG

Energy,

Inc.

1,680,000

7.250%, 

5/15/2026

1,787,974

1,330,000

5.250%, 

6/15/2029

g

1,446,375

PG&E

Corporation

770,000

5.000%, 

7/1/2028

746,900

Suburban

Propane

Partners,

LP

3,195,000

5.875%, 

3/1/2027

3,270,881

Talen

Energy

Supply,

LLC

2,140,000

6.500%, 

6/1/2025

1,399,036

1,590,000

7.250%, 

5/15/2027

g

1,584,626

Terraform

Global

Operating,

LLC

2,660,000

6.125%, 

3/1/2026

g

2,706,550

TerraForm

Power

Operating,

LLC

2,940,000

5.000%, 

1/31/2028

g

3,218,344

Total

28,221,413

Total

Long-Term

Fixed

Income

(cost

$781,654,551)

774,620,523

Shares

Collateral

Held

for

Securities

Loaned

(

1.7%

)

Value

14,466,480

Thrivent

Cash

Management

Trust

14,466,480

Total

Collateral

Held

for

Securities

Loaned

(cost

$14,466,480)

14,466,480

Shares

Preferred

Stock

(

0.8%

)

Value

Financials

(0.8%)

92,627

Bank

of

America

Corporation,

5.000%

h,l

2,430,532

520

Bank

of

America

Corporation,

Convertible,

7.250%

l

773,760

60,760

J.P.

Morgan

Chase

&

Company,

4.750%

l

1,607,710

1,524

Wells

Fargo

&

Company,

Convertible,

7.500%

l

2,045,284

Total

6,857,286

Total

Preferred

Stock

(cost

$6,363,091)

6,857,286

Shares

Common

Stock

(

0.1%

)

Value

Communications

Services

(0.1%)

79,027

Windstream

Services,

LLC

Rights

k,m

749,966

Total

749,966

Energy

(<0.1%)

1,094

Vantage

Drilling

International

m

1,368

Total

1,368

Total

Common

Stock

(cost

$762,034)

751,334

Shares

or

Principal

Amount

Short-Term

Investments

(

4.7%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

3,938,935

0.310%

39,389,354

Shares

or

Principal

Amount

Short-Term

Investments

(4.7%)

Value

U.S.

Treasury

Bills

800,000

0.103%,

11/19/2020

n,o

$

799,902

100,000

0.085%,

12/3/2020

n,o

99,983

Total

Short-Term

Investments

(cost

$40,267,427)

40,289,239

Total

Investments

(cost

$876,205,702)

101.7%

$866,228,079

Other

Assets

and

Liabilities,

Net

(1.7%)

(14,678,786)

Total

Net

Assets

100.0%

$851,549,293

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

In

bankruptcy.  Interest

is

not

being

accrued.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

f

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

g

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$507,758,053

or

59.6%

of

total

net

assets.

h

All

or

a

portion

of

the

security

is

on

loan.

i

Defaulted

security.  Interest

is

not

being

accrued.

j

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

September

30,

2020.

k

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

l

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

m

Non-income

producing

security.

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

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

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

September

30,

2020

was

$97,370

or

0.0%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2020.

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

107

Security

Acquisition

Date

Cost

Abengoa

Abenewco

2

Bis

SA,

Convertible,

4/26/2024

4/26/2019

$

533,509

California

Resources

Corporation,

12/15/2022

2/21/2017

4,452,601

Midwest

Vanadium,

Pty.

Ltd.,

2/15/2018

2/9/2011

3,028,997

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

September

30,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

13,235,568

Common

Stock

406,720

Total

lending

$13,642,288

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$14,466,480

Net

amounts

due

to

counterparty

$824,192

Definitions:

PIK

-

Payment-In-Kind

Reference

Rate

Index:

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

High

Yield

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Capital

Goods

8,587,327

–

8,587,327

–

Communications

Services

3,825,710

–

3,825,710

–

Consumer

Cyclical

7,913,069

–

7,913,069

–

Consumer

Non-Cyclical

8,199,929

–

8,199,929

–

Energy

717,182

–

717,182

–

Long-Term

Fixed

Income

Basic

Materials

54,759,607

–

54,759,607

–

Capital

Goods

80,071,795

–

80,071,795

–

Communications

Services

147,720,386

–

147,720,386

–

Consumer

Cyclical

133,276,649

–

133,276,649

–

Consumer

Non-Cyclical

120,600,261

–

120,600,261

–

Energy

82,823,201

–

82,823,197

4

Financials

67,269,545

–

67,269,545

–

Technology

43,749,250

–

43,749,250

–

Transportation

16,128,416

–

16,128,416

–

Utilities

28,221,413

–

28,221,413

–

Preferred

Stock

Financials

6,857,286

6,857,286

–

–

Common

Stock

Communications

Services

749,966

–

–

749,966

Energy

1,368

1,368

–

–

Short-Term

Investments

899,885

–

899,885

–

Subtotal

Investments

in

Securities

$812,372,245

$6,858,654

$804,763,621

$749,970

Other

Investments  *

Total

Affiliated

Short-Term

Investments

39,389,354

Collateral

Held

for

Securities

Loaned

14,466,480

Subtotal

Other

Investments

$53,855,834

Total

Investments

at

Value

$866,228,079

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

108

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Credit

Default

Swaps

6,863

–

6,863

–

Total

Liability

Derivatives

$6,863

$–

$6,863

$–

The

following

table

presents

High

Yield

Portfolio's

swaps

contracts

held

as

of

September

30,

2020.

Investments

totaling

$899,885

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

35,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2025

$

10,300,000

$

–

(

$

6,863)

(

$

6,863)

Total

Credit

Default

Swaps

$–

($6,863)

($6,863)

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

High

Yield

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$28,490

$197,405

$186,460

$39,389

3,939

4.6%

Total

Affiliated

Short-Term

Investments

28,490

39,389

4.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

16,377

104,709

106,620

14,466

14,466

1.7

Total

Collateral

Held

for

Securities

Loaned

16,377

14,466

1.7

Total

Value

$44,867

$53,855

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$(68)

$22

–

$259

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$259

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

120

Total

Affiliated

Income

from

Securities

Loaned,

Net

$120

High

Yield

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

109

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Total

Value

$(68)

$22

$–

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

110

Principal

Amount

Bank

Loans

(

0.6%

)

a

Value

Basic

Materials

(<0.1%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

97,750

4.756%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

93,742

Total

93,742

Capital

Goods

(0.1%)

Advanced

Disposal

Services,

Inc.,

Term

Loan

426,389

3.000%, 

(LIBOR

1W

+

2.250%),

11/10/2023

b

425,323

GFL

Environmental,

Inc.,

Term

Loan

531,437

4.000%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

528,514

Total

953,837

Communications

Services

(0.2%)

Altice

France

SA,

Term

Loan

193,500

2.897%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

184,297

Coral-US

Co-Borrower,

LLC,

Term

Loan

420,000

2.397%, 

(LIBOR

1M

+

2.250%),

1/31/2028

b

405,729

GCI,

LLC,

Term

Loan

750,000

0.000%, 

(LIBOR

1M

+

2.750%),

9/24/2025

b,c,d,e

744,375

HCP

Acquisition,

LLC,

Term

Loan

349,029

4.000%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

346,485

Radiate

Holdco,

LLC,

Term

Loan

620,000

0.000%, 

(LIBOR

1M

+

3.500%),

9/11/2026

b,c,d

608,375

TNS,

Inc.,

Term

Loan

344,900

4.150%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

341,882

Virgin

Media

Bristol,

LLC,

Term

Loan

490,000

2.652%, 

(LIBOR

1M

+

2.500%),

1/31/2028

b

474,893

WideOpenWest

Finance,

LLC,

Term

Loan

125,464

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

123,366

Windstream

Services,

LLC,

Term

Loan

248,097

0.000%, 

(PRIME

+

5.000%),

3/30/2021

b,f

149,354

Total

3,378,756

Consumer

Cyclical

(0.1%)

Golden

Entertainment,

Inc.,

Term

Loan

593,475

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

567,510

LCPR

Loan

Financing,

LLC,

Term

Loan

465,000

5.152%, 

(LIBOR

1M

+

5.000%),

10/15/2026

b

464,033

Scientific

Games

International,

Inc.,

Term

Loan

877,500

3.471%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

823,630

Principal

Amount

Bank

Loans

(0.6%)

a

Value

Consumer

Cyclical

(0.1%)

-

continued

Stars

Group

Holdings

BV,

Term

Loan

$

101,983

3.720%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

$

101,637

Total

1,956,810

Consumer

Non-Cyclical

(0.1%)

Bausch

Health

Americas,

Inc.,

Term

Loan

308,249

3.151%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

301,764

Endo

International

plc,

Term

Loan

210,514

5.000%, 

(LIBOR

3M

+

4.250%),

4/27/2024

b

199,988

Global

Medical

Response,

Inc.,

Term

Loan

500,941

4.250%, 

(LIBOR

3M

+

3.250%),

4/28/2022

b

499,142

189,637

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

183,317

555,000

0.000%, 

(LIBOR

1M

+

4.750%),

9/24/2025

b,c,d

541,991

JBS

USA

LUX

SA,

Term

Loan

252,437

2.147%, 

(LIBOR

1M

+

2.000%),

5/1/2026

b

245,243

MPH

Acquisition

Holdings,

LLC,

Term

Loan

405,308

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

398,361

Sotera

Health

Holdings,

LLC,

Term

Loan

139,300

5.500%, 

(LIBOR

3M

+

4.500%),

12/13/2026

b

138,603

Total

2,508,409

Financials

(<0.1%)

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

164,850

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

160,019

BPR

Nimbus,

LLC,

Term

Loan

187,667

2.647%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

151,609

Tronox

Finance,

LLC,

Term

Loan

611,332

3.177%, 

(LIBOR

3M

+

3.000%),

9/22/2024

b

600,853

Vericast

Corporation,

Term

Loan

48,480

5.750%, 

(LIBOR

3M

+

4.750%),

11/3/2023

b,c,d

39,505

Total

951,986

Technology

(0.1%)

Prime

Security

Services

Borrower,

LLC,

Term

Loan

490,050

4.250%, 

(LIBOR

1M

+

3.250%),

9/23/2026

b

485,061

Rackspace

Technology

Global,

Inc.,

Term

Loan

527,591

4.000%, 

(LIBOR

3M

+

3.000%),

11/3/2023

b

516,976

Total

1,002,037

Total

Bank

Loans

(cost

$11,171,610)

10,845,577

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

111

Principal

Amount

Long-Term

Fixed

Income

(

94.7%

)

Value

Asset-Backed

Securities

(2.0%)

522

Funding

CLO,

Ltd.

$

3,200,000

4.098%, 

(LIBOR

3M

+

3.850%),

10/23/2033,

Ser.

2020-6A,

Class

D

b,d,g

$

3,200,000

Goldentree

Loan

Management,

Ltd.

2,100,000

2.308%, 

(LIBOR

3M

+

1.900%),

4/20/2031,

Ser.

2020-7A,

Class

A

b,g

2,108,184

Magnetite

XII,

Ltd.

3,200,000

1.375%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,g

3,165,120

Neuberger

Berman

CLO

XIV,

Ltd.

3,200,000

1.277%, 

(LIBOR

3M

+

1.030%),

1/28/2030,

Ser.

2013-14A,

Class

AR2

b,g

3,168,026

Octagon

Credit

Partners

46,

Ltd.

3,200,000

2.449%, 

(LIBOR

3M

+

2.200%),

7/15/2033,

Ser.

2020-2A,

Class

B

b,g

3,206,246

Octagon

Investment

Partners

31,

LLC

2,000,000

3.972%, 

(LIBOR

3M

+

3.700%),

7/20/2030,

Ser.

2017-1A,

Class

D

b,g

1,915,154

Octagon

Investment

Partners

XVI,

Ltd.

2,600,000

1.673%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,g

2,553,125

Palmer

Square

CLO,

Ltd.

3,200,000

2.295%, 

(LIBOR

3M

+

2.000%),

4/20/2029,

Ser.

2020-1A,

Class

A1

b,g

3,210,678

Palmer

Square

Loan

Funding,

Ltd.

4,700,000

2.548%, 

(LIBOR

3M

+

2.300%),

11/25/2028,

Ser.

2020-4A,

Class

B

b,d,g

4,700,000

Shackleton

CLO,

Ltd.

2,150,000

1.445%, 

(LIBOR

3M

+

1.170%),

7/15/2031,

Ser.

2015-7RA,

Class

A1

b,g

2,113,398

Sound

Point

CLO

X,

Ltd.

3,200,000

2.972%, 

(LIBOR

3M

+

2.700%),

1/20/2028,

Ser.

2015-3A,

Class

DR

b,g

3,060,154

THL

Credit

Wind

River

CLO,

Ltd.

4,325,000

3.125%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,g

4,074,526

Total

36,474,611

Basic

Materials

(2.9%)

Alcoa

Nederland

Holding

BV

240,000

5.500%, 

12/15/2027

g

250,128

Alcoa,

Inc.

640,000

5.125%, 

10/1/2024

674,400

Anglo

American

Capital

plc

3,200,000

3.625%, 

9/11/2024

g

3,440,187

2,550,000

4.750%, 

4/10/2027

g

2,928,535

Cleveland-Cliffs,

Inc.

440,000

5.750%, 

3/1/2025

h

409,200

85,000

9.875%, 

10/17/2025

g

94,881

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Basic

Materials

(2.9%)

-

continued

Freeport-McMoRan,

Inc.

$

320,000

4.125%, 

3/1/2028

$

324,000

Glencore

Funding,

LLC

3,180,000

4.125%, 

5/30/2023

g

3,409,246

2,880,000

4.000%, 

3/27/2027

g

3,143,485

3,200,000

2.500%, 

9/1/2030

g

3,110,394

Kinross

Gold

Corporation

640,000

5.950%, 

3/15/2024

729,810

3,980,000

4.500%, 

7/15/2027

4,511,954

LyondellBasell

Industries

NV

1,900,000

6.000%, 

11/15/2021

1,988,259

Methanex

Corporation

390,000

5.250%, 

12/15/2029

385,613

Mosaic

Company

3,100,000

4.875%, 

11/15/2041

3,246,268

Novelis

Corporation

640,000

5.875%, 

9/30/2026

g

657,600

OCI

NV

320,000

4.625%, 

10/15/2025

d,g

320,000

Steel

Dynamics,

Inc.

1,900,000

3.250%, 

1/15/2031

2,031,590

Syngenta

Finance

NV

3,175,000

4.441%, 

4/24/2023

g

3,353,038

3,100,000

5.182%, 

4/24/2028

g

3,412,009

Teck

Resources,

Ltd.

3,270,000

6.125%, 

10/1/2035

3,905,667

Tronox

Finance

plc

640,000

5.750%, 

10/1/2025

g

630,400

Vale

Overseas,

Ltd.

1,920,000

6.250%, 

8/10/2026

2,270,400

3,000,000

3.750%, 

7/8/2030

3,087,000

Westlake

Chemical

Corporation

3,200,000

3.600%, 

8/15/2026

3,514,316

WestRock

Company

1,270,000

3.750%, 

3/15/2025

1,419,358

Total

53,247,738

Capital

Goods

(2.8%)

Amsted

Industries,

Inc.

260,000

5.625%, 

7/1/2027

g

276,593

BAE

Systems

plc

3,050,000

3.400%, 

4/15/2030

g

3,412,953

2,600,000

1.900%, 

2/15/2031

g

2,573,228

Carrier

Global

Corporation

2,550,000

2.700%, 

2/15/2031

g

2,654,733

CNH

Industrial

Capital,

LLC

2,560,000

4.875%, 

4/1/2021

2,609,395

CNH

Industrial

NV

2,560,000

3.850%, 

11/15/2027

2,766,259

Crown

Cork

&

Seal

Company,

Inc.

640,000

7.375%, 

12/15/2026

760,883

General

Electric

Company

5,200,000

5.000%, 

1/21/2021

b,i

4,143,170

2,550,000

3.450%, 

5/1/2027

2,695,412

Huntington

Ingalls

Industries,

Inc.

1,900,000

3.844%, 

5/1/2025

g

2,087,300

John

Deere

Capital

Corporation

3,250,000

1.750%, 

3/9/2027

3,395,335

L3Harris

Technologies,

Inc.

1,280,000

4.950%, 

2/15/2021

1,286,972

Northrop

Grumman

Corporation

2,250,000

3.250%, 

1/15/2028

2,526,789

Owens-Brockway

Glass

Container,

Inc.

450,000

5.875%, 

8/15/2023

g

472,500

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

112

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Capital

Goods

(2.8%)

-

continued

Parker-Hannifin

Corporation

$

3,250,000

4.000%, 

6/14/2049

$

3,899,851

Roper

Technologies,

Inc.

2,240,000

3.800%, 

12/15/2026

2,584,543

Spirit

AeroSystems,

Inc.

3,200,000

1.050%, 

(LIBOR

3M

+

0.800%),

6/15/2021

b

3,027,074

Textron,

Inc.

1,280,000

4.300%, 

3/1/2024

1,391,816

630,000

3.875%, 

3/1/2025

690,233

2,560,000

3.650%, 

3/15/2027

2,793,241

United

Rentals

North

America,

Inc.

640,000

4.000%, 

7/15/2030

654,400

United

Technologies

Corporation

1,925,000

3.950%, 

8/16/2025

2,188,374

1,925,000

4.450%, 

11/16/2038

2,366,521

Total

51,257,575

Collateralized

Mortgage

Obligations

(<0.1%)

GMAC

Mortgage

Corporation

Loan

Trust

132,711

0.648%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,j

147,897

IndyMac

Seconds

Asset-Backed

Trust

304,653

0.488%, 

(LIBOR

1M

+

0.340%),

10/25/2036,

Ser.

2006-2B,

Class

A

b,j

210,219

Wachovia

Mortgage

Loan

Trust,

LLC

389,758

3.898%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

b

385,653

Total

743,769

Communications

Services

(8.6%)

American

Tower

Corporation

2,560,000

3.125%, 

1/15/2027

2,794,477

3,100,000

1.875%, 

10/15/2030

3,053,106

AT&T,

Inc.

5,208,000

3.650%, 

9/15/2059

g

5,029,211

5,120,000

4.250%, 

3/1/2027

5,941,835

2,643,000

4.300%, 

2/15/2030

3,129,180

3,250,000

2.750%, 

6/1/2031

3,417,352

3,190,000

4.300%, 

12/15/2042

3,594,870

4,650,000

3.100%, 

2/1/2043

4,536,345

3,200,000

4.500%, 

3/9/2048

3,653,276

British

Telecommunications

plc

3,200,000

4.500%, 

12/4/2023

3,540,801

CCO

Holdings,

LLC

380,000

5.500%, 

5/1/2026

g

396,150

640,000

4.750%, 

3/1/2030

g

677,600

260,000

4.500%, 

8/15/2030

g

273,012

Charter

Communications

Operating,

LLC

4,500,000

4.800%, 

3/1/2050

5,143,250

3,300,000

4.908%, 

7/23/2025

3,814,371

2,450,000

6.384%, 

10/23/2035

3,340,467

4,925,000

6.484%, 

10/23/2045

6,565,083

Comcast

Corporation

1,920,000

3.375%, 

8/15/2025

2,140,178

3,200,000

3.300%, 

4/1/2027

3,619,946

605,000

6.400%, 

5/15/2038

914,635

3,150,000

4.600%, 

10/15/2038

4,010,474

3,150,000

3.750%, 

4/1/2040

3,674,552

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Communications

Services

(8.6%)

-

continued

$

3,200,000

4.650%, 

7/15/2042

$

4,168,457

Cox

Communications,

Inc.

3,200,000

3.350%, 

9/15/2026

g

3,557,614

560,000

4.800%, 

2/1/2035

g

703,698

2,405,000

4.700%, 

12/15/2042

g

2,971,406

Crown

Castle

International

Corporation

4,160,000

5.250%, 

1/15/2023

4,570,860

CSC

Holdings,

LLC

500,000

4.125%, 

12/1/2030

g

509,625

Discovery

Communications,

LLC

4,500,000

4.650%, 

5/15/2050

5,131,115

1,600,000

4.900%, 

3/11/2026

1,869,101

Fox

Corporation

3,200,000

5.476%, 

1/25/2039

4,273,801

Front

Range

BidCo,

Inc.

320,000

4.000%, 

3/1/2027

g

314,952

GCI,

LLC

100,000

4.750%, 

10/15/2028

d,g

101,251

iHeartCommunications,

Inc.

180,000

4.750%, 

1/15/2028

g

169,641

Level

3

Financing,

Inc.

640,000

5.250%, 

3/15/2026

663,008

Meredith

Corporation

150,000

6.500%, 

7/1/2025

g

154,500

Nexstar

Escrow

Corporation

640,000

5.625%, 

7/15/2027

g

671,328

Nielsen

Finance,

LLC

150,000

5.625%, 

10/1/2028

g

154,125

Omnicom

Group,

Inc.

940,000

3.650%, 

11/1/2024

1,033,965

1,300,000

4.200%, 

6/1/2030

1,520,883

SFR

Group

SA

320,000

7.375%, 

5/1/2026

g

335,328

Sinclair

Television

Group,

Inc.

640,000

5.875%, 

3/15/2026

g

630,400

Sirius

XM

Radio,

Inc.

640,000

4.125%, 

7/1/2030

g

655,866

Sprint

Capital

Corporation

230,000

6.875%, 

11/15/2028

286,427

Sprint

Corporation

5,530,000

7.125%, 

6/15/2024

6,362,873

Time

Warner

Entertainment

Company,

LP

1,720,000

8.375%, 

3/15/2023

2,021,217

T-Mobile

USA,

Inc.

360,000

4.500%, 

2/1/2026

370,944

6,450,000

3.750%, 

4/15/2027

g

7,221,033

1,250,000

2.550%, 

2/15/2031

d,g

1,295,100

1,800,000

3.000%, 

2/15/2041

d,g

1,777,032

VeriSign,

Inc.

640,000

4.750%, 

7/15/2027

678,400

Verizon

Communications,

Inc.

2,600,000

4.000%, 

3/22/2050

3,193,437

2,740,000

3.500%, 

11/1/2024

3,024,583

4,400,000

1.380%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

4,494,855

3,850,000

4.272%, 

1/15/2036

4,741,874

1,920,000

5.250%, 

3/16/2037

2,654,880

Viacom,

Inc.

3,200,000

4.375%, 

3/15/2043

3,391,607

Virgin

Media

Secured

Finance

plc

960,000

5.500%, 

8/15/2026

g

1,000,800

Vodafone

Group

plc

2,150,000

5.000%, 

5/30/2038

2,675,745

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

113

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Communications

Services

(8.6%)

-

continued

VTR

Finance

BV

$

70,000

6.375%, 

N/A

g

$

73,500

Walt

Disney

Company

1,900,000

7.625%, 

11/30/2028

2,716,462

3,900,000

3.500%, 

5/13/2040

4,367,941

Windstream

Services,

LLC

160,000

8.625%, 

10/31/2025

*,f

96,000

Total

159,865,805

Consumer

Cyclical

(5.6%)

Amazon.com,

Inc.

3,200,000

1.500%, 

6/3/2030

3,267,011

American

Honda

Finance

Corporation

2,600,000

2.150%, 

9/10/2024

2,735,497

Brookfield

Property

REIT,

Inc.

270,000

5.750%, 

5/15/2026

g,h

212,779

Brookfield

Residential

Properties,

Inc.

400,000

6.250%, 

9/15/2027

g

403,370

Cedar

Fair,

LP

480,000

5.250%, 

7/15/2029

h

455,702

Choice

Hotels

International,

Inc.

3,100,000

3.700%, 

1/15/2031

h

3,262,285

Colt

Merger

Sub,

Inc.

320,000

6.250%, 

7/1/2025

g

333,600

CVS

Health

Corporation

1,950,000

4.250%, 

4/1/2050

2,286,860

1,300,000

3.625%, 

4/1/2027

1,459,915

D.R.

Horton,

Inc.

1,950,000

2.600%, 

10/15/2025

2,090,768

Daimler

Finance

North

America,

LLC

1,900,000

0.799%, 

(LIBOR

3M

+

0.550%),

5/4/2021

b,g

1,900,843

1,900,000

1.750%, 

3/10/2023

g

1,937,534

Ford

Motor

Credit

Company,

LLC

1,900,000

3.470%, 

4/5/2021

1,895,250

2,575,000

4.250%, 

9/20/2022

2,597,299

5,150,000

4.125%, 

8/17/2027

5,008,375

General

Motors

Company

1,300,000

6.125%, 

10/1/2025

1,509,849

6,425,000

6.800%, 

10/1/2027

7,808,127

1,230,000

5.000%, 

4/1/2035

1,333,972

General

Motors

Financial

Company,

Inc.

3,100,000

1.700%, 

8/18/2023

3,111,625

2,510,000

4.000%, 

1/15/2025

2,682,078

Hanesbrands,

Inc.

640,000

4.625%, 

5/15/2024

g

665,466

Harley-Davidson

Financial

Services,

Inc.

3,380,000

4.050%, 

2/4/2022

g

3,492,908

Home

Depot,

Inc.

3,250,000

2.500%, 

4/15/2027

3,530,719

3,180,000

4.250%, 

4/1/2046

4,044,596

Hyundai

Capital

America

1,225,000

1.250%, 

9/18/2023

g

1,222,174

2,800,000

2.375%, 

10/15/2027

g

2,798,386

Hyundai

Capital

Services,

Inc.

1,920,000

3.000%, 

3/6/2022

g

1,968,383

Kohl's

Corporation

2,500,000

9.500%, 

5/15/2025

2,949,575

Lennar

Corporation

2,005,000

2.950%, 

11/29/2020

2,005,000

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Consumer

Cyclical

(5.6%)

-

continued

$

1,900,000

4.125%, 

1/15/2022

$

1,942,750

1,900,000

4.500%, 

4/30/2024

2,037,750

Lowe's

Companies,

Inc.

1,900,000

5.000%, 

4/15/2040

2,488,987

Marriott

International

1,900,000

4.625%, 

6/15/2030

2,033,187

Mastercard,

Inc.

1,900,000

3.850%, 

3/26/2050

2,390,294

McDonald's

Corporation

3,175,000

4.450%, 

3/1/2047

3,934,904

Nissan

Motor

Company,

Ltd.

1,900,000

3.522%, 

9/17/2025

g

1,919,933

ServiceMaster

Company,

LLC

500,000

5.125%, 

11/15/2024

g

511,250

Six

Flags

Entertainment

Corporation

110,000

5.500%, 

4/15/2027

g,h

104,313

Six

Flags

Theme

Parks,

Inc.

70,000

7.000%, 

7/1/2025

g

74,462

ViacomCBS,

Inc.

3,200,000

4.200%, 

5/19/2032

3,652,700

Visa,

Inc.

2,600,000

1.900%, 

4/15/2027

2,758,541

Volkswagen

Group

of

America

Finance,

LLC

2,800,000

4.250%, 

11/13/2023

g

3,076,357

3,000,000

3.350%, 

5/13/2025

g

3,275,172

Walgreens

Boots

Alliance,

Inc.

5,000,000

4.100%, 

4/15/2050

5,038,382

Total

104,208,928

Consumer

Non-Cyclical

(12.9%)

Abbott

Laboratories

2,901,000

3.750%, 

11/30/2026

3,365,411

1,440,000

4.750%, 

11/30/2036

1,924,573

2,500,000

6.000%, 

4/1/2039

3,834,946

AbbVie,

Inc.

4,460,000

3.200%, 

5/14/2026

4,916,195

2,550,000

2.950%, 

11/21/2026

g

2,777,791

3,200,000

3.200%, 

11/21/2029

g

3,518,515

3,200,000

4.050%, 

11/21/2039

g

3,654,712

Altria

Group,

Inc.

3,200,000

4.450%, 

5/6/2050

3,553,226

8,250,000

5.800%, 

2/14/2039

10,525,913

Amgen,

Inc.

3,200,000

3.375%, 

2/21/2050

3,456,154

Anheuser-Busch

Companies,

LLC

3,210,000

4.700%, 

2/1/2036

3,872,291

Anheuser-Busch

InBev

Worldwide,

Inc.

3,825,000

4.000%, 

4/13/2028

4,417,584

4,500,000

3.500%, 

6/1/2030

5,116,373

2,550,000

4.600%, 

4/15/2048

3,034,363

3,200,000

4.439%, 

10/6/2048

3,728,313

BAT

Capital

Corporation

2,750,000

5.282%, 

4/2/2050

3,225,443

2,550,000

3.222%, 

8/15/2024

2,728,606

3,250,000

4.700%, 

4/2/2027

3,726,611

5,000,000

2.259%, 

3/25/2028

5,012,190

3,100,000

3.734%, 

9/25/2040

3,075,978

Bausch

Health

Companies,

Inc.

50,000

5.000%, 

1/30/2028

g

48,562

Baxalta,

Inc.

1,511,000

4.000%, 

6/23/2025

1,717,207

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

114

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Consumer

Non-Cyclical

(12.9%)

-

continued

Becton,

Dickinson

and

Company

$

3,250,000

3.363%, 

6/6/2024

$

3,515,850

3,850,000

3.700%, 

6/6/2027

4,363,212

Boston

Scientific

Corporation

2,660,000

3.375%, 

5/15/2022

2,780,897

1,950,000

3.750%, 

3/1/2026

2,221,670

1,722,000

7.375%, 

1/15/2040

2,759,714

Bunge,

Ltd.

Finance

Corporation

1,920,000

3.500%, 

11/24/2020

1,928,404

Cargill,

Inc.

3,250,000

3.250%, 

5/23/2029

g

3,672,815

Centene

Corporation

1,900,000

5.375%, 

6/1/2026

g

2,005,393

160,000

4.250%, 

12/15/2027

167,429

480,000

4.625%, 

12/15/2029

517,757

7,105,000

3.375%, 

2/15/2030

7,371,438

2,500,000

3.000%, 

10/15/2030

d

2,546,875

Cigna

Corporation

3,200,000

4.125%, 

11/15/2025

3,669,184

3,850,000

2.400%, 

3/15/2030

3,980,867

3,200,000

4.800%, 

8/15/2038

3,966,094

Conagra

Brands,

Inc.

1,000,000

4.600%, 

11/1/2025

1,160,666

Constellation

Brands,

Inc.

1,700,000

4.400%, 

11/15/2025

1,975,962

640,000

3.500%, 

5/9/2027

715,121

3,300,000

5.250%, 

11/15/2048

4,431,786

CVS

Health

Corporation

1,870,000

4.750%, 

12/1/2022

2,016,270

763,000

4.100%, 

3/25/2025

862,074

1,600,000

3.875%, 

7/20/2025

1,803,862

5,210,000

5.050%, 

3/25/2048

6,625,599

DENTSPLY

SIRONA,

Inc.

4,500,000

3.250%, 

6/1/2030

4,889,038

Encompass

Health

Corporation

350,000

4.500%, 

2/1/2028

351,750

HCA,

Inc.

640,000

5.375%, 

2/1/2025

700,800

HLF

Financing

SARL,

LLC

250,000

7.250%, 

8/15/2026

g

256,875

Imperial

Brands

Finance

plc

3,200,000

3.500%, 

7/26/2026

g

3,461,053

Imperial

Tobacco

Finance

plc

2,190,000

3.750%, 

7/21/2022

g

2,288,112

JBS

USA,

LLC

640,000

6.500%, 

4/15/2029

g

710,381

Keurig

Dr.

Pepper,

Inc.

3,250,000

3.800%, 

5/1/2050

3,730,433

Kraft

Foods

Group,

Inc.

230,000

5.000%, 

6/4/2042

251,566

Kraft

Heinz

Foods

Company

1,900,000

5.500%, 

6/1/2050

g

2,173,228

1,280,000

3.000%, 

6/1/2026

1,317,966

450,000

3.750%, 

4/1/2030

g

475,033

Kroger

Company

3,200,000

2.650%, 

10/15/2026

3,495,725

Mylan,

Inc.

2,500,000

4.550%, 

4/15/2028

2,910,758

3,200,000

5.200%, 

4/15/2048

3,959,668

Nestle

Holdings,

Inc.

3,850,000

3.900%, 

9/24/2038

g

4,823,130

Par

Pharmaceutical,

Inc.

640,000

7.500%, 

4/1/2027

g

670,515

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Consumer

Non-Cyclical

(12.9%)

-

continued

Perrigo

Finance

Unlimited

Company

$

1,900,000

3.150%, 

6/15/2030

$

1,968,990

QBE

Insurance

Group,

Ltd.

2,575,000

5.875%, 

5/12/2025

b,g,h,i

2,732,719

Reckitt

Benckiser

Treasury

Services

plc

2,880,000

2.750%, 

6/26/2024

g

3,065,849

Reynolds

American,

Inc.

1,560,000

5.850%, 

8/15/2045

1,890,838

Royalty

Pharma

plc

2,550,000

1.750%, 

9/2/2027

g

2,547,781

2,450,000

2.200%, 

9/2/2030

g

2,435,680

Shire

Acquisitions

Investments

Ireland

Designated

Activity

Company

3,200,000

2.875%, 

9/23/2023

3,396,588

Smithfield

Foods,

Inc.

7,500,000

2.650%, 

10/3/2021

g

7,546,377

1,200,000

3.000%, 

10/15/2030

g

1,212,096

Sysco

Corporation

1,600,000

5.950%, 

4/1/2030

2,019,115

1,768,000

4.850%, 

10/1/2045

1,995,317

Teleflex,

Inc.

400,000

4.250%, 

6/1/2028

g

414,000

Tenet

Healthcare

Corporation

640,000

5.125%, 

11/1/2027

g

658,304

Thermo

Fisher

Scientific,

Inc.

1,280,000

2.950%, 

9/19/2026

1,424,562

Tyson

Foods,

Inc.

1,280,000

3.550%, 

6/2/2027

1,445,382

UnitedHealth

Group,

Inc.

3,200,000

2.950%, 

10/15/2027

3,564,443

1,240,000

4.750%, 

7/15/2045

1,672,855

3,225,000

4.450%, 

12/15/2048

4,294,534

Upjohn,

Inc.

1,900,000

4.000%, 

6/22/2050

g

2,022,768

3,800,000

3.850%, 

6/22/2040

g

4,091,147

VRX

Escrow

Corporation

700,000

6.125%, 

4/15/2025

g

716,625

Zimmer

Biomet

Holdings,

Inc.

3,900,000

3.550%, 

3/20/2030

4,369,603

Total

238,241,500

Energy

(9.9%)

Antero

Resources

Corporation

105,000

5.000%, 

3/1/2025

65,625

Apache

Corporation

270,000

4.875%, 

11/15/2027

255,150

Baker

Hughes,

LLC

2,575,000

4.486%, 

5/1/2030

2,929,748

BP

Capital

Markets

America,

Inc.

3,200,000

3.000%, 

2/24/2050

3,043,333

1,590,000

3.119%, 

5/4/2026

1,756,136

2,560,000

3.017%, 

1/16/2027

2,811,503

1,950,000

3.543%, 

4/6/2027

2,184,881

BP

Capital

Markets

plc

2,490,000

3.814%, 

2/10/2024

2,736,677

Buckeye

Partners,

LP

350,000

4.125%, 

3/1/2025

g

334,250

Canadian

Natural

Resources,

Ltd.

3,200,000

2.950%, 

7/15/2030

3,219,338

Cheniere

Corpus

Christi

Holdings,

LLC

3,250,000

3.700%, 

11/15/2029

g

3,375,948

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

115

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Energy

(9.9%)

-

continued

Cheniere

Energy

Partners,

LP

$

960,000

4.500%, 

10/1/2029

$

984,480

Continental

Resources,

Inc.

3,200,000

4.500%, 

4/15/2023

3,050,912

Devon

Energy

Corporation

2,290,000

7.950%, 

4/15/2032

2,961,575

Devon

Financing

Corporation,

ULC

1,900,000

7.875%, 

9/30/2031

2,452,731

Diamondback

Energy,

Inc.

4,600,000

3.500%, 

12/1/2029

4,435,090

El

Paso

Pipeline

Partners

Operating

Company,

LLC

1,280,000

4.700%, 

11/1/2042

1,382,565

Enagas

SA

320,000

5.500%, 

1/15/2028

g

288,000

Enbridge,

Inc.

1,850,000

5.750%, 

7/15/2080

b

1,914,384

Energy

Transfer

Operating,

LP

4,150,000

3.750%, 

5/15/2030

4,016,674

3,200,000

6.000%, 

6/15/2048

3,213,040

Energy

Transfer

Partners,

LP

4,480,000

4.200%, 

4/15/2027

4,631,780

Enterprise

Products

Operating,

LLC

3,700,000

3.200%, 

2/15/2052

3,344,776

2,490,000

3.700%, 

2/15/2026

2,792,046

3,200,000

4.875%, 

8/16/2077

b

2,787,232

EOG

Resources,

Inc.

900,000

4.950%, 

4/15/2050

1,103,499

3,500,000

4.375%, 

4/15/2030

4,121,407

EQM

Midstream

Partners,

LP

320,000

5.500%, 

7/15/2028

322,256

EQT

Corporation

640,000

3.900%, 

10/1/2027

h

583,200

Equinor

ASA

3,900,000

3.000%, 

4/6/2027

4,294,780

2,575,000

3.125%, 

4/6/2030

2,888,662

Exxon

Mobil

Corporation

3,250,000

4.327%, 

3/19/2050

4,039,321

Hess

Corporation

1,280,000

3.500%, 

7/15/2024

1,309,236

Kinder

Morgan,

Inc.

1,280,000

5.000%, 

2/15/2021

g

1,296,058

3,175,000

5.200%, 

3/1/2048

3,713,130

Marathon

Oil

Corporation

3,850,000

4.400%, 

7/15/2027

3,828,075

Marathon

Petroleum

Corporation

2,560,000

4.750%, 

12/15/2023

2,805,576

3,220,000

6.500%, 

3/1/2041

3,923,317

MPLX,

LP

2,550,000

3.500%, 

12/1/2022

2,672,375

2,550,000

4.875%, 

6/1/2025

2,890,416

3,250,000

4.800%, 

2/15/2029

3,730,932

1,920,000

5.200%, 

3/1/2047

2,059,085

Murphy

Oil

Corporation

250,000

5.875%, 

12/1/2027

213,510

National

Fuel

Gas

Company

5,186,000

5.500%, 

1/15/2026

5,659,990

Newfield

Exploration

Company

2,000,000

5.625%, 

7/1/2024

1,945,246

4,756,000

5.375%, 

1/1/2026

4,471,900

Noble

Energy,

Inc.

3,240,000

3.900%, 

11/15/2024

3,544,477

2,600,000

5.050%, 

11/15/2044

3,367,485

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Energy

(9.9%)

-

continued

Occidental

Petroleum

Corporation

$

6,250,000

4.200%, 

3/15/2048

$

4,296,875

ONEOK,

Inc.

1,900,000

2.200%, 

9/15/2025

1,872,133

Petroleos

Mexicanos

5,100,000

6.500%, 

3/13/2027

4,755,750

3,200,000

6.750%, 

9/21/2047

2,464,000

Plains

All

American

Pipeline,

LP

3,200,000

4.500%, 

12/15/2026

3,413,748

3,200,000

3.550%, 

12/15/2029

3,093,984

3,200,000

3.800%, 

9/15/2030

3,100,253

1,900,000

4.300%, 

1/31/2043

1,607,218

Sabine

Pass

Liquefaction,

LLC

1,910,000

5.750%, 

5/15/2024

2,162,186

1,300,000

4.500%, 

5/15/2030

g

1,463,123

Schlumberger

Holdings

Corporation

3,250,000

3.900%, 

5/17/2028

g

3,498,714

Suncor

Energy,

Inc.

1,920,000

3.600%, 

12/1/2024

2,090,382

2,900,000

3.100%, 

5/15/2025

3,114,722

Sunoco

Logistics

Partners

Operations,

LP

3,200,000

3.450%, 

1/15/2023

3,257,821

4,500,000

4.000%, 

10/1/2027

4,594,357

Sunoco,

LP

640,000

5.500%, 

2/15/2026

639,200

Williams

Companies,

Inc.

3,200,000

7.500%, 

1/15/2031

4,207,745

Williams

Partners,

LP

1,930,000

4.500%, 

11/15/2023

2,113,149

1,600,000

3.750%, 

6/15/2027

1,754,934

3,000,000

4.850%, 

3/1/2048

3,367,365

Total

182,619,466

Financials

(26.8%)

Aegon

NV

2,600,000

0.736%, 

(USISDA

10Y

+

0.100%),

1/15/2021

b,i

1,971,840

AerCap

Ireland

Capital

DAC

2,400,000

6.500%, 

7/15/2025

2,590,461

2,500,000

4.625%, 

10/15/2027

2,424,554

AerCap

Ireland

Capital,

Ltd.

960,000

3.950%, 

2/1/2022

971,881

3,800,000

3.875%, 

1/23/2028

h

3,500,768

AIA

Group,

Ltd.

3,100,000

3.200%, 

9/16/2040

g

3,201,153

Air

Lease

Corporation

2,510,000

3.750%, 

2/1/2022

2,561,070

1,260,000

4.250%, 

9/15/2024

1,314,022

1,850,000

3.625%, 

4/1/2027

1,829,814

Ally

Financial,

Inc.

300,000

5.750%, 

11/20/2025

336,773

American

International

Group,

Inc.

2,700,000

4.200%, 

4/1/2028

3,125,790

Associated

Banc-Corporation

3,150,000

4.250%, 

1/15/2025

3,355,620

Australia

and

New

Zealand

Banking

Group,

Ltd.

3,200,000

2.950%, 

7/22/2030

b,g

3,315,936

Aviation

Capital

Group,

LLC

2,800,000

5.500%, 

12/15/2024

g

2,888,359

Avolon

Holdings

Funding,

Ltd.

1,300,000

5.250%, 

5/15/2024

g

1,305,766

1,800,000

5.500%, 

1/15/2026

g

1,806,948

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

116

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Financials

(26.8%)

-

continued

$

6,400,000

4.375%, 

5/1/2026

g

$

6,070,335

Banco

Bilbao

Vizcaya

Argentaria

SA

2,600,000

6.500%, 

3/5/2025

b,i

2,587,000

Banco

del

Estado

de

Chile

3,850,000

2.704%, 

1/9/2025

g

4,047,351

Banco

Santander

SA

3,200,000

2.746%, 

5/28/2025

3,362,656

1,800,000

4.379%, 

4/12/2028

2,041,636

2,000,000

3.490%, 

5/28/2030

2,175,529

Bank

of

America

Corporation

2,830,000

4.200%, 

8/26/2024

3,151,079

2,860,000

6.500%, 

10/23/2024

b,i

3,178,890

3,200,000

4.000%, 

1/22/2025

3,563,930

2,750,000

3.950%, 

4/21/2025

3,053,713

9,400,000

3.705%, 

4/24/2028

b

10,613,741

2,550,000

4.271%, 

7/23/2029

b

2,988,062

3,970,000

3.194%, 

7/23/2030

b

4,386,168

Bank

of

New

York

Mellon

Corporation

1,925,000

4.700%, 

9/20/2025

b,i

2,042,425

Bank

of

Nova

Scotia

4,250,000

4.900%, 

6/4/2025

b,i

4,398,750

Barclays

Bank

plc

1,910,000

10.179%, 

6/12/2021

g

2,009,432

Barclays

plc

3,200,000

7.875%, 

3/15/2022

b,i

3,292,000

2,800,000

4.338%, 

5/16/2024

b

3,005,731

650,000

8.000%, 

6/15/2024

b,i

692,250

3,100,000

6.125%, 

12/15/2025

b,i

3,142,625

1,280,000

4.836%, 

5/9/2028

1,374,854

Berkshire

Hathaway

Finance

Corporation

1,950,000

4.250%, 

1/15/2049

2,537,593

Boston

Properties,

LP

3,200,000

2.750%, 

10/1/2026

3,427,773

1,900,000

3.250%, 

1/30/2031

2,046,329

BPCE

SA

1,920,000

3.000%, 

5/22/2022

g

1,986,176

1,265,000

5.700%, 

10/22/2023

g

1,417,577

2,190,000

5.150%, 

7/21/2024

g

2,452,191

Brandywine

Operating

Partnership,

LP

3,100,000

3.950%, 

11/15/2027

3,216,070

Capital

One

Bank

USA

NA

2,000,000

3.375%, 

2/15/2023

2,113,576

Capital

One

Financial

Corporation

3,190,000

4.200%, 

10/29/2025

3,535,851

Charles

Schwab

Corporation

2,550,000

5.375%, 

6/1/2025

b,i

2,763,052

CIT

Group,

Inc.

320,000

4.125%, 

3/9/2021

320,000

960,000

5.250%, 

3/7/2025

1,015,680

Citigroup,

Inc.

2,560,000

1.676%, 

(LIBOR

3M

+

1.430%),

9/1/2023

b

2,602,624

3,200,000

4.700%, 

1/30/2025

b,i

3,092,000

3,600,000

3.352%, 

4/24/2025

b

3,894,305

4,370,000

4.400%, 

6/10/2025

4,914,373

3,305,000

5.500%, 

9/13/2025

3,908,572

1,910,000

3.700%, 

1/12/2026

2,145,424

2,490,000

4.450%, 

9/29/2027

2,884,222

3,749,000

3.520%, 

10/27/2028

b

4,165,602

Citizens

Bank

NA

1,280,000

2.650%, 

5/26/2022

1,322,641

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Financials

(26.8%)

-

continued

Citizens

Financial

Group,

Inc.

$

1,280,000

2.375%, 

7/28/2021

$

1,298,502

CNA

Financial

Corporation

1,870,000

7.250%, 

11/15/2023

2,210,674

650,000

3.950%, 

5/15/2024

720,125

3,250,000

3.450%, 

8/15/2027

3,649,574

Comerica,

Inc.

2,100,000

5.625%, 

7/1/2025

b,i

2,205,000

Commerzbank

AG

3,200,000

8.125%, 

9/19/2023

g

3,641,728

CoreStates

Capital

III

2,440,000

0.850%, 

(LIBOR

3M

+

0.570%),

2/15/2027

b,g

2,219,510

Corporate

Office

Properties,

LP

2,175,000

2.250%, 

3/15/2026

2,199,401

Credit

Acceptance

Corporation

160,000

5.125%, 

12/31/2024

g

158,885

Credit

Agricole

SA

1,280,000

3.375%, 

1/10/2022

g

1,321,919

3,800,000

3.250%, 

1/14/2030

g

4,078,852

Credit

Suisse

Group

AG

3,200,000

3.574%, 

1/9/2023

g

3,309,933

3,950,000

7.500%, 

7/17/2023

b,g,i

4,168,474

3,700,000

5.250%, 

2/11/2025

b,g,i

3,707,400

3,850,000

2.193%, 

6/5/2026

b,g

3,975,338

600,000

5.100%, 

1/24/2030

b,g,i

579,000

Danske

Bank

AS

5,600,000

5.000%, 

1/12/2023

b,g

5,869,440

1,950,000

3.244%, 

12/20/2025

b,g

2,074,990

Deutsche

Bank

AG

1,850,000

2.222%, 

9/18/2024

b

1,862,143

4,000,000

6.000%, 

10/30/2025

b,i

3,450,000

2,600,000

3.961%, 

11/26/2025

b

2,763,070

Digital

Realty

Trust,

LP

2,700,000

2.750%, 

2/1/2023

2,823,964

Discover

Bank

1,635,000

4.200%, 

8/8/2023

1,788,998

2,600,000

2.450%, 

9/12/2024

2,742,573

4,490,000

4.682%, 

8/9/2028

b

4,707,047

Fidelity

National

Financial,

Inc.

1,250,000

5.500%, 

9/1/2022

1,356,585

Fidelity

National

Information

Services,

Inc.

1,900,000

3.750%, 

5/21/2029

2,234,633

First

Horizon

National

Corporation

3,900,000

4.000%, 

5/26/2025

4,239,230

Five

Corners

Funding

Trust

5,110,000

4.419%, 

11/15/2023

g

5,677,672

GE

Capital

Funding,

LLC

3,900,000

4.050%, 

5/15/2027

g

4,200,849

1,900,000

4.400%, 

5/15/2030

g

2,042,310

GE

Capital

International

Funding

Company

3,600,000

4.418%, 

11/15/2035

3,804,629

Glitnir

HoldCo

ehf.,

Convertible

362

Zero

Coupon, 

12/31/2030

e

0

Goldman

Sachs

Group,

Inc.

2,100,000

2.876%, 

10/31/2022

b

2,150,190

1,920,000

2.908%, 

6/5/2023

b

1,988,519

2,190,000

4.000%, 

3/3/2024

2,408,374

4,450,000

3.850%, 

7/8/2024

4,888,669

3,200,000

4.950%, 

2/10/2025

b,i

3,200,960

2,490,000

4.250%, 

10/21/2025

2,828,864

HCP,

Inc.

78,000

4.250%, 

11/15/2023

85,356

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

117

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Financials

(26.8%)

-

continued

Healthpeak

Properties,

Inc.

$

1,950,000

2.875%, 

1/15/2031

$

2,064,248

HSBC

Holdings

plc

1,280,000

6.875%, 

6/1/2021

b,i

1,305,600

3,200,000

1.270%, 

(LIBOR

3M

+

1.000%),

5/18/2024

b

3,187,852

2,100,000

3.803%, 

3/11/2025

b

2,268,577

2,560,000

4.300%, 

3/8/2026

2,887,981

1,600,000

6.000%, 

5/22/2027

b,i

1,640,000

1,920,000

4.041%, 

3/13/2028

b

2,120,954

Icahn

Enterprises,

LP

640,000

6.250%, 

5/15/2026

667,200

ING

Groep

NV

4,500,000

4.100%, 

10/2/2023

4,934,292

Itau

Unibanco

Holding

SA

3,800,000

2.900%, 

1/24/2023

g

3,843,244

J.P.

Morgan

Chase

&

Company

1,270,000

6.750%, 

2/1/2024

b,i

1,374,775

3,200,000

5.000%, 

8/1/2024

b,i

3,194,484

4,000,000

3.875%, 

9/10/2024

4,424,349

3,200,000

4.600%, 

2/1/2025

b,i

3,136,000

3,800,000

3.900%, 

7/15/2025

4,297,490

3,200,000

2.950%, 

10/1/2026

3,520,615

3,200,000

2.956%, 

5/13/2031

b

3,420,511

2,600,000

3.882%, 

7/24/2038

b

3,060,671

3,150,000

5.500%, 

10/15/2040

4,506,625

Kilroy

Realty,

LP

2,550,000

4.250%, 

8/15/2029

2,887,783

Kimco

Realty

Corporation

5,100,000

3.300%, 

2/1/2025

5,524,784

Liberty

Mutual

Group,

Inc.

1,935,000

4.950%, 

5/1/2022

g

2,061,466

Lincoln

National

Corporation

4,150,000

4.000%, 

9/1/2023

4,530,232

Lloyds

Bank

plc

1,910,000

4.650%, 

3/24/2026

2,125,820

Lloyds

Banking

Group

plc

4,000,000

2.858%, 

3/17/2023

b

4,111,805

1,950,000

7.500%, 

6/27/2024

b,i

2,045,062

1,300,000

7.500%, 

9/27/2025

b,i

1,384,500

1,900,000

2.438%, 

2/5/2026

b

1,970,655

Marsh

&

McLennan

Companies,

Inc.

1,700,000

4.375%, 

3/15/2029

2,063,641

MetLife,

Inc.

2,550,000

3.850%, 

9/15/2025

b,h,i

2,540,437

MGM

Growth

Properties

Operating

Partnership,

LP

640,000

4.500%, 

9/1/2026

649,290

Mizuho

Financial

Group,

Inc.

2,560,000

3.663%, 

2/28/2027

2,857,481

3,100,000

1.979%, 

9/8/2031

b

3,067,315

Morgan

Stanley

3,205,000

4.875%, 

11/1/2022

3,464,857

3,190,000

1.664%, 

(LIBOR

3M

+

1.400%),

10/24/2023

b

3,241,255

2,000,000

2.720%, 

7/22/2025

b

2,124,520

1,870,000

4.000%, 

7/23/2025

2,110,022

1,280,000

3.125%, 

7/27/2026

1,413,026

2,510,000

4.350%, 

9/8/2026

2,901,185

4,600,000

3.622%, 

4/1/2031

b

5,252,271

1,570,000

4.300%, 

1/27/2045

1,989,478

MPT

Operating

Partnership,

LP

640,000

5.000%, 

10/15/2027

667,328

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Financials

(26.8%)

-

continued

Nationwide

Building

Society

$

2,490,000

3.900%, 

7/21/2025

g

$

2,810,145

1,920,000

4.000%, 

9/14/2026

g

2,079,031

Nationwide

Mutual

Insurance

Company

3,225,000

4.350%, 

4/30/2050

g

3,447,486

Natwest

Group

plc

5,100,000

3.032%, 

11/28/2035

b

4,898,958

Nippon

Life

Insurance

Company

2,550,000

3.400%, 

1/23/2050

b,g

2,715,750

Park

Aerospace

Holdings,

Ltd.

1,300,000

4.500%, 

3/15/2023

g

1,289,648

Peachtree

Corners

Funding

Trust

2,800,000

3.976%, 

2/15/2025

g

3,083,418

Preferred

Term

Securities

XXIII,

Ltd.

197,555

0.450%, 

(LIBOR

3M

+

0.200%),

12/22/2036

b,g

162,876

Provident

Financing

Trust

I

2,800,000

7.405%, 

3/15/2038

3,211,691

Prudential

Financial,

Inc.

3,800,000

3.700%, 

3/13/2051

4,182,238

1,200,000

5.200%, 

3/15/2044

b

1,270,930

2,750,000

3.700%, 

10/1/2050

b

2,805,825

Realty

Income

Corporation

3,830,000

3.875%, 

7/15/2024

4,227,621

Regency

Centers,

LP

2,560,000

3.600%, 

2/1/2027

2,768,967

Regions

Financial

Corporation

2,600,000

5.750%, 

6/15/2025

b,h,i

2,775,500

Reinsurance

Group

of

America,

Inc.

3,050,000

4.700%, 

9/15/2023

3,367,490

Royal

Bank

of

Scotland

Group

plc

1,920,000

8.625%, 

8/15/2021

b,i

1,968,000

2,750,000

4.269%, 

3/22/2025

b

2,988,952

3,900,000

6.000%, 

12/29/2025

b,h,i

3,968,250

1,000,000

3.754%, 

11/1/2029

b

1,035,347

Santander

Holdings

USA,

Inc.

2,400,000

3.450%, 

6/2/2025

2,561,172

Santander

UK

Group

Holdings

plc

2,500,000

4.750%, 

9/15/2025

g

2,733,862

Service

Properties

Trust

240,000

4.750%, 

10/1/2026

213,876

Spirit

Realty,

LP

3,750,000

3.400%, 

1/15/2030

3,726,007

1,850,000

3.200%, 

2/15/2031

1,804,090

Standard

Chartered

plc

2,700,000

2.744%, 

9/10/2022

b,g

2,742,698

3,250,000

1.422%, 

(LIBOR

3M

+

1.150%),

1/20/2023

b,g

3,262,008

Synchrony

Financial

1,950,000

4.250%, 

8/15/2024

2,118,628

1,950,000

3.950%, 

12/1/2027

2,097,391

Truist

Financial

Corporation

1,450,000

4.950%, 

9/1/2025

b,i

1,526,125

UBS

Group

Funding

Jersey,

Ltd.

1,600,000

2.650%, 

2/1/2022

g

1,645,772

2,490,000

4.125%, 

9/24/2025

g

2,837,545

UBS

Group

Funding

Switzerland

AG

2,560,000

4.253%, 

3/23/2028

g

2,968,709

Ventas

Realty,

LP

1,280,000

3.500%, 

2/1/2025

1,385,773

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

118

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Financials

(26.8%)

-

continued

VEREIT

Operating

Partnership,

LP

$

1,250,000

4.625%, 

11/1/2025

$

1,380,842

3,100,000

3.400%, 

1/15/2028

3,228,630

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

180,000

4.250%, 

12/1/2026

g

180,837

180,000

4.625%, 

12/1/2029

g

183,858

Wells

Fargo

&

Company

4,000,000

4.125%, 

8/15/2023

4,357,301

2,560,000

3.000%, 

4/22/2026

2,784,444

3,200,000

2.393%, 

6/2/2028

b

3,337,217

Welltower,

Inc.

2,200,000

4.000%, 

6/1/2025

2,458,864

Westpac

Banking

Corporation

2,900,000

2.894%, 

2/4/2030

b

3,004,865

Total

496,512,241

Foreign

Government

(0.3%)

Bahrain

Government

International

Bond

3,250,000

5.875%, 

1/26/2021

3,283,150

Dominican

Republic

Government

International

Bond

950,000

6.000%, 

7/19/2028

g

1,021,250

Qatar

Government

International

Bond

1,900,000

4.500%, 

4/23/2028

g

2,270,500

Total

6,574,900

Mortgage-Backed

Securities

(3.1%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

8,763,129

3.000%, 

3/25/2050

9,188,898

1,555,850

3.000%, 

4/1/2050

1,631,445

4,537,528

3.500%, 

7/1/2047

4,801,211

Federal

National

Mortgage

Association

972,117

4.500%, 

5/1/2048

1,052,807

3,547,255

3.500%, 

10/1/2048

3,748,010

2,878,483

3.500%, 

6/1/2049

3,044,870

4,199,760

3.500%, 

8/1/2049

4,447,064

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

3,000,000

1.500%, 

10/1/2035

d

3,068,672

2,550,000

2.000%, 

10/1/2035

d

2,649,609

3,125,000

2.000%, 

11/1/2035

d

3,245,833

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,800,000

2.000%, 

10/1/2050

d

2,894,500

7,350,000

2.500%, 

10/1/2050

d

7,708,887

5,000,000

2.000%, 

11/1/2050

d

5,156,395

1,975,000

2.500%, 

11/1/2050

d

2,067,173

3,337,632

4.000%, 

7/1/2048

3,559,851

Total

58,265,225

Technology

(5.4%)

Apple,

Inc.

4,450,000

3.250%, 

2/23/2026

5,002,961

1,920,000

3.750%, 

9/12/2047

2,360,639

Applied

Materials,

Inc.

1,280,000

3.300%, 

4/1/2027

1,454,325

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Technology

(5.4%)

-

continued

Broadcom

Corporation

$

7,650,000

3.875%, 

1/15/2027

$

8,482,804

3,200,000

3.500%, 

1/15/2028

3,465,344

Broadcom,

Inc.

3,850,000

4.250%, 

4/15/2026

4,338,156

3,200,000

5.000%, 

4/15/2030

3,774,370

Dell

International,

LLC/

EMC

Corporation

1,300,000

6.100%, 

7/15/2027

g

1,534,608

Diamond

1

Finance

Corporation

423,000

5.875%, 

6/15/2021

g

423,808

6,725,000

6.020%, 

6/15/2026

g

7,898,232

Diamond

Sports

Group,

LLC

230,000

5.375%, 

8/15/2026

g

162,725

320,000

6.625%, 

8/15/2027

g

166,400

Fiserv,

Inc.

3,225,000

3.200%, 

7/1/2026

3,582,264

7,000,000

2.650%, 

6/1/2030

7,527,421

Gartner,

Inc.

320,000

3.750%, 

10/1/2030

g

323,696

Hewlett

Packard

Enterprise

Company

2,250,000

2.250%, 

4/1/2023

2,322,023

2,600,000

4.650%, 

10/1/2024

2,939,577

Iron

Mountain,

Inc.

640,000

4.875%, 

9/15/2029

g

651,200

Lam

Research

Corporation

3,250,000

4.000%, 

3/15/2029

3,891,896

Marvell

Technology

Group,

Ltd.

1,600,000

4.200%, 

6/22/2023

1,727,326

1,900,000

4.875%, 

6/22/2028

2,291,731

Micron

Technology,

Inc.

3,250,000

5.327%, 

2/6/2029

3,906,460

NXP

BV/NXP

Funding,

LLC

3,250,000

4.875%, 

3/1/2024

g

3,654,143

3,250,000

5.350%, 

3/1/2026

g

3,842,255

NXP

Funding,

LLC

1,900,000

3.150%, 

5/1/2027

g

2,057,597

Oracle

Corporation

3,900,000

2.800%, 

4/1/2027

4,278,775

3,200,000

4.300%, 

7/8/2034

4,005,614

Panasonic

Corporation

2,900,000

3.113%, 

7/19/2029

g

3,233,862

Seagate

HDD

Cayman

6,200,000

4.125%, 

1/15/2031

g

6,686,448

Switch,

Ltd.

110,000

3.750%, 

9/15/2028

g

111,100

Texas

Instruments,

Inc.

3,200,000

4.150%, 

5/15/2048

4,175,258

Xerox

Holdings

Corporation

100,000

5.000%, 

8/15/2025

g

98,827

Total

100,371,845

Transportation

(1.9%)

AerCap

Holdings

NV

3,200,000

5.875%, 

10/10/2079

b

2,453,792

Aircastle,

Ltd.

3,215,000

4.400%, 

9/25/2023

3,190,760

Burlington

Northern

Santa

Fe,

LLC

2,500,000

4.700%, 

9/1/2045

3,337,808

3,200,000

4.050%, 

6/15/2048

3,972,389

CSX

Corporation

1,900,000

2.400%, 

2/15/2030

2,034,121

Delta

Air

Lines,

Inc.

1,245,712

4.250%, 

7/30/2023

1,146,046

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

119

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Transportation

(1.9%)

-

continued

$

500,000

7.000%, 

5/1/2025

g

$

548,910

1,850,000

4.750%, 

10/20/2028

g

1,919,375

ERAC

USA

Finance,

LLC

4,030,000

4.200%, 

11/1/2046

g

4,623,952

Penske

Truck

Leasing

Company,

LP

2,600,000

3.375%, 

2/1/2022

g

2,684,575

Southwest

Airlines

Company

2,725,000

5.250%, 

5/4/2025

3,000,633

3,800,000

5.125%, 

6/15/2027

4,138,946

United

Airlines

Pass

Through

Trust

1,141,781

3.750%, 

9/3/2026

1,079,107

XPO

Logistics,

Inc.

640,000

6.125%, 

9/1/2023

g

653,232

Total

34,783,646

U.S.

Government

&

Agencies

(4.4%)

U.S.

Treasury

Bonds

15,250,000

2.000%, 

2/15/2050

17,249,180

21,400,000

1.250%, 

5/15/2050

20,279,844

19,000,000

1.375%, 

8/15/2050

18,590,312

9,250,000

1.500%, 

2/15/2030

9,976,992

13,000,000

2.250%, 

8/15/2049

15,459,336

Total

81,555,664

Utilities

(8.1%)

AEP

Transmission

Company,

LLC

4,480,000

3.100%, 

12/1/2026

5,040,136

Ameren

Illinois

Company

1,950,000

4.500%, 

3/15/2049

2,586,474

American

Water

Capital

Corporation

3,200,000

3.450%, 

5/1/2050

3,579,281

Arizona

Public

Service

Company

3,200,000

3.500%, 

12/1/2049

3,551,077

Baltimore

Gas

and

Electric

Company

2,560,000

2.400%, 

8/15/2026

2,778,515

Berkshire

Hathaway

Energy

Company

2,575,000

4.450%, 

1/15/2049

3,276,075

CenterPoint

Energy

Resources

Corporation

2,800,000

1.750%, 

10/1/2030

d

2,802,796

CenterPoint

Energy,

Inc.

3,250,000

2.950%, 

3/1/2030

3,558,591

CMS

Energy

Corporation

2,560,000

3.450%, 

8/15/2027

2,866,661

Consolidated

Edison

Company

of

New

York,

Inc.

1,280,000

2.900%, 

12/1/2026

1,393,589

4,750,000

4.125%, 

5/15/2049

5,688,080

Dominion

Energy,

Inc.

2,900,000

3.071%, 

8/15/2024

3,117,887

2,250,000

4.650%, 

12/15/2024

b,i

2,280,106

Duke

Energy

Corporation

3,840,000

2.650%, 

9/1/2026

4,155,532

3,840,000

3.150%, 

8/15/2027

4,236,594

3,200,000

3.750%, 

9/1/2046

3,641,772

Edison

International

6,600,000

5.750%, 

6/15/2027

7,283,864

Exelon

Corporation

1,600,000

3.497%, 

6/1/2022

1,673,501

1,620,000

3.950%, 

6/15/2025

1,825,653

1,660,000

3.400%, 

4/15/2026

1,858,208

Principal

Amount

Long-Term

Fixed

Income

(94.7%)

Value

Utilities

(8.1%)

-

continued

Exelon

Generation

Company,

LLC

$

3,050,000

3.250%, 

6/1/2025

$

3,333,705

FirstEnergy

Corporation

4,480,000

3.900%, 

7/15/2027

4,923,228

1,300,000

4.850%, 

7/15/2047

1,562,879

FirstEnergy

Transmission,

LLC

3,150,000

5.450%, 

7/15/2044

g

4,062,693

Georgia

Power

Company

3,200,000

2.650%, 

9/15/2029

3,424,512

ITC

Holdings

Corporation

5,080,000

4.050%, 

7/1/2023

5,492,173

National

Rural

Utilities

Cooperative

Finance

Corporation

2,600,000

4.400%, 

11/1/2048

3,401,877

Nevada

Power

Company

2,800,000

6.750%, 

7/1/2037

4,238,999

NextEra

Energy

Operating

Partners,

LP

640,000

3.875%, 

10/15/2026

g

662,400

NiSource

Finance

Corporation

1,920,000

4.375%, 

5/15/2047

2,374,959

NiSource,

Inc.

3,200,000

3.600%, 

5/1/2030

3,643,905

Oncor

Electric

Delivery

Company,

LLC

2,490,000

3.750%, 

4/1/2045

2,968,547

Pacific

Gas

and

Electric

Company

1,270,000

2.950%, 

3/1/2026

h

1,294,099

1,900,000

3.300%, 

12/1/2027

1,952,787

1,900,000

3.950%, 

12/1/2047

1,753,963

PPL

Capital

Funding,

Inc.

3,190,000

3.950%, 

3/15/2024

3,502,382

3,100,000

4.125%, 

4/15/2030

3,658,369

PPL

Electric

Utilities

Corporation

3,800,000

3.000%, 

10/1/2049

4,084,245

San

Diego

Gas

and

Electric

Company

3,200,000

4.150%, 

5/15/2048

3,887,073

Sempra

Energy

2,600,000

4.875%, 

10/15/2025

b,i

2,671,500

3,200,000

3.250%, 

6/15/2027

3,514,767

Southern

California

Edison

Company

3,200,000

3.650%, 

2/1/2050

3,324,531

Southern

Company

7,630,000

3.250%, 

7/1/2026

8,510,401

3,100,000

4.000%, 

1/15/2051

b

3,108,598

TerraForm

Power

Operating,

LLC

640,000

5.000%, 

1/31/2028

g

700,592

Total

149,247,576

Total

Long-Term

Fixed

Income

(cost

$1,629,009,085)

1,753,970,489

Shares

Registered

Investment

Companies

(

2.0%

)

Value

Unaffiliated  (2.0%)

120,000

iShares

J.P.

Morgan

USD

Emerging

Markets

Bond

ETF

13,306,800

350,000

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

12,757,500

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

120

Shares

Registered

Investment

Companies

(2.0%)

Value

Unaffiliated  (2.0%)-

continued

100,000

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

$

10,427,000

Total

36,491,300

Total

Registered

Investment

Companies

(cost

$34,367,675)

36,491,300

Shares

Collateral

Held

for

Securities

Loaned

(

0.5%

)

Value

9,352,350

Thrivent

Cash

Management

Trust

9,352,350

Total

Collateral

Held

for

Securities

Loaned

(cost

$9,352,350)

9,352,350

Shares

Preferred

Stock

(

0.1%

)

Value

Financials

(0.1%)

22,500

Cobank

ACB,

6.250%

b,i

2,340,000

Total

2,340,000

Total

Preferred

Stock

(cost

$2,250,000)

2,340,000

Shares

Common

Stock

(

<0.1%

)

Value

Financials

(<0.1%)

2,247

Glitnir

HoldCo

ehf.

e,k

0

Total

0

Total

Common

Stock

(cost

$–)

0

Shares

or

Principal

Amount

Short-Term

Investments

(

4.4%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

0.060%,

10/7/2020

l,m

299,997

300,000

0.080%,

10/28/2020

l,m

299,986

300,000

0.060%,

11/10/2020

l,m

299,977

200,000

0.080%,

11/12/2020

l,m

199,984

Thrivent

Core

Short-Term

Reserve

Fund

8,014,456

0.310%

80,144,561

Total

Short-Term

Investments

(cost

$81,167,830)

81,244,505

Total

Investments

(cost

$1,767,318,550)

102.3%

$1,894,244,221

Other

Assets

and

Liabilities,

Net

(2.3%)

(42,730,510)

Total

Net

Assets

100.0%

$1,851,513,711

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

All

or

a

portion

of

the

loan

is

unfunded.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

e

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

f

In

bankruptcy.  Interest

is

not

being

accrued.

g

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$359,075,734

or

19.4%

of

total

net

assets.

h

All

or

a

portion

of

the

security

is

on

loan.

i

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

j

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

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

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

September

30,

2020

was

$96,000

or

0.0%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2020.

Security

Acquisition

Date

Cost

Windstream

Services,

LLC,

10/31/2025

1/14/2020

$

157,095

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

September

30,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

9,057,943

Total

lending

$9,057,943

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$9,352,350

Net

amounts

due

to

counterparty

$294,407

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

121

Definitions:

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.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1W

-

ICE

Libor

USD

Rate

1

Week

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

USISDA

10Y

-

ICE

Swap

USD

Rate

10

Year

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Income

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Bank

Loans

Basic

Materials

93,742

–

93,742

–

Capital

Goods

953,837

–

953,837

–

Communications

Services

3,378,756

–

2,634,381

744,375

Consumer

Cyclical

1,956,810

–

1,956,810

–

Consumer

Non-Cyclical

2,508,409

–

2,508,409

–

Financials

951,986

–

951,986

–

Technology

1,002,037

–

1,002,037

–

Long-Term

Fixed

Income

Asset-Backed

Securities

36,474,611

–

36,474,611

–

Basic

Materials

53,247,738

–

53,247,738

–

Capital

Goods

51,257,575

–

51,257,575

–

Collateralized

Mortgage

Obligations

743,769

–

743,769

–

Communications

Services

159,865,805

–

159,865,805

–

Consumer

Cyclical

104,208,928

–

104,208,928

–

Consumer

Non-Cyclical

238,241,500

–

238,241,500

–

Energy

182,619,466

–

182,619,466

–

Financials^

496,512,241

–

496,512,241

0

Foreign

Government

6,574,900

–

6,574,900

–

Mortgage-Backed

Securities

58,265,225

–

58,265,225

–

Technology

100,371,845

–

100,371,845

–

Transportation

34,783,646

–

34,783,646

–

U.S.

Government

&

Agencies

81,555,664

–

81,555,664

–

Utilities

149,247,576

–

149,247,576

–

Registered

Investment

Companies

Unaffiliated

36,491,300

36,491,300

–

–

Preferred

Stock

Financials

2,340,000

–

2,340,000

–

Common

Stock

Financials^

0

–

–

0

Short-Term

Investments

1,099,944

–

1,099,944

–

Subtotal

Investments

in

Securities

$1,804,747,310

$36,491,300

$1,767,511,635

$744,375

Other

Investments  *

Total

Affiliated

Short-Term

Investments

80,144,561

Collateral

Held

for

Securities

Loaned

9,352,350

Subtotal

Other

Investments

$89,496,911

Total

Investments

at

Value

$1,894,244,221

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

^

Level

3

security

in

this

section

is

fair

valued

at

<$1.

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Liability

Derivatives

Futures

Contracts

309,674

309,674

–

–

Total

Liability

Derivatives

$309,674

$309,674

$–

$–

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

122

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

The

following

table

presents

Income

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$1,099,944

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

U.S.

Long

Bond

206

December

2020

$

36,623,611

(

$

309,674)

Total

Futures

Long

Contracts

$

36,623,611

(

$

309,674)

Total

Futures

Contracts

$

36,623,611

($309,674)

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Income

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$153,682

$423,557

$497,079

$80,145

8,014

4.3%

Total

Affiliated

Short-Term

Investments

153,682

80,145

4.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

7,425

167,071

165,144

9,352

9,352

0.5

Total

Collateral

Held

for

Securities

Loaned

7,425

9,352

0.5

Total

Value

$161,107

$89,497

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$(92)

$77

–

$955

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$955

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

51

Total

Affiliated

Income

from

Securities

Loaned,

Net

$51

Total

Value

$(92)

$77

$–

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

123

Shares

Common

Stock

(

93.5%

)

Value

Argentina

(<0.1%)

2,014

Pampa

Energia

SA

ADR

a

$

20,805

8,316

Telecom

Argentina

SA

ADR

54,387

2,822

Transportadora

de

Gas

del

Sur

SA

ADR

a

11,739

Total

86,931

Australia

(5.1%)

54,459

AGL

Energy,

Ltd.

531,756

31,624

Ansell,

Ltd.

841,281

29,776

ARB

Corporation,

Ltd.

594,899

193,457

Aristocrat

Leisure,

Ltd.

4,219,018

43,742

ASX,

Ltd.

2,557,406

153,200

BHP

Group,

Ltd.

3,957,710

98,127

Breville

Group,

Ltd.

1,780,848

101,243

BWP

Trust

294,572

331,647

Carsales.com,

Ltd.

4,968,243

200,563

Charter

Hall

Group

1,799,648

27,013

Collins

Foods,

Ltd.

200,849

171,581

Commonwealth

Bank

of

Australia

7,895,524

22,206

Computershare,

Ltd.

196,450

101,316

CSL,

Ltd.

20,928,532

84,571

Data#

3,

Ltd.

402,011

19,137

Domino's

Pizza

Enterprises,

Ltd.

1,094,198

252,310

Genworth

Mortgage

Insurance

Australia,

Ltd.

283,349

28,770

GrainCorp,

Ltd.

a

77,913

206,269

Independence

Group

NL

621,641

10,814

Ingenia

Communities

Group

35,621

174,008

IPH,

Ltd.

901,558

82,884

JB

Hi-Fi,

Ltd.

2,818,057

160,142

Mineral

Resources,

Ltd.

2,888,391

135,406

OZ

Minerals,

Ltd.

1,381,652

113,349

Pendal

Group,

Ltd.

448,630

654,478

Perseus

Mining,

Ltd.

a

649,366

39,497

Premier

Investments,

Ltd.

587,139

84,805

Pro

Medicus,

Ltd.

1,654,092

107,434

Ramelius

Resources,

Ltd.

162,260

21,177

REA

Group,

Ltd.

1,686,300

601,629

Regis

Resources,

Ltd.

2,187,064

180,752

Reliance

Worldwide

Corporation,

Ltd.

499,701

70,595

Rio

Tinto,

Ltd.

4,821,740

106,415

Sandfire

Resources,

Ltd.

314,485

54,971

SEEK,

Ltd.

848,008

54,539

Smartgroup

Corporation,

Ltd.

225,141

45,596

Super

Retail

Group,

Ltd.

346,768

270,653

Technology

One,

Ltd.

1,550,533

224,368

Transurban

Group

2,291,000

831,604

Vita

Group,

Ltd.

612,060

264,269

Westgold

Resources,

Ltd.

a

454,605

85,566

Woodside

Petroleum,

Ltd.

1,086,010

Total

81,696,029

Austria

(0.2%)

40,753

BAWAG

Group

AG

a,b

1,473,417

40,863

OMV

AG

a

1,118,062

10,313

Osterreichische

Post

AG

347,028

Total

2,938,507

Belgium

(0.6%)

278

Aedifica

SA

33,953

81,534

bpost

SA

713,963

39,996

Euronav

SA

354,147

4,546

Gimv

NV

254,913

18,678

Groupe

Bruxelles

Lambert

SA

1,683,867

14,402

KBC

Ancora

a

453,150

Shares

Common

Stock

(93.5%)

Value

Belgium

(0.6%)

-

continued

11,572

Mobistar

SA

$

186,620

5,480

NV

Bekaert

SA

114,164

18,627

SA

D'Ieteren

NV

1,158,152

1,468

Tessenderlo

Group

a

55,081

23,000

UCB

SA

2,612,210

69,691

Warehouses

De

Pauw

SCA

2,536,149

Total

10,156,369

Bermuda

(0.1%)

52,000

Alibaba

Health

Information

Technology,

Ltd.

a

127,871

68,500

Johnson

Electric

Holdings,

Ltd.

149,274

98,000

K

Wah

International

Holdings,

Ltd.

47,373

331,000

Kerry

Logistics

Network

Limited

599,757

74,000

Road

King

Infrastructure,

Ltd.

88,431

322,400

Shanghai

Industrial

Urban

Development

Group,

Ltd.

31,003

978,000

Yuexiu

Transport

Infrastructure,

Ltd.

570,251

Total

1,613,960

Brazil

(0.6%)

53,700

Ambev

SA

120,292

83,900

Atacadao

SA

304,322

4,600

B2W

-

Companhia

Digital

a

74,071

67,800

B3

SA

-

Brasil

Bolsa

Balcao

665,456

97,300

Banco

ABC

Brasil

SA

204,098

108,616

Banco

Bradesco

SA

ADR

372,553

2,600

Banco

BTG

Pactual

SA

33,510

40,200

Banco

do

Brasil

SA

212,600

33,579

Banco

Santander

Brasil

SA

ADR

165,880

23,900

BB

Seguridade

Participacoes

SA

103,671

18,500

BRF

SA

a

60,548

13,600

Camil

Alimentos

SA

30,077

28,100

CCR

SA

63,747

6,900

Cia

Brasileira

de

Distribuicao

85,723

43,054

Companhia

Siderurgica

Nacional

SA

ADR

126,579

11,800

Cosan

Logistica

SA

a

37,170

16,500

Cosan

SA

201,112

112,600

EDP

-

Energias

do

Brasil

SA

351,079

14,000

Enauta

Participacoes

SA

24,082

59,715

Gerdau

SA

ADR

220,945

2,900

Hapvida

Participacoes

e

Investimentos

SA

b

32,249

6,300

Hypera

SA

33,329

21,000

Iochpe-Maxion

SA

51,192

136,588

Itau

Unibanco

Holding

SA

ADR

543,620

315,600

Itausa

SA

496,787

48,000

JBS

SA

176,841

27,800

Klabin

SA

117,815

13,900

Localiza

Rent

a

Car

SA

140,587

10,100

Lojas

Americanas

SA

50,807

4,000

M.

Dias

Branco

SA

24,331

15,500

Magazine

Luiza

SA

247,160

93,500

Metalurgica

Gerdau

SA

156,336

15,800

Natura

&

Company

Holding

SA

143,823

10,900

Notre

Dame

Intermedica

Participacoes

SA

126,489

31,000

Petrobras

Distribuidora

SA

112,222

211,178

Petroleo

Brasileiro

SA

740,791

36,520

Petroleo

Brasileiro

SA

ADR

260,022

98,000

Raia

Drogasil

SA

411,133

96,900

Rumo

SA

a

329,217

21,700

Suzano

SA

a

175,311

32,869

Telefonica

Brasil

SA

ADR

252,105

7,265

Tim

Participacoes

SA

ADR

83,765

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

124

Shares

Common

Stock

(93.5%)

Value

Brazil

(0.6%)

-

continued

16,800

Tupy

SA

a

$

52,531

44,175

Vale

SA

ADR

467,372

32,000

WEG

SA

372,599

Total

9,055,949

Canada

(6.3%)

45,251

Alaris

Equity

Partners

Income

Trust

371,782

87,341

Allied

Properties

REIT

2,351,527

13,805

Bank

of

Montreal

807,015

106,206

Barrick

Gold

Corporation

2,983,068

81,318

Canadian

National

Railway

Company

8,660,362

32,324

Canadian

Natural

Resources,

Ltd.

518,038

170,748

CGI,

Inc.

a

11,589,654

401,506

CI

Financial

Corporation

5,092,889

123,607

Dollarama,

Inc.

4,738,013

56,926

Gibson

Energy,

Inc.

922,581

133,400

Granite

REIT

7,742,219

12,501

Intact

Financial

Corporation

1,338,585

111,300

Laurentian

Bank

of

Canada

c

2,286,099

216,972

Manulife

Financial

Corporation

3,017,777

50,721

National

Bank

of

Canada

2,519,385

277,109

Northland

Power,

Inc.

8,382,675

69,853

Onex

Corporation

3,116,119

90,402

Peyto

Exploration

&

Development

Corporation

c

169,052

168,006

Quebecor,

Inc.

4,202,831

21,275

Restaurant

Brands

International,

Inc.

1,223,525

89,901

Royal

Bank

of

Canada

6,312,076

1,278

Shopify

Inc.

a

1,307,356

58,951

Sun

Life

Financial,

Inc.

2,402,224

10,688

Suncor

Energy,

Inc.

130,515

21,578

TC

Energy

Corporation

905,869

47,738

TFI

International,

Inc.

1,996,209

30,783

TMX

Group,

Ltd.

3,165,802

278,426

Toronto-Dominion

Bank

12,890,964

Total

101,144,211

Cayman

Islands

(2.1%)

145,500

3SBio,

Inc.

a,b

164,856

14,518

Baidu.com,

Inc.

ADR

a

1,837,833

53,000

Bizlink

Holding,

Inc.

416,350

28,000

China

Kepei

Education

Group,

Ltd.

21,790

36,000

China

Meidong

Auto

Holdings,

Ltd.

138,693

35,000

China

Mengniu

Dairy

Company,

Ltd.

165,086

401,334

China

Resources

Land,

Ltd.

1,830,414

92,000

China

Resources

Medical

Holdings

Company,

Ltd.

60,294

162,000

Chinasoft

International,

Ltd.

118,284

290,000

Consun

Pharmaceutical

Group,

Ltd.

125,448

29,500

ENN

Energy

Holdings,

Ltd.

323,711

247,000

Fu

Shou

Yuan

International

Group,

Ltd.

241,259

125,000

Goodbaby

International

Holdings,

Ltd.

a

15,786

687,000

IGG,

Inc.

789,144

211,500

Kingboard

Holdings,

Ltd.

699,725

92,000

Li

Ning

Company,

Ltd.

432,888

205,500

Longfor

Group

Holdings,

Ltd.

b

1,164,400

149,000

Lonking

Holdings,

Ltd.

39,716

80,600

Meituan

Dianping

a

2,539,005

36,000

NetDragon

Websoft

Holdings,

Ltd.

78,866

5,244

NetEase,

Inc.

ADR

2,384,290

Shares

Common

Stock

(93.5%)

Value

Cayman

Islands

(2.1%)

-

continued

8,286

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

a

$

1,238,757

147,000

Shimao

Property

Holdings,

Ltd.

613,276

2,396,500

Shui

On

Land,

Ltd.

304,618

801,000

SITC

International

Holdings

Company,

Ltd.

1,109,755

6,928

TAL

Education

Group

ADR

a

526,805

195,824

Tencent

Holdings,

Ltd.

13,226,617

224,000

Tingyi

(Cayman

Islands)

Holding

Corporation

396,636

105,000

VPower

Group

International

Holdings,

Ltd.

b

38,611

18,500

Wuxi

Biologics

(Cayman),

Inc.

a,b

453,399

143,500

Xiabuxiabu

Catering

Management

Holdings

Company,

Ltd.

b

176,903

276,800

Xiaomi

Corporation

a,b

749,305

183,500

Zhongsheng

Group

Holdings,

Ltd.

1,154,309

Total

33,576,829

Chile

(0.1%)

7,339

Banco

de

Chile

ADR

110,966

2,953

Banco

de

Credito

e

Inversiones

SA

93,342

19,385

Banco

Santander

Chile

SA

ADR

268,676

16,808

CAP

SA

a

141,625

16,106

Cia

Cervecerias

Unidas

SA

ADR

208,895

491,095

Colbun

SA

79,382

61,391

Embotelladora

Andina

SA

135,675

60,208

Empresas

CMPC

SA

126,541

3,831

Empresas

Copec

SA

28,726

9,114

Enel

Americas

SA

ADR

58,876

12,622

Enel

Chile

SA

ADR

43,420

97,478

SMU

SA

14,492

3,948

Sociedad

Quimica

y

Minera

de

Chile

SA

ADR

127,994

Total

1,438,610

China

(2.9%)

63,493

Alibaba

Group

Holding,

Ltd.

ADR

a

18,665,672

23,800

Anhui

Conch

Cement

Company,

Ltd.,

Class

A

194,221

160,500

Anhui

Conch

Cement

Company,

Ltd.,

Class

H

1,111,669

1,800,000

Bank

of

China,

Ltd.

559,837

1,382,000

Bank

of

Communications

Company,

Ltd.

666,086

68,000

Beijing

North

Star

Company,

Ltd.

12,814

92,200

Beijing

SL

Pharmaceutical

Company,

Ltd.

158,305

58,400

By-health

Company,

Ltd

180,843

950,000

China

Cinda

Asset

Management

Company,

Ltd.

179,026

522,000

China

Coal

Energy

Company,

Ltd.

127,881

2,178,000

China

Construction

Bank

Corporation

1,415,205

19,000

China

Merchants

Bank

Company,

Ltd.

90,163

464,000

China

National

Building

Material

Company,

Ltd.

591,343

694,000

China

Oilfield

Services,

Ltd.

485,727

12,277

China

Petroleum

&

Chemical

Corporation

ADR

496,727

43,572

China

Resources

Sanjiu

Medical

and

Pharmaceutical

Company,

Ltd.

164,101

3,126,000

China

Telecom

Corporation,

Ltd.

939,200

205,100

China

Vanke

Company,

Ltd.

630,450

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

125

Shares

Common

Stock

(93.5%)

Value

China

(2.9%)

-

continued

305,200

China

Yangtze

Power

Company,

Ltd.

$

859,707

706,000

CNOOC,

Ltd.

679,086

375,000

GF

Securities

Company,

Ltd.

477,137

309,000

Great

Wall

Motor

Company,

Ltd.

394,166

32,900

Guangdong

Haid

Group

Company,

Limited

297,047

71,500

Henan

Shuanghui

Investment

&

Development

Company,

Ltd.

557,549

92,382

Hualan

Biological

Engineering,

Inc.

775,355

232,200

Huaxia

Bank

Company,

Ltd.

209,459

2,884,000

Industrial

and

Commercial

Bank

of

China,

Ltd.

1,502,263

283,549

Inner

Mongolia

Eerduosi

Resources

Company,

Ltd.

355,873

34,245

JD.com,

Inc.

ADR

a

2,657,754

158,000

Jiangxi

Copper

Company,

Ltd.

177,666

6,392

Kweichow

Moutai

Company,

Ltd.

1,572,088

15,540

Laobaixing

Pharmacy

Chain

Joint

Stock

Company

189,675

40,600

Livzon

Pharmaceutical

Group,

Inc.

294,418

665,000

Metallurgical

Corporation

of

China,

Ltd.

259,870

18,333

Midea

Group

Company,

Ltd.

196,490

138,778

Ping

An

Insurance

Company

of

China,

Ltd.

1,440,633

1,056,000

Postal

Savings

Bank

of

China

Company,

Ltd.

b

444,854

42,477

S.

F.

Holding

Company,

Ltd.

509,611

80,000

Shandong

Sun

Paper

Industry

Joint

Stock

Company,

Ltd.

166,305

144,000

Shandong

Weigao

Group

Medical

Polymer

Company,

Ltd.

288,118

8,500

Shanghai

Haohai

Biological

Technology

Company,

Ltd.

b

56,641

124,600

Shanghai

Pharmaceuticals

Holding

Company,

Ltd.

208,986

51,200

Shenzhou

International

Group

Holdings,

Ltd.

871,879

455,600

Sinopharm

Group

Company,

Ltd.

962,775

391,000

Tong

Ren

Tang

Technologies

Company,

Ltd.

248,673

82,000

Tsingtao

Brewery

Company,

Ltd.

670,999

55,340

Winning

Health

Technology

Group

Company,

Ltd.

158,747

21,700

Wuliangye

Yibin

Company,

Ltd.

707,469

8,671

WuXi

AppTec

Company,

Ltd.

129,905

628,600

Xiamen

C&D,

Inc.

793,457

13,860

Zhejiang

Dingli

Machinery

Company,

Ltd.

202,477

828,000

Zijin

Mining

Group

Company,

Ltd.

529,297

276,200

Zoomlion

Heavy

Industry

Science

and

Technology

Company,

Ltd.

a

330,214

Total

46,845,913

Colombia

(<0.1%)

3,034

Bancolombia

SA

ADR

77,519

1,172

Ecopetrol

SA

ADR

11,532

10,026

Interconexion

Electrica

SA

53,392

Total

142,443

Czech

Republic

(<0.1%)

16,199

CEZ

AS

306,301

9,508

Komercni

Banka

AS

a

200,340

27,852

Moneta

Money

Bank

AS

b

63,957

Shares

Common

Stock

(93.5%)

Value

Czech

Republic

(<0.1%)

-

continued

113

Philip

Morris

CR

$

66,941

Total

637,539

Denmark

(2.6%)

1,865

A.P.

Moller

-

Maersk

AS,

Class

B

2,948,344

1,338

Aktieselskabet

Schouw

&

Company

129,488

8,114

ChemoMetec

AS

576,106

21,815

Christian

Hansen

Holding

AS

2,421,596

26,854

Coloplast

AS

4,256,065

36,261

DSV

AS

5,881,650

243,152

Novo

Nordisk

AS

16,846,686

79,823

Novozymes

AS

5,017,066

9,428

Per

Aarsleff

Holding

AS

395,499

2,654

Ringkjoebing

Landbobank

AS

201,456

34,410

Scandinavian

Tobacco

Group

AS

b

509,618

5,877

SimCorp

AS

770,970

26,664

Topdanmark

AS

1,290,669

Total

41,245,213

Egypt

(<0.1%)

102,055

Commercial

International

Bank

Egypt

SAE

GDR

437,445

394,775

EFG

Hermes

Holding

Company

a

343,921

Total

781,366

Finland

(0.5%)

150,102

Kesko

Oyj

3,867,399

27,164

Raisio

Oyj

97,935

20,898

Rovio

Entertainment

Oyj

b

149,747

17,846

Stora

Enso

Oyj

279,328

18,602

Tokmanni

Group

Corporation

328,459

17,826

UPM-Kymmene

Oyj

542,572

40,615

Uponor

Oyj

709,648

104,005

Valmet

Oyj

2,565,521

Total

8,540,609

France

(5.4%)

63,692

Air

Liquide

SA

10,095,859

9,615

Albioma

SA

499,973

1,371

Alten

SA

a

129,881

3,143

BNP

Paribas

SA

a

113,697

215,739

CGG

SA

a

143,886

14,431

Cie

Generale

des

Etablissements

Michelin

1,549,142

75,316

CNP

Assurances

a

944,561

120,381

Coface

SA

a

842,036

46,021

Credit

Agricole

SA

a

401,531

75,847

Derichebourg

224,062

84,632

Elior

Participations

SCA

b

392,940

18,867

Elis

SA

a

238,176

3,132

Gaztransport

Et

Technigaz

SA

298,678

7,825

Hermes

International

6,739,343

6,088

Ipsos

SA

152,202

8,370

Jacquet

Metal

Service

81,452

14,355

Kaufman

&

Broad

SA

570,200

207,342

Legrand

SA

16,574,524

17,210

L'Oreal

SA

5,600,667

25,033

LVMH

Moet

Hennessy

Louis

Vuitton

SE

11,713,026

31,183

Metropole

Television

SA

a

372,295

16,518

Nexans

SA

a

954,296

21,738

Quadient

SAS

294,384

24,280

Renault

SA

a

629,848

227,638

Rexel

SA

a

2,854,149

51,108

Sanofi

5,121,656

83,379

Schneider

Electric

SE

10,363,979

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

126

Shares

Common

Stock

(93.5%)

Value

France

(5.4%)

-

continued

1,560

Sopra

Group

SA

a

$

247,306

202,755

Total

SE

6,963,165

1,086

Trigano

167,704

4,663

Vallourec

SA

a,c

92,442

616

Vicat

SA

20,620

24,196

Vinci

SA

2,021,747

Total

87,409,427

Germany

(4.7%)

5,293

Adidas

AG

a

1,709,343

11,353

ADVA

Optical

Networking

SE

a

80,389

58,515

Allianz

SE

11,230,838

102,156

Alstria

Office

REIT

AG

1,420,514

799

Amadeus

Fire

AG

a

99,121

30,393

Aurubis

AG

2,067,653

30,528

Bayer

AG

1,883,397

7,513

Bechtle

AG

1,520,215

26,785

Daimler

AG

1,444,928

80,861

Deutsche

Boerse

AG

14,176,659

248,985

Deutsche

Pfandbriefbank

AG

a,b

1,650,760

17,582

Deutsche

Post

AG

797,798

324,567

Deutsche

Telekom

AG

5,404,086

42,155

Dialog

Semiconductor

plc

a

1,837,325

23,458

Eckert

&

Ziegler

Strahlen-

und

Medizintechnik

AG

1,200,252

884

ELMOS

Semiconductor

AG

21,536

25,079

Gerresheimer

AG

2,806,616

30,152

Hamburger

Hafen

und

Logistik

AG

526,271

5,322

Hornbach

Baumarkt

AG

282,664

1,512

Hornbach

Holding

AG

&

Company

KGaA

176,566

28,584

Jungheinrich

AG

984,085

3,823

Muenchener

Rueckversicherungs-

Gesellschaft

AG

971,879

2,012

New

Work

SE

614,515

33,473

SAP

SE

5,212,385

11,287

Siltronic

AG

1,011,225

45,047

Software

AG

2,222,483

1,225

STO

SE

&

Company

162,872

54,451

Symrise

AG

7,520,953

165,365

TAG

Immobilien

AG

4,986,422

51,049

Takkt

AG

a

636,833

2,741

Wacker

Chemie

AG

266,004

3,302

zooplus

AG

a

614,012

Total

75,540,599

Greece

(0.1%)

1,925

Athens

Water

Supply

and

Sewerage

Company

SA

15,054

26,794

Hellenic

Telecommunications

Organization

SA

385,896

1,249

Jumbo

SA

21,868

10,948

Motor

Oil

(Hellas)

Diilistiria

Korinthou

AE

128,944

49,310

Mytilineos

SA

528,307

5,456

OPAP

SA

51,739

445

Piraeus

Port

Authority

SA

8,715

1,460

Sarantis

SA

14,618

3,413

Terna

Energy

SA

45,618

Total

1,200,759

Hong

Kong

(1.1%)

540,671

AIA

Group,

Ltd.

5,374,322

1,187,000

CITIC

Telecom

International

Holdings,

Ltd.

379,706

1,323,000

CITIC,

Ltd.

980,972

Shares

Common

Stock

(93.5%)

Value

Hong

Kong

(1.1%)

-

continued

53,500

CK

Hutchison

Holdings,

Ltd.

$

324,197

158,400

CSPC

Pharmaceutical

Group,

Ltd.

309,204

212,000

Far

East

Horizon,

Ltd.

173,005

405,000

Galaxy

Entertainment

Group,

Ltd.

2,738,083

294,778

Hang

Lung

Group,

Ltd.

673,589

40,500

Hong

Kong

Exchanges

&

Clearing,

Ltd.

1,906,476

130,000

Luk

Fook

Holdings

International,

Ltd.

315,186

1,675,200

Man

Wah

Holdings,

Ltd.

2,243,681

30,000

Melco

International

Development,

Ltd.

52,864

257,000

Shanghai

Industrial

Holdings,

Ltd.

343,836

289,000

Sun

Hung

Kai

&

Company,

Ltd.

113,153

540,000

United

Laboratories

International

Holdings

558,487

2,588,000

Yuexiu

Property

Company,

Ltd.

508,047

Total

16,994,808

Hungary

(<0.1%)

5,256

Magyar

Telekom

Telecommunications

plc

6,145

1,780

OTP

Bank

Nyrt

a

53,576

12,474

Richter

Gedeon

Nyrt

263,304

Total

323,025

India

(1.2%)

8,245

Alembic

Pharmaceuticals,

Ltd.

105,055

80,518

Amara

Raja

Batteries,

Ltd.

835,240

1,907

APL

Apollo

Tubes,

Ltd.

a

75,538

10,607

Asian

Paints,

Ltd.

285,801

28,083

Bajaj

Auto,

Ltd.

1,097,819

48,870

Cipla,

Ltd.

513,568

5,478

Divi's

Laboratories,

Ltd.

226,793

2,928

Dr.

Lal

PathLabs,

Ltd.

b

74,781

2,135

Dr.

Reddy's

Laboratories,

Ltd.

ADR

148,511

1,430

Endurance

Technologies,

Ltd.

b

22,355

49,754

Glenmark

Pharmaceuticals,

Ltd.

326,167

46,110

Granules

India,

Ltd.

240,576

16,246

Greaves

Cotton,

Ltd.

a

16,615

191,299

HCL

Technologies,

Ltd.

2,109,092

58,728

Heidelberg

Cement

India,

Ltd.

148,663

27,440

Hero

Motocorp,

Ltd.

1,171,233

15,335

Hindustan

Unilever,

Ltd.

430,955

9,368

Housing

Development

Finance

Corporation

222,047

153,620

Infosys,

Ltd.

ADR

2,121,492

23,546

InterGlobe

Aviation,

Ltd.

a,b

397,310

104,427

Jindal

Saw,

Ltd.

89,395

19,777

Mindtree,

Ltd.

359,416

9,410

Multi

Commodity

Exchange

of

India,

Ltd.

220,629

283,350

Oil

and

Natural

Gas

Corporation,

Ltd.

266,627

10,935

Persistent

Systems,

Ltd.

199,032

31,254

PNB

Housing

Finance,

Ltd.

a,b

143,984

9,806

Polycab

India,

Ltd.

109,351

82,246

Reliance

Industries,

Ltd.

2,494,350

24,378

Syngene

International,

Ltd.

a,b

183,380

41,166

Tata

Consultancy

Services,

Ltd.

1,392,746

57,677

Tata

Elxsi,

Ltd.

1,009,564

118,156

Tech

Mahindra,

Ltd.

1,271,658

221,236

Wipro,

Ltd.

ADR

1,039,809

Total

19,349,552

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

127

Shares

Common

Stock

(93.5%)

Value

Indonesia

(0.1%)

1,514,956

Astra

International

Tbk

PT

$

456,140

1,139,200

Industri

Jamu

Dan

Farmasi

Sido

Muncul

Tbk

PT

57,133

2,063,100

Mitra

Adiperkasa

Tbk

PT

a

79,341

22,584

Telekomunikasi

Indonesia

Persero

Tbk

PT

ADR

392,284

Total

984,898

Ireland

(0.1%)

86,724

C

&

C

Group

plc

219,307

112,817

Glanbia

plc

1,164,873

373,233

Greencore

Group

plc

472,314

Total

1,856,494

Isle

of

Man

(<0.1%)

29,600

GVC

Holdings

plc

a

370,719

Total

370,719

Israel

(0.7%)

52,569

First

International

Bank

of

Israel,

Ltd.

1,091,111

2,668,080

Israel

Discount

Bank,

Ltd.

7,197,675

842

Paz

Oil

Company,

Ltd.

66,064

147,770

Plus500,

Ltd.

2,987,074

Total

11,341,924

Italy

(1.7%)

19,281

Amplifon

SPA

a

689,500

288,488

Anima

Holding

SPA

b

1,131,101

15,420

ASTM

SPA

322,616

155,858

Azimut

Holding

SPA

2,814,333

32,676

Banca

Popolare

Di

Sondrio

SCRL

a

68,484

27,147

Biesse

SPA

a

461,729

129,453

Buzzi

Unicem

SPA

3,007,672

6,457

De'Longhi

SPA

a

220,781

368,131

Enel

SPA

3,193,891

130,781

Eni

SPA

1,022,200

67,501

Interpump

Group

SPA

2,503,248

145,125

Intesa

Sanpaolo

SPA

a

273,043

73,918

Italgas

SPA

466,192

13,206

La

Doria

SPA

172,811

879,903

Piaggio

&

C.

SPA

2,377,323

139,440

Recordati

SPA

7,142,859

11,997

Reply

SPA

1,382,730

3,528

Sesa

SPA

a

353,945

17,487

Tinexta

SPA

a

340,311

Total

27,944,769

Japan

(21.0%)

38,500

ABC-MART,

Inc.

2,004,550

189

Activia

Properties,

Inc.

719,795

22,900

Adeka

Corporation

329,785

12,700

Aica

Kogyo

Company,

Ltd.

452,733

43,400

Aichi

Corporation

363,702

29,400

Air

Water,

Inc.

397,626

1,400

Alpen

Company,

Ltd.

26,485

70,100

Alps

Electric

Company,

Ltd.

944,921

17,400

AOKI

Holdings,

Inc.

87,505

35,600

Arcland

Sakamoto

Company,

Ltd.

730,807

4,100

Arcland

Service

Holdings

Company,

Ltd.

82,511

18,300

Arcs

Company,

Ltd.

469,819

5,000

Argo

Graphics,

Inc.

171,768

2,300

AS

ONE

Corporation

329,515

6,000

Asahi

Group

Holdings,

Ltd.

209,116

5,400

Asahi

Intecc

Company,

Ltd.

169,715

Shares

Common

Stock

(93.5%)

Value

Japan

(21.0%)

-

continued

26,100

ASKUL

Corporation

$

1,066,164

130,000

Astellas

Pharmaceutical,

Inc.

1,937,858

23,600

Autobacs

Seven

Company,

Ltd.

307,392

5,900

Avex,

Inc.

55,058

6,700

Azbil

Corporation

251,049

6,200

BayCurrent

Consulting,

Inc.

864,813

4,900

Belc

Company,

Ltd.

362,015

51,000

Bridgestone

Corporation

1,612,067

43,900

Bunka

Shutter

Company,

Ltd.

347,418

7,100

Calbee,

Inc.

233,860

26,200

Canon

Electronics,

Inc.

367,184

4,900

Canon

Marketing

Japan,

Inc.

98,351

3,200

Capcom

Company,

Ltd.

178,587

9,600

Cawachi,

Ltd.

266,641

21,800

Central

Glass

Company,

Ltd.

453,390

2,700

Change,

Inc.

a

216,397

79,000

Chiyoda

Company,

Ltd.

735,968

8,000

Chiyoda

Integre

Company,

Ltd.

124,200

54,600

Chugai

Pharmaceutical

Company,

Ltd.

2,450,201

6,000

Chugoku

Marine

Paints,

Ltd.

56,852

254,226

Citizen

Watch

Company,

Ltd.

a

713,175

9,500

CKD

Corporation

155,991

10,200

Cocokara

Fine,

Inc.

660,128

80,200

Computer

Engineering

&

Consulting,

Ltd.

1,244,307

8,500

CONEXIO

Corporation

95,406

7,900

Cosel

Company,

Ltd.

81,216

18,000

Create

Restaurants

Holdings,

Inc.

a

103,437

6,400

Create

SD

Holdings

Company,

Ltd.

224,547

6,500

Daiichi

Jitsugyo

Company,

Ltd.

229,939

121,200

Daiichi

Sankyo

Company,

Ltd.

3,720,569

28,100

Daiichikosho

Company,

Ltd.

902,500

18,000

Daikin

Industries,

Ltd.

3,325,938

15,900

Daito

Trust

Construction

Company,

Ltd.

1,409,453

55

Daiwa

Office

Investment

Corporation

314,744

1,800

Daiwabo

Holdings

Company,

Ltd.

116,431

200,600

DCM

Holdings

Company,

Ltd.

2,763,876

180,300

Dena

Company,

Ltd.

3,318,206

77,300

Denso

Corporation

3,388,194

30,200

Dexerials

Corporation

318,122

22,900

DIC

Corporation

572,497

16,000

DIP

Corporation

329,603

500

DISCO

Corporation

122,252

12,800

Doshisha

Company,

Ltd.

257,635

39,300

Doutor

Nichires

Holdings

Company,

Ltd.

597,124

27,300

DOWA

Holdings

Company,

Ltd.

801,311

150,422

DTS

Corporation

3,201,181

10,000

Earth

Chemical

Company,

Ltd.

744,828

18,100

Ebara

Corporation

490,801

78,200

EDION

Corporation

819,279

29,900

Eiken

Chemical

Company,

Ltd.

602,309

17,100

Eisai

Company,

Ltd.

1,561,783

4,000

Electric

Power

Development

Company,

Ltd.

61,697

518,300

Eneos

Holdings,

Inc.

1,849,226

34,200

EPS

Holdings,

Inc.

339,130

141,400

Exedy

Corporation

1,841,874

63,500

F@N

Communications,

Inc.

292,013

700

FANUC

Corporation

134,341

4,100

Fast

Retailing

Company,

Ltd.

2,576,528

1,000

FP

Corporation

42,120

88,000

Fuji

Soft,

Inc.

4,537,789

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

128

Shares

Common

Stock

(93.5%)

Value

Japan

(21.0%)

-

continued

4,500

Fujibo

Holdings,

Inc.

$

156,954

17,600

Fujimi

Incorporated

613,680

384

Fukuoka

REIT

Corporation

498,671

4,800

Fuyo

General

Lease

Company,

Ltd.

297,563

60,100

Glory,

Ltd.

1,347,542

94

GLP

J-Reit

144,674

17,100

GMO

Internet,

Inc.

447,993

32,500

Goldcrest

Company,

Ltd.

426,176

209,500

Gree,

Inc.

1,018,375

97,991

GS

Yuasa

Corporation

1,693,342

25,800

Gurunavi,

Inc.

177,141

40,000

H.U.

Group

Holdings,

Inc.

1,070,156

21,600

Hakuhodo

Dy

Holdings,

Inc.

279,317

900

Hamakyorex

Company,

Ltd.

27,359

385

Hankyu

REIT,

Inc.

448,310

116,600

Hanwa

Company,

Ltd.

2,334,033

1,093

Heiwa

Real

Estate

REIT,

Inc.

1,207,614

47,400

Hitachi,

Ltd.

1,604,938

31,100

Hogy

Medical

Company,

Ltd.

1,065,326

192,000

Hokuetsu

Corporation

659,496

11,200

Hokuto

Corporation

238,809

79

Hoshino

Resorts

REIT,

Inc.

398,375

6,400

Hosiden

Corporation

57,868

27,100

Hoya

Corporation

3,060,033

15,200

IBIDEN

Company,

Ltd.

517,972

1,301

Ichigo

Real

Estate

Investment

Corporation

945,773

35,700

INES

Corporation

553,681

3,600

Information

Services

International-

Dentsu,

Ltd.

226,716

338

Invesco

Office

J-Reit,

Inc.

46,824

747

Invincible

Investment

Corporation

223,130

44,800

ITOCHU

Techno-Solutions

Corporation

1,699,508

35,500

Izumi

Company,

Ltd.

1,294,471

1,000

JAC

Recruitment

Company,

Ltd.

12,541

16,600

Japan

Aviation

Electronics

Industry,

Ltd.

229,845

1,166

Japan

Hotel

REIT

Investment

Corporation

576,126

25,700

Japan

Investment

Adviser

Company,

Ltd.

304,195

48,400

Japan

Lifeline

Company,

Ltd.

642,205

199

Japan

Logistics

Fund,

Inc.

570,597

66,600

Japan

Material

Company,

Ltd.

933,794

228,200

Japan

Post

Bank

Company,

Ltd.

1,779,917

179,900

Japan

Post

Holdings

Company,

Ltd.

1,226,748

14

Japan

Prime

Realty

Investment

Corporation

43,437

100,500

Japan

Tobacco,

Inc.

1,833,501

3,700

Justsystems

Corporation

262,073

344,900

JVCKENWOOD

Corporation

480,837

8,800

Kaga

Electronics

Company,

Ltd.

187,786

25,700

Kaken

Pharmaceutical

Company,

Ltd.

1,177,712

83,700

Kamigumi

Company,

Ltd.

1,649,339

575,211

Kandenko

Company,

Ltd.

4,698,502

6,300

Kaneka

Corporation

176,494

9,800

Kanematsu

Electronics,

Ltd.

398,055

34,929

Kao

Corporation

2,622,147

86,100

KDDI

Corporation

2,165,549

610

Kenedix

Retail

REIT

Corporation

1,231,114

20,100

Kewpie

Corporation

413,413

14,300

Keyence

Corporation

6,684,954

76,800

Kinden

Corporation

1,356,385

Shares

Common

Stock

(93.5%)

Value

Japan

(21.0%)

-

continued

17,400

Kintetsu

World

Express,

Inc.

$

370,881

8,200

Kissei

Pharmaceutical

Company,

Ltd.

185,424

2,300

KLab,

Inc.

a

20,667

4,900

Kobayashi

Pharmaceutical

Company,

Ltd.

473,467

13,600

Koei

Tecmo

Holdings

Company,

Ltd.

656,124

66,700

Kohnan

Shoji

Company,

Ltd.

2,598,335

75,400

Kokuyo

Company,

Ltd.

950,427

14,600

KOMEDA

Holdings

Company,

Ltd.

272,552

24,800

KOMERI

Company,

Ltd.

783,832

54,300

Konoike

Transport

Company,

Ltd.

597,627

2,600

Koshidaka

Holdings

Company,

Ltd.

10,647

195,300

K's

Holdings

Corporation

2,643,968

4,900

Kurabo

Industries,

Ltd.

89,790

16,600

Kureha

Corporation

720,310

18,200

Kyokuto

Kaihatsu

Kogyo

Company,

Ltd.

242,333

25,900

KYORIN

Holdings,

Inc.

525,021

1,900

Lasertec

Corporation

156,178

54,100

Lintec

Corporation

1,259,743

9,900

Little

Earth

Corporation

Company,Ltd.

120,806

31,300

M3,

Inc.

1,936,101

47,800

Macnica

Fuji

Electronics

Holdings,

Inc.

876,337

315,700

Marubeni

Corporation

1,792,357

32,100

Matsui

Securities

Company,

Ltd.

288,804

1,000

Max

Company,

Ltd.

15,053

22,300

Maxell

Holdings,

Ltd.

a

230,618

59,900

MCJ

Company,

Ltd.

548,004

31,900

MegaChips

Corporation

872,670

23,400

Meiko

Network

Japan

Company,

Ltd.

163,962

16,200

MEITEC

Corporation

826,194

1,184

MIRAI

Corporation

448,456

39,800

MIRAIT

Holdings

Corporation

611,036

367,800

Mitsubishi

Corporation

8,803,428

107,100

Mitsubishi

Electric

Corporation

1,453,262

4,500

Mitsubishi

Estate

Company,

Ltd.

68,164

7,500

Mitsubishi

Pencil

Company,

Ltd.

97,906

6,600

Mitsubishi

Research

Institute,

Inc.

278,149

11,700

Mitsubishi

Shokuhin

Company,

Ltd.

308,194

863,000

Mitsubishi

UFJ

Financial

Group,

Inc.

3,444,128

24,400

Mitsubishi

UFJ

Lease

&

Finance

Company,

Ltd.

113,371

393,000

Mitsui

&

Company,

Ltd.

6,752,848

30,400

Mitsui

Fudosan

Company,

Ltd.

529,011

9,100

Mitsui

Sugar

Company,

Ltd.

168,663

48,500

Mixi,

Inc.

1,307,673

45,000

Mizuho

Financial

Group,

Inc.

561,675

404

Mori

Trust

Sogo

REIT,

Inc.

511,002

71,100

MS

and

AD

Insurance

Group

Holdings,

Inc.

1,915,663

41,700

Murata

Manufacturing

Company,

Ltd.

2,711,633

22,700

Nagase

&

Company,

Ltd.

317,953

155,900

NEC

Networks

&

System

Integration

Corporation

2,996,773

7,900

NEXT

Co.,Ltd.

33,460

33,700

Nichi-Iko

Pharmaceutical

Company,

Ltd.

383,080

23,600

Nichirei

Corporation

624,116

32,400

Nidec

Corporation

3,038,405

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

129

Shares

Common

Stock

(93.5%)

Value

Japan

(21.0%)

-

continued

20,000

Nihon

Chouzai

Company,

Ltd.

$

323,738

95,700

Nihon

Unisys,

Ltd.

3,019,356

59,200

Nikkon

Holdings

Company,

Ltd.

1,283,379

8,400

Nintendo

Company,

Ltd.

4,760,207

39

Nippon

Building

Fund,

Inc.

220,739

50,900

Nippon

Electric

Glass

Company,

Ltd.

951,208

29,100

Nippon

Flour

Mills

Company,

Ltd.

479,146

29,600

Nippon

Kayaku

Company,

Ltd.

260,879

265,294

Nippon

Light

Metal

Holdings

Company,

Ltd.

4,207,625

20,500

Nippon

Parking

Development

Company,

Ltd.

25,536

255

Nippon

REIT

Investment

Corporation

867,006

54,100

Nippon

Steel

Trading

Corporation

1,545,491

49,600

Nippon

Telegraph

&

Telephone

Corporation

1,012,667

28,700

Nipro

Corporation

335,089

9,300

Nishimatsu

Construction

Company,

Ltd.

184,731

1,000

Nishio

Rent

All

Company,

Ltd.

21,384

140,205

Nissan

Motor

Company,

Ltd.

a

495,849

16,500

Nissha

Company,

Ltd.

205,956

34,800

Nisshin

Oillio

Group,

Ltd.

1,051,069

1,700

Nitta

Corporation

37,616

5,100

Nitto

Kogyo

Corporation

101,343

21,500

Noevir

Holdings

Company,

Ltd.

1,006,298

15,600

Nojima

Corporation

421,002

304

Nomura

Real

Estate

Master

Fund,

Inc.

380,842

4,600

Noritake

Company,

Ltd.

144,885

37,100

NS

Solutions

Corporation

1,143,162

153,200

NSD

Company,

Ltd.

3,009,080

112,900

NTT

DOCOMO,

Inc.

4,148,637

5,400

OBIC

Company,

Ltd.

949,658

12,777

Okinawa

Electric

Power

Company,

Inc.

200,169

15,500

Okuwa

Company,

Ltd.

221,513

79,700

Olympus

Corporation

1,657,421

62

One

REIT,

Inc.

147,162

310,700

Onward

Holdings

Company,

Ltd.

804,916

26,300

Open

House

Company,

Ltd.

952,836

21,400

Oracle

Corporation

Japan

2,310,705

14,100

Oriental

Land

Company,

Ltd.

1,977,458

128,100

ORIX

Corporation

1,600,004

50,200

Otsuka

Corporation

2,565,288

11,200

Paramount

Bed

Holdings

Company,

Ltd.

462,922

14,800

Pasona

Group,

Inc.

225,857

901

Premier

Investment

Corporation

1,048,831

24,100

Prima

Meat

Packers,

Ltd.

743,079

31,400

Rakus

Company,

Ltd.

563,330

92,884

Recruit

Holdings

Company,

Ltd.

3,688,921

6,800

Restar

Holdings

Corporation

140,553

7,200

Ricoh

Leasing

Company,

Ltd.

194,832

46,200

Rinnai

Corporation

4,506,406

219,000

Riso

Kyoiku

Corporation,

Ltd.

601,409

27,300

ROHTO

Pharmaceutical

Company,

Ltd.

897,643

3,000

Ryosan

Company,

Ltd.

60,146

8,000

Ryoyo

Electro

Corporation

222,226

19,500

Saint

Marc

Holdings

Company,

Ltd.

286,355

21,400

Samty

Corporation,

Ltd.

322,722

6,000

SanBio

Company,

Ltd.

a

117,184

19,900

Sangetsu

Company,

Ltd.

306,787

Shares

Common

Stock

(93.5%)

Value

Japan

(21.0%)

-

continued

25,700

Sanki

Engineering

Company,

Ltd.

$

281,711

10,000

Sankyo

Company,

Ltd.

261,855

35,200

Sankyu

Inc.

1,390,077

9,900

Sanwa

Holdings

Corporation

104,973

56,700

Sanyo

Special

Steel

Company,

Ltd.

a

541,824

26,600

Sato

Holdings

Corporation

568,021

74,900

Sawai

Pharmaceutical

Company,

Ltd.

3,779,166

16,900

SBS

Holdings,

Inc.

353,093

43,100

Seiko

Holdings

Corporation

583,111

107,900

Seino

Holdings

Company,

Ltd.

1,565,461

193,100

Senko

Group

Holdings

Company,

Ltd.

1,800,383

34,000

Seven

&

I

Holdings

Company,

Ltd.

1,056,384

43,000

Shimachu

Company,

Ltd.

1,454,556

700

Shindengen

Electric

Manufacturing

Company,

Ltd.

13,383

25,700

Shin-Etsu

Chemical

Company,

Ltd.

3,362,956

41,200

Shinko

Electric

Industries

Company,

Ltd.

721,948

2,100

Shionogi

&

Company,

Ltd.

112,401

17,300

Ship

Healthcare

Holdings,

Inc.

847,135

27,409

Shiseido

Company,

Ltd.

1,586,706

16,800

SHO-BOND

Holdings

Company,

Ltd.

838,335

186,100

SKY

Perfect

JSAT

Holdings,

Inc.

813,328

4,000

SMC

Corporation

2,231,347

285,800

SoftBank

Corporation

3,193,627

85,200

SoftBank

Group

Corporation

5,271,715

794,000

Sojitz

Corporation

c

1,801,921

92,400

Sony

Corporation

7,081,724

593

Star

Asia

Investment

Corporation

REIT

247,298

700

Starts

Corporation,

Inc.

15,368

6,900

Strike

Company,

Ltd.

405,480

26,800

Sugi

Holdings

Company,

Ltd.

1,894,863

70,000

Sumitomo

Chemical

Company,

Ltd.

231,698

166,000

Sumitomo

Corporation

2,001,046

399,100

Sumitomo

Electric

Industries,

Ltd.

4,492,798

80,800

Sumitomo

Mitsui

Financial

Group,

Inc.

2,259,233

1,200

Sumitomo

Osaka

Cement

Company,

Ltd.

38,804

218,300

Sumitomo

Rubber

Industries,

Ltd.

2,027,820

49,200

Sumitomo

Warehouse

Company,

Ltd.

623,830

71,802

Sundrug

Company,

Ltd.

2,706,572

23,500

Taiho

Kogyo

Company,

Ltd.

126,080

10,300

Taiko

Pharmaceutical

Company,

Ltd.

221,072

4,000

Taisei

Corporation

135,388

154,000

Takara

Leben

Company,

Ltd.

456,337

59,300

Takasago

Thermal

Engineering

Company,

Ltd.

851,686

179,800

Takeda

Pharmaceutical

Company,

Ltd.

6,426,580

18,500

TANSEISHA

Company,

Ltd.

125,107

46,300

Terumo

Corporation

1,843,421

11,300

T-GAIA

Corporation

212,663

69,300

TIS,

Inc.

1,471,930

1,600

Toa

Corporation

25,702

7,500

Toho

Company,

Ltd.

309,215

8,600

Toho

Holdings

Company,

Ltd.

185,454

44,400

Tokio

Marine

Holdings,

Inc.

1,942,703

12,600

Tokyo

Electron,

Ltd.

3,291,809

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

130

Shares

Common

Stock

(93.5%)

Value

Japan

(21.0%)

-

continued

15,900

Tokyo

Ohka

Kogyo

Company,

Ltd.

$

823,276

2,900

Tokyo

Seimitsu

Company,

Ltd.

92,372

139

Tokyu

REIT,

Inc.

194,437

19,000

Topre

Corporation

205,140

293,400

Toray

Industries,

Inc.

1,342,307

18,900

Tosei

Corporation

175,941

8,600

Toshiba

Machine

Company,

Ltd.

178,484

17,300

Tosho

Company,

Ltd.

213,002

38,800

Towa

Pharmaceutical

Company,

Ltd.

778,682

1,400

Toyo

Ink

SC

Holdings

Company,

Ltd.

26,813

101,400

Toyo

Seikan

Group

Holdings,

Ltd.

1,003,096

29,800

Toyo

Tanso

Company,

Ltd.

502,848

83,200

Toyota

Motor

Corporation

5,521,985

29,600

Transcosmos,

Inc.

808,168

1,000

Trusco

Nakayama

Corporation

25,318

63,000

Tsubakimoto

Chain

Company

1,482,083

30,600

Tsukui

Corporation

171,856

4,400

Tsumura

&

Company

137,122

258,100

TV

Asahi

Holdings

Corporation

4,098,757

8,900

UACJ

Corporation

146,879

94,700

Ube

Industries,

Ltd.

1,599,223

3,300

ULVAC,

Inc.

120,253

153

United

Urban

Investment

Corporation

170,252

6,100

UNITED,

Inc.

85,297

35,400

Universal

Entertainment

Corporation

a

647,033

68,500

USS

Company,

Ltd.

1,225,697

30,000

Valor

Company,

Ltd.

830,281

39,200

Wakita

&

Company,

Ltd.

393,287

5,700

World

Holdings

Company,

Ltd.

113,515

900

YAOKO

Company,

Ltd.

66,841

33,900

Yellow

Hat,

Ltd.

566,764

23,800

Zenkoku

Hosho

Company,

Ltd.

940,560

16,100

Zenrin

Company,

Ltd.

173,404

23,400

ZIGExN

Company,

Ltd.

76,973

400

Zuken,

Inc.

10,830

Total

339,038,812

Jersey

(0.4%)

574,530

boohoo

group

plc

a

2,773,672

62,760

Experian

plc

2,358,179

1,178,317

Man

Group

plc

1,746,738

10,583

Polymetal

International

plc

231,481

15,278

Sanne

Group

PLC

129,394

Total

7,239,464

Luxembourg

(0.4%)

29,275

APERAM

823,719

685,394

B&M

European

Value

Retail

SA

4,369,543

7,457

Reinet

Investments

SCA

129,329

8,665

Subsea

7

SA

a

62,279

192,885

Tenaris

SA

ADR

1,899,917

Total

7,284,787

Malaysia

(0.1%)

11,800

AEON

Credit

Service

(M)

Berhad

29,545

154,227

Berjaya

Sports

Toto

Berhad

76,234

46,500

Bursa

Malaysia

Berhad

95,058

45,700

Hartalega

Holdings

Berhad

178,993

153,800

PETRONAS

Chemicals

Group

Berhad

208,387

52,100

PETRONAS

Gas

Berhad

206,592

87,400

Public

Bank

Berhad

330,561

Shares

Common

Stock

(93.5%)

Value

Malaysia

(0.1%)

-

continued

550,600

Serba

Dinamik

Holdings

Berhad

$

218,386

20,500

TIME

dotCom

Berhad

59,244

256,300

V.S.

Industry

Berhad

140,878

104,700

Yinson

Holdings

Berhad

141,262

Total

1,685,140

Mexico

(0.2%)

19,397

America

Movil

SAB

de

CV

ADR

242,269

27,800

Arca

Continental

SAB

de

CV

119,830

35,300

Becle,

SAB

de

CV

71,777

2,414

Coca-Cola

FEMSA

SAB

de

CV

ADR

98,298

93,200

Corporacion

Inmobiliaria

Vesta,

SAB

de

CV

140,022

4,881

Fomento

Economico

Mexicano

SAB

de

CV

ADR

274,263

7,755

Gruma,

SAB

de

CV

85,822

4,390

Grupo

Aeroportuario

del

Sureste,

SAB

de

CV

a

50,945

44,100

Grupo

Bimbo

SAB

de

CV

82,051

122,433

Grupo

Financiero

Banorte

SAB

de

CV

ADR

a

422,977

40,600

Grupo

Financiero

Inbursa,

SAB

de

CV

a

31,380

99,500

Grupo

Mexico,

SAB

de

CV

253,255

9,215

Industrias

Penoles,

SAB

de

CV

148,547

26,800

Kimberly-Clark

de

Mexico

SAB

de

CV

42,349

13,700

Megacable

Holdings

SAB

de

CV

39,672

455,700

Wal-Mart

de

Mexico,

SAB

de

CV

1,090,432

Total

3,193,889

Netherlands

(4.7%)

167,624

Aalberts

NV

6,027,729

123,197

ABN

AMRO

Group

NV

b

1,029,874

53,540

ASM

International

NV

7,674,623

41,618

ASML

Holding

NV

15,372,657

80,364

BE

Semiconductor

Industries

NV

3,445,373

4,764

Corbion

NV

219,077

40,065

Euronext

NV

b

5,018,818

7,007

Ferrari

NV

1,285,925

31,772

Flow

Traders

b

1,269,686

6,974

IMCD

NV

829,456

56,191

ING

Groep

NV

a

401,030

60,192

Koninklijke

DSM

NV

9,909,564

197,403

Koninklijke

Philips

NV

a

9,321,253

32,168

NN

Group

NV

1,205,784

3,836

NSI

NV

134,917

717,521

PostNL

NV

a

2,178,358

28,515

SBM

Offshore

NV

454,864

125,692

Signify

NV

a,b

4,649,003

17,373

TKH

Group

NV

633,834

76,089

Unilever

NV

4,620,711

Total

75,682,536

New

Zealand

(<0.1%)

260,851

Z

Energy,

Ltd.

475,418

Total

475,418

Norway

(1.5%)

19,857

Atea

ASA

244,659

80,944

Austevoll

Seafood

ASA

674,179

6,005

Borregaard

ASA

92,268

596,890

DnB

ASA

a

8,315,048

392,638

Elkem

ASA

b

837,196

289,813

Entra

ASA

b,c

4,072,728

92,253

Equinor

ASA

1,307,010

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

131

Shares

Common

Stock

(93.5%)

Value

Norway

(1.5%)

-

continued

271,773

Europris

ASA

b

$

1,393,292

4,277

Fjordkraft

Holding

ASA

b

41,528

166,995

Leroy

Seafood

Group

ASA

958,945

117,932

Orkla

ASA

1,190,226

36,889

SalMar

ASA

a

2,090,625

13,950

Scatec

Solar

ASA

b

322,172

34,530

SpareBank

1

SMN

312,137

36,701

Veidekke

ASA

a

472,448

39,375

Yara

International

ASA

1,515,141

Total

23,839,602

Panama

(<0.1%)

36,985

Avianca

Holdings

SA

ADR

a,d

16,643

Total

16,643

Peru

(<0.1%)

35,686

Cia

de

Minas

Buenaventura

SA

ADR

436,083

Total

436,083

Philippines

(<0.1%)

4,860

Globe

Telecom,

Inc.

208,461

62,060

Jollibee

Foods

Corporation

186,049

31,760

Manila

Electric

Company

178,059

216,000

Puregold

Price

Club,

Inc.

218,907

Total

791,476

Poland

(0.2%)

48,358

Asseco

Poland

SA

869,400

781

Bank

Handlowy

w

Warszawie

SA

a

7,416

6,227

Bank

Pekao

SA

a

81,114

3,281

CD

Projekt

SA

a

355,260

19,069

Cyfrowy

Polsat

SA

a

133,461

1,229

Dino

Polska

SA

a,b

72,297

22,471

Jastrzebska

Spolka

Weglowa

SA

a

149,773

9,204

KGHM

Polska

Miedz

SA

a

281,660

14

LPP

SA

a

23,792

23,273

Polski

Koncern

Naftowy

Orlen

SA

276,207

32,814

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

a

180,097

4,914

Santander

Bank

Polska

SA

a

181,197

214

TEN

Square

Games

SA

31,838

Total

2,643,512

Portugal

(<0.1%)

75,870

CTT-Correios

de

Portugal

SA

a

224,244

Total

224,244

Russian

Federation

(0.5%)

56,180

Aeroflot

PJSC

a

53,392

803,300

Credit

Bank

of

Moscow

PJSC

a

60,609

80,584

Gazprom

PJSC

ADR

350,697

1,668,000

Inter

Rao

UES

PJSC

120,221

10,407

Lukoil

ADR

601,326

35,630

M.Video

PJSC

311,212

12,788

Magnit

OJSC

GDR

190,630

9,400

Mechel

PJSC

ADR

a

14,194

1,401

MMC

Norilsk

Nickel

PJSC

ADR

33,796

27,732

Mobile

TeleSystems

PJSC

ADR

242,101

136,020

Moscow

Exchange

MICEX-RTS

PJSC

256,003

3,214

Novatek

PJSC

GDR

439,947

2,480

Novolipetsk

Steel

OJSC

GDR

54,909

338

PAO

Transneft

a

641,837

5,701

PhosAgro

OAO

GDR

68,530

113,760

PJSC

Rostelecom

143,952

Shares

Common

Stock

(93.5%)

Value

Russian

Federation

(0.5%)

-

continued

677

Polyus

PJSC

GDR

$

71,324

138,119

Rosneft

Oil

Company

PJSC

GDR

678,470

691,190

Sberbank

of

Russia

PJSC

a

2,021,943

25,150

Severstal

PJSC

320,531

1,308,500

Surgutneftegas

PJSC

660,980

95,516

Surgutneftegas

PJSC

ADR

420,591

801,000

Unipro

PJSC

28,596

Total

7,785,791

Saudi

Arabia

(0.2%)

6,126

Advanced

Petrochemical

Company

96,706

7,143

Al

Rajhi

Bank

125,198

12,056

Arab

National

Bank

65,433

8,008

Arabian

Cement

Company

69,386

14,709

Arriyadh

Development

Company

65,645

8,704

Banque

Saudi

Fransi

75,231

6,051

Dur

Hospitality

Company

50,221

11,462

Eastern

Province

Cement

Company

107,673

6,125

Jarir

Marketing

Company

306,639

3,628

Leejam

Sports

Company

JSC

69,157

41,665

National

Commercial

Bank

413,881

34,196

National

Industrialization

Company

a

121,289

6,747

National

Medical

Care

Company

99,487

3,034

Qassim

Cement

Company

60,107

49,760

Riyad

Bank

247,991

23,669

Sahara

International

Petrochemical

Company

104,426

4,585

Saudi

Arabian

Mining

Company

a

51,268

45,025

Saudi

Arabian

Oil

Company

b

431,201

30,184

Saudi

British

Bank

203,849

24,013

Saudi

Industrial

Investment

Group

Company

149,233

20,922

Seera

Holding

Group

a

106,576

4,327

Southern

Province

Cement

Company

79,596

7,089

United

Electronics

Company

131,826

10,239

United

International

Transportation

Company

92,844

Total

3,324,863

Singapore

(0.6%)

328,836

AEM

Holdings,

Ltd.

937,708

811,500

Ascendas

REIT

1,941,865

144,300

China

Aviation

Oil

(Singapore)

Corporation,

Ltd.

98,946

4,256

China

Yuchai

International,

Ltd.

76,608

238,900

DBS

Group

Holdings,

Ltd.

3,512,153

369,200

Frasers

Logistics

and

Commercial

Trust

378,028

457,000

Keppel

DC

REIT

976,806

151,500

Parkway

Life

REIT

a

461,666

185,900

Singapore

Exchange,

Ltd.

1,253,834

287,300

Singapore

Post,

Ltd.

136,409

568,200

Yanlord

Land

Group,

Ltd.

472,868

Total

10,246,891

South

Africa

(0.5%)

86,279

AECI,

Ltd.

395,390

5,302

African

Rainbow

Minerals,

Ltd.

61,207

2,442

Anglo

American

Platinum,

Ltd.

169,072

9,341

AngloGold

Ashanti,

Ltd.

ADR

246,416

8,949

Aspen

Pharmacare

Holdings,

Ltd.

a

63,888

11,869

AVI,

Ltd.

52,656

59,248

Barloworld,

Ltd.

216,573

3,860

Bid

Corporation,

Ltd.

59,387

1,215

Capitec

Bank

Holdings,

Ltd.

74,833

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

132

Shares

Common

Stock

(93.5%)

Value

South

Africa

(0.5%)

-

continued

6,359

Clicks

Group,

Ltd.

$

84,406

96,965

DataTec,

Ltd.

a

127,762

2,851

Drdgold,

Ltd.

3,358

42,870

FirstRand,

Ltd.

105,198

3,398

Gold

Fields,

Ltd.

ADR

41,761

13,454

Impala

Platinum

Holdings,

Ltd.

116,898

73,825

Investec,

Ltd.

138,571

8,051

Kumba

Iron

Ore,

Ltd.

237,829

259,716

Momentum

Metropolitan

Holdings

240,334

22,243

Motus

Holdings,

Ltd.

a

57,095

35,465

MTN

Group,

Ltd.

118,990

21,115

MultiChoice

Group,

Ltd.

121,970

16,997

Naspers,

Ltd.

a

3,002,077

117,244

Ninety

One,

Ltd.

a

308,963

12,559

Pick

n

Pay

Stores,

Ltd.

35,202

13,356

Sasol,

Ltd.

a

102,692

15,201

Shoprite

Holdings,

Ltd.

124,013

94,363

Sibanye

Stillwater,

Ltd.

261,893

13,242

Spar

Group,

Ltd.

149,931

30,320

Standard

Bank

Group

194,738

9,690

Tiger

Brands,

Ltd.

110,362

38,041

Vodacom

Group

278,966

Total

7,302,431

South

Korea

(1.4%)

3,041

Binggrae

Company,

Ltd.

153,844

24,643

Cheil

Worldwide,

Inc.

441,427

2,268

Chong

Kun

Dang

Pharmaceutical

Corporation

321,073

2,761

Daishin

Securities

Company,

Ltd.

23,003

3,951

Daou

Technology,

Inc.

72,314

4,675

DB

HiTek

Company,

Ltd.

149,779

5,963

DongKook

Pharmaceutical

Company,

Ltd.

139,524

22,812

Dongkuk

Steel

Mill

Corporation,

Ltd.

a

123,689

30,463

Hancom,

Inc.

a

492,659

3,351

Handsome

Corporation

86,429

2,503

Hansol

Chemical

Company,

Ltd.

320,526

4,536

Hansol

Paper

Company,

Ltd.

54,029

8,742

Hanwha

Corporation

187,964

24,108

Hanwha

Investment

&

Securities

Corporation,

Ltd.

a

35,747

331,561

Hanwha

Life

Insurance

Corporation,

Ltd.

432,501

1,919

Hyundai

Department

Store

Company,

Ltd.

92,269

1,086

Hyundai

Motor

Company

165,420

8,333

Hyundai

Steel

Company

175,123

35,162

JB

Financial

Group

Corporation,

Ltd.

135,521

454

Kakao

Corporation

141,173

4,915

KEPCO

Plant

Service

&

Engineering

Company,

Ltd.

113,731

29,509

Kia

Motors

Corporation

1,183,368

2,807

Korea

Zinc

Company,

Ltd.

905,939

1,696

LG

Chem,

Ltd.

946,656

5,902

LG

Electronics,

Inc.

462,321

397

LG

Household

&

Health

Care,

Ltd.

489,920

16,532

LG

International

Corporation

217,926

7,526

LS

Electric

Company,

Ltd.

363,791

4,048

NAVER

Corporation

1,028,683

2,049

NCSoft

Corporation

1,412,034

1,223

OptoElectronics

Solutions

Company,

Ltd.

58,592

11,065

Poongsan

Corporation

224,579

Shares

Common

Stock

(93.5%)

Value

South

Korea

(1.4%)

-

continued

5,305

POSCO

$

888,130

10,050

Samsung

Card

Corporation,

Ltd.

242,645

2,395

Samsung

Electro-Mechanics

Company,

Ltd.

283,830

164,035

Samsung

Electronics

Company,

Ltd.

8,143,380

21,907

Samsung

Securities

Corporation,

Ltd.

572,472

4,480

SeAH

Besteel

Corporation

37,417

7,263

Sillicon

Works

Company,

Ltd.

279,332

1,582

SK

Holdings

Company,

Ltd

267,111

11,759

SK

Hynix,

Inc.

842,918

559

Soulbrain

Company,

Ltd.

a

103,579

431

Taekwang

Industrial

Corporation,

Ltd.

239,654

2,237

Taeyoung

Engineering

&

Construction

18,900

2,157

Ty

Holdings

Company,

Ltd.

a

45,095

Total

23,116,017

Spain

(1.3%)

62,605

Acerinox

SA

a

513,329

144,444

Applus

Services

SA

a

1,080,479

426,861

Banco

Bilbao

Vizcaya

Argentaria

SA

1,184,947

1,051,482

Banco

de

Sabadell

SA

364,952

792,919

Banco

Santander

SA

1,479,003

163,349

CIA

De

Distribucion

Integral

2,788,341

148,835

Enagas

SA

3,434,110

111,092

Faes

Farma

SA

447,131

5,494

Fluidra

SA

a

92,779

28,492

Global

Dominion

Access

SA

b

116,252

76,724

Grifols

SA

2,206,221

113,006

Iberdrola

SA

1,390,952

48,431

Industria

de

Diseno

Textil

SA

1,339,822

8,997

Let's

GOWEX

SA

a,d,e

1

605,090

Mediaset

Espana

Comunicacion

SA

a

2,240,970

164,379

Merlin

Properties

Socimi

SA

1,371,106

27,143

Repsol

SA

183,369

38,525

Solaria

Energia

y

Medio

Ambiente

SA

a

729,119

Total

20,962,883

Sweden

(3.3%)

126,397

AB

Industrivarden

a

3,361,363

4,817

AF

Poyry

AB

a

136,080

14,250

Alfa

Laval

AB

a

314,562

166,506

Arjo

AB

1,030,919

277,099

Assa

Abloy

AB

6,478,607

173,598

Betsson

AB

1,330,706

29,044

Bilia

AB

a

365,066

5,195

BillerudKorsnas

AB

86,920

65,570

Biotage

AB

a

1,298,097

5,454

Bure

Equity

AB

171,466

157,403

Castellum

AB

3,575,297

16,885

Clas

Ohlson

AB

171,530

577,844

Cloetta

AB

a

1,672,935

75,008

Dios

Fastigheter

AB

530,490

31,084

Dometic

Group

AB

a,b

383,780

61,064

Dustin

Group

AB

b

383,705

22,488

Evolution

Gaming

Group

AB

b

1,485,853

13,143

Fortnox

AB

396,234

117,574

Getinge

AB

2,558,277

68,944

Granges

AB

a

615,371

424,630

Hexpol

AB

a

3,798,366

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

133

Shares

Common

Stock

(93.5%)

Value

Sweden

(3.3%)

-

continued

108,903

Holmen

AB

$

4,040,842

118,033

Husqvarna

AB

1,297,911

83,141

Inwido

AB

a

845,026

416,683

Kungsleden

AB

3,944,407

6,867

L

E

Lundbergforetagen

AB

a

339,292

72,805

LeoVegas

AB

b

307,764

9,621

Lifco

AB

744,161

70,362

Lindab

International

AB

1,222,682

20,612

Loomis

AB

a

563,871

11,428

Lundin

Energy

AB

226,627

90,333

Nobia

AB

a

604,038

89,288

Nobina

AB

a,b

586,959

26,293

Nolato

AB

a

2,550,774

40,601

Pandox

AB

a

465,462

11,199

Paradox

Interactive

AB

379,693

28,755

Resurs

Holding

AB

b

148,694

121,148

SKF

AB

2,499,352

89,075

Svenska

Handelsbanken

AB

a

745,270

34,217

Thule

Group

AB

b

1,129,145

26,328

Wihlborgs

Fastigheter

AB

519,912

Total

53,307,506

Switzerland

(10.6%)

2,399

Allreal

Holding

AG

516,873

7,491

ALSO

Holding

AG

a

1,983,834

3,213

Bachem

Holding

AG

1,363,591

33,295

Baloise

Holding

AG

4,901,839

94

Belimo

Holding

AG

709,702

2,712

Bucher

Industries

AG

1,033,046

6,853

EMS-CHEMIE

Holding

AG

c

6,157,183

144,661

Ferrexpo

plc

329,430

76

Forbo

Holding

AG

124,700

66,923

Galenica

AG

b

4,653,608

13,207

Geberit

AG

7,813,585

1,638

Givaudan

SA

7,072,574

275

Gurit

Holding

AG

585,566

19,114

Huber

&

Suhner

AG

1,439,407

420

Interroll

Holding

AG

1,062,297

20,715

Kuehne

&

Nagel

International

AG

4,022,303

306

Lindt

&

Spruengli

AG

2,582,938

77,750

Logitech

International

SA

6,022,681

248,571

Nestle

SA

29,582,942

166,578

Novartis

AG

14,463,022

88,210

PSP

Swiss

Property

AG

10,655,836

72,555

Roche

Holding

AG

24,853,030

6,455

Roche

Holding

AG-BR

2,219,930

10,019

Schindler

Holding

AG,

Participation

Certificate

2,734,990

24

Schweiter

Technologies

AG

33,457

2,703

Siegfried

Holding

AG

1,848,599

33,270

Sika

AG

8,169,509

22,891

Sonova

Holding

AG

a

5,800,927

638

Straumann

Holding

AG

645,402

17,674

Swiss

Life

Holding

AG

6,687,693

20,745

Tecan

Group

AG

10,316,812

424

Valiant

Holding

AG

35,666

1,452

Zehnder

Group

AG

70,227

Total

170,493,199

Taiwan

(1.9%)

80,000

Accton

Technology

Corporation

618,935

160,000

Capital

Securities

Corporation

59,715

65,000

Cheng

Loong

Corporation

71,108

4,012,000

China

Development

Financial

Holding

Corporation

1,186,700

101,000

Chipbond

Technology

Corporation

222,592

Shares

Common

Stock

(93.5%)

Value

Taiwan

(1.9%)

-

continued

123,000

Compeq

Manufacturing

Company,

Ltd.

$

175,092

1,192,000

CTBC

Financial

Holding

Company,

Ltd.

761,571

252,000

Delta

Electronics,

Inc.

1,654,744

42,000

Feng

Hsin

Iron

&

Steel

Company,

Ltd.

81,306

1,177,000

Fubon

Financial

Holding

Company,

Ltd.

1,712,670

159,000

Goldsun

Building

Materials

Company,

Ltd.

129,783

23,000

Greatek

Electronics,

Inc.

39,191

663,000

Hon

Hai

Precision

Industry

Company,

Ltd.

1,782,483

90,000

Huaku

Development

Company,

Ltd.

269,088

562,566

IBF

Financial

Holdings

Company,

Ltd.

229,392

79,000

Makalot

Industrial

Company,

Ltd.

469,376

32,000

MediaTek,

Inc.

678,047

72,000

Merry

Electronics

Company,

Ltd.

370,133

58,000

Namchow

Holdings

Company,

Ltd.

84,575

34,000

Novatek

Microelectronics

Corporation

313,625

38,000

Realtek

Semiconductor

Corporation

487,097

255,000

SerComm

Corporation

640,602

766,000

Shinkong

Synthetic

Fibers

Corporation

291,201

500,645

Sigurd

Microelectronics

Corporation

657,170

101,000

Sinbon

Electronics

Company,

Ltd.

628,781

73,000

Sitronix

Technology

Corporation

332,211

174,000

Sunonwealth

Electric

Machine

Industry

Company,

Ltd.

375,734

131,000

Syncmold

Enterprise

Corporation

381,963

134,000

Synnex

Technology

International

Corporation

192,013

118,000

Systex

Corporation

336,704

893,148

Taichung

Commercial

Bank

Company,

Ltd.

331,202

13,475

Taiwan

Hon

Chuan

Enterprise

Company,

Ltd.

25,700

831,515

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

12,509,377

30,000

Taiwan

Surface

Mounting

Technology

Corporation

108,706

153,000

TECO

Electric

&

Machinery

Company,

Ltd.

158,030

187,000

Topco

Scientific

Company,

Ltd.

741,580

79,000

Transcend

Information,

Inc.

171,973

320,000

TXC

Corporation

802,789

58,000

Uni-President

Enterprises

Corporation

125,614

1,196,000

United

Microelectronics

Corporation

1,179,708

148,000

YFY,

Inc.

88,303

Total

31,476,584

Thailand

(0.1%)

44,600

Advanced

Info

Service

Public

Company,

Ltd.

NVDR

241,621

208,400

Airports

of

Thailand

Public

Company,

Ltd.

NVDR

373,395

253,100

Com7

Public

Company,

Ltd.

NVDR

316,467

19,900

Hana

Microelectronics

Public

Company,

Ltd.

NVDR

27,457

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

134

Shares

Common

Stock

(93.5%)

Value

Thailand

(0.1%)

-

continued

232,700

Intouch

Holdings

Public

Company,

Ltd.

NVDR

$

377,720

222,400

Major

Cineplex

Group

Public

Company,

Ltd.

NVDR

108,876

267,700

Ratchthani

Leasing

Public

Company,

Ltd.

34,271

420,500

Thai

Vegetable

Oil

Public

Company,

Ltd.

NVDR

435,622

Total

1,915,429

Turkey

(0.1%)

14,192

BIM

Birlesik

Magazalar

AS

127,248

161,643

Eregli

Demir

ve

Celik

Fabrikalari

TAS

198,126

171,778

Haci

Omer

Sabanci

Holding

AS

184,545

8,057

Koza

Altin

Isletmeleri

AS

a

81,477

42,183

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

a

69,131

12,705

Migros

Ticaret

AS

a

67,780

85,629

TAV

Havalimanlari

Holding

AS

169,814

5,494

Turkcell

Iletisim

Hizmetleri

AS

ADR

26,316

95,166

Turkiye

Is

Bankasi

AS

a

65,885

11,863

Vestel

Elektronik

Sanayi

ve

Ticaret

AS

a

26,602

Total

1,016,924

United

Kingdom

(8.2%)

97,511

Assura

plc

97,062

17,860

AstraZeneca

plc

1,951,472

420,957

Auto

Trader

Group

plc

b

3,056,333

172,100

Aviva

plc

636,728

22,742

Bellway

plc

689,297

57,217

BHP

Group

plc

1,220,682

84,976

BP

plc

245,750

63,283

Brewin

Dolphin

Holdings

plc

190,521

125,560

British

American

Tobacco

plc

4,504,023

55,581

Bunzl

plc

1,794,520

60,709

Carnival

plc

772,352

24,111

Central

Asia

Metals

plc

50,078

557,234

Cineworld

Group

plc

c

291,399

39,542

Computacenter

plc

1,207,440

81,961

Croda

International

plc

6,611,477

40,594

Dechra

Pharmaceuticals

plc

1,687,900

5,313

Derwent

London

plc

175,911

40,982

Diageo

plc

1,407,686

30,803

Diploma

plc

873,405

1,028,064

Direct

Line

Insurance

Group

plc

3,585,606

49,937

Diversified

Gas

&

Oil

plc

67,605

33,987

Dunelm

Group

plc

611,968

124,141

G4S

plc

a

320,188

16,385

Games

Workshop

Group

plc

2,149,738

627,604

GlaxoSmithKline

plc

11,766,063

74,828

Greggs

plc

a

1,133,935

259,822

Halma

plc

7,849,744

40,108

Hays

plc

58,202

52,493

HomeServe

plc

836,469

125,678

Howden

Joinery

Group

plc

956,553

1,340,062

HSBC

Holdings

plc

5,242,693

287,117

IG

Group

Holdings

plc

2,932,900

72,579

IMI

plc

979,072

204,893

Inchcape

plc

a

1,161,905

1,752,917

ITV

plc

1,528,122

18,677

Jet2

plc

161,697

293,532

John

Wood

Group

plc

a

805,916

101,775

Jupiter

Fund

Management

plc

293,818

29,640

Kainos

Group

plc

379,794

Shares

Common

Stock

(93.5%)

Value

United

Kingdom

(8.2%)

-

continued

100,902

KAZ

Minerals

plc

$

682,256

1,968,184

Lloyds

TSB

Group

plc

a

668,166

82,537

Marshalls

plc

694,170

1,721,443

Moneysupermarket.com

Group

plc

5,933,874

8,055

Morgan

Sindall

Group

plc

118,238

407,672

National

Express

Group

plc

a

801,280

5,889

Ninety

One

plc

a

15,441

47,634

PageGroup

plc

a

229,629

264,237

Paragon

Banking

Group

plc

1,132,848

49,566

Playtech

plc

a

231,412

133,213

Redrow

plc

a

693,118

352,042

RELX

plc

7,835,813

100,916

Rightmove

plc

815,846

70,841

Rio

Tinto

plc

4,262,699

151,175

Rotork

plc

548,106

436,801

Royal

Dutch

Shell

plc,

Class

A

5,452,760

482,181

Royal

Dutch

Shell

plc,

Class

B

5,847,462

42,357

RWS

Holdings

plc

308,345

129,308

Safestore

Holdings

plc

1,298,660

726,295

Sage

Group

plc

6,749,624

4,204

Savills

plc

a

42,255

21,855

Softcat

plc

339,834

22,456

Spectris

plc

705,008

25,832

Spirax-Sarco

Engineering

plc

3,678,540

314,522

Spirent

Communications

plc

1,156,596

46,928

St.

James's

Place

plc

564,565

273,879

Tate

&

Lyle

plc

2,350,478

758,241

Tullow

Oil

plc

a

148,355

125,166

Unilever

plc

7,716,924

61,763

UNITE

Group

plc

a

667,827

Total

131,976,153

United

States

(0.1%)

34,116

Yum

China

Holding,

Inc.

1,806,442

Total

1,806,442

Total

Common

Stock

(cost

$1,388,134,568)

1,510,500,171

Shares

Collateral

Held

for

Securities

Loaned

(

0.8%

)

12,458,109

Thrivent

Cash

Management

Trust

12,458,109

Total

Collateral

Held

for

Securities

Loaned

(cost

$12,458,109)

12,458,109

Shares

Preferred

Stock

(

<0.1%

)

Brazil

(<0.1%)

23,500

Bradespar

SA

188,598

Total

188,598

South

Korea

(0.1%)

43,235

Samsung

Electronics

Company,

Ltd.

1,860,878

Total

1,860,878

Total

Preferred

Stock

(cost

$885,535)

2,049,476

Principal

Amount

Long-Term

Fixed

Income

(

<0.1%

)

Venezuela

(<0.1%)

Petroleos

de

Venezuela

SA

$

11,370,000

6.000%, 

10/28/2022

f

284,250

7,010,000

6.000%, 

5/16/2024

f

175,250

1,326,000

6.000%, 

11/15/2026

f

33,150

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

135

Principal

Amount

Long-Term

Fixed

Income

(<0.1%)

Value

Venezuela

(<0.1%)

-

continued

$

1,410,000

5.375%, 

4/12/2027

f

$

35,250

210,000

5.500%, 

4/12/2037

f

5,250

Total

533,150

Total

Long-Term

Fixed

Income

(cost

$7,583,707)

533,150

Shares

or

Principal

Amount

Short-Term

Investments

(

6.0%

)

Federal

Home

Loan

Bank

Discount

Notes

5,700,000

0.060%,

 10/7/2020

g,h

5,699,943

3,400,000

0.068%,

 10/14/2020

g,h

3,399,926

200,000

0.075%,

 10/22/2020

g,h

199,993

500,000

0.080%,

 10/28/2020

g,h

499,978

300,000

0.065%,

 11/4/2020

g,h

299,980

1,500,000

0.090%,

 11/6/2020

g,h

1,499,895

1,300,000

0.060%,

 11/10/2020

g,h

1,299,899

3,500,000

0.080%,

 11/12/2020

g,h

3,499,714

2,900,000

0.070%,

 11/18/2020

g,h

2,899,730

3,000,000

0.070%,

 11/19/2020

g,h

2,999,714

2,800,000

0.075%,

 12/22/2020

g,h

2,799,426

8,000,000

0.092%,

 12/28/2020

g,h

7,998,240

100,000

0.100%,

 1/20/2021

g,h

99,972

Thrivent

Core

Short-Term

Reserve

Fund

6,346,871

0.310%

63,468,706

Total

Short-Term

Investments

(cost

$96,547,072)

96,665,116

Total

Investments

(cost

$1,505,608,991)

100.4%

$1,622,206,022

Other

Assets

and

Liabilities,

Net

(0.4%)

(6,413,819)

Total

Net

Assets

100.0%

$1,615,792,203

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$40,864,456

or

2.5%

of

total

net

assets.

c

All

or

a

portion

of

the

security

is

on

loan.

d

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

e

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

f

Defaulted

security.  Interest

is

not

being

accrued.

g

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

h

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

International

Allocation

Portfolio

as

of

September

30,

2020:

Securities

Lending

Transactions

Common

Stock

$

11,834,886

Total

lending

$11,834,886

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$12,458,109

Net

amounts

due

to

counterparty

$623,223

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.

NVDR

-

Non-Voting

Depository

Receipts

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

136

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

International

Allocation

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

81,665,751

2,738,776

78,926,974

1

Consumer

Discretionary

194,675,852

26,118,955

168,556,897

–

Consumer

Staples

106,541,443

708,035

105,833,408

–

Energy

42,469,864

2,679,937

39,789,927

–

Financials

216,489,821

1,539,214

214,950,607

–

Health

Care

194,761,607

148,511

194,613,096

–

Industrials

235,105,178

221,245

234,883,933

–

Information

Technology

192,579,880

6,896,367

185,683,513

–

Materials

146,921,760

1,426,771

145,494,989

–

Real

Estate

78,238,231

–

78,238,231

–

Utilities

21,050,784

79,681

20,971,103

–

Preferred

Stock

Financials

188,598

–

188,598

–

Information

Technology

1,860,878

–

1,860,878

–

Long-Term

Fixed

Income

Energy

533,150

–

533,150

–

Short-Term

Investments

33,196,410

–

33,196,410

–

Subtotal

Investments

in

Securities

$1,546,279,207

$42,557,492

$1,503,721,714

$1

Other

Investments  *

Total

Affiliated

Short-Term

Investments

63,468,706

Collateral

Held

for

Securities

Loaned

12,458,109

Subtotal

Other

Investments

$75,926,815

Total

Investments

at

Value

$1,622,206,022

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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

2,411

2,411

–

–

Total

Asset

Derivatives

$2,411

$2,411

$–

$–

Liability

Derivatives

Futures

Contracts

6,229,069

6,229,069

–

–

Total

Liability

Derivatives

$6,229,069

$6,229,069

$–

$–

International

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

137

Reference

Description:

ASX

-

Australian

Securities

Exchange

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

FTSE

-

Financial

Times

Stock

Exchange

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

SFE

-

Sydney

Futures

Exchange

TSE

-

Tokyo

Stock

Exchange

The

following

table

presents

International

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$33,250,376

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

Euro

Foreign

Exchange

Currency

627

December

2020

$

92,615,907

(

$

638,925)

Eurex

Euro

STOXX

50

Index

2,529

December

2020

98,209,747

(

3,918,204)

FTSE

100

Index

1

December

2020

77,588

(

2,366)

ICE

mini

MSCI

EAFE

Index

617

December

2020

58,750,418

(

1,579,199)

SFE

S&P

ASX

Share

Price

Index

200

1

December

2020

105,461

(

1,569)

TSE

Tokyo

Price

Index

1

December

2020

151,716

2,411

Total

Futures

Long

Contracts

$

249,910,837

(

$

6,137,852)

ICE

US

mini

MSCI

Emerging

Markets

Index

(1,637)

December

2020

(

$

89,004,919)

(

$

88,806)

Total

Futures

Short

Contracts

(

$

89,004,919)

($88,806)

Total

Futures

Contracts

$

160,905,918

($6,226,658)

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

International

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$242,400

$286,357

$465,309

$63,469

6,347

3.9%

Total

Affiliated

Short-Term

Investments

242,400

63,469

3.9

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

12,877

132,269

132,688

12,458

12,458

0.8

Total

Collateral

Held

for

Securities

Loaned

12,877

12,458

0.8

Total

Value

$255,277

$75,927

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$(97)

$118

–

$1,326

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1,326

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

89

Total

Affiliated

Income

from

Securities

Loaned,

Net

$89

Total

Value

$(97)

$118

$–

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

138

Shares

Common

Stock

(

96.2%

)

Value

Australia

(6.3%)

1,791

Afterpay

,

Ltd.

a

$

105,570

5,253

AGL

Energy,

Ltd.

51,292

28,815

AMP,

Ltd.

27,134

2,094

Ampol

,

Ltd.

36,140

9,893

APA

Group

73,542

4,819

Aristocrat

Leisure,

Ltd.

105,095

1,623

ASX,

Ltd.

94,890

16,375

Aurizon

Holdings,

Ltd.

50,376

15,624

AusNet

Services,

Ltd.

21,091

23,780

Australia

and

New

Zealand

Banking

Group,

Ltd.

296,680

24,700

BHP

Group,

Ltd.

638,090

4,239

BlueScope

Steel,

Ltd.

39,057

12,725

Brambles,

Ltd.

96,622

814

CIMIC

Group,

Ltd.

a

10,903

4,249

Coca-Cola

Amatil,

Ltd.

29,084

551

Cochlear,

Ltd.

78,721

11,185

Coles

Group,

Ltd.

136,264

14,843

Commonwealth

Bank

of

Australia

683,020

4,082

Computershare,

Ltd.

36,112

3,123

Crown

Resorts,

Ltd.

19,839

3,806

CSL,

Ltd.

786,194

9,193

DEXUS

Property

Group

58,880

13,576

Evolution

Mining,

Ltd.

56,713

14,199

Fortescue

Metals

Group,

Ltd.

166,810

13,798

Goodman

Group

178,649

16,333

GPT

Group

45,948

19,377

Insurance

Australia

Group,

Ltd.

61,317

5,546

Lendlease

Corporation,

Ltd.

44,304

2,823

Macquarie

Group,

Ltd.

244,710

1,070

Magellan

Financial

Group,

Ltd.

44,131

23,091

Medibank

Private,

Ltd.

41,665

32,985

Mirvac

Group

51,707

26,799

National

Australia

Bank,

Ltd.

344,285

6,774

Newcrest

Mining,

Ltd.

153,607

6,205

Northern

Star

Resources,

Ltd.

61,486

3,392

Orica,

Ltd.

37,766

14,767

Origin

Energy,

Ltd.

45,732

7,656

Qantas

Airways,

Ltd.

a

22,452

12,319

QBE

Insurance

Group,

Ltd.

76,625

1,535

Ramsay

Health

Care,

Ltd.

73,187

442

REA

Group,

Ltd.

35,196

3,113

Rio

Tinto,

Ltd.

212,622

14,846

Santos,

Ltd.

52,492

43,925

Scentre

Group

69,935

2,804

SEEK,

Ltd.

43,256

3,784

Sonic

Healthcare,

Ltd.

89,859

41,083

South32,

Ltd.

60,970

19,992

Stockland

54,615

10,573

Suncorp

Group,

Ltd.

64,543

11,087

Sydney

Airport,

Ltd.

47,081

18,524

Tabcorp

Holdings,

Ltd.

44,608

34,902

Telstra

Corporation,

Ltd.

69,882

3,112

TPG

Telecom,

Ltd.

a

16,422

22,932

Transurban

Group

234,156

6,037

Treasury

Wine

Estates,

Ltd.

38,789

32,532

Vicinity

Centres

32,487

903

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

15,339

9,507

Wesfarmers,

Ltd.

303,885

30,283

Westpac

Banking

Corporation

368,220

1,201

Wisetech

Global,

Ltd.

22,495

8,002

Woodside

Petroleum,

Ltd.

101,562

10,575

Woolworths,

Ltd.

276,522

Total

7,480,626

Shares

Common

Stock

(96.2%)

Value

Austria

(0.1%)

610

Andritz

AG

$

18,828

2,342

Erste

Group

Bank

AG

a

49,043

1,235

OMV

AG

a

33,791

1,241

Raiffeisen

Bank

International

AG

a

18,995

571

Verbund

AG

31,184

973

Voestalpine

AG

25,644

Total

177,485

Belgium

(0.9%)

1,468

Ageas

SA

NV

60,069

6,389

Anheuser-Busch

InBev

NV

343,989

464

Colruyt

SA

a

30,112

259

Elia

System

Operator

SA

25,892

352

Galapagos

NV

a

49,903

946

Groupe

Bruxelles

Lambert

SA

85,284

2,095

KBC

Groep

NV

105,057

1,275

Proximus

SA

23,260

129

Sofina

SA

35,218

621

Solvay

SA

53,427

384

Telenet

Group

Holding

NV

14,905

1,060

UCB

SA

120,389

1,653

Umicore

SA

68,756

Total

1,016,261

Bermuda

(0.2%)

5,500

CK

Infrastructure

Holdings,

Ltd.

25,811

2,800

Dairy

Farm

International

Holdings,

Ltd.

10,583

9,800

Hongkong

Land

Holdings,

Ltd.

36,511

1,800

Jardine

Matheson

Holdings,

Ltd.

71,424

1,900

Jardine

Strategic

Holdings,

Ltd.

37,671

3,888

Pacific

Century

Premium

Developments,

Ltd.

a

1,025

Total

183,025

Cayman

Islands

(0.4%)

2,600

ASM

Pacific

Technology,

Ltd.

26,617

337

BeiGene

,

Ltd.

ADR

a

96,530

14,400

Budweiser

Brewing

Company

APAC,

Ltd.

b

42,118

1,832

Melco

Resorts

&

Entertainment.

Ltd.

ADR

30,503

6,000

MicroPort

Scientific

Corporation

23,993

20,400

Sands

China,

Ltd.

79,075

80,500

WH

Group,

Ltd.

b

65,664

14,000

Wharf

Real

Estate

Investment

Company,

Ltd.

57,387

13,200

Wynn

Macau,

Ltd.

a

21,183

Total

443,070

Denmark

(2.4%)

27

A.P.

Moller

-

Maersk

AS,

Class

A

39,522

55

A.P.

Moller

-

Maersk

AS,

Class

B

86,949

1,369

Ambu

AS

38,550

864

Carlsberg

AS

116,400

884

Christian

Hansen

Holding

AS

98,129

996

Coloplast

AS

157,855

5,783

Danske

Bank

AS

a

78,221

925

Demant

AS

a

29,009

1,736

DSV

AS

281,585

546

Genmab

AS

a

198,146

1,074

GN

Store

Nord

AS

80,912

584

H.

Lundbeck

AS

19,235

14,438

Novo

Nordisk

AS

1,000,331

1,745

Novozymes

AS

109,678

1,586

Orsted

AS

b

218,647

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

139

Shares

Common

Stock

(96.2%)

Value

Denmark

(2.4%)

-

continued

838

Pandora

AS

$

60,451

1,013

TRYG

AS

31,892

1,651

Vestas

Wind

Systems

AS

266,812

Total

2,912,324

Finland

(1.2%)

1,193

Elisa

Oyj

70,138

3,724

Fortum

Oyj

75,293

2,850

KONE

Oyj

250,241

3,547

Neste

Oil

Oyj

186,785

47,406

Nokia

Oyj

a

185,542

27,166

Nordea

Bank

Abp

a

206,427

882

Orion

Oyj

39,961

3,949

Sampo

Oyj

156,393

4,878

Stora

Enso

Oyj

76,351

4,475

UPM-

Kymmene

Oyj

136,206

3,721

Wartsila

Corporation

29,222

Total

1,412,559

France

(9.6%)

1,589

Accor

SA

a

44,476

249

Aeroports

de

Paris

SA

24,702

3,967

Air

Liquide

SA

628,812

1,611

Alstom

SA

a

80,475

509

Amundi

SA

a,b

35,877

578

Arkema

SA

61,282

824

AtoS

a

66,214

16,217

AXA

SA

300,146

347

bioMerieux

54,316

9,431

BNP

Paribas

SA

a

341,164

7,399

Bollore

SA

27,560

1,911

Bouygues

SA

66,037

2,463

Bureau

Veritas

SA

a

55,520

1,349

Capgemini

SA

173,072

5,076

Carrefour

SA

81,110

1,423

Cie

Generale

des

Etablissements

Michelin

152,756

1,439

CNP

Assurances

a

18,047

4,339

Compagnie

de

Saint-

Gobain

a

181,749

436

Covivio

30,615

9,675

Credit

Agricole

SA

a

84,414

5,178

Danone

SA

335,407

21

Dassault

Aviation

a

17,715

1,108

Dassault

Systemes

SE

206,734

2,042

Edenred

91,679

710

Eiffage

SA

a

57,947

5,205

Electricite

de

France

54,983

15,314

Engie

a

204,650

2,385

EssilorLuxottica

a

324,687

330

Eurazeo

SE

a

17,866

637

Faurecia

a

27,458

384

Gecina

SA

50,621

3,689

Groupe

Eurotunnel

SA

a

49,973

266

Hermes

International

229,095

250

ICADE

14,008

124

Iliad

SA

22,746

508

Ingenico

Group

a

78,706

316

Ipsen

SA

33,033

714

JCDecaux

SA

a

12,344

635

Kering

SA

421,225

1,650

Klepierre

SA

23,097

721

La

Francaise

des

Jeux

SAEM

b

26,451

2,238

Legrand

SA

178,901

2,110

L'Oreal

SA

686,659

2,329

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,089,747

Shares

Common

Stock

(96.2%)

Value

France

(9.6%)

-

continued

7,931

Natixis

a

$

17,823

16,728

Orange

SA

174,232

433

Orpea

a

49,197

1,780

Pernod-Ricard

SA

283,798

4,931

Peugeot

SA

a

89,421

1,814

Publicis

Groupe

SA

58,465

189

Remy

Cointreau

SA

34,499

189

Remy

Cointreau

SA,

DRIP

a,c

0

1,612

Renault

SA

a

41,817

2,687

Safran

SA

a

264,368

9,479

Sanofi

949,914

232

Sartorius

Stedim

Biotech

80,078

4,636

Schneider

Electric

SE

576,253

1,329

SCOR

SE

a

37,002

190

SEB

SA

30,908

6,797

Societe

Generale

a

90,224

742

Sodexo

SA

52,893

2,898

SUEZ

53,547

492

Teleperformance

SA

151,685

893

Thales

SA

66,929

20,725

Total

SE

711,754

759

UbiSoft

Entertainment

SA

a

68,408

1,920

Valeo

SA

58,960

4,519

Veolia

Environnement

SA

97,503

4,320

Vinci

SA

360,966

6,953

Vivendi

SA

194,191

225

Wendel

SA

20,410

1,150

Worldline

SA

a,b

94,166

Total

11,473,487

Germany

(8.8%)

1,596

Adidas

AG

a

515,419

3,498

Allianz

SE

671,374

7,701

BASF

SE

468,963

8,237

Bayer

AG

508,174

2,776

Bayerische

Motoren

Werke

AG

201,475

845

Beiersdorf

AG

95,940

1,295

Brenntag

AG

82,339

337

Carl

Zeiss

Meditec

AG

42,564

8,400

Commerzbank

AG

a

41,309

922

Continental

AG

99,916

1,458

Covestro

AG

b

72,303

7,176

Daimler

AG

387,112

1,083

Delivery

Hero

AG

a,b

124,263

16,463

Deutsche

Bank

AG

a

138,774

1,593

Deutsche

Boerse

AG

279,287

2,504

Deutsche

Lufthansa

AG

a

21,689

8,294

Deutsche

Post

AG

376,347

27,946

Deutsche

Telekom

AG

465,305

2,865

Deutsche

Wohnen

AG

143,191

18,825

E.ON

SE

207,498

1,758

Evonik

Industries

AG

45,478

349

Fraport

AG

Frankfurt

Airport

Services

Worldwide

a

13,741

1,787

Fresenius

Medical

Care

AG

&

Company

KGaA

151,068

3,505

Fresenius

SE

&

Company

KGaA

159,389

583

Fuchs

Petrolub

SE

29,643

1,286

GEA

Group

AG

45,059

506

Hannover

Rueckversicherung

SE

78,335

1,248

HeidelbergCement

AG

76,261

871

Henkel

AG

&

Company

KGaA

81,463

207

Hochtief

AG

16,069

10,489

Infineon

Technologies

AG

295,643

545

Kion

Group

AG

46,537

608

Knorr-

Bremse

AG

71,600

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

140

Shares

Common

Stock

(96.2%)

Value

Germany

(8.8%)

-

continued

697

Lanxess

AG

$

39,880

596

LEG

Immobilien

AG

84,954

1,084

Merck

KGaA

158,040

1,510

METRO

AG

15,038

445

MTU

Aero

Engines

AG

73,768

1,175

Muenchener

Rueckversicherungs-

Gesellschaft

AG

298,707

484

Nemetschek

SE

35,376

1,284

Porsche

Automobil

Holding

SE

a

76,388

696

PUMA

SE

a

62,568

5,382

RWE

AG

201,554

8,756

SAP

SE

1,363,476

298

Sartorius

Aktiengesellschaft

122,143

902

Scout24

AG

b

78,679

6,414

Siemens

AG

810,023

3,207

Siemens

Energy

AG

*,

a,c

86,482

2,253

Siemens

Healthineers

AG

b

101,134

1,079

Symrise

AG

149,035

1,090

TeamViewer

AG

a,b

53,759

8,731

Telefonica

Deutschland

Holding

AG

22,314

3,393

ThyssenKrupp

AG

a

17,073

1,688

Uniper

SE

54,487

895

United

Internet

AG

34,228

272

Volkswagen

AG

a

47,542

4,319

Vonovia

SE

296,082

1,272

Zalando

SE

a,b

118,844

Total

10,455,102

Hong

Kong

(2.7%)

101,400

AIA

Group,

Ltd.

1,007,926

11,000

Bank

of

East

Asia,

Ltd.

20,307

31,000

BOC

Hong

Kong

(Holdings),

Ltd.

82,180

21,500

CK

Asset

Holdings,

Ltd.

105,645

22,500

CK

Hutchison

Holdings,

Ltd.

136,345

14,000

CLP

Holdings,

Ltd.

130,722

18,000

Galaxy

Entertainment

Group,

Ltd.

121,692

17,000

Hang

Lung

Properties,

Ltd.

43,326

6,400

Hang

Seng

Bank,

Ltd.

94,815

12,000

Henderson

Land

Development

Company,

Ltd.

44,557

22,000

HK

Electric

Investments,

Ltd.

22,745

32,000

HKT

Trust

and

HKT,

Ltd.

42,474

89,250

Hong

Kong

and

China

Gas

Company,

Ltd.

129,594

10,100

Hong

Kong

Exchanges

&

Clearing,

Ltd.

475,442

5,500

Kerry

Properties,

Ltd.

14,145

17,300

Link

REIT

141,763

13,000

MTR

Corporation,

Ltd.

64,518

13,000

New

World

Development

Company,

Ltd.

63,462

36,000

PCCW,

Ltd.

21,536

11,500

Power

Assets

Holdings,

Ltd.

60,614

26,000

Sino

Land

Company,

Ltd.

30,438

17,000

SJM

Holdings,

Ltd.

20,153

11,000

Sun

Hung

Kai

Properties,

Ltd.

141,752

4,000

Swire

Pacific,

Ltd.

19,366

9,800

Swire

Properties,

Ltd.

25,966

11,500

Techtronic

Industries

Company,

Ltd.

152,901

Total

3,214,384

Ireland

(0.8%)

6,584

CRH

plc

238,746

825

DCC

plc

63,866

1,293

Flutter

Entertainment

plc

a

205,211

Shares

Common

Stock

(96.2%)

Value

Ireland

(0.8%)

-

continued

3,714

James

Hardie

Industries

plc

$

89,031

1,332

Kerry

Group

plc

170,611

1,290

Kingspan

Group

plc

a

117,398

1,895

Smurfit

Kappa

Group

plc

74,357

Total

959,220

Isle

of

Man

(0.1%)

4,886

GVC

Holdings

plc

a

61,194

Total

61,194

Israel

(0.6%)

356

Azrieli

Group,

Ltd.

15,894

9,516

Bank

Hapoalim

,

Ltd.

50,844

12,295

Bank

Leumi

Le-Israel

BM

54,127

959

Check

Point

Software

Technologies,

Ltd.

a

115,406

318

CyberArk

Software,

Ltd.

a

32,888

222

Elbit

Systems,

Ltd.

26,948

5,905

Israel

Chemicals,

Ltd.

20,866

9,760

Israel

Discount

Bank,

Ltd.

26,329

1,182

Mizrahi

Tefahot

Bank,

Ltd.

20,966

521

Nice,

Ltd.

a

118,123

9,164

Teva

Pharmaceutical

Industries,

Ltd.

ADR

a

82,567

429

Wix.com,

Ltd.

a

109,331

Total

674,289

Italy

(1.8%)

9,213

Assicurazioni

Generali

SPA

129,852

4,154

Atlantia

SpA

a

65,057

4,870

Davide

Campari-Milano

NV

53,154

211

DiaSorin

SPA

42,452

68,195

Enel

SPA

591,657

21,330

Eni

SPA

166,718

5,109

Finecobank

Banca

Fineco

SPA

a

70,370

2,012

Infrastrutture

Wireless

Italiane

SPA

b

22,197

138,509

Intesa

Sanpaolo

SPA

a

260,595

3,393

Leonardo

SPA

19,818

5,207

Mediobanca

SPA

40,802

1,624

Moncler

SPA

a

66,457

3,158

Nexi

Spa

a,b

63,294

3,354

Pirelli

&

C.

SPA

a,b

14,371

4,381

Poste

Italiane

SPA

b

38,824

2,023

Prysmian

SPA

58,723

877

Recordati

SPA

44,924

17,079

Snam

SPA

87,834

70,110

Telecom

Italia

SPA

28,101

50,541

Telecom

Italia

SPA

Savings

Shares

20,407

11,797

Terna

Rete

Elettrica

Nazionale

SPA

82,542

17,790

UniCredit

SPA

a

146,986

Total

2,115,135

Japan

(25.0%)

300

ABC-MART,

Inc.

15,620

3,300

ACOM

Company,

Ltd.

14,355

1,700

Advantest

Corporation

82,689

5,500

Aeon

Company,

Ltd.

147,955

900

AEON

Mall

Company,

Ltd.

12,651

1,600

AGC,

Inc.

47,023

1,500

Air

Water,

Inc.

20,287

1,400

Aisin

Seiki

Company,

Ltd.

44,792

3,900

Ajinomoto

Company,

Inc.

79,931

1,600

Alfresca

Holdings

Corporation

35,044

1,000

All

Nippon

Airways

Company,

Ltd.

a

23,131

2,800

Amada

Holdings

Company,

Ltd.

26,193

1,000

Aozora

Bank,

Ltd.

16,604

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

141

Shares

Common

Stock

(96.2%)

Value

Japan

(25.0%)

-

continued

3,807

Asahi

Group

Holdings,

Ltd.

$

132,684

1,600

Asahi

Intecc

Company,

Ltd.

50,286

10,500

Asahi

Kasei

Corporation

91,598

7,900

Ashikaga

Holdings

Company,

Ltd.

17,927

15,600

Astellas

Pharmaceutical,

Inc.

232,543

1,700

Bandai

Namco

Holdings,

Inc.

124,559

500

Bank

of

Kyoto,

Ltd.

24,175

600

Benesse

Holdings,

Inc.

15,443

4,500

Bridgestone

Corporation

142,241

1,900

Brother

Industries,

Ltd.

30,224

700

Calbee

,

Inc.

23,057

8,400

Canon,

Inc.

139,327

1,600

Casio

Computer

Company,

Ltd.

25,908

1,200

Central

Japan

Railway

Company

172,008

400

Century

Tokyo

Leasing

Corporation

21,802

4,400

Chiba

Bank,

Ltd.

24,278

5,400

Chubu

Electric

Power

Company,

Inc.

65,683

5,600

Chugai

Pharmaceutical

Company,

Ltd.

251,303

2,400

Chugoku

Electric

Power

Company,

Inc.

30,007

1,000

Coca-Cola

Bottlers

Japan,

Inc.

16,740

8,600

Concordia

Financial

Group,

Ltd.

29,912

200

COSMOS

Pharmaceutical

Corporation

34,854

800

CyberAgent

,

Inc.

49,401

2,000

Dai

Nippon

Printing

Company,

Ltd.

40,539

2,100

Daicel

Corporation

15,136

800

Daifuku

Company,

Ltd.

80,750

9,000

Dai-Ichi

Mutual

Life

Insurance

Company,

Ltd.,

The

126,993

14,400

Daiichi

Sankyo

Company,

Ltd.

442,048

2,100

Daikin

Industries,

Ltd.

388,026

500

Daito

Trust

Construction

Company,

Ltd.

44,322

4,700

Daiwa

House

Industry

Company,

Ltd.

120,542

17

Daiwa

House

REIT

Investment

Corporation

43,379

12,100

Daiwa

Securities

Group,

Inc.

50,892

3,600

Denso

Corporation

157,794

1,800

Dentsu

Group,

Inc.

53,130

200

DISCO

Corporation

48,901

2,500

East

Japan

Railway

Company

153,747

2,100

Eisai

Company,

Ltd.

191,798

1,200

Electric

Power

Development

Company,

Ltd.

18,509

25,700

Eneos

Holdings,

Inc.

91,694

1,500

FamilyMart

Company,

Ltd.

33,803

1,600

FANUC

Corporation

307,065

500

Fast

Retailing

Company,

Ltd.

314,211

1,100

Fuji

Electric

Company,

Ltd.

34,871

3,000

FUJIFILM

Holdings

NPV

147,876

1,600

Fujitsu,

Ltd.

218,588

1,400

Fukuoka

Financial

Group,

Inc.

23,531

31

GLP

J-

Reit

47,712

300

GMO

Payment

Gateway,

Inc.

32,137

2,000

Hakuhodo

Dy

Holdings,

Inc.

25,863

1,200

Hamamatsu

Photonics

KK

60,644

1,900

Hankyu

Hanshin

Holdings,

Inc.

61,083

200

Hikari

Tsushin,

Inc.

47,718

2,400

Hino

Motors,

Ltd.

15,573

300

Hirose

Electric

Company,

Ltd.

38,762

400

Hisamitsu

Pharmaceutical

Company,

Inc.

20,450

Shares

Common

Stock

(96.2%)

Value

Japan

(25.0%)

-

continued

900

Hitachi

Construction

Machinery

Company,

Ltd.

$

32,614

1,800

Hitachi

Metals,

Ltd.

27,756

8,100

Hitachi,

Ltd.

274,262

13,700

Honda

Motor

Company,

Ltd.

325,338

400

Hoshizaki

Corporation

31,919

3,200

Hoya

Corporation

361,332

2,500

Hulic

Company,

Ltd.

23,458

1,600

Idemitsu

Kosan

Company,

Ltd.

34,162

1,200

Iida

Group

Holdings

Company,

Ltd.

24,288

8,600

Inpex

Corporation

46,149

2,800

Isetan

Mitsukoshi

Holdings,

Ltd.

14,865

4,600

Isuzu

Motors,

Ltd.

40,231

400

ITO

EN,

Ltd.

28,527

11,300

ITOCHU

Corporation

289,346

800

ITOCHU

Techno-Solutions

Corporation

30,348

900

Japan

Airlines

Company,

Ltd.

a

16,787

400

Japan

Airport

Terminal

Company,

Ltd.

17,721

4,300

Japan

Exchange

Group,

Inc.

120,522

3,400

Japan

Post

Bank

Company,

Ltd.

26,519

13,200

Japan

Post

Holdings

Company,

Ltd.

90,012

1,900

Japan

Post

Insurance

Company,

Ltd.

29,916

7

Japan

Prime

Realty

Investment

Corporation

21,718

11

Japan

Real

Estate

Investment

Corporation

56,238

22

Japan

Retail

Fund

Investment

Corporation

34,034

10,100

Japan

Tobacco,

Inc.

184,262

4,100

JFE

Holdings,

Inc.

a

28,707

1,800

JGC

Corporation

18,670

1,700

JSR

Corporation

40,406

1,700

JTEKT

Corporation

13,334

3,800

Kajima

Corporation

45,783

1,100

Kakaku.com,

Inc.

29,000

800

Kamigumi

Company,

Ltd.

15,764

5,900

Kansai

Electric

Power

Company,

Inc.

57,182

1,500

Kansai

Paint

Company,

Ltd.

37,282

4,000

Kao

Corporation

300,283

1,200

Kawasaki

Heavy

Industries,

Ltd.

a

16,211

13,500

KDDI

Corporation

339,546

800

Keihan

Holdings

Company,

Ltd.

33,217

1,800

Keikyu

Corporation

27,705

900

Keio

Corporation

55,715

1,100

Keisei

Electric

Railway

Company,

Ltd.

31,068

1,500

Keyence

Corporation

701,219

1,200

Kikkoman

Corporation

66,569

1,400

Kintetsu

Group

Holdings

Company,

Ltd.

59,747

6,900

Kirin

Holdings

Company,

Ltd.

129,600

400

Kobayashi

Pharmaceutical

Company,

Ltd.

38,650

500

Kobe

Bussan

Company,

Ltd.

27,536

900

Koito

Manufacturing

Company,

Ltd.

45,923

7,300

Komatsu,

Ltd.

160,330

800

Konami

Holdings

Corporation

34,607

300

KOSE

Corporation

36,731

8,700

Kubota

Corporation

155,880

2,700

Kuraray

Company,

Ltd.

26,197

800

Kurita

Water

Industries,

Ltd.

26,455

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

142

Shares

Common

Stock

(96.2%)

Value

Japan

(25.0%)

-

continued

2,700

Kyocera

Corporation

$

154,593

2,300

Kyowa

Hakko

Kirin

Company,

Ltd.

65,451

3,200

Kyushu

Electric

Power

Company,

Inc.

29,034

1,300

Kyushu

Railway

Company

27,795

600

Lasertec

Corporation

49,319

400

Lawson,

Inc.

19,073

300

LINE

Corporation

a

15,270

1,900

Lion

Corporation

39,005

2,200

LIXIL

Group

Corporation

44,467

3,700

M3,

Inc.

228,868

1,900

Makita

Corporation

90,933

13,800

Marubeni

Corporation

78,348

1,600

Marui

Group

Company,

Ltd.

30,703

500

Maruichi

Steel

Tube,

Ltd.

12,518

4,800

Mazda

Motor

Corporation

28,156

600

McDonald's

Holdings

Company

Japan,

Ltd.

29,183

1,500

Medipal

Holdings

Corporation

30,078

1,000

MEIJI

Holdings

Company,

Ltd.

76,386

700

Mercari

,

Inc.

a

32,349

3,000

Minebea

Company,

Ltd.

57,145

2,400

MISUMI

Group,

Inc.

67,289

10,700

Mitsubishi

Chemical

Holdings

Corporation

61,764

11,200

Mitsubishi

Corporation

268,076

15,300

Mitsubishi

Electric

Corporation

207,609

9,900

Mitsubishi

Estate

Company,

Ltd.

149,961

1,300

Mitsubishi

Gas

Chemical

Company,

Inc.

24,184

2,700

Mitsubishi

Heavy

Industries,

Ltd.

59,780

900

Mitsubishi

Materials

Corporation

17,736

5,600

Mitsubishi

Motors

Corporation

a

12,365

102,500

Mitsubishi

UFJ

Financial

Group,

Inc.

409,065

3,400

Mitsubishi

UFJ

Lease

&

Finance

Company,

Ltd.

15,798

13,700

Mitsui

&

Company,

Ltd.

235,405

1,500

Mitsui

Chemicals,

Inc.

36,255

7,800

Mitsui

Fudosan

Company,

Ltd.

135,733

700

Miura

Company,

Ltd.

34,334

20,230

Mizuho

Financial

Group,

Inc.

252,504

1,100

MonotaRO

Company,

Ltd.

54,638

3,700

MS

and

AD

Insurance

Group

Holdings,

Inc.

99,690

4,800

Murata

Manufacturing

Company,

Ltd.

312,130

900

Nabtesco

Corporation

32,676

1,600

Nagoya

Railroad

Company,

Ltd.

43,863

2,100

NEC

Corporation

122,837

4,100

NEXON

Company,

Ltd.

102,270

2,200

NGK

Insulators,

Ltd.

31,413

1,300

NGK

Spark

Plug

Company,

Ltd.

22,698

700

NH

Foods,

Ltd.

31,289

3,700

Nidec

Corporation

346,978

1,300

Nihon

M&A

Center,

Inc.

74,372

2,500

Nikon

Corporation

16,869

900

Nintendo

Company,

Ltd.

510,022

11

Nippon

Building

Fund,

Inc.

62,260

600

Nippon

Express

Company,

Ltd.

35,012

1,200

Nippon

Paint

Holdings

Company,

Ltd.

123,536

18

Nippon

Prologis

REIT,

Inc.

60,701

400

Nippon

Shinyaku

Company,

Ltd.

32,934

6,800

Nippon

Steel

Corporation

a

64,195

Shares

Common

Stock

(96.2%)

Value

Japan

(25.0%)

-

continued

10,800

Nippon

Telegraph

&

Telephone

Corporation

$

220,500

1,300

Nippon

Yusen

Kabushiki

Kaisha

22,556

1,000

Nissan

Chemical

Industries,

Ltd.

53,310

19,500

Nissan

Motor

Company,

Ltd.

a

68,964

1,700

Nisshin

Seifun

Group,

Inc.

26,981

500

Nissin

Foods

Holdings

Company,

Ltd.

46,974

700

Nitori

Holdings

Company,

Ltd.

145,216

1,300

Nitto

Denko

Corporation

84,693

26,400

Nomura

Holdings,

Inc.

120,646

1,000

Nomura

Real

Estate

Holdings,

Inc.

19,031

36

Nomura

Real

Estate

Master

Fund,

Inc.

45,100

2,700

Nomura

Research

Institute,

Ltd.

79,500

3,000

NSK,

Ltd.

22,963

5,300

NTT

Data

Corporation

67,826

9,500

NTT

DOCOMO,

Inc.

349,088

5,400

Obayashi

Corporation

49,298

600

OBIC

Company,

Ltd.

105,518

2,500

Odakyu

Electric

Railway

Company,

Ltd.

62,845

7,200

Oji

Holdings

Corporation

33,085

9,800

Olympus

Corporation

203,798

1,600

OMRON

Corporation

125,098

3,100

Ono

Pharmaceutical

Company,

Ltd.

97,507

300

Oracle

Corporation

Japan

32,393

1,700

Oriental

Land

Company,

Ltd.

238,417

11,000

ORIX

Corporation

137,393

22

ORIX

JREIT,

Inc.

33,850

3,100

Osaka

Gas

Company,

Ltd.

60,354

900

Otsuka

Corporation

45,991

3,300

Otsuka

Holdings

Company,

Ltd.

139,806

3,500

Pan

Pacific

International

Holdings

Company

81,509

18,500

Panasonic

Corporation

157,584

900

Park24

Company,

Ltd.

14,612

800

PeptiDream

,

Inc.

a

37,543

1,500

Persol

Holdings

Company,

Ltd.

24,501

1,000

Pigeon

Corporation

44,681

800

Pola

Orbis

Holdings,

Inc.

15,084

7,200

Rakuten

,

Inc.

77,637

10,700

Recruit

Holdings

Company,

Ltd.

424,954

6,500

Renesas

Electronics

Corporation

a

47,708

17,500

Resona

Holdings,

Inc.

59,620

5,600

Ricoh

Company,

Ltd.

37,801

300

Rinnai

Corporation

29,262

700

Rohm

Company,

Ltd.

54,117

2,000

Ryohin

Keikaku

Company,

Ltd.

33,233

3,000

Santen

Pharmaceutical

Company,

Ltd.

61,338

2,000

SBI

Holdings,

Inc.

51,824

400

SCSK

Corporation

22,380

1,800

Secom

Company,

Ltd.

164,728

1,500

Sega

Sammy

Holdings,

Inc.

18,282

1,800

Seibu

Holdings,

Inc.

19,383

2,300

Seiko

Epson

Corporation

26,451

3,000

Sekisui

Chemical

Company,

Ltd.

47,986

5,200

Sekisui

House,

Ltd.

92,148

6,300

Seven

&

I

Holdings

Company,

Ltd.

195,742

4,900

Seven

Bank,

Ltd.

11,875

1,300

SG

Holdings

Company,

Ltd.

67,644

1,800

Sharp

Corporation

22,391

1,900

Shimadzu

Corporation

57,829

200

SHIMAMURA

Company,

Ltd.

19,429

600

Shimano,

Inc.

118,437

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

143

Shares

Common

Stock

(96.2%)

Value

Japan

(25.0%)

-

continued

4,600

Shimizu

Corporation

$

34,629

3,000

Shin-Etsu

Chemical

Company,

Ltd.

392,563

1,300

Shinsei

Bank,

Ltd.

16,051

2,200

Shionogi

&

Company,

Ltd.

117,753

3,400

Shiseido

Company,

Ltd.

196,826

3,600

Shizuoka

Bank,

Ltd.

24,862

1,100

Showa

Denko

KK

20,190

500

SMC

Corporation

278,918

24,100

SoftBank

Corporation

269,302

13,100

SoftBank

Group

Corporation

810,557

600

Sohgo

Security

Services

Company,

Ltd.

28,582

2,800

Sompo

Holdings,

Inc.

96,665

10,600

Sony

Corporation

812,406

800

Square

Enix

Holdings

Company,

Ltd.

52,945

1,100

Stanley

Electric

Company,

Ltd.

31,701

900

Start

Today

Company,

Ltd.

25,114

5,200

Subaru

Corporation

100,947

2,200

Sumco

Corporation

31,040

12,500

Sumitomo

Chemical

Company,

Ltd.

41,375

10,000

Sumitomo

Corporation

120,545

1,500

Sumitomo

Dainippon

Pharma

Company,

Ltd.

19,766

6,300

Sumitomo

Electric

Industries,

Ltd.

70,921

900

Sumitomo

Heavy

Industries,

Ltd.

20,939

2,000

Sumitomo

Metal

Mining

Company,

Ltd.

62,029

10,900

Sumitomo

Mitsui

Financial

Group,

Inc.

304,773

2,800

Sumitomo

Mitsui

Trust

Holdings,

Inc.

74,491

2,600

Sumitomo

Realty

&

Development

Company,

Ltd.

76,968

1,400

Sumitomo

Rubber

Industries,

Ltd.

13,005

600

Sundrug

Company,

Ltd.

22,617

1,200

Suntory

Beverage

and

Food,

Ltd.

45,064

600

Suzuken

Company,

Ltd.

22,886

3,100

Suzuki

Motor

Corporation

132,797

1,400

Sysmex

Corporation

133,955

4,500

T&D

Holdings,

Inc.

44,362

1,000

Taiheiyo

Cement

Corporation

25,534

1,600

Taisei

Corporation

54,155

300

Taisho

Pharmaceutical

Holdings

Company,

Ltd.

19,757

1,300

Taiyo

Nippon

Sanso

Corporation

19,989

13,200

Takeda

Pharmaceutical

Company,

Ltd.

471,807

1,100

TDK

Corporation

120,112

1,500

Teijin,

Ltd.

23,263

5,400

Terumo

Corporation

214,999

1,000

THK

Company,

Ltd.

25,166

1,900

TIS,

Inc.

40,356

1,600

Tobu

Railway

Company,

Ltd.

49,443

900

Toho

Company,

Ltd.

37,106

600

Toho

Gas

Company,

Ltd.

29,688

3,600

Tohoku

Electric

Power

Company,

Inc.

36,079

5,300

Tokio

Marine

Holdings,

Inc.

231,899

12,100

Tokyo

Electric

Power

Company,

Inc.

a

33,277

1,300

Tokyo

Electron,

Ltd.

339,631

3,200

Tokyo

Gas

Company,

Ltd.

73,026

4,200

Tokyu

Corporation

54,509

5,100

Tokyu

Fudosan

Holdings

Corporation

22,031

Shares

Common

Stock

(96.2%)

Value

Japan

(25.0%)

-

continued

2,200

Toppan

Printing

Company,

Ltd.

$

31,097

11,600

Toray

Industries,

Inc.

53,070

3,200

Toshiba

Corporation

81,631

2,200

Tosoh

Corporation

35,719

1,200

TOTO,

Ltd.

55,295

700

Toyo

Suisan

Kaisha,

Ltd.

36,964

500

Toyoda

Gosei

Company,

Ltd.

11,481

1,200

Toyota

Industries

Corporation

75,986

17,800

Toyota

Motor

Corporation

1,181,386

1,800

Toyota

Tsusho

Corporation

50,627

1,100

Trend

Micro,

Inc.

67,032

300

TSURUHA

Holdings,

Inc.

42,530

3,400

Unicharm

Corporation

152,059

25

United

Urban

Investment

Corporation

27,819

1,800

USS

Company,

Ltd.

32,208

800

Welcia

Holdings

Company,

Ltd.

35,083

1,400

West

Japan

Railway

Company

69,172

1,000

Yakult

Honsha

Company,

Ltd.

55,525

6,100

Yamada

Denki

Company,

Ltd.

30,420

1,100

Yamaha

Corporation

52,757

2,300

Yamaha

Motor

Company,

Ltd.

33,421

2,600

Yamato

Holdings

Company,

Ltd.

68,490

1,000

Yamazaki

Baking

Company,

Ltd.

17,431

2,000

Yaskawa

Electric

Corporation

78,246

1,900

Yokogawa

Electric

Corporation

30,175

1,000

Yokohama

Rubber

Company,

Ltd.

14,235

22,200

Z

Holdings

Corporation

148,283

Total

29,812,805

Jersey

(0.3%)

7,616

Experian

plc

286,168

10,375

WPP

plc

81,485

Total

367,653

Luxembourg

(0.2%)

6,010

Arcelor

Mittal

a

79,953

8,373

Aroundtown

SA

a

42,032

111

Eurofins

Scientific

SE

a

87,931

3,215

SES

SA

22,760

3,959

Tenaris

SA

19,724

Total

252,400

Netherlands

(5.1%)

3,547

ABN

AMRO

Group

NV

b

29,652

152

Adyen

NV

a,b

280,364

15,003

Aegon

NV

38,833

1,104

AerCap

Holdings

NV

a

27,810

4,925

Airbus

Group

NV

a

357,191

1,618

Akzo

Nobel

NV

163,533

5,222

Altice

Europe

NV

a

24,863

374

Argenx

SE

a

98,799

3,569

ASML

Holding

NV

1,318,300

8,580

CNH

Industrial

NV

a

66,361

909

EXOR

NV

49,343

1,057

Ferrari

NV

193,981

9,200

Fiat

Chrysler

Automobiles

NV

a

112,930

966

Heineken

Holding

NV

75,279

2,173

Heineken

NV

193,456

32,673

ING

Groep

NV

a

233,184

1,060

Just

Eat

Takeaway.com

NV

a,b

118,664

29,954

Koninklijke

(Royal)

KPN

NV

70,282

9,229

Koninklijke

Ahold

Delhaize

NV

272,792

1,445

Koninklijke

DSM

NV

237,894

7,671

Koninklijke

Philips

NV

a

362,220

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

144

Shares

Common

Stock

(96.2%)

Value

Netherlands

(5.1%)

-

continued

590

Koninklijke

Vopak

NV

$

33,245

2,417

NN

Group

NV

90,599

4,087

Prosus

NV

a

377,243

1,913

Qiagen

NV

a

99,361

999

Randstad

Holding

NV

a

52,093

5,348

STMicroelectronics

NV

164,024

12,248

Unilever

NV

743,793

2,289

Wolters

Kluwer

NV

195,258

Total

6,081,347

New

Zealand

(0.3%)

6,170

a2

Milk

Company,

Ltd.

a

62,795

10,495

Auckland

International

Airport,

Ltd.

50,942

4,817

Fisher

&

Paykel

Healthcare

Corporation,

Ltd.

106,314

5,711

Mercury

NZ,

Ltd.

19,325

10,745

Meridian

Energy,

Ltd.

35,339

3,354

Ryman

Healthcare,

Ltd.

31,510

15,403

Spark

New

Zealand,

Ltd.

48,062

Total

354,287

Norway

(0.5%)

2,010

Adevinta

ASA

a

34,543

7,950

DnB

ASA

a

110,749

8,398

Equinor

ASA

118,980

1,677

Gjensidige

Forsikring

ASA

34,034

3,685

Mowi

ASA

65,563

11,276

Norsk

Hydro

ASA

a

31,124

6,298

Orkla

ASA

63,562

822

Schibsted

ASA

a

32,748

6,047

Telenor

ASA

101,522

1,485

Yara

International

ASA

57,143

Total

649,968

Papua

New

Guinea

(<0.1%)

16,545

Oil

Search,

Ltd.

31,646

Total

31,646

Portugal

(0.2%)

23,285

EDP

-

Energias

de

Portugal

SA

114,491

4,203

Galp

Energia

SGPS

SA

38,985

2,111

Jeronimo

Martins

SGPS

SA

33,946

Total

187,422

Singapore

(1.0%)

25,800

Ascendas

REIT

61,738

22,600

Capitaland

Commercial

Trust

27,404

21,700

CapitaLand

Mall

Trust

30,885

21,500

CapitaLand,

Ltd.

42,986

3,800

City

Developments,

Ltd.

21,392

15,000

DBS

Group

Holdings,

Ltd.

220,521

50,700

Genting

Singapore,

Ltd.

25,026

800

Jardine

Cycle

&

Carriage,

Ltd.

10,619

12,200

Keppel

Corporation,

Ltd.

39,963

18,000

Mapletree

Commercial

Trust

25,858

22,300

Mapletree

Logistics

Trust

33,590

27,700

Oversea-Chinese

Banking

Corporation,

Ltd.

172,259

11,300

Singapore

Airlines,

Ltd.

28,918

6,700

Singapore

Exchange,

Ltd.

45,189

13,100

Singapore

Technologies

Engineering,

Ltd.

33,383

68,500

Singapore

Telecommunications,

Ltd.

107,207

16,500

Suntec

Real

Estate

Investment

Trust

17,691

9,900

United

Overseas

Bank,

Ltd.

139,463

Shares

Common

Stock

(96.2%)

Value

Singapore

(1.0%)

-

continued

3,900

United

Overseas

Land,

Ltd.

$

19,163

2,300

Venture

Corporation,

Ltd.

32,658

16,100

Wilmar

International,

Ltd.

52,274

21,700

Yangzijiang

Shipbuilding

Holdings,

Ltd.

15,852

Total

1,204,039

Spain

(2.2%)

2,275

ACS

Actividades

de

Construccion

y

Servicios

,

SA

51,426

566

Aena

SA

a,b

78,804

3,777

Amadeus

IT

Holding

SA

209,761

55,908

Banco

Bilbao

Vizcaya

Argentaria

SA

155,198

139,337

Banco

Santander

SA

259,900

5,653

Bankinter

SA

24,336

30,091

CaixaBank

SA

63,880

2,650

Cellnex

Telecom

SA

a,b

160,863

2,087

Enagas

SA

48,154

2,663

Endesa

SA

71,230

4,063

Ferrovial

SA

98,693

2,501

Grifols

SA

71,917

49,806

Iberdrola

SA

613,045

9,146

Industria

de

Diseno

Textil

SA

253,020

9,037

Mapfre

SA

14,178

2,475

Naturgy

Energy

Group

SA

49,636

3,629

Red

Electrica

Corporacion

SA

68,063

12,474

Repsol

SA

84,270

1,999

Siemens

Gamesa

Renewable

Energy

SA

54,097

40,813

Telefonica

SA

139,809

Total

2,570,280

Supranational

(<0.1%)

1,160

Unibail

-

Rodamco

-Westfield

42,781

Total

42,781

Sweden

(3.0%)

1,330

AB

Industrivarden

a

35,370

2,638

Alfa

Laval

AB

a

58,233

8,404

Assa

Abloy

AB

196,487

5,630

Atlas

Copco

AB,

Class

A

268,432

3,272

Atlas

Copco

AB,

Class

B

136,553

2,293

Boliden

AB

68,035

1,891

Electrolux

AB

44,081

5,526

Epiroc

AB,

Class

A

80,051

3,270

Epiroc

AB,

Class

B

45,390

1,998

EQT

AB

38,770

5,085

Essity

Aktiebolag

a

171,676

1,066

Evolution

Gaming

Group

AB

b

70,434

6,736

Hennes

&

Mauritz

AB

116,047

2,360

Hexagon

AB

a

178,258

3,504

Husqvarna

AB

38,531

843

ICA

Gruppen

AB

42,826

1,241

Investment

AB

Latour

29,156

3,819

Investor

AB

249,456

2,028

Kinnevik

AB

82,313

637

L

E

Lundbergforetagen

AB

a

31,474

1,558

Lundin

Energy

AB

30,896

2,615

NIBE

Industrier

AB

a

67,208

9,466

Sandvik

AB

a

185,111

2,625

Securitas

AB

a

40,128

13,646

Skandinaviska

Enskilda

Banken

AB

a

121,198

2,852

Skanska

AB

a

60,230

3,192

SKF

AB

65,853

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

145

Shares

Common

Stock

(96.2%)

Value

Sweden

(3.0%)

-

continued

5,080

Svenska

Cellulosa

AB

SCA

a

$

69,644

13,045

Svenska

Handelsbanken

AB

a

109,144

7,593

Swedbank

AB

a

118,873

1,360

Swedish

Match

AB

111,203

4,187

Tele2

AB

59,032

24,473

Telefonaktiebolaget

LM

Ericsson

267,814

20,574

Telia

Company

AB

84,171

12,466

Volvo

AB

a

239,470

Total

3,611,548

Switzerland

(10.4%)

15,452

ABB,

Ltd.

392,849

1,301

Adecco

SA

68,648

4,123

Alcon,

Inc.

a

233,757

389

Baloise

Holding

AG

57,270

253

Banque

Cantonale

Vaudoise

25,675

25

Barry

Callebaut

AG

55,684

1

Chocoladefabriken

Lindt

and

Spruengli

AG

89,097

1,670

Clariant

AG

32,944

1,676

Coca-Cola

HBC

AG

41,385

4,377

Compagnie

Financiere

Richemont

SA

293,884

20,360

Credit

Suisse

Group

AG

203,248

69

EMS-CHEMIE

Holding

AG

61,994

1,890

Ferguson

plc

190,193

311

Geberit

AG

183,995

77

Givaudan

SA

332,472

83,790

Glencore

Xstrata

plc

a

173,712

1,877

Julius

Baer

Group,

Ltd.

79,721

453

Kuehne

&

Nagel

International

AG

87,961

4,390

LafargeHolcim

,

Ltd.

199,831

9

Lindt

&

Spruengli

AG

75,969

1,379

Logitech

International

SA

106,820

624

Lonza

Group

AG

385,093

24,953

Nestle

SA

2,969,708

18,617

Novartis

AG

1,616,408

157

Partners

Group

Holding

AG

144,409

5,891

Roche

Holding

AG

2,017,906

169

Schindler

Holding

AG

45,866

341

Schindler

Holding

AG,

Participation

Certificate

93,086

51

SGS

SA

136,672

1,189

Sika

AG

291,961

462

Sonova

Holding

AG

a

117,078

87

Straumann

Holding

AG

88,009

243

Swatch

Group

AG,

Bearer

Shares

56,697

441

Swatch

Group

AG,

Registered

Shares

19,859

268

Swiss

Life

Holding

AG

101,409

637

Swiss

Prime

Site

AG

57,852

2,471

Swiss

Re

AG

183,296

217

Swisscom

AG

114,958

556

Temenos

AG

74,729

30,739

UBS

Group

AG

343,444

382

Vifor

Pharma

AG

51,961

1,262

Zurich

Insurance

Group

AG

440,079

Total

12,337,589

United

Kingdom

(12.1%)

8,159

3i

Group

plc

104,773

1,601

Admiral

Group

plc

53,994

10,299

Anglo

American

plc

249,171

3,306

Antofagasta

plc

43,630

3,780

Ashtead

Group

plc

136,124

2,987

Associated

British

Foods

plc

71,914

Shares

Common

Stock

(96.2%)

Value

United

Kingdom

(12.1%)

-

continued

11,002

AstraZeneca

plc

$

1,202,133

8,100

Auto

Trader

Group

plc

b

58,810

542

Aveva

Group

plc

33,430

32,882

Aviva

plc

121,655

26,881

BAE

Systems

plc

166,945

145,267

Barclays

plc

a

183,264

8,538

Barratt

Developments

plc

52,361

1,056

Berkeley

Group

Holdings

plc

57,566

17,709

BHP

Group

plc

377,809

169,817

BP

plc

491,110

19,234

British

American

Tobacco

plc

689,952

7,381

British

Land

Company

plc

32,177

74,573

BT

Group

plc

94,456

2,824

Bunzl

plc

91,177

3,393

Burberry

Group

plc

68,010

1,721

Coca-Cola

European

Partners

plc

66,792

14,956

Compass

Group

plc

224,667

1,081

Croda

International

plc

87,200

19,595

Diageo

plc

673,066

11,529

Direct

Line

Insurance

Group

plc

40,210

4,261

Evraz

plc

18,974

42,061

GlaxoSmithKline

plc

788,543

3,183

Halma

plc

96,165

2,784

Hargreaves

Lansdown

plc

56,002

1,448

Hikma

Pharmaceuticals

plc

48,533

170,759

HSBC

Holdings

plc

668,056

7,935

Imperial

Brands

plc

140,160

12,595

Informa

plc

a

61,044

1,450

InterContinental

Hotels

Group

plc

a

76,111

1,353

Intertek

Group

plc

110,401

14,843

J

Sainsbury

plc

36,546

3,672

JD

Sports

Fashion

plc

38,331

1,623

Johnson

Matthey

plc

49,320

17,693

Kingfisher

plc

67,772

5,906

Land

Securities

Group

plc

39,761

50,018

Legal

&

General

Group

plc

122,018

593,222

Lloyds

TSB

Group

plc

a

201,389

2,652

London

Stock

Exchange

Group

plc

304,231

21,799

M&G

plc

44,807

40,735

Melrose

Industries

plc

a

60,404

4,071

Mondi

plc

86,080

29,416

National

Grid

plc

337,878

40,561

Natwest

Group

plc

a

55,546

1,115

Next

plc

85,484

3,832

Ocado

Group

plc

a

135,536

6,437

Pearson

plc

45,662

2,674

Persimmon

plc

85,217

21,874

Prudential

plc

313,857

5,951

Reckitt

Benckiser

Group

plc

580,257

16,211

RELX

plc

360,827

15,506

Rentokil

Initial

plc

a

107,176

9,405

Rio

Tinto

plc

565,925

16,191

Rolls-Royce

Holdings

plc

26,883

34,387

Royal

Dutch

Shell

plc,

Class

A

429,266

31,075

Royal

Dutch

Shell

plc,

Class

B

376,850

8,650

RSA

Insurance

Group

plc

a

50,506

9,152

Sage

Group

plc

85,051

1,042

Schroders

plc

36,189

9,985

SEGRO

plc

119,996

1,995

Severn

Trent

plc

62,812

7,333

Smith

&

Nephew

plc

143,649

3,322

Smiths

Group

plc

58,765

618

Spirax-Sarco

Engineering

plc

88,005

8,715

SSE

plc

135,643

4,486

St.

James's

Place

plc

53,969

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

146

Shares

Common

Stock

(96.2%)

Value

United

Kingdom

(12.1%)

-

continued

22,494

Standard

Chartered

plc

a

$

103,509

19,123

Standard

Life

Aberdeen

plc

55,690

30,531

Taylor

Wimpey

plc

42,691

82,115

Tesco

plc

225,268

9,798

Unilever

plc

604,081

5,717

United

Utilities

Group

plc

63,153

224,468

Vodafone

Group

plc

297,518

1,692

Whitbread

plc

46,230

20,165

William

Morrison

Supermarkets

plc

44,261

Total

14,410,394

Total

Common

Stock

(cost

$100,309,791)

114,492,320

Shares

Preferred

Stock

(

0.4%

)

Germany

(0.4%)

477

Bayerische

Motoren

Werke

AG

26,070

1,494

Henkel

AG

&

Company

KGaA

156,253

1,556

Volkswagen

AG

a

250,379

Total

432,702

Total

Preferred

Stock

(cost

$362,016)

432,702

Shares

or

Principal

Amount

Short-Term

Investments

(

3.0%

)

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.060%,

 10/7/2020

d,e

99,999

300,000

0.080%,

 11/12/2020

d,e

299,976

Thrivent

Core

Short-Term

Reserve

Fund

324,100

0.310%

3,241,000

Total

Short-Term

Investments

(cost

$3,643,696)

3,640,975

Total

Investments

(cost

$104,315,503)

99.6%

$118,565,997

Other

Assets

and

Liabilities,

Net

0.4%

487,440

Total

Net

Assets

100.0%

$119,053,437

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$1,968,182

or

1.7%

of

total

net

assets.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

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.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

International

Index

Portfolio

as

of

September

30,

2020

was

$86,482

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

September

30,

2020.

Security

Acquisition

Date

Cost

Siemens

Energy

AG,

10/15/2020

9/28/2020

$

78,949

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

DRIP

-

Dividend

Reinvestment

Plan

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

147

Reference

Description:

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

International

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

6,047,055

–

6,047,055

–

Consumer

Discretionary

12,880,223

30,503

12,849,720

–

Consumer

Staples^

13,934,534

66,792

13,867,742

0

Energy

3,281,018

–

3,281,018

–

Financials

17,937,515

–

17,937,515

–

Health

Care

16,097,075

179,097

15,917,978

–

Industrials

17,262,054

27,810

17,147,762

86,482

Information

Technology

10,425,560

257,625

10,167,935

–

Materials

8,525,647

–

8,525,647

–

Real

Estate

3,635,183

–

3,635,183

–

Utilities

4,466,456

–

4,466,456

–

Preferred

Stock

Consumer

Discretionary

276,449

–

276,449

–

Consumer

Staples

156,253

–

156,253

–

Short-Term

Investments

399,975

–

399,975

–

Subtotal

Investments

in

Securities

$115,324,997

$561,827

$114,676,688

$86,482

Other

Investments  *

Total

Affiliated

Short-Term

Investments

3,241,000

Subtotal

Other

Investments

$3,241,000

Total

Investments

at

Value

$118,565,997

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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

Liability

Derivatives

Futures

Contracts

75,406

75,406

–

–

Total

Liability

Derivatives

$75,406

$75,406

$–

$–

^

Level

3

security

in

this

section

is

fair

valued

at

<$1.

The

following

table

presents

International

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$399,975

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

ICE

mini

MSCI

EAFE

Index

42

December

2020

$

3,967,126

(

$

75,406)

Total

Futures

Long

Contracts

$

3,967,126

(

$

75,406)

Total

Futures

Contracts

$

3,967,126

($75,406)

International

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

148

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.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

International

Index

Portfolio,

is

as

follows:

Portfolio

Value

4/30/2020

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$5,000

$32,238

$33,999

$3,241

324

2.7%

Total

Affiliated

Short-Term

Investments

5,000

3,241

2.7

Total

Value

$5,000

$3,241

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

4/30/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$5

$(3)

–

$5

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$5

Total

Value

$5

$(3)

$–

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

149

Shares

Common

Stock

(

98.3%

)

Value

Communications

Services

(12.7%)

421,531

Activision

Blizzard,

Inc.

$

34,122,935

84,662

Alphabet,

Inc.,

Class

A

a

124,080,627

231,724

Facebook,

Inc.

a

60,688,516

568,691

Live

Nation

Entertainment,

Inc.

a

30,641,071

1,059,705

Uber

Technologies,

Inc.

a

38,658,038

Total

288,191,187

Consumer

Discretionary

(21.0%)

92,147

Amazon.com,

Inc.

a

290,146,024

304,490

Aptiv

plc

27,915,643

24,948

Chipotle

Mexican

Grill,

Inc.

a

31,028,077

224,706

Home

Depot,

Inc.

62,403,103

399,067

NIKE,

Inc.

50,098,871

36,712

Tesla,

Inc.

a

15,749,815

Total

477,341,533

Consumer

Staples

(0.6%)

332,718

BJ's

Wholesale

Club

Holdings,

Inc.

a

13,824,433

Total

13,824,433

Financials

(4.1%)

329,904

American

Express

Company

33,072,876

742,024

Charles

Schwab

Corporation

26,883,530

90,637

S&P

Global,

Inc.

32,683,702

Total

92,640,108

Health

Care

(13.5%)

76,479

Amgen,

Inc.

19,437,903

239,378

Cerner

Corporation

17,304,636

358,815

Edwards

Lifesciences

Corporation

a

28,640,613

59,295

Humana,

Inc.

24,541,607

58,911

Intuitive

Surgical,

Inc.

a

41,799,711

239,115

Novo

Nordisk

AS

ADR

16,601,754

97,309

Stryker

Corporation

20,276,276

64,757

Teladoc

Health,

Inc.

a,b

14,197,325

73,559

Thermo

Fisher

Scientific,

Inc.

32,477,770

88,230

Veeva

Systems,

Inc.

a

24,809,394

103,229

Vertex

Pharmaceuticals,

Inc.

a

28,090,675

225,137

Zoetis,

Inc.

37,230,906

Total

305,408,570

Industrials

(3.0%)

153,107

Honeywell

International,

Inc.

25,202,943

59,474

Lockheed

Martin

Corporation

22,795,195

95,945

Norfolk

Southern

Corporation

20,531,270

Total

68,529,408

Information

Technology

(41.0%)

121,023

Adobe,

Inc.

a

59,353,310

1,740,912

Apple,

Inc.

201,615,019

179,821

CDW

Corporation

21,494,004

275,668

MasterCard,

Inc.

93,222,647

886,627

Microsoft

Corporation

186,484,257

149,617

NVIDIA

Corporation

80,975,713

300,392

PayPal

Holdings,

Inc.

a

59,186,236

80,338

Salesforce.com,

Inc.

a

20,190,546

109,180

ServiceNow

,

Inc.

a

52,952,300

287,352

Square,

Inc.

a

46,709,067

545,738

Visa,

Inc.

109,131,228

Total

931,314,327

Shares

Common

Stock

(98.3%)

Value

Materials

(1.1%)

129,089

Ecolab,

Inc.

$

25,797,146

Total

25,797,146

Real

Estate

(1.3%)

123,811

American

Tower

Corporation

29,928,833

Total

29,928,833

Total

Common

Stock

(cost

$1,178,033,650)

2,232,975,545

Shares

Collateral

Held

for

Securities

Loaned

(

0.6%

)

Value

13,636,665

Thrivent

Cash

Management

Trust

13,636,665

Total

Collateral

Held

for

Securities

Loaned

(cost

$13,636,665)

13,636,665

Shares

Preferred

Stock

(

<0.1%

)

Value

Consumer

Discretionary

(<0.1%)

2,943

Airbnb,

Inc.,

Series

D,

Convertible

a,c

198,770

Total

198,770

Total

Preferred

Stock

(cost

$119,818)

198,770

Shares

Short-Term

Investments

(

1.4%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

3,138,349

0.310%

31,383,490

Total

Short-Term

Investments

(cost

$31,355,950)

31,383,490

Total

Investments

(cost

$1,223,146,083)

100.3%

$2,278,194,470

Other

Assets

and

Liabilities,

Net

(0.3%)

(6,298,594)

Total

Net

Assets

100.0%

$2,271,895,876

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

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

September

30,

2020:

Securities

Lending

Transactions

Common

Stock

$

13,483,260

Total

lending

$13,483,260

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$13,636,665

Net

amounts

due

to

counterparty

$153,405

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Large

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

150

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Large

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

288,191,187

288,191,187

–

–

Consumer

Discretionary

477,341,533

477,341,533

–

–

Consumer

Staples

13,824,433

13,824,433

–

–

Financials

92,640,108

92,640,108

–

–

Health

Care

305,408,570

305,408,570

–

–

Industrials

68,529,408

68,529,408

–

–

Information

Technology

931,314,327

931,314,327

–

–

Materials

25,797,146

25,797,146

–

–

Real

Estate

29,928,833

29,928,833

–

–

Preferred

Stock

Consumer

Discretionary

198,770

–

–

198,770

Subtotal

Investments

in

Securities

$2,233,174,315

$2,232,975,545

$–

$198,770

Other

Investments  *

Total

Affiliated

Short-Term

Investments

31,383,490

Collateral

Held

for

Securities

Loaned

13,636,665

Subtotal

Other

Investments

$45,020,155

Total

Investments

at

Value

$2,278,194,470

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$20,434

$213,798

$202,838

$31,383

3,138

1.4%

Total

Affiliated

Short-Term

Investments

20,434

31,383

1.4

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

3,542

70,446

60,351

13,637

13,637

0.6

Total

Collateral

Held

for

Securities

Loaned

3,542

13,637

0.6

Total

Value

$23,976

$45,020

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$(39)

$28

–

$215

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$215

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

9

Total

Affiliated

Income

from

Securities

Loaned,

Net

$9

Total

Value

$(39)

$28

$–

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

151

Shares

Common

Stock

(

99.6%

)

Value

Communications

Services

(10.0%)

34,731

Activision

Blizzard,

Inc.

$

2,811,474

13,514

Alphabet,

Inc.,

Class

A

a

19,806,118

13,205

Alphabet,

Inc.,

Class

C

a

19,406,068

320,453

AT&T,

Inc.

9,136,115

44,521

CenturyLink,

Inc.

449,217

6,727

Charter

Communications,

Inc.

a

4,199,935

205,029

Comcast

Corporation

9,484,642

7,216

Discovery,

Inc.,

Class

A

a,b

157,092

13,923

Discovery,

Inc.,

Class

C

a

272,891

11,096

DISH

Network

Corporation

a

322,117

12,989

Electronic

Arts,

Inc.

a

1,693,895

108,135

Facebook,

Inc.

a

28,320,556

15,454

Fox

Corporation,

Class

A

430,085

7,045

Fox

Corporation,

Class

B

197,049

17,559

Interpublic

Group

of

Companies,

Inc.

292,709

6,407

Live

Nation

Entertainment,

Inc.

a

345,209

17,535

News

Corporation,

Class

A

245,841

5,491

News

Corporation,

Class

B

76,764

9,659

Omnicom

Group,

Inc.

478,120

5,135

Take-Two

Interactive

Software,

Inc.

a

848,405

26,166

T-Mobile

US,

Inc.

a

2,992,344

35,574

Twitter,

Inc.

a

1,583,043

186,112

Verizon

Communications,

Inc.

11,071,803

25,356

ViacomCBS

,

Inc.

710,222

81,274

Walt

Disney

Company

10,084,478

Total

125,416,192

Consumer

Discretionary

(12.3%)

3,114

Advance

Auto

Parts,

Inc.

477,999

19,149

Amazon.com,

Inc.

a

60,295,031

12,145

Aptiv

plc

1,113,454

1,052

AutoZone,

Inc.

a

1,238,877

10,361

Best

Buy

Company,

Inc.

1,153,076

1,842

Booking

Holdings,

Inc.

a

3,151,073

9,342

BorgWarner,

Inc.

361,909

7,327

CarMax,

Inc.

a

673,425

23,292

Carnival

Corporation

b

353,573

1,258

Chipotle

Mexican

Grill,

Inc.

a

1,564,587

14,886

D.R.

Horton,

Inc.

1,125,828

5,852

Darden

Restaurants,

Inc.

589,530

11,201

Dollar

General

Corporation

2,347,954

10,673

Dollar

Tree,

Inc.

a

974,872

1,770

Domino's

Pizza,

Inc.

752,746

29,904

eBay,

Inc.

1,557,998

5,367

Etsy,

Inc.

a

652,788

6,102

Expedia

Group,

Inc.

559,492

175,745

Ford

Motor

Company

1,170,462

9,241

Gap,

Inc.

157,374

6,709

Garmin,

Ltd.

636,416

56,641

General

Motors

Company

1,676,007

6,500

Genuine

Parts

Company

618,605

15,679

Hanesbrands,

Inc.

246,944

5,740

Hasbro,

Inc.

474,813

12,472

Hilton

Worldwide

Holdings,

Inc.

1,064,111

48,415

Home

Depot,

Inc.

13,445,330

10,520

L

Brands,

Inc.

334,641

14,772

Las

Vegas

Sands

Corporation

689,261

5,959

Leggett

&

Platt,

Inc.

245,332

12,351

Lennar

Corporation

1,008,830

12,591

LKQ

Corporation

a

349,148

33,990

Lowe's

Companies,

Inc.

5,637,581

11,961

Marriott

International,

Inc.

1,107,349

33,467

McDonald's

Corporation

7,345,672

18,414

MGM

Resorts

International

400,504

Shares

Common

Stock

(99.6%)

Value

Consumer

Discretionary

(12.3%)

-

continued

2,679

Mohawk

Industries,

Inc.

a

$

261,444

19,835

Netflix,

Inc.

a

9,918,095

16,984

Newell

Brands,

Inc.

291,445

55,989

NIKE,

Inc.

7,028,859

12,396

Norwegian

Cruise

Line

Holdings,

Ltd.

a,b

212,096

158

NVR,

Inc.

a

645,133

3,331

O'Reilly

Automotive,

Inc.

a

1,535,857

12,062

PulteGroup,

Inc.

558,350

3,197

PVH

Corporation

190,669

2,154

Ralph

Lauren

Corporation

146,407

16,011

Ross

Stores,

Inc.

1,494,147

8,014

Royal

Caribbean

Cruises,

Ltd.

b

518,746

52,577

Starbucks

Corporation

4,517,416

12,429

Tapestry,

Inc.

194,265

22,516

Target

Corporation

3,544,469

4,858

Tiffany

&

Company

562,799

53,929

TJX

Companies,

Inc.

3,001,149

5,227

Tractor

Supply

Company

749,238

2,533

Ulta

Beauty,

Inc.

a

567,341

8,490

Under

Armour

,

Inc.,

Class

A

a

95,343

8,852

Under

Armour

,

Inc.,

Class

C

a

87,104

14,372

VF

Corporation

1,009,633

2,801

Whirlpool

Corporation

515,076

4,373

Wynn

Resorts,

Ltd.

314,025

13,562

Yum!

Brands,

Inc.

1,238,211

Total

154,749,909

Consumer

Staples

(7.0%)

83,583

Altria

Group,

Inc.

3,229,647

24,991

Archer-Daniels-Midland

Company

1,161,832

8,218

Brown-Forman

Corporation

618,980

9,105

Campbell

Soup

Company

440,409

11,123

Church

&

Dwight

Company,

Inc.

1,042,336

5,677

Clorox

Company

b

1,193,135

173,872

Coca-Cola

Company

8,584,061

38,562

Colgate-Palmolive

Company

2,975,058

21,952

Conagra

Brands,

Inc.

783,906

7,557

Constellation

Brands,

Inc.

1,432,127

19,858

Costco

Wholesale

Corporation

7,049,590

10,145

Estee

Lauder

Companies,

Inc.

2,214,146

27,477

General

Mills,

Inc.

1,694,781

6,630

Hershey

Company

950,344

12,628

Hormel

Foods

Corporation

617,383

5,131

J.M.

Smucker

Company

592,733

11,413

Kellogg

Company

737,166

15,339

Kimberly-Clark

Corporation

2,264,957

29,143

Kraft

Heinz

Company

872,833

34,988

Kroger

Company

1,186,443

6,536

Lamb

Weston

Holdings,

Inc.

433,141

5,569

McCormick

&

Company,

Inc.

1,080,943

8,479

Molson

Coors

Beverage

Company

284,555

64,241

Mondelez

International,

Inc.

3,690,646

16,604

Monster

Beverage

Corporation

a

1,331,641

62,275

PepsiCo,

Inc.

8,631,315

70,040

Philip

Morris

International,

Inc.

5,252,300

111,973

Procter

&

Gamble

Company

15,563,127

22,879

Sysco

Corporation

1,423,531

13,234

Tyson

Foods,

Inc.

787,158

32,348

Walgreens

Boots

Alliance,

Inc.

1,161,940

62,451

Wal-Mart

Stores,

Inc.

8,737,519

Total

88,019,683

Energy

(2.0%)

17,008

Apache

Corporation

161,066

29,518

Baker

Hughes

Company

392,294

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

152

Shares

Common

Stock

(99.6%)

Value

Energy

(2.0%)

-

continued

17,959

Cabot

Oil

&

Gas

Corporation

$

311,768

83,984

Chevron

Corporation

6,046,848

8,867

Concho

Resources,

Inc.

391,212

48,240

ConocoPhillips

1,584,202

17,258

Devon

Energy

Corporation

163,261

7,111

Diamondback

Energy,

Inc.

214,183

26,187

EOG

Resources,

Inc.

941,161

190,168

Exxon

Mobil

Corporation

6,528,468

39,548

Halliburton

Company

476,553

12,295

Hess

Corporation

503,234

6,713

HollyFrontier

Corporation

132,313

87,638

Kinder

Morgan,

Inc.

1,080,577

35,603

Marathon

Oil

Corporation

145,616

29,297

Marathon

Petroleum

Corporation

859,574

17,499

National

Oilwell

Varco,

Inc.

158,541

21,798

Noble

Energy,

Inc.

186,373

37,651

Occidental

Petroleum

Corporation

376,887

19,978

ONEOK,

Inc.

519,028

19,641

Phillips

66

1,018,189

7,388

Pioneer

Natural

Resources

Company

635,294

62,431

Schlumberger,

Ltd.

971,426

18,942

TechnipFMC

plc

119,524

18,350

Valero

Energy

Corporation

794,922

54,581

Williams

Companies,

Inc.

1,072,517

Total

25,785,031

Financials

(9.6%)

29,819

Aflac,

Inc.

1,083,921

14,047

Allstate

Corporation

1,322,385

29,332

American

Express

Company

2,940,533

38,744

American

International

Group,

Inc.

1,066,622

5,409

Ameriprise

Financial,

Inc.

833,581

10,416

Aon

plc

2,148,821

8,613

Arthur

J.

Gallagher

&

Company

909,361

2,689

Assurant,

Inc.

326,203

342,914

Bank

of

America

Corporation

8,260,798

36,655

Bank

of

New

York

Mellon

Corporation

1,258,733

89,152

Berkshire

Hathaway,

Inc.

a

18,984,027

6,378

BlackRock,

Inc.

3,594,322

20,538

Capital

One

Financial

Corporation

1,475,861

4,891

Cboe

Global

Markets,

Inc.

429,136

52,162

Charles

Schwab

Corporation

1,889,829

20,301

Chubb,

Ltd.

2,357,352

6,728

Cincinnati

Financial

Corporation

524,582

93,634

Citigroup,

Inc.

4,036,562

19,234

Citizens

Financial

Group,

Inc.

486,235

16,129

CME

Group,

Inc.

2,698,543

6,263

Comerica,

Inc.

239,560

13,782

Discover

Financial

Services

796,324

9,966

E*TRADE

Financial

Corporation

498,798

1,801

Everest

Re

Group,

Ltd.

355,770

32,034

Fifth

Third

Bancorp

682,965

7,741

First

Republic

Bank

844,233

12,031

Franklin

Resources,

Inc.

244,831

15,475

Goldman

Sachs

Group,

Inc.

3,110,011

16,124

Hartford

Financial

Services

Group,

Inc.

594,331

45,712

Huntington

Bancshares,

Inc.

419,179

25,243

Intercontinental

Exchange,

Inc.

2,525,562

16,961

Invesco,

Ltd.

193,525

137,069

J.P.

Morgan

Chase

&

Company

13,195,633

43,950

KeyCorp

524,323

8,170

Lincoln

National

Corporation

255,966

10,721

Loews

Corporation

372,555

Shares

Common

Stock

(99.6%)

Value

Financials

(9.6%)

-

continued

5,770

M&T

Bank

Corporation

$

531,359

1,707

MarketAxess

Holdings,

Inc.

822,074

22,782

Marsh

&

McLennan

Companies,

Inc.

2,613,095

34,699

MetLife,

Inc.

1,289,762

7,260

Moody's

Corporation

2,104,311

53,896

Morgan

Stanley

2,605,872

3,762

MSCI,

Inc.

1,342,206

5,176

Nasdaq,

Inc.

635,147

9,372

Northern

Trust

Corporation

730,735

19,132

People's

United

Financial,

Inc.

197,251

19,092

PNC

Financial

Services

Group,

Inc.

2,098,402

11,485

Principal

Financial

Group,

Inc.

462,501

26,329

Progressive

Corporation

2,492,566

17,765

Prudential

Financial,

Inc.

1,128,433

5,497

Raymond

James

Financial,

Inc.

399,962

43,136

Regions

Financial

Corporation

497,358

10,839

S&P

Global,

Inc.

3,908,543

15,865

State

Street

Corporation

941,270

2,328

SVB

Financial

Group

a

560,163

24,417

Synchrony

Financial

638,993

10,209

T.

Rowe

Price

Group,

Inc.

1,308,998

4,413

Torchmark

Corporation

352,599

11,399

Travelers

Companies,

Inc.

1,233,258

60,610

Truist

Financial

Corporation

2,306,210

61,652

U.S.

Bancorp

2,210,224

9,168

Unum

Group

154,297

6,325

W.R.

Berkley

Corporation

386,774

185,303

Wells

Fargo

&

Company

4,356,473

5,795

Willis

Towers

Watson

plc

1,210,112

7,385

Zions

Bancorporations

NA

215,790

Total

121,215,711

Health

Care

(14.2%)

79,631

Abbott

Laboratories

8,666,242

79,375

AbbVie,

Inc.

6,952,456

2,023

ABIOMED,

Inc.

a

560,492

13,867

Agilent

Technologies,

Inc.

1,399,735

9,857

Alexion

Pharmaceuticals,

Inc.

a

1,127,936

3,227

Align

Technology,

Inc.

a

1,056,391

6,611

AmerisourceBergen

Corporation

640,738

26,342

Amgen,

Inc.

6,695,083

11,312

Anthem,

Inc.

3,038,290

22,768

Baxter

International,

Inc.

1,831,003

13,037

Becton,

Dickinson

and

Company

3,033,449

7,120

Biogen,

Inc.

a

2,019,802

964

Bio-Rad

Laboratories,

Inc.

a

496,903

64,346

Boston

Scientific

Corporation

a

2,458,661

101,373

Bristol-Myers

Squibb

Company

6,111,778

13,164

Cardinal

Health,

Inc.

618,050

7,382

Catalent

,

Inc.

a

632,342

26,062

Centene

Corporation

a

1,520,196

13,735

Cerner

Corporation

992,903

16,515

Cigna

Holding

Company

2,797,806

2,210

Cooper

Companies,

Inc.

745,035

58,860

CVS

Health

Corporation

3,437,424

28,397

Danaher

Corporation

6,114,726

3,384

DaVita,

Inc.

a

289,840

9,827

Dentsply

Sirona,

Inc.

429,735

4,306

Dexcom

,

Inc.

a

1,775,062

27,963

Edwards

Lifesciences

Corporation

a

2,232,007

35,705

Eli

Lilly

and

Company

5,285,054

56,387

Gilead

Sciences,

Inc.

3,563,094

11,866

HCA

Healthcare,

Inc.

1,479,453

6,430

Henry

Schein,

Inc.

a

377,955

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

153

Shares

Common

Stock

(99.6%)

Value

Health

Care

(14.2%)

-

continued

11,640

Hologic

,

Inc.

a

$

773,711

5,950

Humana,

Inc.

2,462,645

3,826

IDEXX

Laboratories,

Inc.

a

1,504,039

6,566

Illumina,

Inc.

a

2,029,419

8,361

Incyte

Corporation

a

750,316

5,263

Intuitive

Surgical,

Inc.

a

3,734,309

8,603

IQVIA

Holding,

Inc.

a

1,356,091

118,413

Johnson

&

Johnson

17,629,327

4,381

Laboratory

Corporation

of

America

Holdings

a

824,811

7,291

McKesson

Corporation

1,085,849

60,452

Medtronic

plc

6,282,172

113,755

Merck

&

Company,

Inc.

9,435,977

1,078

Mettler

-Toledo

International,

Inc.

a

1,041,078

23,296

Mylan

NV

a

345,480

5,019

PerkinElmer,

Inc.

629,935

6,146

Perrigo

Company

plc

282,163

249,925

Pfizer,

Inc.

9,172,247

6,040

Quest

Diagnostics,

Inc.

691,520

4,702

Regeneron

Pharmaceuticals,

Inc.

a

2,632,086

6,513

ResMed

,

Inc.

1,116,524

3,829

STERIS

plc

674,631

14,697

Stryker

Corporation

3,062,414

2,089

Teleflex,

Inc.

711,137

17,792

Thermo

Fisher

Scientific,

Inc.

7,855,524

42,745

UnitedHealth

Group,

Inc.

13,326,609

3,491

Universal

Health

Services,

Inc.

373,607

4,095

Varian

Medical

Systems,

Inc.

a

704,340

11,715

Vertex

Pharmaceuticals,

Inc.

a

3,187,886

2,788

Waters

Corporation

a

545,556

3,321

West

Pharmaceutical

Services,

Inc.

912,943

9,312

Zimmer

Biomet

Holdings,

Inc.

1,267,736

21,370

Zoetis,

Inc.

3,533,957

Total

178,315,680

Industrials

(8.8%)

25,907

3M

Company

4,149,783

6,088

A.O.

Smith

Corporation

321,446

5,561

Alaska

Air

Group,

Inc.

203,699

4,154

Allegion

plc

410,872

22,873

American

Airlines

Group,

Inc.

b

281,109

10,335

AMETEK,

Inc.

1,027,299

17,654

Arconic

,

Inc.

295,175

23,863

Boeing

Company

3,943,599

6,070

C.H.

Robinson

Worldwide,

Inc.

620,293

36,619

Carrier

Global

Corporation

1,118,344

24,355

Caterpillar,

Inc.

3,632,548

3,910

Cintas

Corporation

1,301,365

9,292

Copart

,

Inc.

a

977,147

33,668

Corteva

,

Inc.

969,975

34,409

CSX

Corporation

2,672,547

6,645

Cummins,

Inc.

1,403,158

14,094

Deere

&

Company

3,123,653

28,688

Delta

Air

Lines,

Inc.

877,279

6,485

Dover

Corporation

702,585

17,995

Eaton

Corporation

plc

1,836,030

26,877

Emerson

Electric

Company

1,762,325

5,462

Equifax,

Inc.

856,988

7,541

Expeditors

International

of

Washington,

Inc.

682,611

25,820

Fastenal

Company

1,164,224

10,841

FedEx

Corporation

2,726,728

5,866

Flowserve

Corporation

160,083

15,160

Fortive

Corporation

1,155,344

Shares

Common

Stock

(99.6%)

Value

Industrials

(8.8%)

-

continued

6,213

Fortune

Brands

Home

and

Security,

Inc.

$

537,549

10,453

General

Dynamics

Corporation

1,447,009

393,687

General

Electric

Company

2,452,670

31,563

Honeywell

International,

Inc.

5,195,585

1,823

Huntington

Ingalls

Industries,

Inc.

256,587

3,394

IDEX

Corporation

619,100

16,776

IHS

Markit

,

Ltd.

1,317,084

12,940

Illinois

Tool

Works,

Inc.

2,500,137

16,694

Ingersoll

-

Rand,

Inc.

a

594,306

5,863

Jacobs

Engineering

Group,

Inc.

543,911

3,749

JB

Hunt

Transport

Services,

Inc.

473,799

33,464

Johnson

Controls

International

plc

1,367,004

4,243

Kansas

City

Southern

767,262

9,724

L3Harris

Technologies,

Inc.

1,651,524

23,629

Linde

Public

Limited

Company

5,626,774

11,064

Lockheed

Martin

Corporation

4,240,610

11,763

Masco

Corporation

648,494

16,070

Nielsen

Holdings

plc

227,873

11,474

Norfolk

Southern

Corporation

2,455,321

6,973

Northrop

Grumman

Corporation

2,199,912

4,327

Old

Dominion

Freight

Line,

Inc.

782,841

18,309

Otis

Worldwide

Corporation

1,142,848

15,577

PACCAR,

Inc.

1,328,407

5,784

Parker-Hannifin

Corporation

1,170,335

7,470

Pentair,

Ltd.

341,902

6,202

Quanta

Services,

Inc.

327,838

68,708

Raytheon

Technologies

Corporation

3,953,458

9,454

Republic

Services,

Inc.

882,531

5,164

Robert

Half

International,

Inc.

273,382

5,218

Rockwell

Automation,

Inc.

1,151,508

6,634

Rollins,

Inc.

359,497

4,709

Roper

Industries,

Inc.

1,860,573

2,446

Snap-On,

Inc.

359,880

26,530

Southwest

Airlines

Company

994,875

7,182

Stanley

Black

&

Decker,

Inc.

1,164,920

1,658

Teledyne

Technologies,

Inc.

a

514,328

10,255

Textron,

Inc.

370,103

10,765

Trane

Technologies

plc

1,305,256

2,438

TransDigm

Group,

Inc.

1,158,343

30,531

Union

Pacific

Corporation

6,010,638

13,087

United

Airlines

Holdings,

Inc.

a

454,773

31,802

United

Parcel

Service,

Inc.

5,299,167

3,244

United

Rentals,

Inc.

a

566,078

7,303

Verisk

Analytics,

Inc.

1,353,319

2,024

W.W.

Grainger,

Inc.

722,103

8,045

Wabtec

Corporation

497,825

17,480

Waste

Management,

Inc.

1,978,212

8,107

Xylem,

Inc.

681,961

Total

110,505,621

Information

Technology

(28.0%)

28,614

Accenture

plc

6,466,478

21,573

Adobe,

Inc.

a

10,580,046

52,820

Advanced

Micro

Devices,

Inc.

a

4,330,712

7,314

Akamai

Technologies,

Inc.

a

808,490

13,420

Amphenol

Corporation

1,452,983

16,621

Analog

Devices,

Inc.

1,940,336

3,858

ANSYS,

Inc.

a

1,262,453

723,049

Apple,

Inc.

83,736,305

41,076

Applied

Materials,

Inc.

2,441,968

2,462

Arista

Networks,

Inc.

a

509,462

9,862

Autodesk,

Inc.

a

2,278,221

19,338

Automatic

Data

Processing,

Inc.

2,697,458

18,089

Broadcom,

Ltd.

6,590,184

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

154

Shares

Common

Stock

(99.6%)

Value

Information

Technology

(28.0%)

-

continued

5,173

Broadridge

Financial

Solutions,

Inc.

$

682,836

12,539

Cadence

Design

Systems,

Inc.

a

1,337,034

6,417

CDW

Corporation

767,024

190,402

Cisco

Systems,

Inc.

7,499,935

5,556

Citrix

Systems,

Inc.

765,117

24,388

Cognizant

Technology

Solutions

Corporation

1,693,015

34,216

Corning,

Inc.

1,108,941

11,437

DXC

Technology

Company

204,150

2,743

F5

Networks,

Inc.

a

336,758

27,867

Fidelity

National

Information

Services,

Inc.

4,102,301

24,998

Fiserv,

Inc.

a

2,576,044

3,775

FleetCor

Technologies,

Inc.

a

898,827

5,902

FLIR

Systems,

Inc.

211,587

6,040

Fortinet,

Inc.

a

711,572

4,018

Gartner,

Inc.

a

502,049

13,459

Global

Payments,

Inc.

2,390,049

57,862

Hewlett

Packard

Enterprise

Company

542,167

61,774

HP,

Inc.

1,173,088

191,282

Intel

Corporation

9,904,582

40,055

International

Business

Machines

Corporation

4,873,492

11,775

Intuit,

Inc.

3,841,123

1,599

IPG

Photonics

Corporation

a

271,782

3,451

Jack

Henry

&

Associates,

Inc.

561,098

14,939

Juniper

Networks,

Inc.

321,188

8,417

Keysight

Technologies,

Inc.

a

831,431

6,992

KLA-Tencor

Corporation

1,354,630

6,550

Lam

Research

Corporation

2,172,963

6,011

Leidos

Holdings,

Inc.

535,881

39,730

MasterCard,

Inc.

13,435,494

12,020

Maxim

Integrated

Products,

Inc.

812,672

11,354

Microchip

Technology,

Inc.

1,166,737

49,968

Micron

Technology,

Inc.

a

2,346,497

340,362

Microsoft

Corporation

71,588,339

7,636

Motorola

Solutions,

Inc.

1,197,401

9,969

NetApp,

Inc.

437,041

26,581

NortonLifeLock

,

Inc.

553,948

27,750

NVIDIA

Corporation

15,018,855

86,950

Oracle

Corporation

5,190,915

14,409

Paychex,

Inc.

1,149,406

2,202

Paycom

Software,

Inc.

a

685,483

52,770

PayPal

Holdings,

Inc.

a

10,397,273

5,138

Qorvo

,

Inc.

a

662,853

50,745

QUALCOMM,

Inc.

5,971,672

40,928

Salesforce.com,

Inc.

a

10,286,025

10,038

Seagate

Technology

plc

494,572

8,626

ServiceNow

,

Inc.

a

4,183,610

7,521

Skyworks

Solutions,

Inc.

1,094,306

6,826

Synopsys,

Inc.

a

1,460,627

14,844

TE

Connectivity,

Ltd.

1,450,853

7,467

Teradyne,

Inc.

593,328

41,195

Texas

Instruments,

Inc.

5,882,234

1,810

Tyler

Technologies,

Inc.

a

630,894

4,546

VeriSign,

Inc.

a

931,248

75,830

Visa,

Inc.

15,163,725

13,606

Western

Digital

Corporation

497,299

18,529

Western

Union

Company

397,076

8,048

Xerox

Holdings

Corporation

151,061

10,988

Xilinx,

Inc.

1,145,389

2,399

Zebra

Technologies

Corporation

a

605,652

Total

352,848,245

Shares

Common

Stock

(99.6%)

Value

Materials

(2.1%)

9,935

Air

Products

and

Chemicals,

Inc.

$

2,959,239

4,789

Albemarle

Corporation

427,562

70,544

Amcor

plc

779,511

3,755

Avery

Dennison

Corporation

480,039

14,701

Ball

Corporation

1,221,947

5,329

Celanese

Corporation

572,601

9,635

CF

Industries

Holdings,

Inc.

295,891

33,333

Dow,

Inc.

1,568,318

33,005

DuPont

de

Nemours,

Inc.

1,831,117

6,087

Eastman

Chemical

Company

475,516

11,167

Ecolab,

Inc.

2,231,613

5,835

FMC

Corporation

617,985

65,315

Freeport-McMoRan,

Inc.

1,021,527

4,816

International

Flavors

&

Fragrances,

Inc.

b

589,719

17,680

International

Paper

Company

716,747

11,575

LyondellBasell

Industries

NV

815,922

2,806

Martin

Marietta

Materials,

Inc.

660,420

15,515

Mosaic

Company

283,459

36,119

Newmont

Mining

Corporation

2,291,751

13,568

Nucor

Corporation

608,660

4,265

Packaging

Corporation

of

America

465,098

10,613

PPG

Industries,

Inc.

1,295,635

7,018

Sealed

Air

Corporation

272,369

3,686

Sherwin-Williams

Company

2,568,184

5,966

Vulcan

Materials

Company

808,632

11,685

WestRock

Company

405,937

Total

26,265,399

Real

Estate

(2.6%)

5,275

Alexandria

Real

Estate

Equities,

Inc.

844,000

19,950

American

Tower

Corporation

4,822,513

6,709

Apartment

Investment

&

Management

Company

226,227

6,330

AvalonBay

Communities,

Inc.

945,322

6,370

Boston

Properties,

Inc.

511,511

15,098

CBRE

Group,

Inc.

a

709,153

18,875

Crown

Castle

International

Corporation

3,142,688

12,095

Digital

Realty

Trust,

Inc.

1,775,062

16,666

Duke

Realty

Corporation

614,975

3,983

Equinix

,

Inc.

3,027,598

15,401

Equity

Residential

790,533

2,933

Essex

Property

Trust,

Inc.

588,917

5,805

Extra

Space

Storage,

Inc.

621,077

3,096

Federal

Realty

Investment

Trust

227,370

24,211

Healthpeak

Properties,

Inc.

657,329

31,776

Host

Hotels

&

Resorts,

Inc.

342,863

12,978

Iron

Mountain,

Inc.

347,681

19,489

Kimco

Realty

Corporation

219,446

5,154

Mid-America

Apartment

Communities,

Inc.

597,606

33,227

Prologis,

Inc.

3,343,301

6,840

Public

Storage,

Inc.

1,523,405

15,518

Realty

Income

Corporation

942,719

7,095

Regency

Centers

Corporation

269,752

5,033

SBA

Communications

Corporation

1,602,910

13,774

Simon

Property

Group,

Inc.

890,902

3,295

SL

Green

Realty

Corporation

152,789

13,301

UDR,

Inc.

433,746

16,780

Ventas,

Inc.

704,089

7,050

Vornado

Realty

Trust

237,656

18,768

Welltower

,

Inc.

1,033,929

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

155

Shares

Common

Stock

(99.6%)

Value

Real

Estate

(2.6%)

-

continued

33,564

Weyerhaeuser

Company

$

957,245

Total

33,104,314

Utilities

(3.0%)

29,975

AES

Corporation

542,847

11,247

Alliant

Energy

Corporation

580,908

11,129

Ameren

Corporation

880,081

22,315

American

Electric

Power

Company,

Inc.

1,823,805

8,150

American

Water

Works

Company,

Inc.

1,180,772

5,548

Atmos

Energy

Corporation

530,333

24,550

CenterPoint

Energy,

Inc.

475,043

12,876

CMS

Energy

Corporation

790,715

15,044

Consolidated

Edison,

Inc.

1,170,423

37,786

Dominion

Energy,

Inc.

2,982,449

8,665

DTE

Energy

Company

996,822

33,077

Duke

Energy

Corporation

2,929,299

17,011

Edison

International,

Inc.

864,839

9,005

Entergy

Corporation

887,263

10,223

Evergy

,

Inc.

519,533

15,412

Eversource

Energy

1,287,673

43,829

Exelon

Corporation

1,567,325

24,382

FirstEnergy

Corporation

700,007

22,022

NextEra

Energy,

Inc.

6,112,426

17,258

NiSource,

Inc.

379,676

11,004

NRG

Energy,

Inc.

338,263

5,072

Pinnacle

West

Capital

Corporation

378,118

34,577

PPL

Corporation

940,840

22,747

Public

Service

Enterprise

Group,

Inc.

1,249,038

13,010

Sempra

Energy

1,539,864

47,500

Southern

Company

2,575,450

14,187

WEC

Energy

Group,

Inc.

1,374,720

23,628

Xcel

Energy,

Inc.

1,630,568

Total

37,229,100

Total

Common

Stock

(cost

$627,436,111)

1,253,454,885

Shares

Collateral

Held

for

Securities

Loaned

(

0.2%

)

Value

3,123,421

Thrivent

Cash

Management

Trust

3,123,421

Total

Collateral

Held

for

Securities

Loaned

(cost

$3,123,421)

3,123,421

Shares

or

Principal

Amount

Short-Term

Investments

(

0.4%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

500,000

0.080%,

11/12/2020

c,d

499,959

100,000

0.105%,

11/16/2020

c,d

99,991

Thrivent

Core

Short-Term

Reserve

Fund

395,495

0.310%

3,954,951

Total

Short-Term

Investments

(cost

$4,557,500)

4,554,901

Total

Investments

(cost

$635,117,032)

100.2%

$1,261,133,207

Other

Assets

and

Liabilities,

Net

(0.2%)

(3,134,728)

Total

Net

Assets

100.0%

$1,257,998,479

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

Large

Cap

Index

Portfolio

as

of

September

30,

2020:

Securities

Lending

Transactions

Common

Stock

$

3,073,778

Total

lending

$3,073,778

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$3,123,421

Net

amounts

due

to

counterparty

$49,643

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

156

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Large

Cap

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

125,416,192

125,416,192

–

–

Consumer

Discretionary

154,749,909

154,749,909

–

–

Consumer

Staples

88,019,683

88,019,683

–

–

Energy

25,785,031

25,785,031

–

–

Financials

121,215,711

121,215,711

–

–

Health

Care

178,315,680

178,315,680

–

–

Industrials

110,505,621

110,505,621

–

–

Information

Technology

352,848,245

352,848,245

–

–

Materials

26,265,399

26,265,399

–

–

Real

Estate

33,104,314

33,104,314

–

–

Utilities

37,229,100

37,229,100

–

–

Short-Term

Investments

599,950

–

599,950

–

Subtotal

Investments

in

Securities

$1,254,054,835

$1,253,454,885

$599,950

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

3,954,951

Collateral

Held

for

Securities

Loaned

3,123,421

Subtotal

Other

Investments

$7,078,372

Total

Investments

at

Value

$1,261,133,207

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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

57,616

57,616

–

–

Total

Asset

Derivatives

$57,616

$57,616

$–

$–

The

following

table

presents

Large

Cap

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$599,950

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

E-mini

S&P

500

Index

32

December

2020

$

5,305,584

$

57,616

Total

Futures

Long

Contracts

$

5,305,584

$

57,616

Total

Futures

Contracts

$

5,305,584

$57,616

Large

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

157

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$6,051

$46,348

$48,457

$3,955

395

0.3%

Total

Affiliated

Short-Term

Investments

6,051

3,955

0.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,403

37,312

35,592

3,123

3,123

0.2

Total

Collateral

Held

for

Securities

Loaned

1,403

3,123

0.2

Total

Value

$7,454

$7,078

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$16

$(3)

–

$54

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$54

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

17

Total

Affiliated

Income

from

Securities

Loaned,

Net

$17

Total

Value

$16

$(3)

$–

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

158

Shares

Common

Stock

(

98.0%

)

Value

Communications

Services

(9.0%)

13,985

Alphabet,

Inc.

a

$

20,552,356

953,298

Comcast

Corporation

44,099,566

594,956

Discovery,

Inc.,

Class

A

a,b

12,952,192

1,037,984

Verizon

Communications,

Inc.

61,749,668

Total

139,353,782

Consumer

Discretionary

(7.3%)

177,348

Aptiv

plc

16,259,264

10,748

AutoZone,

Inc.

a

12,657,275

199,863

D.R.

Horton,

Inc.

15,115,639

263,731

Lowe's

Companies,

Inc.

43,742,424

55,900

Mohawk

Industries,

Inc.

a

5,455,281

263,710

Sony

Corporation

ADR

20,239,742

Total

113,469,625

Consumer

Staples

(4.5%)

83,500

Kimberly-Clark

Corporation

12,329,610

36,163

Lamb

Weston

Holdings,

Inc.

2,396,522

395,111

Wal-Mart

Stores,

Inc.

55,279,980

Total

70,006,112

Energy

(4.7%)

661,176

BP

plc

ADR

11,544,133

197,609

Chevron

Corporation

14,227,848

179,300

ConocoPhillips

5,888,212

462,192

Enterprise

Products

Partners,

LP

7,298,012

147,400

Exxon

Mobil

Corporation

5,060,242

381,706

Halliburton

Company

4,599,557

386,349

Marathon

Oil

Corporation

1,580,167

370,070

Marathon

Petroleum

Corporation

10,857,854

141,428

Pioneer

Natural

Resources

Company

12,161,394

Total

73,217,419

Financials

(20.0%)

365,020

Aflac,

Inc.

13,268,477

275,510

American

International

Group,

Inc.

7,584,790

1,120,197

Bank

of

America

Corporation

26,985,546

344,680

Capital

One

Financial

Corporation

24,768,705

170,434

Chubb,

Ltd.

19,790,796

697,932

Citigroup,

Inc.

30,087,849

130,330

Comerica,

Inc.

4,985,123

216,440

Discover

Financial

Services

12,505,903

35,420

Goldman

Sachs

Group,

Inc.

7,118,357

343,230

Hartford

Financial

Services

Group,

Inc.

12,651,458

438,064

J.P.

Morgan

Chase

&

Company

42,172,421

170,990

Julius

Baer

Group,

Ltd.

7,262,355

317,620

MetLife,

Inc.

11,805,935

509,040

Morgan

Stanley

24,612,084

205,670

Raymond

James

Financial,

Inc.

14,964,549

412,750

Truist

Financial

Corporation

15,705,138

1,077,763

Wells

Fargo

&

Company

25,338,208

292,029

Zions

Bancorporations

NA

8,533,087

Total

310,140,781

Health

Care

(17.3%)

61,010

Anthem,

Inc.

16,386,676

32,629

Becton,

Dickinson

and

Company

7,592,116

57,090

Biogen,

Inc.

a

16,195,291

356,830

Centene

Corporation

a

20,813,894

129,152

Cigna

Holding

Company

21,879,640

229,237

CVS

Health

Corporation

13,387,441

87,820

Gilead

Sciences,

Inc.

5,549,346

333,006

GlaxoSmithKline

plc

ADR

12,534,346

124,740

HCA

Healthcare,

Inc.

15,552,583

Shares

Common

Stock

(98.0%)

Value

Health

Care

(17.3%)

-

continued

311,010

Johnson

&

Johnson

$

46,303,169

368,050

Medtronic

plc

38,247,756

544,842

Merck

&

Company,

Inc.

45,194,644

55,901

Zimmer

Biomet

Holdings,

Inc.

7,610,362

Total

267,247,264

Industrials

(11.9%)

37,140

Boeing

Company

6,137,756

91,770

Carlisle

Companies,

Inc.

11,229,895

659,480

Carrier

Global

Corporation

20,140,519

153,480

CSX

Corporation

11,920,792

435,090

Delta

Air

Lines,

Inc.

13,305,052

130,510

General

Dynamics

Corporation

18,066,499

634,150

Johnson

Controls

International

plc

25,905,028

89,720

Kansas

City

Southern

16,224,068

23,392

L3Harris

Technologies,

Inc.

3,972,897

149,020

Otis

Worldwide

Corporation

9,301,828

97,670

Parker-Hannifin

Corporation

19,762,548

298,040

Raytheon

Technologies

Corporation

17,149,222

61,950

United

Rentals,

Inc.

a

10,810,275

Total

183,926,379

Information

Technology

(13.7%)

133,402

Apple,

Inc.

15,449,286

1,194,000

Cisco

Systems,

Inc.

47,031,660

244,564

Microsoft

Corporation

51,439,146

266,225

Oracle

Corporation

15,893,633

198,100

QUALCOMM,

Inc.

23,312,408

17,864

Samsung

Electronics

Company,

Ltd.

GDR

22,650,192

193,880

Texas

Instruments,

Inc.

27,684,125

56,502

VMware,

Inc.

a,b

8,117,642

Total

211,578,092

Materials

(4.1%)

496,986

Axalta

Coating

Systems,

Ltd.

a

11,018,180

478,920

CF

Industries

Holdings,

Inc.

14,707,633

270,741

Eastman

Chemical

Company

21,150,287

19,010

Martin

Marietta

Materials,

Inc.

4,474,193

256,000

Nucor

Corporation

11,484,160

Total

62,834,453

Real

Estate

(2.2%)

269,854

American

Campus

Communities,

Inc.

9,423,301

65,941

AvalonBay

Communities,

Inc.

9,847,629

169,707

CBRE

Group,

Inc.

a

7,971,138

659,186

Host

Hotels

&

Resorts,

Inc.

7,112,617

Total

34,354,685

Utilities

(3.3%)

201,560

Duke

Energy

Corporation

17,850,154

102,460

Entergy

Corporation

10,095,384

250,754

Exelon

Corporation

8,966,963

259,379

FirstEnergy

Corporation

7,446,771

26,634

NextEra

Energy,

Inc.

7,392,533

Total

51,751,805

Total

Common

Stock

(cost

$1,281,140,373)

1,517,880,397

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

159

Shares

Collateral

Held

for

Securities

Loaned

(

1.4%

)

Value

21,830,571

Thrivent

Cash

Management

Trust

$

21,830,571

Total

Collateral

Held

for

Securities

Loaned

(cost

$21,830,571)

21,830,571

Shares

Registered

Investment

Companies

(

0.1%

)

Value

Unaffiliated  (<0.1%)

25,550

Utilities

Select

Sector

SPDR

Fund

b

1,517,159

Total

1,517,159

Total

Registered

Investment

Companies

(cost

$1,550,691)

1,517,159

Shares

Short-Term

Investments

(

1.8%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

2,859,988

0.310%

28,599,882

Total

Short-Term

Investments

(cost

$28,596,615)

28,599,882

Total

Investments

(cost

$1,333,118,250)

101.3%

$1,569,828,009

Other

Assets

and

Liabilities,

Net

(1.3%)

(20,881,652)

Total

Net

Assets

100.0%

$1,548,946,357

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

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

September

30,

2020:

Securities

Lending

Transactions

Common

Stock

$

21,283,107

Total

lending

$21,283,107

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$21,830,571

Net

amounts

due

to

counterparty

$547,464

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.

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Large

Cap

Value

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

139,353,782

139,353,782

–

–

Consumer

Discretionary

113,469,625

113,469,625

–

–

Consumer

Staples

70,006,112

70,006,112

–

–

Energy

73,217,419

73,217,419

–

–

Financials

310,140,781

302,878,426

7,262,355

–

Health

Care

267,247,264

267,247,264

–

–

Industrials

183,926,379

183,926,379

–

–

Information

Technology

211,578,092

188,927,900

22,650,192

–

Materials

62,834,453

62,834,453

–

–

Real

Estate

34,354,685

34,354,685

–

–

Utilities

51,751,805

51,751,805

–

–

Registered

Investment

Companies

Unaffiliated

1,517,159

1,517,159

–

–

Subtotal

Investments

in

Securities

$1,519,397,556

$1,489,485,009

$29,912,547

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

28,599,882

Collateral

Held

for

Securities

Loaned

21,830,571

Subtotal

Other

Investments

$50,430,453

Total

Investments

at

Value

$1,569,828,009

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

Large

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

160

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Large

Cap

Value

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$32,029

$90,140

$93,554

$28,600

2,860

1.8%

Total

Affiliated

Short-Term

Investments

32,029

28,600

1.8

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

8,485

188,378

175,032

21,831

21,831

1.4

Total

Collateral

Held

for

Securities

Loaned

8,485

21,831

1.4

Total

Value

$40,514

$50,431

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$(18)

$3

–

$270

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$270

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

29

Total

Affiliated

Income

from

Securities

Loaned,

Net

$29

Total

Value

$(18)

$3

$–

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

161

Principal

Amount

Long-Term

Fixed

Income

(

97.5%

)

Value

Asset-Backed

Securities

(14.0%)

Aimco

CLO,

Ltd.

$

5,000,000

1.628%, 

(LIBOR

3M

+

1.380%),

10/15/2031,

Ser.

2020-11A,

Class

A1

a,b,c

$

5,000,000

Apidos

CLO

XXVI

2,250,000

1.622%, 

(LIBOR

3M

+

1.350%),

7/18/2029,

Ser.

2017-26A,

Class

A1B

a,c

2,218,356

Ares

XXXVII

CLO,

Ltd.

3,400,000

1.445%, 

(LIBOR

3M

+

1.170%),

10/15/2030,

Ser.

2015-4A,

Class

A1R

a,c

3,372,756

Arkansas

Student

Loan

Authority

3,647,453

1.150%, 

(LIBOR

3M

+

0.900%),

11/25/2043,

Ser.

2010-1A

c

3,621,265

Assurant

CLO

III,

Ltd.

4,500,000

1.502%, 

(LIBOR

3M

+

1.230%),

10/20/2031,

Ser.

2018-3A,

Class

A

a,c

4,431,757

Axis

Equipment

Finance

Receivables

Trust

1,745,960

2.630%, 

6/20/2024,

Ser.

2019-1A,

Class

A2

a

1,780,000

Bank

of

the

West

Auto

Trust

855,255

2.110%, 

1/15/2023,

Ser.

2017-1,

Class

A3

a

860,301

BCC

Funding

XIV,

LLC

309,980

2.960%, 

6/20/2023,

Ser.

2018-1A,

Class

A2

a

311,139

Benefit

Street

Partners

CLO

IV,

Ltd.

4,950,000

1.522%, 

(LIBOR

3M

+

1.250%),

1/20/2029,

Ser.

2014-IVA,

Class

A1RR

a,c

4,925,557

BlueMountain

CLO,

Ltd.

4,235,671

1.502%, 

(LIBOR

3M

+

1.230%),

1/20/2029,

Ser.

2013-1A,

Class

A1R2

a,c

4,223,057

1,350,000

1.272%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-3A,

Class

A1R

a,c

1,322,476

Business

Jet

Securities,

LLC

406,532

4.335%, 

2/15/2033,

Ser.

2018-1,

Class

A

a

407,250

CBAM,

Ltd.

5,000,000

1.555%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

a,c

4,983,670

CCG

Receivables

Trust

367,776

2.500%, 

6/16/2025,

Ser.

2018-1,

Class

A2

a

369,159

Commonbond

Student

Loan

Trust

101,146

3.200%, 

6/25/2032,

Ser.

2015-A,

Class

A

a

101,236

758,359

2.550%, 

5/25/2041,

Ser.

2017-AGS,

Class

A1

a

777,883

1,702,428

0.648%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

a,c

1,676,893

CoreVest

American

Finance

Trust

1,759,744

3.804%, 

6/15/2051,

Ser.

2018-1,

Class

A

a

1,849,001

Credit

Acceptance

Auto

Loan

Trust

1,283,269

3.470%, 

5/17/2027,

Ser.

2018-2A,

Class

A

a

1,296,981

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Asset-Backed

Securities

(14.0%)

-

continued

Deephaven

Residential

Mortgage

Trust

$

1,486,123

4.080%, 

10/25/2058,

Ser.

2018-4A,

Class

A1

a,c

$

1,496,079

DRB

Prime

Student

Loan

Trust

512,921

2.048%, 

(LIBOR

1M

+

1.900%),

10/27/2031,

Ser.

2015-B,

Class

A1

a,c

514,774

Earnest

Student

Loan

Program,

LLC

793,256

2.650%, 

1/25/2041,

Ser.

2017-A,

Class

A2

a

804,303

ECMC

Group

Student

Loan

Trust

5,000,000

1.510%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

a,c

4,999,996

Education

Funding

Trust

3,444,320

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

a

3,480,768

Fifth

Third

Auto

Trust

93,058

1.800%, 

2/15/2022,

Ser.

2017-1,

Class

A3

93,168

Freedom

ABS

Trust

1,699,855

2.520%, 

3/18/2027,

Ser.

2020-FP1,

Class

A

a

1,700,514

Galaxy

XX

CLO,

Ltd.

3,000,000

1.272%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

a,c

2,955,774

Garrison

BSL

CLO,

Ltd.

5,000,000

1.243%, 

(LIBOR

3M

+

0.970%),

7/17/2028,

Ser.

2018-3A,

Class

A1

a,c

4,936,475

Genesis

Private

Label

Amortizing

Trust

3,323,807

2.080%, 

7/20/2030,

Ser.

2020-1,

Class

A

a

3,327,841

GoldenTree

Loan

Opportunities,

Ltd.

3,000,000

1.570%, 

(LIBOR

3M

+

1.300%),

10/29/2029,

Ser.

2014-9A,

Class

AJR2

a,c

2,958,891

Golub

Capital

Partners,

Ltd.

6,000,000

1.422%, 

(LIBOR

3M

+

1.150%),

10/20/2028,

Ser.

2018-39A,

Class

A1

a,c

5,947,854

HSI

Asset

Securitization

Corporation

Trust

554,959

0.518%, 

(LIBOR

1M

+

0.370%),

1/25/2036,

Ser.

2006-OPT2,

Class

M1

c

555,952

Invitation

Homes

Trust

6,038,240

1.251%, 

(LIBOR

1M

+

1.100%),

1/17/2038,

Ser.

2018-SFR4,

Class

A

a,c

6,038,489

Marlette

Funding

Trust

1,235,909

3.440%, 

4/16/2029,

Ser.

2019-1A,

Class

A

a

1,248,260

National

Collegiate

Trust

1,249,157

0.443%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

a,c

1,212,142

Nationstar

HECM

Loan

Trust

2,447,915

2.272%, 

11/25/2029,

Ser.

2019-2A,

Class

A

a,c

2,454,231

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

162

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Asset-Backed

Securities

(14.0%)

-

continued

Navient

Private

Education

Loan

Trust

$

847,356

2.820%, 

2/15/2068,

Ser.

2019-CA,

Class

A1

a

$

851,246

Navient

Student

Loan

Trust

819,764

2.180%, 

8/15/2068,

Ser.

2019-FA,

Class

A1

a

822,705

2,235,952

0.748%, 

(LIBOR

1M

+

0.600%),

7/26/2066,

Ser.

2017-3A,

Class

A2

a,c

2,233,388

1,339,778

0.898%, 

(LIBOR

1M

+

0.750%),

7/26/2066,

Ser.

2017-1A,

Class

A2

a,c

1,340,065

Neuberger

Berman

CLO

XIV,

Ltd.

2,500,000

1.277%, 

(LIBOR

3M

+

1.030%),

1/28/2030,

Ser.

2013-14A,

Class

AR2

a,c

2,475,020

Neuberger

Berman

CLO,

Ltd.

3,000,000

1.288%, 

(LIBOR

3M

+

1.030%),

4/22/2029,

Ser.

2014-17A,

Class

AR2

a,c

2,971,257

NextGear

Floorplan

Master

Owner

Trust

4,000,000

2.560%, 

10/17/2022,

Ser.

2017-2A,

Class

A2

a

4,002,230

Northstar

Education

Finance,

Inc.

771,618

0.848%, 

(LIBOR

1M

+

0.700%),

12/26/2031,

Ser.

2012-1,

Class

A

a,c

755,599

NRZ

Excess

Spread-Collateralized

Notes

Series

1,758,416

3.193%, 

1/25/2023,

Ser.

2018-PLS1,

Class

A

a

1,764,562

OneMain

Financial

Issuance

Trust

860,000

3.840%, 

5/14/2032,

Ser.

2020-1A,

Class

A

a

904,455

3,500,000

1.750%, 

9/14/2035,

Ser.

2020-2A,

Class

A

a

3,525,519

OZLM

VIII,

Ltd.

4,069,191

1.443%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

a,c

4,023,905

Pretium

Mortgage

Credit

Partners,

LLC

3,178,893

3.721%, 

1/25/2059,

Ser.

2019-CFL1,

Class

A1

a,d

3,172,523

Progress

Residential

Trust

2,997,040

3.422%, 

8/17/2035,

Ser.

2019-SFR1,

Class

A

a

3,098,767

2,000,000

2.078%, 

6/18/2037,

Ser.

2020-SFR2,

Class

A

a

2,041,930

Residential

Asset

Mortgage

Program

Series

Trust

104,577

0.438%, 

(LIBOR

1M

+

0.290%),

8/25/2036,

Ser.

2006-RZ3,

Class

A3

c

104,538

SLM

Student

Loan

Trust

2,602,983

0.548%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

c

2,486,057

Small

Business

Lending

Trust

591,364

2.850%, 

7/15/2026,

Ser.

2019-A,

Class

A

a

581,785

1,109,548

2.620%, 

12/15/2026,

Ser.

2020-A,

Class

A

a

1,101,566

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Asset-Backed

Securities

(14.0%)

-

continued

SoFi

Consumer

Loan

Program

Trust

$

1,644,551

3.010%, 

4/25/2028,

Ser.

2019-2,

Class

A

a

$

1,663,270

652,716

2.020%, 

1/25/2029,

Ser.

2020-1,

Class

A

a

659,674

SoFi

Consumer

Loan

Program,

LLC

220,473

2.770%, 

5/25/2026,

Ser.

2017-3,

Class

A

a

221,693

SoFi

Professional

Loan

Program,

LLC

401,886

2.510%, 

8/25/2033,

Ser.

2015-C,

Class

A2

a

404,887

185,642

0.998%, 

(LIBOR

1M

+

0.850%),

7/25/2039,

Ser.

2016-E,

Class

A1

a,c

185,251

Sound

Point

CLO

XX,

Ltd.

4,000,000

1.345%, 

(LIBOR

3M

+

1.100%),

7/26/2031,

Ser.

2018-2A,

Class

A

a,c

3,906,336

THL

Credit

Wind

River

CLO,

Ltd.

2,500,000

1.502%, 

(LIBOR

3M

+

1.230%),

7/20/2030,

Ser.

2017-2A,

Class

A

a,c

2,474,567

1,500,000

1.652%, 

(LIBOR

3M

+

1.430%),

10/20/2033,

Ser.

2020-1A,

Class

A

a,b,c

1,500,000

Upstart

Securitization

Trust

1,703,353

2.897%, 

9/20/2029,

Ser.

2019-2,

Class

A

a

1,717,341

2,372,254

2.684%, 

1/21/2030,

Ser.

2019-3,

Class

A

a

2,392,114

2,830,860

2.322%, 

4/22/2030,

Ser.

2020-1,

Class

A

a

2,851,397

Vericrest

Opportunity

Loan

Transferee

3,042,161

3.352%, 

9/25/2049,

Ser.

2019-NPL5,

Class

A1A

a,d

3,045,622

Voya

CLO,

Ltd.

1,248,050

1.475%, 

(LIBOR

3M

+

1.200%),

10/15/2030,

Ser.

2012-4A,

Class

A1AR

a,c

1,230,510

Whitebox

Clo

II,

Ltd.

2,250,000

2.192%, 

(LIBOR

3M

+

1.950%),

10/24/2031,

Ser.

2020-2A,

Class

A2

a,c

2,250,000

Total

151,014,027

Basic

Materials

(0.9%)

Air

Products

and

Chemicals,

Inc.

775,000

1.500%, 

10/15/2025

803,774

DowDuPont,

Inc.

2,000,000

4.205%, 

11/15/2023

2,198,420

EI

du

Pont

de

Nemours

&

Company

700,000

1.700%, 

7/15/2025

725,881

Glencore

Funding,

LLC

1,500,000

3.000%, 

10/27/2022

a

1,551,502

Kinross

Gold

Corporation

1,000,000

5.950%, 

3/15/2024

1,140,329

Mosaic

Company

650,000

3.250%, 

11/15/2022

679,270

Nucor

Corporation

800,000

2.000%, 

6/1/2025

835,397

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

163

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Basic

Materials

(0.9%)

-

continued

Steel

Dynamics,

Inc.

$

775,000

2.400%, 

6/15/2025

$

808,446

Syngenta

Finance

NV

1,000,000

4.892%, 

4/24/2025

a

1,084,001

Total

9,827,020

Capital

Goods

(1.9%)

Caterpillar

Financial

Services

Corporation

1,420,000

1.950%, 

11/18/2022

1,466,538

925,000

0.450%, 

9/14/2023

924,971

CNH

Industrial

Capital,

LLC

1,020,000

1.950%, 

7/2/2023

1,036,553

General

Electric

Company

795,000

3.450%, 

5/15/2024

852,982

Honeywell

International,

Inc.

925,000

1.350%, 

6/1/2025

953,214

Huntington

Ingalls

Industries,

Inc.

700,000

3.844%, 

5/1/2025

a

769,005

Northrop

Grumman

Corporation

2,000,000

2.550%, 

10/15/2022

2,082,525

Otis

Worldwide

Corporation

1,875,000

2.056%, 

4/5/2025

1,969,426

PACCAR

Financial

Corporation

1,150,000

2.650%, 

4/6/2023

1,212,221

Republic

Services,

Inc.

1,250,000

2.500%, 

8/15/2024

1,330,286

Roper

Technologies,

Inc.

1,250,000

3.650%, 

9/15/2023

1,358,495

750,000

2.350%, 

9/15/2024

793,124

675,000

1.000%, 

9/15/2025

676,694

Siemens

Financieringsmaatschappij

NV

2,000,000

0.847%, 

(LIBOR

3M

+

0.610%),

3/16/2022

a,c

2,010,660

Textron,

Inc.

2,000,000

3.875%, 

3/1/2025

2,191,216

WW

Grainger,

Inc.

875,000

1.850%, 

2/15/2025

916,338

Total

20,544,248

Collateralized

Mortgage

Obligations

(15.0%)

Angel

Oak

Mortgage

Trust

4,814,544

1.373%, 

5/25/2065,

Ser.

2020-5,

Class

A1

a,c

4,817,156

Angel

Oak

Mortgage

Trust

I,

LLC

1,857,662

3.258%, 

4/27/2048,

Ser.

2018-1,

Class

A1

a,c

1,866,694

1,828,634

3.674%, 

7/27/2048,

Ser.

2018-2,

Class

A1

a,c

1,857,614

Antler

Mortgage

Trust

2,373,954

4.458%, 

6/27/2022,

Ser.

2019-RTL1,

Class

A1

a

2,380,402

1,883,928

4.335%, 

7/25/2022,

Ser.

2018-RTL1,

Class

A1

a

1,887,913

Banc

of

America

Funding

Trust

382,295

3.990%, 

1/25/2035,

Ser.

2004-D,

Class

4A1

c

386,756

1,527,929

5.750%, 

3/25/2036,

Ser.

2006-3,

Class

3A1

1,581,189

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

200,986

2.410%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

c

201,730

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Collateralized

Mortgage

Obligations

(15.0%)

-

continued

$

566,349

4.753%, 

10/25/2036,

Ser.

2006-4,

Class

1A1

c

$

553,993

Bellemeade

Re,

Ltd.

4,500,000

2.798%, 

(LIBOR

1M

+

2.650%),

6/25/2030,

Ser.

2020-1A,

Class

M1A

a,c

4,509,250

BRAVO

Residential

Funding

Trust

1,573,971

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

a

1,625,186

Cascade

Funding

Mortgage

Trust

2,414,107

4.000%, 

10/25/2068,

Ser.

2018-RM2,

Class

A

a,c

2,503,789

COLT

Funding,

LLC

1,286,623

2.764%, 

8/25/2049,

Ser.

2019-3,

Class

A1

a,c

1,301,204

Countrywide

Alternative

Loan

Trust

233,582

5.500%, 

11/25/2035,

Ser.

2005-49CB,

Class

A1

219,216

265,740

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

257,696

Credit

Suisse

Mortgage

Capital

Certificates

1,507,615

3.393%, 

2/25/2024,

Ser.

2020-BPL1,

Class

A1

a,d

1,508,255

Credit

Suisse

Mortgage

Trust

2,500,000

3.453%, 

3/25/2026,

Ser.

2020-BPL2,

Class

A1

a,c,e

2,500,000

Deephaven

Residential

Mortgage

Trust

3,558,983

2.791%, 

10/25/2059,

Ser.

2019-4A,

Class

A1

a,c

3,607,942

Ellington

Financial

Mortgage

Trust

1,143,159

4.140%, 

10/25/2058,

Ser.

2018-1,

Class

A1FX

a,c

1,171,860

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,440,495

3.000%, 

8/15/2040,

Ser.

4364,

Class

A

1,479,543

Federal

National

Mortgage

Association

-

REMIC

1,756,770

4.000%, 

3/25/2029,

Ser.

2012-74,

Class

V

1,820,872

340,722

3.000%, 

1/25/2041,

Ser.

2015-79,

Class

BA

343,570

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

35,180

2.250%, 

6/25/2025,

Ser.

2010-58,

Class

PT

35,272

FWD

Securitization

Trust

3,116,362

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

a,c

3,188,597

GCAT

Trust

2,990,930

2.985%, 

2/25/2059,

Ser.

2019-NQM1,

Class

A1

a,d

3,037,330

Genworth

Mortgage

Insurance

Corporation

2,000,000

2.048%, 

(LIBOR

1M

+

1.900%),

11/26/2029,

Ser.

2019-1,

Class

M1

a,c

1,958,784

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

164

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Collateralized

Mortgage

Obligations

(15.0%)

-

continued

GMAC

Mortgage

Corporation

Loan

Trust

$

39,813

0.648%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

c,f

$

44,369

255,832

5.750%, 

10/25/2036,

Ser.

2006-HE3,

Class

A2

c

267,242

GS

Mortgage-Backed

Securities

Trust

2,824,992

3.750%, 

10/25/2057,

Ser.

2018-RPL1,

Class

A1A

a

3,006,637

991,307

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

a,c

1,008,254

1,811,526

1.791%, 

9/27/2060,

Ser.

2020-NQM1,

Class

A2

a,c

1,815,500

GSAA

Home

Equity

Trust

844,141

4.539%, 

8/25/2034,

Ser.

2004-10,

Class

M2

d

902,731

Homeward

Opportunities

Fund

I

Trust

3,483,392

3.454%, 

1/25/2059,

Ser.

2019-1,

Class

A1

a,c

3,542,278

Homeward

Opportunities

Fund

Trust

4,500,000

3.228%, 

8/25/2025,

Ser.

2020-BPL1,

Class

A1

a,d

4,499,997

J.P.

Morgan

Alternative

Loan

Trust

999,758

3.771%, 

3/25/2036,

Ser.

2006-A1,

Class

2A1

c

920,489

Legacy

Mortgage

Asset

Trust

3,154,499

4.000%, 

1/25/2059,

Ser.

2019-GS1,

Class

A1

a

3,209,158

1,452,283

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

a,d

1,473,133

Long

Beach

Mortgage

Loan

Trust

613,791

1.018%, 

(LIBOR

1M

+

0.870%),

2/25/2035,

Ser.

2005-1,

Class

M3

c

613,188

Master

Asset

Securitization

Trust

818,437

0.648%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

c

204,199

Merrill

Lynch

Mortgage

Investors

Trust

241,799

1.333%, 

(LIBOR

1M

+

1.185%),

7/25/2035,

Ser.

2004-WMC5,

Class

M3

c

241,356

Mortgage

Equity

Conversion

Asset

Trust

2,522,207

0.620%, 

(CMT

1Y

+

0.490%),

1/25/2042,

Ser.

2007-FF1,

Class

A

a,c

2,401,977

2,524,170

0.590%, 

(CMT

1Y

+

0.470%),

2/25/2042,

Ser.

2007-FF2,

Class

A

a,c

2,415,431

New

Residential

Mortgage

Loan

Trust

1,939,089

4.335%, 

7/25/2060,

Ser.

2020-NPL1,

Class

A1

a,d

1,941,410

New

Residential

Mortgage,

LLC

2,307,010

3.790%, 

7/25/2054,

Ser.

2018-FNT2,

Class

A

a

2,261,774

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Collateralized

Mortgage

Obligations

(15.0%)

-

continued

Oaktown

Re

II,

Ltd.

$

206,553

1.698%, 

(LIBOR

1M

+

1.550%),

7/25/2028,

Ser.

2018-1A,

Class

M1

a,c

$

205,940

Preston

Ridge

Partners

Mortgage

Trust,

LLC

3,750,000

2.857%, 

9/25/2025,

Ser.

2020-3A1

b,d

3,749,937

978,487

4.500%, 

1/25/2024,

Ser.

2019-1A,

Class

A1

a,d

985,985

1,887,038

3.967%, 

4/25/2024,

Ser.

2019-2A,

Class

A1

a,d

1,902,779

3,465,104

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

a,c

3,469,596

896,543

3.351%, 

11/25/2024,

Ser.

2019-4A,

Class

A1

a,d

898,745

1,784,136

2.981%, 

2/25/2025,

Ser.

2020-1A,

Class

A1

a,d

1,777,596

Pretium

Mortgage

Credit

Partners,

LLC

3,494,016

2.858%, 

5/27/2059,

Ser.

2020-NPL1,

Class

A1

a,d

3,467,239

Radnor

RE,

Ltd.

176,634

1.548%, 

(LIBOR

1M

+

1.400%),

3/25/2028,

Ser.

2018-1,

Class

M1

a,c

176,311

RCO

Mortgage,

LLC

3,441,494

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

a,d

3,433,546

2,864,345

4.270%, 

12/26/2053,

Ser.

2018-VFS1,

Class

A1

a,c

3,011,724

Residential

Asset

Securitization

Trust

575,188

5.750%, 

2/25/2036,

Ser.

2005-A15,

Class

5A1

394,744

Residential

Funding

Mortgage

Security

I

Trust

248,881

5.500%, 

10/25/2021,

Ser.

2006-S10,

Class

2A1

238,531

Silver

Hill

Trust

3,966,801

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

a,c

4,031,453

Specialty

Underwriting

and

Residential

Finance

Trust

3,069,670

1.148%, 

(LIBOR

1M

+

1.000%),

7/25/2035,

Ser.

2004-BC3,

Class

A2C

c

2,857,143

3,211,878

1.128%, 

(LIBOR

1M

+

0.980%),

10/25/2035,

Ser.

2004-BC4,

Class

A2C

c

3,128,162

Stanwich

Mortgage

Loan

Trust

2,924,397

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

a,d

2,901,256

Starwood

Mortgage

Residential

Trust

2,209,387

4.121%, 

10/25/2048,

Ser.

2018-IMC2,

Class

A1

a,c

2,285,279

2,593,894

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

a,c

2,604,112

Terwin

Mortgage

Trust

1,402,919

1.148%, 

(LIBOR

1M

+

1.000%),

12/25/2034,

Ser.

2004-21HE,

Class

2M2

a,c

1,393,740

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

165

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Collateralized

Mortgage

Obligations

(15.0%)

-

continued

Toorak

Mortgage

Corporation

$

3,196,598

4.336%, 

8/25/2021,

Ser.

2018-1,

Class

A1

a,d

$

3,214,549

5,250,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

a,d

5,371,584

1,500,000

3.721%, 

9/25/2022,

Ser.

2019-2,

Class

A1

1,528,321

2,500,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

a,d

2,508,791

TVC

Mortgage

Trust

2,800,000

3.474%, 

9/25/2024,

Ser.

2020-RTL1,

Class

A1

a

2,850,247

Vericrest

Opportunity

Loan

Transferee

2,313,933

2.981%, 

3/25/2050,

Ser.

2020-NPL4,

Class

A1

a,d

2,309,060

1,144,115

3.352%, 

8/25/2049,

Ser.

2019-NPL4,

Class

A1A

a,d

1,145,254

2,500,000

4.090%, 

11/25/2049,

Ser.

2019-NPL8,

Class

A1B

a,d

2,463,872

2,777,894

3.327%, 

11/26/2049,

Ser.

2019-NPL9,

Class

A1A

a,d

2,784,796

2,000,000

4.090%, 

11/26/2049,

Ser.

2019-NPL9,

Class

A1B

a,d

1,980,541

2,232,546

3.426%, 

12/27/2049,

Ser.

2019-NP10,

Class

A1A

a,d

2,233,363

Verus

Securitization

Trust

2,144,474

3.836%, 

2/25/2059,

Ser.

2019-1,

Class

A1

a,c

2,173,601

2,861,375

3.211%, 

5/25/2059,

Ser.

2019-2,

Class

A1

a,c

2,925,761

3,051,874

2.913%, 

7/25/2059,

Ser.

2019-INV2,

Class

A1

a,c

3,121,260

1,417,943

1.977%, 

3/25/2060,

Ser.

2020-INV1,

Class

A1

a,c

1,433,366

1,617,912

2.226%, 

5/25/2060,

Ser.

2020-2,

Class

A1

a,c

1,633,010

Wachovia

Asset

Securitization,

Inc.

373,238

0.312%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

a,c,f

323,586

Wachovia

Mortgage

Loan

Trust,

LLC

236,217

3.898%, 

5/20/2036,

Ser.

2006-A,

Class

2A1

c

233,729

WaMu

Mortgage

Pass

Through

Certificates

1,735,441

2.051%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

c

1,558,874

Total

162,078,319

Commercial

Mortgage-Backed

Securities

(0.7%)

BFLD

Trust

3,000,000

1.350%, 

(LIBOR

1M

+

1.150%),

10/15/2022,

Ser.

2020-EYP,

Class

A

a,b,c

3,000,000

Federal

National

Mortgage

Association

-

ACES

1,402,960

3.560%, 

9/25/2021,

Ser.

2018-M5,

Class

A2

c

1,415,527

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Commercial

Mortgage-Backed

Securities

(0.7%)

-

continued

GSAA

Home

Equity

Trust

$

1,025,867

2.098%, 

(LIBOR

1M

+

1.950%),

5/25/2034,

Ser.

2004-4,

Class

M2

c

$

1,081,709

Morgan

Stanley

BAML

Trust

2,000,000

2.918%, 

2/15/2046,

Ser.

2013-C7,

Class

A4

2,075,843

Total

7,573,079

Communications

Services

(1.9%)

American

Tower

Corporation

1,500,000

3.375%, 

5/15/2024

1,623,858

AT&T,

Inc.

2,000,000

1.155%, 

(LIBOR

3M

+

0.890%),

2/15/2023

c

2,017,235

Charter

Communications

Operating,

LLC

1,875,000

4.500%, 

2/1/2024

2,078,731

Cox

Communications,

Inc.

1,500,000

3.150%, 

8/15/2024

a

1,614,299

Crown

Castle

International

Corporation

1,000,000

3.200%, 

9/1/2024

1,078,294

Discovery

Communications,

LLC

1,050,000

2.950%, 

3/20/2023

1,106,080

Fox

Corporation

1,000,000

3.666%, 

1/25/2022

1,042,331

940,000

3.050%, 

4/7/2025

1,029,118

Omnicom

Group,

Inc.

1,242,000

3.625%, 

5/1/2022

1,300,689

Sprint

Corporation

1,610,000

7.125%, 

6/15/2024

1,852,482

T-Mobile

USA,

Inc.

1,900,000

3.500%, 

4/15/2025

a

2,084,718

Vodafone

Group

PLC

1,875,000

2.950%, 

2/19/2023

1,970,967

Walt

Disney

Company

1,165,000

1.750%, 

1/13/2026

1,210,320

Total

20,009,122

Consumer

Cyclical

(3.8%)

Alibaba

Group

Holding,

Ltd.

500,000

2.800%, 

6/6/2023

526,182

Amazon.com,

Inc.

2,100,000

0.800%, 

6/3/2025

2,118,701

American

Honda

Finance

Corporation

950,000

1.950%, 

5/10/2023

983,344

910,000

0.650%, 

9/8/2023

909,683

930,000

1.200%, 

7/8/2025

936,770

BMW

U.S.

Capital,

LLC

2,000,000

3.150%, 

4/18/2024

a

2,144,602

D.R.

Horton,

Inc.

800,000

2.600%, 

10/15/2025

857,751

Daimler

Finance

North

America,

LLC

875,000

1.750%, 

3/10/2023

a

892,285

1,000,000

1.089%, 

(LIBOR

3M

+

0.840%),

5/4/2023

a,c

995,967

Ford

Motor

Credit

Company,

LLC

1,000,000

1.515%, 

(LIBOR

3M

+

1.235%),

2/15/2023

c

920,189

1,840,000

3.370%, 

11/17/2023

1,812,400

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

166

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Consumer

Cyclical

(3.8%)

-

continued

General

Motors

Financial

Company,

Inc.

$

1,900,000

3.950%, 

4/13/2024

$

2,010,001

1,420,000

2.900%, 

2/26/2025

1,462,947

925,000

2.750%, 

6/20/2025

947,496

Harley-Davidson

Financial

Services,

Inc.

511,000

4.050%, 

2/4/2022

a

528,070

Home

Depot,

Inc.

1,900,000

4.400%, 

4/1/2021

1,919,384

Hyundai

Capital

America

1,140,000

1.800%, 

10/15/2025

a

1,133,713

Hyundai

Capital

Services,

Inc.

1,000,000

3.000%, 

3/6/2022

a

1,025,200

1,500,000

3.000%, 

8/29/2022

a

1,552,482

Kohl's

Corporation

1,090,000

9.500%, 

5/15/2025

1,286,015

Lennar

Corporation

990,000

4.875%, 

12/15/2023

1,064,374

350,000

5.875%, 

11/15/2024

391,125

Lowe's

Companies,

Inc.

700,000

4.000%, 

4/15/2025

793,337

Marriott

International,

Inc.

1,150,000

3.600%, 

4/15/2024

1,182,413

686,000

3.750%, 

10/1/2025

704,426

Nissan

Motor

Company,

Ltd.

675,000

3.043%, 

9/15/2023

a

684,206

Ralph

Lauren

Corporation

700,000

1.700%, 

6/15/2022

712,551

Starbucks

Corporation

900,000

1.300%, 

5/7/2022

911,643

Target

Corporation

940,000

2.250%, 

4/15/2025

1,003,562

TJX

Companies,

Inc.

1,175,000

3.500%, 

4/15/2025

1,310,388

Toyota

Motor

Credit

Corporation

1,375,000

0.500%, 

8/14/2023

1,375,332

925,000

1.800%, 

2/13/2025

966,221

VF

Corporation

900,000

2.050%, 

4/23/2022

922,619

Volkswagen

Group

of

America

Finance,

LLC

2,000,000

4.250%, 

11/13/2023

a

2,197,398

1,500,000

2.850%, 

9/26/2024

a

1,594,035

Total

40,776,812

Consumer

Non-Cyclical

(5.5%)

Abbott

Laboratories

1,263,000

2.550%, 

3/15/2022

1,303,937

AbbVie,

Inc.

1,900,000

2.300%, 

11/21/2022

a

1,966,101

2,000,000

3.850%, 

6/15/2024

a

2,190,845

1,920,000

3.600%, 

5/14/2025

2,127,644

Altria

Group,

Inc.

2,000,000

3.800%, 

2/14/2024

2,185,734

Amgen,

Inc.

1,320,000

1.900%, 

2/21/2025

1,380,216

Anthem,

Inc.

1,025,000

2.375%, 

1/15/2025

1,088,868

AstraZeneca

plc

1,550,000

0.700%, 

4/8/2026

1,519,870

BAT

International

Finance

plc

2,500,000

1.668%, 

3/25/2026

2,507,890

Becton,

Dickinson

and

Company

2,050,000

3.125%, 

11/8/2021

2,107,681

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Consumer

Non-Cyclical

(5.5%)

-

continued

Boston

Scientific

Corporation

$

1,840,000

3.450%, 

3/1/2024

$

1,993,177

Bristol-Myers

Squibb

Company

2,000,000

3.625%, 

5/15/2024

2,203,667

Bunge,

Ltd.

Finance

Corporation

1,100,000

1.630%, 

8/17/2025

1,104,571

Cargill,

Inc.

1,000,000

3.250%, 

3/1/2023

a

1,057,790

800,000

1.375%, 

7/23/2023

a

818,252

Centene

Corporation

1,825,000

5.375%, 

8/15/2026

a

1,932,994

CK

Hutchison

International,

Ltd.

2,000,000

2.750%, 

3/29/2023

a

2,071,038

Coca-Cola

Company

900,000

2.950%, 

3/25/2025

987,466

Conagra

Brands,

Inc.

1,750,000

4.300%, 

5/1/2024

1,952,222

Constellation

Brands,

Inc.

1,000,000

2.700%, 

5/9/2022

1,032,377

500,000

3.200%, 

2/15/2023

528,631

CVS

Health

Corporation

755,000

3.700%, 

3/9/2023

808,723

241,000

4.100%, 

3/25/2025

272,293

Diageo

Capital

plc

600,000

1.375%, 

9/29/2025

614,769

General

Mills,

Inc.

1,500,000

1.283%, 

(LIBOR

3M

+

1.010%),

10/17/2023

c

1,516,263

Gilead

Sciences,

Inc.

1,375,000

0.750%, 

9/29/2023

1,377,798

Imperial

Brands

Finance

plc

1,750,000

3.125%, 

7/26/2024

a

1,850,268

Imperial

Tobacco

Finance

plc

1,500,000

3.750%, 

7/21/2022

a

1,567,200

Mondelez

International,

Inc.

775,000

2.125%, 

4/13/2023

804,352

Mylan

NV

975,000

3.150%, 

6/15/2021

990,697

Nestle

Holdings,

Inc.

1,145,000

0.375%, 

1/15/2024

a

1,140,273

Novartis

Capital

Corporation

2,100,000

1.750%, 

2/14/2025

2,198,429

PepsiCo,

Inc.

1,400,000

2.250%, 

3/19/2025

1,498,872

Philip

Morris

International,

Inc.

900,000

1.125%, 

5/1/2023

913,753

Royalty

Pharma

plc

1,175,000

1.200%, 

9/2/2025

a

1,171,281

Smithfield

Foods,

Inc.

2,000,000

2.650%, 

10/3/2021

a

2,012,367

Thermo

Fisher

Scientific,

Inc.

700,000

4.133%, 

3/25/2025

797,527

Unilever

Capital

Corporation

915,000

0.375%, 

9/14/2023

916,588

UnitedHealth

Group,

Inc.

1,000,000

3.500%, 

2/15/2024

1,098,216

Upjohn,

Inc.

700,000

1.650%, 

6/22/2025

a

716,398

Zimmer

Biomet

Holdings,

Inc.

1,500,000

0.977%, 

(LIBOR

3M

+

0.750%),

3/19/2021

c

1,500,258

Zoetis,

Inc.

1,450,000

3.250%, 

2/1/2023

1,529,842

Total

59,357,138

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

167

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Energy

(3.6%)

BP

Capital

Markets

America,

Inc.

$

1,500,000

0.877%, 

(LIBOR

3M

+

0.650%),

9/19/2022

c

$

1,502,038

1,000,000

3.790%, 

2/6/2024

1,096,469

Canadian

Natural

Resources,

Ltd.

1,400,000

2.050%, 

7/15/2025

1,428,258

Chevron

Corporation

1,275,000

1.141%, 

5/11/2023

1,299,570

Continental

Resources,

Inc.

1,900,000

4.500%, 

4/15/2023

1,811,479

Devon

Energy

Corporation

1,150,000

5.850%, 

12/15/2025

1,288,537

Diamondback

Energy,

Inc.

950,000

2.875%, 

12/1/2024

961,708

Encana

Corporation

1,000,000

3.900%, 

11/15/2021

999,907

Energy

Transfer

Operating,

LP

1,660,000

4.200%, 

9/15/2023

1,749,182

950,000

2.900%, 

5/15/2025

954,942

EOG

Resources,

Inc.

1,025,000

2.625%, 

3/15/2023

1,067,718

Equinor

ASA

925,000

2.875%, 

4/6/2025

1,005,334

Exxon

Mobil

Corporation

1,785,000

0.618%, 

(LIBOR

3M

+

0.370%),

3/6/2022

c

1,792,917

1,100,000

2.992%, 

3/19/2025

1,204,684

Hess

Corporation

2,000,000

3.500%, 

7/15/2024

2,045,681

Marathon

Oil

Corporation

1,000,000

2.800%, 

11/1/2022

1,024,290

Marathon

Petroleum

Corporation

1,325,000

3.400%, 

12/15/2020

1,329,124

MPLX,

LP

500,000

3.500%, 

12/1/2022

523,995

1,500,000

4.875%, 

6/1/2025

1,700,244

1,100,000

1.750%, 

3/1/2026

1,097,500

National

Fuel

Gas

Company

1,370,000

5.500%, 

1/15/2026

1,495,215

Newfield

Exploration

Company

1,000,000

5.750%, 

1/30/2022

1,005,692

550,000

5.625%, 

7/1/2024

534,943

Noble

Energy,

Inc.

1,015,000

3.900%, 

11/15/2024

1,110,384

ONEOK,

Inc.

1,000,000

2.750%, 

9/1/2024

1,024,075

Petroleos

Mexicanos

1,092,500

2.378%, 

4/15/2025

1,138,087

Plains

All

American

Pipeline,

LP

2,000,000

3.850%, 

10/15/2023

2,093,073

Schlumberger

Finance

Canada,

Ltd.

225,000

1.400%, 

9/17/2025

226,175

Schlumberger

Holdings

Corporation

1,500,000

3.750%, 

5/1/2024

a

1,627,811

Suncor

Energy,

Inc.

930,000

2.800%, 

5/15/2023

974,900

Transcontinental

Gas

Pipe

Line

Company,

LLC

600,000

7.850%, 

2/1/2026

777,019

Williams

Partners,

LP

1,325,000

3.600%, 

3/15/2022

1,370,771

Total

39,261,722

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Financials

(16.9%)

AerCap

Ireland

Capital

DAC

$

375,000

6.500%, 

7/15/2025

$

404,759

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1,000,000

3.300%, 

1/23/2023

1,003,380

1,375,000

3.150%, 

2/15/2024

1,363,430

Ally

Financial,

Inc.

1,000,000

1.450%, 

10/2/2023

997,508

American

International

Group,

Inc.

1,150,000

3.300%, 

3/1/2021

1,161,039

1,050,000

2.500%, 

6/30/2025

1,122,136

Athene

Global

Funding

2,000,000

1.534%, 

(LIBOR

3M

+

1.230%),

7/1/2022

a,c

2,015,252

Australia

and

New

Zealand

Banking

Group,

Ltd.

1,890,000

2.950%, 

7/22/2030

a,c

1,958,475

Aviation

Capital

Group,

LLC

950,000

5.500%, 

12/15/2024

a

979,979

Avolon

Holdings

Funding,

Ltd.

900,000

5.500%, 

1/15/2026

a

903,474

Banco

Bilbao

Vizcaya

Argentaria

SA

1,400,000

0.875%, 

9/18/2023

1,398,338

Banco

Santander

Mexico

SA

320,000

5.375%, 

4/17/2025

a

355,840

Banco

Santander

SA

800,000

1.386%, 

(LIBOR

3M

+

1.120%),

4/12/2023

c

803,573

Bank

of

America

Corporation

500,000

2.816%, 

7/21/2023

c

519,186

1,775,000

4.200%, 

8/26/2024

1,976,383

1,000,000

3.458%, 

3/15/2025

c

1,083,778

1,125,000

0.981%, 

9/25/2025

c

1,124,727

1,900,000

2.456%, 

10/22/2025

c

2,003,576

1,275,000

1.319%, 

6/19/2026

c

1,282,682

Bank

of

Montreal

1,500,000

3.300%, 

2/5/2024

1,624,784

Bank

of

New

York

Mellon

Corporation

1,885,000

1.850%, 

1/27/2023

1,944,855

900,000

1.600%, 

4/24/2025

934,334

700,000

4.700%, 

9/20/2025

c,g

742,700

Bank

of

New

Zealand

875,000

2.000%, 

2/21/2025

a

915,872

Bank

of

Nova

Scotia

1,175,000

1.950%, 

2/1/2023

1,214,337

1,050,000

1.625%, 

5/1/2023

1,076,924

935,000

4.900%, 

6/4/2025

c,g

967,725

Barclays

plc

1,250,000

3.250%, 

1/12/2021

1,259,846

1,000,000

3.684%, 

1/10/2023

1,030,853

2,000,000

1.660%, 

(LIBOR

3M

+

1.380%),

5/16/2024

c

2,005,448

BNP

Paribas

SA

960,000

2.819%, 

11/19/2025

a,c

1,012,699

BPCE

SA

1,000,000

1.476%, 

(LIBOR

3M

+

1.220%),

5/22/2022

a,c

1,011,007

950,000

2.375%, 

1/14/2025

a

987,693

Branch

Banking

and

Trust

Company

1,800,000

2.150%, 

12/6/2024

1,905,531

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

168

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Financials

(16.9%)

-

continued

Canadian

Imperial

Bank

of

Commerce

$

1,875,000

2.250%, 

1/28/2025

$

1,977,160

Capital

One

Bank

USA

NA

1,875,000

2.014%, 

1/27/2023

c

1,906,762

Capital

One

Financial

Corporation

1,500,000

3.900%, 

1/29/2024

1,632,484

Charles

Schwab

Corporation

400,000

5.375%, 

6/1/2025

c,g

433,420

Citigroup,

Inc.

1,500,000

1.205%, 

(LIBOR

3M

+

0.960%),

4/25/2022

c

1,514,610

1,890,000

2.312%, 

11/4/2022

c

1,926,877

1,800,000

4.000%, 

8/5/2024

1,978,006

925,000

3.106%, 

4/8/2026

c

994,530

Comerica,

Inc.

750,000

3.700%, 

7/31/2023

812,287

585,000

5.625%, 

7/1/2025

c,g

614,250

Compass

Bank

1,500,000

2.875%, 

6/29/2022

1,545,472

Cooperatieve

Rabobank

UA

1,625,000

1.339%, 

6/24/2026

a,c

1,644,706

Corporate

Office

Properties,

LP

450,000

2.250%, 

3/15/2026

455,048

Credit

Agricole

SA

935,000

1.907%, 

6/16/2026

a,c

956,024

Credit

Suisse

AG

675,000

2.800%, 

4/8/2022

698,942

Credit

Suisse

Group

AG

1,500,000

6.500%, 

8/8/2023

a

1,698,750

990,000

7.500%, 

12/11/2023

a,c,g

1,079,100

1,050,000

2.193%, 

6/5/2026

a,c

1,084,183

Danske

Bank

AS

915,000

1.171%, 

12/8/2023

a,c

915,064

1,500,000

5.375%, 

1/12/2024

a

1,686,963

Deutsche

Bank

AG

910,000

2.222%, 

9/18/2024

c

915,973

Discover

Bank

1,250,000

2.450%, 

9/12/2024

1,318,545

Fifth

Third

Bancorp

1,185,000

2.875%, 

10/1/2021

1,212,787

1,900,000

2.375%, 

1/28/2025

2,011,792

First

Horizon

National

Corporation

1,325,000

3.550%, 

5/26/2023

1,394,192

First

Republic

Bank

940,000

1.912%, 

2/12/2024

c

966,093

FNB

Corporation

1,315,000

2.200%, 

2/24/2023

1,326,650

GE

Capital

Funding,

LLC

875,000

3.450%, 

5/15/2025

a

936,698

Goldman

Sachs

Group,

Inc.

940,000

3.500%, 

4/1/2025

1,037,147

1,915,000

3.272%, 

9/29/2025

c

2,072,908

272,000

4.250%, 

10/21/2025

309,016

HCP,

Inc.

1,175,000

4.250%, 

11/15/2023

1,285,810

HSBC

Holdings

plc

2,000,000

3.262%, 

3/13/2023

c

2,067,967

1,500,000

6.250%, 

3/23/2023

c,g

1,509,375

1,325,000

1.645%, 

4/18/2026

c

1,321,265

Huntington

Bancshares,

Inc.

1,550,000

3.150%, 

3/14/2021

1,566,596

ING

Groep

NV

2,600,000

1.368%, 

(LIBOR

3M

+

1.150%),

3/29/2022

c

2,625,255

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Financials

(16.9%)

-

continued

$

500,000

4.625%, 

1/6/2026

a

$

586,304

Intercontinental

Exchange,

Inc.

1,150,000

0.700%, 

6/15/2023

1,153,019

J.P.

Morgan

Chase

&

Company

1,250,000

4.051%, 

(LIBOR

3M

+

3.800%),

2/1/2021

c,g

1,236,719

925,000

1.514%, 

6/1/2024

c

945,009

1,750,000

3.875%, 

9/10/2024

1,935,653

1,500,000

1.123%, 

(LIBOR

3M

+

0.850%),

1/10/2025

c

1,511,890

800,000

2.005%, 

3/13/2026

c

830,606

900,000

2.083%, 

4/22/2026

c

939,993

Kilroy

Realty,

LP

750,000

3.800%, 

1/15/2023

780,518

450,000

4.375%, 

10/1/2025

496,723

Lincoln

National

Corporation

1,000,000

4.000%, 

9/1/2023

1,091,622

Lloyds

Banking

Group

plc

1,500,000

2.858%, 

3/17/2023

c

1,541,927

2,000,000

2.907%, 

11/7/2023

c

2,078,673

925,000

7.500%, 

6/27/2024

c,g

970,094

350,000

4.582%, 

12/10/2025

385,033

Macquarie

Group,

Ltd.

1,500,000

1.276%, 

(LIBOR

3M

+

1.020%),

11/28/2023

a,c

1,503,420

Mitsubishi

UFJ

Financial

Group,

Inc.

1,121,000

1.309%, 

(LIBOR

3M

+

1.060%),

9/13/2021

c

1,129,531

1,400,000

1.176%, 

(LIBOR

3M

+

0.920%),

2/22/2022

c

1,412,853

875,000

2.193%, 

2/25/2025

916,257

Mizuho

Financial

Group

Cayman

3,

Ltd.

825,000

4.600%, 

3/27/2024

a

904,951

Mizuho

Financial

Group,

Inc.

1,325,000

1.389%, 

(LIBOR

3M

+

1.140%),

9/13/2021

c

1,337,051

1,500,000

2.555%, 

9/13/2025

c

1,576,236

Morgan

Stanley

1,000,000

3.885%, 

(LIBOR

3M

+

3.610%),

1/15/2021

c,g

943,750

1,800,000

4.100%, 

5/22/2023

1,945,540

750,000

2.720%, 

7/22/2025

c

796,695

1,750,000

5.000%, 

11/24/2025

2,052,689

National

Bank

of

Canada

950,000

2.100%, 

2/1/2023

982,072

National

Securities

Clearing

Corporation

1,350,000

1.200%, 

4/23/2023

a

1,373,749

Nationwide

Building

Society

2,000,000

3.766%, 

3/8/2024

a,c

2,125,188

New

York

Life

Global

Funding

950,000

2.000%, 

1/22/2025

a

998,756

Nomura

Holdings,

Inc.

1,890,000

2.648%, 

1/16/2025

1,989,907

PayPal

Holdings,

Inc.

1,000,000

2.200%, 

9/26/2022

1,033,771

1,000,000

2.400%, 

10/1/2024

1,059,360

Peachtree

Corners

Funding

Trust

1,375,000

3.976%, 

2/15/2025

a

1,514,178

Realty

Income

Corporation

2,000,000

3.250%, 

10/15/2022

2,097,726

Regions

Financial

Corporation

925,000

2.250%, 

5/18/2025

975,637

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

169

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Financials

(16.9%)

-

continued

Reinsurance

Group

of

America,

Inc.

$

2,000,000

4.700%, 

9/15/2023

$

2,208,190

Royal

Bank

of

Canada

1,900,000

1.950%, 

1/17/2023

1,963,707

900,000

1.600%, 

4/17/2023

923,554

Royal

Bank

of

Scotland

Group

plc

2,000,000

1.750%, 

(LIBOR

3M

+

1.470%),

5/15/2023

c

2,008,585

1,000,000

3.498%, 

5/15/2023

c

1,035,638

Santander

Holdings

USA,

Inc.

1,000,000

3.400%, 

1/18/2023

1,046,900

350,000

3.450%, 

6/2/2025

373,504

Santander

UK

Group

Holdings

plc

750,000

3.125%, 

1/8/2021

755,324

925,000

1.532%, 

8/21/2026

c

909,870

Santander

UK

plc

950,000

2.100%, 

1/13/2023

980,318

Simon

Property

Group,

LP

1,600,000

2.500%, 

7/15/2021

1,617,297

Skandinaviska

Enskilda

Banken

AB

1,155,000

0.550%, 

9/1/2023

a

1,155,601

Societe

Generale

SA

1,800,000

2.625%, 

10/16/2024

a

1,864,431

Stadshypotek

AB

2,000,000

2.500%, 

4/5/2022

a

2,064,297

Standard

Chartered

plc

1,175,000

3.950%, 

1/11/2023

a

1,220,234

State

Street

Corporation

250,000

2.825%, 

3/30/2023

a,c

258,665

1,415,000

2.354%, 

11/1/2025

c

1,497,519

Sumitomo

Mitsui

Financial

Group,

Inc.

1,700,000

2.448%, 

9/27/2024

1,796,398

Sumitomo

Mitsui

Trust

Bank,

Ltd.

1,150,000

0.800%, 

9/12/2023

a

1,152,107

SunTrust

Banks,

Inc.

775,000

2.900%, 

3/3/2021

781,984

Synchrony

Financial

250,000

2.850%, 

7/25/2022

257,500

1,485,000

4.250%, 

8/15/2024

1,613,417

Synovus

Bank

940,000

2.289%, 

2/10/2023

c

951,330

Toronto-Dominion

Bank

1,375,000

0.750%, 

9/11/2025

1,370,891

Truist

Financial

Corporation

675,000

4.950%, 

9/1/2025

c,g

710,437

U.S.

Bank

NA

1,800,000

2.050%, 

1/21/2025

1,900,700

UBS

AG

450,000

1.750%, 

4/21/2022

a

458,142

UBS

Group

AG

1,375,000

1.008%, 

7/30/2024

a,c

1,378,006

USB

Realty

Corporation

95,000

1.422%, 

(LIBOR

3M

+

1.147%),

1/15/2022

a,c,g

76,950

Ventas

Realty,

LP

2,000,000

3.100%, 

1/15/2023

2,079,411

VEREIT

Operating

Partnership,

LP

200,000

4.600%, 

2/6/2024

214,530

440,000

4.625%, 

11/1/2025

486,057

Voya

Financial,

Inc.

500,000

5.650%, 

5/15/2053

c

513,750

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Financials

(16.9%)

-

continued

Wells

Fargo

&

Company

$

750,000

3.450%, 

2/13/2023

$

794,807

1,500,000

3.750%, 

1/24/2024

1,629,546

1,525,000

1.654%, 

6/2/2024

c

1,553,031

1,890,000

2.406%, 

10/30/2025

c

1,980,141

Westpac

Banking

Corporation

945,000

2.000%, 

1/13/2023

979,558

500,000

2.000%, 

1/16/2025

a

529,235

940,000

2.894%, 

2/4/2030

c

973,991

Total

181,743,483

Foreign

Government

(0.2%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

2,050,000

2.150%, 

5/13/2025

a

2,116,994

Total

2,116,994

Mortgage-Backed

Securities

(11.8%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

1,864,496

3.000%, 

3/25/2050

1,955,085

Federal

Home

Loan

Mortgage

Corporation

Whole

Loan

Securities

Trust

936,601

3.500%, 

5/25/2047,

Ser.

2017-SC02,

Class

2A1

f

942,036

Federal

National

Mortgage

Association

585,785

3.500%, 

10/1/2048

618,937

688,485

3.500%, 

8/1/2049

729,027

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

5,050,000

1.500%, 

10/1/2035

b

5,165,598

34,750,000

2.000%, 

10/1/2035

b

36,107,422

33,900,000

2.500%, 

10/1/2035

b

35,393,719

23,375,000

2.000%, 

11/1/2035

b

24,278,827

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

7,203,000

2.500%, 

10/1/2050

b

7,554,709

7,000,000

2.500%, 

11/1/2050

b

7,326,688

212,570

3.347%, 

(LIBOR

12M

+

1.489%),

1/1/2043

c

218,844

1,409,683

4.000%, 

7/1/2048

1,503,540

5,600,000

3.000%, 

10/1/2049

b

5,866,219

Total

127,660,651

Technology

(2.5%)

Baidu,

Inc.

880,000

3.075%, 

4/7/2025

935,194

Broadcom

Corporation

2,000,000

3.125%, 

1/15/2025

2,133,150

Broadcom,

Inc.

1,250,000

2.250%, 

11/15/2023

1,299,455

Dell

International,

LLC/

EMC

Corporation

1,500,000

4.000%, 

7/15/2024

a

1,620,648

340,000

5.850%, 

7/15/2025

a

396,721

Fiserv,

Inc.

2,000,000

2.750%, 

7/1/2024

2,138,044

Global

Payments,

Inc.

875,000

2.650%, 

2/15/2025

928,429

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

170

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Technology

(2.5%)

-

continued

Hewlett

Packard

Enterprise

Company

$

1,750,000

3.500%, 

10/5/2021

$

1,799,774

950,000

4.450%, 

10/2/2023

1,044,629

Intel

Corporation

900,000

3.400%, 

3/25/2025

1,008,183

Intuit,

Inc.

1,625,000

0.950%, 

7/15/2025

1,640,200

Marvell

Technology

Group,

Ltd.

1,000,000

4.200%, 

6/22/2023

1,079,578

Micron

Technology,

Inc.

1,050,000

2.497%, 

4/24/2023

1,090,305

NXP

Funding,

LLC

1,342,000

2.700%, 

5/1/2025

a

1,420,465

Oracle

Corporation

1,055,000

2.500%, 

4/1/2025

1,130,483

Panasonic

Corporation

1,000,000

2.536%, 

7/19/2022

a

1,031,886

1,000,000

2.679%, 

7/19/2024

a

1,066,503

Seagate

HDD

Cayman

1,232,000

4.750%, 

1/1/2025

1,352,323

Tencent

Holdings,

Ltd.

875,000

1.810%, 

1/26/2026

a

892,087

Texas

Instruments,

Inc.

500,000

1.375%, 

3/12/2025

517,309

Total

System

Services,

Inc.

925,000

3.750%, 

6/1/2023

991,679

VMware,

Inc.

1,000,000

2.950%, 

8/21/2022

1,041,077

Total

26,558,122

Transportation

(1.9%)

Air

Canada

Pass

Through

Trust

929,988

3.875%, 

3/15/2023

a

799,948

Air

Lease

Corporation

1,750,000

3.500%, 

1/15/2022

1,795,272

1,500,000

4.250%, 

2/1/2024

1,557,019

Aircastle,

Ltd.

1,500,000

4.400%, 

9/25/2023

1,488,691

American

Airlines

Pass

Through

Trust

611,927

3.700%, 

5/1/2023

424,433

Avolon

Holdings

Funding,

Ltd.

1,500,000

3.950%, 

7/1/2024

a

1,424,854

British

Airways

plc

982,376

4.625%, 

6/20/2024

a

945,459

Continental

Airlines,

Inc.

2,130,274

4.150%, 

4/11/2024

2,087,122

ERAC

USA

Finance,

LLC

1,600,000

2.600%, 

12/1/2021

a

1,627,773

J.B.

Hunt

Transport

Services,

Inc.

1,175,000

3.300%, 

8/15/2022

1,223,127

Penske

Truck

Leasing

Company,

LP

750,000

3.650%, 

7/29/2021

a

767,513

1,000,000

2.700%, 

11/1/2024

a

1,060,707

1,000,000

3.950%, 

3/10/2025

a

1,112,046

Ryder

System,

Inc.

1,000,000

3.400%, 

3/1/2023

1,060,725

Southwest

Airlines

Company

1,975,000

4.750%, 

5/4/2023

2,109,023

TTX

Company

800,000

4.125%, 

10/1/2023

a

874,214

Total

20,357,926

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

U.S.

Government

&

Agencies

(13.6%)

Federal

Home

Loan

Bank

$

6,500,000

2.500%, 

2/13/2024

$

6,990,299

3,000,000

1.500%, 

8/15/2024

3,147,342

Federal

Home

Loan

Mortgage

Corporation

2,000,000

0.250%, 

8/24/2023

2,000,173

Federal

National

Mortgage

Association

3,000,000

2.875%, 

9/12/2023

3,231,404

3,125,000

0.875%, 

8/5/2030

3,073,293

U.S.

Treasury

Bonds

1,325,000

2.250%, 

11/15/2027

1,489,486

1,335,000

5.500%, 

8/15/2028

1,849,236

17,250,000

2.625%, 

2/15/2029

20,144,766

6,100,000

1.500%, 

2/15/2030

6,579,422

U.S.

Treasury

Notes

645,000

1.125%, 

8/31/2021

650,644

1,500,000

1.125%, 

2/28/2022

1,520,742

1,500,000

1.875%, 

7/31/2022

1,547,695

1,585,000

2.000%, 

11/30/2022

1,648,648

6,000,000

1.375%, 

2/15/2023

6,173,906

7,350,000

2.750%, 

7/31/2023

7,887,756

17,345,000

2.500%, 

1/31/2024

18,681,107

3,575,000

1.250%, 

8/31/2024

3,718,978

29,800,000

1.375%, 

1/31/2025

31,259,734

2,000,000

2.875%, 

7/31/2025

2,249,844

17,125,000

2.625%, 

1/31/2026

19,215,454

U.S.

Treasury

Notes,

TIPS

3,130,101

0.125%, 

10/15/2024

3,321,820

Total

146,381,749

Utilities

(3.3%)

Ameren

Corporation

750,000

2.500%, 

9/15/2024

794,266

American

Electric

Power

Company,

Inc.

1,000,000

3.650%, 

12/1/2021

1,035,440

Berkshire

Hathaway

Energy

Company

1,575,000

4.050%, 

4/15/2025

a

1,796,621

CenterPoint

Energy,

Inc.

1,750,000

3.850%, 

2/1/2024

1,916,849

DTE

Energy

Company

1,500,000

3.700%, 

8/1/2023

1,621,449

1,500,000

2.529%, 

10/1/2024

1,594,303

Duke

Energy

Corporation

915,000

0.900%, 

9/15/2025

916,473

Edison

International

1,420,000

2.950%, 

3/15/2023

h

1,456,835

Enel

Finance

International

NV

2,000,000

2.750%, 

4/6/2023

a

2,089,666

Entergy

Corporation

870,000

0.900%, 

9/15/2025

868,792

Exelon

Corporation

1,250,000

3.497%, 

6/1/2022

1,307,423

Exelon

Generation

Company,

LLC

815,000

3.250%, 

6/1/2025

890,810

Florida

Power

&

Light

Company

1,150,000

2.850%, 

4/1/2025

1,261,041

Georgia

Power

Company

950,000

2.100%, 

7/30/2023

991,636

ITC

Holdings

Corporation

1,500,000

2.700%, 

11/15/2022

1,564,394

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

171

Principal

Amount

Long-Term

Fixed

Income

(97.5%)

Value

Utilities

(3.3%)

-

continued

Jersey

Central

Power

&

Light

Company

$

1,500,000

4.300%, 

1/15/2026

a

$

1,714,455

National

Rural

Utilities

Cooperative

Finance

Corporation

1,150,000

4.750%, 

4/30/2043

c

1,184,536

NiSource,

Inc.

1,250,000

5.650%, 

6/15/2023

c,g

1,240,625

920,000

0.950%, 

8/15/2025

918,850

PPL

Capital

Funding,

Inc.

1,580,000

3.500%, 

12/1/2022

1,665,833

Public

Service

Enterprise

Group,

Inc.

2,000,000

2.875%, 

6/15/2024

2,139,681

Sempra

Energy

1,875,000

3.550%, 

6/15/2024

2,029,753

Southern

Company

1,500,000

2.950%, 

7/1/2023

1,593,904

900,000

4.000%, 

1/15/2051

c

902,496

WEC

Energy

Group,

Inc.

1,140,000

0.550%, 

9/15/2023

1,142,908

Xcel

Energy,

Inc.

1,350,000

0.500%, 

10/15/2023

1,348,536

Total

35,987,575

Total

Long-Term

Fixed

Income

(cost

$1,024,519,948)

1,051,247,987

Shares

Registered

Investment

Companies

(

0.6%

)

Value

Unaffiliated  (0.6%)

78,500

Vanguard

Short-Term

Corporate

Bond

ETF

6,503,725

Total

6,503,725

Total

Registered

Investment

Companies

(cost

$6,259,441)

6,503,725

Shares

Preferred

Stock

(

0.1%

)

Value

Financials

(0.1%)

66,000

Citigroup

Capital

XIII,

6.638%

c

1,780,680

Total

1,780,680

Total

Preferred

Stock

(cost

$1,821,600)

1,780,680

Shares

Collateral

Held

for

Securities

Loaned

(

0.1%

)

Value

769,378

Thrivent

Cash

Management

Trust

769,378

Total

Collateral

Held

for

Securities

Loaned

(cost

$769,378)

769,378

Shares

or

Principal

Amount

Short-Term

Investments

(

13.7%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

500,000

0.080%,

10/28/2020

i,j

499,977

200,000

0.080%,

11/12/2020

i,j

199,984

600,000

0.055%,

12/9/2020

i,j

599,896

Thrivent

Core

Short-Term

Reserve

Fund

14,548,808

0.310%

145,488,073

Shares

or

Principal

Amount

Short-Term

Investments

(13.7%)

Value

U.S.

Treasury

Bills

200,000

0.105%,

11/19/2020

i,k

$

199,975

100,000

0.085%,

12/3/2020

i,k

99,983

400,000

0.084%,

12/17/2020

i,l

399,919

Total

Short-Term

Investments

(cost

$147,494,661)

147,487,807

Total

Investments

(cost

$1,180,865,028)

112.0%

$1,207,789,577

Other

Assets

and

Liabilities,

Net

(12.0%)

(129,794,399)

Total

Net

Assets

100.0%

$1,077,995,178

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$389,517,828

or

36.1%

of

total

net

assets.

b

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

c

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

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

September

30,

2020.

e

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

f

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

g

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

h

All

or

a

portion

of

the

security

is

on

loan.

i

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

j

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.

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

At

September

30,

2020,

$319,935

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

172

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

September

30,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

749,962

Total

lending

$749,962

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$769,378

Net

amounts

due

to

counterparty

$19,416

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

HECM

-

Home

Equity

Conversion

Mortgage

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

Ser.

-

Series

TIPS

-

Treasury

Inflation

Protected

Security

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

LIBOR

12M

-

ICE

Libor

USD

Rate

12

Month

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

173

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Limited

Maturity

Bond

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Asset-Backed

Securities

151,014,027

–

151,014,027

–

Basic

Materials

9,827,020

–

9,827,020

–

Capital

Goods

20,544,248

–

20,544,248

–

Collateralized

Mortgage

Obligations

162,078,319

–

159,578,319

2,500,000

Commercial

Mortgage-Backed

Securities

7,573,079

–

7,573,079

–

Communications

Services

20,009,122

–

20,009,122

–

Consumer

Cyclical

40,776,812

–

40,776,812

–

Consumer

Non-Cyclical

59,357,138

–

59,357,138

–

Energy

39,261,722

–

39,261,722

–

Financials

181,743,483

–

181,743,483

–

Foreign

Government

2,116,994

–

2,116,994

–

Mortgage-Backed

Securities

127,660,651

–

127,660,651

–

Technology

26,558,122

–

26,558,122

–

Transportation

20,357,926

–

20,357,926

–

U.S.

Government

&

Agencies

146,381,749

–

146,381,749

–

Utilities

35,987,575

–

35,987,575

–

Registered

Investment

Companies

Unaffiliated

6,503,725

6,503,725

–

–

Preferred

Stock

Financials

1,780,680

1,780,680

–

–

Short-Term

Investments

1,999,734

–

1,999,734

–

Subtotal

Investments

in

Securities

$1,061,532,126

$8,284,405

$1,050,747,721

$2,500,000

Other

Investments  *

Total

Affiliated

Short-Term

Investments

145,488,073

Collateral

Held

for

Securities

Loaned

769,378

Subtotal

Other

Investments

$146,257,451

Total

Investments

at

Value

$1,207,789,577

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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

48,992

48,992

–

–

Total

Asset

Derivatives

$48,992

$48,992

$–

$–

Liability

Derivatives

Futures

Contracts

188,769

188,769

–

–

Credit

Default

Swaps

1,666

–

1,666

–

Total

Liability

Derivatives

$190,435

$188,769

$1,666

$–

The

following

table

presents

Limited

Maturity

Bond

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$1,299,858

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

398

December

2020

$

87,921,909

$

20,545

CME

Ultra

Long

Term

U.S.

Treasury

Bond

13

December

2020

2,897,818

(

14,255)

Total

Futures

Long

Contracts

$

90,819,727

$

6,290

CBOT

10-Yr.

U.S.

Treasury

Note

(162)

December

2020

(

$

22,578,309)

(

$

25,753)

CBOT

5-Yr.

U.S.

Treasury

Note

(1,000)

December

2020

(

125,911,240)

(

120,010)

CBOT

U.S.

Long

Bond

(19)

December

2020

(

3,377,791)

28,447

Ultra

10-Yr.

U.S.

Treasury

Note

(73)

December

2020

(

11,645,546)

(

28,751)

Total

Futures

Short

Contracts

(

$

163,512,886)

($146,067)

Total

Futures

Contracts

(

$

72,693,159)

($139,777)

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

174

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

The

following

table

presents

Limited

Maturity

Bond

Portfolio's

swaps

contracts

held

as

of

September

30,

2020.

Investments

totaling

$299,958

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

35,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2025

$

2,500,000

$

–

(

$

1,666)

(

$

1,666)

Total

Credit

Default

Swaps

$–

($1,666)

($1,666)

1

As

the

buyer

of

protection,

Limited

Maturity

Bond

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Limited

Maturity

Bond

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Limited

Maturity

Bond

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Limited

Maturity

Bond

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$36,822

$315,780

$207,031

$145,488

14,549

13.5%

Total

Affiliated

Short-Term

Investments

36,822

145,488

13.5

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

220

57,073

56,524

769

769

0.1

Total

Collateral

Held

for

Securities

Loaned

220

769

0.1

Total

Value

$37,042

$146,257

Limited

Maturity

Bond

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

175

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$(76)

$(7)

–

$482

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$482

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

9

Total

Affiliated

Income

from

Securities

Loaned,

Net

$9

Total

Value

$(76)

$(7)

$–

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

176

Shares

Common

Stock

(

99.1%

)

Value

Communications

Services

(10.7%)

15

Alphabet,

Inc.,

Class

A

a

$

21,984

2,769

Auto

Trader

Group

plc

b

20,104

1,700

Avex,

Inc.

15,864

2,983

BCE,

Inc.

123,706

3,874

Carsales.com,

Ltd.

58,035

12,082

Deutsche

Telekom

AG

201,167

2,603

Elisa

Oyj

153,034

382,000

HKT

Trust

and

HKT,

Ltd.

507,032

1,700

KDDI

Corporation

42,758

29,563

Koninklijke

(Royal)

KPN

NV

69,365

222

Match

Group,

Inc.

a

24,564

3,900

Nippon

Telegraph

&

Telephone

Corporation

79,625

26,900

NTT

DOCOMO,

Inc.

988,471

62,208

Pacific

Century

Premium

Developments,

Ltd.

a

16,404

576,000

PCCW,

Ltd.

344,576

1,481

Rogers

Communications,

Inc.

58,748

19,500

SKY

Perfect

JSAT

Holdings,

Inc.

85,223

54,700

SoftBank

Corporation

611,236

610

Take-Two

Interactive

Software,

Inc.

a

100,784

12,969

Telefonica

Deutschland

Holding

AG

33,146

2,007

Telenet

Group

Holding

NV

77,901

2,490

T-Mobile

US,

Inc.

a

284,756

16,278

Verizon

Communications,

Inc.

968,378

Total

4,886,861

Consumer

Discretionary

(5.3%)

3,600

ABC-MART,

Inc.

187,438

26

Amazon.com,

Inc.

a

81,867

4,900

Aoyama

Trading

Company,

Ltd.

a

25,815

252

AutoZone,

Inc.

a

296,765

556

Dollar

General

Corporation

116,549

6,919

Domino's

Pizza

Group

plc

32,561

129

Domino's

Pizza,

Inc.

54,861

1,900

Doutor

Nichires

Holdings

Company,

Ltd.

28,869

92

Hermes

International

79,236

1,543

Home

Depot,

Inc.

428,507

3,617

McDonald's

Corporation

793,895

7,000

Nissan

Motor

Company,

Ltd.

a

24,756

7,300

Onward

Holdings

Company,

Ltd.

18,912

110

O'Reilly

Automotive,

Inc.

a

50,719

4,200

Sangetsu

Company,

Ltd.

64,749

1,400

Sankyo

Company,

Ltd.

36,660

1,300

Yum!

Brands,

Inc.

118,690

Total

2,440,849

Consumer

Staples

(16.5%)

1,111

Carlsberg

AS

149,676

1,277

Church

&

Dwight

Company,

Inc.

119,668

1,663

Clorox

Company

349,513

7,449

Coca-Cola

Company

367,757

5,214

Colgate-Palmolive

Company

402,260

635

Costco

Wholesale

Corporation

225,425

1,849

Hershey

Company

265,036

5,581

Hormel

Foods

Corporation

272,855

26,000

Japan

Tobacco,

Inc.

474,338

713

Kellogg

Company

46,053

553

Kerry

Group

plc

70,832

1,146

Kimberly-Clark

Corporation

169,218

7,654

Koninklijke

Ahold

Delhaize

NV

226,238

45

Lindt

&

Spruengli

AG

379,844

1,019

Loblaw

Companies,

Ltd.

53,363

Shares

Common

Stock

(99.1%)

Value

Consumer

Staples

(16.5%)

-

continued

1,354

McCormick

&

Company,

Inc.

$

262,811

1,481

Mondelez

International,

Inc.

85,083

590

Monster

Beverage

Corporation

a

47,318

6,482

Nestle

SA

771,436

10,961

Orkla

ASA

110,624

6,410

PepsiCo,

Inc.

888,426

5,540

Procter

&

Gamble

Company

770,005

7,900

Seven

&

I

Holdings

Company,

Ltd.

245,454

859

Unilever

NV

52,165

4,922

Wal-Mart

Stores,

Inc.

688,637

1,226

Woolworths,

Ltd.

32,058

Total

7,526,093

Energy

(0.5%)

66,900

Eneos

Holdings,

Inc.

238,690

Total

238,690

Financials

(9.3%)

2,100

AEON

Financial

Service

Company,

Ltd.

19,143

289

Alleghany

Corporation

150,410

374

Allstate

Corporation

35,208

1,873

Aon

plc

386,400

4,422

Arthur

J.

Gallagher

&

Company

466,875

376

ASX,

Ltd.

21,983

366

Baloise

Holding

AG

53,884

1,342

Berkshire

Hathaway,

Inc.

a

285,765

349

Cboe

Global

Markets,

Inc.

30,621

1,518

Chubb,

Ltd.

176,270

507

CI

Financial

Corporation

6,431

946

Cincinnati

Financial

Corporation

73,760

1,089

CME

Group,

Inc.

182,201

1,181

Deutsche

Boerse

AG

207,055

175

Erie

Indemnity

Company

36,799

37

FactSet

Research

Systems,

Inc.

12,391

4,000

Hang

Seng

Bank,

Ltd.

59,259

790

Intact

Financial

Corporation

84,592

15,227

Israel

Discount

Bank,

Ltd.

41,078

5,500

Japan

Post

Bank

Company,

Ltd.

42,899

145

Markel

Corporation

a

141,186

59

MarketAxess

Holdings,

Inc.

28,414

4,896

Marsh

&

McLennan

Companies,

Inc.

561,571

1,931

Mizrahi

Tefahot

Bank,

Ltd.

34,252

426

National

Bank

of

Canada

21,160

472

RenaissanceRe

Holdings,

Ltd.

80,117

1,117

Ringkjoebing

Landbobank

AS

84,788

3,418

Royal

Bank

of

Canada

239,983

391

St.

Galler

Kantonalbank

AG

168,146

10,551

Toronto-Dominion

Bank

488,505

Total

4,221,146

Health

Care

(15.0%)

1,018

Abbott

Laboratories

110,789

165

Amgen,

Inc.

41,936

2,049

Baxter

International,

Inc.

164,781

75

Bio-Rad

Laboratories,

Inc.

a

38,660

1,420

Coloplast

AS

225,054

2,804

Danaher

Corporation

603,785

2,234

Eli

Lilly

and

Company

330,677

6,596

Gilead

Sciences,

Inc.

416,801

11,668

GlaxoSmithKline

plc

218,747

5,129

Johnson

&

Johnson

763,606

176

Masimo

Corporation

a

41,547

3,345

Medtronic

plc

347,612

7,551

Merck

&

Company,

Inc.

626,355

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

177

Shares

Common

Stock

(99.1%)

Value

Health

Care

(15.0%)

-

continued

23

Mettler

-Toledo

International,

Inc.

a

$

22,212

3,631

Novartis

AG

315,259

5,788

Novo

Nordisk

AS

401,019

1,023

Regeneron

Pharmaceuticals,

Inc.

a

572,655

1,923

Roche

Holding

AG

658,705

300

Sawai

Pharmaceutical

Company,

Ltd.

15,137

397

Sonova

Holding

AG

a

100,606

862

Stryker

Corporation

179,615

104

Tecan

Group

AG

51,721

3,100

Toho

Holdings

Company,

Ltd.

66,850

795

UnitedHealth

Group,

Inc.

247,857

972

Vertex

Pharmaceuticals,

Inc.

a

264,501

Total

6,826,487

Industrials

(11.3%)

631

AMETEK,

Inc.

62,721

2,301

C.H.

Robinson

Worldwide,

Inc.

235,139

909

Geberit

AG

537,787

809

General

Dynamics

Corporation

111,990

1,402

Honeywell

International,

Inc.

230,783

8,100

Itochu

Enex

Company,

Ltd.

74,811

13,300

Kamigumi

Company,

Ltd.

262,081

20,900

Kandenko

Company,

Ltd.

170,718

500

Kintetsu

Group

Holdings

Company,

Ltd.

21,338

1,671

Landstar

System,

Inc.

209,694

121

Lennox

International,

Inc.

32,986

939

Lockheed

Martin

Corporation

359,900

45,700

Marubeni

Corporation

259,457

1,100

Max

Company,

Ltd.

16,558

10,400

Mitsubishi

Corporation

248,928

600

Mitsui

&

Company,

Ltd.

10,310

11,400

Nikkon

Holdings

Company,

Ltd.

247,137

3,300

Nishimatsu

Construction

Company,

Ltd.

65,550

9,450

RELX

plc

210,340

5,705

Republic

Services,

Inc.

532,562

795

SEEK,

Ltd.

12,264

1,300

Sumitomo

Corporation

15,671

18,400

Takasago

Thermal

Engineering

Company,

Ltd.

264,267

285

Union

Pacific

Corporation

56,108

1,990

Verisk

Analytics,

Inc.

368,767

1,168

Waste

Connections,

Inc.

121,238

3,526

Waste

Management,

Inc.

399,037

600

Yuasa

Trading

Company,

Ltd.

18,750

Total

5,156,892

Information

Technology

(14.0%)

2,232

Accenture

plc

504,410

823

Adobe,

Inc.

a

403,624

2,448

Amphenol

Corporation

265,045

299

Arista

Networks,

Inc.

a

61,872

1,558

Automatic

Data

Processing,

Inc.

217,325

636

Broadridge

Financial

Solutions,

Inc.

83,952

1,700

Canon

Electronics,

Inc.

23,825

12,600

Canon,

Inc.

208,991

4,472

CGI,

Inc.

a

303,540

2,827

Cisco

Systems,

Inc.

111,356

1,921

Citrix

Systems,

Inc.

264,541

800

DTS

Corporation

17,025

544

Fiserv,

Inc.

a

56,059

624

Intuit,

Inc.

203,555

1,327

Jack

Henry

&

Associates,

Inc.

215,757

Shares

Common

Stock

(99.1%)

Value

Information

Technology

(14.0%)

-

continued

700

Kanematsu

Electronics,

Ltd.

$

28,432

1,549

Keysight

Technologies,

Inc.

a

153,010

1,710

MasterCard,

Inc.

578,271

2,634

Microsoft

Corporation

554,009

2,239

Motorola

Solutions,

Inc.

351,098

700

NSD

Company,

Ltd.

13,749

391

Oracle

Corporation

23,343

7,451

Paychex,

Inc.

594,366

4,200

Ryosan

Company,

Ltd.

84,205

1,314

Synopsys,

Inc.

a

281,170

1,594

Telefonaktiebolaget

LM

Ericsson

17,444

1,361

Texas

Instruments,

Inc.

194,337

1,001

Tyler

Technologies,

Inc.

a

348,909

452

VeriSign,

Inc.

a

92,592

751

Visa,

Inc.

150,177

Total

6,405,989

Materials

(6.0%)

3,441

Agnico

Eagle

Mines,

Ltd.

274,158

18,175

Barrick

Gold

Corporation

510,491

169

Croda

International

plc

13,633

3,177

Franco-Nevada

Corporation

443,446

8

Givaudan

SA

34,542

2,554

Newcrest

Mining,

Ltd.

57,914

10,999

Newmont

Mining

Corporation

697,887

8,800

Nippon

Steel

Trading

Corporation

251,392

484

Symrise

AG

66,852

30,900

Toray

Industries,

Inc.

141,368

5,482

Wheaton

Precious

Metals

Corporation

269,002

Total

2,760,685

Real

Estate

(4.5%)

842

American

Tower

Corporation

203,537

161,732

Ascendas

REIT

387,014

634

Camden

Property

Trust

56,413

301

Crown

Castle

International

Corporation

50,116

2,300

Daito

Trust

Construction

Company,

Ltd.

203,883

138,900

Mapletree

Commercial

Trust

199,540

38

Mori

Trust

Sogo

REIT,

Inc.

48,065

230

Public

Storage,

Inc.

51,226

13,722

Quebecor,

Inc.

343,269

3,074

Realty

Income

Corporation

186,745

3,015

Swiss

Prime

Site

AG

273,821

1,348

UDR,

Inc.

43,958

Total

2,047,587

Utilities

(6.0%)

1,375

Ameren

Corporation

108,735

4,290

American

Electric

Power

Company,

Inc.

350,622

7,992

Consolidated

Edison,

Inc.

621,778

2,963

DTE

Energy

Company

340,863

1,093

Duke

Energy

Corporation

96,796

1,522

Enagas

SA

35,118

13,141

Enel

SPA

114,011

1,907

NextEra

Energy,

Inc.

529,307

2,588

Southern

Company

140,321

1,127

WEC

Energy

Group,

Inc.

109,206

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

178

Shares

Common

Stock

(99.1%)

Value

Utilities

(6.0%)

-

continued

4,143

Xcel

Energy,

Inc.

$

285,908

Total

2,732,665

Total

Common

Stock

(cost

$41,066,646)

45,243,944

Shares

or

Principal

Amount

Short-Term

Investments

(

0.3%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.085%,

11/4/2020

c,d

99,993

Thrivent

Core

Short-Term

Reserve

Fund

3,969

0.310%

39,686

Total

Short-Term

Investments

(cost

$139,678)

139,679

Total

Investments

(cost

$41,206,324)

99.4%

$45,383,623

Other

Assets

and

Liabilities,

Net

0.6%

254,724

Total

Net

Assets

100.0%

$45,638,347

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$20,104

or

0.0%

of

total

net

assets.

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.

Definitions:

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Low

Volatility

Equity

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

4,886,861

1,400,466

3,486,395

–

Consumer

Discretionary

2,440,849

1,941,853

498,996

–

Consumer

Staples

7,526,093

4,960,065

2,566,028

–

Energy

238,690

–

238,690

–

Financials

4,221,146

2,647,988

1,573,158

–

Health

Care

6,826,487

4,773,389

2,053,098

–

Industrials

5,156,892

2,720,925

2,435,967

–

Information

Technology

6,405,989

5,708,778

697,211

–

Materials

2,760,685

1,410,335

1,350,350

–

Real

Estate

2,047,587

591,995

1,455,592

–

Utilities

2,732,665

2,583,536

149,129

–

Short-Term

Investments

99,993

–

99,993

–

Subtotal

Investments

in

Securities

$45,343,937

$28,739,330

$16,604,607

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

39,686

Subtotal

Other

Investments

$39,686

Total

Investments

at

Value

$45,383,623

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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

295

295

–

–

Total

Asset

Derivatives

$295

$295

$–

$–

Low

Volatility

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

179

Reference

Description:

MSCI

-

Morgan

Stanley

Capital

International

The

following

table

presents

Low

Volatility

Equity

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$99,993

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

Eurex

MSCI

World

Index

3

December

2020

$

211,535

$

295

Total

Futures

Long

Contracts

$

211,535

$

295

Total

Futures

Contracts

$

211,535

$295

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.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Low

Volatility

Equity

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$1,587

$8,738

$10,284

$40

4

0.1%

Total

Affiliated

Short-Term

Investments

1,587

40

0.1

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

360

1,387

1,747

–

–

–

Total

Collateral

Held

for

Securities

Loaned

360

–

–

Total

Value

$1,947

$40

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$(1)

$–

–

$3

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$3

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

0

Total

Affiliated

Income

from

Securities

Loaned,

Net

$0

Total

Value

$(1)

$–

$–

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

180

Shares

Common

Stock

(

96.6%

)

Value

Communications

Services

(3.7%)

3,707

Live

Nation

Entertainment,

Inc.

a

$

199,733

775

RingCentral,

Inc.

a

212,823

790

Take-Two

Interactive

Software,

Inc.

a

130,524

Total

543,080

Consumer

Discretionary

(13.3%)

1,967

Aptiv

plc

180,335

1,152

Bright

Horizons

Family

Solutions,

Inc.

a

175,150

944

Burlington

Stores,

Inc.

a

194,549

2,440

Chewy,

Inc.

a

133,785

161

Chipotle

Mexican

Grill,

Inc.

a

200,237

486

Domino's

Pizza,

Inc.

206,686

569

Etsy,

Inc.

a

69,208

1,198

Five

Below,

Inc.

a

152,146

29

NVR,

Inc.

a

118,411

1,575

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

137,576

2,665

Planet

Fitness,

Inc.

a

164,217

677

TopBuild

Corporation

a

115,557

485

Ulta

Beauty,

Inc.

a

108,630

Total

1,956,487

Consumer

Staples

(2.3%)

724

Casey's

General

Stores,

Inc.

128,618

1,403

Lamb

Weston

Holdings,

Inc.

92,977

1,500

Monster

Beverage

Corporation

a

120,300

Total

341,895

Energy

(0.4%)

1,179

Concho

Resources,

Inc.

52,018

Total

52,018

Financials

(4.2%)

1,225

Arthur

J.

Gallagher

&

Company

129,336

866

First

Republic

Bank

94,446

1,766

Interactive

Brokers

Group,

Inc.

85,351

526

MSCI,

Inc.

187,666

515

SVB

Financial

Group

a

123,919

Total

620,718

Health

Care

(22.4%)

4,087

ACADIA

Pharmaceuticals,

Inc.

a

168,589

873

Agilent

Technologies,

Inc.

88,120

1,378

Agios

Pharmaceuticals,

Inc.

a

48,230

470

Argenx

SE

ADR

a

123,384

1,070

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

a

69,561

625

Bio-Techne

Corporation

154,831

2,797

Catalent,

Inc.

a

239,591

729

Dexcom,

Inc.

a

300,516

489

Global

Blood

Therapeutics,

Inc.

a

26,963

2,238

Guardant

Health,

Inc.

a

250,164

978

Insulet

Corporation

a

231,385

1,493

LHC

Group,

Inc.

a

317,352

627

MyoKardia,

Inc.

a

85,479

1,305

Nevro

Corporation

a

181,786

1,241

PRA

Health

Sciences,

Inc.

a

125,887

430

Sarepta

Therapeutics,

Inc.

a

60,385

693

Teleflex,

Inc.

235,911

1,209

Veeva

Systems,

Inc.

a

339,959

1,359

Zoetis,

Inc.

224,738

377

Zymeworks,

Inc.

a

17,561

Total

3,290,392

Shares

Common

Stock

(96.6%)

Value

Industrials

(14.5%)

2,766

A.O.

Smith

Corporation

$

146,045

1,874

ASGN,

Inc.

a

119,111

1,615

BWX

Technologies,

Inc.

90,941

1,223

Copart,

Inc.

a

128,611

633

Generac

Holdings,

Inc.

a

122,574

1,577

IDEX

Corporation

287,661

888

Mercury

Systems,

Inc.

a

68,784

334

Nordson

Corporation

64,068

1,144

Old

Dominion

Freight

Line,

Inc.

206,972

490

Roper

Industries,

Inc.

193,604

4,006

Southwest

Airlines

Company

150,225

1,413

Toro

Company

118,621

1,670

Trex

Company,

Inc.

a

119,572

1,845

United

Rentals,

Inc.

a

321,953

Total

2,138,742

Information

Technology

(28.3%)

1,956

Amphenol

Corporation

211,776

2,337

Anaplan,

Inc.

a

146,249

815

Atlassian

Corporation

plc

a

148,159

752

Coupa

Software,

Inc.

a

206,229

1,477

DocuSign,

Inc.

a

317,910

3,438

Elastic

NV

a

370,926

275

EPAM

Systems,

Inc.

a

88,902

1,400

Euronet

Worldwide,

Inc.

a

127,540

1,645

Global

Payments,

Inc.

292,119

997

Guidewire

Software,

Inc.

a

103,957

499

Lam

Research

Corporation

165,543

1,719

Lumentum

Holdings,

Inc.

a

129,149

1,231

MKS

Instruments,

Inc.

134,462

1,050

Monolithic

Power

Systems,

Inc.

293,591

706

Nice,

Ltd.

ADR

a

160,283

853

Palo

Alto

Networks,

Inc.

a

208,772

545

Qorvo,

Inc.

a

70,310

757

ServiceNow,

Inc.

a

367,145

6,335

STMicroelectronics

NV

ADR

194,421

736

Synopsys,

Inc.

a

157,489

694

WEX,

Inc.

a

96,445

1,231

Zscaler,

Inc.

a

173,189

Total

4,164,566

Materials

(2.3%)

1,093

Martin

Marietta

Materials,

Inc.

257,249

413

Quaker

Chemical

Corporation

74,220

Total

331,469

Real

Estate

(5.2%)

729

Camden

Property

Trust

64,866

3,960

CBRE

Group,

Inc.

a

186,001

367

CoStar

Group,

Inc.

a

311,403

623

Equity

Lifestyle

Properties,

Inc.

38,190

518

SBA

Communications

Corporation

164,973

Total

765,433

Total

Common

Stock

(cost

$12,771,240)

14,204,800

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

181

Shares

Short-Term

Investments

(

6.0%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

87,644

0.310%

$

876,444

Total

Short-Term

Investments

(cost

$876,913)

876,444

Total

Investments

(cost

$13,648,153)

102.6%

$15,081,244

Other

Assets

and

Liabilities,

Net

(2.6%)

(382,404)

Total

Net

Assets

100.0%

$14,698,840

a

Non-income

producing

security.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Mid

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

543,080

543,080

–

–

Consumer

Discretionary

1,956,487

1,956,487

–

–

Consumer

Staples

341,895

341,895

–

–

Energy

52,018

52,018

–

–

Financials

620,718

620,718

–

–

Health

Care

3,290,392

3,290,392

–

–

Industrials

2,138,742

2,138,742

–

–

Information

Technology

4,164,566

4,164,566

–

–

Materials

331,469

331,469

–

–

Real

Estate

765,433

765,433

–

–

Subtotal

Investments

in

Securities

$14,204,800

$14,204,800

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

876,444

Subtotal

Other

Investments

$876,444

Total

Investments

at

Value

$15,081,244

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

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.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

4/30/2020

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$1,250

$7,345

$7,718

$876

88

6.0%

Total

Affiliated

Short-Term

Investments

1,250

876

6.0

Total

Value

$1,250

$876

Mid

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

182

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

4/30/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$(1)

$0

–

$1

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1

Total

Value

$(1)

$0

$–

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

183

Shares

Common

Stock

(

99.5%

)

Value

Communications

Services

(1.7%)

10,923

AMC

Networks,

Inc.

a,b

$

269,907

1,459

Cable

One,

Inc.

2,750,843

28,841

Cinemark

Holdings,

Inc.

a

288,410

11,752

John

Wiley

and

Sons,

Inc.

372,656

38,885

New

York

Times

Company

1,663,889

58,971

Tegna,

Inc.

692,909

26,810

Telephone

&

Data

Systems,

Inc.

494,377

12,574

World

Wrestling

Entertainment,

Inc.

508,870

18,515

Yelp,

Inc.

b

371,966

Total

7,413,827

Consumer

Discretionary

(16.5%)

18,083

Aaron's,

Inc.

1,024,402

25,286

Adient

plc

b

438,206

13,972

Adtalem

Global

Education,

Inc.

b

342,873

40,116

American

Eagle

Outfitters,

Inc.

594,118

15,738

AutoNation,

Inc.

b

833,012

21,600

Boyd

Gaming

Corporation

662,904

21,321

Brunswick

Corporation

1,256,020

53,710

Caesars

Entertainment,

Inc.

a,b

3,010,983

11,752

Carter's,

Inc.

1,017,488

7,754

Choice

Hotels

International,

Inc.

666,534

9,559

Churchill

Downs,

Inc.

1,565,955

8,195

Columbia

Sportswear

Company

712,801

6,381

Cracker

Barrel

Old

Country

Store,

Inc.

731,645

38,913

Dana,

Inc.

479,408

7,547

Deckers

Outdoor

Corporation

b

1,660,415

23,256

Delphi

Technologies

plc

b

388,608

17,546

Dick's

Sporting

Goods,

Inc.

1,015,563

22,159

Dunkin'

Brands

Group,

Inc.

1,815,044

15,040

Five

Below,

Inc.

b

1,910,080

28,073

Foot

Locker,

Inc.

927,251

11,160

Fox

Factory

Holding

Corporation

b

829,523

66,195

Gentex

Corporation

1,704,521

62,756

Goodyear

Tire

&

Rubber

Company

481,339

1,117

Graham

Holdings

Company

451,391

12,734

Grand

Canyon

Education,

Inc.

b

1,017,956

24,853

GrubHub,

Inc.

b

1,797,618

51,953

H&R

Block,

Inc.

846,314

41,272

Harley-Davidson,

Inc.

1,012,815

6,820

Helen

of

Troy,

Ltd.

b

1,319,806

36,076

IAA,

Inc.

b

1,878,477

6,108

Jack

in

the

Box,

Inc.

484,425

23,717

KB

Home

910,496

42,493

Kohl's

Corporation

787,395

14,692

Lear

Corporation

1,602,163

6,044

Lithia

Motors,

Inc.

1,377,669

11,058

Marriott

Vacations

Worldwide

Corporation

1,004,177

93,429

Mattel,

Inc.

b

1,093,119

7,308

Murphy

USA,

Inc.

b

937,397

29,204

Nordstrom,

Inc.

a

348,112

15,319

Ollie's

Bargain

Outlet

Holdings,

Inc.

b

1,338,115

8,838

Papa

John's

International,

Inc.

727,191

63,455

Park

Hotels

&

Resorts,

Inc.

633,915

38,742

Penn

National

Gaming,

Inc.

b

2,816,543

15,529

Polaris,

Inc.

1,465,006

10,794

Pool

Corporation

3,611,025

4,156

RH

b

1,590,169

30,394

Sally

Beauty

Holdings,

Inc.

a,b

264,124

15,049

Scientific

Games

Corporation

b

525,361

47,461

Service

Corporation

International

2,001,905

Shares

Common

Stock

(99.5%)

Value

Consumer

Discretionary

(16.5%)

-

continued

20,318

Six

Flags

Entertainment

Corporation

$

412,455

36,710

Skechers

USA,

Inc.

b

1,109,376

6,574

Strategic

Education,

Inc.

601,324

34,931

Taylor

Morrison

Home

Corporation

b

858,953

12,916

Tempur

Sealy

International,

Inc.

b

1,151,978

17,571

Texas

Roadhouse,

Inc.

1,068,141

14,867

Thor

Industries,

Inc.

1,416,230

30,926

Toll

Brothers,

Inc.

1,504,859

8,910

TopBuild

Corporation

b

1,520,848

35,100

Tri

Pointe

Homes,

Inc.

b

636,714

25,881

TripAdvisor,

Inc.

507,009

18,434

Urban

Outfitters,

Inc.

b

383,612

7,495

Visteon

Corporation

a,b

518,804

12,609

Weight

Watchers

International,

Inc.

b

237,932

48,208

Wendy's

Company

1,074,797

20,953

Williams-Sonoma,

Inc.

1,894,989

7,972

Wingstop,

Inc.

1,089,374

22,960

Wyndham

Destinations,

Inc.

706,250

25,091

Wyndham

Hotels

&

Resorts,

Inc.

1,267,096

Total

73,872,118

Consumer

Staples

(4.0%)

37,152

BJ's

Wholesale

Club

Holdings,

Inc.

b

1,543,666

2,454

Boston

Beer

Company,

Inc.

b

2,167,765

9,940

Casey's

General

Stores,

Inc.

1,765,841

76,241

Coty,

Inc.

205,851

43,621

Darling

Ingredients,

Inc.

b

1,571,665

14,639

Edgewell

Personal

Care

Company

b

408,135

15,686

Energizer

Holdings,

Inc.

a

613,950

53,001

Flowers

Foods,

Inc.

1,289,514

22,450

Grocery

Outlet

Holding

Corporation

b

882,734

22,501

Hain

Celestial

Group,

Inc.

b

771,784

18,041

Ingredion,

Inc.

1,365,343

5,263

Lancaster

Colony

Corporation

941,024

13,840

Nu

Skin

Enterprises,

Inc.

693,246

13,145

Pilgrim's

Pride

Corporation

b

196,715

16,958

Post

Holdings,

Inc.

b

1,458,388

5,331

Sanderson

Farms,

Inc.

628,898

31,766

Sprouts

Farmers

Markets,

Inc.

b

664,862

4,700

Tootsie

Roll

Industries,

Inc.

a

145,230

15,218

TreeHouse

Foods,

Inc.

b

616,786

Total

17,931,397

Energy

(1.2%)

77,017

Antero

Midstream

Corporation

413,581

50,047

ChampionX

Corporation

b

399,876

27,484

Cimarex

Energy

Company

668,686

60,435

CNX

Resources

Corporation

b

570,506

68,841

EQT

Corporation

890,114

109,488

Equitrans

Midstream

Corporation

926,269

38,886

Murphy

Oil

Corporation

346,863

17,133

World

Fuel

Services

Corporation

363,048

108,785

WPX

Energy,

Inc.

b

533,047

Total

5,111,990

Financials

(13.6%)

12,538

Affiliated

Managers

Group,

Inc.

857,348

3,855

Alleghany

Corporation

2,006,335

19,316

American

Financial

Group,

Inc.

1,293,786

41,392

Associated

Banc-Corp

522,367

25,967

BancorpSouth

Bank

503,240

10,786

Bank

of

Hawaii

Corporation

544,909

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

184

Shares

Common

Stock

(99.5%)

Value

Financials

(13.6%)

-

continued

32,558

Bank

OZK

$

694,137

25,054

Brighthouse

Financial,

Inc.

b

674,203

63,221

Brown

&

Brown,

Inc.

2,862,015

20,157

Cathay

General

Bancorp

437,004

26,515

CIT

Group,

Inc.

469,581

38,169

CNO

Financial

Group,

Inc.

612,231

27,035

Commerce

Bancshares,

Inc.

1,521,800

15,030

Cullen/Frost

Bankers,

Inc.

961,168

38,106

East

West

Bancorp,

Inc.

1,247,590

30,750

Eaton

Vance

Corporation

1,173,113

30,279

Essent

Group,

Ltd.

1,120,626

10,932

Evercore,

Inc.

715,609

87,048

F.N.B.

Corporation

590,185

10,233

FactSet

Research

Systems,

Inc.

3,426,827

25,634

Federated

Hermes,

Inc.

551,387

30,035

First

American

Financial

Corporation

1,529,082

38,254

First

Financial

Bankshares,

Inc.

1,067,669

149,012

First

Horizon

National

Corporation

1,405,183

11,161

FirstCash,

Inc.

638,521

43,651

Fulton

Financial

Corporation

407,264

136,193

Genworth

Financial,

Inc.

b

456,247

25,696

Glacier

Bancorp,

Inc.

823,557

23,257

Hancock

Whitney

Corporation

437,464

10,159

Hanover

Insurance

Group,

Inc.

946,616

40,935

Home

BancShares,

Inc.

620,575

21,291

Interactive

Brokers

Group,

Inc.

1,028,994

14,995

International

Bancshares

Corporation

390,770

40,604

Janus

Henderson

Group

plc

881,919

58,165

Jefferies

Financial

Group,

Inc.

1,046,970

16,540

Kemper

Corporation

1,105,368

2,119

LendingTree,

Inc.

a,b

650,300

7,157

Mercury

General

Corporation

296,085

52,230

Navient

Corporation

441,344

124,944

New

York

Community

Bancorp,

Inc.

1,033,287

76,153

Old

Republic

International

Corporation

1,122,495

31,444

PacWest

Bancorp

537,064

20,427

Pinnacle

Financial

Partners,

Inc.

726,997

10,644

Primerica,

Inc.

1,204,262

24,956

Prosperity

Bancshares,

Inc.

1,293,469

18,297

Reinsurance

Group

of

America,

Inc.

1,741,691

13,794

RenaissanceRe

Holdings,

Ltd.

2,341,394

10,654

RLI

Corporation

892,059

32,749

SEI

Investments

Company

1,661,029

16,109

Selective

Insurance

Group,

Inc.

829,452

14,426

Signature

Bank

1,197,214

101,062

SLM

Corporation

817,592

52,378

Sterling

Bancorp

551,017

18,465

Stifel

Financial

Corporation

933,590

39,676

Synovus

Financial

Corporation

839,941

41,001

TCF

Financial

Corporation

957,783

13,587

Texas

Capital

Bancshares,

Inc.

b

422,963

17,081

Trustmark

Corporation

365,704

11,641

UMB

Financial

Corporation

570,525

59,312

Umpqua

Holdings

Corporation

629,893

34,947

United

Bankshares,

Inc.

750,312

108,754

Valley

National

Bancorp

744,965

20,390

Washington

Federal,

Inc.

425,335

24,291

Webster

Financial

Corporation

641,525

15,514

Wintrust

Financial

Corporation

621,336

Total

60,812,283

Shares

Common

Stock

(99.5%)

Value

Health

Care

(11.1%)

23,960

Acadia

Healthcare

Company,

Inc.

b

$

706,341

8,744

Amedisys,

Inc.

b

2,067,344

27,540

Arrowhead

Research

Corporation

b

1,185,872

12,883

Avanos

Medical,

Inc.

b

427,973

10,383

Bio-Techne

Corporation

2,572,181

10,104

Cantel

Medical

Corporation

443,970

13,380

Charles

River

Laboratories

International,

Inc.

b

3,029,901

4,287

Chemed

Corporation

2,059,260

12,116

Emergent

Biosolutions,

Inc.

b

1,251,946

26,784

Encompass

Health

Corporation

1,740,424

83,221

Exelixis,

Inc.

b

2,034,753

20,288

Globus

Medical,

Inc.

b

1,004,662

13,655

Haemonetics

Corporation

b

1,191,399

20,655

HealthEquity,

Inc.

b

1,061,047

17,939

Hill-Rom

Holdings,

Inc.

1,498,086

5,242

ICU

Medical,

Inc.

b

958,028

19,055

Integra

LifeSciences

Holdings

Corporation

b

899,777

14,937

Jazz

Pharmaceuticals,

Inc.

b

2,129,867

8,508

LHC

Group,

Inc.

b

1,808,461

4,330

Ligand

Pharmaceuticals,

Inc.

a,b

412,736

13,107

LivaNova

plc

b

592,567

13,615

Masimo

Corporation

b

3,213,957

23,017

Mednax,

Inc.

b

374,717

7,343

Medpace

Holdings,

Inc.

b

820,580

15,971

Molina

Healthcare,

Inc.

b

2,923,332

48,163

Nektar

Therapeutics

a,b

799,024

13,804

NuVasive,

Inc.

b

670,460

23,332

Patterson

Companies,

Inc.

562,418

9,044

Penumbra,

Inc.

b

1,757,973

17,226

PRA

Health

Sciences,

Inc.

b

1,747,405

13,517

Prestige

Consumer

Healthcare,

Inc.

b

492,289

10,281

Quidel

Corporation

b

2,255,446

13,151

Repligen

Corporation

b

1,940,299

18,803

Syneos

Health,

Inc.

b

999,567

28,384

Tenet

Healthcare

Corporation

b

695,692

11,961

United

Therapeutics

Corporation

b

1,208,061

Total

49,537,815

Industrials

(17.0%)

10,675

Acuity

Brands,

Inc.

1,092,586

43,197

AECOM

b

1,807,362

16,541

AGCO

Corporation

1,228,500

14,140

ASGN,

Inc.

b

898,738

13,885

Avis

Budget

Group,

Inc.

a,b

365,453

17,096

Axon

Enterprise,

Inc.

b

1,550,607

13,607

Brink's

Company

559,112

31,437

Builders

FirstSource,

Inc.

b

1,025,475

14,700

Carlisle

Companies,

Inc.

1,798,839

13,786

Clean

Harbors,

Inc.

b

772,430

27,103

Colfax

Corporation

b

849,950

13,284

Crane

Company

665,927

11,198

Curtiss-Wright

Corporation

1,044,325

33,970

Donaldson

Company,

Inc.

1,576,887

8,561

Dycom

Industries,

Inc.

b

452,192

14,788

EMCOR

Group,

Inc.

1,001,295

11,440

EnerSys

767,853

33,600

Fluor

Corporation

296,016

9,856

FTI

Consulting,

Inc.

b

1,044,440

9,426

GATX

Corporation

600,907

16,911

Generac

Holdings,

Inc.

b

3,274,646

44,900

Graco,

Inc.

2,754,615

20,044

Healthcare

Services

Group,

Inc.

431,547

15,856

Herman

Miller,

Inc.

478,217

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

185

Shares

Common

Stock

(99.5%)

Value

Industrials

(17.0%)

-

continued

22,491

Hexcel

Corporation

$

754,573

11,494

HNI

Corporation

360,682

14,605

Hubbell,

Inc.

1,998,548

9,719

Insperity,

Inc.

636,497

23,270

ITT

Corporation

1,374,094

73,372

JetBlue

Airways

Corporation

b

831,305

34,805

KAR

Auction

Services,

Inc.

501,192

38,341

KBR,

Inc.

857,305

22,335

Kennametal,

Inc.

646,375

16,170

Kirby

Corporation

b

584,869

33,922

Knight-Swift

Transportation

Holdings,

Inc.

1,380,625

10,337

Landstar

System,

Inc.

1,297,190

9,376

Lennox

International,

Inc.

2,555,991

15,989

Lincoln

Electric

Holdings,

Inc.

1,471,628

15,640

Manpower,

Inc.

1,146,881

15,110

MasTec,

Inc.

b

637,642

15,083

Mercury

Systems,

Inc.

b

1,168,329

14,979

Middleby

Corporation

b

1,343,766

9,739

MSA

Safety,

Inc.

1,306,682

12,261

MSC

Industrial

Direct

Company,

Inc.

775,876

14,536

Nordson

Corporation

2,788,296

45,767

nVent

Electric

plc

809,618

18,343

Oshkosh

Corporation

1,348,211

29,091

Owens

Corning,

Inc.

2,001,752

10,929

Regal-Beloit

Corporation

1,025,905

14,495

Ryder

System,

Inc.

612,269

24,639

Stericycle,

Inc.

b

1,553,735

34,176

Sunrun,

Inc.

b

2,633,944

18,664

Terex

Corporation

361,335

14,514

Tetra

Tech,

Inc.

1,386,087

18,203

Timken

Company

986,967

28,898

Toro

Company

2,425,987

31,176

Trex

Company,

Inc.

b

2,232,202

23,969

Trinity

Industries,

Inc.

467,396

45,533

Univar,

Inc.

b

768,597

5,753

Valmont

Industries,

Inc.

714,408

8,840

Watsco,

Inc.

2,058,748

15,632

Werner

Enterprises,

Inc.

656,388

15,626

Woodward,

Inc.

1,252,580

24,597

XPO

Logistics,

Inc.

b

2,082,382

Total

76,134,776

Information

Technology

(15.8%)

31,374

ACI

Worldwide,

Inc.

b

819,803

12,851

Alliance

Data

Systems

Corporation

539,485

20,907

Arrow

Electronics,

Inc.

b

1,644,545

26,604

Avnet,

Inc.

687,447

11,990

Belden,

Inc.

373,129

13,352

Blackbaud,

Inc.

745,442

7,825

Cabot

Microelectronics

Corporation

1,117,488

6,759

CACI

International,

Inc.

b

1,440,748

32,734

CDK

Global,

Inc.

1,426,875

34,964

Ceridian

HCM

Holding,

Inc.

b

2,889,774

41,381

Ciena

Corporation

b

1,642,412

15,727

Cirrus

Logic,

Inc.

b

1,060,786

46,606

Cognex

Corporation

3,034,051

6,533

Coherent,

Inc.

b

724,706

12,495

CommVault

Systems,

Inc.

b

509,796

21,401

CoreLogic,

Inc.

1,448,206

29,540

Cree,

Inc.

b

1,882,880

33,937

Enphase

Energy,

Inc.

b

2,802,857

7,810

Fair

Isaac

Corporation

b

3,322,218

22,813

First

Solar,

Inc.

b

1,510,221

Shares

Common

Stock

(99.5%)

Value

Information

Technology

(15.8%)

-

continued

27,921

II-VI,

Inc.

b

$

1,132,476

8,297

InterDigital,

Inc.

473,427

12,052

j2

Global,

Inc.

b

834,239

36,498

Jabil,

Inc.

1,250,421

6,556

Littelfuse,

Inc.

1,162,641

17,743

LiveRamp

Holding,

Inc.

b

918,555

20,253

Lumentum

Holdings,

Inc.

b

1,521,608

17,108

Manhattan

Associates,

Inc.

b

1,633,643

16,513

MAXIMUS,

Inc.

1,129,654

14,848

MKS

Instruments,

Inc.

1,621,847

11,371

Monolithic

Power

Systems,

Inc.

3,179,445

35,399

National

Instruments

Corporation

1,263,744

34,582

NCR

Corporation

b

765,645

19,514

NetScout

Systems,

Inc.

b

425,991

10,000

Paylocity

Holding

Corporation

b

1,614,200

36,802

Perspecta,

Inc.

715,799

28,146

PTC,

Inc.

b

2,328,237

9,090

Qualys,

Inc.

b

890,911

83,925

Sabre

Corporation

546,352

15,665

Science

Applications

International

Corporation

1,228,449

17,550

Semtech

Corporation

b

929,448

11,795

Silicon

Laboratories,

Inc.

b

1,154,141

13,498

Solaredge

Technology,

Ltd.

b

3,217,248

9,210

Synaptics,

Inc.

b

740,668

11,095

SYNNEX

Corporation

1,553,966

29,360

Teradata

Corporation

b

666,472

67,390

Trimble,

Inc.

b

3,281,893

11,544

Universal

Display

Corporation

2,086,462

17,271

ViaSat,

Inc.

b

593,950

35,702

Vishay

Intertechnology,

Inc.

555,880

11,876

WEX,

Inc.

b

1,650,408

Total

70,690,689

Materials

(5.8%)

17,369

AptarGroup,

Inc.

1,966,171

14,658

Ashland

Global

Holdings,

Inc.

1,039,545

24,627

Avient

Corporation

651,630

15,207

Cabot

Corporation

547,908

44,234

Chemours

Company

924,933

32,069

Commercial

Metals

Company

640,739

9,142

Compass

Minerals

International,

Inc.

542,578

14,865

Domtar

Corporation

390,504

11,246

Eagle

Materials,

Inc.

970,755

7,122

Greif,

Inc.

257,888

11,117

Ingevity

Corporation

b

549,624

30,247

Louisiana-Pacific

Corporation

892,589

9,189

Minerals

Technologies,

Inc.

469,558

1,971

NewMarket

Corporation

674,713

42,273

O-I

Glass,

Inc.

447,671

38,265

Olin

Corporation

473,721

17,172

Reliance

Steel

&

Aluminum

Company

1,752,231

17,666

Royal

Gold,

Inc.

2,122,923

35,005

RPM

International,

Inc.

2,899,814

10,965

Scotts

Miracle-Gro

Company

1,676,658

11,408

Sensient

Technologies

Corporation

658,698

21,204

Silgan

Holdings,

Inc.

779,671

27,034

Sonoco

Products

Company

1,380,626

53,824

Steel

Dynamics,

Inc.

1,540,981

59,353

United

States

Steel

Corporation

a

435,651

49,835

Valvoline,

Inc.

948,858

9,713

Worthington

Industries,

Inc.

396,096

Total

26,032,734

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

186

Shares

Common

Stock

(99.5%)

Value

Real

Estate

(9.1%)

37,068

American

Campus

Communities,

Inc.

$

1,294,415

79,851

Brixmor

Property

Group,

Inc.

933,458

26,231

Camden

Property

Trust

2,334,034

11,455

CoreSite

Realty

Corporation

1,361,770

30,214

Corporate

Office

Properties

Trust

716,676

40,014

Cousins

Properties,

Inc.

1,144,000

31,477

CyrusOne,

Inc.

2,204,334

44,399

Douglas

Emmett,

Inc.

1,114,415

10,593

EastGroup

Properties,

Inc.

1,369,993

20,095

EPR

Properties

552,613

34,261

First

Industrial

Realty

Trust,

Inc.

1,363,588

32,679

GEO

Group,

Inc.

370,580

36,642

Healthcare

Realty

Trust,

Inc.

1,103,657

27,982

Highwoods

Properties,

Inc.

939,356

41,304

Hudson

Pacific

Properties,

Inc.

905,797

30,268

JBG

SMITH

Properties

809,366

13,946

Jones

Lang

LaSalle,

Inc.

1,334,074

28,229

Kilroy

Realty

Corporation

1,466,779

23,267

Lamar

Advertising

Company

1,539,577

12,636

Life

Storage,

Inc.

1,330,192

30,191

Macerich

Company

204,997

142,429

Medical

Properties

Trust,

Inc.

2,511,023

46,739

National

Retail

Properties,

Inc.

1,612,963

61,130

Omega

Healthcare

Investors,

Inc.

1,830,232

35,246

Pebblebrook

Hotel

Trust

441,632

56,059

Physicians

Realty

Trust

1,004,017

18,010

PotlatchDeltic

Corporation

758,221

5,403

PS

Business

Parks,

Inc.

661,273

36,767

Rayonier,

Inc.

REIT

972,120

33,340

Rexford

Industrial

Realty,

Inc.

1,525,638

55,363

Sabra

Health

Care

REIT,

Inc.

763,179

44,331

Service

Properties

Trust

352,432

27,752

Spirit

Realty

Capital,

Inc.

936,630

61,434

Store

Capital

Corporation

1,685,135

16,622

Taubman

Centers,

Inc.

553,346

29,545

Urban

Edge

Properties

287,177

32,432

Weingarten

Realty

Investors

550,047

Total

40,838,736

Utilities

(3.7%)

13,973

ALLETE,

Inc.

722,963

16,899

Black

Hills

Corporation

903,927

60,085

Essential

Utilities,

Inc.

2,418,421

29,406

Hawaiian

Electric

Industries,

Inc.

977,455

13,591

IDACORP,

Inc.

1,085,921

54,006

MDU

Resources

Group,

Inc.

1,215,135

24,496

National

Fuel

Gas

Company

994,293

25,837

New

Jersey

Resources

Corporation

698,116

13,622

NorthWestern

Corporation

662,574

53,911

OGE

Energy

Corporation

1,616,791

14,253

ONE

Gas,

Inc.

983,600

21,453

PNM

Resources,

Inc.

886,652

15,059

Southwest

Gas

Holdings,

Inc.

950,223

13,863

Spire,

Inc.

737,512

56,107

UGI

Corporation

1,850,409

Total

16,703,992

Total

Common

Stock

(cost

$402,910,016)

445,080,357

Shares

Collateral

Held

for

Securities

Loaned

(

1.4%

)

Value

6,282,801

Thrivent

Cash

Management

Trust

$

6,282,801

Total

Collateral

Held

for

Securities

Loaned

(cost

$6,282,801)

6,282,801

Shares

or

Principal

Amount

Short-Term

Investments

(

0.8%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

0.060%,

10/7/2020

c,d

299,997

100,000

0.055%,

12/8/2020

c,d

99,983

Thrivent

Core

Short-Term

Reserve

Fund

305,853

0.310%

3,058,528

Total

Short-Term

Investments

(cost

$3,458,852)

3,458,508

Total

Investments

(cost

$412,651,669)

101.7%

$454,821,666

Other

Assets

and

Liabilities,

Net

(1.7%)

(7,628,441)

Total

Net

Assets

100.0%

$447,193,225

a

All

or

a

portion

of

the

security

is

on

loan.

b

Non-income

producing

security.

c

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

d

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

September

30,

2020:

Securities

Lending

Transactions

Common

Stock

$

6,202,373

Total

lending

$6,202,373

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$6,282,801

Net

amounts

due

to

counterparty

$80,428

Definitions:

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

187

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

I

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Mid

Cap

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

7,413,827

7,413,827

–

–

Consumer

Discretionary

73,872,118

73,872,118

–

–

Consumer

Staples

17,931,397

17,931,397

–

–

Energy

5,111,990

5,111,990

–

–

Financials

60,812,283

60,812,283

–

–

Health

Care

49,537,815

49,537,815

–

–

Industrials

76,134,776

76,134,776

–

–

Information

Technology

70,690,689

70,690,689

–

–

Materials

26,032,734

26,032,734

–

–

Real

Estate

40,838,736

40,838,736

–

–

Utilities

16,703,992

16,703,992

–

–

Short-Term

Investments

399,980

–

399,980

–

Subtotal

Investments

in

Securities

$445,480,337

$445,080,357

$399,980

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

3,058,528

Collateral

Held

for

Securities

Loaned

6,282,801

Subtotal

Other

Investments

$9,341,329

Total

Investments

at

Value

$454,821,666

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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

Liability

Derivatives

Futures

Contracts

223

223

–

–

Total

Liability

Derivatives

$223

$223

$–

$–

The

following

table

presents

Mid

Cap

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$399,980

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

E-mini

S&P

Mid-Cap

400

Index

13

December

2020

$

2,412,893

(

$

223)

Total

Futures

Long

Contracts

$

2,412,893

(

$

223)

Total

Futures

Contracts

$

2,412,893

($223)

Mid

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

188

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$15,779

$42,852

$55,591

$3,059

306

0.7%

Total

Affiliated

Short-Term

Investments

15,779

3,059

0.7

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

9,595

82,901

86,213

6,283

6,283

1.4

Total

Collateral

Held

for

Securities

Loaned

9,595

6,283

1.4

Total

Value

$25,374

$9,342

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$19

$0

–

$96

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$96

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

42

Total

Affiliated

Income

from

Securities

Loaned,

Net

$42

Total

Value

$19

$0

$–

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

189

Shares

Common

Stock

(

96.8%

)

Value

Communications

Services

(6.3%)

780,910

DISH

Network

Corporation

a

$

22,669,817

778,004

Twitter,

Inc.

a

34,621,178

592,835

Zillow

Group,

Inc.

a

60,196,466

Total

117,487,461

Consumer

Discretionary

(13.5%)

278,565

Aptiv

plc

25,538,839

130,427

Burlington

Stores,

Inc.

a

26,879,701

862,297

Harley-Davidson,

Inc.

21,160,768

167,286

Lululemon

Athletica

,

Inc.

a

55,098,990

13,834

NVR,

Inc.

a

56,485,882

171,632

RH

a,b

65,669,836

Total

250,834,016

Consumer

Staples

(3.7%)

1,297,663

Hain

Celestial

Group,

Inc.

a

44,509,841

373,225

Lamb

Weston

Holdings,

Inc.

24,733,621

Total

69,243,462

Energy

(1.9%)

361,899

Valero

Energy

Corporation

15,677,465

3,890,611

WPX

Energy,

Inc.

a

19,063,994

Total

34,741,459

Financials

(12.7%)

1,396,825

Ally

Financial,

Inc.

35,018,403

1,168,081

Assured

Guaranty,

Ltd.

25,090,380

417,404

Interactive

Brokers

Group,

Inc.

20,173,135

339,574

Kemper

Corporation

22,693,731

2,331,232

KeyCorp

27,811,598

36,313

Markel

Corporation

a

35,357,968

1,233,248

Radian

Group,

Inc.

18,017,753

768,978

Western

Alliance

Bancorp

24,315,084

934,320

Zions

Bancorporations

NA

27,300,830

Total

235,778,882

Health

Care

(11.5%)

223,921

Alexion

Pharmaceuticals,

Inc.

a

25,623,280

151,129

Align

Technology,

Inc.

a

49,473,589

274,457

Catalent

,

Inc.

a

23,509,987

355,360

Edwards

Lifesciences

Corporation

a

28,364,835

302,192

Jazz

Pharmaceuticals,

Inc.

a

43,089,557

99,692

Quidel

Corporation

a

21,870,431

209,795

Universal

Health

Services,

Inc.

22,452,261

Total

214,383,940

Industrials

(16.1%)

946,907

Altra

Industrial

Motion

Corporation

35,007,152

1,901,215

Arconic

,

Inc.

31,788,315

256,479

Heico

Corporation

26,843,092

680,597

Nutrien

,

Ltd.

26,699,820

198,035

Old

Dominion

Freight

Line,

Inc.

35,828,492

97,145

Rockwell

Automation,

Inc.

21,437,959

1,101,005

Southwest

Airlines

Company

41,287,687

582,360

Timken

Company

31,575,559

278,639

United

Rentals,

Inc.

a

48,622,506

Total

299,090,582

Information

Technology

(15.5%)

553,240

Advanced

Micro

Devices,

Inc.

a

45,360,148

409,709

Akamai

Technologies,

Inc.

a

45,289,233

439,982

Alliance

Data

Systems

Corporation

18,470,444

129,684

ANSYS,

Inc.

a

42,436,495

494,071

Ciena

Corporation

a

19,609,678

1,175,578

Dropbox,

Inc.

a

22,641,632

Shares

Common

Stock

(96.8%)

Value

Information

Technology

(15.5%)

-

continued

122,389

Nice,

Ltd.

ADR

a,b

$

27,785,975

1,992,081

Nuance

Communications,

Inc.

a

66,117,169

Total

287,710,774

Materials

(3.4%)

480,801

Ball

Corporation

39,964,179

793,403

Steel

Dynamics,

Inc.

22,715,128

Total

62,679,307

Real

Estate

(7.0%)

132,587

Alexandria

Real

Estate

Equities,

Inc.

21,213,920

306,458

Camden

Property

Trust

27,268,633

150,608

Digital

Realty

Trust,

Inc.

22,103,230

688,595

Douglas

Emmett,

Inc.

17,283,735

673,877

Duke

Realty

Corporation

24,866,061

1,639,508

Host

Hotels

&

Resorts,

Inc.

17,690,291

Total

130,425,870

Utilities

(5.2%)

403,136

Alliant

Energy

Corporation

20,821,974

1,114,120

CenterPoint

Energy,

Inc.

21,558,222

337,484

CMS

Energy

Corporation

20,724,892

331,018

Entergy

Corporation

32,615,204

Total

95,720,292

Total

Common

Stock

(cost

$1,399,258,568)

1,798,096,045

Shares

Collateral

Held

for

Securities

Loaned

(

3.5%

)

Value

63,896,800

Thrivent

Cash

Management

Trust

63,896,800

Total

Collateral

Held

for

Securities

Loaned

(cost

$63,896,800)

63,896,800

Shares

Short-Term

Investments

(

3.3%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

6,139,247

0.310%

61,392,467

Total

Short-Term

Investments

(cost

$61,379,600)

61,392,467

Total

Investments

(cost

$1,524,534,968)

103.6%

$1,923,385,312

Other

Assets

and

Liabilities,

Net

(3.6%)

(66,421,024)

Total

Net

Assets

100.0%

$1,856,964,288

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

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

September

30,

2020:

Securities

Lending

Transactions

Common

Stock

$

63,456,764

Total

lending

$63,456,764

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$63,896,800

Net

amounts

due

to

counterparty

$440,036

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

190

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Mid

Cap

Stock

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

117,487,461

117,487,461

–

–

Consumer

Discretionary

250,834,016

250,834,016

–

–

Consumer

Staples

69,243,462

69,243,462

–

–

Energy

34,741,459

34,741,459

–

–

Financials

235,778,882

235,778,882

–

–

Health

Care

214,383,940

214,383,940

–

–

Industrials

299,090,582

299,090,582

–

–

Information

Technology

287,710,774

287,710,774

–

–

Materials

62,679,307

62,679,307

–

–

Real

Estate

130,425,870

130,425,870

–

–

Utilities

95,720,292

95,720,292

–

–

Subtotal

Investments

in

Securities

$1,798,096,045

$1,798,096,045

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

61,392,467

Collateral

Held

for

Securities

Loaned

63,896,800

Subtotal

Other

Investments

$125,289,267

Total

Investments

at

Value

$1,923,385,312

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Stock

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$86,402

$134,615

$159,544

$61,392

6,139

3.3%

Total

Affiliated

Short-Term

Investments

86,402

61,392

3.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

55,911

301,147

293,161

63,897

63,897

3.5

Total

Collateral

Held

for

Securities

Loaned

55,911

63,897

3.5

Total

Value

$142,313

$125,289

Mid

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

191

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$(94)

$13

–

$595

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$595

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

93

Total

Affiliated

Income

from

Securities

Loaned,

Net

$93

Total

Value

$(94)

$13

$–

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

192

Shares

Common

Stock

(

96.7%

)

Value

Communications

Services

(4.0%)

4,154

Discovery,

Inc.,

Class

A

a

$

90,432

6,510

Interpublic

Group

of

Companies,

Inc.

108,522

Total

198,954

Consumer

Discretionary

(12.1%)

829

Aptiv

plc

76,003

2,577

Cedar

Fair,

LP

72,336

1,019

Dollar

Tree,

Inc.

a

93,076

1,484

eBay,

Inc.

77,316

654

Lear

Corporation

71,319

519

Mohawk

Industries,

Inc.

a

50,649

1,024

Polaris,

Inc.

96,604

1,074

Texas

Roadhouse,

Inc.

65,289

Total

602,592

Consumer

Staples

(5.9%)

6,035

Albertsons

Companies,

Inc.

a

83,585

710

Church

&

Dwight

Company,

Inc.

66,534

3,061

Hain

Celestial

Group,

Inc.

a

104,992

596

Sysco

Corporation

37,083

Total

292,194

Energy

(4.1%)

3,930

Helmerich

&

Payne,

Inc.

57,575

1,889

Marathon

Petroleum

Corporation

55,423

1,051

Pioneer

Natural

Resources

Company

90,375

Total

203,373

Financials

(18.6%)

1,476

Capital

One

Financial

Corporation

106,065

1,319

Comerica,

Inc.

50,452

3,158

Hartford

Financial

Services

Group,

Inc.

116,404

673

Kemper

Corporation

44,976

1,359

Raymond

James

Financial,

Inc.

98,881

1,818

Selective

Insurance

Group,

Inc.

93,609

3,421

Trustmark

Corporation

73,244

2,955

Voya

Financial,

Inc.

141,633

2,900

Wintrust

Financial

Corporation

116,145

2,910

Zions

Bancorporations

NA

85,030

Total

926,439

Health

Care

(8.4%)

2,873

Acadia

Healthcare

Company,

Inc.

a

84,696

863

Alexion

Pharmaceuticals,

Inc.

a

98,753

1,768

Centene

Corporation

a

103,128

965

Zimmer

Biomet

Holdings,

Inc.

131,375

Total

417,952

Industrials

(12.6%)

1,482

AGCO

Corporation

110,068

1,094

Carlisle

Companies,

Inc.

133,873

368

JB

Hunt

Transport

Services,

Inc.

46,508

494

Lincoln

Electric

Holdings,

Inc.

45,468

2,216

Robert

Half

International,

Inc.

117,315

3,334

Southwest

Airlines

Company

125,025

132

W.W.

Grainger,

Inc.

47,093

Total

625,350

Information

Technology

(11.1%)

4,445

Change

Healthcare,

Inc.

a

64,497

2,133

FLIR

Systems,

Inc.

76,468

2,612

Juniper

Networks,

Inc.

56,158

338

Littelfuse,

Inc.

59,941

Shares

Common

Stock

(96.7%)

Value

Information

Technology

(11.1%)

-

continued

1,275

National

Instruments

Corporation

$

45,517

3,300

ON

Semiconductor

Corporation

a

71,577

1,355

PTC,

Inc.

a

112,086

1,874

Western

Digital

Corporation

68,495

Total

554,739

Materials

(8.0%)

4,696

Axalta

Coating

Systems,

Ltd.

a

104,110

2,292

Berry

Plastics

Group,

Inc.

a

110,749

3,088

CF

Industries

Holdings,

Inc.

94,833

311

Eastman

Chemical

Company

24,295

1,438

Nucor

Corporation

64,509

Total

398,496

Real

Estate

(7.6%)

694

Camden

Property

Trust

61,752

2,534

CBRE

Group,

Inc.

a

119,022

1,972

Highwoods

Properties,

Inc.

66,200

7,154

Host

Hotels

&

Resorts,

Inc.

77,192

2,051

Rayonier,

Inc.

REIT

54,228

Total

378,394

Utilities

(4.3%)

5,035

CenterPoint

Energy,

Inc.

97,428

1,693

FirstEnergy

Corporation

48,606

1,685

PNM

Resources,

Inc.

69,641

Total

215,675

Total

Common

Stock

(cost

$4,679,474)

4,814,158

Shares

Registered

Investment

Companies

(

1.5%

)

Value

Unaffiliated  (1.5%)

2,017

Fidelity

US

Utilities

ETF

76,525

Total

76,525

Total

Registered

Investment

Companies

(cost

$77,363)

76,525

Shares

Short-Term

Investments

(

1.6%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

7,912

0.310%

79,118

Total

Short-Term

Investments

(cost

$79,153)

79,118

Total

Investments

(cost

$4,835,990)

99.8%

$4,969,801

Other

Assets

and

Liabilities,

Net

0.2%

11,831

Total

Net

Assets

100.0%

$4,981,632

a

Non-income

producing

security.

Definitions:

ETF

-

Exchange

Traded

Fund

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Mid

Cap

Value

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

193

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Mid

Cap

Value

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

198,954

198,954

–

–

Consumer

Discretionary

602,592

602,592

–

–

Consumer

Staples

292,194

292,194

–

–

Energy

203,373

203,373

–

–

Financials

926,439

926,439

–

–

Health

Care

417,952

417,952

–

–

Industrials

625,350

625,350

–

–

Information

Technology

554,739

554,739

–

–

Materials

398,496

398,496

–

–

Real

Estate

378,394

378,394

–

–

Utilities

215,675

215,675

–

–

Registered

Investment

Companies

Unaffiliated

76,525

76,525

–

–

Subtotal

Investments

in

Securities

$4,890,683

$4,890,683

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

79,118

Subtotal

Other

Investments

$79,118

Total

Investments

at

Value

$4,969,801

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

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.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Mid

Cap

Value

Portfolio,

is

as

follows:

Portfolio

Value

4/30/2020

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$1,250

$768

$1,939

$79

8

1.6%

Total

Affiliated

Short-Term

Investments

1,250

79

1.6

Total

Value

$1,250

$79

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

4/30/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$0

$0

–

$0

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$

0

Total

Value

$0

$0

$–

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

194

Principal

Amount

Bank

Loans

(

1.5%

)

a

Value

Basic

Materials

(0.1%)

Ball

Metalpack

Finco

,

LLC,

Term

Loan

$

698,912

4.756%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

670,257

Chemours

Company,

Term

Loan

988,042

1.900%, 

(LIBOR

1M

+

1.750%),

4/3/2025

b

950,990

Hexion

,

Inc.,

Term

Loan

825,819

3.800%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

811,367

Innophos

Holdings,

Inc.,

Term

Loan

825,850

3.897%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b,c

817,591

Nouryon

USA,

LLC,

Term

Loan

1,653,403

3.151%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

1,598,494

Peabody

Energy

Corporation,

Term

Loan

1,057,875

2.897%, 

(LIBOR

1M

+

2.750%),

3/31/2025

b

409,927

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

1,080,540

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

1,075,137

PQ

Corporation,

Term

Loan

897,750

4.000%, 

(LIBOR

3M

+

3.000%),

2/7/2027

b

892,364

Total

7,226,127

Capital

Goods

(0.1%)

Advanced

Disposal

Services,

Inc.,

Term

Loan

967,214

3.000%, 

(LIBOR

1W

+

2.250%),

11/10/2023

b

964,796

Asplundh

Tree

Expert,

LLC,

Term

Loan

505,000

0.000%, 

(LIBOR

1M

+

2.500%),

9/4/2027

b,d,e

504,056

Flex

Acquisition

Company,

Inc.

Term

Loan

1,809,584

3.546%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

1,753,035

GFL

Environmental,

Inc.,

Term

Loan

1,404,463

4.000%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

1,396,738

Graham

Packaging

Company,

Inc.,

Term

Loan

815,000

4.500%, 

(LIBOR

1M

+

3.750%),

8/4/2027

b

809,230

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

1,273,086

3.523%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

1,192,728

Reynolds

Group

Holdings,

Inc.,

Term

Loan

598,789

3.979%, 

(LIBOR

1M

+

2.750%),

2/5/2023

b

590,783

1,000,000

0.000%, 

(LIBOR

1M

+

3.250%),

2/16/2026

b,d,e

981,000

TransDigm

,

Inc.,

Term

Loan

2,895,656

2.397%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

2,732,776

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Capital

Goods

(0.1%)

-

continued

Vertiv

Group

Corporation,

Term

Loan

$

2,786,000

3.157%, 

(LIBOR

1M

+

3.000%),

3/2/2027

b

$

2,738,638

Total

13,663,780

Communications

Services

(0.4%)

Altice

France

SA,

Term

Loan

856,237

2.897%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

815,515

CenturyLink,

Inc.,

Term

Loan

1,935,375

2.397%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b

1,856,238

CommScope

,

Inc.,

Term

Loan

1,571,033

3.397%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,528,112

Coral-US

Co-Borrower,

LLC,

Term

Loan

3,450,000

2.397%, 

(LIBOR

1M

+

2.250%),

1/31/2028

b

3,332,769

Diamond

Sports

Group,

LLC,

Term

Loan

2,475,672

3.400%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

1,910,402

Entercom

Media

Corporation,

Term

Loan

1,240,494

2.645%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

1,164,513

GCI,

LLC,

Term

Loan

1,855,000

0.000%, 

(LIBOR

1M

+

2.750%),

9/24/2025

b,c,d,e

1,841,088

Gray

Television,

Inc.,

Term

Loan

750,000

2.405%, 

(LIBOR

1M

+

2.250%),

2/7/2024

b

732,990

HCP

Acquisition,

LLC,

Term

Loan

1,375,915

4.000%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

1,365,884

iHeartCommunications

,

Inc.,

Term

Loan

960,163

3.147%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

909,005

Mediacom

Illinois,

LLC,

Term

Loan

347,702

1.860%, 

(LIBOR

1W

+

1.750%),

2/15/2024

b

344,225

NEP

Group,

Inc.,

Term

Loan

1,331,287

3.397%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

1,141,246

195,000

7.147%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

152,100

Nexstar

Broadcasting,

Inc.,

Term

Loan

2,075,000

2.905%, 

(LIBOR

1M

+

2.750%),

9/19/2026

b

2,026,590

Nielsen

Finance,

LLC,

Term

Loan

673,312

4.750%, 

(LIBOR

1M

+

3.750%),

6/4/2025

b

671,966

Radiate

Holdco,

LLC,

Term

Loan

2,785,000

0.000%, 

(LIBOR

1M

+

3.500%),

9/11/2026

b,d,e

2,732,781

SBA

Senior

Finance

II,

LLC,

Term

Loan

1,410,632

1.900%, 

(LIBOR

1M

+

1.750%),

4/11/2025

b

1,372,320

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

195

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Communications

Services

(0.4%)

-

continued

Terrier

Media

Buyer,

Inc.,

Term

Loan

$

1,091,750

4.397%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

$

1,063,288

448,875

4.397%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

435,970

T-Mobile

USA,

Inc.,

Term

Loan

2,064,825

3.147%, 

(LIBOR

1M

+

3.000%),

4/1/2027

b

2,061,687

TNS,

Inc.,

Term

Loan

1,523,307

4.150%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

1,509,978

Virgin

Media

Bristol,

LLC,

Term

Loan

945,000

0.000%, 

(LIBOR

1M

+

3.250%),

1/10/2029

b,d,e

928,018

WideOpenWest

Finance,

LLC,

Term

Loan

1,512,664

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

1,487,372

Windstream

Services,

LLC,

Term

Loan

2,551,366

0.000%, 

(PRIME

+

5.000%),

3/30/2021

b,f

1,535,922

Xplornet

Communications,

Inc.,

Term

Loan

1,062,337

4.897%, 

(LIBOR

1M

+

4.750%),

6/11/2027

b

1,040,432

Ziggo

Financing

Partnership,

Term

Loan

1,825,000

2.652%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b

1,753,259

Total

35,713,670

Consumer

Cyclical

(0.3%)

1011778

B.C.,

LLC,

Term

Loan

2,069,787

1.897%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b

1,980,951

Caesars

Resort

Collection,

LLC,

Term

Loan

1,565,000

0.000%, 

(LIBOR

1M

+

4.500%),

7/20/2025

b,d,e

1,512,400

Cengage

Learning,

Inc.,

Term

Loan

775,256

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

646,230

Four

Seasons

Hotels,

Ltd.,

Term

Loan

1,302,778

2.147%, 

(LIBOR

1M

+

2.000%),

11/30/2023

b

1,265,323

Golden

Entertainment,

Inc.,

Term

Loan

2,692,350

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

2,574,560

Golden

Nugget,

LLC,

Term

Loan

818,095

3.250%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

727,238

LCPR

Loan

Financing,

LLC,

Term

Loan

3,255,000

5.152%, 

(LIBOR

1M

+

5.000%),

10/15/2026

b

3,248,230

Men's

Warehouse,

Inc.,

Term

Loan

1,371,281

4.250%, 

(LIBOR

1M

+

3.250%),

4/9/2025

b,g

411,384

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Consumer

Cyclical

(0.3%)

-

continued

Michaels

Stores,

Inc.,

Term

Loan

$

1,115,000

0.000%, 

(LIBOR

1M

+

3.500%),

9/17/2027

b,c,d,e

$

1,087,125

Penn

National

Gaming,

Inc.,

Term

Loan

1,871,663

3.000%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

1,816,186

Scientific

Games

International,

Inc.,

Term

Loan

5,263,121

3.471%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

4,940,018

Staples,

Inc.,

Term

Loan

274,804

4.751%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

257,857

1,566,164

5.251%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

1,453,103

Stars

Group

Holdings

BV,

Term

Loan

1,716,064

3.720%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

1,710,230

Tenneco,

Inc.,

Term

Loan

823,061

3.147%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

740,245

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

906,500

1.897%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

872,787

Total

25,243,867

Consumer

Non-Cyclical

(0.3%)

Bausch

Health

Americas,

Inc.,

Term

Loan

2,568,643

3.151%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

2,514,598

Bellring

Brands,

LLC,

Term

Loan

487,342

6.000%, 

(LIBOR

1M

+

5.000%),

10/21/2024

b

487,546

Change

Healthcare

Holdings,

LLC,

Term

Loan

981,936

3.500%, 

(LIBOR

1M

+

2.500%),

3/1/2024

b

960,000

Chobani

,

LLC,

Term

Loan

1,550,850

4.500%, 

(LIBOR

1M

+

3.500%),

10/10/2023

b

1,531,464

Dole

Food

Company,

Inc.,

Term

Loan

1,647,117

3.750%, 

(LIBOR

1M

+

2.750%),

4/6/2024

b,d,e

1,620,698

Endo

International

plc,

Term

Loan

904,588

5.000%, 

(LIBOR

3M

+

4.250%),

4/27/2024

b

859,359

Energizer

Holdings,

Inc.,

Term

Loan

683,430

2.438%, 

(LIBOR

1M

+

2.250%),

12/17/2025

b

671,470

Froneri

U.S.,

Inc.,

Term

Loan

585,000

0.000%, 

(LIBOR

1M

+

2.250%),

1/31/2027

b,d,e

560,974

Global

Medical

Response,

Inc.,

Term

Loan

4,129,911

4.250%, 

(LIBOR

3M

+

3.250%),

4/28/2022

b

4,115,085

3,960,000

0.000%, 

(LIBOR

1M

+

4.750%),

9/24/2025

b,d,e

3,867,178

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

196

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Consumer

Non-Cyclical

(0.3%)

-

continued

IQVIA,

Inc.,

Term

Loan

$

447,692

1.897%, 

(LIBOR

1M

+

1.750%),

1/1/2025

b

$

441,071

JBS

USA

LUX

SA,

Term

Loan

1,748,375

2.147%, 

(LIBOR

1M

+

2.000%),

5/1/2026

b

1,698,546

MPH

Acquisition

Holdings,

LLC,

Term

Loan

4,200,000

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

4,128,012

Ortho-Clinical

Diagnostics

SA,

Term

Loan

4,202,373

3.406%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

4,015,367

Plantronics,

Inc.,

Term

Loan

992,601

2.647%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

930,146

R.R.

Donnelley

&

Sons

Company,

Term

Loan

276,482

5.147%, 

(LIBOR

1M

+

5.000%),

1/15/2024

b

263,349

Sotera

Health

Holdings,

LLC,

Term

Loan

1,174,100

5.500%, 

(LIBOR

3M

+

4.500%),

12/13/2026

b

1,168,229

US

Foods,

Inc.,

Term

Loan

661,545

1.897%, 

(LIBOR

1M

+

1.750%),

6/27/2023

b

635,084

Total

30,468,176

Energy

(<0.1%)

BCP

Raptor

II,

LLC,

Term

Loan

533,250

4.897%, 

(LIBOR

1M

+

4.750%),

11/3/2025

b

371,499

Buckeye

Partners,

LP,

Term

Loan

1,325,782

2.897%, 

(LIBOR

1M

+

2.750%),

11/1/2026

b,d,e

1,299,266

Calpine

Corporation,

Term

Loan

1,570,281

2.400%, 

(LIBOR

1M

+

2.250%),

1/15/2024

b

1,525,984

Illuminate

Buyer,

LLC,

Term

Loan

930,000

4.147%, 

(LIBOR

1M

+

4.000%),

6/30/2027

b

921,286

Lealand

Finance

Company

BV,

Term

Loan

357,158

0.000%, 

(LIBOR

1M

+

4.000%),

6/30/2025

b

266,679

Total

4,384,714

Financials

(0.1%)

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

968,057

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

939,684

BPR

Nimbus,

LLC,

Term

Loan

1,564,592

2.647%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

1,263,972

Delos

Finance

SARL,

Term

Loan

830,000

1.970%, 

(LIBOR

3M

+

1.750%),

10/6/2023

b

809,665

INEOS

U.S.

Finance,

LLC,

Term

Loan

661,598

2.147%, 

(LIBOR

1M

+

2.000%),

3/31/2024

b

641,565

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Financials

(0.1%)

-

continued

Level

3

Financing,

Inc.,

Term

Loan

$

1,865,000

1.897%, 

(LIBOR

1M

+

1.750%),

3/1/2027

b

$

1,804,966

MoneyGram

International,

Inc.,

Term

Loan

1,170,188

7.000%, 

(LIBOR

3M

+

6.000%),

6/30/2023

b

1,139,470

Newco

Financing

Partnership,

Term

Loan

1,265,000

0.000%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

1,225,785

Northriver

Midstream

Finance,

LP,

Term

Loan

1,128,485

3.546%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

1,088,807

Tronox

Finance,

LLC,

Term

Loan

2,145,984

3.177%, 

(LIBOR

3M

+

3.000%),

9/22/2024

b

2,109,202

UPC

Financing

Partnership,

Term

Loan

1,265,000

0.000%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

1,225,785

Vericast

Corporation,

Term

Loan

414,155

5.750%, 

(LIBOR

3M

+

4.750%),

11/3/2023

b,d,e

337,486

Total

12,586,387

Technology

(0.1%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

2,247,694

3.761%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b,d,e

2,040,344

Prime

Security

Services

Borrower,

LLC,

Term

Loan

4,047,417

4.250%, 

(LIBOR

1M

+

3.250%),

9/23/2026

b

4,006,214

Rackspace

Technology

Global,

Inc.,

Term

Loan

3,685,051

4.000%, 

(LIBOR

3M

+

3.000%),

11/3/2023

b

3,610,908

SS&C

Technologies,

Inc.,

Term

Loan

701,340

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

677,964

496,920

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

480,358

1,469,616

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

1,421,854

Zayo

Group

Holdings,

Inc.,

Term

Loan

2,641,725

3.147%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

2,560,122

Total

14,797,764

Transportation

(0.1%)

Delta

Air

Lines,

Inc.,

Term

Loan

598,500

5.750%, 

(LIBOR

3M

+

4.750%),

4/29/2023

b

597,004

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,651,700

2.220%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

1,623,059

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

197

Principal

Amount

Bank

Loans

(1.5%)

a

Value

Transportation

(0.1%)

-

continued

Mileage

Plus

Holdings,

LLC,

Term

Loan

$

900,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

$

914,004

SkyMiles

IP,

Ltd.,

Term

Loan

580,000

0.000%, 

(LIBOR

1M

+

3.750%),

10/20/2027

b,d,e

583,834

United

Airlines,

Inc.,

Term

Loan

1,235,399

1.895%, 

(LIBOR

1M

+

1.750%),

4/1/2024

b

1,162,300

Total

4,880,201

Utilities

(<0.1%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

349,685

2.438%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

348,520

Core

and

Main,

LP,

Term

Loan

1,239,937

3.750%, 

(LIBOR

3M

+

2.750%),

8/1/2024

b

1,212,423

EnergySolutions

,

LLC,

Term

Loan

1,016,600

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

968,312

Pacific

Gas

&

Electric

Company,

Term

Loan

2,059,838

5.500%, 

(LIBOR

1M

+

4.500%),

1/1/2022

b

2,015,201

Total

4,544,456

Total

Bank

Loans

(cost

$159,679,063)

153,509,142

Shares

Registered

Investment

Companies

(

39.5%

)

Value

Unaffiliated  (0.7%)

13,649

Health

Care

Select

Sector

SPDR

Fund

1,439,697

719,900

Invesco

Senior

Loan

ETF

15,650,626

16,725

iShares

Dow

Jones

US

Home

Construction

Index

Fund

947,471

30,952

ProShares

Ultra

S&P

500

h

2,274,043

117,345

SPDR

S&P

500

ETF

Trust

h

39,297,667

33,499

SPDR

S&P

Regional

Banking

ETF

1,195,244

3,570

Utilities

Select

Sector

SPDR

Fund

h

211,987

Total

61,016,735

Affiliated  (38.8%)

24,965,062

Thrivent

Core

Emerging

Markets

Debt

Fund

245,156,905

5,059,964

Thrivent

Core

Emerging

Markets

Equity

Fund

i

51,611,634

10,770,058

Thrivent

Core

International

Equity

Fund

95,530,415

34,884,965

Thrivent

Core

Low

Volatility

Equity

Fund

418,968,434

30,844,699

Thrivent

Global

Stock

Portfolio

381,135,604

43,071,980

Thrivent

High

Yield

Portfolio

192,221,635

59,057,024

Thrivent

Income

Portfolio

655,119,568

52,944,850

Thrivent

International

Allocation

Portfolio

472,654,557

4,647,512

Thrivent

International

Index

Portfolio

i

51,832,772

37,121,101

Thrivent

Large

Cap

Value

Portfolio

600,222,222

34,364,543

Thrivent

Limited

Maturity

Bond

Portfolio

345,009,702

Shares

Registered

Investment

Companies

(39.5%)

Value

Affiliated  (38.8%)-

continued

21,359,982

Thrivent

Mid

Cap

Stock

Portfolio

$

393,931,464

6,427,004

Thrivent

Small

Cap

Stock

Portfolio

98,995,781

Total

4,002,390,693

Total

Registered

Investment

Companies

(cost

$3,665,110,471)

4,063,407,428

Principal

Amount

Long-Term

Fixed

Income

(

28.0%

)

Value

Asset-Backed

Securities

(1.3%)

Access

Group,

Inc.

$

330,311

0.675%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,j

323,634

Aimco

3,100,000

1.578%, 

(LIBOR

3M

+

1.320%),

7/22/2032,

Ser.

2019-10A,

Class

A

b,j

3,064,040

Aimco

CLO,

Ltd.

4,600,000

1.628%, 

(LIBOR

3M

+

1.380%),

10/15/2031,

Ser.

2020-11A,

Class

A1

b,e,j

4,600,000

Ares

CLO,

Ltd.

4,250,000

1.673%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,j

4,203,488

Ares

XXXIIR

CLO,

Ltd.

2,750,000

1.220%, 

(LIBOR

3M

+

0.940%),

5/15/2030,

Ser.

2014-32RA,

Class

A1A

b,j

2,705,120

Benefit

Street

Partners

CLO

IV,

Ltd.

3,100,000

2.022%, 

(LIBOR

3M

+

1.750%),

1/20/2029,

Ser.

2014-IVA,

Class

A2RR

b,j

3,085,566

Buttermilk

Park

CLO,

Ltd.

7,100,000

1.675%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,j

7,006,273

Carlyle

Global

Market

Strategies

CLO,

Ltd.

4,650,000

1.725%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,j

4,532,834

Carvana

Auto

Receivables

Trust

650,000

2.340%, 

6/15/2023,

Ser.

2019-3A,

Class

A3

j

656,211

CBAM,

Ltd.

4,500,000

1.555%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

b,j

4,485,303

CIFC

Funding,

Ltd.

1,625,000

1.848%, 

(LIBOR

3M

+

1.600%),

10/20/2031,

Ser.

2020-3A,

Class

A2

b,e,j

1,624,829

Colony

American

Finance

Trust

4,883,724

2.835%, 

6/15/2052,

Ser.

2019-2,

Class

A

j

5,144,989

Commonbond

Student

Loan

Trust

674,547

0.648%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,j

664,429

CoreVest

American

Finance

Trust

5,681,268

2.705%, 

10/15/2052,

Ser.

2019-3,

Class

A

j

5,891,451

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

198

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Asset-Backed

Securities

(1.3%)

-

continued

DRB

Prime

Student

Loan

Trust

$

156,319

2.048%, 

(LIBOR

1M

+

1.900%),

10/27/2031,

Ser.

2015-B,

Class

A1

b,j

$

156,883

Dryden

Senior

Loan

Fund

3,950,000

1.672%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,j

3,908,521

Earnest

Student

Loan

Program

2016-D,

LLC

577,071

2.720%, 

1/25/2041,

Ser.

2016-D,

Class

A2

j

583,170

ECMC

Group

Student

Loan

Trust

3,000,000

1.510%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

b,j

2,999,998

Galaxy

XX

CLO,

Ltd.

4,500,000

1.272%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

b,j

4,433,661

Golub

Capital

Partners,

Ltd.

2,500,000

1.452%, 

(LIBOR

3M

+

1.180%),

1/20/2031,

Ser.

2015-22A,

Class

AR

b,j

2,447,065

3,683,000

1.472%, 

(LIBOR

3M

+

1.200%),

1/20/2031,

Ser.

2015-23A,

Class

AR

b,j

3,603,164

Goodgreen

3,887,994

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

j

4,116,594

Home

Partners

of

America

Trust

5,477,753

2.908%, 

9/17/2039,

Ser.

2019-1,

Class

A

j

5,686,456

5,423,648

2.703%, 

10/19/2039,

Ser.

2019-2,

Class

A

j

5,720,586

Laurel

Road

Prime

Student

Loan

Trust

1,305,943

2.810%, 

11/25/2042,

Ser.

2017-C,

Class

A2B

j

1,339,351

3,245,994

5.600%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,j

3,377,319

Madison

Park

Funding

XIV,

Ltd.

3,125,000

1.658%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,j

3,059,375

Magnetite

XII,

Ltd.

4,425,000

1.375%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,j

4,376,768

Mountain

View

CLO,

Ltd.

3,175,000

1.395%, 

(LIBOR

3M

+

1.120%),

7/15/2031,

Ser.

2015-9A,

Class

A1R

b,j

3,094,225

National

Collegiate

Trust

1,573,938

0.443%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,j

1,527,299

Neuberger

Berman

CLO

XIV,

Ltd.

3,300,000

1.277%, 

(LIBOR

3M

+

1.030%),

1/28/2030,

Ser.

2013-14A,

Class

AR2

b,j

3,267,026

Neuberger

Berman

CLO,

Ltd.

1,350,000

1.288%, 

(LIBOR

3M

+

1.030%),

4/22/2029,

Ser.

2014-17A,

Class

AR2

b,j

1,337,066

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Asset-Backed

Securities

(1.3%)

-

continued

Octagon

Investment

Partners

XVI,

Ltd.

$

750,000

1.673%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,j

$

736,478

OneMain

Financial

Issuance

Trust

3,650,000

3.840%, 

5/14/2032,

Ser.

2020-1A,

Class

A

j

3,838,677

OZLM

VIII,

Ltd.

1,290,231

1.443%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

b,j

1,275,872

Palmer

Square

Loan

Funding,

Ltd.

2,881,744

1.122%, 

(LIBOR

3M

+

0.850%),

1/20/2027,

Ser.

2018-5A,

Class

A1

b,j

2,862,171

2,200,000

1.922%, 

(LIBOR

3M

+

1.650%),

4/20/2027,

Ser.

2019-1A,

Class

A2

b,j

2,199,173

PPM

CLO

3,

Ltd.

2,250,000

1.673%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2019-3A,

Class

A

b,j

2,229,296

Pretium

Mortgage

Credit

Partners,

LLC

2,817,691

3.721%, 

2/27/2060,

Ser.

2020-NPL2,

Class

A1

j,k

2,822,104

Saxon

Asset

Securities

Trust

1,204,048

3.639%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

1,216,100

Shackleton

CLO,

Ltd.

3,000,000

1.445%, 

(LIBOR

3M

+

1.170%),

7/15/2031,

Ser.

2015-7RA,

Class

A1

b,j

2,948,928

SLM

Student

Loan

Trust

1,247,747

0.548%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

b

1,191,699

THL

Credit

Wind

River

CLO,

Ltd.

1,225,000

1.652%, 

(LIBOR

3M

+

1.430%),

10/20/2033,

Ser.

2020-1A,

Class

A

b,e,j

1,225,000

U.S.

Small

Business

Administration

228,442

3.191%, 

3/10/2024,

Ser.

2014-10A,

Class

1

236,189

Voya

CLO,

Ltd.

2,096,725

1.475%, 

(LIBOR

3M

+

1.200%),

10/15/2030,

Ser.

2012-4A,

Class

A1AR

b,j

2,067,258

Whitebox

CLO

II,

Ltd.

1,900,000

2.492%, 

(LIBOR

3M

+

2.250%),

10/24/2031,

Ser.

2020-2A,

Class

B

b,j

1,900,378

Total

129,772,017

Basic

Materials

(0.3%)

Air

Products

and

Chemicals,

Inc.

1,500,000

2.700%, 

5/15/2040

1,594,331

Alcoa

Nederland

Holding

BV

700,000

5.500%, 

12/15/2027

j

729,540

Anglo

American

Capital

plc

1,115,000

4.875%, 

5/14/2025

j

1,269,745

BWAY

Holding

Company

640,000

5.500%, 

4/15/2024

j

642,266

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

199

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Basic

Materials

(0.3%)

-

continued

Cleveland-Cliffs,

Inc.

$

510,000

5.750%, 

3/1/2025

h

$

474,300

430,000

9.875%, 

10/17/2025

j

479,987

Dow

Chemical

Company

650,000

4.800%, 

11/30/2028

781,766

DowDuPont

,

Inc.

1,475,000

4.493%, 

11/15/2025

1,696,113

EI

du

Pont

de

Nemours

&

Company

860,000

2.300%, 

7/15/2030

911,761

First

Quantum

Minerals,

Ltd.

950,000

7.500%, 

4/1/2025

j

939,654

Freeport-McMoRan,

Inc.

660,000

4.125%, 

3/1/2028

668,250

710,000

4.250%, 

3/1/2030

727,750

Glencore

Funding,

LLC

760,000

4.125%, 

5/30/2023

j

814,788

950,000

4.000%, 

3/27/2027

j

1,036,913

International

Paper

Company

1,888,000

4.350%, 

8/15/2048

2,305,941

Kinross

Gold

Corporation

770,000

5.950%, 

3/15/2024

878,053

1,150,000

4.500%, 

7/15/2027

1,303,705

Krayton

Polymers,

LLC

910,000

7.000%, 

4/15/2025

j

928,200

Methanex

Corporation

1,040,000

5.250%, 

12/15/2029

1,028,300

Norbord,

Inc.

970,000

5.750%, 

7/15/2027

j

1,024,611

Novelis

Corporation

1,125,000

5.875%, 

9/30/2026

j

1,155,937

290,000

4.750%, 

1/30/2030

j

283,031

OCI

NV

770,000

4.625%, 

10/15/2025

e,j

770,000

Olin

Corporation

1,105,000

5.125%, 

9/15/2027

h

1,093,950

Peabody

Securities

Finance

Corporation

835,000

6.375%, 

3/31/2025

j

334,000

Syngenta

Finance

NV

1,375,000

3.933%, 

4/23/2021

j

1,392,730

Teck

Resources,

Ltd.

1,267,000

6.125%, 

10/1/2035

1,513,297

Tronox

Finance

plc

1,050,000

5.750%, 

10/1/2025

j

1,034,250

Vale

Overseas,

Ltd.

1,135,000

6.250%, 

8/10/2026

1,342,138

514,000

6.875%, 

11/21/2036

667,558

Total

29,822,865

Capital

Goods

(0.4%)

AECOM

1,730,000

5.125%, 

3/15/2027

1,868,608

Amsted

Industries,

Inc.

1,260,000

5.625%, 

7/1/2027

j

1,340,413

Ardagh

Packaging

Finance

plc

499,000

6.000%, 

2/15/2025

j

518,112

730,000

5.250%, 

8/15/2027

j

743,870

BAE

Systems

plc

1,850,000

1.900%, 

2/15/2031

j

1,830,951

Carrier

Global

Corporation

1,050,000

2.700%, 

2/15/2031

j

1,093,125

Cintas

Corporation

No.

2

1,125,000

3.700%, 

4/1/2027

1,296,319

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Capital

Goods

(0.4%)

-

continued

CNH

Industrial

Capital,

LLC

$

1,452,000

4.875%, 

4/1/2021

$

1,480,016

CNH

Industrial

NV

915,000

3.850%, 

11/15/2027

988,722

Covanta

Holding

Corporation

890,000

6.000%, 

1/1/2027

925,600

180,000

5.000%, 

9/1/2030

181,674

Crown

Cork

&

Seal

Company,

Inc.

1,200,000

7.375%, 

12/15/2026

1,426,656

Emerson

Electric

Company

1,500,000

1.800%, 

10/15/2027

1,564,036

H&E

Equipment

Services,

Inc.

890,000

5.625%, 

9/1/2025

927,825

Ingersoll-Rand

Luxembourg

Finance

SA

1,575,000

3.500%, 

3/21/2026

1,761,456

Jeld-Wen

,

Inc.

650,000

4.625%, 

12/15/2025

j

653,250

L3Harris

Technologies,

Inc.

2,150,000

3.950%, 

5/28/2024

2,368,130

Lockheed

Martin

Corporation

696,000

3.600%, 

3/1/2035

834,688

1,544,000

4.500%, 

5/15/2036

1,959,970

374,000

6.150%, 

9/1/2036

553,663

Northrop

Grumman

Corporation

2,575,000

3.850%, 

4/15/2045

3,004,016

Republic

Services,

Inc.

1,100,000

2.900%, 

7/1/2026

1,216,183

Reynolds

Group

Issuer,

Inc.

1,935,000

5.125%, 

7/15/2023

j

1,959,187

Roper

Technologies,

Inc.

945,000

1.400%, 

9/15/2027

954,068

668,000

4.200%, 

9/15/2028

796,978

945,000

1.750%, 

2/15/2031

942,642

Siemens

Financieringsmaatschappij

NV

615,000

4.200%, 

3/16/2047

j

801,165

Standard

Industries,

Inc.

1,290,000

4.375%, 

7/15/2030

j

1,322,592

Textron,

Inc.

1,010,000

3.375%, 

3/1/2028

1,089,993

TransDigm

,

Inc.

500,000

6.250%, 

3/15/2026

j

524,275

1,410,000

5.500%, 

11/15/2027

1,355,081

United

Rentals

North

America,

Inc.

1,870,000

4.000%, 

7/15/2030

1,912,075

United

Technologies

Corporation

900,000

4.450%, 

11/16/2038

1,106,426

1,200,000

3.750%, 

11/1/2046

1,371,506

WESCO

Distribution,

Inc.

290,000

7.250%, 

6/15/2028

j

317,746

Total

42,991,017

Collateralized

Mortgage

Obligations

(1.1%)

Ajax

Mortgage

Loan

Trust

3,586,187

4.360%, 

9/25/2065,

Ser.

2018-C,

Class

A

b,j

3,644,359

Alternative

Loan

Trust

735,365

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

595,226

Angel

Oak

Mortgage

Trust

I,

LLC

1,092,076

3.500%, 

7/25/2046,

Ser.

2016-1,

Class

A1

j

1,135,354

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

200

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Collateralized

Mortgage

Obligations

(1.1%)

-

continued

Bellemeade

Re,

Ltd.

$

634,720

1.748%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,j

$

628,474

1,152,833

1.248%, 

(LIBOR

1M

+

1.100%),

7/25/2029,

Ser.

2019-3A,

Class

M1A

b,j

1,150,511

3,625,000

2.798%, 

(LIBOR

1M

+

2.650%),

6/25/2030,

Ser.

2020-1A,

Class

M1A

b,j

3,632,452

BRAVO

Residential

Funding

Trust

440,712

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

j

455,052

Citicorp

Mortgage

Securities,

Inc.

2,957,752

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

2,897,375

Citigroup

Mortgage

Loan

Trust,

Inc.

425,523

5.500%, 

11/25/2035,

Ser.

2005-9,

Class

21A2

435,792

Countrywide

Alternative

Loan

Trust

838,605

3.201%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

797,617

989,478

6.000%, 

4/25/2036,

Ser.

2006-4CB,

Class

1A1

693,439

1,985,118

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

1,116,760

Countrywide

Home

Loans,

Inc.

493,409

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

366,980

Credit

Suisse

Mortgage

Capital

Certificates

2,083,249

3.393%, 

2/25/2024,

Ser.

2020-BPL1,

Class

A1

j,k

2,084,135

Credit

Suisse

Mortgage

Trust

2,400,000

3.453%, 

3/25/2026,

Ser.

2020-BPL2,

Class

A1

b,c,j

2,400,000

4,030,440

3.850%, 

9/25/2057,

Ser.

2018-RPL9,

Class

A1

b,j

4,327,846

8,080,203

3.507%, 

2/25/2060,

Ser.

2020-RPL2,

Class

A12

b,j

8,084,229

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

216,044

6.000%, 

10/25/2021,

Ser.

2006-AR5,

Class

23A

190,039

Ellington

Financial

Mortgage

Trust

2,000,529

4.140%, 

10/25/2058,

Ser.

2018-1,

Class

A1FX

b,j

2,050,754

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

2,330,315

4.000%, 

7/15/2031,

Ser.

4104,

Class

KI

l

138,130

2,186,217

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

l

209,698

4,275,609

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

l

431,031

Federal

National

Mortgage

Association

-

REMIC

7,013,586

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

l

422,590

FWD

Securitization

Trust

3,344,388

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,j

3,421,909

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Collateralized

Mortgage

Obligations

(1.1%)

-

continued

Galton

Funding

Mortgage

Trust

2017-1

$

1,828,003

4.500%, 

10/25/2058,

Ser.

2018-2,

Class

A41

b,j

$

1,868,186

GCAT

Trust

199,395

2.985%, 

2/25/2059,

Ser.

2019-NQM1,

Class

A1

j,k

202,489

GS

Mortgage-Backed

Securities

Trust

1,007,828

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,j

1,025,058

J.P.

Morgan

Alternative

Loan

Trust

1,081,572

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

877,980

Legacy

Mortgage

Asset

Trust

744,537

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

j,k

755,226

MASTR

Alternative

Loans

Trust

1,323,699

0.598%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

224,367

Merrill

Lynch

Alternative

Note

Asset

Trust

423,790

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

281,655

MFA

NQM1

Trust

1,307,781

1.787%, 

8/25/2049,

Ser.

2020-NQM1,

Class

A2

b,j

1,314,476

MFRA

Trust

1,952,915

4.164%, 

7/25/2048,

Ser.

2018-NPL2,

Class

A1

j,k

1,955,541

New

Residential

Mortgage

Loan

Trust

2,666,248

4.335%, 

7/25/2060,

Ser.

2020-NPL1,

Class

A1

j,k

2,669,438

Preston

Ridge

Partners

Mortgage

Trust,

LLC

4,250,000

2.857%, 

9/25/2025,

Ser.

2020-3A1

e,k

4,249,929

2,686,694

4.500%, 

1/25/2024,

Ser.

2019-1A,

Class

A1

j,k

2,707,281

2,772,083

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,j

2,775,676

RCO

Mortgage,

LLC

4,710,546

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

j,k

4,699,666

1,074,130

4.270%, 

12/26/2053,

Ser.

2018-VFS1,

Class

A1

b,j

1,129,396

Renaissance

Home

Equity

Loan

Trust

3,416,246

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

k

1,890,346

Residential

Accredit

Loans,

Inc.

Trust

1,343,951

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

1,345,192

Sequoia

Mortgage

Trust

1,207,237

3.426%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

932,473

Silver

Hill

Trust

1,586,721

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,j

1,612,581

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

201

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Collateralized

Mortgage

Obligations

(1.1%)

-

continued

Starwood

Mortgage

Residential

Trust

$

1,275,331

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

b,j

$

1,280,355

Toorak

Mortgage

Corporation

2,750,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

j,k

2,813,687

8,500,000

3.721%, 

9/25/2022,

Ser.

2019-2,

Class

A1

8,660,483

1,750,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

j,k

1,756,154

Vericrest

Opportunity

Loan

Transferee

2,634,931

3.352%, 

8/25/2049,

Ser.

2019-NPL4,

Class

A1A

j,k

2,637,554

Verus

Securitization

Trust

517,989

3.836%, 

2/25/2059,

Ser.

2019-1,

Class

A1

b,j

525,024

429,206

3.211%, 

5/25/2059,

Ser.

2019-2,

Class

A1

b,j

438,864

1,016,809

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,j

1,036,565

3,433,359

2.913%, 

7/25/2059,

Ser.

2019-INV2,

Class

A1

b,j

3,511,418

2,085,722

2.947%, 

11/25/2059,

Ser.

2019-INV3,

Class

A2

b,j

2,123,107

1,796,061

1.977%, 

3/25/2060,

Ser.

2020-INV1,

Class

A1

b,j

1,815,597

6,860,040

3.626%, 

4/25/2060,

Ser.

2020-3,

Class

A1

b,j

7,041,025

2,080,172

2.226%, 

5/25/2060,

Ser.

2020-2,

Class

A1

b,j

2,099,585

WaMu

Mortgage

Pass

Through

Certificates

118,952

3.309%, 

9/25/2036,

Ser.

2006-AR10,

Class

1A2

b

111,991

434,205

3.671%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

419,369

Total

110,097,486

Commercial

Mortgage-Backed

Securities

(0.2%)

BFLD

Trust

3,000,000

1.350%, 

(LIBOR

1M

+

1.150%),

10/15/2022,

Ser.

2020-EYP,

Class

A

b,e,j

3,000,000

1,100,000

1.800%, 

(LIBOR

1M

+

1.700%),

10/15/2022,

Ser.

2020-EYP,

Class

B

b,e,j

1,100,000

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

1,547,417

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

1,602,079

Federal

National

Mortgage

Association

-

ACES

30,496,998

1.895%, 

12/25/2028,

Ser.

2020-M11,

Class

IO

b,l

3,605,129

GS

Mortgage

Securities

Trust

6,600,000

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

7,136,959

Morgan

Stanley

Capital

I

Trust

19,993,054

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,l

2,986,107

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Commercial

Mortgage-Backed

Securities

(0.2%)

-

continued

UBS

Commercial

Mortgage

Trust

$

3,525,000

2.921%, 

10/15/2052,

Ser.

2019-C17,

Class

A4

$

3,877,462

Total

23,307,736

Communications

Services

(0.9%)

Altice

France

SA

550,000

5.500%, 

1/15/2028

j

556,875

American

Tower

Corporation

900,000

2.900%, 

1/15/2030

971,427

1,500,000

2.100%, 

6/15/2030

1,514,542

AT&T,

Inc.

1,532,000

3.500%, 

9/15/2053

j

1,492,529

1,500,000

2.300%, 

6/1/2027

1,573,486

1,825,000

4.350%, 

3/1/2029

2,142,112

1,037,000

4.300%, 

2/15/2030

1,227,756

1,475,000

5.250%, 

3/1/2037

1,845,658

1,460,000

4.900%, 

8/15/2037

1,761,627

575,000

5.550%, 

8/15/2041

745,312

2,525,000

3.100%, 

2/1/2043

2,463,284

British

Telecommunications

plc

1,475,000

4.500%, 

12/4/2023

1,632,088

CCO

Holdings,

LLC

900,000

5.125%, 

5/1/2027

j

946,998

2,100,000

4.750%, 

3/1/2030

j

2,223,375

370,000

4.250%, 

2/1/2031

j

383,283

CCOH

Safari,

LLC

1,300,000

5.750%, 

2/15/2026

j

1,352,000

Charter

Communications

Operating,

LLC

700,000

4.500%, 

2/1/2024

776,060

1,800,000

4.200%, 

3/15/2028

2,043,913

1,525,000

6.484%, 

10/23/2045

2,032,843

Comcast

Corporation

1,550,000

4.950%, 

10/15/2058

2,218,678

800,000

4.049%, 

11/1/2052

980,092

900,000

3.950%, 

10/15/2025

1,032,092

1,500,000

4.250%, 

10/15/2030

1,841,243

1,265,000

4.400%, 

8/15/2035

1,599,853

1,305,000

4.750%, 

3/1/2044

1,712,201

550,000

4.600%, 

8/15/2045

708,063

Cox

Communications,

Inc.

1,815,000

3.350%, 

9/15/2026

j

2,017,834

Crown

Castle

International

Corporation

1,158,000

5.250%, 

1/15/2023

1,272,369

1,121,000

3.200%, 

9/1/2024

1,208,768

CSC

Holdings,

LLC

530,000

4.125%, 

12/1/2030

j

540,202

2,700,000

4.625%, 

12/1/2030

j

2,712,771

Discovery

Communications,

LLC

1,850,000

4.900%, 

3/11/2026

2,161,148

Embarq

Corporation

960,000

7.995%, 

6/1/2036

1,136,698

Entercom

Media

Corporation

470,000

6.500%, 

5/1/2027

j

408,900

Fox

Corporation

900,000

3.500%, 

4/8/2030

1,014,288

Front

Range

BidCo

,

Inc.

1,180,000

4.000%, 

3/1/2027

j

1,161,386

GCI,

LLC

520,000

4.750%, 

10/15/2028

e,j

526,505

Gray

Television,

Inc.

935,000

5.875%, 

7/15/2026

j

970,062

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

202

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Communications

Services

(0.9%)

-

continued

iHeartCommunications

,

Inc.

$

580,000

4.750%, 

1/15/2028

j

$

546,620

Level

3

Financing,

Inc.

1,000,000

4.625%, 

9/15/2027

j

1,027,500

980,000

4.250%, 

7/1/2028

j

995,014

Netflix,

Inc.

1,680,000

4.875%, 

4/15/2028

1,877,400

Nexstar

Escrow

Corporation

750,000

5.625%, 

7/15/2027

j

786,713

Nielsen

Finance,

LLC

230,000

5.625%, 

10/1/2028

j

236,325

Omnicom

Group,

Inc.

750,000

3.600%, 

4/15/2026

845,420

435,000

4.200%, 

6/1/2030

508,911

SBA

Communications

Corporation

570,000

3.875%, 

2/15/2027

j

578,550

SFR

Group

SA

1,250,000

7.375%, 

5/1/2026

j

1,309,875

Sirius

XM

Radio,

Inc.

1,760,000

5.000%, 

8/1/2027

j

1,838,443

Sprint

Capital

Corporation

760,000

6.875%, 

11/15/2028

946,455

380,000

8.750%, 

3/15/2032

556,248

Sprint

Corporation

1,200,000

7.250%, 

9/15/2021

1,255,500

1,680,000

7.625%, 

2/15/2025

1,965,600

Telesat

Canada

/

Telesat

,

LLC

630,000

4.875%, 

6/1/2027

j

632,552

Time

Warner

Entertainment

Company,

LP

1,691,000

8.375%, 

3/15/2023

1,987,138

T-Mobile

USA,

Inc.

1,870,000

4.500%, 

2/1/2026

1,926,848

1,450,000

3.750%, 

4/15/2027

j

1,623,333

1,100,000

4.375%, 

4/15/2040

j

1,289,387

Univision

Communications,

Inc.

980,000

6.625%, 

6/1/2027

j

956,725

VeriSign,

Inc.

400,000

4.750%, 

7/15/2027

424,000

Verizon

Communications,

Inc.

1,876,000

3.376%, 

2/15/2025

2,088,835

4,065,000

4.272%, 

1/15/2036

5,006,680

Viacom,

Inc.

1,140,000

5.850%, 

9/1/2043

1,428,327

Virgin

Media

Secured

Finance

plc

1,590,000

5.500%, 

8/15/2026

j

1,657,575

Vodafone

Group

plc

1,600,000

4.875%, 

6/19/2049

1,983,678

VTR

Finance

BV

350,000

6.375%, 

N/

A

j

367,500

Walt

Disney

Company

1,400,000

2.200%, 

1/13/2028

1,471,818

2,000,000

2.650%, 

1/13/2031

2,153,062

1,700,000

3.500%, 

5/13/2040

1,903,974

Windstream

Services,

LLC

780,000

8.625%, 

10/31/2025

*,f

468,000

Ziggo

BV

809,000

5.500%, 

1/15/2027

j

847,428

Total

96,399,755

Consumer

Cyclical

(0.7%)

1011778

B.C.,

ULC

1,790,000

4.375%, 

1/15/2028

j

1,825,442

Allied

Universal

Holdco,

LLC

570,000

6.625%, 

7/15/2026

j

607,050

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Consumer

Cyclical

(0.7%)

-

continued

Allison

Transmission,

Inc.

$

1,270,000

5.000%, 

10/1/2024

j

$

1,282,776

Amazon.com,

Inc.

150,000

1.500%, 

6/3/2030

153,141

1,870,000

3.875%, 

8/22/2037

2,325,279

1,122,000

4.050%, 

8/22/2047

1,450,188

American

Honda

Finance

Corporation

200,000

2.150%, 

9/10/2024

210,423

Brookfield

Property

REIT,

Inc.

340,000

5.750%, 

5/15/2026

j

267,944

Brookfield

Residential

Properties,

Inc.

1,615,000

6.250%, 

9/15/2027

j

1,628,606

Carnival

Corporation

370,000

11.500%, 

4/1/2023

j

414,763

390,000

10.500%, 

2/1/2026

j

431,925

Cedar

Fair,

LP

720,000

5.250%, 

7/15/2029

683,554

Colt

Merger

Sub,

Inc.

1,180,000

6.250%, 

7/1/2025

j

1,230,150

CVS

Health

Corporation

1,500,000

3.625%, 

4/1/2027

1,684,517

D.R.

Horton,

Inc.

1,515,000

2.550%, 

12/1/2020

1,520,122

1,500,000

2.600%, 

10/15/2025

1,608,283

Dana,

Inc.

760,000

5.625%, 

6/15/2028

784,700

Ford

Motor

Company

340,000

9.000%, 

4/22/2025

389,813

190,000

9.625%, 

4/22/2030

245,337

660,000

7.450%, 

7/16/2031

756,895

Ford

Motor

Credit

Company,

LLC

1,940,000

4.063%, 

11/1/2024

1,937,575

700,000

4.134%, 

8/4/2025

693,290

General

Motors

Company

1,425,000

6.125%, 

10/1/2025

1,655,027

1,500,000

6.800%, 

10/1/2027

1,822,909

General

Motors

Financial

Company,

Inc.

1,635,000

3.150%, 

6/30/2022

1,679,447

760,000

3.950%, 

4/13/2024

804,000

Hanesbrands,

Inc.

1,400,000

4.875%, 

5/15/2026

j

1,494,500

Herc

Holdings,

Inc.

480,000

5.500%, 

7/15/2027

j

496,632

Hilton

Domestic

Operating

Company,

Inc.

1,790,000

4.875%, 

1/15/2030

1,843,700

Home

Depot,

Inc.

1,755,000

5.400%, 

9/15/2040

2,483,259

1,140,000

4.250%, 

4/1/2046

1,449,949

970,000

3.900%, 

6/15/2047

1,194,942

Hyundai

Capital

America

945,000

1.250%, 

9/18/2023

j

942,820

International

Game

Technology

plc

770,000

5.250%, 

1/15/2029

j

778,662

KB

Home

650,000

4.800%, 

11/15/2029

716,625

L

Brands,

Inc.

460,000

6.625%, 

10/1/2030

j

468,050

Landry's,

Inc.

580,000

6.750%, 

10/15/2024

j

484,300

Lennar

Corporation

925,000

4.125%, 

1/15/2022

945,813

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

203

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Consumer

Cyclical

(0.7%)

-

continued

$

1,895,000

4.875%, 

12/15/2023

$

2,037,362

585,000

4.500%, 

4/30/2024

627,413

Mastercard

,

Inc.

1,135,000

3.300%, 

3/26/2027

1,297,496

1,070,000

3.950%, 

2/26/2048

1,358,904

Mattamy

Group

Corporation

1,540,000

5.250%, 

12/15/2027

j

1,582,350

McDonald's

Corporation

1,500,000

2.125%, 

3/1/2030

1,559,746

1,755,000

4.450%, 

3/1/2047

2,175,041

MGM

Resorts

International

1,530,000

6.000%, 

3/15/2023

1,587,230

Norwegian

Cruise

Line

Holdings,

Ltd.

370,000

10.250%, 

2/1/2026

j

385,494

Prime

Security

Services

Borrower,

LLC

1,460,000

5.750%, 

4/15/2026

j

1,561,295

280,000

3.375%, 

8/31/2027

j

269,150

Royal

Caribbean

Cruises,

Ltd.

390,000

9.125%, 

6/15/2023

j

413,400

280,000

11.500%, 

6/1/2025

j

325,430

Scientific

Games

International,

Inc.

910,000

5.000%, 

10/15/2025

j

915,688

ServiceMaster

Company,

LLC

1,330,000

5.125%, 

11/15/2024

j

1,359,925

Six

Flags

Entertainment

Corporation

550,000

5.500%, 

4/15/2027

h,j

521,565

Six

Flags

Theme

Parks,

Inc.

360,000

7.000%, 

7/1/2025

j

382,950

Staples,

Inc.

970,000

7.500%, 

4/15/2026

j

893,816

Target

Corporation

1,300,000

2.250%, 

4/15/2025

1,387,906

TJX

Companies,

Inc.

875,000

3.875%, 

4/15/2030

1,037,067

ViacomCBS

,

Inc.

1,400,000

4.200%, 

5/19/2032

1,598,056

Visa,

Inc.

1,500,000

2.700%, 

4/15/2040

1,619,418

Volkswagen

Group

of

America

Finance,

LLC

950,000

4.250%, 

11/13/2023

j

1,043,764

Walmart,

Inc.

1,300,000

3.250%, 

7/8/2029

1,514,674

Wyndham

Destinations,

Inc.

470,000

6.625%, 

7/31/2026

j

492,377

Wyndham

Hotels

&

Resorts,

Inc.

280,000

4.375%, 

8/15/2028

j

271,600

Yum!

Brands,

Inc.

1,290,000

4.750%, 

1/15/2030

j

1,389,975

Total

71,001,500

Consumer

Non-Cyclical

(1.1%)

Abbott

Laboratories

1,445,000

4.750%, 

11/30/2036

1,931,255

AbbVie,

Inc.

1,450,000

2.800%, 

3/15/2023

j

1,515,649

1,910,000

3.600%, 

5/14/2025

2,116,562

875,000

2.950%, 

11/21/2026

j

953,163

726,000

4.700%, 

5/14/2045

890,816

2,500,000

4.875%, 

11/14/2048

3,168,943

Albertson's

Companies,

Inc.

1,310,000

7.500%, 

3/15/2026

j

1,437,122

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Consumer

Non-Cyclical

(1.1%)

-

continued

$

935,000

3.500%, 

3/15/2029

j

$

907,534

Altria

Group,

Inc.

875,000

4.400%, 

2/14/2026

1,007,381

3,300,000

5.800%, 

2/14/2039

4,210,365

Amgen,

Inc.

1,500,000

3.375%, 

2/21/2050

1,620,072

100,000

3.125%, 

5/1/2025

109,673

Anheuser-Busch

Companies,

LLC

3,040,000

4.700%, 

2/1/2036

3,667,216

Anheuser-Busch

InBev

Worldwide,

Inc.

2,125,000

4.750%, 

4/15/2058

2,584,470

1,740,000

4.375%, 

4/15/2038

2,024,027

415,000

4.600%, 

4/15/2048

493,828

Anthem,

Inc.

1,185,000

3.125%, 

5/15/2050

1,195,167

1,870,000

4.625%, 

5/15/2042

2,339,952

Aramark

Services,

Inc.

390,000

6.375%, 

5/1/2025

h,j

406,253

BAT

Capital

Corporation

1,496,000

4.540%, 

8/15/2047

1,598,824

Bausch

Health

Companies,

Inc.

230,000

5.000%, 

1/30/2028

j

223,388

Baxalta

,

Inc.

721,000

4.000%, 

6/23/2025

819,395

Becton,

Dickinson

and

Company

1,594,000

3.734%, 

12/15/2024

1,761,833

900,000

3.700%, 

6/6/2027

1,019,972

Boston

Scientific

Corporation

810,000

7.375%, 

1/15/2040

1,298,123

Bunge,

Ltd.

Finance

Corporation

800,000

3.500%, 

11/24/2020

803,502

Campbell

Soup

Company

450,000

2.375%, 

4/24/2030

467,614

Cargill,

Inc.

1,650,000

3.250%, 

5/23/2029

j

1,864,660

Centene

Corporation

800,000

4.750%, 

1/15/2025

822,240

280,000

4.250%, 

12/15/2027

293,000

670,000

4.625%, 

12/15/2029

722,702

1,110,000

3.000%, 

10/15/2030

e

1,130,813

Cigna

Corporation

190,000

3.050%, 

10/15/2027

203,207

1,500,000

4.800%, 

8/15/2038

1,859,107

Conagra

Brands,

Inc.

1,210,000

4.300%, 

5/1/2024

1,349,822

Constellation

Brands,

Inc.

1,450,000

3.600%, 

2/15/2028

1,638,684

600,000

2.875%, 

5/1/2030

647,401

CVS

Health

Corporation

428,000

4.100%, 

3/25/2025

483,575

2,560,000

4.875%, 

7/20/2035

3,251,814

DaVita,

Inc.

910,000

4.625%, 

6/1/2030

j

934,024

DENTSPLY

SIRONA,

Inc.

1,785,000

3.250%, 

6/1/2030

1,939,318

Edgewell

Personal

Care

Company

380,000

5.500%, 

6/1/2028

j

399,847

Encompass

Health

Corporation

1,030,000

4.500%, 

2/1/2028

1,035,150

Energizer

Holdings,

Inc.

1,190,000

4.750%, 

6/15/2028

j

1,231,531

Express

Scripts

Holding

Company

1,600,000

4.800%, 

7/15/2046

1,724,092

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

204

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Consumer

Non-Cyclical

(1.1%)

-

continued

General

Mills,

Inc.

$

715,000

2.875%, 

4/15/2030

$

784,003

Gilead

Sciences,

Inc.

3,000,000

2.600%, 

10/1/2040

2,993,164

HCA,

Inc.

2,610,000

5.375%, 

2/1/2025

2,857,950

HLF

Financing

SARL,

LLC

550,000

7.250%, 

8/15/2026

j

565,125

Imperial

Brands

Finance

plc

1,600,000

3.875%, 

7/26/2029

j

1,732,051

JBS

Investments

II

GmbH

560,000

5.750%, 

1/15/2028

j

582,400

JBS

USA,

LLC

930,000

5.750%, 

6/15/2025

j

958,644

640,000

5.500%, 

1/15/2030

j

697,600

Kellogg

Company

1,400,000

2.100%, 

6/1/2030

1,433,130

Keurig

Dr.

Pepper,

Inc.

1,125,000

3.200%, 

5/1/2030

1,255,930

Kimberly-Clark

Corporation

845,000

3.100%, 

3/26/2030

966,493

900,000

3.900%, 

5/4/2047

1,152,917

Kraft

Foods

Group,

Inc.

910,000

5.000%, 

6/4/2042

995,326

Kraft

Heinz

Foods

Company

1,140,000

4.625%, 

1/30/2029

1,268,491

1,370,000

3.750%, 

4/1/2030

j

1,446,211

90,000

4.250%, 

3/1/2031

j

98,676

Medtronic,

Inc.

105,000

4.625%, 

3/15/2045

144,246

Molina

Healthcare,

Inc.

670,000

4.375%, 

6/15/2028

j

683,735

Mondelez

International,

Inc.

425,000

2.750%, 

4/13/2030

462,515

Mylan,

Inc.

450,000

3.125%, 

1/15/2023

j

473,579

1,570,000

4.550%, 

4/15/2028

1,827,956

Par

Pharmaceutical,

Inc.

910,000

7.500%, 

4/1/2027

j

953,389

Post

Holdings,

Inc.

540,000

5.750%, 

3/1/2027

j

567,675

Quest

Diagnostics,

Inc.

1,400,000

2.800%, 

6/30/2031

1,510,862

Reynolds

American,

Inc.

2,338,000

5.700%, 

8/15/2035

2,916,220

Roche

Holdings,

Inc.

1,158,000

4.000%, 

11/28/2044

j

1,554,897

Scotts

Miracle-

Gro

Company

990,000

4.500%, 

10/15/2029

1,048,781

Simmons

Foods,

Inc.

600,000

5.750%, 

11/1/2024

j

600,624

Smithfield

Foods,

Inc.

1,060,000

2.650%, 

10/3/2021

j

1,066,555

Spectrum

Brands,

Inc.

280,000

5.500%, 

7/15/2030

j

295,400

Sysco

Corporation

1,300,000

6.600%, 

4/1/2040

1,750,970

Teleflex,

Inc.

770,000

4.250%, 

6/1/2028

j

796,950

Tenet

Healthcare

Corporation

510,000

4.625%, 

7/15/2024

511,275

1,340,000

5.125%, 

11/1/2027

j

1,378,324

Teva

Pharmaceutical

Finance

Netherlands

III

BV

820,000

2.800%, 

7/21/2023

784,125

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Consumer

Non-Cyclical

(1.1%)

-

continued

Thermo

Fisher

Scientific,

Inc.

$

900,000

4.133%, 

3/25/2025

$

1,025,392

TreeHouse

Foods,

Inc.

370,000

4.000%, 

9/1/2028

374,211

Tyson

Foods,

Inc.

748,000

3.550%, 

6/2/2027

844,645

UnitedHealth

Group,

Inc.

1,815,000

2.950%, 

10/15/2027

2,021,707

3,450,000

4.625%, 

7/15/2035

4,532,172

VRX

Escrow

Corporation

3,240,000

6.125%, 

4/15/2025

j

3,316,950

Zoetis,

Inc.

740,000

4.700%, 

2/1/2043

972,565

Total

114,306,917

Energy

(0.8%)

Antero

Resources

Corporation

540,000

5.000%, 

3/1/2025

337,500

Apache

Corporation

350,000

4.875%, 

11/15/2027

330,750

620,000

4.375%, 

10/15/2028

h

567,300

460,000

5.100%, 

9/1/2040

413,494

Archrock

Partners,

LP

655,000

6.250%, 

4/1/2028

j

617,337

BP

Capital

Markets

America,

Inc.

415,000

3.119%, 

5/4/2026

458,363

700,000

3.543%, 

4/6/2027

784,316

BP

Capital

Markets

plc

2,550,000

3.279%, 

9/19/2027

2,829,507

Buckeye

Partners,

LP

380,000

4.125%, 

3/1/2025

j

362,900

580,000

3.950%, 

12/1/2026

541,360

210,000

4.125%, 

12/1/2027

198,975

Canadian

Natural

Resources,

Ltd.

440,000

2.050%, 

7/15/2025

448,881

525,000

2.950%, 

7/15/2030

528,173

Canadian

Oil

Sands,

Ltd.

1,000,000

9.400%, 

9/1/2021

j

1,057,058

Cheniere

Energy

Partners,

LP

1,840,000

5.625%, 

10/1/2026

1,913,600

Comstock

Resources,

Inc.

400,000

9.750%, 

8/15/2026

410,080

ConocoPhillips

1,870,000

6.500%, 

2/1/2039

2,731,327

Continental

Resources,

Inc.

480,000

5.000%, 

9/15/2022

h

476,702

400,000

4.500%, 

4/15/2023

381,364

DCP

Midstream

Operating,

LP

570,000

5.625%, 

7/15/2027

583,110

Diamondback

Energy,

Inc.

1,250,000

3.500%, 

12/1/2029

1,205,187

El

Paso

Pipeline

Partners

Operating

Company,

LLC

1,120,000

4.300%, 

5/1/2024

1,234,258

Enagas

SA

1,560,000

5.500%, 

1/15/2028

j

1,404,000

Endeavor

Energy

Resources,

LP

250,000

5.500%, 

1/30/2026

j

248,125

710,000

5.750%, 

1/30/2028

j

713,550

Energy

Transfer

Operating,

LP

730,000

4.200%, 

9/15/2023

769,219

1,600,000

6.000%, 

6/15/2048

1,606,520

Energy

Transfer

Partners,

LP

970,000

4.900%, 

3/15/2035

947,382

800,000

5.150%, 

2/1/2043

731,115

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

205

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Energy

(0.8%)

-

continued

EnLink

Midstream

Partners,

LP

$

580,000

4.850%, 

7/15/2026

$

501,764

780,000

5.600%, 

4/1/2044

501,150

EOG

Resources,

Inc.

1,150,000

4.375%, 

4/15/2030

1,354,176

EQM

Midstream

Partners,

LP

660,000

6.500%, 

7/1/2027

j

699,613

290,000

5.500%, 

7/15/2028

292,044

EQT

Corporation

1,020,000

3.900%, 

10/1/2027

929,475

Equinor

ASA

1,750,000

3.000%, 

4/6/2027

1,927,145

Exxon

Mobil

Corporation

750,000

4.327%, 

3/19/2050

932,151

1,450,000

3.452%, 

4/15/2051

1,589,020

Harvest

Midstream,

LP

490,000

7.500%, 

9/1/2028

j

487,550

Kinder

Morgan

Energy

Partners,

LP

1,870,000

6.500%, 

9/1/2039

2,352,690

Magellan

Midstream

Partners,

LP

1,070,000

5.000%, 

3/1/2026

1,247,112

Marathon

Oil

Corporation

1,175,000

4.400%, 

7/15/2027

1,168,309

Marathon

Petroleum

Corporation

2,244,000

4.750%, 

12/15/2023

2,459,263

846,000

6.500%, 

3/1/2041

1,030,785

MPLX,

LP

1,425,000

4.875%, 

12/1/2024

1,591,720

2,244,000

4.875%, 

6/1/2025

2,543,566

Murphy

Oil

Corporation

350,000

5.875%, 

12/1/2027

298,914

Nabors

Industries,

Ltd.

780,000

7.250%, 

1/15/2026

j

384,150

Newfield

Exploration

Company

825,000

5.625%, 

7/1/2024

802,414

700,000

5.375%, 

1/1/2026

658,185

Noble

Energy,

Inc.

1,850,000

5.050%, 

11/15/2044

2,396,095

Occidental

Petroleum

Corporation

549,000

2.700%, 

8/15/2022

512,969

1,150,000

2.900%, 

8/15/2024

975,695

400,000

3.400%, 

4/15/2026

319,000

360,000

8.500%, 

7/15/2027

362,776

690,000

3.500%, 

8/15/2029

529,092

380,000

6.450%, 

9/15/2036

323,008

960,000

4.400%, 

4/15/2046

684,926

ONEOK,

Inc.

1,070,000

2.200%, 

9/15/2025

1,054,306

Parsley

Energy,

LLC

905,000

5.625%, 

10/15/2027

j

900,475

Pioneer

Natural

Resources

Company

750,000

4.450%, 

1/15/2026

867,222

Plains

All

American

Pipeline,

LP

1,600,000

4.500%, 

12/15/2026

1,706,874

1,500,000

3.550%, 

12/15/2029

1,450,305

QEP

Resources,

Inc.

390,000

5.625%, 

3/1/2026

221,325

Sabine

Pass

Liquefaction,

LLC

1,125,000

6.250%, 

3/15/2022

1,193,802

1,300,000

5.625%, 

4/15/2023

1,423,899

1,500,000

5.750%, 

5/15/2024

1,698,052

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Energy

(0.8%)

-

continued

Schlumberger

Holdings

Corporation

$

995,000

4.000%, 

12/21/2025

j

$

1,112,619

Southwestern

Energy

Company

1,000,000

7.500%, 

4/1/2026

977,500

Suncor

Energy,

Inc.

990,000

3.600%, 

12/1/2024

1,077,853

Sunoco

Logistics

Partners

Operations,

LP

950,000

4.000%, 

10/1/2027

969,920

Sunoco,

LP

545,000

5.875%, 

3/15/2028

557,263

Targa

Resources

Partners,

LP

1,160,000

5.375%, 

2/1/2027

1,166,519

Transocean

Pontus,

Ltd.

436,800

6.125%, 

8/1/2025

j

390,936

W&T

Offshore,

Inc.

545,000

9.750%, 

11/1/2023

j

375,320

Western

Gas

Partners,

LP

1,496,000

4.000%, 

7/1/2022

1,504,864

Western

Midstream

Operating,

LP

320,000

6.250%, 

2/1/2050

296,400

550,000

4.100%, 

2/1/2025

523,875

570,000

3.950%, 

6/1/2025

535,686

Williams

Companies,

Inc.

1,815,000

7.500%, 

1/15/2031

2,386,580

Williams

Partners,

LP

935,000

4.500%, 

11/15/2023

1,023,728

WPX

Energy,

Inc.

475,000

5.750%, 

6/1/2026

491,625

500,000

4.500%, 

1/15/2030

493,750

Total

79,086,908

Financials

(1.7%)

ACE

INA

Holdings,

Inc.

1,115,000

4.350%, 

11/3/2045

1,458,077

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

1,240,000

3.500%, 

1/15/2025

1,207,691

AerCap

Ireland

Capital,

Ltd.

1,250,000

3.875%, 

1/23/2028

1,151,568

Aircastle

,

Ltd.

1,700,000

5.000%, 

4/1/2023

1,703,726

Ally

Financial,

Inc.

975,000

5.750%, 

11/20/2025

1,094,514

American

International

Group,

Inc.

60,000

4.125%, 

2/15/2024

66,571

845,000

3.750%, 

7/10/2025

946,621

2,085,000

3.900%, 

4/1/2026

2,376,980

Australia

and

New

Zealand

Banking

Group,

Ltd.

700,000

2.950%, 

7/22/2030

b,j

725,361

Aviation

Capital

Group,

LLC

1,300,000

2.875%, 

1/20/2022

j

1,290,088

Avolon

Holdings

Funding,

Ltd.

800,000

5.250%, 

5/15/2024

j

803,549

Banco

Santander

Mexico

SA

875,000

5.375%, 

4/17/2025

j

973,000

Banco

Santander

SA

1,400,000

1.386%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

1,406,252

Bank

of

America

Corporation

1,520,000

4.000%, 

4/1/2024

1,684,252

1,800,000

4.200%, 

8/26/2024

2,004,220

2,070,000

4.000%, 

1/22/2025

2,305,417

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

206

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Financials

(1.7%)

-

continued

$

1,800,000

3.458%, 

3/15/2025

b

$

1,950,801

1,825,000

3.093%, 

10/1/2025

b

1,967,546

550,000

3.824%, 

1/20/2028

b

623,163

1,500,000

2.496%, 

2/13/2031

b

1,563,583

900,000

2.592%, 

4/29/2031

b

950,388

Barclays

Bank

plc

386,000

10.179%, 

6/12/2021

j

406,095

Barclays

plc

83,000

3.650%, 

3/16/2025

89,522

1,475,000

3.564%, 

9/23/2035

b

1,450,943

Boston

Properties,

LP

950,000

4.500%, 

12/1/2028

1,119,080

BPCE

SA

1,691,000

3.500%, 

10/23/2027

j

1,858,008

Camden

Property

Trust

1,975,000

3.150%, 

7/1/2029

2,189,844

Capital

One

Financial

Corporation

1,800,000

4.200%, 

10/29/2025

1,995,151

Cascades

USA,

Inc.

970,000

5.125%, 

1/15/2026

j

1,016,269

CIT

Group,

Inc.

1,260,000

5.000%, 

8/15/2022

1,299,375

310,000

5.250%, 

3/7/2025

327,980

Citigroup,

Inc.

2,515,000

4.400%, 

6/10/2025

2,828,295

1,520,000

3.200%, 

10/21/2026

1,675,998

2,244,000

3.668%, 

7/24/2028

b

2,518,828

1,140,000

4.125%, 

7/25/2028

1,310,455

1,815,000

3.520%, 

10/27/2028

b

2,016,689

978,000

4.650%, 

7/23/2048

1,283,036

CNA

Financial

Corporation

650,000

3.900%, 

5/1/2029

745,118

Comerica,

Inc.

45,000

3.700%, 

7/31/2023

48,737

Commerzbank

AG

1,850,000

8.125%, 

9/19/2023

j

2,105,374

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

1,715,000

3.950%, 

11/9/2022

1,822,193

988,000

4.625%, 

12/1/2023

1,098,784

Credit

Acceptance

Corporation

620,000

5.125%, 

12/31/2024

j

615,679

Credit

Agricole

SA

1,125,000

3.250%, 

1/14/2030

j

1,207,555

Credit

Suisse

Group

AG

900,000

7.250%, 

9/12/2025

b,j,m

975,375

1,800,000

2.193%, 

6/5/2026

b,j

1,858,600

1,385,000

3.869%, 

1/12/2029

b,j

1,544,916

Danske

Bank

AS

1,225,000

3.244%, 

12/20/2025

b,j

1,303,519

Deutsche

Bank

AG

2,125,000

3.547%, 

9/18/2031

b

2,135,367

Discover

Bank

900,000

2.450%, 

9/12/2024

949,352

1,670,000

4.682%, 

8/9/2028

b

1,750,728

Duke

Realty,

LP

925,000

2.875%, 

11/15/2029

1,008,376

ERP

Operating,

LP

337,000

3.375%, 

6/1/2025

372,910

ESH

Hospitality,

Inc.

590,000

5.250%, 

5/1/2025

j

595,900

290,000

4.625%, 

10/1/2027

j

284,568

Fidelity

National

Financial,

Inc.

1,300,000

5.500%, 

9/1/2022

1,410,848

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Financials

(1.7%)

-

continued

First

Horizon

National

Corporation

$

1,785,000

4.000%, 

5/26/2025

$

1,940,263

GE

Capital

Funding,

LLC

3,975,000

4.400%, 

5/15/2030

j

4,272,728

GE

Capital

International

Funding

Company

1,630,000

4.418%, 

11/15/2035

1,722,652

Goldman

Sachs

Group,

Inc.

2,600,000

4.165%, 

(LIBOR

3M

+

3.922%),

11/2/2020

b,m

2,555,280

1,000,000

3.625%, 

2/20/2024

1,085,856

1,130,000

4.750%, 

10/21/2045

1,483,498

HCP,

Inc.

660,000

3.400%, 

2/1/2025

722,176

Healthpeak

Properties,

Inc.

875,000

2.875%, 

1/15/2031

926,265

HSBC

Holdings

plc

1,475,000

6.875%, 

6/1/2021

b,m

1,504,500

1,850,000

3.803%, 

3/11/2025

b

1,998,509

1,460,000

3.900%, 

5/25/2026

1,613,397

1,400,000

4.950%, 

3/31/2030

1,684,953

Icahn

Enterprises,

LP

345,000

6.750%, 

2/1/2024

353,892

1,215,000

6.375%, 

12/15/2025

1,248,978

International

Lease

Finance

Corporation

750,000

5.875%, 

8/15/2022

802,494

J.P.

Morgan

Chase

&

Company

1,550,000

3.875%, 

9/10/2024

1,714,435

2,585,000

3.125%, 

1/23/2025

2,819,352

3,200,000

3.900%, 

7/15/2025

3,618,939

1,475,000

4.203%, 

7/23/2029

b

1,744,860

900,000

2.522%, 

4/22/2031

b

957,954

2,240,000

3.882%, 

7/24/2038

b

2,636,886

Kimco

Realty

Corporation

1,142,000

3.300%, 

2/1/2025

1,237,118

Liberty

Mutual

Group,

Inc.

760,000

4.950%, 

5/1/2022

j

809,671

Lloyds

Banking

Group

plc

1,950,000

3.870%, 

7/9/2025

b

2,123,353

MassMutual

Global

Funding

1,230,000

2.750%, 

6/22/2024

j

1,321,939

MetLife,

Inc.

1,300,000

4.050%, 

3/1/2045

1,578,182

MGM

Growth

Properties

Operating

Partnership,

LP

410,000

4.625%, 

6/15/2025

j

418,200

340,000

5.750%, 

2/1/2027

366,350

Mitsubishi

UFJ

Financial

Group,

Inc.

1,870,000

3.287%, 

7/25/2027

2,076,991

1,750,000

2.048%, 

7/17/2030

1,766,993

Mizuho

Financial

Group,

Inc.

1,500,000

1.979%, 

9/8/2031

b

1,484,184

Morgan

Stanley

760,000

4.085%, 

(LIBOR

3M

+

3.810%),

1/15/2021

b,m

743,219

670,000

4.875%, 

11/1/2022

724,323

600,000

2.188%, 

4/28/2026

b

628,066

1,925,000

4.350%, 

9/8/2026

2,225,012

2,244,000

3.591%, 

7/22/2028

b

2,522,541

190,000

3.772%, 

1/24/2029

b

216,361

1,600,000

3.622%, 

4/1/2031

b

1,826,877

MPT

Operating

Partnership,

LP

430,000

6.375%, 

3/1/2024

441,610

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

207

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Financials

(1.7%)

-

continued

$

990,000

4.625%, 

8/1/2029

$

1,030,065

Nasdaq,

Inc.

750,000

3.250%, 

4/28/2050

781,405

55,000

3.850%, 

6/30/2026

62,516

Nationwide

Building

Society

950,000

3.622%, 

4/26/2023

b,j

987,005

Natwest

Group

plc

2,200,000

3.032%, 

11/28/2035

b

2,113,276

Outfront

Media

Cap,

LLC

980,000

4.625%, 

3/15/2030

j

940,800

Park

Aerospace

Holdings,

Ltd.

800,000

4.500%, 

3/15/2023

j

793,630

Prudential

Financial,

Inc.

1,250,000

3.700%, 

3/13/2051

1,375,736

Quicken

Loans,

LLC

440,000

3.625%, 

3/1/2029

j

436,150

440,000

3.875%, 

3/1/2031

j

434,500

Realty

Income

Corporation

1,475,000

4.125%, 

10/15/2026

1,711,433

Regency

Centers,

LP

2,100,000

4.125%, 

3/15/2028

2,347,855

Reinsurance

Group

of

America,

Inc.

1,100,000

4.700%, 

9/15/2023

1,214,505

Royal

Bank

of

Scotland

Group

plc

1,050,000

6.000%, 

12/29/2025

b,m

1,068,375

1,375,000

4.445%, 

5/8/2030

b

1,590,249

Service

Properties

Trust

490,000

4.500%, 

6/15/2023

480,719

620,000

4.750%, 

10/1/2026

552,513

Simon

Property

Group,

LP

1,520,000

4.250%, 

11/30/2046

1,626,064

Societe

Generale

SA

1,122,000

4.750%, 

11/24/2025

j

1,230,664

Springleaf

Finance

Corporation

910,000

6.875%, 

3/15/2025

1,009,804

540,000

6.625%, 

1/15/2028

599,292

Sumitomo

Mitsui

Financial

Group,

Inc.

1,140,000

3.010%, 

10/19/2026

1,256,621

Synchrony

Financial

590,000

4.250%, 

8/15/2024

641,021

925,000

3.950%, 

12/1/2027

994,916

UBS

Group

Funding

Jersey,

Ltd.

1,158,000

4.125%, 

9/24/2025

j

1,319,629

UDR,

Inc.

875,000

2.100%, 

8/1/2032

869,416

Ventas

Realty,

LP

1,550,000

3.100%, 

1/15/2023

1,611,544

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

340,000

4.250%, 

12/1/2026

j

341,581

200,000

3.750%, 

2/15/2027

j

196,656

340,000

4.625%, 

12/1/2029

j

347,288

200,000

4.125%, 

8/15/2030

j

197,000

Voya

Financial,

Inc.

1,018,000

3.125%, 

7/15/2024

1,097,435

Wells

Fargo

&

Company

1,550,000

4.125%, 

8/15/2023

1,688,454

1,320,000

3.000%, 

2/19/2025

1,424,359

125,000

3.000%, 

4/22/2026

135,959

1,475,000

3.000%, 

10/23/2026

1,610,078

1,400,000

2.393%, 

6/2/2028

b

1,460,032

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Financials

(1.7%)

-

continued

$

1,180,000

4.900%, 

11/17/2045

$

1,494,150

Total

172,464,387

Mortgage-Backed

Securities

(8.8%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

49,875,252

3.000%, 

3/25/2050

52,298,515

31,603,211

3.000%, 

4/1/2050

33,138,731

20,227,534

3.500%, 

7/1/2047

21,402,988

Federal

National

Mortgage

Association

11,615,554

4.500%, 

5/1/2048

12,579,691

21,657,784

3.500%, 

10/1/2048

22,883,494

12,910,080

3.500%, 

6/1/2049

13,656,335

25,640,765

3.500%, 

8/1/2049

27,150,629

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

34,500,000

1.500%, 

10/1/2035

e

35,289,727

89,100,000

2.000%, 

10/1/2035

e

92,580,469

129,865,000

2.500%, 

10/1/2035

e

135,587,177

39,100,000

2.000%, 

11/1/2035

e

40,611,856

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

93,000,000

2.000%, 

10/1/2050

e

96,138,750

106,678,000

2.500%, 

10/1/2050

e,n

111,886,886

60,225,000

2.000%, 

11/1/2050

e,n

62,108,783

66,450,000

2.500%, 

11/1/2050

e

69,551,202

39,679,399

4.000%, 

7/1/2048

42,321,245

32,800,000

3.000%, 

10/1/2049

e

34,359,281

Total

903,545,759

Technology

(0.6%)

Apple,

Inc.

1,405,000

3.000%, 

11/13/2027

1,587,352

2,570,000

3.750%, 

9/12/2047

3,159,814

Applied

Materials,

Inc.

736,000

3.300%, 

4/1/2027

836,237

Avnet,

Inc.

1,100,000

3.750%, 

12/1/2021

1,131,527

Baidu,

Inc.

1,200,000

3.425%, 

4/7/2030

h

1,319,512

Black

Knight

InfoServ

,

LLC

140,000

3.625%, 

9/1/2028

j

141,487

Broadcom

Corporation

1,146,000

3.875%, 

1/15/2027

1,270,757

1,350,000

3.500%, 

1/15/2028

1,461,942

Broadcom,

Inc.

1,875,000

4.750%, 

4/15/2029

2,177,532

600,000

5.000%, 

4/15/2030

707,694

CDW,

LLC

380,000

4.250%, 

4/1/2028

393,300

CommScope

Technologies

Finance,

LLC

1,465,000

6.000%, 

6/15/2025

j

1,484,851

Diamond

1

Finance

Corporation

3,110,000

6.020%, 

6/15/2026

j

3,652,565

Diamond

Sports

Group,

LLC

590,000

5.375%, 

8/15/2026

j

417,425

980,000

6.625%, 

8/15/2027

j

509,600

Fiserv,

Inc.

2,000,000

2.250%, 

6/1/2027

2,111,213

1,150,000

2.650%, 

6/1/2030

1,236,648

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

208

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Technology

(0.6%)

-

continued

Gartner,

Inc.

$

420,000

4.500%, 

7/1/2028

j

$

440,034

380,000

3.750%, 

10/1/2030

j

384,389

Hewlett

Packard

Enterprise

Company

850,000

4.650%, 

10/1/2024

961,015

Intel

Corporation

1,800,000

3.100%, 

2/15/2060

1,950,233

Iron

Mountain,

Inc.

750,000

4.875%, 

9/15/2029

j

763,125

750,000

5.250%, 

7/15/2030

j

781,875

KLA

Corporation

1,800,000

3.300%, 

3/1/2050

1,882,918

Lam

Research

Corporation

1,500,000

2.875%, 

6/15/2050

1,549,315

Marvell

Technology

Group,

Ltd.

950,000

4.200%, 

6/22/2023

1,025,600

1,265,000

4.875%, 

6/22/2028

1,525,810

Micron

Technology,

Inc.

600,000

2.497%, 

4/24/2023

623,032

Microsoft

Corporation

483,000

2.675%, 

6/1/2060

505,747

2,400,000

4.200%, 

11/3/2035

3,151,461

2,250,000

3.700%, 

8/8/2046

2,823,297

NCR

Corporation

1,770,000

6.125%, 

9/1/2029

j

1,870,217

NVIDIA

Corporation

1,500,000

3.500%, 

4/1/2040

1,756,449

NXP

BV/NXP

Funding,

LLC

1,500,000

4.875%, 

3/1/2024

j

1,686,528

Open

Text

Corporation

1,120,000

4.125%, 

2/15/2030

j

1,151,853

Oracle

Corporation

1,065,000

2.950%, 

5/15/2025

1,159,454

1,800,000

2.800%, 

4/1/2027

1,974,819

1,815,000

3.850%, 

7/15/2036

2,141,233

1,500,000

3.600%, 

4/1/2040

1,710,676

Plantronics,

Inc.

970,000

5.500%, 

5/31/2023

j

863,300

PTC,

Inc.

300,000

3.625%, 

2/15/2025

j

304,500

270,000

4.000%, 

2/15/2028

j

277,513

Qorvo

,

Inc.

460,000

3.375%, 

4/1/2031

j

467,878

Sensata

Technologies,

Inc.

980,000

3.750%, 

2/15/2031

j

973,875

SS&C

Technologies,

Inc.

1,580,000

5.500%, 

9/30/2027

j

1,679,098

Switch,

Ltd.

200,000

3.750%, 

9/15/2028

j

202,000

Texas

Instruments,

Inc.

1,630,000

4.150%, 

5/15/2048

2,126,772

Tyco

Electronics

Group

SA

374,000

3.450%, 

8/1/2024

406,600

748,000

3.125%, 

8/15/2027

817,520

Vmware

,

Inc.

825,000

4.650%, 

5/15/2027

961,258

Xerox

Holdings

Corporation

530,000

5.000%, 

8/15/2025

j

523,783

Total

65,022,633

Transportation

(0.1%)

Air

Canada

Pass

Through

Trust

330,801

3.875%, 

3/15/2023

j

284,545

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Transportation

(0.1%)

-

continued

Air

Lease

Corporation

$

610,000

3.500%, 

1/15/2022

$

625,781

American

Airlines,

Inc.

190,000

11.750%, 

7/15/2025

j

183,350

Burlington

Northern

Santa

Fe,

LLC

1,120,000

5.750%, 

5/1/2040

1,602,751

820,000

5.050%, 

3/1/2041

1,092,444

1,175,000

4.450%, 

3/15/2043

1,493,571

CSX

Corporation

900,000

3.800%, 

4/15/2050

1,075,273

119,000

3.700%, 

11/1/2023

129,119

1,250,000

3.350%, 

9/15/2049

1,379,150

Delta

Air

Lines,

Inc.

850,000

7.000%, 

5/1/2025

j

933,147

Mileage

Plus

Holdings,

LLC

570,000

6.500%, 

6/20/2027

j

593,512

Southwest

Airlines

Company

1,125,000

4.750%, 

5/4/2023

1,201,342

1,050,000

5.125%, 

6/15/2027

1,143,656

United

Parcel

Service,

Inc.

1,200,000

4.450%, 

4/1/2030

1,503,091

XPO

Logistics,

Inc.

1,703,000

6.750%, 

8/15/2024

j

1,803,817

Total

15,044,549

U.S.

Government

&

Agencies

(9.4%)

U.S.

Treasury

Bonds

1,500,000

2.000%, 

2/15/2050

1,696,641

7,285,000

2.250%, 

11/15/2027

8,189,364

72,550,000

2.875%, 

5/15/2028

85,353,942

19,330,000

5.250%, 

11/15/2028

26,588,566

13,650,000

1.625%, 

8/15/2029

14,857,172

5,050,000

1.500%, 

2/15/2030

5,446,898

2,975,000

4.375%, 

5/15/2040

4,669,820

1,340,000

3.000%, 

5/15/2042

1,781,258

68,726,000

2.500%, 

5/15/2046

84,906,141

46,100,000

2.875%, 

5/15/2049

61,721,777

1,350,000

2.375%, 

11/15/2049

1,648,213

U.S.

Treasury

Notes

1,015,000

1.875%, 

12/15/2020

1,018,648

22,900,000

2.500%, 

2/28/2021

23,120,949

5,000,000

1.375%, 

5/31/2021

5,040,234

29,350,000

1.125%, 

8/31/2021

29,606,812

150,440,000

1.500%, 

9/30/2021

152,449,785

4,300,000

2.500%, 

1/15/2022

4,430,512

5,080,000

1.125%, 

2/28/2022

5,150,247

77,255,000

0.125%, 

6/30/2022

77,236,893

22,810,000

1.875%, 

7/31/2022

23,535,287

16,300,000

2.000%, 

11/30/2022

16,954,547

4,910,000

2.500%, 

3/31/2023

5,198,271

82,550,000

2.500%, 

1/31/2024

88,908,930

27,885,000

2.125%, 

7/31/2024

29,926,269

28,665,000

2.250%, 

11/15/2024

31,038,820

19,170,000

2.125%, 

11/30/2024

20,674,396

52,575,000

2.625%, 

1/31/2026

58,992,847

90,300,000

2.500%, 

2/28/2026

100,857,340

Total

971,000,579

Utilities

(0.6%)

Ameren

Illinois

Company

830,000

4.500%, 

3/15/2049

1,100,910

American

Water

Capital

Corporation

1,500,000

2.800%, 

5/1/2030

1,641,898

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

209

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Utilities

(0.6%)

-

continued

Appalachian

Power

Company

$

750,000

3.300%, 

6/1/2027

$

824,266

Berkshire

Hathaway

Energy

Company

1,165,000

4.500%, 

2/1/2045

1,456,835

Calpine

Corporation

960,000

4.500%, 

2/15/2028

j

983,174

CenterPoint

Energy,

Inc.

605,000

3.850%, 

2/1/2024

662,682

1,400,000

2.500%, 

9/1/2024

1,489,246

900,000

4.250%, 

11/1/2028

1,072,403

CMS

Energy

Corporation

1,140,000

2.950%, 

2/15/2027

1,213,651

Commonwealth

Edison

Company

1,300,000

3.700%, 

3/1/2045

1,512,772

Consolidated

Edison

Company

of

New

York,

Inc.

1,250,000

4.125%, 

5/15/2049

1,496,863

Consolidated

Edison,

Inc.

579,000

4.500%, 

12/1/2045

724,421

Consumers

Energy

Company

1,200,000

4.350%, 

4/15/2049

1,579,479

DTE

Electric

Company

965,000

3.700%, 

3/15/2045

1,126,557

1,225,000

3.700%, 

6/1/2046

1,428,141

Duke

Energy

Carolinas,

LLC

1,190,000

3.700%, 

12/1/2047

1,405,607

Duke

Energy

Corporation

770,000

3.750%, 

9/1/2046

876,301

Duke

Energy

Florida,

LLC

1,030,000

3.200%, 

1/15/2027

1,160,586

Duke

Energy

Indiana,

LLC

1,550,000

3.750%, 

5/15/2046

1,810,379

Edison

International

1,925,000

5.750%, 

6/15/2027

2,124,460

Exelon

Corporation

585,000

4.700%, 

4/15/2050

743,617

1,158,000

4.450%, 

4/15/2046

1,403,688

FirstEnergy

Corporation

460,000

2.850%, 

7/15/2022

471,476

1,395,000

4.850%, 

7/15/2047

1,677,089

GFL

Environmental,

Inc.

650,000

3.750%, 

8/1/2025

j

648,375

ITC

Holdings

Corporation

294,000

4.050%, 

7/1/2023

317,854

760,000

5.300%, 

7/1/2043

994,926

Mississippi

Power

Company

1,040,000

3.950%, 

3/30/2028

1,192,940

Monongahela

Power

Company

990,000

5.400%, 

12/15/2043

j

1,390,892

National

Rural

Utilities

Cooperative

Finance

Corporation

550,000

3.900%, 

11/1/2028

654,150

1,050,000

3.700%, 

3/15/2029

1,232,016

NextEra

Energy

Operating

Partners,

LP

1,190,000

3.875%, 

10/15/2026

j

1,231,650

NiSource

Finance

Corporation

748,000

3.490%, 

5/15/2027

833,274

900,000

5.650%, 

2/1/2045

1,242,062

NiSource,

Inc.

1,125,000

3.600%, 

5/1/2030

1,281,060

Oncor

Electric

Delivery

Company,

LLC

1,466,000

3.750%, 

4/1/2045

1,747,747

Principal

Amount

Long-Term

Fixed

Income

(28.0%)

Value

Utilities

(0.6%)

-

continued

Pacific

Gas

and

Electric

Company

$

900,000

3.300%, 

12/1/2027

$

925,004

900,000

3.950%, 

12/1/2047

830,825

PG&E

Corporation

380,000

5.000%, 

7/1/2028

368,600

300,000

5.250%, 

7/1/2030

290,250

PPL

Capital

Funding,

Inc.

552,000

3.400%, 

6/1/2023

587,803

1,400,000

5.000%, 

3/15/2044

1,743,894

PPL

Electric

Utilities

Corporation

1,122,000

3.950%, 

6/1/2047

1,369,515

Public

Service

Electric

&

Gas

Company

400,000

3.000%, 

5/15/2027

443,037

San

Diego

Gas

and

Electric

Company

1,540,000

4.150%, 

5/15/2048

1,870,654

South

Carolina

Electric

&

Gas

Company

1,850,000

5.100%, 

6/1/2065

2,758,628

Southern

California

Edison

Company

1,500,000

4.000%, 

4/1/2047

1,606,156

Southern

Company

843,000

3.250%, 

7/1/2026

940,271

Southern

Company

Gas

Capital

Corporation

1,870,000

4.400%, 

5/30/2047

2,257,540

Southwestern

Electric

Power

Company

620,000

3.900%, 

4/1/2045

679,802

Suburban

Propane

Partners,

LP

740,000

5.875%, 

3/1/2027

757,575

Talen

Energy

Supply,

LLC

760,000

7.625%, 

6/1/2028

j

760,000

TerraForm

Power

Operating,

LLC

750,000

5.000%, 

1/31/2028

j

821,006

Virginia

Electric

and

Power

Company

850,000

4.600%, 

12/1/2048

1,157,920

Vistra

Operations

Company,

LLC

1,170,000

5.000%, 

7/31/2027

j

1,228,793

Total

64,150,720

Total

Long-Term

Fixed

Income

(cost

$2,736,648,768)

2,888,014,828

Shares

Common

Stock

(

27.0%

)

Value

Communications

Services

(1.8%)

167,767

Activision

Blizzard,

Inc.

13,580,739

38,816

Alphabet,

Inc.,

Class

A

i

56,888,730

5,139

Alphabet,

Inc.,

Class

C

i

7,552,274

46,941

ANGI

Homeservices

,

Inc.

i

520,810

2,508

AT&T,

Inc.

71,503

31,568

Auto

Trader

Group

plc

j

229,198

5,440

Carsales.com,

Ltd.

81,494

26,116

Cinemark

Holdings,

Inc.

261,160

141,315

Comcast

Corporation

6,537,232

8,755

Consolidated

Communications

Holdings,

Inc.

i

49,816

4,927

Deutsche

Telekom

AG

82,035

83,263

Discovery,

Inc.,

Class

A

h,i

1,812,636

48,957

DISH

Network

Corporation

i

1,421,222

15,581

EchoStar

Corporation

i

387,811

115,308

Facebook,

Inc.

i

30,199,165

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

210

Shares

Common

Stock

(27.0%)

Value

Communications

Services

(1.8%)

-

continued

181,470

Gannett

Company,

Inc.

$

235,911

10,038

Hemisphere

Media

Group,

Inc.

i

87,230

17,000

HKT

Trust

and

HKT,

Ltd.

22,564

749

IAC/

InterActiveCorp

i

89,715

53,845

Interpublic

Group

of

Companies,

Inc.

897,596

550

Ipsos

SA

13,750

1,600

KDDI

Corporation

40,242

315,195

Live

Nation

Entertainment,

Inc.

i

16,982,707

1,899

Match

Group,

Inc.

i

210,124

19,678

Mediaset

Espana

Comunicacion

SA

i

72,878

31,468

Meredith

Corporation

412,860

12,818

News Corporation

179,196

100

Nintendo

Company,

Ltd.

56,669

1,400

Nippon

Telegraph

&

Telephone

Corporation

28,583

2,500

NTT

DOCOMO,

Inc.

91,865

5,844

Omnicom

Group,

Inc.

289,278

100,355

ORBCOMM,

Inc.

i

341,207

145,804

QuinStreet

,

Inc.

i

2,309,535

276

REA

Group,

Ltd.

21,978

1,402

Rightmove

plc

11,334

19,181

RingCentral,

Inc.

i

5,267,294

12,050

Scholastic

Corporation

252,930

21,914

Seven

West

Media,

Ltd.

i

1,762

12,200

SoftBank

Corporation

136,327

1,300

SoftBank

Group

Corporation

80,437

19,594

Take-Two

Interactive

Software,

Inc.

i

3,237,321

5,700

TV

Asahi

Holdings

Corporation

90,519

48,774

Twitter,

Inc.

i

2,170,443

418,636

Uber

Technologies,

Inc.

i

15,271,841

145,134

Verizon

Communications,

Inc.

8,634,022

32,165

Walt

Disney

Company

3,991,033

7,903

Windstream

Services,

LLC

Rights

c,i

74,999

1,276

Wolters

Kluwer

NV

108,847

37,166

Zillow

Group,

Inc.

i

3,773,836

Total

185,162,658

Consumer

Discretionary

(4.2%)

12,096

Aaron's,

Inc.

685,238

600

ABC-MART,

Inc.

31,240

21,717

Adient

plc

i

376,356

42,729

Amazon.com,

Inc.

i

134,542,084

18,685

American

Eagle

Outfitters,

Inc.

276,725

2,302

American

Public

Education,

Inc.

i

64,893

300

AOKI

Holdings,

Inc.

1,509

216,216

Aptiv

plc

19,822,683

617

ARB

Corporation,

Ltd.

12,327

1,316

Aristocrat

Leisure,

Ltd.

28,700

23,796

At

Home

Group,

Inc.

i

353,609

700

Autobacs

Seven

Company,

Ltd.

9,118

4,532

AutoNation,

Inc.

i

239,879

3,430

AutoZone,

Inc.

i

4,039,305

12,139

B&M

European

Value

Retail

SA

77,389

20,391

Beazer

Homes

USA,

Inc.

i

269,161

48,805

Bed

Bath

&

Beyond,

Inc.

h

731,099

1,109

Berkeley

Group

Holdings

plc

60,455

8,214

Big

Lots,

Inc.

366,344

26,450

BJ's

Restaurants,

Inc.

778,688

1,855

Booking

Holdings,

Inc.

i

3,173,311

500

Bridgestone

Corporation

15,805

52,367

Bright

Horizons

Family

Solutions,

Inc.

i

7,961,879

3,500

Brunswick

Corporation

206,185

1,372

Bunzl

plc

44,297

Shares

Common

Stock

(27.0%)

Value

Consumer

Discretionary

(4.2%)

-

continued

32,986

Burlington

Stores,

Inc.

i

$

6,798,085

23,655

Caesars

Entertainment,

Inc.

i

1,326,099

22,729

Camping

World

Holdings,

Inc.

676,188

39,685

Capri

Holdings,

Ltd.

i

714,330

16,766

Carnival

Corporation

254,508

526

Cavco

Industries,

Inc.

i

94,843

48,846

Cedar

Fair,

LP

1,371,107

9,721

Century

Casinos,

Inc.

i

53,271

11,784

Century

Communities,

Inc.

i

498,817

60,614

Chewy,

Inc.

h,i

3,323,466

232,735

Chico's

FAS,

Inc.

226,335

15,149

Chipotle

Mexican

Grill,

Inc.

i

18,840,963

900

Chiyoda

Company,

Ltd.

8,384

4,951

Choice

Hotels

International,

Inc.

425,588

6,408

Churchill

Downs,

Inc.

1,049,759

88

Cie

Generale

des

Etablissements

Michelin

9,447

9,200

Citizen

Watch

Company,

Ltd.

i

25,809

849

Collins

Foods,

Ltd.

6,313

200,493

Cooper-Standard

Holdings,

Inc.

i

2,648,512

8,978

Cracker

Barrel

Old

Country

Store,

Inc.

1,029,417

41,527

Crocs,

Inc.

i

1,774,449

39,054

Culp,

Inc.

485,051

27,965

D.R.

Horton,

Inc.

2,114,993

12,912

Dana,

Inc.

159,076

16,687

Darden

Restaurants,

Inc.

1,681,048

30,376

Dave

&

Buster's

Entertainment,

Inc.

h

460,500

7,812

Deckers

Outdoor

Corporation

i

1,718,718

16,398

Denny's

Corporation

i

163,980

3,600

Denso

Corporation

157,794

38,639

Designer

Brands,

Inc.

209,810

10,406

Dick's

Sporting

Goods,

Inc.

602,299

10,956

Dine

Brands

Global,

Inc.

598,088

2,953

Dollarama

,

Inc.

113,192

2,003

Dometic

Group

AB

i,j

24,730

120

Domino's

Pizza

Enterprises,

Ltd.

6,861

469

Domino's

Pizza

Group

plc

2,207

18,950

Domino's

Pizza,

Inc.

8,059,056

910

Dorman

Products,

Inc.

i

82,246

100

Doutor

Nichires

Holdings

Company,

Ltd.

1,519

177,160

Duluth

Holdings,

Inc.

i

2,164,895

4,387

Dunkin'

Brands

Group,

Inc.

359,339

5,742

eBay,

Inc.

299,158

53,485

Emerald

Holding,

Inc.

109,109

16,190

Ethan

Allen

Interiors,

Inc.

219,213

42,067

Etsy,

Inc.

i

5,116,609

368

Europris

ASA

j

1,887

200

Exedy

Corporation

2,605

28,542

Express,

Inc.

i

17,411

12,974

Extended

Stay

America,

Inc.

155,039

63,053

Five

Below,

Inc.

i

8,007,731

11,008

Foot

Locker,

Inc.

363,594

2,631

Fox

Factory

Holding

Corporation

i

195,562

16,000

Galaxy

Entertainment

Group,

Ltd.

108,171

14,491

Gap,

Inc.

246,782

15,540

Genuine

Parts

Company

1,478,942

30,510

Goodyear

Tire

&

Rubber

Company

234,012

9,864

Grand

Canyon

Education,

Inc.

i

788,528

3,382

GVC

Holdings

plc

i

42,357

54,707

Harley-Davidson,

Inc.

1,342,510

6,371

Helen

of

Troy,

Ltd.

i

1,232,916

89

Hermes

International

76,652

117,921

Home

Depot,

Inc.

32,747,841

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

211

Shares

Common

Stock

(27.0%)

Value

Consumer

Discretionary

(4.2%)

-

continued

4,180

Hovnanian

Enterprises,

Inc.

i

$

135,934

6,690

Husqvarna

AB

73,564

2,890

Industria

de

Diseno

Textil

SA

79,951

319

InterContinental

Hotels

Group

plc

i

16,745

500

Izumi

Company,

Ltd.

18,232

10,943

Jack

in

the

Box,

Inc.

867,889

19,389

KB

Home

744,344

38,727

Knoll,

Inc.

467,048

60,767

Kohl's

Corporation

1,126,012

49,320

L

Brands,

Inc.

1,568,869

26,642

Lear

Corporation

2,905,310

44,191

Leggett

&

Platt,

Inc.

1,819,343

7,675

Lithia

Motors,

Inc.

1,749,439

49,410

Lowe's

Companies,

Inc.

8,195,143

10,487

Lululemon

Athletica

,

Inc.

i

3,454,103

21

LVMH

Moet

Hennessy

Louis

Vuitton

SE

9,826

72,920

Macy's,

Inc.

h

415,644

2,831

Madison

Square

Garden

Sports

Corporation

i

426,009

22,752

Marcus

Corporation

175,873

3,828

Marriott

Vacations

Worldwide

Corporation

347,621

37,095

Mattel,

Inc.

i

434,011

18,006

McDonald's

Corporation

3,952,137

163

Mercadolibre

,

Inc.

i

176,444

10,972

Meritage

Homes

Corporation

i

1,211,199

49,206

Michaels

Companies,

Inc.

i

475,084

16,620

Miller

Industries,

Inc.

508,073

15,798

Modine

Manufacturing

Company

i

98,737

20,694

Mohawk

Industries,

Inc.

i

2,019,527

12,240

Moneysupermarket.com

Group

plc

42,192

1,860

Netflix,

Inc.

i

930,056

3,400

NHK

Spring

Company,

Ltd.

21,769

900

Nihon

Unisys,

Ltd.

28,395

160,701

NIKE,

Inc.

20,174,404

2,800

Nissan

Motor

Company,

Ltd.

i

9,902

19,461

Nordstrom,

Inc.

h

231,975

55,184

Norwegian

Cruise

Line

Holdings,

Ltd.

i

944,198

2,613

NVR,

Inc.

i

10,669,193

8,019

Office

Depot,

Inc.

155,970

75,223

Ollie's

Bargain

Outlet

Holdings,

Inc.

i

6,570,729

600

Onward

Holdings

Company,

Ltd.

1,554

200

Oriental

Land

Company,

Ltd.

28,049

9,079

Overstock.com,

Inc.

i

659,589

1,058

Pandox

AB

i

12,129

6,941

Park

Hotels

&

Resorts,

Inc.

69,341

88,736

Party

City

Holdco,

Inc.

h,i

230,714

51,680

Penn

National

Gaming,

Inc.

i

3,757,136

165,436

Planet

Fitness,

Inc.

i

10,194,166

193,479

Playa

Hotels

and

Resorts

NV

i

810,677

600

PLENUS

Company,

Ltd.

10,360

8,818

Polaris,

Inc.

831,890

4,212

Pool

Corporation

1,409,082

497

Premier

Investments,

Ltd.

7,388

32,442

PulteGroup,

Inc.

1,501,740

9,215

PVH

Corporation

549,583

57,816

Qurate

Retail,

Inc.

415,119

4,461

Red

Robin

Gourmet

Burgers,

Inc.

i

58,707

97,733

Red

Rock

Resorts,

Inc.

1,671,234

4,733

Redrow

plc

i

24,626

807

Restaurant

Brands

International,

Inc.

46,411

10,799

RH

i

4,131,913

Shares

Common

Stock

(27.0%)

Value

Consumer

Discretionary

(4.2%)

-

continued

1,100

Rinnai

Corporation

$

107,295

6,545

Royal

Caribbean

Cruises,

Ltd.

423,658

55,178

Ruth's

Hospitality

Group,

Inc.

610,269

14,510

Sally

Beauty

Holdings,

Inc.

i

126,092

1,700

Sangetsu

Company,

Ltd.

26,208

100

Sankyo

Company,

Ltd.

2,619

34

Scandic

Hotels

Group

AB

j

102

4,694

SeaWorld

Entertainment,

Inc.

i

92,566

2,100

Sekisui

House,

Ltd.

37,213

300

SHIMAMURA

Company,

Ltd.

29,143

49,815

Six

Flags

Entertainment

Corporation

1,011,244

47,054

Skyline

Corporation

i

1,259,636

16,662

Sleep

Number

Corporation

i

814,938

800

Sony

Corporation

61,314

37,440

Sony

Corporation

ADR

2,873,520

33,399

Standard

Motor

Products,

Inc.

1,491,265

63,674

Stoneridge,

Inc.

i

1,169,691

882

Strategic

Education,

Inc.

80,677

16,300

Sumitomo

Electric

Industries,

Ltd.

183,494

7,700

Sumitomo

Rubber

Industries,

Ltd.

71,526

831

Super

Retail

Group,

Ltd.

6,320

300

Takara

Standard

Company,

Ltd.

4,038

88,691

Taylor

Morrison

Home

Corporation

i

2,180,912

42,349

Tenneco,

Inc.

i

293,902

14,678

Tesla,

Inc.

i

6,297,009

114,534

Texas

Roadhouse,

Inc.

6,962,522

22,757

Thor

Industries,

Inc.

2,167,832

930

Thule

Group

AB

j

30,690

46,537

Toll

Brothers,

Inc.

2,264,490

19,746

TopBuild

Corporation

i

3,370,445

300

Toyoda

Gosei

Company,

Ltd.

6,888

400

Toyota

Motor

Corporation

26,548

18,044

Tri

Pointe

Homes,

Inc.

i

327,318

1,410

Tupperware

Brands

Corporation

i

28,426

12,702

Ulta

Beauty,

Inc.

i

2,844,994

6,986

Urban

Outfitters,

Inc.

i

145,379

7,278

Vail

Resorts,

Inc.

1,557,274

1,944

Wayfair,

Inc.

i

565,723

1,857

Whirlpool

Corporation

341,484

12,469

Williams-Sonoma,

Inc.

1,127,696

22,869

Wingstop

,

Inc.

3,125,049

7,142

Workhorse

Group,

Inc.

h,i

180,550

4,981

Wyndham

Destinations,

Inc.

153,216

6,027

YETI

Holdings,

Inc.

i

273,144

6,449

Yum!

Brands,

Inc.

588,794

45,345

Zumiez

,

Inc.

i

1,261,498

Total

433,552,913

Consumer

Staples

(0.6%)

1,000

Arcs

Company,

Ltd.

25,673

600

Asahi

Group

Holdings,

Ltd.

20,912

141,817

BJ's

Wholesale

Club

Holdings,

Inc.

i

5,892,496

633

British

American

Tobacco

plc

22,707

1,292

Carlsberg

AS

174,061

31,933

Casey's

General

Stores,

Inc.

5,672,897

76,577

Celsius

Holdings,

Inc.

i

1,739,064

53,863

Colgate-Palmolive

Company

4,155,530

8,416

Costco

Wholesale

Corporation

2,987,680

189,353

Cott

Corporation

2,688,813

136,864

e.l.f

.

Beauty,

Inc.

i

2,514,192

277

Elior

Participations

SCA

j

1,286

1,342

ForFarmers

BV

8,213

323

Glanbia

plc

3,335

84,558

Hain

Celestial

Group,

Inc.

i

2,900,339

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

212

Shares

Common

Stock

(27.0%)

Value

Consumer

Staples

(0.6%)

-

continued

5,500

Japan

Tobacco,

Inc.

$

100,341

12,685

John

B.

Sanfilippo

&

Son,

Inc.

956,195

300

Kao

Corporation

22,521

900

Kewpie

Corporation

18,511

11,885

Kimberly-Clark

Corporation

1,754,939

64,374

Lamb

Weston

Holdings,

Inc.

4,266,065

8

Lindt

&

Spruengli

AG

67,528

200

L'Oreal

SA

65,086

3,092

McCormick

&

Company,

Inc.

600,157

2,618

Medifast

,

Inc.

430,530

300

Ministop

Company,

Ltd.

4,217

36,858

Monster

Beverage

Corporation

i

2,956,012

4,058

Nestle

SA

482,951

1,427

Orkla

ASA

14,402

32,657

PepsiCo,

Inc.

4,526,260

12,985

Philip

Morris

International,

Inc.

973,745

26,165

Procter

&

Gamble

Company

3,636,673

121

Royal

Unibrew

AS

12,472

10,104

Seneca

Foods

Corporation

i

361,016

1,300

Seven

&

I

Holdings

Company,

Ltd.

40,391

5,066

Simply

Good

Foods

Company

i

111,705

1,200

Sugi

Holdings

Company,

Ltd.

84,845

1,200

Sundrug

Company,

Ltd.

45,234

8,007

TreeHouse

Foods,

Inc.

i

324,524

168,751

Turning

Point

Brands,

Inc.

4,708,153

100

Unicharm

Corporation

4,472

732

Unilever

NV

44,453

4,052

Vector

Group,

Ltd.

39,264

64,690

Wal-Mart

Stores,

Inc.

9,050,778

Total

64,510,638

Energy

(0.4%)

103,503

Abraxas

Petroleum

Corporation

i

15,111

46,189

Antero

Midstream

Corporation

248,035

64,533

Apache

Corporation

611,127

185,903

Archrock

,

Inc.

1,000,158

94,099

BP

plc

ADR

1,642,969

100,615

Centennial

Resource

Development,

Inc.

i

60,610

13,034

CGG

SA

i

8,693

15,284

ChampionX

Corporation

i

122,119

40,255

Chevron

Corporation

2,898,360

78,441

Cimarex

Energy

Company

1,908,470

47,397

CNX

Resources

Corporation

i

447,428

35,558

Concho

Resources,

Inc.

1,568,819

25,520

ConocoPhillips

838,077

39,358

Continental

Resources,

Inc.

h

483,316

50,907

Core

Laboratories

NV

776,841

20,647

Delek

US

Holdings,

Inc.

229,801

200,838

Devon

Energy

Corporation

1,899,927

69,668

Diamondback

Energy,

Inc.

2,098,400

14,700

Eneos

Holdings,

Inc.

52,448

9,632

Eni

SPA

75,285

156,145

EnLink

Midstream,

LLC

366,941

65,689

Enterprise

Products

Partners,

LP

1,037,229

24,959

EOG

Resources,

Inc.

897,026

90,676

EQT

Corporation

1,172,441

5,402

Equinor

ASA

76,534

61,486

Equitrans

Midstream

Corporation

520,172

8,914

Evolution

Petroleum

Corporation

19,967

60,457

Exterran

Corporation

i

251,501

47,186

Exxon

Mobil

Corporation

1,619,895

86,909

Frank's

International

NV

i

133,840

177

Gaztransport

Et

Technigaz

SA

16,879

1,752

Gibson

Energy,

Inc.

28,394

Shares

Common

Stock

(27.0%)

Value

Energy

(0.4%)

-

continued

68,722

Gran

Tierra

Energy,

Inc.

i

$

15,964

53,378

Halliburton

Company

643,205

177,126

Helmerich

&

Payne,

Inc.

2,594,896

5,208

John

Wood

Group

plc

i

14,299

37,059

Liberty

Oilfield

Services,

Inc.

296,101

191

Lundin

Energy

AB

3,788

210,325

Marathon

Oil

Corporation

860,229

51,723

Marathon

Petroleum

Corporation

1,517,553

157,926

McDermott

International,

Inc.

i

379,022

5,455

Nabors

Industries,

Ltd.

133,320

34,169

NexTier

Oilfield

Solutions,

Inc.

i

63,213

173,413

Nine

Energy

Service,

Inc.

i

195,957

87,317

Oceaneering

International,

Inc.

i

307,356

897

OMV

AG

i

24,543

182,616

Patterson-UTI

Energy,

Inc.

520,456

13,788

PBF

Energy,

Inc.

78,454

6,608

PDC

Energy,

Inc.

i

81,906

30,037

Peabody

Energy

Corporation

69,085

22,287

Pioneer

Natural

Resources

Company

1,916,459

54,529

Plains

GP

Holdings,

LP

332,082

27,710

ProPetro

Holding

Corporation

i

112,503

124,168

QEP

Resources,

Inc.

112,099

51,784

Range

Resources

Corporation

342,810

7,688

Royal

Dutch

Shell

plc,

Class

A

95,972

12,425

Royal

Dutch

Shell

plc,

Class

B

150,679

24,480

RPC,

Inc.

i

64,627

921

SBM

Offshore

NV

14,692

27,467

Schlumberger,

Ltd.

427,387

53,816

SEACOR

Holdings,

Inc.

i

1,564,969

105,473

SM

Energy

Company

167,702

185,136

Southwestern

Energy

Company

i

435,070

967

Subsea

7

SA

i

6,950

56,483

Talos

Energy,

Inc.

i

364,315

50,590

Targa

Resources

Corporation

709,778

1,392

TC

Energy

Corporation

58,438

147,121

TechnipFMC

plc

928,334

3,304

Tenaris

SA

ADR

32,544

4,591

Total

SE

157,668

13,594

Tullow

Oil

plc

i

2,660

22,920

Valero

Energy

Corporation

992,894

326

Washington

H.

Soul

Pattinson

and

Company,

Ltd.

5,537

125

Woodside

Petroleum,

Ltd.

1,586

349,350

WPX

Energy,

Inc.

i

1,711,815

Total

41,635,730

Financials

(2.7%)

829

1st

Source

Corporation

25,566

5,448

AB

Industrivarden

i

144,882

51,943

Aflac,

Inc.

1,888,128

52,346

AG

Mortgage

Investment

Trust,

Inc.

144,475

3,200

AIA

Group,

Ltd.

31,808

60,158

Air

Lease

Corporation

1,769,848

5,032

Alleghany

Corporation

2,618,904

1,876

Allianz

SE

360,062

87,570

Ally

Financial,

Inc.

2,195,380

10,538

American

Equity

Investment

Life

Holding

Company

231,731

130,912

American

Express

Company

13,123,928

108,775

American

Financial

Group,

Inc.

7,285,750

38,878

American

International

Group,

Inc.

1,070,311

7,493

Ameriprise

Financial,

Inc.

1,154,746

46,750

Ameris

Bancorp

1,064,965

7,640

Aon

plc

1,576,132

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

213

Shares

Common

Stock

(27.0%)

Value

Financials

(2.7%)

-

continued

82,909

Apollo

Commercial

Real

Estate

Finance,

Inc.

$

747,010

10,713

Argo

Group

International

Holdings,

Ltd.

368,849

60,093

Arthur

J.

Gallagher

&

Company

6,344,619

17,129

Artisan

Partners

Asset

Management,

Inc.

667,860

144,684

Associated

Banc-Corp

1,825,912

193,279

Assured

Guaranty,

Ltd.

4,151,633

349

ASX,

Ltd.

20,405

1,196

Baloise

Holding

AG

176,080

31,372

Bancorp,

Inc.

i

271,054

184,401

Bank

of

America

Corporation

4,442,220

5,728

Bank

of

Marin

Bancorp

165,883

44,249

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

985,868

39,365

BankFinancial

Corporation

284,215

39,472

Banner

Corporation

1,273,367

12,784

Berkshire

Hathaway,

Inc.

i

2,722,225

155,263

Berkshire

Hills

Bancorp,

Inc.

1,569,709

7,976

BlackRock,

Inc.

4,494,875

17,278

Blackstone

Mortgage

Trust,

Inc.

379,598

241,122

Boston

Private

Financial

Holdings,

Inc.

1,330,993

3,102

Bridge

Bancorp,

Inc.

54,068

112,185

Bridgewater

Bancshares,

Inc.

i

1,064,636

21,154

Brighthouse

Financial,

Inc.

i

569,254

88,310

BrightSphere

Investment

Group

1,139,199

48,171

Brookline

Bancorp,

Inc.

416,438

14,341

Brown

&

Brown,

Inc.

649,217

14,729

Byline

Bancorp,

Inc.

166,143

48,180

Capital

One

Financial

Corporation

3,462,215

326

Cboe

Global

Markets,

Inc.

28,603

38,074

Central

Pacific

Financial

Corporation

516,664

295,131

Charles

Schwab

Corporation

10,692,596

23,784

Chubb,

Ltd.

2,761,798

12,618

CI

Financial

Corporation

160,053

6,661

Cincinnati

Financial

Corporation

519,358

53,410

CIT

Group,

Inc.

945,891

98,208

Citigroup,

Inc.

4,233,747

15,965

Citizens

Financial

Group,

Inc.

403,595

9,553

Cohen

&

Steers,

Inc.

532,484

61,748

Columbia

Banking

System,

Inc.

1,472,690

18,550

Comerica,

Inc.

709,538

687

Commonwealth

Bank

of

Australia

31,613

46,922

Community

Trust

Bancorp,

Inc.

1,326,016

758

Credit

Agricole

SA

i

6,614

8,543

Cullen/Frost

Bankers,

Inc.

546,325

1,715

Customers

Bancorp,

Inc.

i

19,208

11,000

DBS

Group

Holdings,

Ltd.

161,715

746

Deutsche

Boerse

AG

130,790

2,848

Deutsche

Pfandbriefbank

AG

i,j

18,882

1,447

Diamond

Hill

Investment

Group,

Inc.

182,785

51,630

Discover

Financial

Services

2,983,181

10,946

DnB

ASA

i

152,485

14,054

East

West

Bancorp,

Inc.

460,128

18,072

Ellington

Residential

Mortgage

REIT

200,599

7,854

Encore

Capital

Group,

Inc.

i

303,086

17,287

Enterprise

Financial

Services

Corporation

471,417

52,305

Essent

Group,

Ltd.

1,935,808

2,277

Euronext

NV

j

285,233

23,344

Evercore

,

Inc.

1,528,098

452,564

Everi

Holdings,

Inc.

i

3,733,653

Shares

Common

Stock

(27.0%)

Value

Financials

(2.7%)

-

continued

43,882

F.N.B.

Corporation

$

297,520

7,781

FactSet

Research

Systems,

Inc.

2,605,701

12,005

FBL

Financial

Group,

Inc.

578,641

4,878

Federal

Agricultural

Mortgage

Corporation

310,534

38,878

Financial

Institutions,

Inc.

598,721

15,419

First

American

Financial

Corporation

784,981

12,508

First

Bancorp

261,792

103,804

First

BanCorp

541,857

151

First

Bancshares,

Inc.

3,166

72,024

First

Busey

Corporation

1,144,461

3,369

First

Citizens

BancShares

,

Inc.

1,073,970

11,988

First

Commonwealth

Financial

Corporation

92,787

84,090

First

Financial

Bancorp

1,009,500

26,839

First

Financial

Corporation

842,745

63,302

First

Interstate

BancSystem

,

Inc.

2,016,169

6,935

First

Merchants

Corporation

160,615

2,119

First

Mid-Illinois

Bancshares,

Inc.

52,869

56,524

First

Midwest

Bancorp,

Inc.

609,329

6,304

First

of

Long

Island

Corporation

93,362

21,507

First

Republic

Bank

2,345,553

9,778

Flagstar

Bancorp,

Inc.

289,722

11,101

FlexiGroup

,

Ltd.

8,652

4,609

Flushing

Financial

Corporation

48,487

236,159

Fulton

Financial

Corporation

2,203,363

20,649

Glacier

Bancorp,

Inc.

661,800

5,036

Goldman

Sachs

Group,

Inc.

1,012,085

72,561

Granite

Point

Mortgage

Trust,

Inc.

514,458

54,223

Great

Southern

Bancorp,

Inc.

1,963,957

60,228

Great

Western

Bancorp,

Inc.

749,839

118

Groupe

Bruxelles

Lambert

SA

10,638

32,027

Hamilton

Lane,

Inc.

2,068,624

143,964

Hancock

Whitney

Corporation

2,707,963

14,472

Hanmi

Financial

Corporation

118,815

40,371

Hanover

Insurance

Group,

Inc.

3,761,770

48,826

Hartford

Financial

Services

Group,

Inc.

1,799,726

70,963

Heartland

Financial

USA,

Inc.

2,128,535

203,279

Heritage

Commerce

Corporation

1,352,822

45,323

Hometrust

Bancshares,

Inc.

615,486

98,752

Hope

Bancorp,

Inc.

749,034

64,564

Horizon

Bancorp,

Inc.

651,451

14,110

Houlihan

Lokey

,

Inc.

833,196

6,260

HSBC

Holdings

plc

24,491

101

IGM

Financial,

Inc.

2,316

58,304

Independent

Bank

Corporation

732,881

70,643

Interactive

Brokers

Group,

Inc.

3,414,176

6,455

International

Bancshares

Corporation

168,217

42,980

Israel

Discount

Bank,

Ltd.

115,947

80,398

J.P.

Morgan

Chase

&

Company

7,739,915

3,500

Japan

Post

Bank

Company,

Ltd.

27,299

500

Japan

Post

Holdings

Company,

Ltd.

3,410

23,870

Julius

Baer

Group,

Ltd.

1,013,816

52,580

Kemper

Corporation

3,513,921

146,151

KeyCorp

1,743,581

348

L

E

Lundbergforetagen

AB

i

17,194

40,516

Ladder

Capital

Corporation

288,474

21,932

Lakeland

Bancorp,

Inc.

218,223

2,218

Laurentian

Bank

of

Canada

h

45,558

5,191

Lincoln

National

Corporation

162,634

11,622

Loews

Corporation

403,865

2,276

Markel

Corporation

i

2,216,141

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

214

Shares

Common

Stock

(27.0%)

Value

Financials

(2.7%)

-

continued

1,008

MarketAxess

Holdings,

Inc.

$

485,443

7,900

Marsh

&

McLennan

Companies,

Inc.

906,130

933

Mediobanca

SPA

7,311

10,245

Mercantile

Bank

Corporation

184,615

69,534

Meridian

Bancorp,

Inc.

719,677

3,707

Meta

Financial

Group,

Inc.

71,249

45,202

MetLife,

Inc.

1,680,158

14,189

Midland

States

Bancorp,

Inc.

182,329

76,074

MidWestOne

Financial

Group,

Inc.

1,359,442

6,200

Mitsubishi

UFJ

Financial

Group,

Inc.

24,743

985

Mizrahi

Tefahot

Bank,

Ltd.

17,472

2,502

Moody's

Corporation

725,205

72,149

Morgan

Stanley

3,488,404

1,447

Morningstar,

Inc.

232,403

34,028

Mr.

Cooper

Group,

Inc.

i

759,505

400

MS

and

AD

Insurance

Group

Holdings,

Inc.

10,777

13,311

MSCI,

Inc.

4,749,099

1,774

National

Bank

of

Canada

88,117

919

National

Western

Life

Group,

Inc.

167,966

15,129

Northern

Trust

Corporation

1,179,608

25,022

OFG

Bancorp

311,774

12,562

Old

Republic

International

Corporation

185,164

34,704

Old

Second

Bancorp,

Inc.

260,107

429

Onex

Corporation

19,138

4,100

ORIX

Corporation

51,210

49,672

PacWest

Bancorp

848,398

848

Paragon

Banking

Group

plc

3,636

771

Pargesa

Holding

SA

63,739

2,364

Peapack

-Gladstone

Financial

Corporation

35,815

11,255

Peoples

Bancorp,

Inc.

214,858

148,727

Popular,

Inc.

5,394,328

63,830

Premier

Financial

Corporation

994,152

19,158

Primerica,

Inc.

2,167,536

46,677

Prosight

Global,

Inc.

i

529,317

37,037

QCR

Holdings,

Inc.

1,015,184

133,589

Radian

Group,

Inc.

1,951,735

115

Raiffeisen

Bank

International

AG

i

1,760

38,088

Raymond

James

Financial,

Inc.

2,771,283

70,464

Redwood

Trust,

Inc.

529,889

41,261

Reinsurance

Group

of

America,

Inc.

3,927,635

3,130

Royal

Bank

of

Canada

219,762

42,847

S&P

Global,

Inc.

15,450,628

4,916

Safety

Insurance

Group,

Inc.

339,646

55,780

Santander

Consumer

USA

Holdings,

Inc.

1,014,638

120,268

Seacoast

Banking

Corporation

of

Florida

i

2,168,432

69,615

SEI

Investments

Company

3,530,873

15,611

Selective

Insurance

Group,

Inc.

803,810

1,000

Senshu

Ikeda

Holdings,

Inc.

1,669

517

Signature

Bank

42,906

41,528

Simmons

First

National

Corporation

658,426

2,200

Singapore

Exchange,

Ltd.

14,838

5,920

Southside

Bancshares,

Inc.

144,626

641

St.

James's

Place

plc

7,712

52,245

Starwood

Property

Trust,

Inc.

788,377

11,505

State

Auto

Financial

Corporation

158,309

14,642

Sterling

Bancorp

154,034

Shares

Common

Stock

(27.0%)

Value

Financials

(2.7%)

-

continued

2,400

Sumitomo

Mitsui

Financial

Group,

Inc.

$

67,106

5,628

Sun

Life

Financial,

Inc.

229,338

12,906

SVB

Financial

Group

i

3,105,442

488

Swiss

Life

Holding

AG

184,655

218,350

Synovus

Financial

Corporation

4,622,470

30,649

T.

Rowe

Price

Group,

Inc.

3,929,815

4,249

TCF

Financial

Corporation

99,257

15,069

Territorial

Bancorp,

Inc.

304,846

7,169

Texas

Capital

Bancshares,

Inc.

i

223,171

24,537

TMX

Group,

Ltd.

2,523,448

1,100

Tokio

Marine

Holdings,

Inc.

48,130

306

Topdanmark

AS

14,812

737

Torchmark

Corporation

58,886

6,069

Toronto-Dominion

Bank

280,991

9,791

Towne

Bank

160,572

57,272

TPG

RE

Finance

Trust,

Inc.

484,521

27,594

TriCo

Bancshares

675,777

65,381

Triumph

Bancorp,

Inc.

i

2,035,964

57,720

Truist

Financial

Corporation

2,196,246

87,757

TrustCo

Bank

Corporation

458,092

63,274

Two

Harbors

Investment

Corporation

322,065

28,628

United

Bankshares

,

Inc.

614,643

4,567

Univest

Financial

Corporation

65,628

72,211

Valley

National

Bancorp

494,645

5,561

Walker

&

Dunlop,

Inc.

294,733

3,632

Washington

Federal,

Inc.

75,764

20,105

Washington

Trust

Bancorp,

Inc.

616,419

77,886

Webster

Financial

Corporation

2,056,969

150,603

Wells

Fargo

&

Company

3,540,677

16,301

WesBanco

,

Inc.

348,189

131,960

Western

Alliance

Bancorp

4,172,575

110,549

Western

Asset

Mortgage

Capital

Corporation

225,520

2,210

Westwood

Holdings

Group,

Inc.

24,619

68,421

Wintrust

Financial

Corporation

2,740,261

116,814

Zions

Bancorporations

NA

3,413,305

Total

277,936,117

Health

Care

(4.3%)

44,331

Abbott

Laboratories

4,824,543

11,927

AbbVie,

Inc.

1,044,686

4,916

Acadia

Healthcare

Company,

Inc.

i

144,924

172,080

ACADIA

Pharmaceuticals,

Inc.

i

7,098,300

4,013

Acceleron

Pharma,

Inc.

i

451,583

62,159

ADMA

Biologics,

Inc.

i

148,560

27,901

Adverum

Biotechnologies,

Inc.

i

287,380

25,931

Agile

Therapeutics,

Inc.

h,i

78,830

29,707

Agilent

Technologies,

Inc.

2,998,625

58,646

Agios

Pharmaceuticals,

Inc.

i

2,052,610

36,007

Akebia

Therapeutics,

Inc.

i

90,378

14,183

Alexion

Pharmaceuticals,

Inc.

i

1,622,961

9,474

Align

Technology,

Inc.

i

3,101,409

13,359

Alkermes

plc

i

221,359

9,697

AmerisourceBergen

Corporation

939,833

51,830

Amgen,

Inc.

13,173,113

33,324

AMN

Healthcare

Services,

Inc.

i

1,948,121

25,245

AnaptysBio

,

Inc.

i

372,364

14,708

Anavex

Life

Sciences

Corporation

h,i

66,921

10,574

Anthem,

Inc.

2,840,071

13,266

Arena

Pharmaceuticals,

Inc.

i

992,164

18,568

Argenx

SE

ADR

i

4,874,471

7,959

Assembly

Biosciences,

Inc.

i

130,846

2,000

Astellas

Pharmaceutical,

Inc.

29,813

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

215

Shares

Common

Stock

(27.0%)

Value

Health

Care

(4.3%)

-

continued

17,008

Atara

Biotherapeutics

,

Inc.

i

$

220,424

717

Atrion

Corporation

448,842

4,578

AVROBIO,

Inc.

i

59,606

57,736

Axonics

Modulation

Technologies,

Inc.

h,i

2,946,845

3,842

Axsome

Therapeutics,

Inc.

i

273,742

18,073

Baxter

International,

Inc.

1,453,431

11,330

Becton,

Dickinson

and

Company

2,636,264

8,064

Biogen,

Inc.

i

2,287,596

65,122

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

i

4,233,581

4,387

Bio-Rad

Laboratories,

Inc.

i

2,261,323

30,208

Bio-

Techne

Corporation

7,483,428

9,363

Bluebird

Bio,

Inc.

i

505,134

6,279

Bruker

Corporation

249,590

11,402

Cantel

Medical

Corporation

501,004

137,518

Catalent

,

Inc.

i

11,779,792

50,370

Centene

Corporation

i

2,938,082

103,932

Cerner

Corporation

7,513,244

13,771

Charles

River

Laboratories

International,

Inc.

i

3,118,443

5,851

Chemed

Corporation

2,810,528

2,200

Chugai

Pharmaceutical

Company,

Ltd.

98,726

18,042

Cigna

Holding

Company

3,056,495

19,952

Clovis

Oncology,

Inc.

h,i

116,320

39,930

CryoLife

,

Inc.

i

737,507

1,366

CSL,

Ltd.

282,170

32,044

CVS

Health

Corporation

1,871,370

28,096

CytomX

Therapeutics,

Inc.

i

186,838

2,400

Daiichi

Sankyo

Company,

Ltd.

73,675

9,653

Danaher

Corporation

2,078,580

4,261

Deciphera

Pharmaceuticals,

Inc.

i

218,589

17,773

Dexcom

,

Inc.

i

7,326,564

45,443

Dynavax

Technologies

Corporation

h,i

196,314

11,989

Editas

Medicine,

Inc.

i

336,411

165,985

Edwards

Lifesciences

Corporation

i

13,248,923

17,030

Eli

Lilly

and

Company

2,520,781

1,320

Encompass

Health

Corporation

85,774

22,973

Gilead

Sciences,

Inc.

1,451,664

21,281

GlaxoSmithKline

plc

398,967

46,562

GlaxoSmithKline

plc

ADR

1,752,594

20,431

Global

Blood

Therapeutics,

Inc.

i

1,126,565

73

Grifols

SA

2,099

88,492

Guardant

Health,

Inc.

i

9,891,636

17,683

Haemonetics

Corporation

i

1,542,842

115,818

Halozyme

Therapeutics,

Inc.

i

3,043,697

17,420

HCA

Healthcare,

Inc.

2,171,926

5,011

HealthStream

,

Inc.

i

100,571

31,604

Hill-Rom

Holdings,

Inc.

2,639,250

23,345

Humana,

Inc.

9,662,262

199

ICU

Medical,

Inc.

i

36,369

1,244

IDEXX

Laboratories,

Inc.

i

489,029

48,474

ImmunoGen

,

Inc.

i

174,506

4,941

Incyte

Corporation

i

443,405

11,538

Insmed

,

Inc.

i

370,831

33,114

Inspire

Medical

Systems,

Inc.

i

4,273,362

23,978

Insulet

Corporation

i

5,672,955

27,585

Intuitive

Surgical,

Inc.

i

19,572,661

24,840

Invitae

Corporation

h,i

1,076,814

14,635

Iovance

Biotherapeutics

,

Inc.

i

481,784

20,100

IQVIA

Holding,

Inc.

i

3,168,363

19,020

Jazz

Pharmaceuticals,

Inc.

i

2,712,062

99,557

Johnson

&

Johnson

14,822,046

400

KYORIN

Holdings,

Inc.

8,108

Shares

Common

Stock

(27.0%)

Value

Health

Care

(4.3%)

-

continued

6,799

Laboratory

Corporation

of

America

Holdings

i

$

1,280,048

87,483

LHC

Group,

Inc.

i

18,595,386

28

Lifco

AB

2,166

11,133

Ligand

Pharmaceuticals,

Inc.

h,i

1,061,198

144

LNA

Sante

7,996

700

M3,

Inc.

43,299

15,584

MacroGenics

,

Inc.

i

392,561

1,409

Masimo

Corporation

i

332,609

400

Medipal

Holdings

Corporation

8,021

96,181

Medtronic

plc

9,995,130

97,359

Merck

&

Company,

Inc.

8,075,929

10,438

Mersana

Therapeutics,

Inc.

i

194,356

5,523

Mesa

Laboratories,

Inc.

1,407,039

3,205

Mettler

-Toledo

International,

Inc.

i

3,095,229

1,647

Mirati

Therapeutics,

Inc.

i

273,484

13,166

Molina

Healthcare,

Inc.

i

2,409,905

25,739

MyoKardia

,

Inc.

i

3,508,998

14,385

Myovant

Sciences,

Ltd.

i

202,109

70,025

Natera

,

Inc.

i

5,058,606

27,734

National

Healthcare

Corporation

1,728,106

4,422

Nektar

Therapeutics

i

73,361

5,418

Neogen

Corporation

i

423,959

7,303

Neurocrine

Biosciences,

Inc.

i

702,256

56,181

Nevro

Corporation

i

7,826,013

6,994

Novartis

AG

607,249

5,410

Novo

Nordisk

AS

374,830

94,749

Novo

Nordisk

AS

ADR

6,578,423

400

Olympus

Corporation

8,318

195,672

Optinose

,

Inc.

i

763,121

10,837

Orthifix

Medical,

Inc.

i

337,464

5,662

PerkinElmer,

Inc.

710,638

4,107

Pfizer,

Inc.

150,727

50,378

PRA

Health

Sciences,

Inc.

i

5,110,344

6,633

Precision

BioSciences

,

Inc.

i

40,859

9,056

Quest

Diagnostics,

Inc.

1,036,821

6,332

Quidel

Corporation

i

1,389,114

4,284

Reata

Pharmaceuticals,

Inc.

i

417,347

2,685

Recordati

SPA

137,540

20,578

Repligen

Corporation

i

3,036,078

1,475

Replimune

Group,

Inc.

i

33,955

11,943

Retrophin

,

Inc.

i

220,468

1,908

Roche

Holding

AG

653,567

11,978

Sage

Therapeutics,

Inc.

i

732,095

892

Sanofi

89,389

10,853

Sarepta

Therapeutics,

Inc.

i

1,524,087

500

Sawai

Pharmaceutical

Company,

Ltd.

25,228

71,491

Silk

Road

Medical,

Inc.

i

4,804,910

538

Sonova

Holding

AG

i

136,337

35,540

Spectrum

Pharmaceuticals,

Inc.

i

145,003

1,855

STERIS

plc

326,832

57,454

Stryker

Corporation

11,971,690

1,918

Surmodics

,

Inc.

i

74,629

42,129

Syneos

Health,

Inc.

i

2,239,578

108,332

Tactile

Systems

Technology,

Inc.

i

3,963,868

2,200

Takeda

Pharmaceutical

Company,

Ltd.

78,634

126

Tecan

Group

AG

62,662

25,709

Teladoc

Health,

Inc.

h,i

5,636,441

21,457

Teleflex,

Inc.

7,304,392

15,312

Tenet

Healthcare

Corporation

i

375,297

500

Terumo

Corporation

19,907

44,508

Thermo

Fisher

Scientific,

Inc.

19,651,172

15,917

Tilray

,

Inc.

h,i

77,197

200

Tsumura

&

Company

6,233

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

216

Shares

Common

Stock

(27.0%)

Value

Health

Care

(4.3%)

-

continued

5,857

U.S.

Physical

Therapy,

Inc.

$

508,856

3,779

uniQure

B.V.

i

139,181

4,823

United

Therapeutics

Corporation

i

487,123

24,634

UnitedHealth

Group,

Inc.

7,680,142

13,152

Universal

Health

Services,

Inc.

1,407,527

158,903

VBI

Vaccines,

Inc.

h,i

454,463

74,956

Veeva

Systems,

Inc.

i

21,076,878

43,038

Vertex

Pharmaceuticals,

Inc.

i

11,711,501

5,026

Viking

Therapeutics,

Inc.

i

29,251

4,470

Waters

Corporation

i

874,690

1,483

West

Pharmaceutical

Services,

Inc.

407,677

8,251

Zimmer

Biomet

Holdings,

Inc.

1,123,291

129,254

Zoetis,

Inc.

21,374,734

23,296

Zymeworks

,

Inc.

i

1,085,128

Total

438,686,819

Industrials

(3.2%)

5,068

3M

Company

811,792

66,790

A.O.

Smith

Corporation

3,526,512

3

A.P.

Moller

-

Maersk

AS,

Class

A

4,391

36

A.P.

Moller

-

Maersk

AS,

Class

B

56,912

2,164

Aalberts

NV

77,817

1,662

Acuity

Brands,

Inc.

170,106

10,747

AECOM

i

449,654

17,668

Aegion

Corporation

i

249,649

64,492

Aerojet

Rocketdyne

Holdings,

Inc.

i

2,572,586

19,250

AGCO

Corporation

1,429,697

87

Akzo

Nobel

NV

8,793

29,539

Allegion

plc

2,921,702

189,564

Altra

Industrial

Motion

Corporation

7,008,181

17,689

American

Airlines

Group,

Inc.

h

217,398

71,468

AMETEK,

Inc.

7,103,919

120,732

Arconic

,

Inc.

2,018,639

116,642

ASGN,

Inc.

i

7,413,766

5,462

Assa

Abloy

AB

127,702

5,006

Atlas

Copco

AB,

Class

A

238,680

1,524

Atlas

Copco

AB,

Class

B

63,603

6,087

Avis

Budget

Group,

Inc.

i

160,210

68,234

AZZ,

Inc.

2,328,144

8,794

Bloom

Energy

Corporation

h,i

158,028

14,763

Boeing

Company

2,439,733

38,587

BWX

Technologies,

Inc.

2,172,834

937

Canadian

National

Railway

Company

99,790

19,100

Carlisle

Companies,

Inc.

2,337,267

93,115

Carrier

Global

Corporation

2,843,732

99,375

CBIZ,

Inc.

i

2,272,706

44,633

Chart

Industries,

Inc.

i

3,136,361

987

CIA

De

Distribucion

Integral

16,848

6,178

Cintas

Corporation

2,056,224

29,980

Copart

,

Inc.

i

3,152,697

12,514

CRA

International,

Inc.

468,900

68,800

Crane

Company

3,448,944

42,071

CSW

Industrials,

Inc.

3,249,985

21,846

CSX

Corporation

1,696,779

78,322

Curtiss-Wright

Corporation

7,304,310

100

Daikin

Industries,

Ltd.

18,477

61,919

Delta

Air

Lines,

Inc.

1,893,483

577

Deutsche

Post

AG

26,182

11,577

Douglas

Dynamics,

Inc.

395,933

11,708

Eaton

Corporation

plc

1,194,567

55,373

EMCOR

Group,

Inc.

3,749,306

57,395

Emerson

Electric

Company

3,763,390

13,933

Encore

Wire

Corporation

646,770

Shares

Common

Stock

(27.0%)

Value

Industrials

(3.2%)

-

continued

20,991

Expeditors

International

of

Washington,

Inc.

$

1,900,105

3,211

Experian

plc

120,652

369

Exponent,

Inc.

26,579

52,571

Fluor

Corporation

463,151

49,867

Forrester

Research,

Inc.

i

1,635,139

61,449

Forward

Air

Corporation

3,525,944

46,966

FuelCell

Energy,

Inc.

h,i

100,507

259

Geberit

AG

153,231

15,556

Generac

Holdings,

Inc.

i

3,012,264

43,429

General

Dynamics

Corporation

6,011,876

22,470

Gorman-Rupp

Company

661,966

600

GS

Yuasa

Corporation

10,368

12,383

GWA

Group,

Ltd.

24,776

800

Hanwa

Company,

Ltd.

16,014

16,079

Heico

Corporation

1,682,828

36,462

Helios

Technologies,

Inc.

1,327,217

91,002

Honeywell

International,

Inc.

14,979,839

29,277

Hubbell,

Inc.

4,006,265

10,205

ICF

International,

Inc.

627,914

60,556

IDEX

Corporation

11,046,020

13,761

Illinois

Tool

Works,

Inc.

2,658,763

2,900

Inaba

Denki

Sangyo

Company,

Ltd.

72,841

6,115

JB

Hunt

Transport

Services,

Inc.

772,814

516

Jet2

plc

4,467

89,640

Johnson

Controls

International

plc

3,661,794

1,800

Kamigumi

Company,

Ltd.

35,470

12,720

Kansas

City

Southern

2,300,158

3,300

Kinden

Corporation

58,282

2,937

Koninklijke

Philips

NV

i

138,683

32

Kuehne

&

Nagel

International

AG

6,214

3,256

L3Harris

Technologies,

Inc.

552,999

39,414

Landstar

System,

Inc.

4,946,063

4,103

Legrand

SA

327,986

19,644

Lennox

International,

Inc.

5,355,151

106,412

Lincoln

Electric

Holdings,

Inc.

9,794,160

15,318

Linde

Public

Limited

Company

3,647,675

31,766

Lockheed

Martin

Corporation

12,175,272

47,864

Manpower,

Inc.

3,509,867

11,700

Marubeni

Corporation

66,426

7,124

Masonite

International

Corporation

i

701,002

54,356

Mercury

Systems,

Inc.

i

4,210,416

280,271

Meritor,

Inc.

i

5,868,875

64,604

Middleby

Corporation

i

5,795,625

7,200

Mitsubishi

Corporation

172,335

5,300

Mitsubishi

Electric

Corporation

71,917

1,200

Mitsuboshi

Belting,

Ltd.

19,528

10,500

Mitsui

&

Company,

Ltd.

180,420

15,244

MSC

Industrial

Direct

Company,

Inc.

964,640

21,211

NAPCO

Security

Technologies,

Inc.

i

498,459

2,660

National

Express

Group

plc

i

5,228

100

Nikkon

Holdings

Company,

Ltd.

2,168

100

Nishimatsu

Construction

Company,

Ltd.

1,986

4,300

Nitto

Kogyo

Corporation

85,446

2,052

Nobina

AB

i,j

13,489

15,544

Nordson

Corporation

2,981,650

38,306

Norfolk

Southern

Corporation

8,197,101

43,214

Nutrien

,

Ltd.

1,695,285

40,565

Old

Dominion

Freight

Line,

Inc.

7,339,020

21,212

Otis

Worldwide

Corporation

1,324,053

6,392

PageGroup

plc

i

30,814

27,504

Parker-Hannifin

Corporation

5,565,159

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

217

Shares

Common

Stock

(27.0%)

Value

Industrials

(3.2%)

-

continued

25,774

Quad/Graphics,

Inc.

$

78,095

84,035

Raven

Industries,

Inc.

1,808,433

42,415

Raytheon

Technologies

Corporation

2,440,559

800

Recruit

Holdings

Company,

Ltd.

31,772

1,501

Redde

Northgate

plc

3,573

32,725

Regal-Beloit

Corporation

3,071,896

12,728

RELX

plc

283,302

2,526

Republic

Services,

Inc.

235,802

106,598

Ritchie

Brothers

Auctioneers,

Inc.

6,315,932

21,161

Rockwell

Automation,

Inc.

4,669,809

11,981

Roper

Industries,

Inc.

4,733,813

8,302

Ryder

System,

Inc.

350,676

37,484

Saia,

Inc.

i

4,728,232

665

Sandvik

AB

i

13,004

100

Sanwa

Holdings

Corporation

1,060

2,882

Schneider

Electric

SE

358,232

3,310

SEEK,

Ltd.

51,062

2,037

Signify

NV

i,j

75,343

12,272

Simpson

Manufacturing

Company,

Inc.

1,192,348

15,281

SiteOne

Landscape

Supply,

Inc.

i

1,863,518

1,464

SKF

AB

30,203

8,653

Snap-On,

Inc.

1,273,116

38,700

Sojitz

Corporation

87,827

169,004

Southwest

Airlines

Company

6,337,650

2,682

SP

Plus

Corporation

i

48,142

677

Spirax-Sarco

Engineering

plc

96,406

4,435

Spirit

Aerosystems

Holdings,

Inc.

83,866

6,713

Spirit

Airlines,

Inc.

h,i

108,079

7,001

SPX

FLOW,

Inc.

i

299,783

61,810

Standex

International

Corporation

3,659,152

80

Stantec

,

Inc.

2,429

8,700

Sumitomo

Corporation

104,874

128,930

Summit

Materials,

Inc.

i

2,132,502

300

Taikisha,

Ltd.

8,321

100

Taisei

Corporation

3,385

9,292

Teledyne

Technologies,

Inc.

i

2,882,471

689

TFI

International,

Inc.

28,811

11,764

Thermon

Group

Holdings,

Inc.

i

132,110

36,984

Timken

Company

2,005,272

1,100

Toppan

Forms

Company,

Ltd.

10,472

34,034

Toro

Company

2,857,154

1,127

Transcontinental,

Inc.

13,915

3,246

Transurban

Group

33,145

76,504

Trex

Company,

Inc.

i

5,477,686

95,982

TriMas

Corporation

i

2,188,390

1,100

Tsubakimoto

Chain

Company

25,878

9,753

UniFirst

Corporation

1,846,926

19,124

Union

Pacific

Corporation

3,764,942

24,533

United

Airlines

Holdings,

Inc.

i

852,522

633

United

Parcel

Service,

Inc.

105,477

71,009

United

Rentals,

Inc.

i

12,391,071

39,289

Valmont

Industries,

Inc.

4,878,908

23,811

Verisk

Analytics,

Inc.

4,412,416

13,528

Waste

Connections,

Inc.

1,404,206

13,285

Watsco

,

Inc.

3,093,944

101,034

Willdan

Group,

Inc.

i

2,577,377

14,184

XPO

Logistics,

Inc.

i

1,200,817

700

Yuasa

Trading

Company,

Ltd.

21,875

Total

333,433,436

Information

Technology

(7.5%)

27,254

Accenture

plc

6,159,131

55,704

Adobe,

Inc.

i

27,318,913

17,151

ADTRAN,

Inc.

175,884

Shares

Common

Stock

(27.0%)

Value

Information

Technology

(7.5%)

-

continued

15,903

Advanced

Energy

Industries,

Inc.

i

$

1,000,935

34,685

Advanced

Micro

Devices,

Inc.

i

2,843,823

300

Advantest

Corporation

14,592

64,230

Agilysys

,

Inc.

i

1,551,797

25,769

Akamai

Technologies,

Inc.

i

2,848,505

52,500

Alliance

Data

Systems

Corporation

2,203,950

5,643

American

Software,

Inc.

79,228

101,236

Amphenol

Corporation

10,960,822

4,028

Analog

Devices,

Inc.

470,229

99,709

Anaplan,

Inc.

i

6,239,789

15,326

ANSYS,

Inc.

i

5,015,127

942,578

Apple,

Inc.

109,159,958

94

ASM

International

NV

13,474

835

ASML

Holding

NV

308,428

9,390

Aspen

Technology,

Inc.

i

1,188,680

20,132

Atlassian

Corporation

plc

i

3,659,796

5,213

Automatic

Data

Processing,

Inc.

727,161

38,266

Avalara,

Inc.

i

4,872,792

17,867

Avnet,

Inc.

461,683

28,128

Bandwidth,

Inc.

i

4,910,305

662

BE

Semiconductor

Industries

NV

28,381

50,843

Benchmark

Electronics,

Inc.

1,024,486

53,317

Blackline,

Inc.

i

4,778,803

189

Broadcom,

Ltd.

68,856

15,672

Broadridge

Financial

Solutions,

Inc.

2,068,704

4,414

CACI

International,

Inc.

i

940,888

2,530

Cadence

Design

Systems,

Inc.

i

269,774

1,600

Canon,

Inc.

26,538

233

Capgemini

SA

29,893

67,163

CDK

Global,

Inc.

2,927,635

79,768

CDW

Corporation

9,534,669

3,350

Ceridian

HCM

Holding,

Inc.

i

276,877

4,067

CGI,

Inc.

i

276,051

117,835

Change

Healthcare,

Inc.

i

1,709,786

60,771

Ciena

Corporation

i

2,412,001

220,158

Cisco

Systems,

Inc.

8,672,024

28,320

Cognex

Corporation

1,843,632

200

Computer

Engineering

&

Consulting,

Ltd.

3,103

33,703

Computer

Services,

Inc.

2,089,586

6,261

Computershare,

Ltd.

55,389

30,620

Coupa

Software,

Inc.

i

8,397,229

16,870

Cree,

Inc.

i

1,075,294

29,537

CTS

Corporation

650,700

44,782

Descartes

Systems

Group,

Inc.

i

2,551,678

348

Dialog

Semiconductor

plc

i

15,168

36,491

DocuSign,

Inc.

i

7,854,323

128,646

Dolby

Laboratories,

Inc.

8,526,657

6,837

Domo,

Inc.

i

262,062

73,973

Dropbox,

Inc.

i

1,424,720

9,764

DSP

Group,

Inc.

i

128,690

300

DTS

Corporation

6,384

80,446

Elastic

NV

i

8,679,319

38,832

Endava

plc

ADR

i

2,452,241

6,725

EPAM

Systems,

Inc.

i

2,174,058

17,632

ePlus

,

Inc.

i

1,290,662

60,311

Euronet

Worldwide,

Inc.

i

5,494,332

101,282

Eventbrite,

Inc.

h,i

1,098,910

29,738

ExlService

Holdings,

Inc.

i

1,961,816

7,153

eXp

World

Holdings,

Inc.

i

288,552

9,454

F5

Networks,

Inc.

i

1,160,668

7,200

Fair

Isaac

Corporation

i

3,062,736

39,187

Five9,

Inc.

i

5,081,770

4,173

FLIR

Systems,

Inc.

149,602

1,500

Fuji

Soft,

Inc.

77,349

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

218

Shares

Common

Stock

(27.0%)

Value

Information

Technology

(7.5%)

-

continued

4,786

Gartner,

Inc.

i

$

598,011

40,286

Global

Payments,

Inc.

7,153,988

36,328

Guidewire

Software,

Inc.

i

3,787,921

10,380

Halma

plc

313,601

47,268

Health

Catalyst,

Inc.

h,i

1,730,009

800

Hitachi,

Ltd.

27,088

600

Hoya

Corporation

67,750

14,851

II-VI,

Inc.

i

602,357

21,448

Inphi

Corporation

i

2,407,538

8,774

Intel

Corporation

454,318

7,464

InterDigital

,

Inc.

425,896

1,818

International

Business

Machines

Corporation

221,196

10,817

Intuit,

Inc.

3,528,614

300

ITOCHU

Techno-Solutions

Corporation

11,381

7,053

Jack

Henry

&

Associates,

Inc.

1,146,747

300

Japan

Material

Company,

Ltd.

4,206

39,981

Juniper

Networks,

Inc.

859,591

300

Keyence

Corporation

140,244

188

KLA-Tencor

Corporation

36,423

18,530

Lam

Research

Corporation

6,147,327

200

Lasertec

Corporation

16,440

121,427

Lattice

Semiconductor

Corporation

i

3,516,526

11,417

Littelfuse

,

Inc.

2,024,691

69,679

Lumentum

Holdings,

Inc.

i

5,234,983

7,335

Manhattan

Associates,

Inc.

i

700,419

13,029

ManTech

International

Corporation

897,438

133,746

MasterCard,

Inc.

45,228,885

8,350

MaxLinear

,

Inc.

i

194,054

118,186

Medallia

,

Inc.

h,i

3,240,660

2,241

Methode

Electronics,

Inc.

63,868

1,240

Microchip

Technology,

Inc.

127,422

488,759

Microsoft

Corporation

102,800,680

14,395

MicroStrategy

,

Inc.

i

2,167,311

58,403

MKS

Instruments,

Inc.

6,379,360

57,015

Monolithic

Power

Systems,

Inc.

15,941,964

5,420

Motorola

Solutions,

Inc.

849,910

36,683

MTS

Systems

Corporation

701,012

200

Murata

Manufacturing

Company,

Ltd.

13,005

53,662

National

Instruments

Corporation

1,915,733

4,700

NEC

Networks

&

System

Integration

Corporation

90,345

914

NetApp,

Inc.

40,070

25,074

Nice,

Ltd.

ADR

h,i

5,692,550

29,208

Nova

Measuring

Instruments,

Ltd.

i

1,522,905

15,425

Novanta

,

Inc.

i

1,624,869

200

NS

Solutions

Corporation

6,163

400

NSD

Company,

Ltd.

7,857

100

NTT

Data

Corporation

1,280

171,491

Nuance

Communications,

Inc.

i

5,691,786

63,170

NVIDIA

Corporation

34,188,867

100

OBIC

Company,

Ltd.

17,586

91,605

Oracle

Corporation

5,468,819

300

Oracle

Corporation

Japan

32,393

200

Otsuka

Corporation

10,220

20,832

Palo

Alto

Networks,

Inc.

i

5,098,632

11,380

Paychex,

Inc.

907,783

223

Paylocity

Holding

Corporation

i

35,997

126,198

PayPal

Holdings,

Inc.

i

24,864,792

19,364

Plexus

Corporation

i

1,367,679

12,432

Progress

Software

Corporation

456,006

15,754

Proofpoint

,

Inc.

i

1,662,835

30,035

Q2

Holdings,

Inc.

i

2,740,994

Shares

Common

Stock

(27.0%)

Value

Information

Technology

(7.5%)

-

continued

17,123

QAD,

Inc.

$

722,591

13,188

Qorvo

,

Inc.

i

1,701,384

27,703

QUALCOMM,

Inc.

3,260,089

3,573

Qualys

,

Inc.

i

350,190

15,580

Rogers

Corporation

i

1,527,775

700

Ryoyo

Electro

Corporation

h

19,445

659

Sage

Group

plc

6,124

81,435

SailPoint

Technologies

Holdings,

Inc.

i

3,222,383

34,329

Salesforce.com,

Inc.

i

8,627,564

2,501

Samsung

Electronics

Company,

Ltd.

GDR

3,171,078

221

SAP

SE

34,414

25,219

ScanSource

,

Inc.

i

500,093

9,446

Semtech

Corporation

i

500,260

62,083

ServiceNow

,

Inc.

i

30,110,255

11,355

Silicon

Laboratories,

Inc.

i

1,111,087

834

Skyworks

Solutions,

Inc.

121,347

1,477

Solaredge

Technology,

Ltd.

i

352,043

114,303

Square,

Inc.

i

18,579,953

153,849

STMicroelectronics

NV

ADR

h

4,721,626

38,283

Synopsys,

Inc.

i

8,191,796

12,486

TE

Connectivity,

Ltd.

1,220,382

424

Technology

One,

Ltd.

2,429

71,431

Texas

Instruments,

Inc.

10,199,632

800

TIS,

Inc.

16,992

400

Tokyo

Electron,

Ltd.

104,502

528

Tyler

Technologies,

Inc.

i

184,040

14,073

VeriSign,

Inc.

i

2,882,854

236,754

Visa,

Inc.

47,343,697

7,869

VMware,

Inc.

h,i

1,130,539

17,323

WEX,

Inc.

i

2,407,377

61,055

Workiva

,

Inc.

i

3,404,427

45

Worldline

SA

i,j

3,685

4,880

Zendesk

,

Inc.

i

502,250

30,421

Zscaler

,

Inc.

i

4,279,930

Total

768,810,226

Materials

(0.8%)

9,909

AdvanSix

,

Inc.

i

127,628

1,299

Air

Liquide

SA

205,905

2,511

Air

Products

and

Chemicals,

Inc.

747,926

3,500

Air

Water,

Inc.

47,336

24,224

AptarGroup,

Inc.

2,742,157

11,756

Avery

Dennison

Corporation

1,502,887

69,493

Axalta

Coating

Systems,

Ltd.

i

1,540,660

1,473

Balchem

Corporation

143,809

30,143

Ball

Corporation

2,505,486

2,662

BHP

Group,

Ltd.

68,769

466

Buzzi

Unicem

SPA

10,827

14,910

Cabot

Corporation

537,207

4,508

Carpenter

Technology

Corporation

81,865

4,943

Celanese

Corporation

531,125

1,528

Centamin

plc

3,989

67,735

CF

Industries

Holdings,

Inc.

2,080,142

51,478

Chemours

Company

1,076,405

37

Christian

Hansen

Holding

AS

4,107

1,233

Croda

International

plc

99,461

92,481

Eastman

Chemical

Company

7,224,616

66,728

Ecolab,

Inc.

13,334,923

143,735

Element

Solutions,

Inc.

i

1,510,655

51

EMS-CHEMIE

Holding

AG

45,822

122

Eramet

SA

i

3,079

90,800

Ferroglobe

Representation

&

Warranty

Insurance

Trust

c,i

9

4,066

FMC

Corporation

430,630

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

219

Shares

Common

Stock

(27.0%)

Value

Materials

(0.8%)

-

continued

21

Givaudan

SA

$

90,674

4,038

Granges

AB

i

36,042

6,103

Hexpol

AB

i

54,592

4,769

Hochschild

Mining

plc

i

13,448

551

Holmen

AB

20,445

86

IAMGOLD

Corporation

i

329

172

IMCD

NV

20,457

11,930

Ingevity

Corporation

i

589,819

35,374

Innospec

,

Inc.

2,239,882

318,756

Ivanhoe

Mines,

Ltd.

i

1,158,634

42,751

Kaiser

Aluminum

Corporation

2,291,026

2,210

Koninklijke

DSM

NV

363,838

4,376

Kraton

Performance

Polymers,

Inc.

i

77,980

3,200

Kyoei

Steel,

Ltd.

41,132

400

Lintec

Corporation

9,314

175,007

Louisiana-Pacific

Corporation

5,164,457

29,377

Martin

Marietta

Materials,

Inc.

6,914,171

23,832

Materion

Corporation

1,239,979

20,363

Minerals

Technologies,

Inc.

1,040,549

65,282

Myers

Industries,

Inc.

863,681

33,278

Neenah,

Inc.

1,246,927

260

Novozymes

AS

16,342

44,131

Nucor

Corporation

1,979,717

9,566

Olympic

Steel,

Inc.

108,670

12,347

PPG

Industries,

Inc.

1,507,322

24,805

Quaker

Chemical

Corporation

4,457,707

2,151

Ramelius

Resources,

Ltd.

3,249

5,371

Reliance

Steel

&

Aluminum

Company

548,057

972

Rio

Tinto

plc

58,488

1,055

Rio

Tinto,

Ltd.

72,058

8,474

RPM

International,

Inc.

701,986

38,651

Ryerson

Holding

Corporation

i

221,470

8,027

Sandfire

Resources,

Ltd.

23,722

7,246

Scotts

Miracle-

Gro

Company

1,107,986

15,352

Sensient

Technologies

Corporation

886,424

4,269

Sherwin-Williams

Company

2,974,383

100

Shin-Etsu

Chemical

Company,

Ltd.

13,085

643

Sika

AG

157,890

2,776

Silver

Lake

Resources,

Ltd.

i

4,660

63,079

Steel

Dynamics,

Inc.

1,805,952

8,900

Sumitomo

Chemical

Company,

Ltd.

29,459

1,064

Symrise

AG

146,963

500

Taiyo

Holdings

Company,

Ltd.

26,182

2,300

Toagosei

Company,

Ltd.

24,649

16,200

Toray

Industries,

Inc.

74,115

1,600

Ube

Industries,

Ltd.

27,020

25,442

UFP

Technologies,

Inc.

i

1,053,808

18,943

United

States

Lime

&

Minerals,

Inc.

1,706,764

17,766

United

States

Steel

Corporation

130,402

37,476

W.

R.

Grace

&

Company

1,509,908

148

Wacker

Chemie

AG

14,363

4,228

Worthington

Industries,

Inc.

172,418

1,306

Yara

International

ASA

50,255

Total

81,700,275

Real

Estate

(1.3%)

114,999

Agree

Realty

Corporation

7,318,536

8,402

Alexandria

Real

Estate

Equities,

Inc.

1,344,320

2,047

Allied

Properties

REIT

55,112

2,782

Alstria

Office

REIT

AG

38,685

99,234

American

Campus

Communities,

Inc.

3,465,251

Shares

Common

Stock

(27.0%)

Value

Real

Estate

(1.3%)

-

continued

49,274

American

Tower

Corporation

$

11,911,004

40,039

Apartment

Investment

&

Management

Company

1,350,115

36,293

Armada

Hoffler

Properties,

Inc.

336,073

39,464

Ascendas

REIT

94,435

10,196

Ashford

Hospitality

Trust,

Inc.

16,823

9,218

AvalonBay

Communities,

Inc.

1,376,616

1,456

BBX

Capital

Corporation

19,496

758

Bluerock

Residential

Growth

REIT,

Inc.

5,746

63,378

Camden

Property

Trust

5,639,374

31,563

CareTrust

REIT,

Inc.

561,664

2,486

Castellum

AB

56,468

131,036

CBL

&

Associates

Properties,

Inc.

i

21,110

120,151

CBRE

Group,

Inc.

i

5,643,492

117,661

Cedar

Realty

Trust,

Inc.

95,305

2,219

Choice

Properties

REIT

21,298

76

Cofinimmo

SA

11,428

24,605

Colliers

International

Group,

Inc.

1,640,907

23,207

Colony

Credit

Real

Estate,

Inc.

113,946

10,872

Columbia

Property

Trust,

Inc.

118,614

17,322

Community

Healthcare

Trust,

Inc.

809,977

18,533

Corepoint

Lodging,

Inc.

101,005

8,276

CoreSite

Realty

Corporation

983,851

9,287

CoStar

Group,

Inc.

i

7,880,112

116,389

Cushman

and

Wakefield

plc

i

1,223,248

162

CyrusOne

,

Inc.

11,345

1,000

Daito

Trust

Construction

Company,

Ltd.

88,645

9,443

Digital

Realty

Trust,

Inc.

1,385,855

21,960

Diversified

Healthcare

Trust

77,299

43,611

Douglas

Emmett,

Inc.

1,094,636

42,685

Duke

Realty

Corporation

1,575,077

16,152

EastGroup

Properties,

Inc.

2,088,938

799

Entra

ASA

h,j

11,228

18,669

EPR

Properties

513,398

19,429

Equity

Lifestyle

Properties,

Inc.

1,190,998

159,189

Essential

Properties

Realty

Trust,

Inc.

2,916,342

6,953

Essex

Property

Trust,

Inc.

1,396,093

24,520

Farmland

Partners,

Inc.

163,303

140,290

First

Industrial

Realty

Trust,

Inc.

5,583,542

22,054

FirstService

Corporation

2,908,702

107,971

Four

Corners

Property

Trust,

Inc.

2,762,978

1

Frontier

Real

Estate

Investment

Corporation

3,406

1

Fukuoka

REIT

Corporation

1,299

35,563

Gaming

and

Leisure

Properties,

Inc.

1,313,342

30,790

Getty

Realty

Corporation

800,848

15,327

Gladstone

Commercial

Corporation

258,260

2,058

Gladstone

Land

Corporation

30,911

13,890

Global

Medical

REIT,

Inc.

187,515

2,965

Granite

REIT

172,082

1

Hankyu

REIT,

Inc.

1,164

57,515

Healthcare

Realty

Trust,

Inc.

1,732,352

197,138

Host

Hotels

&

Resorts,

Inc.

2,127,119

4,000

Hysan

Development

Company,

Ltd.

12,030

46,763

Industrial

Logistics

Properties

Trust

1,022,707

9,171

Innovative

Industrial

Properties,

Inc.

1,138,213

18

Invesco

Office

J-

Reit

,

Inc.

2,494

9,806

Investors

Real

Estate

Trust

639,057

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

220

Shares

Common

Stock

(27.0%)

Value

Real

Estate

(1.3%)

-

continued

8

Japan

Hotel

REIT

Investment

Corporation

$

3,953

2

Japan

Prime

Realty

Investment

Corporation

6,205

9,087

Jones

Lang

LaSalle,

Inc.

869,262

102,211

Kilroy

Realty

Corporation

5,310,884

552

Kungsleden

AB

5,225

6,027

Lamar

Advertising

Company

398,807

103

LEG

Immobilien

AG

14,682

33,620

Lexington

Realty

Trust

351,329

10,300

Mapletree

Commercial

Trust

14,797

162,900

Medical

Properties

Trust,

Inc.

2,871,927

6,655

MGM

Growth

Properties

LLC

186,207

6

Mori

Trust

Sogo

REIT,

Inc.

7,589

4,993

National

Health

Investors,

Inc.

300,928

60,144

National

Retail

Properties,

Inc.

2,075,569

202,255

National

Storage

Affiliates

Trust

6,615,761

113,925

New

Residential

Investment

Corporation

905,704

36,491

New

Senior

Investment

Group,

Inc.

145,964

32,283

NexPoint

Residential

Trust,

Inc.

1,431,751

6

Nomura

Real

Estate

Master

Fund,

Inc.

7,517

18,132

Omega

Healthcare

Investors,

Inc.

542,872

16,058

One

Liberty

Properties,

Inc.

262,709

20,036

Physicians

Realty

Trust

358,845

6,218

Plymouth

Industrial

REIT,

Inc.

76,730

15,101

PotlatchDeltic

Corporation

635,752

38,381

Preferred

Apartment

Communities,

Inc.

207,257

1,744

PSP

Swiss

Property

AG

210,677

4,266

Quebecor,

Inc.

106,718

28,304

Rayonier,

Inc.

REIT

748,358

39,609

Realty

Income

Corporation

2,406,247

3,892

Retail

Properties

of

America,

Inc.

22,613

44,544

Rexford

Industrial

Realty,

Inc.

2,038,333

3,178

RMR

Group,

Inc.

87,300

7,000

Road

King

Infrastructure,

Ltd.

8,365

88,353

Sabra

Health

Care

REIT,

Inc.

1,217,946

12,837

SBA

Communications

Corporation

4,088,328

188,918

Service

Properties

Trust

1,501,898

52,439

Spirit

Realty

Capital,

Inc.

1,769,816

40,109

STAG

Industrial,

Inc.

1,222,923

50,032

Store

Capital

Corporation

1,372,378

190,659

Sunstone

Hotel

Investors,

Inc.

1,513,832

6,539

TAG

Immobilien

AG

197,177

12,065

Terreno

Realty

Corporation

660,679

19,169

UDR,

Inc.

625,101

20,065

UMH

Properties,

Inc.

271,680

6

United

Urban

Investment

Corporation

6,677

63,939

Uniti

Group,

Inc.

673,597

877

Universal

Health

Realty

Income

Trust

49,980

1,308

Waypoint

REIT,

Ltd.

2,556

16,800

Wing

Tai

Holdings,

Ltd.

21,471

19,626

WP

Carey,

Inc.

1,278,830

Total

131,176,895

Utilities

(0.2%)

4,378

ALLETE,

Inc.

226,518

25,274

Alliant

Energy

Corporation

1,305,402

23,340

Artesian

Resources

Corporation

804,530

12,830

Black

Hills

Corporation

686,277

69,847

CenterPoint

Energy,

Inc.

1,351,539

2,989

Chesapeake

Utilities

Corporation

251,973

Shares

Common

Stock

(27.0%)

Value

Utilities

(0.2%)

-

continued

21,158

CMS

Energy

Corporation

$

1,299,313

21,383

Consolidated

Water

Company,

Ltd.

222,597

5,245

DTE

Energy

Company

603,385

28,140

Duke

Energy

Corporation

2,492,078

3,975

Enagas

SA

91,716

1,726

Enel

SPA

14,975

35,072

Entergy

Corporation

3,455,644

3,949

Essential

Utilities,

Inc.

158,947

35,980

Exelon

Corporation

1,286,645

36,400

FirstEnergy

Corporation

1,045,044

9,771

Hawaiian

Electric

Industries,

Inc.

324,788

14,955

IDACORP,

Inc.

1,194,904

3,584

Middlesex

Water

Company

222,746

4,010

National

Fuel

Gas

Company

162,766

22,394

New

Jersey

Resources

Corporation

605,086

3,717

NextEra

Energy,

Inc.

1,031,691

272

Northland

Power,

Inc.

8,228

2,255

Northwest

Natural

Holding

Company

102,354

13,876

NorthWestern

Corporation

674,929

16,364

OGE

Energy

Corporation

490,756

12,298

Otter

Tail

Corporation

444,819

22,984

PNM

Resources,

Inc.

949,929

18,155

Portland

General

Electric

Company

644,502

3,572

South

Jersey

Industries,

Inc.

68,832

6,673

Southwest

Gas

Holdings,

Inc.

421,066

16,684

Spire,

Inc.

887,589

23,392

UGI

Corporation

771,468

10,826

Unitil

Corporation

418,317

Total

24,721,353

Total

Common

Stock

(cost

$1,951,344,023)

2,781,327,060

Shares

Collateral

Held

for

Securities

Loaned

(

0.8%

)

Value

81,046,765

Thrivent

Cash

Management

Trust

81,046,765

Total

Collateral

Held

for

Securities

Loaned

(cost

$81,046,765)

81,046,765

Shares

or

Principal

Amount

Short-Term

Investments

(

10.8%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

200,000

0.060%,

10/7/2020

o,p

199,998

24,800,000

0.071%,

10/14/2020

o,p

24,799,463

7,800,000

0.080%,

10/28/2020

o,p

7,799,649

8,300,000

0.085%,

11/4/2020

o,p

8,299,451

12,300,000

0.090%,

11/6/2020

o,p

12,299,139

900,000

0.060%,

11/10/2020

o,p

899,930

700,000

0.080%,

11/12/2020

o,p

699,943

4,300,000

0.070%,

11/18/2020

o,p

4,299,599

11,400,000

0.070%,

11/19/2020

o,p

11,398,914

7,300,000

0.055%,

11/24/2020

o,p

7,299,233

32,800,000

0.055%,

12/8/2020

o,p

32,794,424

200,000

0.055%,

12/10/2020

o,p

199,965

16,100,000

0.075%,

12/22/2020

o,p

16,096,699

700,000

0.092%,

12/28/2020

o,p

699,846

Thrivent

Core

Short-Term

Reserve

Fund

98,310,006

0.310%

983,100,062

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

221

Shares

or

Principal

Amount

Short-Term

Investments

(10.8%)

Value

U.S.

Treasury

Bills

1,600,000

0.093%,

11/19/2020

o,q

$

1,599,804

200,000

0.085%,

12/3/2020

o,q

199,965

1,800,000

0.081%,

12/10/2020

n,o,r

1,799,650

Total

Short-Term

Investments

(cost

$1,114,819,053)

1,114,485,734

Total

Investments

(cost

$9,708,648,143)

107.6%

$11,081,790,957

Other

Assets

and

Liabilities,

Net

(7.6%)

(778,021,185)

Total

Net

Assets

100.0%

$10,303,769,772

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

f

In

bankruptcy.  Interest

is

not

being

accrued.

g

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

h

All

or

a

portion

of

the

security

is

on

loan.

i

Non-income

producing

security.

j

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$390,266,846

or

3.8%

of

total

net

assets.

k

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

September

30,

2020.

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

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

n

All

or

a

portion

of

the

security

was

earmarked

to

cover

written

options.

o

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

p

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.

q

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.

r

At

September

30,

2020,

$861,832

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderate

Allocation

Portfolio

as

of

September

30,

2020

was

$468,000

or

0.0%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2020.

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

222

Security

Acquisition

Date

Cost

Windstream

Services,

LLC,

10/31/2025

1/14/2020

$

765,930

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

September

30,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

4,248,298

Common

Stock

75,379,941

Total

lending

$79,628,239

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$81,046,765

Net

amounts

due

to

counterparty

$1,418,526

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

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

FNMA

-

Federal

National

Mortgage

Association

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.

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1W

-

ICE

Libor

USD

Rate

1

Week

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

223

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

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

7,226,127

–

6,408,536

817,591

Capital

Goods

13,663,780

–

13,663,780

–

Communications

Services

35,713,670

–

33,872,582

1,841,088

Consumer

Cyclical

25,243,867

–

24,156,742

1,087,125

Consumer

Non-Cyclical

30,468,176

–

30,468,176

–

Energy

4,384,714

–

4,384,714

–

Financials

12,586,387

–

12,586,387

–

Technology

14,797,764

–

14,797,764

–

Transportation

4,880,201

–

4,880,201

–

Utilities

4,544,456

–

4,544,456

–

Registered

Investment

Companies

Unaffiliated

61,016,735

61,016,735

–

–

Affiliated

3,191,123,305

3,191,123,305

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

129,772,017

–

129,772,017

–

Basic

Materials

29,822,865

–

29,822,865

–

Capital

Goods

42,991,017

–

42,991,017

–

Collateralized

Mortgage

Obligations

110,097,486

–

107,697,486

2,400,000

Commercial

Mortgage-Backed

Securities

23,307,736

–

23,307,736

–

Communications

Services

96,399,755

–

96,399,755

–

Consumer

Cyclical

71,001,500

–

71,001,500

–

Consumer

Non-Cyclical

114,306,917

–

114,306,917

–

Energy

79,086,908

–

79,086,908

–

Financials

172,464,387

–

172,464,387

–

Mortgage-Backed

Securities

903,545,759

–

903,545,759

–

Technology

65,022,633

–

65,022,633

–

Transportation

15,044,549

–

15,044,549

–

U.S.

Government

&

Agencies

971,000,579

–

971,000,579

–

Utilities

64,150,720

–

64,150,720

–

Common

Stock

Communications

Services

185,162,658

183,917,177

1,170,482

74,999

Consumer

Discretionary

433,552,913

431,706,065

1,846,848

–

Consumer

Staples

64,510,638

63,247,027

1,263,611

–

Energy

41,635,730

40,840,685

795,045

–

Financials

277,936,117

271,105,810

6,830,307

–

Health

Care

438,686,819

435,531,885

3,154,934

–

Industrials

333,433,436

329,790,611

3,642,825

–

Information

Technology

768,810,226

763,837,248

4,972,978

–

Materials

81,700,275

78,659,895

3,040,371

9

Real

Estate

131,176,895

129,993,512

1,183,383

–

Utilities

24,721,353

24,606,434

114,919

–

Short-Term

Investments

131,385,672

–

131,385,672

–

Subtotal

Investments

in

Securities

$9,206,376,742

$6,005,376,389

$3,194,779,541

$6,220,812

Other

Investments  *

Total

Affiliated

Short-Term

Investments

983,100,062

Affiliated

Registered

Investment

Companies

811,267,388

Collateral

Held

for

Securities

Loaned

81,046,765

Subtotal

Other

Investments

$1,875,414,215

Total

Investments

at

Value

$11,081,790,957

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

224

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

1,431,417

1,431,417

–

–

Total

Asset

Derivatives

$1,431,417

$1,431,417

$–

$–

Liability

Derivatives

Futures

Contracts

16,394,307

16,394,307

–

–

Call

Options

Written

282,420

–

–

282,420

Credit

Default

Swaps

14,459

–

14,459

–

Total

Liability

Derivatives

$16,691,186

$16,394,307

$14,459

$282,420

The

following

table

presents

Moderate

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$127,786,253

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

644

December

2020

$

142,265,602

$

33,243

CBOT

5-Yr.

U.S.

Treasury

Note

712

December

2020

89,653,032

81,218

CBOT

U.S.

Long

Bond

236

December

2020

41,733,643

(

131,267)

CME

E-mini

Russell

2000

Index

32

December

2020

2,384,653

22,387

CME

E-mini

S&P

500

Index

6,080

December

2020

1,017,718,704

1,289,297

CME

E-mini

S&P

Mid-Cap

400

Index

8

December

2020

1,479,448

5,272

CME

Euro

Foreign

Exchange

Currency

498

December

2020

73,560,959

(

507,472)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

222

December

2020

50,009,596

(

767,221)

Eurex

Euro

STOXX

50

Index

2,004

December

2020

77,822,000

(

3,104,621)

ICE

mini

MSCI

EAFE

Index

2,115

December

2020

201,818,805

(

5,842,905)

ICE

US

mini

MSCI

Emerging

Markets

Index

3,195

December

2020

176,931,846

(

3,043,971)

Total

Futures

Long

Contracts

$

1,875,378,288

(

$

11,966,040)

CBOT

10-Yr.

U.S.

Treasury

Note

(198)

December

2020

(

$

27,595,711)

(

$

31,476)

CME

E-mini

Russell

2000

Index

(7,359)

December

2020

(

551,187,342)

(

2,356,638)

CME

E-mini

S&P

Mid-Cap

400

Index

(2,845)

December

2020

(

527,453,498)

(

550,052)

Ultra

10-Yr.

U.S.

Treasury

Note

(149)

December

2020

(

23,769,677)

(

58,684)

Total

Futures

Short

Contracts

(

$

1,130,006,228)

($2,996,850)

Total

Futures

Contracts

$

745,372,060

($14,962,890)

The

following

table

presents

Moderate

Allocation

Portfolio's

options

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$659,872

were

pledged

as

collateral

for

these

contracts.

Option

_

Description

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Principal

Amount

Value

Unrealized

Appreciation/

(Depreciation)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(33.50)

$

104.88

October

2020

35,135,742

(

$

48,614)

$

87,480

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(33.50)

102.78

November

2020

34,547,850

(

233,806)

(

34,900)

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Total

Options

Written

Contracts

($282,420)

$52,580

(*)  Security

is

valued

using

significant

unobservable

inputs.

Market

quotations

or

prices

were

not

readily

available

or

were

determined

to

be

unreliable.

Value

was

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

225

Counterparty:

MSC

-

Morgan

Stanley

&

Company

The

following

table

presents

Moderate

Allocation

Portfolio's

swaps

contracts

held

as

of

September

30,

2020.

Investments

totaling

$1,799,769

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

35,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2025

$

21,700,000

$

–

(

$

14,459)

(

$

14,459)

Total

Credit

Default

Swaps

$–

($14,459)

($14,459)

1

As

the

buyer

of

protection,

Moderate

Allocation

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Moderate

Allocation

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Moderate

Allocation

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

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.

Moderate

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

226

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderate

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$211,495

$33,423

$–

$245,157

24,965

2.4%

Core

Emerging

Markets

Equity*

–

49,500

–

51,612

5,060

0.5

Core

International

Equity

105,008

–

–

95,530

10,770

0.9

Core

Low

Volatility

Equity

332,941

83,999

–

418,968

34,885

4.1

Global

Stock

378,859

43,480

–

381,136

30,845

3.7

High

Yield

197,930

7,705

–

192,222

43,072

1.9

Income

609,212

17,215

–

655,120

59,057

6.3

International

Allocation

574,102

22,843

45,000

472,655

52,945

4.6

International

Index*

–

45,000

–

51,833

4,648

0.5

Large

Cap

Value

681,756

25,104

–

600,222

37,121

5.8

Limited

Maturity

Bond

335,345

5,615

–

345,010

34,365

3.3

Mid

Cap

Stock

398,223

15,239

–

393,931

21,360

3.8

Small

Cap

Stock

109,621

11,714

–

98,996

6,427

1.0

Total

Affiliated

Registered

Investment

Companies

3,934,492

4,002,392

38.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

839,897

1,507,768

1,364,021

983,100

98,310

9.5

Total

Affiliated

Short-Term

Investments

839,897

983,100

9.5

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

31,479

680,880

631,312

81,047

81,047

0.8

Total

Collateral

Held

for

Securities

Loaned

31,479

81,047

0.8

Total

Value

$4,805,868

$5,066,539

*  

Non-income

producing

security.

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$239

–

$7,922

Core

Emerging

Markets

Equity*

–

2,112

–

–

Core

International

Equity

–

(9,478)

–

–

Core

Low

Volatility

Equity

–

2,028

–

–

Global

Stock

–

(41,203)

37,198

6,281

High

Yield

–

(13,413)

–

7,701

Income

–

28,693

3,034

14,186

International

Allocation

(23,715)

(55,575)

7,793

15,050

International

Index*

–

6,833

–

–

Large

Cap

Value

–

(106,638)

13,309

11,795

Limited

Maturity

Bond

–

4,050

–

5,611

Mid

Cap

Stock

–

(19,531)

13,338

1,902

Small

Cap

Stock

–

(22,339)

11,022

692

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

(213)

(331)

–

6,202

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$77,342

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

304

Total

Affiliated

Income

from

Securities

Loaned,

Net

$304

Total

Value

$(23,928)

$(224,553)

$85,694

*  

Non-income

producing

security.

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

227

Principal

Amount

Bank

Loans

(

0.9%

)

a

Value

Basic

Materials

(0.1%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

219,938

4.756%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

210,920

Chemours

Company,

Term

Loan

362,595

1.900%, 

(LIBOR

1M

+

1.750%),

4/3/2025

b

348,998

Hexion,

Inc.,

Term

Loan

303,463

3.800%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

298,153

Innophos

Holdings,

Inc.,

Term

Loan

303,475

3.897%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b,c

300,440

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

333,775

3.410%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

318,965

Nouryon

USA,

LLC,

Term

Loan

610,721

3.151%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

590,439

Peabody

Energy

Corporation,

Term

Loan

351,000

2.897%, 

(LIBOR

1M

+

2.750%),

3/31/2025

b

136,013

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

602,420

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

599,408

PQ

Corporation,

Term

Loan

334,163

4.000%, 

(LIBOR

3M

+

3.000%),

2/7/2027

b

332,158

Total

3,135,494

Capital

Goods

(0.1%)

Advanced

Disposal

Services,

Inc.,

Term

Loan

420,918

3.000%, 

(LIBOR

1W

+

2.250%),

11/10/2023

b

419,865

Asplundh

Tree

Expert,

LLC,

Term

Loan

185,000

0.000%, 

(LIBOR

1M

+

2.500%),

9/4/2027

b,d,e

184,654

Flex

Acquisition

Company,

Inc.

Term

Loan

659,877

3.546%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

639,256

GFL

Environmental,

Inc.,

Term

Loan

511,369

4.000%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

508,557

Graham

Packaging

Company,

Inc.,

Term

Loan

300,000

4.500%, 

(LIBOR

1M

+

3.750%),

8/4/2027

b

297,876

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

470,141

3.523%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

440,465

Navistar,

Inc.,

Term

Loan

107,250

3.660%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

106,177

Principal

Amount

Bank

Loans

(0.9%)

a

Value

Capital

Goods

(0.1%)

-

continued

Reynolds

Group

Holdings,

Inc.,

Term

Loan

$

217,743

3.979%, 

(LIBOR

1M

+

2.750%),

2/5/2023

b

$

214,832

365,000

0.000%, 

(LIBOR

1M

+

3.250%),

2/16/2026

b,d,e

358,065

TransDigm,

Inc.,

Term

Loan

1,064,718

2.397%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

1,004,828

Vertiv

Group

Corporation,

Term

Loan

1,024,850

3.157%, 

(LIBOR

1M

+

3.000%),

3/2/2027

b

1,007,428

Total

5,182,003

Communications

Services

(0.2%)

Altice

France

SA,

Term

Loan

299,925

2.897%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

285,661

CenturyLink,

Inc.,

Term

Loan

714,600

2.397%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b

685,380

CommScope,

Inc.,

Term

Loan

578,539

3.397%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

562,733

Coral-US

Co-Borrower,

LLC,

Term

Loan

1,270,000

2.397%, 

(LIBOR

1M

+

2.250%),

1/31/2028

b

1,226,845

CSC

Holdings,

LLC,

Term

Loan

87,075

2.402%, 

(LIBOR

1M

+

2.250%),

7/17/2025

b

84,089

Diamond

Sports

Group,

LLC,

Term

Loan

913,039

3.400%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

704,565

Entercom

Media

Corporation,

Term

Loan

456,914

2.645%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

428,928

GCI,

LLC,

Term

Loan

680,000

0.000%, 

(LIBOR

1M

+

2.750%),

9/24/2025

b,c,d,e

674,900

Gray

Television,

Inc.,

Term

Loan

275,000

2.405%, 

(LIBOR

1M

+

2.250%),

2/7/2024

b

268,763

HCP

Acquisition,

LLC,

Term

Loan

681,085

4.000%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

676,120

iHeartCommunications,

Inc.,

Term

Loan

353,221

3.147%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

334,401

Mediacom

Illinois,

LLC,

Term

Loan

118,087

1.860%, 

(LIBOR

1W

+

1.750%),

2/15/2024

b

116,907

NEP

Group,

Inc.,

Term

Loan

707,400

3.397%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

606,419

70,000

7.147%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

54,600

Nexstar

Broadcasting,

Inc.,

Term

Loan

765,000

2.905%, 

(LIBOR

1M

+

2.750%),

9/19/2026

b

747,152

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

228

Principal

Amount

Bank

Loans

(0.9%)

a

Value

Communications

Services

(0.2%)

-

continued

Nielsen

Finance,

LLC,

Term

Loan

$

249,375

4.750%, 

(LIBOR

1M

+

3.750%),

6/4/2025

b

$

248,876

Radiate

Holdco,

LLC,

Term

Loan

1,020,000

0.000%, 

(LIBOR

1M

+

3.500%),

9/11/2026

b,d,e

1,000,875

SBA

Senior

Finance

II,

LLC,

Term

Loan

475,139

1.900%, 

(LIBOR

1M

+

1.750%),

4/11/2025

b

462,234

Terrier

Media

Buyer,

Inc.,

Term

Loan

397,000

4.397%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

386,650

169,575

4.397%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

164,700

T-Mobile

USA,

Inc.,

Term

Loan

763,088

3.147%, 

(LIBOR

1M

+

3.000%),

4/1/2027

b

761,928

TNS,

Inc.,

Term

Loan

388,012

4.150%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

384,617

WideOpenWest

Finance,

LLC,

Term

Loan

761,002

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

748,278

Windstream

Services,

LLC,

Term

Loan

799,211

0.000%, 

(PRIME

+

5.000%),

3/30/2021

b,f

481,125

Xplornet

Communications,

Inc.,

Term

Loan

394,013

4.897%, 

(LIBOR

1M

+

4.750%),

6/11/2027

b

385,888

Ziggo

Financing

Partnership,

Term

Loan

675,000

2.652%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b

648,466

Total

13,131,100

Consumer

Cyclical

(0.1%)

1011778

B.C.,

LLC,

Term

Loan

763,078

1.897%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b

730,327

Boyd

Gaming

Corporation,

Term

Loan

36,325

2.356%, 

(LIBOR

1W

+

2.250%),

9/15/2023

b

35,276

Caesars

Resort

Collection,

LLC,

Term

Loan

575,000

0.000%, 

(LIBOR

1M

+

4.500%),

7/20/2025

b,d,e

555,674

Cengage

Learning,

Inc.,

Term

Loan

280,665

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

233,954

Four

Seasons

Hotels,

Ltd.,

Term

Loan

437,500

2.147%, 

(LIBOR

1M

+

2.000%),

11/30/2023

b

424,922

Golden

Entertainment,

Inc.,

Term

Loan

936,050

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

895,098

Principal

Amount

Bank

Loans

(0.9%)

a

Value

Consumer

Cyclical

(0.1%)

-

continued

Golden

Nugget,

LLC,

Term

Loan

$

302,447

3.250%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

$

268,857

IAA,

Inc.,

Term

Loan

222,525

2.438%, 

(LIBOR

1M

+

2.250%),

6/28/2026

b,c

218,631

LCPR

Loan

Financing,

LLC,

Term

Loan

1,120,000

5.152%, 

(LIBOR

1M

+

5.000%),

10/15/2026

b

1,117,670

Michaels

Stores,

Inc.,

Term

Loan

410,000

0.000%, 

(LIBOR

1M

+

3.500%),

9/17/2027

b,c,d,e

399,750

Penn

National

Gaming,

Inc.,

Term

Loan

368,437

3.000%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

357,517

Scientific

Games

International,

Inc.,

Term

Loan

1,806,697

3.471%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

1,695,784

Staples,

Inc.,

Term

Loan

98,501

4.751%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

92,426

568,782

5.251%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

527,721

Stars

Group

Holdings

BV,

Term

Loan

536,883

3.720%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

535,058

Tenneco,

Inc.,

Term

Loan

299,787

3.147%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

269,622

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

303,800

1.897%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

292,502

Total

8,650,789

Consumer

Non-Cyclical

(0.2%)

Bausch

Health

Americas,

Inc.,

Term

Loan

758,575

3.151%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

742,615

Bellring

Brands,

LLC,

Term

Loan

180,316

6.000%, 

(LIBOR

1M

+

5.000%),

10/21/2024

b

180,392

Change

Healthcare

Holdings,

LLC,

Term

Loan

365,142

3.500%, 

(LIBOR

1M

+

2.500%),

3/1/2024

b

356,985

Chobani,

LLC,

Term

Loan

531,720

4.500%, 

(LIBOR

1M

+

3.500%),

10/10/2023

b

525,073

Dole

Food

Company,

Inc.,

Term

Loan

605,878

3.750%, 

(LIBOR

1M

+

2.750%),

4/6/2024

b,d,e

596,160

Endo

International

plc,

Term

Loan

303,203

5.000%, 

(LIBOR

3M

+

4.250%),

4/27/2024

b

288,043

Energizer

Holdings,

Inc.,

Term

Loan

217,883

2.438%, 

(LIBOR

1M

+

2.250%),

12/17/2025

b

214,070

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

229

Principal

Amount

Bank

Loans

(0.9%)

a

Value

Consumer

Non-Cyclical

(0.2%)

-

continued

Froneri

U.S.,

Inc.,

Term

Loan

$

215,000

0.000%, 

(LIBOR

1M

+

2.250%),

1/31/2027

b,d,e

$

206,170

Global

Medical

Response,

Inc.,

Term

Loan

1,519,326

4.250%, 

(LIBOR

3M

+

3.250%),

4/28/2022

b

1,513,871

53,488

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

51,705

1,395,000

0.000%, 

(LIBOR

1M

+

4.750%),

9/24/2025

b,d,e

1,362,301

IQVIA,

Inc.,

Term

Loan

174,103

1.897%, 

(LIBOR

1M

+

1.750%),

1/1/2025

b

171,528

JBS

USA

LUX

SA,

Term

Loan

801,859

2.147%, 

(LIBOR

1M

+

2.000%),

5/1/2026

b

779,006

Libbey

Glass,

Inc.,

Term

Loan

65,089

0.000%,PIK

5.750%,

(LIBOR

1M

+

5.000%),

4/9/2021

b,g,h

10,197

MPH

Acquisition

Holdings,

LLC,

Term

Loan

1,440,000

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

1,415,318

Ortho-Clinical

Diagnostics

SA,

Term

Loan

1,314,016

3.406%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

1,255,543

Plantronics,

Inc.,

Term

Loan

365,251

2.647%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

342,269

Sotera

Health

Holdings,

LLC,

Term

Loan

427,850

5.500%, 

(LIBOR

3M

+

4.500%),

12/13/2026

b

425,711

US

Foods,

Inc.,

Term

Loan

243,727

1.897%, 

(LIBOR

1M

+

1.750%),

6/27/2023

b

233,978

Total

10,670,935

Energy

(<0.1%)

BCP

Raptor

II,

LLC,

Term

Loan

439,437

4.897%, 

(LIBOR

1M

+

4.750%),

11/3/2025

b

306,143

Buckeye

Partners,

LP,

Term

Loan

488,448

2.897%, 

(LIBOR

1M

+

2.750%),

11/1/2026

b,d,e

478,679

Calpine

Corporation,

Term

Loan

537,967

2.400%, 

(LIBOR

1M

+

2.250%),

1/15/2024

b

522,791

Illuminate

Buyer,

LLC,

Term

Loan

345,000

4.147%, 

(LIBOR

1M

+

4.000%),

6/30/2027

b

341,767

Lealand

Finance

Company

BV,

Term

Loan

119,053

0.000%, 

(LIBOR

1M

+

4.000%),

6/30/2025

b

88,893

Total

1,738,273

Financials

(0.1%)

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

310,410

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

301,312

Principal

Amount

Bank

Loans

(0.9%)

a

Value

Financials

(0.1%)

-

continued

Blackstone

CQP

Holdco,

LP,

Term

Loan

$

711,000

3.725%, 

(LIBOR

3M

+

3.500%),

9/30/2024

b

$

694,825

BPR

Nimbus,

LLC,

Term

Loan

575,066

2.647%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

464,573

Delos

Finance

SARL,

Term

Loan

305,000

1.970%, 

(LIBOR

3M

+

1.750%),

10/6/2023

b

297,527

INEOS

U.S.

Finance,

LLC,

Term

Loan

243,747

2.147%, 

(LIBOR

1M

+

2.000%),

3/31/2024

b

236,366

Level

3

Financing,

Inc.,

Term

Loan

680,000

1.897%, 

(LIBOR

1M

+

1.750%),

3/1/2027

b

658,111

MoneyGram

International,

Inc.,

Term

Loan

400,016

7.000%, 

(LIBOR

3M

+

6.000%),

6/30/2023

b

389,516

Newco

Financing

Partnership,

Term

Loan

462,500

0.000%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

448,162

Northriver

Midstream

Finance,

LP,

Term

Loan

549,394

3.546%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

530,077

Tronox

Finance,

LLC,

Term

Loan

847,432

3.177%, 

(LIBOR

3M

+

3.000%),

9/22/2024

b

832,907

UPC

Financing

Partnership,

Term

Loan

462,500

0.000%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

448,163

Vericast

Corporation,

Term

Loan

153,379

5.750%, 

(LIBOR

3M

+

4.750%),

11/3/2023

b,d,e

124,985

Total

5,426,524

Technology

(0.1%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

820,629

3.761%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b,d,e

744,926

Prime

Security

Services

Borrower,

LLC,

Term

Loan

1,487,743

4.250%, 

(LIBOR

1M

+

3.250%),

9/23/2026

b

1,472,598

Rackspace

Technology

Global,

Inc.,

Term

Loan

1,307,466

4.000%, 

(LIBOR

3M

+

3.000%),

11/3/2023

b

1,281,160

SS&C

Technologies,

Inc.,

Term

Loan

442,146

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

427,409

313,522

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

303,072

215,544

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

208,539

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

230

Principal

Amount

Bank

Loans

(0.9%)

a

Value

Technology

(0.1%)

-

continued

Zayo

Group

Holdings,

Inc.,

Term

Loan

$

975,100

3.147%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

$

944,979

Total

5,382,683

Transportation

(<0.1%)

Delta

Air

Lines,

Inc.,

Term

Loan

443,888

5.750%, 

(LIBOR

3M

+

4.750%),

4/29/2023

b

442,778

Genesee

&

Wyoming,

Inc.,

Term

Loan

606,950

2.220%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

596,425

Mileage

Plus

Holdings,

LLC,

Term

Loan

335,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

340,213

SkyMiles

IP,

Ltd.,

Term

Loan

80,000

0.000%, 

(LIBOR

1M

+

3.750%),

10/20/2027

b,d,e

80,529

United

Airlines,

Inc.,

Term

Loan

228,226

1.895%, 

(LIBOR

1M

+

1.750%),

4/1/2024

b

214,722

Total

1,674,667

Utilities

(<0.1%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

130,605

2.438%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

130,170

Core

and

Main,

LP,

Term

Loan

495,975

3.750%, 

(LIBOR

3M

+

2.750%),

8/1/2024

b

484,969

EnergySolutions,

LLC,

Term

Loan

317,687

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

302,598

Pacific

Gas

&

Electric

Company,

Term

Loan

758,100

5.500%, 

(LIBOR

1M

+

4.500%),

1/1/2022

b

741,672

Talen

Energy

Supply,

LLC,

Term

Loan

247,950

3.897%, 

(LIBOR

1M

+

3.750%),

7/8/2026

b

244,437

Total

1,903,846

Total

Bank

Loans

(cost

$58,892,886)

56,896,314

Shares

Registered

Investment

Companies

(

45.4%

)

Value

Unaffiliated  (0.7%)

21,722

Health

Care

Select

Sector

SPDR

Fund

2,291,237

209,950

Invesco

Senior

Loan

ETF

4,564,313

26,599

iShares

Dow

Jones

US

Home

Construction

Index

Fund

1,506,833

25,354

ProShares

Ultra

S&P

500

i

1,862,758

96,828

SPDR

S&P

500

ETF

Trust

i

32,426,729

39,518

SPDR

S&P

Regional

Banking

ETF

1,410,002

Shares

Registered

Investment

Companies

(45.4%)

Value

Unaffiliated  (0.7%)-

continued

286

Utilities

Select

Sector

SPDR

Fund

$

16,983

Total

44,078,855

Affiliated  (44.7%)

8,951,571

Thrivent

Core

Emerging

Markets

Debt

Fund

87,904,425

4,203,788

Thrivent

Core

Emerging

Markets

Equity

Fund

j

42,878,642

21,177,134

Thrivent

Core

International

Equity

Fund

187,841,180

28,116,060

Thrivent

Core

Low

Volatility

Equity

Fund

337,673,883

33,286,811

Thrivent

Global

Stock

Portfolio

411,311,809

13,410,056

Thrivent

High

Yield

Portfolio

59,846,397

17,519,840

Thrivent

Income

Portfolio

194,347,586

54,722,469

Thrivent

International

Allocation

Portfolio

488,523,896

3,304,897

Thrivent

International

Index

Portfolio

j

36,858,860

26,680,566

Thrivent

Large

Cap

Value

Portfolio

431,406,078

10,357,404

Thrivent

Limited

Maturity

Bond

Portfolio

103,985,228

25,857,777

Thrivent

Mid

Cap

Stock

Portfolio

476,882,057

6,600,208

Thrivent

Small

Cap

Stock

Portfolio

101,663,662

Total

2,961,123,703

Total

Registered

Investment

Companies

(cost

$2,749,128,261)

3,005,202,558

Shares

Common

Stock

(

31.3%

)

Value

Communications

Services

(1.8%)

129,028

Activision

Blizzard,

Inc.

10,444,817

29,041

Alphabet,

Inc.,

Class

A

j

42,562,490

2,086

Alphabet,

Inc.,

Class

C

j

3,065,586

31,005

ANGI

Homeservices,

Inc.

j

344,000

1,527

AT&T,

Inc.

43,535

24,327

Cinemark

Holdings,

Inc.

243,270

14,095

Comcast

Corporation

652,035

5,763

Consolidated

Communications

Holdings,

Inc.

j

32,791

6,590

Discovery,

Inc.,

Class

A

i,j

143,464

4,807

DISH

Network

Corporation

j

139,547

10,441

EchoStar

Corporation

j

259,876

85,194

Facebook,

Inc.

j

22,312,309

123,979

Gannett

Company,

Inc.

161,173

6,302

Hemisphere

Media

Group,

Inc.

j

54,764

691

IAC/InterActiveCorp

j

82,768

35,565

Interpublic

Group

of

Companies,

Inc.

592,869

248,523

Live

Nation

Entertainment,

Inc.

j

13,390,419

1,598

Match

Group,

Inc.

j

176,819

24,039

Meredith

Corporation

315,392

7,793

News Corporation

108,946

5,444

Omnicom

Group,

Inc.

269,478

118,400

ORBCOMM,

Inc.

j

402,560

231,850

QuinStreet,

Inc.

j

3,672,504

16,052

RingCentral,

Inc.

j

4,408,040

7,652

Scholastic

Corporation

160,615

16,397

Take-Two

Interactive

Software,

Inc.

j

2,709,112

4,790

Twitter,

Inc.

j

213,155

321,141

Uber

Technologies,

Inc.

j

11,715,224

11,485

Verizon

Communications,

Inc.

683,243

19,564

Walt

Disney

Company

2,427,501

3,951

Windstream

Services,

LLC

Rights

c,j

37,495

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

231

Shares

Common

Stock

(31.3%)

Value

Communications

Services

(1.8%)

-

continued

3,649

Zillow

Group,

Inc.

j

$

370,519

Total

122,196,316

Consumer

Discretionary

(5.0%)

9,807

Aaron's,

Inc.

555,566

16,369

Adient

plc

j

283,675

31,918

Amazon.com,

Inc.

j

100,501,164

17,396

American

Eagle

Outfitters,

Inc.

257,635

2,125

American

Public

Education,

Inc.

j

59,904

141,173

Aptiv

plc

12,942,741

15,717

At

Home

Group,

Inc.

j

233,555

4,222

AutoNation,

Inc.

j

223,470

1,449

AutoZone,

Inc.

j

1,706,400

15,418

Beazer

Homes

USA,

Inc.

j

203,518

32,941

Bed

Bath

&

Beyond,

Inc.

i

493,456

5,425

Big

Lots,

Inc.

241,955

19,607

BJ's

Restaurants,

Inc.

577,230

1,128

Booking

Holdings,

Inc.

j

1,929,647

48,094

Bright

Horizons

Family

Solutions,

Inc.

j

7,312,212

3,260

Brunswick

Corporation

192,047

21,561

Burlington

Stores,

Inc.

j

4,443,506

15,625

Caesars

Entertainment,

Inc.

j

875,937

15,013

Camping

World

Holdings,

Inc.

446,637

26,985

Capri

Holdings,

Ltd.

j

485,730

15,617

Carnival

Corporation

237,066

347

Cavco

Industries,

Inc.

j

62,568

77,672

Cedar

Fair,

LP

2,180,253

6,423

Century

Casinos,

Inc.

j

35,198

7,784

Century

Communities,

Inc.

j

329,497

50,739

Chewy,

Inc.

i,j

2,782,019

167,292

Chico's

FAS,

Inc.

162,691

11,815

Chipotle

Mexican

Grill,

Inc.

j

14,694,434

3,260

Choice

Hotels

International,

Inc.

280,230

4,466

Churchill

Downs,

Inc.

731,620

256,567

Cooper-Standard

Holdings,

Inc.

j

3,389,250

7,445

Cracker

Barrel

Old

Country

Store,

Inc.

853,644

66,035

Crocs,

Inc.

j

2,821,675

24,549

Culp,

Inc.

304,899

2,211

D.R.

Horton,

Inc.

167,218

12,027

Dana,

Inc.

148,173

11,715

Darden

Restaurants,

Inc.

1,180,169

21,648

Dave

&

Buster's

Entertainment,

Inc.

i

328,184

5,171

Deckers

Outdoor

Corporation

j

1,137,672

10,802

Denny's

Corporation

j

108,020

25,365

Designer

Brands,

Inc.

137,732

9,693

Dick's

Sporting

Goods,

Inc.

561,031

7,853

Dine

Brands

Global,

Inc.

428,695

14,383

Domino's

Pizza,

Inc.

6,116,802

599

Dorman

Products,

Inc.

j

54,138

208,782

Duluth

Holdings,

Inc.

i,j

2,551,316

4,103

Dunkin'

Brands

Group,

Inc.

336,077

3,496

eBay,

Inc.

182,142

36,952

Emerald

Holding,

Inc.

75,382

10,694

Ethan

Allen

Interiors,

Inc.

144,797

44,885

Etsy,

Inc.

j

5,459,362

18,798

Express,

Inc.

j

11,467

12,085

Extended

Stay

America,

Inc.

144,416

66,866

Five

Below,

Inc.

j

8,491,982

10,297

Foot

Locker,

Inc.

340,110

1,733

Fox

Factory

Holding

Corporation

j

128,814

13,498

Gap,

Inc.

229,871

14,475

Genuine

Parts

Company

1,377,586

24,916

Goodyear

Tire

&

Rubber

Company

191,106

Shares

Common

Stock

(31.3%)

Value

Consumer

Discretionary

(5.0%)

-

continued

8,124

Grand

Canyon

Education,

Inc.

j

$

649,433

5,315

Harley-Davidson,

Inc.

130,430

4,746

Helen

of

Troy,

Ltd.

j

918,446

86,072

Home

Depot,

Inc.

23,903,055

2,762

Hovnanian

Enterprises,

Inc.

j

89,820

8,243

Jack

in

the

Box,

Inc.

653,752

15,058

KB

Home

578,077

31,527

Knoll,

Inc.

380,216

47,441

Kohl's

Corporation

879,082

32,577

L

Brands,

Inc.

1,036,274

20,824

Lear

Corporation

2,270,857

70,272

Leggett

&

Platt,

Inc.

2,893,098

9,045

Lithia

Motors,

Inc.

2,061,717

10,554

Lowe's

Companies,

Inc.

1,750,486

1,029

Lululemon

Athletica,

Inc.

j

338,922

48,165

Macy's,

Inc.

i

274,540

1,870

Madison

Square

Garden

Sports

Corporation

j

281,398

16,286

Marcus

Corporation

125,891

2,508

Marriott

Vacations

Worldwide

Corporation

227,751

34,535

Mattel,

Inc.

j

404,059

10,892

McDonald's

Corporation

2,390,685

97

Mercadolibre,

Inc.

j

105,001

7,606

Meritage

Homes

Corporation

j

839,626

36,882

Michaels

Companies,

Inc.

j

356,096

26,452

Miller

Industries,

Inc.

808,638

12,814

Modine

Manufacturing

Company

j

80,087

9,920

Mohawk

Industries,

Inc.

j

968,093

1,131

Netflix,

Inc.

j

565,534

123,304

NIKE,

Inc.

15,479,584

18,128

Nordstrom,

Inc.

i

216,086

37,661

Norwegian

Cruise

Line

Holdings,

Ltd.

j

644,380

1,470

NVR,

Inc.

j

6,002,186

5,279

Office

Depot,

Inc.

102,677

75,031

Ollie's

Bargain

Outlet

Holdings,

Inc.

j

6,553,958

5,997

Overstock.com,

Inc.

j

435,682

6,401

Park

Hotels

&

Resorts,

Inc.

63,946

58,632

Party

City

Holdco,

Inc.

i,j

152,443

41,836

Penn

National

Gaming,

Inc.

j

3,041,477

153,786

Planet

Fitness,

Inc.

j

9,476,293

195,860

Playa

Hotels

and

Resorts

NV

i,j

820,653

5,824

Polaris,

Inc.

549,436

2,860

Pool

Corporation

956,784

24,382

PulteGroup,

Inc.

1,128,643

6,945

PVH

Corporation

414,200

38,189

Qurate

Retail,

Inc.

274,197

2,937

Red

Robin

Gourmet

Burgers,

Inc.

j

38,651

109,173

Red

Rock

Resorts,

Inc.

1,866,858

1,060

RH

j

405,577

5,510

Royal

Caribbean

Cruises,

Ltd.

356,662

40,611

Ruth's

Hospitality

Group,

Inc.

449,158

13,516

Sally

Beauty

Holdings,

Inc.

j

117,454

3,081

SeaWorld

Entertainment,

Inc.

j

60,757

36,328

Six

Flags

Entertainment

Corporation

737,458

55,465

Skyline

Corporation

j

1,484,798

26,497

Sleep

Number

Corporation

j

1,295,968

2,963

Sony

Corporation

ADR

227,410

25,779

Standard

Motor

Products,

Inc.

1,151,032

101,329

Stoneridge,

Inc.

j

1,861,414

961

Strategic

Education,

Inc.

87,903

68,929

Taylor

Morrison

Home

Corporation

j

1,694,964

31,635

Tenneco,

Inc.

j

219,547

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

232

Shares

Common

Stock

(31.3%)

Value

Consumer

Discretionary

(5.0%)

-

continued

11,280

Tesla,

Inc.

j

$

4,839,233

151,537

Texas

Roadhouse,

Inc.

9,211,934

18,293

Thor

Industries,

Inc.

1,742,591

35,419

Toll

Brothers,

Inc.

1,723,488

16,074

TopBuild

Corporation

j

2,743,671

16,807

Tri

Pointe

Homes,

Inc.

j

304,879

1,316

Tupperware

Brands

Corporation

j

26,531

10,634

Ulta

Beauty,

Inc.

j

2,381,803

6,507

Urban

Outfitters,

Inc.

j

135,411

5,401

Vail

Resorts,

Inc.

1,155,652

1,485

Wayfair,

Inc.

j

432,150

1,737

Whirlpool

Corporation

319,417

8,224

Williams-Sonoma,

Inc.

743,779

26,741

Wingstop,

Inc.

3,654,158

4,704

Workhorse

Group,

Inc.

i,j

118,917

4,647

Wyndham

Destinations,

Inc.

142,942

3,970

YETI

Holdings,

Inc.

j

179,920

4,165

Yum!

Brands,

Inc.

380,264

72,107

Zumiez,

Inc.

j

2,006,017

Total

329,435,348

Consumer

Staples

(0.7%)

110,685

BJ's

Wholesale

Club

Holdings,

Inc.

j

4,598,962

31,874

Casey's

General

Stores,

Inc.

5,662,416

90,242

Celsius

Holdings,

Inc.

j

2,049,396

32,761

Colgate-Palmolive

Company

2,527,511

5,119

Costco

Wholesale

Corporation

1,817,245

301,099

Cott

Corporation

4,275,606

161,285

e.l.f.

Beauty,

Inc.

j

2,962,805

10,950

Hain

Celestial

Group,

Inc.

j

375,585

20,170

John

B.

Sanfilippo

&

Son,

Inc.

1,520,415

940

Kimberly-Clark

Corporation

138,800

31,659

Lamb

Weston

Holdings,

Inc.

2,098,042

2,880

McCormick

&

Company,

Inc.

559,008

1,729

Medifast,

Inc.

284,334

31,579

Monster

Beverage

Corporation

j

2,532,636

19,863

PepsiCo,

Inc.

2,753,012

7,906

Philip

Morris

International,

Inc.

592,871

15,914

Procter

&

Gamble

Company

2,211,887

6,322

Seneca

Foods

Corporation

j

225,885

5,970

Simply

Good

Foods

Company

j

131,638

7,458

TreeHouse

Foods,

Inc.

j

302,273

225,034

Turning

Point

Brands,

Inc.

6,278,449

2,668

Vector

Group,

Ltd.

25,853

10,140

Wal-Mart

Stores,

Inc.

1,418,687

Total

45,343,316

Energy

(0.4%)

64,948

Abraxas

Petroleum

Corporation

j

9,482

43,024

Antero

Midstream

Corporation

231,039

42,625

Apache

Corporation

403,659

125,539

Archrock,

Inc.

675,400

7,460

BP

plc

ADR

130,252

65,811

Centennial

Resource

Development,

Inc.

j

39,644

14,237

ChampionX

Corporation

j

113,754

9,594

Chevron

Corporation

690,768

56,329

Cimarex

Energy

Company

1,370,485

37,546

CNX

Resources

Corporation

j

354,434

28,584

Concho

Resources,

Inc.

1,261,126

2,028

ConocoPhillips

66,599

30,182

Continental

Resources,

Inc.

i

370,635

36,535

Core

Laboratories

NV

557,524

13,505

Delek

US

Holdings,

Inc.

150,311

145,564

Devon

Energy

Corporation

1,377,035

Shares

Common

Stock

(31.3%)

Value

Energy

(0.4%)

-

continued

47,636

Diamondback

Energy,

Inc.

$

1,434,796

103,173

EnLink

Midstream,

LLC

242,457

5,205

Enterprise

Products

Partners,

LP

82,187

15,181

EOG

Resources,

Inc.

545,605

73,820

EQT

Corporation

954,493

57,274

Equitrans

Midstream

Corporation

484,538

5,593

Evolution

Petroleum

Corporation

12,528

41,375

Exterran

Corporation

j

172,120

17,603

Exxon

Mobil

Corporation

604,311

54,606

Frank's

International

NV

j

84,093

63,400

Gran

Tierra

Energy,

Inc.

j

14,728

4,220

Halliburton

Company

50,851

218,372

Helmerich

&

Payne,

Inc.

3,199,150

26,016

Liberty

Oilfield

Services,

Inc.

207,868

114,484

Marathon

Oil

Corporation

468,240

4,095

Marathon

Petroleum

Corporation

120,147

52,642

McDermott

International,

Inc.

j

126,341

3,543

Nabors

Industries,

Ltd.

86,591

31,504

NexTier

Oilfield

Solutions,

Inc.

j

58,282

235,222

Nine

Energy

Service,

Inc.

j

265,801

62,856

Oceaneering

International,

Inc.

j

221,253

127,745

Patterson-UTI

Energy,

Inc.

364,073

12,844

PBF

Energy,

Inc.

73,082

6,156

PDC

Energy,

Inc.

j

76,304

19,866

Peabody

Energy

Corporation

45,692

2,924

Pioneer

Natural

Resources

Company

251,435

35,829

Plains

GP

Holdings,

LP

218,199

18,127

ProPetro

Holding

Corporation

j

73,596

81,045

QEP

Resources,

Inc.

73,167

36,800

Range

Resources

Corporation

243,616

22,606

RPC,

Inc.

j

59,680

17,592

Schlumberger,

Ltd.

273,731

85,577

SEACOR

Holdings,

Inc.

j

2,488,579

69,759

SM

Energy

Company

110,917

122,286

Southwestern

Energy

Company

j

287,372

66,646

Talos

Energy,

Inc.

j

429,867

33,427

Targa

Resources

Corporation

468,981

106,878

TechnipFMC

plc

674,400

2,222

Valero

Energy

Corporation

96,257

191,618

WPX

Energy,

Inc.

j

938,928

Total

24,486,403

Financials

(3.0%)

546

1st

Source

Corporation

16,839

4,116

Aflac,

Inc.

149,617

31,289

AG

Mortgage

Investment

Trust,

Inc.

86,358

95,661

Air

Lease

Corporation

2,814,347

4,177

Alleghany

Corporation

2,173,920

8,600

Ally

Financial,

Inc.

215,602

6,894

American

Equity

Investment

Life

Holding

Company

151,599

100,116

American

Express

Company

10,036,629

82,723

American

Financial

Group,

Inc.

5,540,787

3,077

American

International

Group,

Inc.

84,710

6,980

Ameriprise

Financial,

Inc.

1,075,688

55,413

Ameris

Bancorp

1,262,308

4,647

Aon

plc

958,676

56,391

Apollo

Commercial

Real

Estate

Finance,

Inc.

508,083

7,028

Argo

Group

International

Holdings,

Ltd.

241,974

46,211

Arthur

J.

Gallagher

&

Company

4,878,957

11,314

Artisan

Partners

Asset

Management,

Inc.

441,133

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

233

Shares

Common

Stock

(31.3%)

Value

Financials

(3.0%)

-

continued

107,007

Associated

Banc-Corp

$

1,350,428

182,430

Assured

Guaranty,

Ltd.

3,918,596

23,154

Bancorp,

Inc.

j

200,051

29,333

Bank

of

America

Corporation

706,632

5,278

Bank

of

Marin

Bancorp

152,851

70,366

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

1,567,754

24,740

BankFinancial

Corporation

178,623

31,056

Banner

Corporation

1,001,867

7,764

Berkshire

Hathaway,

Inc.

j

1,653,266

117,402

Berkshire

Hills

Bancorp,

Inc.

1,186,934

4,851

BlackRock,

Inc.

2,733,781

11,416

Blackstone

Mortgage

Trust,

Inc.

250,810

177,894

Boston

Private

Financial

Holdings,

Inc.

981,975

2,895

Bridge

Bancorp,

Inc.

50,460

178,390

Bridgewater

Bancshares,

Inc.

j

1,692,921

16,449

Brighthouse

Financial,

Inc.

j

442,643

64,559

BrightSphere

Investment

Group

832,811

37,842

Brookline

Bancorp,

Inc.

327,144

9,472

Brown

&

Brown,

Inc.

428,797

10,993

Byline

Bancorp,

Inc.

124,001

3,817

Capital

One

Financial

Corporation

274,290

215

Cboe

Global

Markets,

Inc.

18,864

30,068

Central

Pacific

Financial

Corporation

408,023

226,940

Charles

Schwab

Corporation

8,222,036

1,879

Chubb,

Ltd.

218,189

6,205

Cincinnati

Financial

Corporation

483,804

38,752

CIT

Group,

Inc.

686,298

7,759

Citigroup,

Inc.

334,490

14,933

Citizens

Financial

Group,

Inc.

377,506

15,194

Cohen

&

Steers,

Inc.

846,914

98,271

Columbia

Banking

System,

Inc.

2,343,763

1,474

Comerica,

Inc.

56,380

34,987

Community

Trust

Bancorp,

Inc.

988,733

6,128

Cullen/Frost

Bankers,

Inc.

391,886

1,601

Customers

Bancorp,

Inc.

j

17,931

1,147

Diamond

Hill

Investment

Group,

Inc.

144,889

22,338

Discover

Financial

Services

1,290,690

13,091

East

West

Bancorp,

Inc.

428,599

10,551

Ellington

Residential

Mortgage

REIT

117,116

5,189

Encore

Capital

Group,

Inc.

j

200,243

11,419

Enterprise

Financial

Services

Corporation

311,396

55,117

Essent

Group,

Ltd.

2,039,880

37,123

Evercore,

Inc.

2,430,072

595,911

Everi

Holdings,

Inc.

j

4,916,266

40,854

F.N.B.

Corporation

276,990

5,505

FactSet

Research

Systems,

Inc.

1,843,514

8,373

FBL

Financial

Group,

Inc.

403,579

3,260

Federal

Agricultural

Mortgage

Corporation

207,532

28,819

Financial

Institutions,

Inc.

443,813

10,923

First

American

Financial

Corporation

556,090

10,815

First

Bancorp

226,358

76,503

First

BanCorp

399,346

139

First

Bancshares,

Inc.

2,915

48,797

First

Busey

Corporation

775,384

2,518

First

Citizens

BancShares,

Inc.

802,688

11,214

First

Commonwealth

Financial

Corporation

86,796

60,404

First

Financial

Bancorp

725,150

18,822

First

Financial

Corporation

591,011

Shares

Common

Stock

(31.3%)

Value

Financials

(3.0%)

-

continued

100,660

First

Interstate

BancSystem,

Inc.

$

3,206,021

5,154

First

Merchants

Corporation

119,367

1,557

First

Mid-Illinois

Bancshares,

Inc.

38,847

39,766

First

Midwest

Bancorp,

Inc.

428,677

3,956

First

of

Long

Island

Corporation

58,588

18,036

First

Republic

Bank

1,967,006

6,458

Flagstar

Bancorp,

Inc.

191,351

4,294

Flushing

Financial

Corporation

45,173

178,771

Fulton

Financial

Corporation

1,667,933

32,838

Glacier

Bancorp,

Inc.

1,052,458

398

Goldman

Sachs

Group,

Inc.

79,986

47,928

Granite

Point

Mortgage

Trust,

Inc.

339,810

38,310

Great

Southern

Bancorp,

Inc.

1,387,588

44,248

Great

Western

Bancorp,

Inc.

550,888

37,773

Hamilton

Lane,

Inc.

2,439,758

106,277

Hancock

Whitney

Corporation

1,999,070

13,509

Hanmi

Financial

Corporation

110,909

27,866

Hanover

Insurance

Group,

Inc.

2,596,554

3,865

Hartford

Financial

Services

Group,

Inc.

142,464

112,936

Heartland

Financial

USA,

Inc.

3,387,515

275,565

Heritage

Commerce

Corporation

1,833,885

34,380

Hometrust

Bancshares,

Inc.

466,880

72,431

Hope

Bancorp,

Inc.

549,389

43,756

Horizon

Bancorp,

Inc.

441,498

18,308

Houlihan

Lokey,

Inc.

1,081,087

39,708

Independent

Bank

Corporation

499,130

39,798

Interactive

Brokers

Group,

Inc.

1,923,437

4,270

International

Bancshares

Corporation

111,276

16,545

J.P.

Morgan

Chase

&

Company

1,592,787

1,890

Julius

Baer

Group,

Ltd.

80,273

44,371

Kemper

Corporation

2,965,314

14,354

KeyCorp

171,243

31,475

Ladder

Capital

Corporation

224,102

14,858

Lakeland

Bancorp,

Inc.

147,837

4,833

Lincoln

National

Corporation

151,418

10,826

Loews

Corporation

376,203

223

Markel

Corporation

j

217,135

703

MarketAxess

Holdings,

Inc.

338,558

4,805

Marsh

&

McLennan

Companies,

Inc.

551,133

8,933

Mercantile

Bank

Corporation

160,973

42,292

Meridian

Bancorp,

Inc.

437,722

2,811

Meta

Financial

Group,

Inc.

54,027

3,581

MetLife,

Inc.

133,106

12,674

Midland

States

Bancorp,

Inc.

162,861

49,894

MidWestOne

Financial

Group,

Inc.

891,606

1,526

Moody's

Corporation

442,311

5,713

Morgan

Stanley

276,224

948

Morningstar,

Inc.

152,258

22,476

Mr.

Cooper

Group,

Inc.

j

501,664

11,443

MSCI,

Inc.

4,082,634

577

National

Western

Life

Group,

Inc.

105,458

14,093

Northern

Trust

Corporation

1,098,831

18,062

OFG

Bancorp

225,053

8,241

Old

Republic

International

Corporation

121,472

21,799

Old

Second

Bancorp,

Inc.

163,384

39,747

PacWest

Bancorp

678,879

1,734

Peapack-Gladstone

Financial

Corporation

26,270

7,641

Peoples

Bancorp,

Inc.

145,867

105,672

Popular,

Inc.

3,832,723

51,029

Premier

Financial

Corporation

794,777

30,465

Primerica,

Inc.

3,446,810

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

234

Shares

Common

Stock

(31.3%)

Value

Financials

(3.0%)

-

continued

55,635

Prosight

Global,

Inc.

j

$

630,901

28,939

QCR

Holdings,

Inc.

793,218

44,238

Radian

Group,

Inc.

646,317

10,529

Raymond

James

Financial,

Inc.

766,090

46,387

Redwood

Trust,

Inc.

348,830

32,340

Reinsurance

Group

of

America,

Inc.

3,078,445

31,882

S&P

Global,

Inc.

11,496,649

3,749

Safety

Insurance

Group,

Inc.

259,018

88,701

Santander

Consumer

USA

Holdings,

Inc.

1,613,471

170,573

Seacoast

Banking

Corporation

of

Florida

j

3,075,431

50,041

SEI

Investments

Company

2,538,080

22,669

Selective

Insurance

Group,

Inc.

1,167,227

477

Signature

Bank

39,586

32,260

Simmons

First

National

Corporation

511,482

4,553

Southside

Bancshares,

Inc.

111,230

34,509

Starwood

Property

Trust,

Inc.

520,741

18,310

State

Auto

Financial

Corporation

251,946

13,639

Sterling

Bancorp

143,482

11,089

SVB

Financial

Group

j

2,668,235

235,819

Synovus

Financial

Corporation

4,992,288

22,612

T.

Rowe

Price

Group,

Inc.

2,899,311

3,958

TCF

Financial

Corporation

92,459

9,468

Territorial

Bancorp,

Inc.

191,538

6,674

Texas

Capital

Bancshares,

Inc.

j

207,762

28,693

TMX

Group,

Ltd.

2,950,861

493

Torchmark

Corporation

39,391

8,327

Towne

Bank

136,563

43,543

TPG

RE

Finance

Trust,

Inc.

368,374

18,227

TriCo

Bancshares

446,379

103,966

Triumph

Bancorp,

Inc.

j

3,237,501

4,568

Truist

Financial

Corporation

173,812

57,965

TrustCo

Bank

Corporation

302,577

41,388

Two

Harbors

Investment

Corporation

210,665

22,021

United

Bankshares,

Inc.

472,791

3,138

Univest

Financial

Corporation

45,093

58,445

Valley

National

Bancorp

400,348

3,661

Walker

&

Dunlop,

Inc.

194,033

2,206

Washington

Federal,

Inc.

46,017

12,499

Washington

Trust

Bancorp,

Inc.

383,219

59,016

Webster

Financial

Corporation

1,558,613

11,918

Wells

Fargo

&

Company

280,192

13,168

WesBanco,

Inc.

281,268

118,064

Western

Alliance

Bancorp

3,733,184

72,776

Western

Asset

Mortgage

Capital

Corporation

148,463

1,387

Westwood

Holdings

Group,

Inc.

15,451

51,116

Wintrust

Financial

Corporation

2,047,196

23,842

Zions

Bancorporations

NA

696,663

Total

195,988,845

Health

Care

(5.0%)

26,963

Abbott

Laboratories

2,934,383

7,262

AbbVie,

Inc.

636,079

4,579

Acadia

Healthcare

Company,

Inc.

j

134,989

168,752

ACADIA

Pharmaceuticals,

Inc.

j

6,961,020

2,635

Acceleron

Pharma,

Inc.

j

296,517

40,842

ADMA

Biologics,

Inc.

j

97,612

18,401

Adverum

Biotechnologies,

Inc.

j

189,530

17,151

Agile

Therapeutics,

Inc.

i,j

52,139

25,626

Agilent

Technologies,

Inc.

2,586,688

57,588

Agios

Pharmaceuticals,

Inc.

j

2,015,580

Shares

Common

Stock

(31.3%)

Value

Health

Care

(5.0%)

-

continued

23,747

Akebia

Therapeutics,

Inc.

j

$

59,605

1,378

Alexion

Pharmaceuticals,

Inc.

j

157,685

930

Align

Technology,

Inc.

j

304,445

8,799

Alkermes

plc

j

145,799

9,033

AmerisourceBergen

Corporation

875,478

36,389

Amgen,

Inc.

9,248,628

52,992

AMN

Healthcare

Services,

Inc.

j

3,097,912

16,674

AnaptysBio,

Inc.

j

245,941

9,683

Anavex

Life

Sciences

Corporation

i,j

44,058

1,988

Anthem,

Inc.

533,957

15,788

Arena

Pharmaceuticals,

Inc.

j

1,180,784

17,958

Argenx

SE

ADR

j

4,714,334

5,229

Assembly

Biosciences,

Inc.

j

85,965

11,175

Atara

Biotherapeutics,

Inc.

j

144,828

473

Atrion

Corporation

296,098

3,008

AVROBIO,

Inc.

j

39,164

68,039

Axonics

Modulation

Technologies,

Inc.

i,j

3,472,711

2,524

Axsome

Therapeutics,

Inc.

j

179,835

10,992

Baxter

International,

Inc.

883,977

4,486

Becton,

Dickinson

and

Company

1,043,802

637

Biogen,

Inc.

j

180,704

75,219

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

j

4,889,987

3,641

Bio-Rad

Laboratories,

Inc.

j

1,876,790

27,664

Bio-Techne

Corporation

6,853,203

6,184

Bluebird

Bio,

Inc.

j

333,627

4,200

Bruker

Corporation

166,950

8,042

Cantel

Medical

Corporation

353,365

120,161

Catalent,

Inc.

j

10,292,991

3,987

Centene

Corporation

j

232,562

79,387

Cerner

Corporation

5,738,886

10,635

Charles

River

Laboratories

International,

Inc.

j

2,408,296

3,832

Chemed

Corporation

1,840,701

1,427

Cigna

Holding

Company

241,748

13,109

Clovis

Oncology,

Inc.

i,j

76,425

27,623

CryoLife,

Inc.

j

510,197

2,533

CVS

Health

Corporation

147,927

18,582

CytomX

Therapeutics,

Inc.

j

123,570

5,871

Danaher

Corporation

1,264,202

2,800

Deciphera

Pharmaceuticals,

Inc.

j

143,640

14,878

Dexcom,

Inc.

j

6,133,158

29,859

Dynavax

Technologies

Corporation

j

128,991

7,907

Editas

Medicine,

Inc.

j

221,870

112,675

Edwards

Lifesciences

Corporation

j

8,993,718

10,391

Eli

Lilly

and

Company

1,538,076

1,235

Encompass

Health

Corporation

80,250

7,832

Gilead

Sciences,

Inc.

494,904

3,680

GlaxoSmithKline

plc

ADR

138,515

20,041

Global

Blood

Therapeutics,

Inc.

j

1,105,061

85,558

Guardant

Health,

Inc.

j

9,563,673

13,863

Haemonetics

Corporation

j

1,209,547

159,596

Halozyme

Therapeutics,

Inc.

j

4,194,183

1,379

HCA

Healthcare,

Inc.

171,934

3,314

HealthStream,

Inc.

j

66,512

23,288

Hill-Rom

Holdings,

Inc.

1,944,781

17,936

Humana,

Inc.

7,423,531

130

ICU

Medical,

Inc.

j

23,759

1,094

IDEXX

Laboratories,

Inc.

j

430,062

31,850

ImmunoGen,

Inc.

j

114,660

2,920

Incyte

Corporation

j

262,041

7,581

Insmed,

Inc.

j

243,653

39,022

Inspire

Medical

Systems,

Inc.

j

5,035,789

20,071

Insulet

Corporation

j

4,748,598

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

235

Shares

Common

Stock

(31.3%)

Value

Health

Care

(5.0%)

-

continued

20,559

Intuitive

Surgical,

Inc.

j

$

14,587,433

16,407

Invitae

Corporation

i,j

711,243

9,667

Iovance

Biotherapeutics,

Inc.

j

318,238

12,431

IQVIA

Holding,

Inc.

j

1,959,499

1,860

Jazz

Pharmaceuticals,

Inc.

j

265,217

37,185

Johnson

&

Johnson

5,536,103

5,282

Laboratory

Corporation

of

America

Holdings

j

994,442

96,843

LHC

Group,

Inc.

j

20,584,948

13,194

Ligand

Pharmaceuticals,

Inc.

i,j

1,257,652

10,294

MacroGenics,

Inc.

j

259,306

836

Masimo

Corporation

j

197,346

31,293

Medtronic

plc

3,251,969

18,308

Merck

&

Company,

Inc.

1,518,649

6,859

Mersana

Therapeutics,

Inc.

j

127,715

6,514

Mesa

Laboratories,

Inc.

i

1,659,507

2,102

Mettler-Toledo

International,

Inc.

j

2,030,006

1,082

Mirati

Therapeutics,

Inc.

j

179,666

12,264

Molina

Healthcare,

Inc.

j

2,244,803

25,196

MyoKardia,

Inc.

j

3,434,971

9,505

Myovant

Sciences,

Ltd.

j

133,545

76,948

Natera,

Inc.

j

5,558,724

19,418

National

Healthcare

Corporation

1,209,936

4,136

Nektar

Therapeutics

j

68,616

3,915

Neogen

Corporation

j

306,349

8,617

Neurocrine

Biosciences,

Inc.

j

828,611

55,364

Nevro

Corporation

j

7,712,205

72,842

Novo

Nordisk

AS

ADR

5,057,420

257,987

Optinose,

Inc.

j

1,006,149

7,293

Orthifix

Medical,

Inc.

j

227,104

9,004

PerkinElmer,

Inc.

1,130,092

2,440

Pfizer,

Inc.

89,548

40,925

PRA

Health

Sciences,

Inc.

j

4,151,432

4,367

Precision

BioSciences,

Inc.

j

26,901

7,048

Quest

Diagnostics,

Inc.

806,926

615

Quidel

Corporation

j

134,919

2,830

Reata

Pharmaceuticals,

Inc.

j

275,699

24,259

Repligen

Corporation

j

3,579,173

983

Replimune

Group,

Inc.

j

22,629

14,073

Retrophin,

Inc.

j

259,788

11,113

Sage

Therapeutics,

Inc.

j

679,227

9,098

Sarepta

Therapeutics,

Inc.

j

1,277,632

84,337

Silk

Road

Medical,

Inc.

j

5,668,290

23,411

Spectrum

Pharmaceuticals,

Inc.

j

95,517

1,126

STERIS

plc

198,390

41,139

Stryker

Corporation

8,572,133

1,770

Surmodics,

Inc.

j

68,871

66,992

Syneos

Health,

Inc.

j

3,561,295

144,322

Tactile

Systems

Technology,

Inc.

j

5,280,742

19,759

Teladoc

Health,

Inc.

i,j

4,331,963

19,675

Teleflex,

Inc.

6,697,763

14,263

Tenet

Healthcare

Corporation

j

349,586

31,778

Thermo

Fisher

Scientific,

Inc.

14,030,623

10,459

Tilray,

Inc.

i,j

50,726

4,216

U.S.

Physical

Therapy,

Inc.

366,286

2,492

uniQure

B.V.

j

91,780

3,661

United

Therapeutics

Corporation

j

369,761

14,983

UnitedHealth

Group,

Inc.

4,671,250

1,291

Universal

Health

Services,

Inc.

138,163

104,799

VBI

Vaccines,

Inc.

i,j

299,725

63,590

Veeva

Systems,

Inc.

j

17,880,872

32,898

Vertex

Pharmaceuticals,

Inc.

j

8,952,204

3,321

Viking

Therapeutics,

Inc.

j

19,328

4,164

Waters

Corporation

j

814,812

1,056

West

Pharmaceutical

Services,

Inc.

290,294

Shares

Common

Stock

(31.3%)

Value

Health

Care

(5.0%)

-

continued

994

Zimmer

Biomet

Holdings,

Inc.

$

135,323

100,671

Zoetis,

Inc.

16,647,963

24,409

Zymeworks,

Inc.

j

1,136,971

Total

330,984,549

Industrials

(3.9%)

3,082

3M

Company

493,675

55,791

A.O.

Smith

Corporation

2,945,765

1,548

Acuity

Brands,

Inc.

158,438

10,011

AECOM

j

418,860

12,220

Aegion

Corporation

j

172,669

75,998

Aerojet

Rocketdyne

Holdings,

Inc.

j

3,031,560

30,612

AGCO

Corporation

2,273,553

19,240

Allegion

plc

1,903,028

176,278

Altra

Industrial

Motion

Corporation

6,516,998

16,477

American

Airlines

Group,

Inc.

i

202,502

49,241

AMETEK,

Inc.

4,894,555

11,720

Arconic,

Inc.

195,958

132,612

ASGN,

Inc.

j

8,428,819

5,670

Avis

Budget

Group,

Inc.

j

149,234

50,366

AZZ,

Inc.

1,718,488

5,778

Bloom

Energy

Corporation

j

103,831

6,152

Boeing

Company

1,016,680

32,280

BWX

Technologies,

Inc.

1,817,687

5,162

Carlisle

Companies,

Inc.

631,674

7,371

Carrier

Global

Corporation

225,110

73,215

CBIZ,

Inc.

j

1,674,427

52,652

Chart

Industries,

Inc.

j

3,699,856

3,752

Cintas

Corporation

1,248,778

25,091

Copart,

Inc.

j

2,638,570

8,226

CRA

International,

Inc.

308,228

51,861

Crane

Company

2,599,792

30,107

CSW

Industrials,

Inc.

2,325,766

1,730

CSX

Corporation

134,369

76,808

Curtiss-Wright

Corporation

7,163,114

4,912

Delta

Air

Lines,

Inc.

150,209

7,647

Douglas

Dynamics,

Inc.

261,527

7,126

Eaton

Corporation

plc

727,066

42,146

EMCOR

Group,

Inc.

2,853,706

34,909

Emerson

Electric

Company

2,288,983

22,158

Encore

Wire

Corporation

1,028,574

18,050

Expeditors

International

of

Washington,

Inc.

1,633,886

243

Exponent,

Inc.

17,503

42,701

Fluor

Corporation

376,196

38,148

Forrester

Research,

Inc.

j

1,250,873

82,403

Forward

Air

Corporation

4,728,284

30,933

FuelCell

Energy,

Inc.

i,j

66,197

13,022

Generac

Holdings,

Inc.

j

2,521,580

16,762

General

Dynamics

Corporation

2,320,364

17,264

Gorman-Rupp

Company

508,597

1,579

Heico

Corporation

165,258

57,980

Helios

Technologies,

Inc.

2,110,472

65,229

Honeywell

International,

Inc.

10,737,346

21,982

Hubbell,

Inc.

3,008,017

6,741

ICF

International,

Inc.

414,774

47,613

IDEX

Corporation

8,685,087

8,376

Illinois

Tool

Works,

Inc.

1,618,327

4,266

JB

Hunt

Transport

Services,

Inc.

539,137

7,096

Johnson

Controls

International

plc

289,872

1,005

Kansas

City

Southern

181,734

258

L3Harris

Technologies,

Inc.

43,819

28,370

Landstar

System,

Inc.

3,560,151

14,202

Lennox

International,

Inc.

3,871,607

106,430

Lincoln

Electric

Holdings,

Inc.

9,795,817

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

236

Shares

Common

Stock

(31.3%)

Value

Industrials

(3.9%)

-

continued

9,324

Linde

Public

Limited

Company

$

2,220,324

23,142

Lockheed

Martin

Corporation

8,869,866

68,187

Manpower,

Inc.

5,000,153

5,655

Masonite

International

Corporation

j

556,452

56,797

Mercury

Systems,

Inc.

j

4,399,496

371,479

Meritor,

Inc.

j

7,778,770

82,522

Middleby

Corporation

j

7,403,049

11,440

MSC

Industrial

Direct

Company,

Inc.

723,923

33,754

NAPCO

Security

Technologies,

Inc.

j

793,219

12,083

Nordson

Corporation

2,317,761

29,445

Norfolk

Southern

Corporation

6,300,936

4,197

Nutrien,

Ltd.

164,648

24,658

Old

Dominion

Freight

Line,

Inc.

4,461,125

1,678

Otis

Worldwide

Corporation

104,741

11,026

Parker-Hannifin

Corporation

2,231,001

16,968

Quad/Graphics,

Inc.

51,413

133,744

Raven

Industries,

Inc.

2,878,171

3,365

Raytheon

Technologies

Corporation

193,622

23,876

Regal-Beloit

Corporation

2,241,240

2,353

Republic

Services,

Inc.

219,653

135,088

Ritchie

Brothers

Auctioneers,

Inc.

8,003,964

11,210

Rockwell

Automation,

Inc.

2,473,823

10,024

Roper

Industries,

Inc.

3,960,583

7,353

Ryder

System,

Inc.

310,591

49,435

Saia,

Inc.

j

6,235,731

14,476

Simpson

Manufacturing

Company,

Inc.

1,406,488

18,028

SiteOne

Landscape

Supply,

Inc.

j

2,198,515

6,211

Snap-On,

Inc.

913,824

90,454

Southwest

Airlines

Company

3,392,025

1,772

SP

Plus

Corporation

j

31,807

2,700

Spirit

Aerosystems

Holdings,

Inc.

51,057

6,253

Spirit

Airlines,

Inc.

j

100,673

4,645

SPX

FLOW,

Inc.

j

198,899

46,496

Standex

International

Corporation

2,752,563

152,113

Summit

Materials,

Inc.

j

2,515,949

6,448

Teledyne

Technologies,

Inc.

j

2,000,234

7,179

Thermon

Group

Holdings,

Inc.

j

80,620

3,589

Timken

Company

194,596

28,490

Toro

Company

2,391,735

76,418

Trex

Company,

Inc.

j

5,471,529

67,944

TriMas

Corporation

j

1,549,123

6,918

UniFirst

Corporation

1,310,062

11,568

Union

Pacific

Corporation

2,277,392

18,164

United

Airlines

Holdings,

Inc.

j

631,199

384

United

Parcel

Service,

Inc.

63,986

39,975

United

Rentals,

Inc.

j

6,975,637

35,657

Valmont

Industries,

Inc.

4,427,886

17,736

Verisk

Analytics,

Inc.

3,286,658

12,601

Waste

Connections,

Inc.

1,307,984

9,898

Watsco,

Inc.

2,305,145

115,294

Willdan

Group,

Inc.

j

2,941,150

13,212

XPO

Logistics,

Inc.

j

1,118,528

Total

256,636,466

Information

Technology

(8.9%)

16,577

Accenture

plc

3,746,236

41,533

Adobe,

Inc.

j

20,369,029

11,298

ADTRAN,

Inc.

115,861

25,288

Advanced

Energy

Industries,

Inc.

j

1,591,627

3,406

Advanced

Micro

Devices,

Inc.

j

279,258

102,212

Agilysys,

Inc.

j

2,469,442

2,530

Akamai

Technologies,

Inc.

j

279,666

Shares

Common

Stock

(31.3%)

Value

Information

Technology

(8.9%)

-

continued

21,458

Alliance

Data

Systems

Corporation

$

900,807

5,254

American

Software,

Inc.

73,766

76,684

Amphenol

Corporation

8,302,577

2,390

Analog

Devices,

Inc.

279,009

98,096

Anaplan,

Inc.

j

6,138,848

5,858

ANSYS,

Inc.

j

1,916,913

675,086

Apple,

Inc.

78,181,710

6,202

Aspen

Technology,

Inc.

j

785,111

16,849

Atlassian

Corporation

plc

j

3,062,980

3,173

Automatic

Data

Processing,

Inc.

442,602

45,146

Avalara,

Inc.

j

5,748,892

11,801

Avnet,

Inc.

304,938

33,146

Bandwidth,

Inc.

j

5,786,297

36,111

Benchmark

Electronics,

Inc.

727,637

70,173

Blackline,

Inc.

j

6,289,606

112

Broadcom,

Ltd.

40,804

11,440

Broadridge

Financial

Solutions,

Inc.

1,510,080

2,916

CACI

International,

Inc.

j

621,575

1,537

Cadence

Design

Systems,

Inc.

j

163,890

51,253

CDK

Global,

Inc.

2,234,118

62,705

CDW

Corporation

7,495,129

3,121

Ceridian

HCM

Holding,

Inc.

j

257,951

187,376

Change

Healthcare,

Inc.

j

2,718,826

50,260

Ciena

Corporation

j

1,994,819

45,518

Cisco

Systems,

Inc.

1,792,954

33,413

Cognex

Corporation

2,175,186

53,593

Computer

Services,

Inc.

3,322,766

29,722

Coupa

Software,

Inc.

j

8,150,961

15,714

Cree,

Inc.

j

1,001,610

21,814

CTS

Corporation

480,562

53,113

Descartes

Systems

Group,

Inc.

j

3,026,379

30,530

DocuSign,

Inc.

j

6,571,277

130,491

Dolby

Laboratories,

Inc.

8,648,943

4,503

Domo,

Inc.

j

172,600

7,265

Dropbox,

Inc.

j

139,924

6,439

DSP

Group,

Inc.

j

84,866

67,336

Elastic

NV

j

7,264,881

45,761

Endava

plc

ADR

j

2,889,807

5,628

EPAM

Systems,

Inc.

j

1,819,420

13,411

ePlus,

Inc.

j

981,685

59,395

Euronet

Worldwide,

Inc.

j

5,410,884

119,464

Eventbrite,

Inc.

i,j

1,296,184

20,592

ExlService

Holdings,

Inc.

j

1,358,454

5,152

eXp

World

Holdings,

Inc.

j

207,832

7,751

F5

Networks,

Inc.

j

951,590

4,878

Fair

Isaac

Corporation

j

2,075,004

46,225

Five9,

Inc.

j

5,994,458

2,791

FLIR

Systems,

Inc.

100,057

3,086

Gartner,

Inc.

j

385,596

33,713

Global

Payments,

Inc.

5,986,755

34,465

Guidewire

Software,

Inc.

j

3,593,666

55,755

Health

Catalyst,

Inc.

i,j

2,040,633

13,834

II-VI,

Inc.

j

561,107

25,305

Inphi

Corporation

j

2,840,486

5,333

Intel

Corporation

276,143

6,952

InterDigital,

Inc.

396,681

1,107

International

Business

Machines

Corporation

134,689

6,579

Intuit,

Inc.

2,146,136

5,669

Jack

Henry

&

Associates,

Inc.

921,723

26,408

Juniper

Networks,

Inc.

567,772

175

KLA-Tencor

Corporation

33,904

14,056

Lam

Research

Corporation

4,663,078

161,072

Lattice

Semiconductor

Corporation

j

4,664,645

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

237

Shares

Common

Stock

(31.3%)

Value

Information

Technology

(8.9%)

-

continued

14,633

Littelfuse,

Inc.

$

2,595,016

68,222

Lumentum

Holdings,

Inc.

j

5,125,519

4,846

Manhattan

Associates,

Inc.

j

462,745

8,606

ManTech

International

Corporation

592,781

99,042

MasterCard,

Inc.

33,493,033

5,507

MaxLinear,

Inc.

j

127,983

139,273

Medallia,

Inc.

i,j

3,818,866

2,091

Methode

Electronics,

Inc.

59,593

1,155

Microchip

Technology,

Inc.

118,688

335,882

Microsoft

Corporation

70,646,061

9,666

MicroStrategy,

Inc.

j

1,455,313

58,534

MKS

Instruments,

Inc.

6,393,669

53,508

Monolithic

Power

Systems,

Inc.

14,961,372

4,144

Motorola

Solutions,

Inc.

649,821

26,568

MTS

Systems

Corporation

507,714

85,331

National

Instruments

Corporation

3,046,317

844

NetApp,

Inc.

37,001

15,316

Nice,

Ltd.

ADR

i,j

3,477,191

34,458

Nova

Measuring

Instruments,

Ltd.

j

1,796,640

18,198

Novanta,

Inc.

j

1,916,977

86,370

Nuance

Communications,

Inc.

j

2,866,620

47,929

NVIDIA

Corporation

25,940,133

36,112

Oracle

Corporation

2,155,886

17,435

Palo

Alto

Networks,

Inc.

j

4,267,216

6,922

Paychex,

Inc.

552,168

147

Paylocity

Holding

Corporation

j

23,729

96,182

PayPal

Holdings,

Inc.

j

18,950,739

30,791

Plexus

Corporation

j

2,174,768

8,212

Progress

Software

Corporation

301,216

18,586

Proofpoint,

Inc.

j

1,961,752

35,425

Q2

Holdings,

Inc.

j

3,232,885

13,424

QAD,

Inc.

566,493

11,039

Qorvo,

Inc.

j

1,424,141

2,197

QUALCOMM,

Inc.

258,543

2,353

Qualys,

Inc.

j

230,618

18,382

Rogers

Corporation

j

1,802,539

96,079

SailPoint

Technologies

Holdings,

Inc.

j

3,801,846

26,241

Salesforce.com,

Inc.

j

6,594,888

200

Samsung

Electronics

Company,

Ltd.

GDR

253,585

16,658

ScanSource,

Inc.

j

330,328

7,639

Semtech

Corporation

j

404,561

49,026

ServiceNow,

Inc.

j

23,777,610

7,501

Silicon

Laboratories,

Inc.

j

733,973

495

Skyworks

Solutions,

Inc.

72,023

974

Solaredge

Technology,

Ltd.

j

232,153

87,769

Square,

Inc.

j

14,266,851

128,761

STMicroelectronics

NV

ADR

i

3,951,675

28,722

Synopsys,

Inc.

j

6,145,934

11,631

TE

Connectivity,

Ltd.

1,136,814

28,849

Texas

Instruments,

Inc.

4,119,349

492

Tyler

Technologies,

Inc.

j

171,492

11,209

VeriSign,

Inc.

j

2,296,164

179,029

Visa,

Inc.

35,800,429

626

VMware,

Inc.

i,j

89,937

14,501

WEX,

Inc.

j

2,015,204

78,639

Workiva,

Inc.

j

4,384,911

3,224

Zendesk,

Inc.

j

331,814

25,452

Zscaler,

Inc.

j

3,580,842

Total

592,445,431

Materials

(0.9%)

9,244

AdvanSix,

Inc.

j

119,063

1,526

Air

Products

and

Chemicals,

Inc.

454,534

16,918

AptarGroup,

Inc.

1,915,118

Shares

Common

Stock

(31.3%)

Value

Materials

(0.9%)

-

continued

7,765

Avery

Dennison

Corporation

$

992,678

5,497

Axalta

Coating

Systems,

Ltd.

j

121,868

966

Balchem

Corporation

94,311

2,959

Ball

Corporation

245,952

11,075

Cabot

Corporation

399,032

4,217

Carpenter

Technology

Corporation

76,581

4,604

Celanese

Corporation

494,700

5,366

CF

Industries

Holdings,

Inc.

164,790

42,498

Chemours

Company

888,633

43,610

Eastman

Chemical

Company

3,406,813

48,831

Ecolab,

Inc.

9,758,387

228,561

Element

Solutions,

Inc.

j

2,402,176

57,670

Ferroglobe

Representation

&

Warranty

Insurance

Trust

c,j

6

3,794

FMC

Corporation

401,822

8,747

Ingevity

Corporation

j

432,452

26,487

Innospec,

Inc.

1,677,157

537,106

Ivanhoe

Mines,

Ltd.

j

1,952,306

32,255

Kaiser

Aluminum

Corporation

1,728,545

4,093

Kraton

Performance

Polymers,

Inc.

j

72,937

243,054

Louisiana-Pacific

Corporation

7,172,523

22,583

Martin

Marietta

Materials,

Inc.

5,315,135

16,832

Materion

Corporation

875,769

15,389

Minerals

Technologies,

Inc.

786,378

43,699

Myers

Industries,

Inc.

578,138

25,697

Neenah,

Inc.

962,867

10,138

Nucor

Corporation

454,791

6,008

Olympic

Steel,

Inc.

68,251

11,501

PPG

Industries,

Inc.

1,404,042

23,422

Quaker

Chemical

Corporation

4,209,168

3,514

Reliance

Steel

&

Aluminum

Company

358,568

5,597

RPM

International,

Inc.

463,655

24,265

Ryerson

Holding

Corporation

j

139,038

4,770

Scotts

Miracle-Gro

Company

729,381

11,804

Sensient

Technologies

Corporation

681,563

2,596

Sherwin-Williams

Company

1,808,737

17,303

Steel

Dynamics,

Inc.

495,385

40,458

UFP

Technologies,

Inc.

j

1,675,770

30,123

United

States

Lime

&

Minerals,

Inc.

2,714,082

16,549

United

States

Steel

Corporation

121,470

53,286

W.

R.

Grace

&

Company

2,146,893

3,938

Worthington

Industries,

Inc.

160,592

Total

61,122,057

Real

Estate

(1.5%)

97,416

Agree

Realty

Corporation

6,199,554

817

Alexandria

Real

Estate

Equities,

Inc.

130,720

99,952

American

Campus

Communities,

Inc.

3,490,324

37,888

American

Tower

Corporation

9,158,666

27,997

Apartment

Investment

&

Management

Company

944,059

24,932

Armada

Hoffler

Properties,

Inc.

230,870

7,687

Ashford

Hospitality

Trust,

Inc.

12,684

729

AvalonBay

Communities,

Inc.

108,869

1,277

BBX

Capital

Corporation

17,099

496

Bluerock

Residential

Growth

REIT,

Inc.

3,760

36,832

Camden

Property

Trust

3,277,311

24,905

CareTrust

REIT,

Inc.

443,184

82,218

CBL

&

Associates

Properties,

Inc.

j

13,245

82,627

CBRE

Group,

Inc.

j

3,880,990

86,002

Cedar

Realty

Trust,

Inc.

69,662

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

238

Shares

Common

Stock

(31.3%)

Value

Real

Estate

(1.5%)

-

continued

39,127

Colliers

International

Group,

Inc.

$

2,609,380

15,248

Colony

Credit

Real

Estate,

Inc.

74,868

10,127

Columbia

Property

Trust,

Inc.

110,486

11,762

Community

Healthcare

Trust,

Inc.

549,991

11,629

Corepoint

Lodging,

Inc.

63,378

9,764

CoreSite

Realty

Corporation

1,160,744

7,779

CoStar

Group,

Inc.

j

6,600,559

137,153

Cushman

and

Wakefield

plc

j

1,441,478

107

CyrusOne,

Inc.

7,493

927

Digital

Realty

Trust,

Inc.

136,046

24,258

Diversified

Healthcare

Trust

85,388

4,238

Douglas

Emmett,

Inc.

106,374

4,149

Duke

Realty

Corporation

153,098

10,379

EastGroup

Properties,

Inc.

1,342,316

14,611

EPR

Properties

401,802

15,408

Equity

Lifestyle

Properties,

Inc.

944,510

113,215

Essential

Properties

Realty

Trust,

Inc.

2,074,099

5,210

Essex

Property

Trust,

Inc.

1,046,116

15,385

Farmland

Partners,

Inc.

102,464

99,447

First

Industrial

Realty

Trust,

Inc.

3,957,991

26,013

FirstService

Corporation

3,430,855

74,646

Four

Corners

Property

Trust,

Inc.

1,910,191

23,487

Gaming

and

Leisure

Properties,

Inc.

867,375

21,762

Getty

Realty

Corporation

566,030

11,009

Gladstone

Commercial

Corporation

185,502

1,361

Gladstone

Land

Corporation

20,442

9,144

Global

Medical

REIT,

Inc.

123,444

63,548

Healthcare

Realty

Trust,

Inc.

1,914,066

17,488

Host

Hotels

&

Resorts,

Inc.

188,696

34,440

Industrial

Logistics

Properties

Trust

753,203

7,227

Innovative

Industrial

Properties,

Inc.

896,943

6,861

Investors

Real

Estate

Trust

447,131

8,465

Jones

Lang

LaSalle,

Inc.

809,762

76,331

Kilroy

Realty

Corporation

3,966,159

3,981

Lamar

Advertising

Company

263,423

22,054

Lexington

Realty

Trust

230,464

121,425

Medical

Properties

Trust,

Inc.

2,140,723

4,371

MGM

Growth

Properties

LLC

122,301

3,132

National

Health

Investors,

Inc.

188,766

43,358

National

Retail

Properties,

Inc.

1,496,285

171,269

National

Storage

Affiliates

Trust

5,602,209

75,250

New

Residential

Investment

Corporation

598,237

24,023

New

Senior

Investment

Group,

Inc.

96,092

38,080

NexPoint

Residential

Trust,

Inc.

1,688,848

16,889

Omega

Healthcare

Investors,

Inc.

505,657

11,323

One

Liberty

Properties,

Inc.

185,244

12,572

Physicians

Realty

Trust

225,165

3,689

Plymouth

Industrial

REIT,

Inc.

45,522

9,534

PotlatchDeltic

Corporation

401,381

26,444

Preferred

Apartment

Communities,

Inc.

142,798

45,009

Rayonier,

Inc.

REIT

1,190,038

27,691

Realty

Income

Corporation

1,682,228

2,562

Retail

Properties

of

America,

Inc.

14,885

52,541

Rexford

Industrial

Realty,

Inc.

2,404,276

1,994

RMR

Group,

Inc.

54,775

69,548

Sabra

Health

Care

REIT,

Inc.

958,719

10,745

SBA

Communications

Corporation

3,422,068

141,276

Service

Properties

Trust

1,123,144

36,179

Spirit

Realty

Capital,

Inc.

1,221,041

28,527

STAG

Industrial,

Inc.

869,788

Shares

Common

Stock

(31.3%)

Value

Real

Estate

(1.5%)

-

continued

33,047

Store

Capital

Corporation

$

906,479

303,176

Sunstone

Hotel

Investors,

Inc.

2,407,217

19,187

Terreno

Realty

Corporation

1,050,680

17,328

UDR,

Inc.

565,066

12,590

UMH

Properties,

Inc.

170,469

42,233

Uniti

Group,

Inc.

444,925

575

Universal

Health

Realty

Income

Trust

32,769

14,013

WP

Carey,

Inc.

913,087

Total

100,394,146

Utilities

(0.2%)

4,078

ALLETE,

Inc.

210,996

2,482

Alliant

Energy

Corporation

128,195

15,417

Artesian

Resources

Corporation

531,424

8,474

Black

Hills

Corporation

453,274

6,860

CenterPoint

Energy,

Inc.

132,741

2,060

Chesapeake

Utilities

Corporation

173,658

2,077

CMS

Energy

Corporation

127,549

13,436

Consolidated

Water

Company,

Ltd.

139,869

4,886

DTE

Energy

Company

562,085

2,225

Duke

Energy

Corporation

197,046

3,170

Entergy

Corporation

312,340

3,678

Essential

Utilities,

Inc.

148,039

2,847

Exelon

Corporation

101,809

2,871

FirstEnergy

Corporation

82,426

9,102

Hawaiian

Electric

Industries,

Inc.

302,550

9,878

IDACORP,

Inc.

789,252

2,354

Middlesex

Water

Company

146,301

3,735

National

Fuel

Gas

Company

151,604

18,241

New

Jersey

Resources

Corporation

492,872

289

NextEra

Energy,

Inc.

80,215

2,101

Northwest

Natural

Holding

Company

95,364

22,066

NorthWestern

Corporation

1,073,290

15,243

OGE

Energy

Corporation

457,138

8,173

Otter

Tail

Corporation

295,617

36,550

PNM

Resources,

Inc.

1,510,612

28,872

Portland

General

Electric

Company

1,024,956

3,297

South

Jersey

Industries,

Inc.

63,533

6,216

Southwest

Gas

Holdings,

Inc.

392,230

22,863

Spire,

Inc.

1,216,312

21,789

UGI

Corporation

718,601

7,320

Unitil

Corporation

282,845

Total

12,394,743

Total

Common

Stock

(cost

$1,441,921,278)

2,071,427,620

Principal

Amount

Long-Term

Fixed

Income

(

16.8%

)

Value

Asset-Backed

Securities

(0.7%)

Access

Group,

Inc.

$

153,359

0.675%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,k

150,258

Aimco

1,000,000

1.578%, 

(LIBOR

3M

+

1.320%),

7/22/2032,

Ser.

2019-10A,

Class

A

b,k

988,400

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

239

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Asset-Backed

Securities

(0.7%)

-

continued

Aimco

CLO,

Ltd.

$

1,625,000

1.628%, 

(LIBOR

3M

+

1.380%),

10/15/2031,

Ser.

2020-11A,

Class

A1

b,e,k

$

1,625,000

Ares

CLO,

Ltd.

1,500,000

1.673%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,k

1,483,584

Ares

XXXIIR

CLO,

Ltd.

750,000

1.220%, 

(LIBOR

3M

+

0.940%),

5/15/2030,

Ser.

2014-32RA,

Class

A1A

b,k

737,760

Benefit

Street

Partners

CLO

IV,

Ltd.

1,000,000

2.022%, 

(LIBOR

3M

+

1.750%),

1/20/2029,

Ser.

2014-IVA,

Class

A2RR

b,k

995,344

Buttermilk

Park

CLO,

Ltd.

2,575,000

1.675%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,k

2,541,007

Carlyle

Global

Market

Strategies

CLO,

Ltd.

1,675,000

1.725%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,k

1,632,795

Carvana

Auto

Receivables

Trust

100,000

2.340%, 

6/15/2023,

Ser.

2019-3A,

Class

A3

k

100,956

CBAM,

Ltd.

1,600,000

1.555%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

b,k

1,594,774

CIFC

Funding,

Ltd.

600,000

1.848%, 

(LIBOR

3M

+

1.600%),

10/20/2031,

Ser.

2020-3A,

Class

A2

b,e,k

599,937

Colony

American

Finance

Trust

1,709,304

2.835%, 

6/15/2052,

Ser.

2019-2,

Class

A

k

1,800,746

Commonbond

Student

Loan

Trust

289,092

0.648%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,k

284,755

CoreVest

American

Finance

Trust

1,976,093

2.705%, 

10/15/2052,

Ser.

2019-3,

Class

A

k

2,049,200

Deephaven

Residential

Mortgage

Trust

594,449

4.080%, 

10/25/2058,

Ser.

2018-4A,

Class

A1

b,k

598,432

DRB

Prime

Student

Loan

Trust

87,929

2.048%, 

(LIBOR

1M

+

1.900%),

10/27/2031,

Ser.

2015-B,

Class

A1

b,k

88,247

Dryden

Senior

Loan

Fund

1,450,000

1.672%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,k

1,434,774

Earnest

Student

Loan

Program,

LLC

411,382

3.020%, 

5/25/2034,

Ser.

2016-B,

Class

A2

k

414,924

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Asset-Backed

Securities

(0.7%)

-

continued

ECMC

Group

Student

Loan

Trust

$

1,200,000

1.510%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

b,k

$

1,199,999

Galaxy

XX

CLO,

Ltd.

1,200,000

1.272%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

b,k

1,182,310

Golub

Capital

Partners,

Ltd.

750,000

1.452%, 

(LIBOR

3M

+

1.180%),

1/20/2031,

Ser.

2015-22A,

Class

AR

b,k

734,120

1,095,000

1.472%, 

(LIBOR

3M

+

1.200%),

1/20/2031,

Ser.

2015-23A,

Class

AR

b,k

1,071,264

Goodgreen

1,254,191

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

k

1,327,934

Home

Partners

of

America

Trust

1,905,306

2.908%, 

9/17/2039,

Ser.

2019-1,

Class

A

k

1,977,898

1,886,486

2.703%, 

10/19/2039,

Ser.

2019-2,

Class

A

k

1,989,769

Laurel

Road

Prime

Student

Loan

Trust

426,943

2.810%, 

11/25/2042,

Ser.

2017-C,

Class

A2B

k

437,865

703,299

5.600%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,k

731,752

Madison

Park

Funding

XIV,

Ltd.

1,200,000

1.658%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,k

1,174,800

Magnetite

XII,

Ltd.

1,200,000

1.375%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,k

1,186,920

Mountain

View

CLO,

Ltd.

850,000

1.395%, 

(LIBOR

3M

+

1.120%),

7/15/2031,

Ser.

2015-9A,

Class

A1R

b,k

828,375

National

Collegiate

Trust

555,181

0.443%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,k

538,730

Neuberger

Berman

CLO

XIV,

Ltd.

1,250,000

1.277%, 

(LIBOR

3M

+

1.030%),

1/28/2030,

Ser.

2013-14A,

Class

AR2

b,k

1,237,510

Neuberger

Berman

CLO,

Ltd.

500,000

1.288%, 

(LIBOR

3M

+

1.030%),

4/22/2029,

Ser.

2014-17A,

Class

AR2

b,k

495,210

Octagon

Investment

Partners

XVI,

Ltd.

250,000

1.673%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,k

245,493

OneMain

Financial

Issuance

Trust

1,325,000

3.840%, 

5/14/2032,

Ser.

2020-1A,

Class

A

k

1,393,492

OZLM

VIII,

Ltd.

382,107

1.443%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

b,k

377,854

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

240

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Asset-Backed

Securities

(0.7%)

-

continued

Palmer

Square

Loan

Funding,

Ltd.

$

1,280,775

1.122%, 

(LIBOR

3M

+

0.850%),

1/20/2027,

Ser.

2018-5A,

Class

A1

b,k

$

1,272,076

850,000

1.922%, 

(LIBOR

3M

+

1.650%),

4/20/2027,

Ser.

2019-1A,

Class

A2

b,k

849,680

PPM

CLO

3,

Ltd.

750,000

1.673%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2019-3A,

Class

A

b,k

743,099

Pretium

Mortgage

Credit

Partners,

LLC

1,020,198

3.721%, 

2/27/2060,

Ser.

2020-NPL2,

Class

A1

k,l

1,021,796

Progress

Residential

Trust

1,998,027

3.422%, 

8/17/2035,

Ser.

2019-SFR1,

Class

A

k

2,065,845

Saxon

Asset

Securities

Trust

430,017

3.639%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

434,321

Shackleton

CLO,

Ltd.

800,000

1.445%, 

(LIBOR

3M

+

1.170%),

7/15/2031,

Ser.

2015-7RA,

Class

A1

b,k

786,381

THL

Credit

Wind

River

CLO,

Ltd.

500,000

1.652%, 

(LIBOR

3M

+

1.430%),

10/20/2033,

Ser.

2020-1A,

Class

A

b,e,k

500,000

U.S.

Small

Business

Administration

130,212

3.191%, 

3/10/2024,

Ser.

2014-10A,

Class

1

134,628

Voya

CLO,

Ltd.

748,830

1.475%, 

(LIBOR

3M

+

1.200%),

10/15/2030,

Ser.

2012-4A,

Class

A1AR

b,k

738,306

Whitebox

CLO

II,

Ltd.

650,000

2.492%, 

(LIBOR

3M

+

2.250%),

10/24/2031,

Ser.

2020-2A,

Class

B

b,k

650,129

Total

46,448,449

Basic

Materials

(0.2%)

Air

Products

and

Chemicals,

Inc.

650,000

2.700%, 

5/15/2040

690,877

Alcoa

Nederland

Holding

BV

300,000

5.500%, 

12/15/2027

k

312,660

Anglo

American

Capital

plc

470,000

4.875%, 

5/14/2025

k

535,229

BWAY

Holding

Company

270,000

5.500%, 

4/15/2024

k

270,956

Cleveland-Cliffs,

Inc.

215,000

5.750%, 

3/1/2025

i

199,950

180,000

9.875%, 

10/17/2025

k

200,925

DowDuPont,

Inc.

700,000

4.493%, 

11/15/2025

804,935

EI

du

Pont

de

Nemours

&

Company

375,000

2.300%, 

7/15/2030

397,570

First

Quantum

Minerals,

Ltd.

410,000

7.500%, 

4/1/2025

k

405,535

Freeport-McMoRan,

Inc.

280,000

4.125%, 

3/1/2028

283,500

310,000

4.250%, 

3/1/2030

317,750

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Basic

Materials

(0.2%)

-

continued

Glencore

Funding,

LLC

$

224,000

4.125%, 

5/30/2023

k

$

240,148

300,000

4.000%, 

3/27/2027

k

327,446

International

Paper

Company

600,000

4.350%, 

8/15/2048

732,820

Kinross

Gold

Corporation

7,000

5.125%, 

9/1/2021

7,203

218,000

5.950%, 

3/15/2024

248,592

345,000

4.500%, 

7/15/2027

391,112

Krayton

Polymers,

LLC

380,000

7.000%, 

4/15/2025

k

387,600

Methanex

Corporation

440,000

5.250%, 

12/15/2029

435,050

Norbord,

Inc.

420,000

5.750%, 

7/15/2027

k

443,646

Novelis

Corporation

485,000

5.875%, 

9/30/2026

k

498,337

130,000

4.750%, 

1/30/2030

k

126,876

OCI

NV

320,000

4.625%, 

10/15/2025

e,k

320,000

Olin

Corporation

495,000

5.125%, 

9/15/2027

490,050

Peabody

Securities

Finance

Corporation

405,000

6.375%, 

3/31/2025

k

162,000

Sherwin-Williams

Company

540,000

3.125%, 

6/1/2024

i

583,455

Syngenta

Finance

NV

525,000

3.933%, 

4/23/2021

k

531,770

Teck

Resources,

Ltd.

839,000

6.125%, 

10/1/2035

1,002,096

Tronox

Finance

plc

450,000

5.750%, 

10/1/2025

k

443,250

Vale

Overseas,

Ltd.

340,000

6.250%, 

8/10/2026

402,050

168,000

6.875%, 

11/21/2036

218,190

WestRock

Company

470,000

3.750%, 

3/15/2025

525,274

Xstrata

Finance

Canada,

Ltd.

10,000

4.950%, 

11/15/2021

k

10,439

Total

12,947,291

Capital

Goods

(0.3%)

AECOM

770,000

5.125%, 

3/15/2027

831,692

Amsted

Industries,

Inc.

555,000

5.625%, 

7/1/2027

k

590,420

Ardagh

Packaging

Finance

plc

210,000

6.000%, 

2/15/2025

k

218,043

300,000

5.250%, 

8/15/2027

k

305,700

BAE

Systems

plc

800,000

1.900%, 

2/15/2031

k

791,763

Carrier

Global

Corporation

500,000

2.700%, 

2/15/2031

k

520,536

Cintas

Corporation

No.

2

10,000

2.900%, 

4/1/2022

10,344

345,000

3.700%, 

4/1/2027

397,538

CNH

Industrial

Capital,

LLC

480,000

4.875%, 

4/1/2021

489,262

CNH

Industrial

NV

300,000

3.850%, 

11/15/2027

324,171

Covanta

Holding

Corporation

390,000

6.000%, 

1/1/2027

405,600

80,000

5.000%, 

9/1/2030

80,744

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

241

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Capital

Goods

(0.3%)

-

continued

Crown

Americas

Capital

Corporation

IV

$

720,000

4.500%, 

1/15/2023

$

747,000

Emerson

Electric

Company

650,000

1.800%, 

10/15/2027

677,749

H&E

Equipment

Services,

Inc.

370,000

5.625%, 

9/1/2025

385,725

Ingersoll-Rand

Luxembourg

Finance

SA

650,000

3.500%, 

3/21/2026

726,950

Jeld-Wen,

Inc.

280,000

4.625%, 

12/15/2025

k

281,400

L3Harris

Technologies,

Inc.

705,000

3.950%, 

5/28/2024

776,526

Lockheed

Martin

Corporation

230,000

3.600%, 

3/1/2035

275,831

448,000

4.500%, 

5/15/2036

568,696

120,000

6.150%, 

9/1/2036

177,646

Northrop

Grumman

Corporation

820,000

3.850%, 

4/15/2045

956,619

Republic

Services,

Inc.

335,000

2.900%, 

7/1/2026

370,383

Reynolds

Group

Issuer,

Inc.

820,000

5.125%, 

7/15/2023

k

830,250

Roper

Technologies,

Inc.

400,000

1.400%, 

9/15/2027

403,838

240,000

4.200%, 

9/15/2028

286,339

400,000

1.750%, 

2/15/2031

399,002

Siemens

Financieringsmaatschappij

NV

682,000

4.200%, 

3/16/2047

k

888,447

Standard

Industries,

Inc.

550,000

4.375%, 

7/15/2030

k

563,896

Textron,

Inc.

720,000

3.375%, 

3/1/2028

777,025

TransDigm,

Inc.

210,000

6.250%, 

3/15/2026

k

220,195

600,000

5.500%, 

11/15/2027

576,630

United

Rentals

North

America,

Inc.

805,000

4.000%, 

7/15/2030

823,112

United

Technologies

Corporation

375,000

4.450%, 

11/16/2038

461,011

600,000

3.750%, 

11/1/2046

685,753

WESCO

Distribution,

Inc.

120,000

7.250%, 

6/15/2028

k

131,481

Total

17,957,317

Collateralized

Mortgage

Obligations

(0.6%)

Ajax

Mortgage

Loan

Trust

1,314,935

4.360%, 

9/25/2065,

Ser.

2018-C,

Class

A

b,k

1,336,265

Angel

Oak

Mortgage

Trust

I,

LLC

462,255

3.500%, 

7/25/2046,

Ser.

2016-1,

Class

A1

k

480,573

Banc

of

America

Alternative

Loan

Trust

23,364

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

22,322

Bellemeade

Re,

Ltd.

224,019

1.748%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,k

221,815

314,001

1.248%, 

(LIBOR

1M

+

1.100%),

7/25/2029,

Ser.

2019-3A,

Class

M1A

b,k

313,369

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Collateralized

Mortgage

Obligations

(0.6%)

-

continued

$

1,300,000

2.798%, 

(LIBOR

1M

+

2.650%),

6/25/2030,

Ser.

2020-1A,

Class

M1A

b,k

$

1,302,672

BRAVO

Residential

Funding

Trust

251,835

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

k

260,030

Citicorp

Mortgage

Securities,

Inc.

1,053,622

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

1,032,114

Citigroup

Mortgage

Loan

Trust,

Inc.

182,367

5.500%, 

11/25/2035,

Ser.

2005-9,

Class

21A2

186,768

8,006

3.736%, 

3/25/2037,

Ser.

2007-AR4,

Class

2A1A

b

6,922

Countrywide

Alternative

Loan

Trust

221,700

3.201%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

210,864

271,426

6.500%, 

8/25/2036,

Ser.

2006-23CB,

Class

2A3

151,887

685,218

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

385,481

Countrywide

Home

Loans,

Inc.

219,293

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

163,102

Credit

Suisse

First

Boston

Mortgage

Securities

Corporation

17,075

5.250%, 

10/25/2035,

Ser.

2005-9,

Class

1A3

17,096

Credit

Suisse

Mortgage

Capital

Certificates

822,335

3.393%, 

2/25/2024,

Ser.

2020-BPL1,

Class

A1

k,l

822,685

Credit

Suisse

Mortgage

Trust

900,000

3.453%, 

3/25/2026,

Ser.

2020-BPL2,

Class

A1

b,c,k

900,000

1,422,508

3.850%, 

9/25/2057,

Ser.

2018-RPL9,

Class

A1

b,k

1,527,475

2,906,902

3.507%, 

2/25/2060,

Ser.

2020-RPL2,

Class

A12

b,k

2,908,351

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

93,958

6.000%, 

10/25/2021,

Ser.

2006-AR5,

Class

23A

82,648

Ellington

Financial

Mortgage

Trust

833,554

4.140%, 

10/25/2058,

Ser.

2018-1,

Class

A1FX

b,k

854,481

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

699,210

4.000%, 

7/15/2031,

Ser.

4104,

Class

KI

m

41,446

649,033

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

m

62,254

1,425,203

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

m

143,677

Federal

National

Mortgage

Association

-

REMIC

2,204,270

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

m

132,814

FWD

Securitization

Trust

1,140,132

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,k

1,166,560

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

242

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Collateralized

Mortgage

Obligations

(0.6%)

-

continued

Galton

Funding

Mortgage

Trust

2017-1

$

647,081

4.500%, 

10/25/2058,

Ser.

2018-2,

Class

A41

b,k

$

661,305

GS

Mortgage-Backed

Securities

Trust

1,288,698

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,k

1,310,731

J.P.

Morgan

Alternative

Loan

Trust

80,659

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

65,476

MASTR

Alternative

Loans

Trust

444,255

0.598%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

75,301

Merrill

Lynch

Alternative

Note

Asset

Trust

181,624

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

120,709

MFRA

Trust

742,658

4.164%, 

7/25/2048,

Ser.

2018-NPL2,

Class

A1

k,l

743,656

New

Residential

Mortgage

Loan

Trust

969,545

4.335%, 

7/25/2060,

Ser.

2020-NPL1,

Class

A1

k,l

970,705

Preston

Ridge

Partners

Mortgage

Trust,

LLC

800,000

2.857%, 

9/25/2025,

Ser.

2020-3A1

e,l

799,987

878,980

4.500%, 

1/25/2024,

Ser.

2019-1A,

Class

A1

k,l

885,715

1,039,531

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,k

1,040,879

RCO

Mortgage,

LLC

1,720,747

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

k,l

1,716,773

1,253,151

4.270%, 

12/26/2053,

Ser.

2018-VFS1,

Class

A1

b,k

1,317,629

Renaissance

Home

Equity

Loan

Trust

1,118,614

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

l

618,974

Residential

Accredit

Loans,

Inc.

Trust

430,064

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

430,461

29,754

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

29,732

Residential

Funding

Mortgage

Security

I

Trust

95,931

6.000%, 

7/25/2037,

Ser.

2007-S7,

Class

A20

89,861

Sequoia

Mortgage

Trust

301,809

3.426%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

233,118

Silver

Hill

Trust

572,982

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,k

582,321

Starwood

Mortgage

Residential

Trust

432,316

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

b,k

434,019

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Collateralized

Mortgage

Obligations

(0.6%)

-

continued

Structured

Adjustable

Rate

Mortgage

Loan

Trust

$

38,909

3.678%, 

9/25/2035,

Ser.

2005-18,

Class

1A1

b

$

31,298

Structured

Asset

Mortgage

Investments,

Inc.

52,178

0.458%, 

(LIBOR

1M

+

0.310%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

48,465

Toorak

Mortgage

Corporation

1,050,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

k,l

1,074,317

4,000,000

3.721%, 

9/25/2022,

Ser.

2019-2,

Class

A1

4,075,522

750,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

k,l

752,637

Vericrest

Opportunity

Loan

Transferee

936,094

3.352%, 

8/25/2049,

Ser.

2019-NPL4,

Class

A1A

k,l

937,026

Verus

Securitization

Trust

175,865

2.853%, 

1/25/2047,

Ser.

2017-1A,

Class

A1

b,k

176,179

188,360

3.836%, 

2/25/2059,

Ser.

2019-1,

Class

A1

b,k

190,918

143,069

3.211%, 

5/25/2059,

Ser.

2019-2,

Class

A1

b,k

146,288

338,936

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,k

345,522

1,258,898

2.913%, 

7/25/2059,

Ser.

2019-INV2,

Class

A1

b,k

1,287,520

758,445

2.947%, 

11/25/2059,

Ser.

2019-INV3,

Class

A2

b,k

772,039

661,707

1.977%, 

3/25/2060,

Ser.

2020-INV1,

Class

A1

b,k

668,904

2,460,152

3.626%, 

4/25/2060,

Ser.

2020-3,

Class

A1

b,k

2,525,057

785,843

2.226%, 

5/25/2060,

Ser.

2020-2,

Class

A1

b,k

793,176

WaMu

Mortgage

Pass

Through

Certificates

84,966

3.309%, 

9/25/2036,

Ser.

2006-AR10,

Class

1A2

b

79,993

202,866

3.671%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

195,934

Total

40,961,818

Commercial

Mortgage-Backed

Securities

(0.1%)

BFLD

Trust

1,100,000

1.350%, 

(LIBOR

1M

+

1.150%),

10/15/2022,

Ser.

2020-EYP,

Class

A

b,e,k

1,100,000

400,000

1.800%, 

(LIBOR

1M

+

1.700%),

10/15/2022,

Ser.

2020-EYP,

Class

B

b,e,k

400,000

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

736,865

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

762,895

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

243

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Commercial

Mortgage-Backed

Securities

(0.1%)

-

continued

Federal

National

Mortgage

Association

-

ACES

$

10,998,917

1.895%, 

12/25/2028,

Ser.

2020-M11,

Class

IO

b,m

$

1,300,211

GS

Mortgage

Securities

Trust

2,450,000

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

2,649,326

Morgan

Stanley

Capital

I

Trust

7,197,500

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,m

1,074,998

UBS

Commercial

Mortgage

Trust

1,350,000

2.921%, 

10/15/2052,

Ser.

2019-C17,

Class

A4

1,484,985

Total

8,772,415

Communications

Services

(0.6%)

Altice

France

SA

230,000

5.500%, 

1/15/2028

k

232,875

American

Tower

Corporation

525,000

2.900%, 

1/15/2030

566,666

625,000

2.100%, 

6/15/2030

631,059

AT&T,

Inc.

451,000

3.500%, 

9/15/2053

k

439,380

600,000

2.300%, 

6/1/2027

629,395

750,000

4.350%, 

3/1/2029

880,320

281,000

4.300%, 

2/15/2030

332,690

480,000

5.250%, 

3/1/2037

600,621

700,000

4.900%, 

8/15/2037

844,616

355,000

5.550%, 

8/15/2041

460,149

900,000

3.100%, 

2/1/2043

878,002

British

Telecommunications

plc

700,000

4.500%, 

12/4/2023

774,550

CCO

Holdings,

LLC

600,000

5.500%, 

5/1/2026

k

625,500

380,000

5.125%, 

5/1/2027

k

399,844

900,000

4.750%, 

3/1/2030

k

952,875

70,000

4.250%, 

2/1/2031

k

72,513

CCOH

Safari,

LLC

30,000

5.750%, 

2/15/2026

k

31,200

Charter

Communications

Operating,

LLC

217,000

6.834%, 

10/23/2055

299,924

300,000

4.500%, 

2/1/2024

332,597

595,000

4.200%, 

3/15/2028

675,627

1,410,000

6.484%, 

10/23/2045

1,879,547

Comcast

Corporation

625,000

4.950%, 

10/15/2058

894,628

370,000

4.049%, 

11/1/2052

453,293

420,000

3.950%, 

10/15/2025

481,643

725,000

4.250%, 

10/15/2030

889,934

960,000

4.400%, 

8/15/2035

1,214,118

490,000

4.750%, 

3/1/2044

642,895

250,000

4.600%, 

8/15/2045

321,847

Cox

Communications,

Inc.

600,000

3.350%, 

9/15/2026

k

667,053

Crown

Castle

International

Corporation

336,000

5.250%, 

1/15/2023

369,185

480,000

3.200%, 

9/1/2024

517,581

CSC

Holdings,

LLC

220,000

5.500%, 

5/15/2026

k

228,800

230,000

4.125%, 

12/1/2030

k

234,427

790,000

4.625%, 

12/1/2030

k

793,737

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Communications

Services

(0.6%)

-

continued

Discovery

Communications,

LLC

$

600,000

4.900%, 

3/11/2026

$

700,913

Embarq

Corporation

400,000

7.995%, 

6/1/2036

473,624

Entercom

Media

Corporation

200,000

6.500%, 

5/1/2027

k

174,000

Fox

Corporation

400,000

3.500%, 

4/8/2030

450,795

Front

Range

BidCo,

Inc.

510,000

4.000%, 

3/1/2027

k

501,955

GCI,

LLC

220,000

4.750%, 

10/15/2028

e,k

222,752

Gray

Television,

Inc.

395,000

5.875%, 

7/15/2026

k

409,812

iHeartCommunications,

Inc.

250,000

4.750%, 

1/15/2028

k

235,612

Level

3

Financing,

Inc.

500,000

4.625%, 

9/15/2027

k

513,750

420,000

4.250%, 

7/1/2028

k

426,434

Netflix,

Inc.

705,000

4.875%, 

4/15/2028

787,837

Nexstar

Escrow

Corporation

320,000

5.625%, 

7/15/2027

k

335,664

Nielsen

Finance,

LLC

100,000

5.625%, 

10/1/2028

k

102,750

Omnicom

Group,

Inc.

224,000

3.600%, 

4/15/2026

252,499

200,000

4.200%, 

6/1/2030

233,982

SBA

Communications

Corporation

240,000

3.875%, 

2/15/2027

k

243,600

SFR

Group

SA

540,000

7.375%, 

5/1/2026

k

565,866

Sirius

XM

Radio,

Inc.

780,000

5.000%, 

8/1/2027

k

814,765

Sprint

Capital

Corporation

320,000

6.875%, 

11/15/2028

398,507

160,000

8.750%, 

3/15/2032

234,210

Sprint

Corporation

510,000

7.250%, 

9/15/2021

533,587

695,000

7.625%, 

2/15/2025

813,150

Telefonica

Emisiones

SAU

250,000

4.570%, 

4/27/2023

273,924

Telesat

Canada

/

Telesat,

LLC

260,000

4.875%, 

6/1/2027

k

261,053

Time

Warner

Entertainment

Company,

LP

459,000

8.375%, 

3/15/2023

539,383

T-Mobile

USA,

Inc.

780,000

4.500%, 

2/1/2026

803,712

650,000

3.750%, 

4/15/2027

k

727,701

525,000

4.375%, 

4/15/2040

k

615,389

Univision

Communications,

Inc.

410,000

6.625%, 

6/1/2027

k

400,262

Verizon

Communications,

Inc.

874,000

3.376%, 

2/15/2025

973,157

1,594,000

4.272%, 

1/15/2036

1,963,259

Viacom,

Inc.

336,000

5.850%, 

9/1/2043

420,981

Virgin

Media

Secured

Finance

plc

635,000

5.500%, 

8/15/2026

k

661,987

Vodafone

Group

plc

800,000

4.875%, 

6/19/2049

991,839

VTR

Finance

BV

150,000

6.375%, 

N/A

k

157,500

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

244

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Communications

Services

(0.6%)

-

continued

Walt

Disney

Company

$

550,000

2.200%, 

1/13/2028

$

578,214

775,000

2.650%, 

1/13/2031

834,311

675,000

3.500%, 

5/13/2040

755,990

Windstream

Services,

LLC

330,000

8.625%, 

10/31/2025

*,f

198,000

Ziggo

BV

342,000

5.500%, 

1/15/2027

k

358,245

Total

41,190,062

Consumer

Cyclical

(0.5%)

1011778

B.C.,

ULC

760,000

4.375%, 

1/15/2028

k

775,048

Allied

Universal

Holdco,

LLC

240,000

6.625%, 

7/15/2026

k

255,600

Allison

Transmission,

Inc.

545,000

5.000%, 

10/1/2024

k

550,483

Amazon.com,

Inc.

125,000

1.500%, 

6/3/2030

127,618

600,000

3.875%, 

8/22/2037

746,079

360,000

4.050%, 

8/22/2047

465,301

American

Honda

Finance

Corporation

250,000

2.150%, 

9/10/2024

263,029

Brookfield

Property

REIT,

Inc.

130,000

5.750%, 

5/15/2026

k

102,449

Brookfield

Residential

Properties,

Inc.

810,000

6.250%, 

9/15/2027

k

816,824

Carnival

Corporation

160,000

11.500%, 

4/1/2023

k

179,357

160,000

10.500%, 

2/1/2026

k

177,200

Cedar

Fair,

LP

290,000

5.250%, 

7/15/2029

275,320

Colt

Merger

Sub,

Inc.

500,000

6.250%, 

7/1/2025

k

521,250

CVS

Health

Corporation

600,000

3.625%, 

4/1/2027

673,807

D.R.

Horton,

Inc.

534,000

2.550%, 

12/1/2020

535,806

650,000

2.600%, 

10/15/2025

696,923

Dana,

Inc.

320,000

5.625%, 

6/15/2028

330,400

Ford

Motor

Company

140,000

9.000%, 

4/22/2025

160,511

80,000

9.625%, 

4/22/2030

103,300

290,000

7.450%, 

7/16/2031

332,575

Ford

Motor

Credit

Company,

LLC

820,000

4.063%, 

11/1/2024

818,975

400,000

4.134%, 

8/4/2025

396,166

General

Motors

Company

650,000

6.125%, 

10/1/2025

754,924

600,000

6.800%, 

10/1/2027

729,164

General

Motors

Financial

Company,

Inc.

10,000

4.375%, 

9/25/2021

10,317

531,000

3.150%, 

6/30/2022

545,435

224,000

3.950%, 

4/13/2024

236,968

Hanesbrands,

Inc.

580,000

4.875%, 

5/15/2026

k

619,150

Herc

Holdings,

Inc.

210,000

5.500%, 

7/15/2027

k

217,276

Hilton

Domestic

Operating

Company,

Inc.

770,000

4.875%, 

1/15/2030

793,100

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Consumer

Cyclical

(0.5%)

-

continued

Home

Depot,

Inc.

$

575,000

5.400%, 

9/15/2040

$

813,603

336,000

4.250%, 

4/1/2046

427,353

440,000

3.900%, 

6/15/2047

542,036

Hyundai

Capital

America

400,000

1.250%, 

9/18/2023

k

399,077

International

Game

Technology

plc

330,000

5.250%, 

1/15/2029

k

333,713

KB

Home

270,000

4.800%, 

11/15/2029

297,675

L

Brands,

Inc.

200,000

6.625%, 

10/1/2030

k

203,500

Landry's,

Inc.

275,000

6.750%, 

10/15/2024

k

229,625

Lennar

Corporation

9,000

2.950%, 

11/29/2020

9,000

350,000

4.125%, 

1/15/2022

357,875

50,000

4.750%, 

11/15/2022

52,125

1,000,000

4.875%, 

12/15/2023

1,075,125

Mastercard,

Inc.

600,000

3.300%, 

3/26/2027

685,901

700,000

3.950%, 

2/26/2048

889,003

Mattamy

Group

Corporation

670,000

5.250%, 

12/15/2027

k

688,425

McDonald's

Corporation

335,000

2.750%, 

12/9/2020

335,822

600,000

2.125%, 

3/1/2030

623,899

575,000

4.450%, 

3/1/2047

712,620

MGM

Resorts

International

625,000

6.000%, 

3/15/2023

648,378

20,000

5.750%, 

6/15/2025

20,976

Norwegian

Cruise

Line

Holdings,

Ltd.

160,000

10.250%, 

2/1/2026

k

166,700

Prime

Security

Services

Borrower,

LLC

630,000

5.750%, 

4/15/2026

k

673,709

120,000

3.375%, 

8/31/2027

k

115,350

Royal

Caribbean

Cruises,

Ltd.

170,000

9.125%, 

6/15/2023

k

180,200

120,000

11.500%, 

6/1/2025

k

139,470

Scientific

Games

International,

Inc.

380,000

5.000%, 

10/15/2025

k

382,375

ServiceMaster

Company,

LLC

560,000

5.125%, 

11/15/2024

k

572,600

Six

Flags

Entertainment

Corporation

240,000

5.500%, 

4/15/2027

i,k

227,592

Six

Flags

Theme

Parks,

Inc.

150,000

7.000%, 

7/1/2025

k

159,563

Staples,

Inc.

420,000

7.500%, 

4/15/2026

k

387,013

Target

Corporation

575,000

2.250%, 

4/15/2025

613,881

TJX

Companies,

Inc.

300,000

3.750%, 

4/15/2027

343,748

400,000

3.875%, 

4/15/2030

474,088

ViacomCBS,

Inc.

550,000

4.200%, 

5/19/2032

627,808

Visa,

Inc.

650,000

2.700%, 

4/15/2040

701,748

Volkswagen

Group

of

America

Finance,

LLC

460,000

4.250%, 

11/13/2023

k

505,401

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

245

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Consumer

Cyclical

(0.5%)

-

continued

Walmart,

Inc.

$

600,000

3.250%, 

7/8/2029

$

699,080

Wyndham

Destinations,

Inc.

200,000

6.625%, 

7/31/2026

k

209,522

Wyndham

Hotels

&

Resorts,

Inc.

120,000

4.375%, 

8/15/2028

k

116,400

Yum!

Brands,

Inc.

550,000

4.750%, 

1/15/2030

k

592,625

Total

30,444,959

Consumer

Non-Cyclical

(0.7%)

Abbott

Laboratories

184,000

3.400%, 

11/30/2023

199,908

941,000

4.750%, 

11/30/2036

1,257,655

AbbVie,

Inc.

7,000

2.900%, 

11/6/2022

7,340

700,000

2.800%, 

3/15/2023

k

731,692

540,000

3.600%, 

5/14/2025

598,400

500,000

2.950%, 

11/21/2026

k

544,665

240,000

4.700%, 

5/14/2045

294,484

1,200,000

4.875%, 

11/14/2048

1,521,093

Albertson's

Companies,

Inc.

620,000

7.500%, 

3/15/2026

k

680,165

395,000

3.500%, 

3/15/2029

k

383,397

Altria

Group,

Inc.

400,000

4.400%, 

2/14/2026

460,517

1,500,000

5.800%, 

2/14/2039

1,913,802

Amgen,

Inc.

600,000

3.375%, 

2/21/2050

648,029

300,000

3.125%, 

5/1/2025

329,018

Anheuser-Busch

Companies,

LLC

201,000

3.650%, 

2/1/2026

224,640

896,000

4.700%, 

2/1/2036

1,080,864

Anheuser-Busch

InBev

Worldwide,

Inc.

900,000

4.750%, 

4/15/2058

1,094,599

575,000

4.375%, 

4/15/2038

668,859

75,000

4.600%, 

4/15/2048

89,246

Anthem,

Inc.

525,000

3.125%, 

5/15/2050

529,504

590,000

4.625%, 

5/15/2042

738,274

Aramark

Services,

Inc.

170,000

6.375%, 

5/1/2025

k

177,085

BAT

Capital

Corporation

480,000

4.540%, 

8/15/2047

512,992

Bausch

Health

Companies,

Inc.

100,000

5.000%, 

1/30/2028

k

97,125

Baxalta,

Inc.

246,000

4.000%, 

6/23/2025

279,572

Becton,

Dickinson

and

Company

516,000

3.734%, 

12/15/2024

570,330

375,000

3.700%, 

6/6/2027

424,988

Bunge,

Ltd.

Finance

Corporation

190,000

3.500%, 

11/24/2020

190,832

Campbell

Soup

Company

200,000

2.375%, 

4/24/2030

207,828

Cargill,

Inc.

800,000

3.250%, 

5/23/2029

k

904,077

Centene

Corporation

290,000

4.750%, 

1/15/2025

298,062

120,000

4.250%, 

12/15/2027

125,572

280,000

4.625%, 

12/15/2029

302,025

460,000

3.000%, 

10/15/2030

e

468,625

Cigna

Corporation

113,000

3.050%, 

10/15/2027

120,855

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Consumer

Non-Cyclical

(0.7%)

-

continued

$

590,000

4.800%, 

8/15/2038

$

731,249

Conagra

Brands,

Inc.

455,000

4.300%, 

5/1/2024

507,578

Constellation

Brands,

Inc.

470,000

3.600%, 

2/15/2028

531,160

250,000

2.875%, 

5/1/2030

269,750

CVS

Health

Corporation

7,000

2.750%, 

12/1/2022

7,299

140,000

4.100%, 

3/25/2025

158,179

1,440,000

4.875%, 

7/20/2035

1,829,145

DaVita,

Inc.

380,000

4.625%, 

6/1/2030

k

390,032

DENTSPLY

SIRONA,

Inc.

775,000

3.250%, 

6/1/2030

842,001

Edgewell

Personal

Care

Company

160,000

5.500%, 

6/1/2028

k

168,357

Encompass

Health

Corporation

440,000

4.500%, 

2/1/2028

442,200

Energizer

Holdings,

Inc.

500,000

4.750%, 

6/15/2028

k

517,450

Express

Scripts

Holding

Company

740,000

4.800%, 

7/15/2046

797,393

General

Mills,

Inc.

320,000

2.875%, 

4/15/2030

350,883

Gilead

Sciences,

Inc.

1,300,000

2.600%, 

10/1/2040

1,297,038

HCA,

Inc.

1,120,000

5.375%, 

2/1/2025

1,226,400

HLF

Financing

SARL,

LLC

230,000

7.250%, 

8/15/2026

k

236,325

Imperial

Brands

Finance

plc

825,000

3.875%, 

7/26/2029

k

893,089

JBS

Investments

II

GmbH

240,000

5.750%, 

1/15/2028

k

249,600

JBS

USA,

LLC

395,000

5.750%, 

6/15/2025

k

407,166

280,000

5.500%, 

1/15/2030

k

305,200

Kellogg

Company

550,000

2.100%, 

6/1/2030

563,015

Keurig

Dr.

Pepper,

Inc.

550,000

3.200%, 

5/1/2030

614,010

Kimberly-Clark

Corporation

450,000

3.100%, 

3/26/2030

514,700

300,000

3.900%, 

5/4/2047

384,306

Kraft

Foods

Group,

Inc.

390,000

5.000%, 

6/4/2042

426,568

Kraft

Heinz

Foods

Company

490,000

4.625%, 

1/30/2029

545,229

570,000

3.750%, 

4/1/2030

k

601,708

Medtronic,

Inc.

35,000

4.625%, 

3/15/2045

48,082

Molina

Healthcare,

Inc.

280,000

4.375%, 

6/15/2028

k

285,740

Mondelez

International,

Inc.

180,000

2.750%, 

4/13/2030

195,889

Mylan,

Inc.

120,000

3.125%, 

1/15/2023

k

126,288

675,000

4.550%, 

4/15/2028

785,905

Par

Pharmaceutical,

Inc.

390,000

7.500%, 

4/1/2027

k

408,595

Pernod

Ricard

SA

5,000

5.750%, 

4/7/2021

k

5,135

Post

Holdings,

Inc.

220,000

5.750%, 

3/1/2027

k

231,275

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

246

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Consumer

Non-Cyclical

(0.7%)

-

continued

Quest

Diagnostics,

Inc.

$

550,000

2.800%, 

6/30/2031

$

593,553

Reynolds

American,

Inc.

672,000

5.700%, 

8/15/2035

838,195

Roche

Holdings,

Inc.

336,000

4.000%, 

11/28/2044

k

451,162

Scotts

Miracle-Gro

Company

420,000

4.500%, 

10/15/2029

444,937

Simmons

Foods,

Inc.

260,000

5.750%, 

11/1/2024

k

260,270

Smithfield

Foods,

Inc.

350,000

2.650%, 

10/3/2021

k

352,164

Spectrum

Brands,

Inc.

120,000

5.500%, 

7/15/2030

k

126,600

Sysco

Corporation

600,000

6.600%, 

4/1/2040

808,140

Teleflex,

Inc.

320,000

4.250%, 

6/1/2028

k

331,200

Tenet

Healthcare

Corporation

210,000

4.625%, 

7/15/2024

210,525

570,000

5.125%, 

11/1/2027

k

586,302

Teva

Pharmaceutical

Finance

Netherlands

III

BV

3,000

2.200%, 

7/21/2021

2,974

340,000

2.800%, 

7/21/2023

325,125

Thermo

Fisher

Scientific,

Inc.

360,000

4.133%, 

3/25/2025

410,157

TreeHouse

Foods,

Inc.

160,000

4.000%, 

9/1/2028

161,821

Tyson

Foods,

Inc.

236,000

3.550%, 

6/2/2027

266,492

UnitedHealth

Group,

Inc.

600,000

2.950%, 

10/15/2027

668,333

1,460,000

4.625%, 

7/15/2035

1,917,962

VRX

Escrow

Corporation

1,535,000

6.125%, 

4/15/2025

k

1,571,456

Zoetis,

Inc.

468,000

4.700%, 

2/1/2043

615,081

Total

47,512,507

Energy

(0.5%)

Antero

Resources

Corporation

225,000

5.000%, 

3/1/2025

140,625

Apache

Corporation

150,000

4.875%, 

11/15/2027

141,750

260,000

4.375%, 

10/15/2028

i

237,900

190,000

5.100%, 

9/1/2040

170,791

Archrock

Partners,

LP

280,000

6.250%, 

4/1/2028

k

263,900

BP

Capital

Markets

America,

Inc.

120,000

3.119%, 

5/4/2026

132,539

400,000

3.543%, 

4/6/2027

448,181

BP

Capital

Markets

plc

840,000

3.279%, 

9/19/2027

932,073

Buckeye

Partners,

LP

200,000

4.125%, 

3/1/2025

k

191,000

230,000

3.950%, 

12/1/2026

214,677

80,000

4.125%, 

12/1/2027

75,800

Canadian

Natural

Resources,

Ltd.

585,000

3.450%, 

11/15/2021

598,287

195,000

2.050%, 

7/15/2025

198,936

265,000

2.950%, 

7/15/2030

266,601

Canadian

Oil

Sands,

Ltd.

315,000

9.400%, 

9/1/2021

k

332,973

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Energy

(0.5%)

-

continued

Cheniere

Energy

Partners,

LP

$

795,000

5.625%, 

10/1/2026

$

826,800

Comstock

Resources,

Inc.

190,000

9.750%, 

8/15/2026

194,788

ConocoPhillips

590,000

6.500%, 

2/1/2039

861,755

Continental

Resources,

Inc.

205,000

5.000%, 

9/15/2022

203,592

150,000

4.500%, 

4/15/2023

143,011

DCP

Midstream

Operating,

LP

240,000

5.625%, 

7/15/2027

245,520

Diamondback

Energy,

Inc.

550,000

3.500%, 

12/1/2029

530,282

El

Paso

Pipeline

Partners

Operating

Company,

LLC

355,000

4.300%, 

5/1/2024

391,216

Enagas

SA

640,000

5.500%, 

1/15/2028

k

576,000

Endeavor

Energy

Resources,

LP

100,000

5.500%, 

1/30/2026

k

99,250

300,000

5.750%, 

1/30/2028

k

301,500

Energy

Transfer

Operating,

LP

200,000

4.200%, 

9/15/2023

210,745

600,000

6.000%, 

6/15/2048

602,445

Energy

Transfer

Partners,

LP

265,000

4.900%, 

3/15/2035

258,821

250,000

5.150%, 

2/1/2043

228,473

EnLink

Midstream

Partners,

LP

250,000

4.850%, 

7/15/2026

216,277

320,000

5.600%, 

4/1/2044

205,600

Enterprise

Products

Operating,

LLC

172,000

5.100%, 

2/15/2045

199,929

EOG

Resources,

Inc.

525,000

4.375%, 

4/15/2030

618,211

EQM

Midstream

Partners,

LP

280,000

6.500%, 

7/1/2027

k

296,806

120,000

5.500%, 

7/15/2028

120,846

EQT

Corporation

440,000

3.900%, 

10/1/2027

i

400,950

Equinor

ASA

815,000

3.000%, 

4/6/2027

897,499

Exxon

Mobil

Corporation

300,000

4.327%, 

3/19/2050

372,860

700,000

3.452%, 

4/15/2051

767,113

Harvest

Midstream,

LP

210,000

7.500%, 

9/1/2028

k

208,950

Kinder

Morgan

Energy

Partners,

LP

14,000

3.450%, 

2/15/2023

14,706

585,000

6.500%, 

9/1/2039

736,002

Magellan

Midstream

Partners,

LP

315,000

5.000%, 

3/1/2026

367,140

Marathon

Oil

Corporation

525,000

4.400%, 

7/15/2027

522,010

Marathon

Petroleum

Corporation

708,000

4.750%, 

12/15/2023

775,917

230,000

6.500%, 

3/1/2041

280,237

MPLX,

LP

10,000

4.500%, 

7/15/2023

10,837

650,000

4.875%, 

12/1/2024

726,048

708,000

4.875%, 

6/1/2025

802,515

Murphy

Oil

Corporation

150,000

5.875%, 

12/1/2027

128,106

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

247

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Energy

(0.5%)

-

continued

Nabors

Industries,

Ltd.

$

320,000

7.250%, 

1/15/2026

k

$

157,600

Newfield

Exploration

Company

440,000

5.625%, 

7/1/2024

427,954

280,000

5.375%, 

1/1/2026

263,274

Noble

Energy,

Inc.

1,000,000

5.050%, 

11/15/2044

1,295,187

Occidental

Petroleum

Corporation

238,000

2.700%, 

8/15/2022

222,380

490,000

2.900%, 

8/15/2024

415,731

170,000

3.400%, 

4/15/2026

135,575

150,000

8.500%, 

7/15/2027

151,156

290,000

3.500%, 

8/15/2029

222,372

160,000

6.450%, 

9/15/2036

136,003

410,000

4.400%, 

4/15/2046

292,521

ONEOK,

Inc.

480,000

2.200%, 

9/15/2025

472,960

Parsley

Energy,

LLC

370,000

5.625%, 

10/15/2027

k

368,150

Pioneer

Natural

Resources

Company

225,000

4.450%, 

1/15/2026

260,167

Plains

All

American

Pipeline,

LP

800,000

4.500%, 

12/15/2026

853,437

750,000

3.550%, 

12/15/2029

725,152

QEP

Resources,

Inc.

170,000

5.625%, 

3/1/2026

96,475

Regency

Energy

Partners,

LP

448,000

5.875%, 

3/1/2022

467,589

Sabine

Pass

Liquefaction,

LLC

351,000

6.250%, 

3/15/2022

372,466

426,000

5.625%, 

4/15/2023

466,601

480,000

5.750%, 

5/15/2024

543,377

Schlumberger

Holdings

Corporation

280,000

4.000%, 

12/21/2025

k

313,099

Southwestern

Energy

Company

435,000

7.500%, 

4/1/2026

i

425,212

Suncor

Energy,

Inc.

270,000

3.600%, 

12/1/2024

293,960

Sunoco

Logistics

Partners

Operations,

LP

10,000

4.400%, 

4/1/2021

10,147

475,000

4.000%, 

10/1/2027

484,960

Sunoco,

LP

285,000

5.875%, 

3/15/2028

291,413

Targa

Resources

Partners,

LP

490,000

5.375%, 

2/1/2027

492,754

Transocean

Pontus,

Ltd.

187,200

6.125%, 

8/1/2025

k

167,544

W&T

Offshore,

Inc.

245,000

9.750%, 

11/1/2023

k

168,722

Western

Gas

Partners,

LP

472,000

4.000%, 

7/1/2022

474,797

Western

Midstream

Operating,

LP

130,000

6.250%, 

2/1/2050

120,413

240,000

4.100%, 

2/1/2025

228,600

240,000

3.950%, 

6/1/2025

225,552

Williams

Companies,

Inc.

600,000

7.500%, 

1/15/2031

788,952

Williams

Partners,

LP

300,000

4.500%, 

11/15/2023

328,469

475,000

6.300%, 

4/15/2040

586,434

WPX

Energy,

Inc.

175,000

5.750%, 

6/1/2026

181,125

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Energy

(0.5%)

-

continued

$

240,000

4.500%, 

1/15/2030

$

237,000

Total

32,854,070

Financials

(1.2%)

ABN

AMRO

Bank

NV

450,000

4.750%, 

7/28/2025

k

506,745

ACE

INA

Holdings,

Inc.

10,000

2.875%, 

11/3/2022

10,460

335,000

4.350%, 

11/3/2045

438,077

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

420,000

3.500%, 

1/15/2025

409,056

AerCap

Ireland

Capital,

Ltd.

575,000

3.875%, 

1/23/2028

529,721

Air

Lease

Corporation

1,000

2.500%, 

3/1/2021

1,006

Aircastle,

Ltd.

700,000

5.000%, 

4/1/2023

701,534

Ally

Financial,

Inc.

470,000

5.750%, 

11/20/2025

527,612

American

International

Group,

Inc.

336,000

4.125%, 

2/15/2024

372,795

220,000

3.750%, 

7/10/2025

246,458

650,000

3.900%, 

4/1/2026

741,025

Athene

Global

Funding

6,000

4.000%, 

1/25/2022

k

6,229

Australia

and

New

Zealand

Banking

Group,

Ltd.

450,000

2.950%, 

7/22/2030

b,k

466,304

AvalonBay

Communities,

Inc.

500,000

3.500%, 

11/15/2025

562,618

Aviation

Capital

Group,

LLC

485,000

2.875%, 

1/20/2022

k

481,302

Avolon

Holdings

Funding,

Ltd.

350,000

5.250%, 

5/15/2024

k

351,553

Banco

Santander

Mexico

SA

400,000

5.375%, 

4/17/2025

k

444,800

Banco

Santander

SA

600,000

1.386%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

602,679

Bank

of

America

Corporation

5,000

2.738%, 

1/23/2022

b

5,035

10,000

3.550%, 

3/5/2024

b

10,652

448,000

4.000%, 

4/1/2024

496,411

750,000

4.200%, 

8/26/2024

835,092

1,070,000

4.000%, 

1/22/2025

1,191,689

650,000

3.458%, 

3/15/2025

b

704,456

600,000

3.093%, 

10/1/2025

b

646,864

250,000

3.824%, 

1/20/2028

b

283,256

600,000

2.496%, 

2/13/2031

b

625,433

400,000

2.592%, 

4/29/2031

b

422,395

561,000

5.875%, 

2/7/2042

827,507

Bank

of

New

York

Mellon

Corporation

40,000

2.500%, 

4/15/2021

40,408

14,000

2.600%, 

2/7/2022

14,404

Barclays

Bank

plc

112,000

10.179%, 

6/12/2021

k

117,831

Barclays

plc

448,000

3.650%, 

3/16/2025

483,205

665,000

3.564%, 

9/23/2035

b

654,154

Boston

Properties,

LP

525,000

4.500%, 

12/1/2028

618,439

BPCE

SA

590,000

3.500%, 

10/23/2027

k

648,270

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

248

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Financials

(1.2%)

-

continued

Camden

Property

Trust

$

900,000

3.150%, 

7/1/2029

$

997,904

Capital

One

Financial

Corporation

750,000

4.200%, 

10/29/2025

831,313

Cascades

USA,

Inc.

390,000

5.125%, 

1/15/2026

k

408,603

CIT

Group,

Inc.

535,000

5.000%, 

8/15/2022

551,719

160,000

5.250%, 

3/7/2025

169,280

Citigroup,

Inc.

910,000

4.400%, 

6/10/2025

1,023,359

448,000

3.200%, 

10/21/2026

493,978

1,070,000

3.668%, 

7/24/2028

b

1,201,045

336,000

4.125%, 

7/25/2028

386,239

600,000

3.520%, 

10/27/2028

b

666,674

700,000

3.878%, 

1/24/2039

b

822,133

348,000

4.650%, 

7/23/2048

456,540

CNA

Financial

Corporation

250,000

3.900%, 

5/1/2029

286,584

Comerica,

Inc.

180,000

3.700%, 

7/31/2023

194,949

Commerzbank

AG

600,000

8.125%, 

9/19/2023

k

682,824

Compass

Bank

500,000

3.500%, 

6/11/2021

509,059

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

620,000

3.950%, 

11/9/2022

658,752

1,416,000

4.625%, 

12/1/2023

1,574,776

Credit

Acceptance

Corporation

250,000

5.125%, 

12/31/2024

k

248,258

Credit

Agricole

SA

807,000

3.375%, 

1/10/2022

k

833,428

600,000

3.250%, 

1/14/2030

k

644,029

Credit

Suisse

Group

AG

250,000

2.997%, 

12/14/2023

b,k

260,212

350,000

7.250%, 

9/12/2025

b,k,n

379,313

750,000

2.193%, 

6/5/2026

b,k

774,417

450,000

3.869%, 

1/12/2029

b,k

501,958

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

21,000

3.800%, 

9/15/2022

22,196

Danske

Bank

AS

675,000

3.244%, 

12/20/2025

b,k

718,266

Deutsche

Bank

AG

925,000

3.547%, 

9/18/2031

b

929,513

Discover

Bank

400,000

2.450%, 

9/12/2024

421,934

600,000

4.682%, 

8/9/2028

b

629,004

Duke

Realty,

LP

450,000

2.875%, 

11/15/2029

490,561

ERP

Operating,

LP

90,000

3.375%, 

6/1/2025

99,590

ESH

Hospitality,

Inc.

240,000

5.250%, 

5/1/2025

k

242,400

120,000

4.625%, 

10/1/2027

k

117,752

Fidelity

National

Financial,

Inc.

500,000

5.500%, 

9/1/2022

542,634

First

Horizon

National

Corporation

775,000

4.000%, 

5/26/2025

842,411

GE

Capital

Funding,

LLC

1,750,000

4.400%, 

5/15/2030

k

1,881,075

GE

Capital

International

Funding

Company

890,000

4.418%, 

11/15/2035

940,589

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Financials

(1.2%)

-

continued

Goldman

Sachs

Group,

Inc.

$

842,000

4.165%, 

(LIBOR

3M

+

3.922%),

11/2/2020

b,n

$

827,518

14,000

3.000%, 

4/26/2022

14,202

700,000

3.625%, 

2/20/2024

760,099

790,000

4.750%, 

10/21/2045

1,037,135

Guardian

Life

Global

Funding

10,000

2.000%, 

4/26/2021

k

10,099

HCP,

Inc.

176,000

3.400%, 

2/1/2025

192,580

Healthpeak

Properties,

Inc.

400,000

2.875%, 

1/15/2031

423,436

Hospitality

Properties

Trust

10,000

4.250%, 

2/15/2021

9,950

HSBC

Holdings

plc

464,000

6.875%, 

6/1/2021

b,n

473,280

750,000

3.803%, 

3/11/2025

b

810,206

425,000

3.900%, 

5/25/2026

469,653

725,000

4.950%, 

3/31/2030

872,565

Huntington

Bancshares,

Inc.

10,000

3.150%, 

3/14/2021

10,107

Icahn

Enterprises,

LP

345,000

6.750%, 

2/1/2024

353,892

410,000

6.375%, 

12/15/2025

421,466

International

Lease

Finance

Corporation

284,000

5.875%, 

8/15/2022

303,878

J.P.

Morgan

Chase

&

Company

10,000

2.776%, 

4/25/2023

b

10,341

750,000

3.875%, 

9/10/2024

829,566

690,000

3.125%, 

1/23/2025

752,554

1,080,000

3.900%, 

7/15/2025

1,221,392

360,000

3.300%, 

4/1/2026

398,849

675,000

4.203%, 

7/23/2029

b

798,495

400,000

2.522%, 

4/22/2031

b

425,757

720,000

3.882%, 

7/24/2038

b

847,571

Kimco

Realty

Corporation

510,000

3.300%, 

2/1/2025

552,478

Liberty

Mutual

Group,

Inc.

4,000

5.000%, 

6/1/2021

k

4,122

224,000

4.950%, 

5/1/2022

k

238,640

Lloyds

Banking

Group

plc

70,000

2.907%, 

11/7/2023

b

72,754

925,000

3.870%, 

7/9/2025

b

1,007,231

MassMutual

Global

Funding

400,000

2.750%, 

6/22/2024

k

429,899

MetLife,

Inc.

355,000

4.050%, 

3/1/2045

430,965

MGM

Growth

Properties

Operating

Partnership,

LP

170,000

4.625%, 

6/15/2025

k

173,400

140,000

5.750%, 

2/1/2027

150,850

Mitsubishi

UFJ

Financial

Group,

Inc.

7,000

2.998%, 

2/22/2022

7,234

600,000

3.287%, 

7/25/2027

666,414

800,000

2.048%, 

7/17/2030

807,768

Mizuho

Financial

Group,

Inc.

660,000

1.979%, 

9/8/2031

b

653,041

Morgan

Stanley

224,000

4.085%, 

(LIBOR

3M

+

3.810%),

1/15/2021

b,n

219,054

12,000

5.500%, 

7/28/2021

12,504

290,000

2.625%, 

11/17/2021

297,231

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

249

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Financials

(1.2%)

-

continued

$

153,000

1.452%, 

(LIBOR

3M

+

1.180%),

1/20/2022

b

$

153,446

155,000

4.875%, 

11/1/2022

167,567

55,000

3.125%, 

1/23/2023

58,160

250,000

2.188%, 

4/28/2026

b

261,694

540,000

4.350%, 

9/8/2026

624,159

720,000

3.591%, 

7/22/2028

b

809,372

100,000

3.772%, 

1/24/2029

b

113,874

720,000

3.622%, 

4/1/2031

b

822,095

MPT

Operating

Partnership,

LP

225,000

6.375%, 

3/1/2024

231,075

445,000

4.625%, 

8/1/2029

463,009

Nasdaq,

Inc.

335,000

3.250%, 

4/28/2050

349,027

295,000

3.850%, 

6/30/2026

335,315

Nationwide

Building

Society

400,000

3.622%, 

4/26/2023

b,k

415,581

Natwest

Group

plc

945,000

3.032%, 

11/28/2035

b

907,748

Outfront

Media

Cap,

LLC

420,000

4.625%, 

3/15/2030

k

403,200

Park

Aerospace

Holdings,

Ltd.

350,000

4.500%, 

3/15/2023

k

347,213

Prudential

Financial,

Inc.

675,000

3.700%, 

3/13/2051

742,897

Quicken

Loans,

LLC

190,000

3.625%, 

3/1/2029

k

188,338

190,000

3.875%, 

3/1/2031

k

187,625

Realty

Income

Corporation

475,000

4.125%, 

10/15/2026

551,139

Regency

Centers,

LP

720,000

4.125%, 

3/15/2028

804,979

Reinsurance

Group

of

America,

Inc.

510,000

4.700%, 

9/15/2023

563,089

Royal

Bank

of

Scotland

Group

plc

500,000

6.000%, 

12/29/2025

b,n

508,750

475,000

4.445%, 

5/8/2030

b

549,359

Service

Properties

Trust

200,000

4.500%, 

6/15/2023

196,212

260,000

4.750%, 

10/1/2026

231,699

Simon

Property

Group,

LP

15,000

2.500%, 

7/15/2021

15,162

448,000

4.250%, 

11/30/2046

479,261

Societe

Generale

SA

354,000

4.750%, 

11/24/2025

k

388,284

Springleaf

Finance

Corporation

390,000

6.875%, 

3/15/2025

432,773

230,000

6.625%, 

1/15/2028

255,254

Sumitomo

Mitsui

Financial

Group,

Inc.

336,000

3.010%, 

10/19/2026

370,373

Synchrony

Financial

155,000

4.250%, 

8/15/2024

168,404

350,000

3.950%, 

12/1/2027

376,455

UBS

Group

Funding

Jersey,

Ltd.

336,000

4.125%, 

9/24/2025

k

382,898

UDR,

Inc.

400,000

2.100%, 

8/1/2032

397,447

Ventas

Realty,

LP

500,000

3.100%, 

1/15/2023

519,853

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

150,000

4.250%, 

12/1/2026

k

150,698

80,000

3.750%, 

2/15/2027

k

78,662

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Financials

(1.2%)

-

continued

$

150,000

4.625%, 

12/1/2029

k

$

153,215

80,000

4.125%, 

8/15/2030

k

78,800

Voya

Financial,

Inc.

425,000

3.125%, 

7/15/2024

458,163

Wells

Fargo

&

Company

450,000

2.550%, 

12/7/2020

451,818

8,000

2.100%, 

7/26/2021

8,112

750,000

4.125%, 

8/15/2023

816,994

10,000

1.491%, 

(LIBOR

3M

+

1.230%),

10/31/2023

b

10,125

350,000

3.000%, 

2/19/2025

377,671

450,000

3.000%, 

4/22/2026

489,453

450,000

3.000%, 

10/23/2026

491,210

550,000

2.393%, 

6/2/2028

b

573,584

310,000

4.900%, 

11/17/2045

392,531

Total

76,762,744

Mortgage-Backed

Securities

(5.0%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

18,178,830

3.000%, 

3/25/2050

19,062,075

7,827,872

3.000%, 

4/1/2050

8,208,209

7,106,971

3.500%, 

7/1/2047

7,519,969

Federal

National

Mortgage

Association

4,025,812

4.500%, 

5/1/2048

4,359,970

7,924,373

3.500%, 

10/1/2048

8,372,849

4,515,942

3.500%, 

6/1/2049

4,776,982

9,294,551

3.500%, 

8/1/2049

9,841,863

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

14,250,000

1.500%, 

10/1/2035

e

14,576,191

32,075,000

2.000%, 

10/1/2035

e

33,327,930

41,611,000

2.500%, 

10/1/2035

e

43,444,485

20,500,000

2.000%, 

11/1/2035

e

21,292,661

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

40,250,000

2.000%, 

10/1/2050

e

41,608,437

34,669,000

2.500%, 

10/1/2050

e,o

36,361,822

20,175,000

2.000%, 

11/1/2050

e,o

20,806,056

27,550,000

2.500%, 

11/1/2050

e

28,835,750

14,324,869

4.000%, 

7/1/2048

15,278,616

12,275,000

3.000%, 

10/1/2049

e

12,858,542

Total

330,532,407

Technology

(0.4%)

Apple,

Inc.

300,000

3.000%, 

2/9/2024

322,998

95,000

3.200%, 

5/11/2027

108,021

640,000

3.000%, 

6/20/2027

721,667

960,000

3.000%, 

11/13/2027

1,084,596

835,000

3.750%, 

9/12/2047

1,026,632

Applied

Materials,

Inc.

240,000

3.300%, 

4/1/2027

272,686

Avnet,

Inc.

335,000

3.750%, 

12/1/2021

344,601

Baidu,

Inc.

500,000

3.425%, 

4/7/2030

i

549,797

Black

Knight

InfoServ,

LLC

60,000

3.625%, 

9/1/2028

k

60,637

Broadcom

Corporation

391,000

3.875%, 

1/15/2027

433,566

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

250

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Technology

(0.4%)

-

continued

$

500,000

3.500%, 

1/15/2028

$

541,460

Broadcom,

Inc.

900,000

4.750%, 

4/15/2029

1,045,216

250,000

5.000%, 

4/15/2030

294,873

CDW,

LLC

150,000

4.250%, 

4/1/2028

155,250

CommScope

Technologies

Finance,

LLC

621,000

6.000%, 

6/15/2025

k

629,415

Diamond

1

Finance

Corporation

1,300,000

6.020%, 

6/15/2026

k

1,526,796

Diamond

Sports

Group,

LLC

250,000

5.375%, 

8/15/2026

k

176,875

420,000

6.625%, 

8/15/2027

k

218,400

Fiserv,

Inc.

775,000

2.250%, 

6/1/2027

818,095

480,000

2.650%, 

6/1/2030

516,166

Gartner,

Inc.

170,000

4.500%, 

7/1/2028

k

178,109

160,000

3.750%, 

10/1/2030

k

161,848

Hewlett

Packard

Enterprise

Company

475,000

4.650%, 

10/1/2024

537,038

Intel

Corporation

600,000

3.100%, 

2/15/2060

650,078

Iron

Mountain,

Inc.

320,000

4.875%, 

9/15/2029

k

325,600

250,000

5.250%, 

7/15/2030

k

260,625

KLA

Corporation

720,000

3.300%, 

3/1/2050

753,167

Lam

Research

Corporation

600,000

2.875%, 

6/15/2050

619,726

Marvell

Technology

Group,

Ltd.

350,000

4.200%, 

6/22/2023

377,852

475,000

4.875%, 

6/22/2028

572,933

Micron

Technology,

Inc.

275,000

2.497%, 

4/24/2023

285,556

Microsoft

Corporation

797,000

2.675%, 

6/1/2060

834,534

700,000

4.200%, 

11/3/2035

919,176

890,000

3.700%, 

8/8/2046

1,116,771

NCR

Corporation

750,000

6.125%, 

9/1/2029

k

792,465

NVIDIA

Corporation

675,000

3.500%, 

4/1/2040

790,402

NXP

BV/NXP

Funding,

LLC

700,000

4.875%, 

3/1/2024

k

787,046

Open

Text

Corporation

480,000

4.125%, 

2/15/2030

k

493,651

Oracle

Corporation

10,000

2.500%, 

5/15/2022

10,313

332,000

2.400%, 

9/15/2023

349,348

360,000

2.950%, 

5/15/2025

391,928

750,000

2.800%, 

4/1/2027

822,841

600,000

3.850%, 

7/15/2036

707,846

625,000

3.600%, 

4/1/2040

712,782

Plantronics,

Inc.

420,000

5.500%, 

5/31/2023

k

373,800

PTC,

Inc.

130,000

3.625%, 

2/15/2025

k

131,950

110,000

4.000%, 

2/15/2028

k

113,061

Qorvo,

Inc.

200,000

3.375%, 

4/1/2031

k

203,425

Sensata

Technologies,

Inc.

420,000

3.750%, 

2/15/2031

k

417,375

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Technology

(0.4%)

-

continued

SS&C

Technologies,

Inc.

$

600,000

5.500%, 

9/30/2027

k

$

637,632

Switch,

Ltd.

90,000

3.750%, 

9/15/2028

k

90,900

Texas

Instruments,

Inc.

580,000

4.150%, 

5/15/2048

756,766

Tyco

Electronics

Group

SA

120,000

3.450%, 

8/1/2024

130,460

240,000

3.125%, 

8/15/2027

262,306

Vmware,

Inc.

400,000

4.650%, 

5/15/2027

466,065

Xerox

Holdings

Corporation

230,000

5.000%, 

8/15/2025

k

227,302

Total

28,110,424

Transportation

(0.1%)

Air

Canada

Pass

Through

Trust

90,503

3.875%, 

3/15/2023

k

77,847

Air

Lease

Corporation

180,000

3.500%, 

1/15/2022

184,657

American

Airlines,

Inc.

80,000

11.750%, 

7/15/2025

k

77,200

Burlington

Northern

Santa

Fe,

LLC

355,000

5.750%, 

5/1/2040

508,015

550,000

5.050%, 

3/1/2041

732,737

385,000

4.450%, 

3/15/2043

489,383

CSX

Corporation

360,000

3.800%, 

4/15/2050

430,109

115,000

3.700%, 

11/1/2023

124,779

700,000

3.350%, 

9/15/2049

772,324

Delta

Air

Lines,

Inc.

360,000

7.000%, 

5/1/2025

k

395,215

Mileage

Plus

Holdings,

LLC

240,000

6.500%, 

6/20/2027

k

249,900

Penske

Truck

Leasing

Company,

LP

125,000

3.375%, 

2/1/2022

k

129,066

Southwest

Airlines

Company

525,000

4.750%, 

5/4/2023

560,626

500,000

5.125%, 

6/15/2027

544,598

United

Airlines

Pass

Through

Trust

10,000

3.700%, 

12/1/2022

9,367

United

Parcel

Service,

Inc.

480,000

4.450%, 

4/1/2030

601,236

XPO

Logistics,

Inc.

517,000

6.750%, 

8/15/2024

k

547,606

Total

6,434,665

U.S.

Government

&

Agencies

(5.5%)

U.S.

Treasury

Bonds

525,000

2.000%, 

2/15/2050

593,824

20,580,000

2.250%, 

11/15/2027

23,134,814

18,050,000

2.875%, 

5/15/2028

21,235,543

5,830,000

5.250%, 

11/15/2028

8,019,211

7,700,000

1.625%, 

8/15/2029

8,380,969

1,580,000

1.500%, 

2/15/2030

1,704,178

2,050,000

4.375%, 

5/15/2040

3,217,859

11,465,000

3.000%, 

5/15/2042

15,240,389

25,124,000

2.500%, 

5/15/2046

31,038,936

16,725,000

2.875%, 

5/15/2049

22,392,554

550,000

2.375%, 

11/15/2049

671,494

U.S.

Treasury

Notes

300,000

1.875%, 

12/15/2020

301,078

500,000

2.500%, 

2/28/2021

504,824

1,500,000

1.375%, 

5/31/2021

1,512,070

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

251

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

U.S.

Government

&

Agencies

(5.5%)

-

continued

$

16,465,000

1.125%, 

8/31/2021

$

16,609,069

6,425,000

1.500%, 

9/30/2021

6,510,834

1,700,000

2.500%, 

1/15/2022

1,751,598

1,900,000

1.125%, 

2/28/2022

1,926,273

8,320,000

1.875%, 

7/31/2022

8,584,550

8,190,000

2.000%, 

11/30/2022

8,518,880

11,580,000

2.500%, 

3/31/2023

12,259,873

16,710,000

2.500%, 

1/31/2024

17,997,192

2,335,000

2.125%, 

7/31/2024

2,505,929

95,000

2.250%, 

11/15/2024

102,867

13,150,000

2.125%, 

11/30/2024

14,181,967

43,700,000

2.875%, 

5/31/2025

48,998,625

12,650,000

2.625%, 

1/31/2026

14,194,189

64,360,000

2.500%, 

2/28/2026

71,884,589

Total

363,974,178

Utilities

(0.4%)

Alabama

Power

Company

7,000

2.450%, 

3/30/2022

7,193

Ameren

Illinois

Company

450,000

4.500%, 

3/15/2049

596,879

American

Water

Capital

Corporation

650,000

2.800%, 

5/1/2030

711,489

Appalachian

Power

Company

238,000

3.300%, 

6/1/2027

261,567

Arizona

Public

Service

Company

50,000

3.500%, 

12/1/2049

55,486

Berkshire

Hathaway

Energy

Company

375,000

4.500%, 

2/1/2045

468,938

Calpine

Corporation

380,000

4.500%, 

2/15/2028

k

389,173

CenterPoint

Energy,

Inc.

185,000

3.850%, 

2/1/2024

202,638

700,000

2.500%, 

9/1/2024

744,623

420,000

4.250%, 

11/1/2028

500,455

CMS

Energy

Corporation

336,000

2.950%, 

2/15/2027

357,708

Commonwealth

Edison

Company

355,000

3.700%, 

3/1/2045

413,103

180,000

4.350%, 

11/15/2045

230,090

Consolidated

Edison

Company

of

New

York,

Inc.

550,000

4.125%, 

5/15/2049

658,620

Consolidated

Edison,

Inc.

168,000

4.500%, 

12/1/2045

210,195

Consumers

Energy

Company

550,000

4.350%, 

4/15/2049

723,928

DTE

Electric

Company

265,000

3.700%, 

3/15/2045

309,365

360,000

3.700%, 

6/1/2046

419,699

Duke

Energy

Carolinas,

LLC

440,000

3.700%, 

12/1/2047

519,720

Duke

Energy

Corporation

448,000

3.750%, 

9/1/2046

509,848

Duke

Energy

Florida,

LLC

320,000

3.200%, 

1/15/2027

360,570

Duke

Energy

Indiana,

LLC

450,000

3.750%, 

5/15/2046

525,594

Edison

International

975,000

5.750%, 

6/15/2027

1,076,025

Exelon

Corporation

375,000

4.700%, 

4/15/2050

476,677

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Utilities

(0.4%)

-

continued

$

240,000

5.100%, 

6/15/2045

$

311,767

336,000

4.450%, 

4/15/2046

407,288

FirstEnergy

Corporation

150,000

2.850%, 

7/15/2022

153,742

845,000

4.850%, 

7/15/2047

1,015,871

GFL

Environmental,

Inc.

270,000

3.750%, 

8/1/2025

k

269,325

ITC

Holdings

Corporation

67,000

4.050%, 

7/1/2023

72,436

224,000

5.300%, 

7/1/2043

293,241

Mississippi

Power

Company

340,000

3.950%, 

3/30/2028

390,000

Monongahela

Power

Company

275,000

5.400%, 

12/15/2043

k

386,359

National

Rural

Utilities

Cooperative

Finance

Corporation

295,000

3.900%, 

11/1/2028

350,862

575,000

3.700%, 

3/15/2029

674,675

NextEra

Energy

Operating

Partners,

LP

550,000

3.875%, 

10/15/2026

k

569,250

NiSource

Finance

Corporation

236,000

3.490%, 

5/15/2027

262,905

415,000

5.650%, 

2/1/2045

572,729

NiSource,

Inc.

550,000

3.600%, 

5/1/2030

626,296

Oncor

Electric

Delivery

Company,

LLC

394,000

3.750%, 

4/1/2045

469,722

Pacific

Gas

and

Electric

Company

350,000

3.300%, 

12/1/2027

359,724

350,000

3.950%, 

12/1/2047

323,098

PG&E

Corporation

160,000

5.000%, 

7/1/2028

155,200

130,000

5.250%, 

7/1/2030

125,775

PPL

Capital

Funding,

Inc.

236,000

3.400%, 

6/1/2023

251,307

515,000

5.000%, 

3/15/2044

641,504

PPL

Electric

Utilities

Corporation

354,000

3.950%, 

6/1/2047

432,093

PSEG

Power,

LLC

9,000

3.000%, 

6/15/2021

9,146

Public

Service

Electric

&

Gas

Company

350,000

3.000%, 

5/15/2027

387,658

San

Diego

Gas

and

Electric

Company

600,000

4.150%, 

5/15/2048

728,826

South

Carolina

Electric

&

Gas

Company

700,000

5.100%, 

6/1/2065

1,043,805

Southern

California

Edison

Company

485,000

4.000%, 

4/1/2047

519,324

Southern

Company

320,000

2.950%, 

7/1/2023

340,033

325,000

3.250%, 

7/1/2026

362,501

450,000

4.400%, 

7/1/2046

532,586

Southern

Company

Gas

Capital

Corporation

590,000

4.400%, 

5/30/2047

712,272

Southwestern

Electric

Power

Company

180,000

3.900%, 

4/1/2045

197,362

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

252

Principal

Amount

Long-Term

Fixed

Income

(16.8%)

Value

Utilities

(0.4%)

-

continued

Suburban

Propane

Partners,

LP

$

310,000

5.875%, 

3/1/2027

$

317,362

Talen

Energy

Supply,

LLC

330,000

7.625%, 

6/1/2028

k

330,000

TerraForm

Power

Operating,

LLC

305,000

5.000%, 

1/31/2028

k

333,876

Virginia

Electric

and

Power

Company

425,000

4.600%, 

12/1/2048

578,960

Vistra

Operations

Company,

LLC

430,000

5.000%, 

7/31/2027

k

451,607

Total

26,690,070

Total

Long-Term

Fixed

Income

(cost

$1,039,833,878)

1,111,593,376

Shares

Collateral

Held

for

Securities

Loaned

(

1.0%

)

Value

65,223,254

Thrivent

Cash

Management

Trust

65,223,254

Total

Collateral

Held

for

Securities

Loaned

(cost

$65,223,254)

65,223,254

Shares

or

Principal

Amount

Short-Term

Investments

(

9.5%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

1,900,000

0.076%,

10/7/2020

p,q

1,899,981

4,200,000

0.074%,

10/14/2020

p,q

4,199,909

8,800,000

0.080%,

10/28/2020

p,q

8,799,604

1,200,000

0.085%,

11/5/2020

p,q

1,199,918

8,800,000

0.090%,

11/6/2020

p,q

8,799,384

300,000

0.060%,

11/10/2020

p,q

299,977

500,000

0.080%,

11/12/2020

p,q

499,959

7,000,000

0.070%,

11/18/2020

p,q

6,999,347

7,700,000

0.070%,

11/19/2020

p,q

7,699,266

1,100,000

0.055%,

11/24/2020

p,q

1,099,884

25,200,000

0.055%,

12/8/2020

p,q

25,195,716

10,300,000

0.055%,

12/9/2020

p,q

10,298,223

3,100,000

0.075%,

12/22/2020

p,q

3,099,365

Thrivent

Core

Short-Term

Reserve

Fund

54,950,950

0.310%

549,509,503

U.S.

Treasury

Bills

600,000

0.093%,

11/19/2020

p,r

599,927

100,000

0.085%,

12/3/2020

p,r

99,983

100,000

0.080%,

12/10/2020

p,s

99,981

200,000

0.084%,

12/17/2020

p,s

199,959

Total

Short-Term

Investments

(cost

$630,772,844)

630,599,886

Total

Investments

(cost

$5,985,772,401)

104.9%

$6,940,943,008

Other

Assets

and

Liabilities,

Net

(4.9%)

(322,092,783)

Total

Net

Assets

100.0%

$6,618,850,225

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

f

In

bankruptcy.  Interest

is

not

being

accrued.

g

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

h

Denotes

payment-in-kind

security.  The

security

may

pay

an

interest

or

dividend

payment

with

additional

fixed

income

or

equity

securities

in

lieu

of,

or

in

addition

to

a

cash

payment.  The

cash

rate

and/or

payment-in-kind

rate

shown

are

as

of

September

30,

2020.

i

All

or

a

portion

of

the

security

is

on

loan.

j

Non-income

producing

security.

k

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$154,099,231

or

2.3%

of

total

net

assets.

l

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

September

30,

2020.

m

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.

n

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

o

All

or

a

portion

of

the

security

was

earmarked

to

cover

written

options.

p

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

q

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.

r

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.

s

At

September

30,

2020,

$182,963

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderately

Aggressive

Allocation

Portfolio

as

of

September

30,

2020

was

$198,000

or

0.0%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2020.

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

253

Security

Acquisition

Date

Cost

Windstream

Services,

LLC,

10/31/2025

1/14/2020

$

324,054

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

September

30,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

2,046,618

Common

Stock

62,062,958

Total

lending

$64,109,576

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$65,223,254

Net

amounts

due

to

counterparty

$1,113,678

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

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

FNMA

-

Federal

National

Mortgage

Association

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.

PIK

-

Payment-In-Kind

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1W

-

ICE

Libor

USD

Rate

1

Week

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

254

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

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

3,135,494

–

2,835,054

300,440

Capital

Goods

5,182,003

–

5,182,003

–

Communications

Services

13,131,100

–

12,456,200

674,900

Consumer

Cyclical

8,650,789

–

8,032,408

618,381

Consumer

Non-Cyclical

10,670,935

–

10,670,935

–

Energy

1,738,273

–

1,738,273

–

Financials

5,426,524

–

5,426,524

–

Technology

5,382,683

–

5,382,683

–

Transportation

1,674,667

–

1,674,667

–

Utilities

1,903,846

–

1,903,846

–

Registered

Investment

Companies

Unaffiliated

44,078,855

44,078,855

–

–

Affiliated

2,304,825,573

2,304,825,573

–

–

Common

Stock

Communications

Services

122,196,316

122,158,821

–

37,495

Consumer

Discretionary

329,435,348

329,435,348

–

–

Consumer

Staples

45,343,316

45,343,316

–

–

Energy

24,486,403

24,486,403

–

–

Financials

195,988,845

192,957,711

3,031,134

–

Health

Care

330,984,549

330,984,549

–

–

Industrials

256,636,466

256,636,466

–

–

Information

Technology

592,445,431

592,191,846

253,585

–

Materials

61,122,057

59,169,745

1,952,306

6

Real

Estate

100,394,146

100,394,146

–

–

Utilities

12,394,743

12,394,743

–

–

Long-Term

Fixed

Income

Asset-Backed

Securities

46,448,449

–

46,448,449

–

Basic

Materials

12,947,291

–

12,947,291

–

Capital

Goods

17,957,317

–

17,957,317

–

Collateralized

Mortgage

Obligations

40,961,818

–

40,061,818

900,000

Commercial

Mortgage-Backed

Securities

8,772,415

–

8,772,415

–

Communications

Services

41,190,062

–

41,190,062

–

Consumer

Cyclical

30,444,959

–

30,444,959

–

Consumer

Non-Cyclical

47,512,507

–

47,512,507

–

Energy

32,854,070

–

32,854,070

–

Financials

76,762,744

–

76,762,744

–

Mortgage-Backed

Securities

330,532,407

–

330,532,407

–

Technology

28,110,424

–

28,110,424

–

Transportation

6,434,665

–

6,434,665

–

U.S.

Government

&

Agencies

363,974,178

–

363,974,178

–

Utilities

26,690,070

–

26,690,070

–

Short-Term

Investments

81,090,383

–

81,090,383

–

Subtotal

Investments

in

Securities

$5,669,912,121

$4,415,057,522

$1,252,323,377

$2,531,222

Other

Investments  *

Total

Affiliated

Short-Term

Investments

549,509,503

Affiliated

Registered

Investment

Companies

656,298,130

Collateral

Held

for

Securities

Loaned

65,223,254

Subtotal

Other

Investments

$1,271,030,887

Total

Investments

at

Value

$6,940,943,008

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

255

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

2,923,452

2,923,452

–

–

Total

Asset

Derivatives

$2,923,452

$2,923,452

$–

$–

Liability

Derivatives

Futures

Contracts

7,484,184

7,484,184

–

–

Call

Options

Written

93,662

–

–

93,662

Credit

Default

Swaps

5,197

–

5,197

–

Total

Liability

Derivatives

$7,583,043

$7,484,184

$5,197

$93,662

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$80,090,533

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

491

December

2020

$

108,466,476

$

25,345

CBOT

U.S.

Long

Bond

169

December

2020

29,972,013

(

180,481)

CME

E-mini

Russell

2000

Index

21

December

2020

1,564,943

14,677

CME

E-mini

S&P

500

Index

5,224

December

2020

874,443,147

1,099,253

CME

E-mini

S&P

Mid-Cap

400

Index

7

December

2020

1,294,517

4,613

CME

Euro

Foreign

Exchange

Currency

317

December

2020

46,824,948

(

323,029)

Eurex

Euro

STOXX

50

Index

1,275

December

2020

49,512,642

(

1,975,388)

ICE

US

mini

MSCI

Emerging

Markets

Index

2,542

December

2020

140,778,174

(

2,429,824)

Total

Futures

Long

Contracts

$

1,252,856,860

(

$

3,764,834)

CBOT

10-Yr.

U.S.

Treasury

Note

(308)

December

2020

(

$

42,926,662)

(

$

48,963)

CBOT

5-Yr.

U.S.

Treasury

Note

(62)

December

2020

(

7,806,497)

(

7,441)

CME

E-mini

Russell

2000

Index

(6,429)

December

2020

(

481,531,167)

(

2,058,213)

CME

E-mini

S&P

Mid-Cap

400

Index

(2,213)

December

2020

(

410,282,514)

(

428,156)

CME

Ultra

Long

Term

U.S.

Treasury

Bond

(13)

December

2020

(

2,928,105)

44,543

ICE

mini

MSCI

EAFE

Index

(990)

December

2020

(

93,468,421)

1,735,021

Ultra

10-Yr.

U.S.

Treasury

Note

(83)

December

2020

(

13,240,827)

(

32,689)

Total

Futures

Short

Contracts

(

$

1,052,184,193)

($795,898)

Total

Futures

Contracts

$

200,672,667

($4,560,732)

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

options

contracts

held

as

of

September

30,

2020.

Option

_

Description                              

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Principal

Amount

Value

Unrealized

Appreciation/

(Depreciation)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(12.00)

$

104.88

October

2020

(12,585,937)

(

$

17,414)

$

31,336

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(10.93)

102.78

November

2020

(11,266,724)

(

76,248)

(

11,381)

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Total

Options

Written

Contracts

($93,662)

$19,955

(*)  Security

is

valued

using

significant

unobservable

inputs.

Market

quotations

or

prices

were

not

readily

available

or

were

determined

to

be

unreliable.

Value

was

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

256

Counterparty:

MSC

-

Morgan

Stanley

&

Company

The

following

table

presents

Moderately

Aggressive

Allocation

Portfolio's

swaps

contracts

held

as

of

September

30,

2020.

Investments

totaling

$699,910

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

35,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2025

$

7,800,000

$

–

(

$

5,197)

(

$

5,197)

Total

Credit

Default

Swaps

$–

($5,197)

($5,197)

1

As

the

buyer

of

protection,

Moderately

Aggressive

Allocation

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Moderately

Aggressive

Allocation

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Moderately

Aggressive

Allocation

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

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.

Moderately

Aggressive

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

257

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderately

Aggressive

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$75,829

$11,990

$–

$87,904

8,952

1.3%

Core

Emerging

Markets

Equity*

–

41,200

–

42,879

4,204

0.7

Core

International

Equity

220,517

–

13,000

187,841

21,177

2.8

Core

Low

Volatility

Equity

242,502

94,000

–

337,674

28,116

5.1

Global

Stock

408,855

46,922

–

411,312

33,287

6.2

High

Yield

61,624

2,398

–

59,846

13,410

0.9

Income

180,729

5,107

–

194,348

17,520

2.9

International

Allocation

574,628

23,610

32,000

488,524

54,722

7.4

International

Index*

–

32,000

–

36,859

3,305

0.6

Large

Cap

Value

490,008

18,044

–

431,406

26,681

6.5

Limited

Maturity

Bond

101,072

1,692

–

103,985

10,357

1.6

Mid

Cap

Stock

482,077

18,449

–

476,882

25,858

7.2

Small

Cap

Stock

112,575

12,030

–

101,664

6,600

1.5

Total

Affiliated

Registered

Investment

Companies

2,950,416

2,961,124

44.7

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

527,067

1,043,192

1,020,517

549,510

54,951

8.3

Total

Affiliated

Short-Term

Investments

527,067

549,510

8.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

30,577

544,487

509,841

65,223

65,223

1.0

Total

Collateral

Held

for

Securities

Loaned

30,577

65,223

1.0

Total

Value

$3,508,060

$3,575,857

*  

Non-income

producing

security.

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$85

–

$2,840

Core

Emerging

Markets

Equity*

–

1,679

–

–

Core

International

Equity

(1,489)

(18,187)

–

–

Core

Low

Volatility

Equity

–

1,172

–

–

Global

Stock

–

(44,465)

40,143

6,778

High

Yield

–

(4,176)

–

2,398

Income

–

8,512

900

4,208

International

Allocation

(28,233)

(49,481)

8,054

15,555

International

Index*

–

4,859

–

–

Large

Cap

Value

–

(76,646)

9,566

8,478

Limited

Maturity

Bond

–

1,221

–

1,691

Mid

Cap

Stock

–

(23,644)

16,147

2,303

Small

Cap

Stock

–

(22,941)

11,319

711

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

(61)

(171)

–

3,725

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$48,687

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

216

Total

Affiliated

Income

from

Securities

Loaned,

Net

$216

Total

Value

$(29,783)

$(222,183)

$86,129

*  

Non-income

producing

security.

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

258

Principal

Amount

Bank

Loans

(

2.2%

)

a

Value

Basic

Materials

(0.1%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

503,412

4.756%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

482,773

Hexion,

Inc.,

Term

Loan

598,669

3.800%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

588,192

Innophos

Holdings,

Inc.,

Term

Loan

597,000

3.897%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b,c

591,030

Nouryon

USA,

LLC,

Term

Loan

1,196,610

3.151%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

1,156,870

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

1,209,206

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

1,203,160

PQ

Corporation,

Term

Loan

653,363

4.000%, 

(LIBOR

3M

+

3.000%),

2/7/2027

b

649,442

Total

4,671,467

Capital

Goods

(0.2%)

Advanced

Disposal

Services,

Inc.,

Term

Loan

694,066

3.000%, 

(LIBOR

1W

+

2.250%),

11/10/2023

b

692,331

Asplundh

Tree

Expert,

LLC,

Term

Loan

380,000

0.000%, 

(LIBOR

1M

+

2.500%),

9/4/2027

b,d,e

379,289

Flex

Acquisition

Company,

Inc.

Term

Loan

1,316,914

3.546%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

1,275,761

GFL

Environmental,

Inc.,

Term

Loan

1,859,555

4.000%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

1,849,328

Graham

Packaging

Company,

Inc.,

Term

Loan

590,000

4.500%, 

(LIBOR

1M

+

3.750%),

8/4/2027

b

585,823

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

926,906

3.523%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

868,399

Navistar,

Inc.,

Term

Loan

1,501,500

3.660%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

1,486,485

Reynolds

Group

Holdings,

Inc.,

Term

Loan

863,190

3.979%, 

(LIBOR

1M

+

2.750%),

2/5/2023

b

851,649

625,000

0.000%, 

(LIBOR

1M

+

3.250%),

2/16/2026

b,d,e

613,125

TransDigm,

Inc.,

Term

Loan

2,094,624

2.397%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

1,976,801

Principal

Amount

Bank

Loans

(2.2%)

a

Value

Capital

Goods

(0.2%)

-

continued

Vertiv

Group

Corporation,

Term

Loan

$

2,014,875

3.157%, 

(LIBOR

1M

+

3.000%),

3/2/2027

b

$

1,980,622

Total

12,559,613

Communications

Services

(0.5%)

Altice

France

SA,

Term

Loan

624,038

2.897%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

594,358

CenturyLink,

Inc.,

Term

Loan

1,399,425

2.397%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b

1,342,203

Charter

Communications

Operating,

LLC,

Term

Loan

1,339,668

1.900%, 

(LIBOR

1M

+

1.750%),

4/30/2025

b

1,314,389

CommScope,

Inc.,

Term

Loan

1,137,129

3.397%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

1,106,062

Coral-US

Co-Borrower,

LLC,

Term

Loan

2,495,000

2.397%, 

(LIBOR

1M

+

2.250%),

1/31/2028

b

2,410,220

Diamond

Sports

Group,

LLC,

Term

Loan

1,791,029

3.400%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

1,382,084

Entercom

Media

Corporation,

Term

Loan

896,742

2.645%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

841,817

GCI,

LLC,

Term

Loan

1,395,000

0.000%, 

(LIBOR

1M

+

2.750%),

9/24/2025

b,c,d,e

1,384,537

Gray

Television,

Inc.,

Term

Loan

540,000

2.405%, 

(LIBOR

1M

+

2.250%),

2/7/2024

b

527,753

HCP

Acquisition,

LLC,

Term

Loan

968,714

4.000%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

961,652

iHeartCommunications,

Inc.,

Term

Loan

696,491

3.147%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

659,382

Mediacom

Illinois,

LLC,

Term

Loan

244,922

1.860%, 

(LIBOR

1W

+

1.750%),

2/15/2024

b

242,473

NEP

Group,

Inc.,

Term

Loan

1,483,575

3.397%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

1,271,795

140,000

7.147%, 

(LIBOR

1M

+

7.000%),

10/19/2026

b

109,200

Nexstar

Broadcasting,

Inc.,

Term

Loan

1,500,000

2.905%, 

(LIBOR

1M

+

2.750%),

9/19/2026

b

1,465,005

Nielsen

Finance,

LLC,

Term

Loan

488,775

4.750%, 

(LIBOR

1M

+

3.750%),

6/4/2025

b

487,797

Radiate

Holdco,

LLC,

Term

Loan

2,100,000

0.000%, 

(LIBOR

1M

+

3.500%),

9/11/2026

b,d,e

2,060,625

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

259

Principal

Amount

Bank

Loans

(2.2%)

a

Value

Communications

Services

(0.5%)

-

continued

SBA

Senior

Finance

II,

LLC,

Term

Loan

$

1,074,214

1.900%, 

(LIBOR

1M

+

1.750%),

4/11/2025

b

$

1,045,038

Terrier

Media

Buyer,

Inc.,

Term

Loan

794,000

4.397%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

773,300

319,200

4.397%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

310,023

T-Mobile

USA,

Inc.,

Term

Loan

1,496,250

3.147%, 

(LIBOR

1M

+

3.000%),

4/1/2027

b

1,493,976

TNS,

Inc.,

Term

Loan

550,881

4.150%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

546,061

Virgin

Media

Bristol,

LLC,

Term

Loan

710,000

0.000%, 

(LIBOR

1M

+

3.250%),

1/10/2029

b,d,e

697,241

WideOpenWest

Finance,

LLC,

Term

Loan

1,115,896

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

1,097,238

Windstream

Services,

LLC,

Term

Loan

1,861,405

0.000%, 

(PRIME

+

5.000%),

3/30/2021

b,f

1,120,566

Xplornet

Communications,

Inc.,

Term

Loan

768,075

4.897%, 

(LIBOR

1M

+

4.750%),

6/11/2027

b

752,237

Ziggo

Financing

Partnership,

Term

Loan

1,320,000

2.652%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b

1,268,111

Total

27,265,143

Consumer

Cyclical

(0.3%)

1011778

B.C.,

LLC,

Term

Loan

1,496,231

1.897%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b

1,432,013

Caesars

Resort

Collection,

LLC,

Term

Loan

1,175,000

0.000%, 

(LIBOR

1M

+

4.500%),

7/20/2025

b,d,e

1,135,508

Cengage

Learning,

Inc.,

Term

Loan

583,295

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

486,217

Four

Seasons

Hotels,

Ltd.,

Term

Loan

913,889

2.147%, 

(LIBOR

1M

+

2.000%),

11/30/2023

b

887,615

Golden

Entertainment,

Inc.,

Term

Loan

1,992,725

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

1,905,543

Golden

Nugget,

LLC,

Term

Loan

590,020

3.250%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

524,493

LCPR

Loan

Financing,

LLC,

Term

Loan

2,345,000

5.152%, 

(LIBOR

1M

+

5.000%),

10/15/2026

b

2,340,123

Principal

Amount

Bank

Loans

(2.2%)

a

Value

Consumer

Cyclical

(0.3%)

-

continued

Men's

Warehouse,

Inc.,

Term

Loan

$

989,281

4.250%, 

(LIBOR

1M

+

3.250%),

4/9/2025

b,g

$

296,784

Michaels

Stores,

Inc.,

Term

Loan

835,000

0.000%, 

(LIBOR

1M

+

3.500%),

9/17/2027

b,c,d,e

814,125

Penn

National

Gaming,

Inc.,

Term

Loan

1,149,525

3.000%, 

(LIBOR

1M

+

2.250%),

10/15/2025

b

1,115,453

Scientific

Games

International,

Inc.,

Term

Loan

3,782,754

3.471%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

3,550,531

Staples,

Inc.,

Term

Loan

199,944

4.751%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

187,613

1,118,452

5.251%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

1,037,711

Stars

Group

Holdings

BV,

Term

Loan

1,230,663

3.720%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

1,226,479

Tenneco,

Inc.,

Term

Loan

592,050

3.147%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

532,478

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

632,100

1.897%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

608,592

Total

18,081,278

Consumer

Non-Cyclical

(0.4%)

Bausch

Health

Americas,

Inc.,

Term

Loan

1,786,959

3.151%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

1,749,362

Bellring

Brands,

LLC,

Term

Loan

350,886

6.000%, 

(LIBOR

1M

+

5.000%),

10/21/2024

b

351,033

Change

Healthcare

Holdings,

LLC,

Term

Loan

710,547

3.500%, 

(LIBOR

1M

+

2.500%),

3/1/2024

b

694,673

Dole

Food

Company,

Inc.,

Term

Loan

1,192,059

3.750%, 

(LIBOR

1M

+

2.750%),

4/6/2024

b,d,e

1,172,938

Endo

International

plc,

Term

Loan

634,440

5.000%, 

(LIBOR

3M

+

4.250%),

4/27/2024

b

602,719

Energizer

Holdings,

Inc.,

Term

Loan

487,492

2.438%, 

(LIBOR

1M

+

2.250%),

12/17/2025

b

478,961

Froneri

U.S.,

Inc.,

Term

Loan

420,000

0.000%, 

(LIBOR

1M

+

2.250%),

1/31/2027

b,d,e

402,751

Global

Medical

Response,

Inc.,

Term

Loan

2,987,667

4.250%, 

(LIBOR

3M

+

3.250%),

4/28/2022

b

2,976,941

2,980,000

0.000%, 

(LIBOR

1M

+

4.750%),

9/24/2025

b,d,e

2,910,149

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

260

Principal

Amount

Bank

Loans

(2.2%)

a

Value

Consumer

Non-Cyclical

(0.4%)

-

continued

IQVIA,

Inc.,

Term

Loan

$

328,308

1.897%, 

(LIBOR

1M

+

1.750%),

1/1/2025

b

$

323,452

JBS

USA

LUX

SA,

Term

Loan

1,260,800

2.147%, 

(LIBOR

1M

+

2.000%),

5/1/2026

b

1,224,867

MPH

Acquisition

Holdings,

LLC,

Term

Loan

3,020,000

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

2,968,237

Ortho-Clinical

Diagnostics

SA,

Term

Loan

3,011,130

3.406%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

2,877,135

Plantronics,

Inc.,

Term

Loan

719,280

2.647%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

674,023

Sotera

Health

Holdings,

LLC,

Term

Loan

850,725

5.500%, 

(LIBOR

3M

+

4.500%),

12/13/2026

b

846,471

US

Foods,

Inc.,

Term

Loan

477,506

1.897%, 

(LIBOR

1M

+

1.750%),

6/27/2023

b

458,406

Total

20,712,118

Energy

(0.1%)

BCP

Raptor

II,

LLC,

Term

Loan

923,312

4.897%, 

(LIBOR

1M

+

4.750%),

11/3/2025

b

643,244

Buckeye

Partners,

LP,

Term

Loan

956,322

2.897%, 

(LIBOR

1M

+

2.750%),

11/1/2026

b,d,e

937,196

Calpine

Corporation,

Term

Loan

1,129,246

2.400%, 

(LIBOR

1M

+

2.250%),

1/15/2024

b

1,097,390

Illuminate

Buyer,

LLC,

Term

Loan

675,000

4.147%, 

(LIBOR

1M

+

4.000%),

6/30/2027

b

668,675

Lealand

Finance

Company

BV,

Term

Loan

247,726

0.000%, 

(LIBOR

1M

+

4.000%),

6/30/2025

b

184,969

Total

3,531,474

Financials

(0.2%)

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

717,274

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

696,251

BPR

Nimbus,

LLC,

Term

Loan

1,131,552

2.647%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

914,135

Delos

Finance

SARL,

Term

Loan

600,000

1.970%, 

(LIBOR

3M

+

1.750%),

10/6/2023

b

585,300

INEOS

U.S.

Finance,

LLC,

Term

Loan

477,545

2.147%, 

(LIBOR

1M

+

2.000%),

3/31/2024

b

463,085

Level

3

Financing,

Inc.,

Term

Loan

1,355,000

1.897%, 

(LIBOR

1M

+

1.750%),

3/1/2027

b

1,311,383

Principal

Amount

Bank

Loans

(2.2%)

a

Value

Financials

(0.2%)

-

continued

MoneyGram

International,

Inc.,

Term

Loan

$

839,375

7.000%, 

(LIBOR

3M

+

6.000%),

6/30/2023

b

$

817,341

Newco

Financing

Partnership,

Term

Loan

952,500

0.000%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

922,972

Northriver

Midstream

Finance,

LP,

Term

Loan

821,616

3.546%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

792,728

Tronox

Finance,

LLC,

Term

Loan

1,543,085

3.177%, 

(LIBOR

3M

+

3.000%),

9/22/2024

b

1,516,637

UPC

Financing

Partnership,

Term

Loan

952,500

0.000%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

922,973

Vericast

Corporation,

Term

Loan

296,012

5.750%, 

(LIBOR

3M

+

4.750%),

11/3/2023

b,d,e

241,214

Total

9,184,019

Technology

(0.2%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

1,641,333

3.761%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b,d,e

1,489,920

Prime

Security

Services

Borrower,

LLC,

Term

Loan

2,929,091

4.250%, 

(LIBOR

1M

+

3.250%),

9/23/2026

b

2,899,272

Rackspace

Technology

Global,

Inc.,

Term

Loan

2,664,241

4.000%, 

(LIBOR

3M

+

3.000%),

11/3/2023

b

2,610,636

SS&C

Technologies,

Inc.,

Term

Loan

485,693

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

469,505

344,020

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

332,554

1,107,111

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

1,071,130

Western

Digital

Corporation,

Term

Loan

1,354,664

1.898%, 

(LIBOR

1M

+

1.750%),

4/29/2023

b

1,341,605

Zayo

Group

Holdings,

Inc.,

Term

Loan

1,910,400

3.147%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

1,851,388

Total

12,066,010

Transportation

(0.1%)

Delta

Air

Lines,

Inc.,

Term

Loan

428,925

5.750%, 

(LIBOR

3M

+

4.750%),

4/29/2023

b

427,853

Genesee

&

Wyoming,

Inc.,

Term

Loan

1,194,000

2.220%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

1,173,296

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

261

Principal

Amount

Bank

Loans

(2.2%)

a

Value

Transportation

(0.1%)

-

continued

Mileage

Plus

Holdings,

LLC,

Term

Loan

$

655,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

$

665,192

SkyMiles

IP,

Ltd.,

Term

Loan

450,000

0.000%, 

(LIBOR

1M

+

3.750%),

10/20/2027

b,d,e

452,974

United

Airlines,

Inc.,

Term

Loan

893,059

1.895%, 

(LIBOR

1M

+

1.750%),

4/1/2024

b

840,217

Total

3,559,532

Utilities

(0.1%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

252,784

2.438%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

251,943

Core

and

Main,

LP,

Term

Loan

904,425

3.750%, 

(LIBOR

3M

+

2.750%),

8/1/2024

b

884,356

EnergySolutions,

LLC,

Term

Loan

728,237

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

693,646

Pacific

Gas

&

Electric

Company,

Term

Loan

1,491,263

5.500%, 

(LIBOR

1M

+

4.500%),

1/1/2022

b

1,458,947

Talen

Energy

Supply,

LLC,

Term

Loan

517,275

3.897%, 

(LIBOR

1M

+

3.750%),

7/8/2026

b

509,945

Total

3,798,837

Total

Bank

Loans

(cost

$119,470,693)

115,429,491

Principal

Amount

Long-Term

Fixed

Income

(

40.7%

)

Value

Asset-Backed

Securities

(1.8%)

Access

Group,

Inc.

460,076

0.675%, 

(LIBOR

1M

+

0.500%),

2/25/2036,

Ser.

2013-1,

Class

A

b,h

450,775

Aimco

2,150,000

1.578%, 

(LIBOR

3M

+

1.320%),

7/22/2032,

Ser.

2019-10A,

Class

A

b,h

2,125,060

Aimco

CLO,

Ltd.

3,475,000

1.628%, 

(LIBOR

3M

+

1.380%),

10/15/2031,

Ser.

2020-11A,

Class

A1

b,e,h

3,475,000

Ares

CLO,

Ltd.

3,000,000

1.673%, 

(LIBOR

3M

+

1.400%),

10/17/2030,

Ser.

2018-28RA,

Class

A2

b,h

2,967,168

Ares

XXXIIR

CLO,

Ltd.

1,500,000

1.220%, 

(LIBOR

3M

+

0.940%),

5/15/2030,

Ser.

2014-32RA,

Class

A1A

b,h

1,475,520

Benefit

Street

Partners

CLO

IV,

Ltd.

2,200,000

2.022%, 

(LIBOR

3M

+

1.750%),

1/20/2029,

Ser.

2014-IVA,

Class

A2RR

b,h

2,189,757

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Asset-Backed

Securities

(1.8%)

-

continued

Buttermilk

Park

CLO,

Ltd.

$

5,250,000

1.675%, 

(LIBOR

3M

+

1.400%),

10/15/2031,

Ser.

2018-1A,

Class

A2

b,h

$

5,180,695

Carlyle

Global

Market

Strategies

CLO,

Ltd.

3,425,000

1.725%, 

(LIBOR

3M

+

1.450%),

7/15/2031,

Ser.

2014-5A,

Class

A2RR

b,h

3,338,700

Carvana

Auto

Receivables

Trust

150,000

2.340%, 

6/15/2023,

Ser.

2019-3A,

Class

A3

h

151,433

CBAM,

Ltd.

3,500,000

1.555%, 

(LIBOR

3M

+

1.280%),

2/12/2030,

Ser.

2019-9A,

Class

A

b,h

3,488,569

CIFC

Funding,

Ltd.

1,225,000

1.848%, 

(LIBOR

3M

+

1.600%),

10/20/2031,

Ser.

2020-3A,

Class

A2

b,e,h

1,224,871

Colony

American

Finance

Trust

3,369,770

2.835%, 

6/15/2052,

Ser.

2019-2,

Class

A

h

3,550,042

Commonbond

Student

Loan

Trust

706,668

0.648%, 

(LIBOR

1M

+

0.500%),

2/25/2044,

Ser.

2018-AGS,

Class

A2

b,h

696,069

CoreVest

American

Finance

Trust

3,952,186

2.705%, 

10/15/2052,

Ser.

2019-3,

Class

A

h

4,098,401

DRB

Prime

Student

Loan

Trust

293,098

2.048%, 

(LIBOR

1M

+

1.900%),

10/27/2031,

Ser.

2015-B,

Class

A1

b,h

294,156

Dryden

Senior

Loan

Fund

3,000,000

1.672%, 

(LIBOR

3M

+

1.400%),

7/18/2030,

Ser.

2018-65A,

Class

A2

b,h

2,968,497

Earnest

Student

Loan

Program

2016-D,

LLC

412,193

2.720%, 

1/25/2041,

Ser.

2016-D,

Class

A2

h

416,550

Earnest

Student

Loan

Program,

LLC

383,956

3.020%, 

5/25/2034,

Ser.

2016-B,

Class

A2

h

387,263

ECMC

Group

Student

Loan

Trust

1,650,000

1.510%, 

(LIBOR

1M

+

1.150%),

11/25/2069,

Ser.

2020-2A,

Class

A

b,h

1,649,999

Galaxy

XX

CLO,

Ltd.

2,650,000

1.272%, 

(LIBOR

3M

+

1.000%),

4/20/2031,

Ser.

2015-20A,

Class

AR

b,h

2,610,934

Golub

Capital

Partners,

Ltd.

1,750,000

1.452%, 

(LIBOR

3M

+

1.180%),

1/20/2031,

Ser.

2015-22A,

Class

AR

b,h

1,712,946

2,569,000

1.472%, 

(LIBOR

3M

+

1.200%),

1/20/2031,

Ser.

2015-23A,

Class

AR

b,h

2,513,312

Goodgreen

2,801,028

3.860%, 

10/15/2054,

Ser.

2019-1A,

Class

A

h

2,965,718

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

262

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Asset-Backed

Securities

(1.8%)

-

continued

Home

Partners

of

America

Trust

$

3,810,611

2.908%, 

9/17/2039,

Ser.

2019-1,

Class

A

h

$

3,955,795

3,772,973

2.703%, 

10/19/2039,

Ser.

2019-2,

Class

A

h

3,979,538

Laurel

Road

Prime

Student

Loan

Trust

979,458

2.810%, 

11/25/2042,

Ser.

2017-C,

Class

A2B

h

1,004,513

2,163,996

5.600%, 

11/25/2043,

Ser.

2018-D,

Class

A

b,h

2,251,546

Madison

Park

Funding

XIV,

Ltd.

2,375,000

1.658%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,h

2,325,125

Magnetite

XII,

Ltd.

2,600,000

1.375%, 

(LIBOR

3M

+

1.100%),

10/15/2031,

Ser.

2015-12A,

Class

ARR

b,h

2,571,660

Mountain

View

CLO,

Ltd.

1,825,000

1.395%, 

(LIBOR

3M

+

1.120%),

7/15/2031,

Ser.

2015-9A,

Class

A1R

b,h

1,778,570

National

Collegiate

Trust

1,179,759

0.443%, 

(LIBOR

1M

+

0.295%),

5/25/2031,

Ser.

2007-A,

Class

A

b,h

1,144,801

Neuberger

Berman

CLO

XIV,

Ltd.

2,375,000

1.277%, 

(LIBOR

3M

+

1.030%),

1/28/2030,

Ser.

2013-14A,

Class

AR2

b,h

2,351,269

Neuberger

Berman

CLO,

Ltd.

1,000,000

1.288%, 

(LIBOR

3M

+

1.030%),

4/22/2029,

Ser.

2014-17A,

Class

AR2

b,h

990,419

Octagon

Investment

Partners

XVI,

Ltd.

600,000

1.673%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2013-1A,

Class

A2R

b,h

589,183

OneMain

Financial

Issuance

Trust

2,730,000

3.840%, 

5/14/2032,

Ser.

2020-1A,

Class

A

h

2,871,120

OZLM

VIII,

Ltd.

818,800

1.443%, 

(LIBOR

3M

+

1.170%),

10/17/2029,

Ser.

2014-8A,

Class

A1RR

b,h

809,688

Palmer

Square

Loan

Funding,

Ltd.

2,241,356

1.122%, 

(LIBOR

3M

+

0.850%),

1/20/2027,

Ser.

2018-5A,

Class

A1

b,h

2,226,133

1,700,000

1.922%, 

(LIBOR

3M

+

1.650%),

4/20/2027,

Ser.

2019-1A,

Class

A2

b,h

1,699,361

PPM

CLO

3,

Ltd.

2,000,000

1.673%, 

(LIBOR

3M

+

1.400%),

7/17/2030,

Ser.

2019-3A,

Class

A

b,h

1,981,596

Pretium

Mortgage

Credit

Partners,

LLC

2,137,559

3.721%, 

2/27/2060,

Ser.

2020-NPL2,

Class

A1

h,i

2,140,907

Progress

Residential

Trust

1,998,027

3.422%, 

8/17/2035,

Ser.

2019-SFR1,

Class

A

h

2,065,845

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Asset-Backed

Securities

(1.8%)

-

continued

Saxon

Asset

Securities

Trust

$

860,035

3.639%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

$

868,643

Shackleton

CLO,

Ltd.

1,750,000

1.445%, 

(LIBOR

3M

+

1.170%),

7/15/2031,

Ser.

2015-7RA,

Class

A1

b,h

1,720,208

SLM

Student

Loan

Trust

1,052,951

0.548%, 

(LIBOR

1M

+

0.400%),

3/25/2025,

Ser.

2010-1,

Class

A

b

1,005,653

THL

Credit

Wind

River

CLO,

Ltd.

950,000

1.652%, 

(LIBOR

3M

+

1.430%),

10/20/2033,

Ser.

2020-1A,

Class

A

b,e,h

950,000

U.S.

Small

Business

Administration

98,230

3.191%, 

3/10/2024,

Ser.

2014-10A,

Class

1

101,561

Voya

CLO,

Ltd.

1,497,660

1.475%, 

(LIBOR

3M

+

1.200%),

10/15/2030,

Ser.

2012-4A,

Class

A1AR

b,h

1,476,612

Whitebox

CLO

II,

Ltd.

1,350,000

2.492%, 

(LIBOR

3M

+

2.250%),

10/24/2031,

Ser.

2020-2A,

Class

B

b,h

1,350,269

Total

94,141,450

Basic

Materials

(0.4%)

Air

Products

and

Chemicals,

Inc.

1,150,000

2.700%, 

5/15/2040

1,222,320

Alcoa

Nederland

Holding

BV

540,000

5.500%, 

12/15/2027

h

562,788

Anglo

American

Capital

plc

720,000

4.875%, 

5/14/2025

h

819,925

BWAY

Holding

Company

490,000

5.500%, 

4/15/2024

h

491,735

Cleveland-Cliffs,

Inc.

370,000

5.750%, 

3/1/2025

j

344,100

320,000

9.875%, 

10/17/2025

h

357,200

Dow

Chemical

Company

600,000

4.800%, 

11/30/2028

721,630

DowDuPont,

Inc.

1,275,000

4.493%, 

11/15/2025

1,466,131

EI

du

Pont

de

Nemours

&

Company

675,000

2.300%, 

7/15/2030

715,626

First

Quantum

Minerals,

Ltd.

695,000

7.500%, 

4/1/2025

h

687,432

Freeport-McMoRan,

Inc.

490,000

4.125%, 

3/1/2028

496,125

520,000

4.250%, 

3/1/2030

533,000

Glencore

Funding,

LLC

560,000

4.125%, 

5/30/2023

h

600,370

725,000

4.000%, 

3/27/2027

h

791,329

International

Paper

Company

1,420,000

4.350%, 

8/15/2048

1,734,341

Kinross

Gold

Corporation

470,000

5.950%, 

3/15/2024

535,954

900,000

4.500%, 

7/15/2027

1,020,291

Krayton

Polymers,

LLC

670,000

7.000%, 

4/15/2025

h

683,400

Methanex

Corporation

780,000

5.250%, 

12/15/2029

771,225

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

263

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Basic

Materials

(0.4%)

-

continued

Norbord,

Inc.

$

710,000

5.750%, 

7/15/2027

h

$

749,973

Novelis

Corporation

830,000

5.875%, 

9/30/2026

h

852,825

210,000

4.750%, 

1/30/2030

h

204,954

OCI

NV

600,000

4.625%, 

10/15/2025

e,h

600,000

Olin

Corporation

805,000

5.125%, 

9/15/2027

796,950

Peabody

Securities

Finance

Corporation

630,000

6.375%, 

3/31/2025

h

252,000

Syngenta

Finance

NV

1,200,000

3.933%, 

4/23/2021

h

1,215,474

Teck

Resources,

Ltd.

964,000

6.125%, 

10/1/2035

1,151,395

Tronox

Finance

plc

760,000

5.750%, 

10/1/2025

h

748,600

Vale

Overseas,

Ltd.

840,000

6.250%, 

8/10/2026

993,300

401,000

6.875%, 

11/21/2036

520,799

Total

22,641,192

Capital

Goods

(0.6%)

AECOM

1,280,000

5.125%, 

3/15/2027

1,382,554

Amsted

Industries,

Inc.

925,000

5.625%, 

7/1/2027

h

984,033

Ardagh

Packaging

Finance

plc

360,000

6.000%, 

2/15/2025

h

373,788

280,000

5.250%, 

8/15/2027

h

285,320

BAE

Systems

plc

1,450,000

1.900%, 

2/15/2031

h

1,435,070

Berry

Global,

Inc.

470,000

4.875%, 

7/15/2026

h

492,912

Carrier

Global

Corporation

875,000

2.700%, 

2/15/2031

h

910,938

Cintas

Corporation

No.

2

840,000

3.700%, 

4/1/2027

967,918

CNH

Industrial

Capital,

LLC

1,120,000

4.875%, 

4/1/2021

1,141,610

CNH

Industrial

NV

700,000

3.850%, 

11/15/2027

756,399

Covanta

Holding

Corporation

650,000

6.000%, 

1/1/2027

676,000

135,000

5.000%, 

9/1/2030

136,255

Crown

Cork

&

Seal

Company,

Inc.

1,100,000

7.375%, 

12/15/2026

1,307,768

Emerson

Electric

Company

1,150,000

1.800%, 

10/15/2027

1,199,095

H&E

Equipment

Services,

Inc.

530,000

5.625%, 

9/1/2025

552,525

Ingersoll-Rand

Luxembourg

Finance

SA

1,225,000

3.500%, 

3/21/2026

1,370,021

Jeld-Wen,

Inc.

500,000

4.625%, 

12/15/2025

h

502,500

L3Harris

Technologies,

Inc.

1,656,000

3.950%, 

5/28/2024

1,824,011

Lockheed

Martin

Corporation

586,000

3.600%, 

3/1/2035

702,769

1,024,000

4.500%, 

5/15/2036

1,299,876

284,000

6.150%, 

9/1/2036

420,429

Northrop

Grumman

Corporation

1,960,000

3.850%, 

4/15/2045

2,286,552

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Capital

Goods

(0.6%)

-

continued

Republic

Services,

Inc.

$

850,000

2.900%, 

7/1/2026

$

939,778

Reynolds

Group

Issuer,

Inc.

1,270,000

5.125%, 

7/15/2023

h

1,285,875

Roper

Technologies,

Inc.

750,000

1.400%, 

9/15/2027

757,197

564,000

4.200%, 

9/15/2028

672,898

750,000

1.750%, 

2/15/2031

748,128

Siemens

Financieringsmaatschappij

NV

455,000

4.200%, 

3/16/2047

h

592,732

Standard

Industries,

Inc.

980,000

4.375%, 

7/15/2030

h

1,004,760

Textron,

Inc.

710,000

3.375%, 

3/1/2028

766,233

TransDigm,

Inc.

370,000

6.250%, 

3/15/2026

h

387,963

1,030,000

5.500%, 

11/15/2027

989,882

United

Rentals

North

America,

Inc.

1,370,000

4.000%, 

7/15/2030

1,400,825

United

Technologies

Corporation

775,000

4.450%, 

11/16/2038

952,755

1,000,000

3.750%, 

11/1/2046

1,142,922

WESCO

Distribution,

Inc.

210,000

7.250%, 

6/15/2028

h

230,092

Total

32,880,383

Collateralized

Mortgage

Obligations

(1.4%)

Ajax

Mortgage

Loan

Trust

2,669,717

4.360%, 

9/25/2065,

Ser.

2018-C,

Class

A

b,h

2,713,023

Alternative

Loan

Trust

877,277

6.000%, 

8/1/2036,

Ser.

2006-24CB,

Class

A9

710,094

Angel

Oak

Mortgage

Trust

I,

LLC

915,521

3.500%, 

7/25/2046,

Ser.

2016-1,

Class

A1

h

951,802

Bellemeade

Re,

Ltd.

448,038

1.748%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,h

443,629

605,574

1.248%, 

(LIBOR

1M

+

1.100%),

7/25/2029,

Ser.

2019-3A,

Class

M1A

b,h

604,354

2,725,000

2.798%, 

(LIBOR

1M

+

2.650%),

6/25/2030,

Ser.

2020-1A,

Class

M1A

b,h

2,730,601

BRAVO

Residential

Funding

Trust

377,753

3.500%, 

3/25/2058,

Ser.

2019-1,

Class

A1C

h

390,045

Citicorp

Mortgage

Securities,

Inc.

2,109,725

6.000%, 

7/25/2037,

Ser.

2007-6,

Class

1A4

2,066,659

Citigroup

Mortgage

Loan

Trust,

Inc.

230,998

5.500%, 

11/25/2035,

Ser.

2005-9,

Class

21A2

236,573

Countrywide

Alternative

Loan

Trust

881,981

3.201%, 

10/25/2035,

Ser.

2005-43,

Class

4A1

b

838,873

603,169

6.500%, 

8/25/2036,

Ser.

2006-23CB,

Class

2A3

337,527

1,289,823

7.000%, 

10/25/2037,

Ser.

2007-24,

Class

A10

725,611

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

264

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Collateralized

Mortgage

Obligations

(1.4%)

-

continued

Countrywide

Home

Loans,

Inc.

$

274,116

5.750%, 

4/25/2037,

Ser.

2007-3,

Class

A27

$

203,878

Credit

Suisse

Mortgage

Capital

Certificates

1,535,026

3.393%, 

2/25/2024,

Ser.

2020-BPL1,

Class

A1

h,i

1,535,678

Credit

Suisse

Mortgage

Trust

2,980,493

3.850%, 

9/25/2057,

Ser.

2018-RPL9,

Class

A1

b,h

3,200,424

6,109,422

3.507%, 

2/25/2060,

Ser.

2020-RPL2,

Class

A12

b,h

6,112,466

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

118,612

6.000%, 

10/25/2021,

Ser.

2006-AR5,

Class

23A

104,335

Ellington

Financial

Mortgage

Trust

1,369,409

4.140%, 

10/25/2058,

Ser.

2018-1,

Class

A1FX

b,h

1,403,790

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

1,641,003

4.000%, 

7/15/2031,

Ser.

4104,

Class

KI

k

97,271

2,463,091

3.000%, 

2/15/2033,

Ser.

4170,

Class

IG

k

236,255

2,850,406

3.000%, 

3/15/2033,

Ser.

4180,

Class

PI

k

287,354

Federal

National

Mortgage

Association

-

REMIC

5,129,937

3.000%, 

12/25/2027,

Ser.

2012-137,

Class

AI

k

309,094

FWD

Securitization

Trust

2,280,265

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,h

2,333,120

Galton

Funding

Mortgage

Trust

2017-1

1,375,046

4.500%, 

10/25/2058,

Ser.

2018-2,

Class

A41

b,h

1,405,272

GCAT

Trust

132,930

2.985%, 

2/25/2059,

Ser.

2019-NQM1,

Class

A1

h,i

134,992

Greenpoint

Mortgage

Funding

Trust

733,268

0.348%, 

(LIBOR

1M

+

0.200%),

10/25/2045,

Ser.

2005-AR4,

Class

G41B

b

645,669

GS

Mortgage-Backed

Securities

Trust

776,523

2.625%, 

1/25/2059,

Ser.

2019-SL1,

Class

A1

b,h

789,799

Legacy

Mortgage

Asset

Trust

580,913

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

h,i

589,253

MASTR

Alternative

Loans

Trust

1,087,972

0.598%, 

(LIBOR

1M

+

0.450%),

12/25/2035,

Ser.

2005-6,

Class

2A1

b

184,411

Merrill

Lynch

Alternative

Note

Asset

Trust

230,058

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

152,898

MFA

NQM1

Trust

968,727

1.787%, 

8/25/2049,

Ser.

2020-NQM1,

Class

A2

b,h

973,686

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Collateralized

Mortgage

Obligations

(1.4%)

-

continued

MFRA

Trust

$

1,512,822

4.164%, 

7/25/2048,

Ser.

2018-NPL2,

Class

A1

h,i

$

1,514,855

New

Residential

Mortgage

Loan

Trust

1,939,089

4.335%, 

7/25/2060,

Ser.

2020-NPL1,

Class

A1

h,i

1,941,410

Preston

Ridge

Partners

Mortgage

Trust,

LLC

2,238,912

4.500%, 

1/25/2024,

Ser.

2019-1A,

Class

A1

h,i

2,256,068

1,905,807

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,h

1,908,278

RCO

Mortgage,

LLC

3,484,513

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

h,i

3,476,465

1,491,829

3.197%, 

11/25/2052,

Ser.

2017-INV1,

Class

A

b,h

1,512,259

1,074,130

4.270%, 

12/26/2053,

Ser.

2018-VFS1,

Class

A1

b,h

1,129,396

Renaissance

Home

Equity

Loan

Trust

2,237,227

5.580%, 

11/25/2036,

Ser.

2006-3,

Class

AF2

i

1,237,948

Residential

Accredit

Loans,

Inc.

Trust

940,766

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

941,634

306,114

5.750%, 

9/25/2035,

Ser.

2005-QS13,

Class

2A3

305,884

Residential

Asset

Securitization

Trust

1,176,938

5.375%, 

7/25/2035,

Ser.

2005-A8CB,

Class

A9

1,036,714

Sequoia

Mortgage

Trust

1,056,333

3.426%, 

9/20/2046,

Ser.

2007-1,

Class

4A1

b

815,914

Silver

Hill

Trust

1,190,040

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,h

1,209,436

Starwood

Mortgage

Residential

Trust

951,094

2.718%, 

4/25/2060,

Ser.

2020-2,

Class

A1

b,h

954,841

Toorak

Mortgage

Corporation

2,450,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

h,i

2,506,739

Vericrest

Opportunity

Loan

Transferee

1,976,198

3.352%, 

8/25/2049,

Ser.

2019-NPL4,

Class

A1A

h,i

1,978,166

Verus

Securitization

Trust

416,864

2.853%, 

1/25/2047,

Ser.

2017-1A,

Class

A1

b,h

417,610

376,719

3.836%, 

2/25/2059,

Ser.

2019-1,

Class

A1

b,h

381,836

314,751

3.211%, 

5/25/2059,

Ser.

2019-2,

Class

A1

b,h

321,834

779,553

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,h

794,699

2,479,648

2.913%, 

7/25/2059,

Ser.

2019-INV2,

Class

A1

b,h

2,536,024

1,516,889

2.947%, 

11/25/2059,

Ser.

2019-INV3,

Class

A2

b,h

1,544,078

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

265

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Collateralized

Mortgage

Obligations

(1.4%)

-

continued

$

1,417,943

1.977%, 

3/25/2060,

Ser.

2020-INV1,

Class

A1

b,h

$

1,433,366

5,156,857

3.626%, 

4/25/2060,

Ser.

2020-3,

Class

A1

b,h

5,292,908

1,571,685

2.226%, 

5/25/2060,

Ser.

2020-2,

Class

A1

b,h

1,586,353

WaMu

Mortgage

Pass

Through

Certificates

163,560

3.309%, 

9/25/2036,

Ser.

2006-AR10,

Class

1A2

b

153,987

161,344

3.671%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

155,831

Total

72,792,969

Commercial

Mortgage-Backed

Securities

(0.3%)

BFLD

Trust

2,250,000

1.350%, 

(LIBOR

1M

+

1.150%),

10/15/2022,

Ser.

2020-EYP,

Class

A

b,e,h

2,250,000

825,000

1.800%, 

(LIBOR

1M

+

1.700%),

10/15/2022,

Ser.

2020-EYP,

Class

B

b,e,h

825,000

Federal

Home

Loan

Mortgage

Corporation

Multifamily

Structured

Pass

Through

Certificates

1,278,462

3.000%, 

3/15/2045,

Ser.

4741,

Class

GA

1,323,623

Federal

National

Mortgage

Association

-

ACES

23,997,638

1.895%, 

12/25/2028,

Ser.

2020-M11,

Class

IO

b,k

2,836,823

GS

Mortgage

Securities

Trust

4,000,000

3.666%, 

9/10/2047,

Ser.

2014-GC24,

Class

A4

4,325,430

Morgan

Stanley

Capital

I

Trust

14,894,825

1.973%, 

7/15/2053,

Ser.

2020-HR8,

Class

XA

b,k

2,224,649

UBS

Commercial

Mortgage

Trust

2,600,000

2.921%, 

10/15/2052,

Ser.

2019-C17,

Class

A4

2,859,972

Total

16,645,497

Communications

Services

(1.4%)

Altice

France

SA

420,000

5.500%, 

1/15/2028

h

425,250

American

Tower

Corporation

700,000

2.900%, 

1/15/2030

755,554

1,150,000

2.100%, 

6/15/2030

1,161,149

AT&T,

Inc.

1,129,000

3.500%, 

9/15/2053

h

1,099,912

1,200,000

2.300%, 

6/1/2027

1,258,789

1,550,000

4.350%, 

3/1/2029

1,819,328

822,000

4.300%, 

2/15/2030

973,207

1,100,000

5.250%, 

3/1/2037

1,376,423

1,090,000

4.900%, 

8/15/2037

1,315,187

450,000

5.550%, 

8/15/2041

583,287

1,975,000

3.100%, 

2/1/2043

1,926,727

British

Telecommunications

plc

1,225,000

4.500%, 

12/4/2023

1,355,463

CCO

Holdings,

LLC

570,000

5.500%, 

5/1/2026

h

594,225

640,000

5.125%, 

5/1/2027

h

673,421

1,530,000

4.750%, 

3/1/2030

h

1,619,888

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Communications

Services

(1.4%)

-

continued

$

510,000

4.500%, 

8/15/2030

h

$

535,523

280,000

4.250%, 

2/1/2031

h

290,052

Charter

Communications

Operating,

LLC

700,000

4.500%, 

2/1/2024

776,060

1,400,000

4.200%, 

3/15/2028

1,589,710

1,320,000

6.484%, 

10/23/2045

1,759,576

Comcast

Corporation

1,325,000

4.950%, 

10/15/2058

1,896,612

850,000

4.049%, 

11/1/2052

1,041,348

750,000

3.950%, 

10/15/2025

860,077

1,250,000

4.250%, 

10/15/2030

1,534,369

690,000

4.400%, 

8/15/2035

872,647

1,115,000

4.750%, 

3/1/2044

1,462,915

550,000

4.600%, 

8/15/2045

708,063

Cox

Communications,

Inc.

1,400,000

3.350%, 

9/15/2026

h

1,556,456

Crown

Castle

International

Corporation

792,000

5.250%, 

1/15/2023

870,221

836,000

3.200%, 

9/1/2024

901,454

CSC

Holdings,

LLC

400,000

4.125%, 

12/1/2030

h

407,700

2,100,000

4.625%, 

12/1/2030

h

2,109,933

Discovery

Communications,

LLC

1,420,000

4.900%, 

3/11/2026

1,658,827

Embarq

Corporation

700,000

7.995%, 

6/1/2036

828,842

Entercom

Media

Corporation

360,000

6.500%, 

5/1/2027

h

313,200

Fox

Corporation

680,000

3.500%, 

4/8/2030

766,351

Front

Range

BidCo,

Inc.

870,000

4.000%, 

3/1/2027

h

856,276

GCI,

LLC

400,000

4.750%, 

10/15/2028

e,h

405,004

Gray

Television,

Inc.

670,000

5.875%, 

7/15/2026

h

695,125

iHeartCommunications,

Inc.

400,000

4.750%, 

1/15/2028

h

376,979

Level

3

Financing,

Inc.

915,000

4.625%, 

9/15/2027

h

940,163

740,000

4.250%, 

7/1/2028

h

751,337

Meredith

Corporation

440,000

6.500%, 

7/1/2025

h

453,200

Netflix,

Inc.

1,255,000

4.875%, 

4/15/2028

1,402,463

Nexstar

Escrow

Corporation

550,000

5.625%, 

7/15/2027

h

576,923

Nielsen

Finance,

LLC

180,000

5.625%, 

10/1/2028

h

184,950

Omnicom

Group,

Inc.

530,000

3.600%, 

4/15/2026

597,430

330,000

4.200%, 

6/1/2030

386,070

SBA

Communications

Corporation

440,000

3.875%, 

2/15/2027

h

446,600

SFR

Group

SA

930,000

7.375%, 

5/1/2026

h

974,547

Sirius

XM

Radio,

Inc.

1,250,000

5.000%, 

8/1/2027

h

1,305,713

170,000

4.125%, 

7/1/2030

h

174,214

Sprint

Capital

Corporation

460,000

6.875%, 

11/15/2028

572,854

290,000

8.750%, 

3/15/2032

424,505

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

266

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Communications

Services

(1.4%)

-

continued

Sprint

Corporation

$

840,000

7.250%, 

9/15/2021

$

878,850

1,255,000

7.625%, 

2/15/2025

1,468,350

Telesat

Canada

/

Telesat,

LLC

440,000

4.875%, 

6/1/2027

h

441,782

Time

Warner

Entertainment

Company,

LP

1,341,000

8.375%, 

3/15/2023

1,575,844

T-Mobile

USA,

Inc.

1,390,000

4.500%, 

2/1/2026

1,432,256

1,100,000

3.750%, 

4/15/2027

h

1,231,494

900,000

4.375%, 

4/15/2040

h

1,054,953

Univision

Communications,

Inc.

740,000

6.625%, 

6/1/2027

h

722,425

VeriSign,

Inc.

800,000

4.750%, 

7/15/2027

848,000

Verizon

Communications,

Inc.

1,311,000

3.376%, 

2/15/2025

1,459,735

3,054,000

4.272%, 

1/15/2036

3,761,476

Viacom,

Inc.

840,000

5.850%, 

9/1/2043

1,052,451

Virgin

Media

Secured

Finance

plc

1,300,000

5.500%, 

8/15/2026

h

1,355,250

Vodafone

Group

plc

1,250,000

4.875%, 

6/19/2049

1,549,748

VTR

Finance

BV

270,000

6.375%, 

N/A

h

283,500

Walt

Disney

Company

1,200,000

2.200%, 

1/13/2028

1,261,558

1,650,000

2.650%, 

1/13/2031

1,776,276

1,400,000

3.500%, 

5/13/2040

1,567,979

Windstream

Services,

LLC

560,000

8.625%, 

10/31/2025

*,f

336,000

Ziggo

BV

634,000

5.500%, 

1/15/2027

h

664,115

Total

75,924,141

Consumer

Cyclical

(1.0%)

1011778

B.C.,

ULC

1,310,000

4.375%, 

1/15/2028

h

1,335,938

Allied

Universal

Holdco,

LLC

440,000

6.625%, 

7/15/2026

h

468,600

Allison

Transmission,

Inc.

950,000

5.000%, 

10/1/2024

h

959,557

Amazon.com,

Inc.

250,000

1.500%, 

6/3/2030

255,235

1,420,000

3.875%, 

8/22/2037

1,765,720

852,000

4.050%, 

8/22/2047

1,101,212

American

Honda

Finance

Corporation

200,000

2.150%, 

9/10/2024

210,423

Brookfield

Property

REIT,

Inc.

195,000

5.750%, 

5/15/2026

h

153,674

Brookfield

Residential

Properties,

Inc.

900,000

6.250%, 

9/15/2027

h

907,582

Carnival

Corporation

280,000

11.500%, 

4/1/2023

h

313,874

300,000

10.500%, 

2/1/2026

h

332,250

Cedar

Fair,

LP

490,000

5.250%, 

7/15/2029

465,196

Colt

Merger

Sub,

Inc.

900,000

6.250%, 

7/1/2025

h

938,250

CVS

Health

Corporation

1,200,000

3.625%, 

4/1/2027

1,347,613

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Consumer

Cyclical

(1.0%)

-

continued

D.R.

Horton,

Inc.

$

1,175,000

2.550%, 

12/1/2020

$

1,178,973

1,150,000

2.600%, 

10/15/2025

1,233,017

Dana,

Inc.

560,000

5.625%, 

6/15/2028

578,200

Ford

Motor

Company

250,000

9.000%, 

4/22/2025

286,627

140,000

9.625%, 

4/22/2030

180,775

630,000

7.450%, 

7/16/2031

722,490

Ford

Motor

Credit

Company,

LLC

1,420,000

4.063%, 

11/1/2024

1,418,225

670,000

4.134%, 

8/4/2025

663,578

General

Motors

Company

1,200,000

6.125%, 

10/1/2025

1,393,707

1,150,000

6.800%, 

10/1/2027

1,397,564

General

Motors

Financial

Company,

Inc.

1,250,000

3.150%, 

6/30/2022

1,283,981

560,000

3.950%, 

4/13/2024

592,421

Hanesbrands,

Inc.

1,000,000

4.875%, 

5/15/2026

h

1,067,500

Herc

Holdings,

Inc.

350,000

5.500%, 

7/15/2027

h

362,127

Hilton

Domestic

Operating

Company,

Inc.

1,290,000

4.875%, 

1/15/2030

1,328,700

Home

Depot,

Inc.

1,330,000

5.400%, 

9/15/2040

1,881,900

840,000

4.250%, 

4/1/2046

1,068,384

700,000

3.900%, 

6/15/2047

862,329

Hyundai

Capital

America

750,000

1.250%, 

9/18/2023

h

748,270

International

Game

Technology

plc

580,000

5.250%, 

1/15/2029

h

586,525

KB

Home

490,000

4.800%, 

11/15/2029

540,225

L

Brands,

Inc.

350,000

6.625%, 

10/1/2030

h

356,125

Landry's,

Inc.

460,000

6.750%, 

10/15/2024

h

384,100

Lennar

Corporation

825,000

4.125%, 

1/15/2022

843,562

1,985,000

4.875%, 

12/15/2023

2,134,123

Mastercard,

Inc.

875,000

3.300%, 

3/26/2027

1,000,273

830,000

3.950%, 

2/26/2048

1,054,103

Mattamy

Group

Corporation

1,130,000

5.250%, 

12/15/2027

h

1,161,075

McDonald's

Corporation

1,200,000

2.125%, 

3/1/2030

1,247,797

1,365,000

4.450%, 

3/1/2047

1,691,699

MGM

Resorts

International

1,015,000

6.000%, 

3/15/2023

1,052,966

Norwegian

Cruise

Line

Holdings,

Ltd.

290,000

10.250%, 

2/1/2026

h

302,144

Prime

Security

Services

Borrower,

LLC

1,140,000

5.750%, 

4/15/2026

h

1,219,093

215,000

3.375%, 

8/31/2027

h

206,669

Royal

Caribbean

Cruises,

Ltd.

290,000

9.125%, 

6/15/2023

h

307,400

210,000

11.500%, 

6/1/2025

h

244,072

Scientific

Games

International,

Inc.

650,000

5.000%, 

10/15/2025

h

654,062

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

267

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Consumer

Cyclical

(1.0%)

-

continued

ServiceMaster

Company,

LLC

$

1,020,000

5.125%, 

11/15/2024

h

$

1,042,950

Six

Flags

Entertainment

Corporation

400,000

5.500%, 

4/15/2027

h,j

379,320

Six

Flags

Theme

Parks,

Inc.

270,000

7.000%, 

7/1/2025

h

287,213

Staples,

Inc.

710,000

7.500%, 

4/15/2026

h

654,237

Target

Corporation

1,000,000

2.250%, 

4/15/2025

1,067,620

TJX

Companies,

Inc.

675,000

3.875%, 

4/15/2030

800,023

ViacomCBS,

Inc.

1,200,000

4.200%, 

5/19/2032

1,369,763

Visa,

Inc.

1,150,000

2.700%, 

4/15/2040

1,241,554

Volkswagen

Group

of

America

Finance,

LLC

1,500,000

4.250%, 

11/13/2023

h

1,648,048

Walmart,

Inc.

825,000

3.250%, 

7/8/2029

961,236

Wyndham

Destinations,

Inc.

350,000

6.625%, 

7/31/2026

h

366,664

Wyndham

Hotels

&

Resorts,

Inc.

215,000

4.375%, 

8/15/2028

h

208,550

Yum!

Brands,

Inc.

950,000

4.750%, 

1/15/2030

h

1,023,625

Total

54,840,708

Consumer

Non-Cyclical

(1.7%)

Abbott

Laboratories

1,000,000

4.750%, 

11/30/2036

1,336,509

AbbVie,

Inc.

1,100,000

2.800%, 

3/15/2023

h

1,149,802

1,320,000

3.600%, 

5/14/2025

1,462,755

675,000

2.950%, 

11/21/2026

h

735,297

560,000

4.700%, 

5/14/2045

687,130

2,000,000

4.875%, 

11/14/2048

2,535,154

Albertson's

Companies,

Inc.

1,210,000

7.500%, 

3/15/2026

h

1,327,418

715,000

3.500%, 

3/15/2029

h

693,997

Altria

Group,

Inc.

700,000

4.400%, 

2/14/2026

805,905

2,725,000

5.800%, 

2/14/2039

3,476,741

Amgen,

Inc.

1,200,000

3.375%, 

2/21/2050

1,296,058

Anheuser-Busch

Companies,

LLC

2,240,000

4.700%, 

2/1/2036

2,702,159

Anheuser-Busch

InBev

Worldwide,

Inc.

1,875,000

4.750%, 

4/15/2058

2,280,414

1,350,000

4.375%, 

4/15/2038

1,570,366

150,000

4.600%, 

4/15/2048

178,492

Anthem,

Inc.

900,000

3.125%, 

5/15/2050

907,722

1,400,000

4.625%, 

5/15/2042

1,751,836

Aramark

Services,

Inc.

280,000

6.375%, 

5/1/2025

h

291,669

BAT

Capital

Corporation

1,136,000

4.540%, 

8/15/2047

1,214,080

Bausch

Health

Companies,

Inc.

420,000

7.000%, 

1/15/2028

h

444,150

170,000

5.000%, 

1/30/2028

h

165,112

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Consumer

Non-Cyclical

(1.7%)

-

continued

Baxalta,

Inc.

$

569,000

4.000%, 

6/23/2025

$

646,652

Becton,

Dickinson

and

Company

214,000

3.734%, 

12/15/2024

236,532

865,000

3.700%, 

6/6/2027

980,306

Boston

Scientific

Corporation

690,000

7.375%, 

1/15/2040

1,105,809

Bunge,

Ltd.

Finance

Corporation

300,000

3.500%, 

11/24/2020

301,313

Campbell

Soup

Company

345,000

2.375%, 

4/24/2030

358,504

Cargill,

Inc.

1,200,000

3.250%, 

5/23/2029

h

1,356,116

Centene

Corporation

690,000

4.750%, 

1/15/2025

709,182

210,000

4.250%, 

12/15/2027

219,750

490,000

4.625%, 

12/15/2029

528,543

860,000

3.000%, 

10/15/2030

e

876,125

Cigna

Corporation

164,000

3.050%, 

10/15/2027

175,400

1,325,000

4.800%, 

8/15/2038

1,642,211

Clorox

Company

1,180,000

3.100%, 

10/1/2027

1,328,638

Conagra

Brands,

Inc.

935,000

4.300%, 

5/1/2024

1,043,044

Constellation

Brands,

Inc.

1,120,000

3.600%, 

2/15/2028

1,265,742

475,000

2.875%, 

5/1/2030

512,526

CVS

Health

Corporation

329,000

4.100%, 

3/25/2025

371,720

1,870,000

4.875%, 

7/20/2035

2,375,349

DaVita,

Inc.

680,000

4.625%, 

6/1/2030

h

697,952

DENTSPLY

SIRONA,

Inc.

1,375,000

3.250%, 

6/1/2030

1,493,873

Edgewell

Personal

Care

Company

290,000

5.500%, 

6/1/2028

h

305,147

Encompass

Health

Corporation

770,000

4.500%, 

2/1/2028

773,850

Energizer

Holdings,

Inc.

900,000

4.750%, 

6/15/2028

h

931,410

Express

Scripts

Holding

Company

1,685,000

4.800%, 

7/15/2046

1,815,685

General

Mills,

Inc.

550,000

2.875%, 

4/15/2030

603,080

Gilead

Sciences,

Inc.

2,550,000

2.600%, 

10/1/2040

2,544,189

HCA,

Inc.

1,900,000

5.375%, 

2/1/2025

2,080,500

HLF

Financing

SARL,

LLC

420,000

7.250%, 

8/15/2026

h

431,550

Imperial

Brands

Finance

plc

1,200,000

3.875%, 

7/26/2029

h

1,299,039

JBS

Investments

II

GmbH

420,000

5.750%, 

1/15/2028

h

436,800

JBS

USA,

LLC

610,000

5.750%, 

6/15/2025

h

628,788

630,000

5.500%, 

1/15/2030

h

686,700

Kellogg

Company

1,200,000

2.100%, 

6/1/2030

1,228,397

Keurig

Dr.

Pepper,

Inc.

875,000

3.200%, 

5/1/2030

976,834

Kimberly-Clark

Corporation

650,000

3.100%, 

3/26/2030

743,456

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

268

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Consumer

Non-Cyclical

(1.7%)

-

continued

$

710,000

3.900%, 

5/4/2047

$

909,524

Kraft

Foods

Group,

Inc.

670,000

5.000%, 

6/4/2042

732,823

Kraft

Heinz

Foods

Company

1,090,000

4.625%, 

1/30/2029

1,212,856

1,030,000

3.750%, 

4/1/2030

h

1,087,297

Medtronic,

Inc.

80,000

4.625%, 

3/15/2045

109,902

Molina

Healthcare,

Inc.

490,000

4.375%, 

6/15/2028

h

500,045

Mondelez

International,

Inc.

350,000

2.750%, 

4/13/2030

380,895

Mylan,

Inc.

260,000

3.125%, 

1/15/2023

h

273,624

1,250,000

4.550%, 

4/15/2028

1,455,379

Par

Pharmaceutical,

Inc.

660,000

7.500%, 

4/1/2027

h

691,469

Post

Holdings,

Inc.

380,000

5.750%, 

3/1/2027

h

399,475

Quest

Diagnostics,

Inc.

1,200,000

2.800%, 

6/30/2031

1,295,024

Reynolds

American,

Inc.

1,563,000

5.700%, 

8/15/2035

1,949,551

Roche

Holdings,

Inc.

768,000

4.000%, 

11/28/2044

h

1,031,227

Scotts

Miracle-Gro

Company

720,000

4.500%, 

10/15/2029

762,750

Simmons

Foods,

Inc.

435,000

5.750%, 

11/1/2024

h

435,452

Smithfield

Foods,

Inc.

820,000

2.650%, 

10/3/2021

h

825,071

Spectrum

Brands,

Inc.

210,000

5.500%, 

7/15/2030

h

221,550

Sysco

Corporation

1,200,000

6.600%, 

4/1/2040

1,616,280

Teleflex,

Inc.

580,000

4.250%, 

6/1/2028

h

600,300

Tenet

Healthcare

Corporation

350,000

4.625%, 

7/15/2024

350,875

970,000

5.125%, 

11/1/2027

h

997,742

Teva

Pharmaceutical

Finance

Netherlands

III

BV

590,000

2.800%, 

7/21/2023

564,188

Thermo

Fisher

Scientific,

Inc.

720,000

4.133%, 

3/25/2025

820,313

TreeHouse

Foods,

Inc.

280,000

4.000%, 

9/1/2028

283,186

Tyson

Foods,

Inc.

560,000

3.550%, 

6/2/2027

632,355

UnitedHealth

Group,

Inc.

1,400,000

2.950%, 

10/15/2027

1,559,444

2,470,000

4.625%, 

7/15/2035

3,244,772

VRX

Escrow

Corporation

2,495,000

6.125%, 

4/15/2025

h

2,554,256

Zoetis,

Inc.

670,000

4.700%, 

2/1/2043

880,565

Total

89,101,668

Energy

(1.1%)

Antero

Resources

Corporation

405,000

5.000%, 

3/1/2025

253,125

Apache

Corporation

270,000

4.875%, 

11/15/2027

255,150

460,000

4.375%, 

10/15/2028

j

420,900

350,000

5.100%, 

9/1/2040

314,615

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Energy

(1.1%)

-

continued

Archrock

Partners,

LP

$

480,000

6.250%, 

4/1/2028

h

$

452,400

BP

Capital

Markets

America,

Inc.

285,000

3.119%, 

5/4/2026

314,779

500,000

3.543%, 

4/6/2027

560,226

BP

Capital

Markets

plc

1,960,000

3.279%, 

9/19/2027

2,174,837

Buckeye

Partners,

LP

200,000

4.125%, 

3/1/2025

h

191,000

480,000

3.950%, 

12/1/2026

448,022

160,000

4.125%, 

12/1/2027

151,600

Canadian

Natural

Resources,

Ltd.

340,000

2.050%, 

7/15/2025

346,863

430,000

2.950%, 

7/15/2030

432,599

Canadian

Oil

Sands,

Ltd.

750,000

9.400%, 

9/1/2021

h

792,793

Cheniere

Energy

Partners,

LP

1,365,000

5.625%, 

10/1/2026

1,419,600

Comstock

Resources,

Inc.

320,000

9.750%, 

8/15/2026

328,064

ConocoPhillips

1,400,000

6.500%, 

2/1/2039

2,044,844

Continental

Resources,

Inc.

360,000

5.000%, 

9/15/2022

j

357,527

300,000

4.500%, 

4/15/2023

286,023

DCP

Midstream

Operating,

LP

430,000

5.625%, 

7/15/2027

439,890

Diamondback

Energy,

Inc.

975,000

3.500%, 

12/1/2029

940,046

El

Paso

Pipeline

Partners

Operating

Company,

LLC

840,000

4.300%, 

5/1/2024

925,694

Enagas

SA

1,160,000

5.500%, 

1/15/2028

h

1,044,000

Endeavor

Energy

Resources,

LP

190,000

5.500%, 

1/30/2026

h

188,575

530,000

5.750%, 

1/30/2028

h

532,650

Energy

Transfer

Operating,

LP

450,000

4.200%, 

9/15/2023

474,176

1,340,000

6.000%, 

6/15/2048

1,345,461

Energy

Transfer

Partners,

LP

765,000

4.900%, 

3/15/2035

747,162

600,000

5.150%, 

2/1/2043

548,336

EnLink

Midstream

Partners,

LP

440,000

4.850%, 

7/15/2026

380,648

600,000

5.600%, 

4/1/2044

385,500

EOG

Resources,

Inc.

875,000

4.375%, 

4/15/2030

1,030,352

EQM

Midstream

Partners,

LP

500,000

6.500%, 

7/1/2027

h

530,010

220,000

5.500%, 

7/15/2028

221,551

EQT

Corporation

780,000

3.900%, 

10/1/2027

j

710,775

Equinor

ASA

1,350,000

3.000%, 

4/6/2027

1,486,654

Exxon

Mobil

Corporation

575,000

4.327%, 

3/19/2050

714,649

1,200,000

3.452%, 

4/15/2051

1,315,051

Harvest

Midstream,

LP

380,000

7.500%, 

9/1/2028

h

378,100

Kinder

Morgan

Energy

Partners,

LP

1,400,000

6.500%, 

9/1/2039

1,761,373

Magellan

Midstream

Partners,

LP

750,000

5.000%, 

3/1/2026

874,144

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

269

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Energy

(1.1%)

-

continued

Marathon

Oil

Corporation

$

900,000

4.400%, 

7/15/2027

$

894,875

Marathon

Petroleum

Corporation

1,680,000

4.750%, 

12/15/2023

1,841,159

636,000

6.500%, 

3/1/2041

774,916

MPLX,

LP

1,200,000

4.875%, 

12/1/2024

1,340,396

1,680,000

4.875%, 

6/1/2025

1,904,274

Murphy

Oil

Corporation

240,000

5.875%, 

12/1/2027

204,970

Nabors

Industries,

Ltd.

600,000

7.250%, 

1/15/2026

h

295,500

Newfield

Exploration

Company

280,000

5.625%, 

7/1/2024

272,334

560,000

5.375%, 

1/1/2026

526,548

Noble

Energy,

Inc.

1,250,000

5.050%, 

11/15/2044

1,618,983

NuStar

Logistics,

LP

500,000

5.750%, 

10/1/2025

516,400

Occidental

Petroleum

Corporation

412,000

2.700%, 

8/15/2022

384,960

860,000

2.900%, 

8/15/2024

729,650

300,000

3.400%, 

4/15/2026

239,250

270,000

8.500%, 

7/15/2027

272,082

525,000

3.500%, 

8/15/2029

402,570

280,000

6.450%, 

9/15/2036

238,006

710,000

4.400%, 

4/15/2046

506,560

ONEOK,

Inc.

860,000

2.200%, 

9/15/2025

847,386

Parsley

Energy,

LLC

665,000

5.625%, 

10/15/2027

h

661,675

Pioneer

Natural

Resources

Company

500,000

4.450%, 

1/15/2026

578,148

Plains

All

American

Pipeline,

LP

1,200,000

4.500%, 

12/15/2026

1,280,155

1,100,000

3.550%, 

12/15/2029

1,063,557

QEP

Resources,

Inc.

290,000

5.625%, 

3/1/2026

164,575

Sabine

Pass

Liquefaction,

LLC

840,000

6.250%, 

3/15/2022

891,372

1,000,000

5.625%, 

4/15/2023

1,095,307

1,140,000

5.750%, 

5/15/2024

1,290,519

Schlumberger

Holdings

Corporation

880,000

4.000%, 

12/21/2025

h

984,024

Southwestern

Energy

Company

780,000

7.500%, 

4/1/2026

j

762,450

Suncor

Energy,

Inc.

780,000

3.600%, 

12/1/2024

849,218

Sunoco

Logistics

Partners

Operations,

LP

700,000

4.000%, 

10/1/2027

714,678

Sunoco,

LP

385,000

5.875%, 

3/15/2028

393,663

Targa

Resources

Partners,

LP

780,000

5.375%, 

2/1/2027

784,384

Transocean

Guardian,

Ltd.

300,300

5.875%, 

1/15/2024

h

193,693

W&T

Offshore,

Inc.

440,000

9.750%, 

11/1/2023

h

303,010

Western

Gas

Partners,

LP

1,120,000

4.000%, 

7/1/2022

1,126,636

Western

Midstream

Operating,

LP

230,000

6.250%, 

2/1/2050

213,038

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Energy

(1.1%)

-

continued

$

440,000

4.100%, 

2/1/2025

$

419,100

440,000

3.950%, 

6/1/2025

413,512

Williams

Companies,

Inc.

1,400,000

7.500%, 

1/15/2031

1,840,888

Williams

Partners,

LP

710,000

4.500%, 

11/15/2023

777,376

WPX

Energy,

Inc.

700,000

5.750%, 

6/1/2026

724,500

Total

59,856,061

Financials

(2.4%)

ACE

INA

Holdings,

Inc.

737,000

4.350%, 

11/3/2045

963,769

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

980,000

3.500%, 

1/15/2025

954,465

AerCap

Ireland

Capital,

Ltd.

950,000

3.875%, 

1/23/2028

875,192

Aircastle,

Ltd.

1,650,000

5.000%, 

4/1/2023

1,653,616

Ally

Financial,

Inc.

810,000

5.750%, 

11/20/2025

909,288

American

International

Group,

Inc.

705,000

3.750%, 

7/10/2025

789,784

1,560,000

3.900%, 

4/1/2026

1,778,460

Australia

and

New

Zealand

Banking

Group,

Ltd.

500,000

2.950%, 

7/22/2030

b,h

518,115

Aviation

Capital

Group,

LLC

1,135,000

2.875%, 

1/20/2022

h

1,126,346

Avolon

Holdings

Funding,

Ltd.

700,000

5.250%, 

5/15/2024

h

703,105

Banco

Santander

Mexico

SA

675,000

5.375%, 

4/17/2025

h

750,600

Banco

Santander

SA

1,200,000

1.386%, 

(LIBOR

3M

+

1.120%),

4/12/2023

b

1,205,359

Bank

of

America

Corporation

1,056,000

4.000%, 

4/1/2024

1,170,112

1,000,000

4.200%, 

8/26/2024

1,113,455

1,580,000

4.000%, 

1/22/2025

1,759,690

1,450,000

3.458%, 

3/15/2025

b

1,571,478

1,400,000

3.093%, 

10/1/2025

b

1,509,350

1,160,000

3.824%, 

1/20/2028

b

1,314,307

1,200,000

2.496%, 

2/13/2031

b

1,250,867

700,000

2.592%, 

4/29/2031

b

739,191

Barclays

Bank

plc

264,000

10.179%, 

6/12/2021

h

277,743

Barclays

plc

1,250,000

3.564%, 

9/23/2035

b

1,229,612

Boston

Properties,

LP

850,000

4.500%, 

12/1/2028

1,001,282

BPCE

SA

1,310,000

3.500%, 

10/23/2027

h

1,439,379

Camden

Property

Trust

1,500,000

3.150%, 

7/1/2029

1,663,173

Capital

One

Financial

Corporation

1,000,000

4.200%, 

10/29/2025

1,108,417

Cascades

USA,

Inc.

660,000

5.125%, 

1/15/2026

h

691,482

CIT

Group,

Inc.

935,000

5.000%, 

8/15/2022

964,219

230,000

5.250%, 

3/7/2025

243,340

Citigroup,

Inc.

1,990,000

4.400%, 

6/10/2025

2,237,895

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

270

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Financials

(2.4%)

-

continued

$

1,120,000

3.200%, 

10/21/2026

$

1,234,946

1,704,000

3.668%, 

7/24/2028

b

1,912,693

840,000

4.125%, 

7/25/2028

965,599

1,400,000

3.520%, 

10/27/2028

b

1,555,573

828,000

4.650%, 

7/23/2048

1,086,251

CNA

Financial

Corporation

450,000

3.900%, 

5/1/2029

515,851

Commerzbank

AG

1,400,000

8.125%, 

9/19/2023

h

1,593,256

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

1,360,000

3.950%, 

11/9/2022

1,445,004

1,330,000

4.625%, 

12/1/2023

1,479,133

Credit

Acceptance

Corporation

450,000

5.125%, 

12/31/2024

h

446,863

Credit

Agricole

SA

400,000

3.375%, 

1/10/2022

h

413,100

850,000

3.250%, 

1/14/2030

h

912,375

Credit

Suisse

Group

AG

775,000

7.250%, 

9/12/2025

b,h,l

839,906

1,375,000

2.193%, 

6/5/2026

b,h

1,419,764

1,065,000

3.869%, 

1/12/2029

b,h

1,187,968

Danske

Bank

AS

900,000

3.244%, 

12/20/2025

b,h

957,688

Deutsche

Bank

AG

1,700,000

3.547%, 

9/18/2031

b

1,708,294

Discover

Bank

600,000

2.450%, 

9/12/2024

632,901

1,410,000

4.682%, 

8/9/2028

b

1,478,159

Duke

Realty,

LP

700,000

2.875%, 

11/15/2029

763,095

ERP

Operating,

LP

267,000

3.375%, 

6/1/2025

295,451

ESH

Hospitality,

Inc.

440,000

5.250%, 

5/1/2025

h

444,400

220,000

4.625%, 

10/1/2027

h

215,879

Fidelity

National

Financial,

Inc.

1,125,000

5.500%, 

9/1/2022

1,220,926

First

Horizon

National

Corporation

1,375,000

4.000%, 

5/26/2025

1,494,600

GE

Capital

Funding,

LLC

2,675,000

4.400%, 

5/15/2030

h

2,875,357

GE

Capital

International

Funding

Company

1,615,000

4.418%, 

11/15/2035

1,706,799

Goldman

Sachs

Group,

Inc.

1,975,000

4.165%, 

(LIBOR

3M

+

3.922%),

11/2/2020

b,l

1,941,030

1,000,000

3.625%, 

2/20/2024

1,085,856

460,000

4.750%, 

10/21/2045

603,902

HCP,

Inc.

520,000

3.400%, 

2/1/2025

568,987

Healthpeak

Properties,

Inc.

675,000

2.875%, 

1/15/2031

714,547

HSBC

Holdings

plc

1,075,000

6.875%, 

6/1/2021

b,l

1,096,500

1,525,000

3.803%, 

3/11/2025

b

1,647,419

1,040,000

3.900%, 

5/25/2026

1,149,269

1,100,000

4.950%, 

3/31/2030

1,323,892

Icahn

Enterprises,

LP

250,000

6.750%, 

2/1/2024

256,444

885,000

6.375%, 

12/15/2025

909,749

International

Lease

Finance

Corporation

550,000

5.875%, 

8/15/2022

588,496

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Financials

(2.4%)

-

continued

J.P.

Morgan

Chase

&

Company

$

1,040,000

3.625%, 

5/13/2024

$

1,147,788

1,200,000

3.875%, 

9/10/2024

1,327,305

1,040,000

3.125%, 

1/23/2025

1,134,285

25,000

3.900%, 

7/15/2025

28,273

105,000

3.300%, 

4/1/2026

116,331

1,350,000

4.203%, 

7/23/2029

b

1,596,990

700,000

2.522%, 

4/22/2031

b

745,075

1,700,000

3.882%, 

7/24/2038

b

2,001,208

Kimco

Realty

Corporation

1,072,000

3.300%, 

2/1/2025

1,161,288

Liberty

Mutual

Group,

Inc.

560,000

4.950%, 

5/1/2022

h

596,600

Lloyds

Banking

Group

plc

1,500,000

3.870%, 

7/9/2025

b

1,633,348

MassMutual

Global

Funding

920,000

2.750%, 

6/22/2024

h

988,768

MetLife,

Inc.

1,025,000

4.050%, 

3/1/2045

1,244,336

MGM

Growth

Properties

Operating

Partnership,

LP

300,000

4.625%, 

6/15/2025

h

306,000

260,000

5.750%, 

2/1/2027

280,150

Mitsubishi

UFJ

Financial

Group,

Inc.

1,420,000

3.287%, 

7/25/2027

1,577,180

1,350,000

2.048%, 

7/17/2030

1,363,109

Mizuho

Financial

Group,

Inc.

1,250,000

1.979%, 

9/8/2031

b

1,236,820

Morgan

Stanley

560,000

4.085%, 

(LIBOR

3M

+

3.810%),

1/15/2021

b,l

547,635

445,000

4.875%, 

11/1/2022

481,080

475,000

2.188%, 

4/28/2026

b

497,219

1,350,000

4.350%, 

9/8/2026

1,560,398

1,704,000

3.591%, 

7/22/2028

b

1,915,513

1,250,000

3.622%, 

4/1/2031

b

1,427,248

MPT

Operating

Partnership,

LP

335,000

6.375%, 

3/1/2024

344,045

675,000

4.625%, 

8/1/2029

702,317

Nasdaq,

Inc.

575,000

3.250%, 

4/28/2050

599,077

Nationwide

Building

Society

650,000

3.622%, 

4/26/2023

b,h

675,319

Natwest

Group

plc

1,750,000

3.032%, 

11/28/2035

b

1,681,015

Outfront

Media

Cap,

LLC

720,000

4.625%, 

3/15/2030

h

691,200

Park

Aerospace

Holdings,

Ltd.

700,000

4.500%, 

3/15/2023

h

694,426

Prudential

Financial,

Inc.

900,000

3.700%, 

3/13/2051

990,530

Quicken

Loans,

LLC

340,000

3.625%, 

3/1/2029

h

337,025

340,000

3.875%, 

3/1/2031

h

335,750

Realty

Income

Corporation

1,120,000

4.125%, 

10/15/2026

1,299,529

Regency

Centers,

LP

1,680,000

4.125%, 

3/15/2028

1,878,284

Reinsurance

Group

of

America,

Inc.

965,000

4.700%, 

9/15/2023

1,065,452

Royal

Bank

of

Scotland

Group

plc

875,000

6.000%, 

12/29/2025

b,l

890,313

850,000

4.445%, 

5/8/2030

b

983,063

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

271

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Financials

(2.4%)

-

continued

Service

Properties

Trust

$

360,000

4.500%, 

6/15/2023

$

353,182

460,000

4.750%, 

10/1/2026

409,929

Simon

Property

Group,

LP

1,120,000

4.250%, 

11/30/2046

1,198,153

Societe

Generale

SA

840,000

4.750%, 

11/24/2025

h

921,353

Springleaf

Finance

Corporation

680,000

6.875%, 

3/15/2025

754,579

410,000

6.625%, 

1/15/2028

455,018

Sumitomo

Mitsui

Financial

Group,

Inc.

840,000

3.010%, 

10/19/2026

925,932

Synchrony

Financial

330,000

4.250%, 

8/15/2024

358,537

825,000

3.950%, 

12/1/2027

887,358

UBS

Group

Funding

Jersey,

Ltd.

768,000

4.125%, 

9/24/2025

h

875,195

UDR,

Inc.

675,000

2.100%, 

8/1/2032

670,693

Ventas

Realty,

LP

200,000

3.100%, 

1/15/2023

207,941

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

250,000

4.250%, 

12/1/2026

h

251,163

140,000

3.750%, 

2/15/2027

h

137,659

250,000

4.625%, 

12/1/2029

h

255,359

140,000

4.125%, 

8/15/2030

h

137,900

Voya

Financial,

Inc.

979,000

3.125%, 

7/15/2024

1,055,392

Wells

Fargo

&

Company

1,200,000

4.125%, 

8/15/2023

1,307,190

1,040,000

3.000%, 

2/19/2025

1,122,222

600,000

3.000%, 

4/22/2026

652,604

1,140,000

3.000%, 

10/23/2026

1,244,399

1,200,000

2.393%, 

6/2/2028

b

1,251,456

930,000

4.900%, 

11/17/2045

1,177,593

Total

130,893,112

Mortgage-Backed

Securities

(13.0%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

37,756,032

3.000%, 

3/25/2050

39,590,465

22,292,419

3.000%, 

4/1/2050

23,375,551

21,440,441

3.500%, 

7/1/2047

22,686,378

Federal

National

Mortgage

Association

8,574,572

4.500%, 

5/1/2048

9,286,296

15,913,834

3.500%, 

10/1/2048

16,814,468

13,754,664

3.500%, 

6/1/2049

14,549,740

18,726,798

3.500%, 

8/1/2049

19,829,531

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

27,750,000

1.500%, 

10/1/2035

e

28,385,215

63,700,000

2.000%, 

10/1/2035

e

66,188,281

111,200,000

2.500%, 

10/1/2035

e

116,099,750

42,450,000

2.000%, 

11/1/2035

e

44,091,389

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

77,630,000

2.000%, 

10/1/2050

e

80,250,012

84,550,000

2.500%, 

10/1/2050

e,m

88,678,418

31,000,000

2.000%, 

11/1/2050

e,m

31,969,652

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Mortgage-Backed

Securities

(13.0%)

-

continued

$

42,825,000

2.500%, 

11/1/2050

e

$

44,823,630

29,168,003

4.000%, 

7/1/2048

31,110,003

24,275,000

3.000%, 

10/1/2049

e

25,429,011

Total

703,157,790

Technology

(1.0%)

Apple,

Inc.

2,250,000

3.000%, 

11/13/2027

2,542,023

1,975,000

3.750%, 

9/12/2047

2,428,261

Applied

Materials,

Inc.

560,000

3.300%, 

4/1/2027

636,267

Avnet,

Inc.

820,000

3.750%, 

12/1/2021

843,502

Baidu,

Inc.

940,000

3.425%, 

4/7/2030

j

1,033,618

Black

Knight

InfoServ,

LLC

105,000

3.625%, 

9/1/2028

h

106,116

Broadcom

Corporation

851,000

3.875%, 

1/15/2027

943,643

1,100,000

3.500%, 

1/15/2028

1,191,212

Broadcom,

Inc.

1,425,000

4.750%, 

4/15/2029

1,654,925

460,000

5.000%, 

4/15/2030

542,566

CDW,

LLC

280,000

4.250%, 

4/1/2028

289,800

CommScope

Technologies

Finance,

LLC

1,125,000

6.000%, 

6/15/2025

h

1,140,244

Diamond

1

Finance

Corporation

2,320,000

6.020%, 

6/15/2026

h

2,724,743

Diamond

Sports

Group,

LLC

440,000

5.375%, 

8/15/2026

h

311,300

790,000

6.625%, 

8/15/2027

h

410,800

Fiserv,

Inc.

1,650,000

2.250%, 

6/1/2027

1,741,751

960,000

2.650%, 

6/1/2030

1,032,332

Gartner,

Inc.

440,000

4.500%, 

7/1/2028

h

460,988

290,000

3.750%, 

10/1/2030

h

293,349

Hewlett

Packard

Enterprise

Company

650,000

4.650%, 

10/1/2024

734,894

Intel

Corporation

1,350,000

3.100%, 

2/15/2060

1,462,675

Iron

Mountain,

Inc.

250,000

5.000%, 

7/15/2028

h

256,245

540,000

4.875%, 

9/15/2029

h

549,450

300,000

5.250%, 

7/15/2030

h

312,750

KLA

Corporation

1,440,000

3.300%, 

3/1/2050

1,506,334

Lam

Research

Corporation

1,200,000

2.875%, 

6/15/2050

1,239,452

Marvell

Technology

Group,

Ltd.

825,000

4.200%, 

6/22/2023

890,652

1,090,000

4.875%, 

6/22/2028

1,314,730

Micron

Technology,

Inc.

450,000

2.497%, 

4/24/2023

467,274

Microsoft

Corporation

1,043,000

2.675%, 

6/1/2060

1,092,119

1,575,000

4.200%, 

11/3/2035

2,068,146

1,700,000

3.700%, 

8/8/2046

2,133,158

NCR

Corporation

1,280,000

6.125%, 

9/1/2029

h

1,352,474

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

272

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Technology

(1.0%)

-

continued

NVIDIA

Corporation

$

1,100,000

3.500%, 

4/1/2040

$

1,288,063

NXP

BV/NXP

Funding,

LLC

1,250,000

4.875%, 

3/1/2024

h

1,405,440

Open

Text

Corporation

830,000

4.125%, 

2/15/2030

h

853,605

Oracle

Corporation

965,000

2.950%, 

5/15/2025

1,050,585

1,300,000

2.800%, 

4/1/2027

1,426,258

1,400,000

3.850%, 

7/15/2036

1,651,640

1,200,000

3.600%, 

4/1/2040

1,368,541

Plantronics,

Inc.

710,000

5.500%, 

5/31/2023

h

631,900

PTC,

Inc.

220,000

3.625%, 

2/15/2025

h

223,300

210,000

4.000%, 

2/15/2028

h

215,843

Qorvo,

Inc.

350,000

3.375%, 

4/1/2031

h

355,994

Sensata

Technologies,

Inc.

750,000

3.750%, 

2/15/2031

h

745,312

SS&C

Technologies,

Inc.

1,250,000

5.500%, 

9/30/2027

h

1,328,400

Switch,

Ltd.

150,000

3.750%, 

9/15/2028

h

151,500

Texas

Instruments,

Inc.

1,380,000

4.150%, 

5/15/2048

1,800,580

Tyco

Electronics

Group

SA

284,000

3.450%, 

8/1/2024

308,755

568,000

3.125%, 

8/15/2027

620,790

Vmware,

Inc.

550,000

4.650%, 

5/15/2027

640,839

Xerox

Holdings

Corporation

410,000

5.000%, 

8/15/2025

h

405,191

Total

52,180,329

Transportation

(0.2%)

Air

Canada

Pass

Through

Trust

193,488

3.875%, 

3/15/2023

h

166,432

Air

Lease

Corporation

435,000

3.500%, 

1/15/2022

446,253

American

Airlines,

Inc.

150,000

11.750%, 

7/15/2025

h

144,750

Burlington

Northern

Santa

Fe,

LLC

850,000

5.750%, 

5/1/2040

1,216,373

685,000

5.050%, 

3/1/2041

912,590

900,000

4.450%, 

3/15/2043

1,144,012

CSX

Corporation

720,000

3.800%, 

4/15/2050

860,218

900,000

3.350%, 

9/15/2049

992,988

Delta

Air

Lines,

Inc.

640,000

7.000%, 

5/1/2025

h

702,605

Mileage

Plus

Holdings,

LLC

440,000

6.500%, 

6/20/2027

h

458,150

Southwest

Airlines

Company

960,000

4.750%, 

5/4/2023

1,025,145

875,000

5.125%, 

6/15/2027

953,047

United

Parcel

Service,

Inc.

960,000

4.450%, 

4/1/2030

1,202,473

XPO

Logistics,

Inc.

1,178,000

6.750%, 

8/15/2024

h

1,247,738

Total

11,472,774

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

U.S.

Government

&

Agencies

(13.5%)

U.S.

Treasury

Bonds

$

1,200,000

2.000%, 

2/15/2050

$

1,357,313

16,975,000

2.250%, 

11/15/2027

19,082,287

31,750,000

2.875%, 

5/15/2028

37,353,379

14,120,000

5.250%, 

11/15/2028

19,422,170

38,250,000

1.625%, 

8/15/2029

41,632,734

13,290,000

1.500%, 

2/15/2030

14,334,511

1,075,000

4.375%, 

5/15/2040

1,687,414

600,000

3.000%, 

5/15/2042

797,578

27,658,000

2.500%, 

5/15/2046

34,169,514

35,275,000

2.875%, 

5/15/2049

47,228,540

1,000,000

2.375%, 

11/15/2049

1,220,898

U.S.

Treasury

Notes

715,000

1.875%, 

12/15/2020

717,570

23,100,000

2.500%, 

2/28/2021

23,322,879

10,250,000

1.375%, 

5/31/2021

10,332,481

55,070,000

1.125%, 

8/31/2021

55,551,863

57,800,000

1.500%, 

9/30/2021

58,572,172

2,000,000

2.500%, 

1/15/2022

2,060,703

3,990,000

1.125%, 

2/28/2022

4,045,174

93,880,000

0.125%, 

6/30/2022

93,857,996

22,230,000

1.875%, 

7/31/2022

22,936,845

53,005,000

2.000%, 

11/30/2022

55,133,482

6,540,000

2.500%, 

3/31/2023

6,923,970

65,780,000

2.500%, 

1/31/2024

70,847,116

12,780,000

2.125%, 

7/31/2024

13,715,536

15,100,000

2.250%, 

11/15/2024

16,350,469

8,000,000

2.125%, 

11/30/2024

8,627,813

3,750,000

1.375%, 

1/31/2025

3,933,691

33,800,000

2.625%, 

1/31/2026

37,925,977

22,580,000

2.500%, 

2/28/2026

25,219,919

1,100,000

0.500%, 

4/30/2027

1,104,855

Total

729,466,849

Utilities

(0.9%)

Ameren

Illinois

Company

720,000

4.500%, 

3/15/2049

955,006

American

Water

Capital

Corporation

1,150,000

2.800%, 

5/1/2030

1,258,789

Appalachian

Power

Company

560,000

3.300%, 

6/1/2027

615,452

Berkshire

Hathaway

Energy

Company

900,000

4.500%, 

2/1/2045

1,125,452

Calpine

Corporation

710,000

4.500%, 

2/15/2028

h

727,139

CenterPoint

Energy,

Inc.

435,000

3.850%, 

2/1/2024

476,474

1,100,000

2.500%, 

9/1/2024

1,170,122

750,000

4.250%, 

11/1/2028

893,669

CMS

Energy

Corporation

840,000

2.950%, 

2/15/2027

894,269

Commonwealth

Edison

Company

1,025,000

3.700%, 

3/1/2045

1,192,762

Consolidated

Edison

Company

of

New

York,

Inc.

900,000

4.125%, 

5/15/2049

1,077,741

Consolidated

Edison,

Inc.

384,000

4.500%, 

12/1/2045

480,445

Consumers

Energy

Company

1,025,000

4.350%, 

4/15/2049

1,349,138

DTE

Electric

Company

760,000

3.700%, 

3/15/2045

887,237

890,000

3.700%, 

6/1/2046

1,037,588

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

273

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Utilities

(0.9%)

-

continued

Duke

Energy

Carolinas,

LLC

$

960,000

3.700%, 

12/1/2047

$

1,133,935

Duke

Energy

Corporation

520,000

3.750%, 

9/1/2046

591,788

Duke

Energy

Florida,

LLC

775,000

3.200%, 

1/15/2027

873,257

Duke

Energy

Indiana,

LLC

1,085,000

3.750%, 

5/15/2046

1,267,265

Edison

International

1,450,000

5.750%, 

6/15/2027

1,600,243

Exelon

Corporation

575,000

4.700%, 

4/15/2050

730,905

792,000

4.450%, 

4/15/2046

960,036

FirstEnergy

Corporation

350,000

2.850%, 

7/15/2022

358,732

1,015,000

4.850%, 

7/15/2047

1,220,248

GFL

Environmental,

Inc.

500,000

3.750%, 

8/1/2025

h

498,750

ITC

Holdings

Corporation

284,000

4.050%, 

7/1/2023

307,043

560,000

5.300%, 

7/1/2043

733,103

Mississippi

Power

Company

800,000

3.950%, 

3/30/2028

917,646

Monongahela

Power

Company

780,000

5.400%, 

12/15/2043

h

1,095,854

National

Rural

Utilities

Cooperative

Finance

Corporation

500,000

3.900%, 

11/1/2028

594,682

1,000,000

3.700%, 

3/15/2029

1,173,348

NextEra

Energy

Operating

Partners,

LP

1,260,000

3.875%, 

10/15/2026

h

1,304,100

NiSource

Finance

Corporation

560,000

3.490%, 

5/15/2027

623,842

675,000

5.650%, 

2/1/2045

931,547

NiSource,

Inc.

875,000

3.600%, 

5/1/2030

996,380

Oncor

Electric

Delivery

Company,

LLC

1,140,000

3.750%, 

4/1/2045

1,359,094

Pacific

Gas

and

Electric

Company

800,000

3.300%, 

12/1/2027

822,226

800,000

3.950%, 

12/1/2047

738,511

PG&E

Corporation

290,000

5.000%, 

7/1/2028

281,300

220,000

5.250%, 

7/1/2030

212,850

PPL

Capital

Funding,

Inc.

1,275,000

5.000%, 

3/15/2044

1,588,189

PPL

Electric

Utilities

Corporation

840,000

3.950%, 

6/1/2047

1,025,306

Public

Service

Electric

&

Gas

Company

410,000

3.000%, 

5/15/2027

454,113

San

Diego

Gas

and

Electric

Company

1,450,000

4.150%, 

5/15/2048

1,761,330

South

Carolina

Electric

&

Gas

Company

1,560,000

5.100%, 

6/1/2065

2,326,194

Southern

California

Edison

Company

1,135,000

4.000%, 

4/1/2047

1,215,324

Southern

Company

665,000

3.250%, 

7/1/2026

741,732

85,000

4.400%, 

7/1/2046

100,600

Principal

Amount

Long-Term

Fixed

Income

(40.7%)

Value

Utilities

(0.9%)

-

continued

Southern

Company

Gas

Capital

Corporation

$

1,400,000

4.400%, 

5/30/2047

$

1,690,137

Southwestern

Electric

Power

Company

460,000

3.900%, 

4/1/2045

504,369

Suburban

Propane

Partners,

LP

560,000

5.875%, 

3/1/2027

573,300

Talen

Energy

Supply,

LLC

570,000

7.625%, 

6/1/2028

h

570,000

TerraForm

Power

Operating,

LLC

510,000

5.000%, 

1/31/2028

h

558,284

Virginia

Electric

and

Power

Company

750,000

4.600%, 

12/1/2048

1,021,694

Vistra

Operations

Company,

LLC

800,000

5.000%, 

7/31/2027

h

840,200

Total

50,438,740

Total

Long-Term

Fixed

Income

(cost

$2,094,986,468)

2,196,433,663

Shares

Registered

Investment

Companies

(

33.9%

)

Value

Unaffiliated  (0.5%)

4,908

Health

Care

Select

Sector

SPDR

Fund

517,696

437,650

Invesco

Senior

Loan

ETF

9,514,511

5,998

iShares

Dow

Jones

US

Home

Construction

Index

Fund

339,786

10,838

ProShares

Ultra

S&P

500

j

796,268

23,767

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

2,478,185

41,448

SPDR

S&P

500

ETF

Trust

j

13,880,521

5,997

SPDR

S&P

Regional

Banking

ETF

213,973

2,730

Utilities

Select

Sector

SPDR

Fund

j

162,107

Total

27,903,047

Affiliated  (33.4%)

18,708,412

Thrivent

Core

Emerging

Markets

Debt

Fund

183,716,604

2,822,026

Thrivent

Core

Emerging

Markets

Equity

Fund

n

28,784,669

5,492,730

Thrivent

Core

International

Equity

Fund

48,720,519

13,346,682

Thrivent

Core

Low

Volatility

Equity

Fund

160,293,655

3,478,328

Thrivent

Global

Stock

Portfolio

42,980,314

30,314,100

Thrivent

High

Yield

Portfolio

135,285,768

40,747,757

Thrivent

Income

Portfolio

452,014,871

17,978,733

Thrivent

International

Allocation

Portfolio

160,501,546

1,549,171

Thrivent

International

Index

Portfolio

n

17,277,591

10,802,677

Thrivent

Large

Cap

Value

Portfolio

174,671,725

25,262,219

Thrivent

Limited

Maturity

Bond

Portfolio

253,625,102

5,379,170

Thrivent

Mid

Cap

Stock

Portfolio

99,205,345

3,003,419

Thrivent

Small

Cap

Stock

Portfolio

46,261,971

Total

1,803,339,680

Total

Registered

Investment

Companies

(cost

$1,698,525,860)

1,831,242,727

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

274

Shares

Common

Stock

(

17.6%

)

Value

Communications

Services

(1.2%)

50,814

Activision

Blizzard,

Inc.

$

4,113,393

12,179

Alphabet,

Inc.,

Class

A

n

17,849,542

2,740

Alphabet,

Inc.,

Class

C

n

4,026,704

12,370

ANGI

Homeservices,

Inc.

n

137,245

975

AT&T,

Inc.

27,797

10,956

Cinemark

Holdings,

Inc.

109,560

106,362

Comcast

Corporation

4,920,306

2,301

Consolidated

Communications

Holdings,

Inc.

n

13,093

63,878

Discovery,

Inc.,

Class

A

j,n

1,390,624

7,833

DISH

Network

Corporation

n

227,392

4,195

EchoStar

Corporation

n

104,414

36,777

Facebook,

Inc.

n

9,631,896

50,310

Gannett

Company,

Inc.

65,403

2,250

Hemisphere

Media

Group,

Inc.

n

19,553

286

IAC/InterActiveCorp

n

34,257

14,190

Interpublic

Group

of

Companies,

Inc.

236,547

98,454

Live

Nation

Entertainment,

Inc.

n

5,304,702

822

Match

Group,

Inc.

n

90,954

10,190

Meredith

Corporation

133,693

3,138

News Corporation

43,869

2,472

Omnicom

Group,

Inc.

122,364

17,966

ORBCOMM,

Inc.

n

61,084

52,274

QuinStreet,

Inc.

n

828,020

6,507

RingCentral,

Inc.

n

1,786,887

3,255

Scholastic

Corporation

68,323

6,648

Take-Two

Interactive

Software,

Inc.

n

1,098,383

7,804

Twitter,

Inc.

n

347,278

126,787

Uber

Technologies,

Inc.

n

4,625,190

111,361

Verizon

Communications,

Inc.

6,624,866

12,464

Walt

Disney

Company

1,546,533

3,951

Windstream

Services,

LLC

Rights

c,n

37,495

5,947

Zillow

Group,

Inc.

n

603,858

Total

66,231,225

Consumer

Discretionary

(2.6%)

4,163

Aaron's,

Inc.

235,834

7,116

Adient

plc

n

123,320

13,441

Amazon.com,

Inc.

n

42,322,080

7,908

American

Eagle

Outfitters,

Inc.

117,117

880

American

Public

Education,

Inc.

n

24,807

77,038

Aptiv

plc

7,062,844

6,271

At

Home

Group,

Inc.

n

93,187

1,917

AutoNation,

Inc.

n

101,467

1,920

AutoZone,

Inc.

n

2,261,069

6,258

Beazer

Homes

USA,

Inc.

n

82,606

13,305

Bed

Bath

&

Beyond,

Inc.

j

199,309

2,165

Big

Lots,

Inc.

96,559

8,224

BJ's

Restaurants,

Inc.

242,115

719

Booking

Holdings,

Inc.

n

1,229,979

15,254

Bright

Horizons

Family

Solutions,

Inc.

n

2,319,218

1,578

Brunswick

Corporation

92,960

9,722

Burlington

Stores,

Inc.

n

2,003,607

6,234

Caesars

Entertainment,

Inc.

n

349,478

5,990

Camping

World

Holdings,

Inc.

178,203

10,807

Capri

Holdings,

Ltd.

n

194,526

7,033

Carnival

Corporation

106,761

139

Cavco

Industries,

Inc.

n

25,063

17,512

Cedar

Fair,

LP

491,562

2,567

Century

Casinos,

Inc.

n

14,067

3,106

Century

Communities,

Inc.

n

131,477

20,601

Chewy,

Inc.

j,n

1,129,553

Shares

Common

Stock

(17.6%)

Value

Consumer

Discretionary

(2.6%)

-

continued

67,330

Chico's

FAS,

Inc.

$

65,478

4,825

Chipotle

Mexican

Grill,

Inc.

n

6,000,901

1,301

Choice

Hotels

International,

Inc.

111,834

2,095

Churchill

Downs,

Inc.

343,203

55,271

Cooper-Standard

Holdings,

Inc.

n

730,130

3,244

Cracker

Barrel

Old

Country

Store,

Inc.

371,957

14,888

Crocs,

Inc.

n

636,164

9,613

Culp,

Inc.

119,393

21,452

D.R.

Horton,

Inc.

1,622,415

5,814

Dana,

Inc.

71,628

5,562

Darden

Restaurants,

Inc.

560,316

8,723

Dave

&

Buster's

Entertainment,

Inc.

j

132,241

2,443

Deckers

Outdoor

Corporation

n

537,484

4,272

Denny's

Corporation

n

42,720

10,065

Designer

Brands,

Inc.

54,653

4,365

Dick's

Sporting

Goods,

Inc.

252,646

3,312

Dine

Brands

Global,

Inc.

180,802

6,754

Domino's

Pizza,

Inc.

2,872,341

237

Dorman

Products,

Inc.

n

21,420

31,665

Duluth

Holdings,

Inc.

j,n

386,946

1,868

Dunkin'

Brands

Group,

Inc.

153,008

2,225

eBay,

Inc.

115,923

14,856

Emerald

Holding,

Inc.

30,306

4,267

Ethan

Allen

Interiors,

Inc.

57,775

9,760

Etsy,

Inc.

n

1,187,109

7,444

Express,

Inc.

n

4,541

5,846

Extended

Stay

America,

Inc.

69,860

17,129

Five

Below,

Inc.

n

2,175,383

4,472

Foot

Locker,

Inc.

147,710

685

Fox

Factory

Holding

Corporation

n

50,916

6,526

Gap,

Inc.

111,138

6,519

Genuine

Parts

Company

620,413

11,326

Goodyear

Tire

&

Rubber

Company

86,870

4,037

Grand

Canyon

Education,

Inc.

n

322,718

8,797

Harley-Davidson,

Inc.

215,878

2,124

Helen

of

Troy,

Ltd.

n

411,036

38,140

Home

Depot,

Inc.

10,591,859

1,104

Hovnanian

Enterprises,

Inc.

n

35,902

3,474

Jack

in

the

Box,

Inc.

275,523

6,405

KB

Home

245,888

13,624

Knoll,

Inc.

164,305

20,326

Kohl's

Corporation

376,641

12,997

L

Brands,

Inc.

413,435

8,879

Lear

Corporation

968,255

15,843

Leggett

&

Platt,

Inc.

652,256

1,371

Lithia

Motors,

Inc.

312,506

33,154

Lowe's

Companies,

Inc.

5,498,922

1,678

Lululemon

Athletica,

Inc.

n

552,683

19,217

Macy's,

Inc.

j

109,537

746

Madison

Square

Garden

Sports

Corporation

n

112,258

6,485

Marcus

Corporation

50,129

1,000

Marriott

Vacations

Worldwide

Corporation

90,810

15,699

Mattel,

Inc.

n

183,678

6,957

McDonald's

Corporation

1,526,992

62

Mercadolibre,

Inc.

n

67,114

3,107

Meritage

Homes

Corporation

n

342,982

15,508

Michaels

Companies,

Inc.

n

149,730

5,977

Miller

Industries,

Inc.

182,717

5,253

Modine

Manufacturing

Company

n

32,831

9,970

Mohawk

Industries,

Inc.

n

972,972

721

Netflix,

Inc.

n

360,522

48,760

NIKE,

Inc.

6,121,330

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

275

Shares

Common

Stock

(17.6%)

Value

Consumer

Discretionary

(2.6%)

-

continued

8,164

Nordstrom,

Inc.

j

$

97,315

15,089

Norwegian

Cruise

Line

Holdings,

Ltd.

j,n

258,173

760

NVR,

Inc.

n

3,103,171

2,108

Office

Depot,

Inc.

41,001

20,136

Ollie's

Bargain

Outlet

Holdings,

Inc.

n

1,758,880

2,393

Overstock.com,

Inc.

n

173,851

2,650

Park

Hotels

&

Resorts,

Inc.

26,474

23,431

Party

City

Holdco,

Inc.

n

60,921

18,051

Penn

National

Gaming,

Inc.

n

1,312,308

46,115

Planet

Fitness,

Inc.

n

2,841,606

42,075

Playa

Hotels

and

Resorts

NV

n

176,294

2,324

Polaris,

Inc.

219,246

1,158

Pool

Corporation

387,397

10,249

PulteGroup,

Inc.

474,426

2,785

PVH

Corporation

166,097

15,236

Qurate

Retail,

Inc.

109,394

1,173

Red

Robin

Gourmet

Burgers,

Inc.

n

15,437

18,494

Red

Rock

Resorts,

Inc.

316,247

1,728

RH

n

661,167

2,409

Royal

Caribbean

Cruises,

Ltd.

155,935

17,404

Ruth's

Hospitality

Group,

Inc.

192,488

5,448

Sally

Beauty

Holdings,

Inc.

n

47,343

1,223

SeaWorld

Entertainment,

Inc.

n

24,118

15,099

Six

Flags

Entertainment

Corporation

306,510

8,425

Skyline

Corporation

n

225,537

5,976

Sleep

Number

Corporation

n

292,286

28,730

Sony

Corporation

ADR

2,205,028

10,988

Standard

Motor

Products,

Inc.

490,614

22,888

Stoneridge,

Inc.

n

420,453

398

Strategic

Education,

Inc.

36,405

29,479

Taylor

Morrison

Home

Corporation

n

724,889

13,687

Tenneco,

Inc.

n

94,988

4,445

Tesla,

Inc.

n

1,906,949

27,688

Texas

Roadhouse,

Inc.

1,683,154

7,875

Thor

Industries,

Inc.

750,173

14,957

Toll

Brothers,

Inc.

727,808

6,517

TopBuild

Corporation

n

1,112,387

7,569

Tri

Pointe

Homes,

Inc.

n

137,302

593

Tupperware

Brands

Corporation

n

11,955

4,318

Ulta

Beauty,

Inc.

n

967,146

3,151

Urban

Outfitters,

Inc.

n

65,572

2,260

Vail

Resorts,

Inc.

483,572

786

Wayfair,

Inc.

n

228,734

791

Whirlpool

Corporation

145,457

3,285

Williams-Sonoma,

Inc.

297,095

4,132

Wingstop,

Inc.

564,638

1,862

Workhorse

Group,

Inc.

j,n

47,071

2,096

Wyndham

Destinations,

Inc.

64,473

1,570

YETI

Holdings,

Inc.

n

71,152

2,650

Yum!

Brands,

Inc.

241,945

16,256

Zumiez,

Inc.

n

452,242

Total

139,870,625

Consumer

Staples

(0.5%)

44,172

BJ's

Wholesale

Club

Holdings,

Inc.

n

1,835,347

8,582

Casey's

General

Stores,

Inc.

1,524,592

13,686

Celsius

Holdings,

Inc.

n

310,809

20,873

Colgate-Palmolive

Company

1,610,352

3,261

Costco

Wholesale

Corporation

1,157,655

67,885

Cott

Corporation

963,967

24,462

e.l.f.

Beauty,

Inc.

n

449,367

14,242

Hain

Celestial

Group,

Inc.

n

488,501

Shares

Common

Stock

(17.6%)

Value

Consumer

Staples

(0.5%)

-

continued

4,546

John

B.

Sanfilippo

&

Son,

Inc.

$

342,677

9,120

Kimberly-Clark

Corporation

1,346,659

21,352

Lamb

Weston

Holdings,

Inc.

1,414,997

1,297

McCormick

&

Company,

Inc.

251,748

690

Medifast,

Inc.

113,470

11,901

Monster

Beverage

Corporation

n

954,460

12,655

PepsiCo,

Inc.

1,753,983

5,032

Philip

Morris

International,

Inc.

377,350

10,140

Procter

&

Gamble

Company

1,409,359

2,529

Seneca

Foods

Corporation

n

90,361

906

Simply

Good

Foods

Company

n

19,977

3,359

TreeHouse

Foods,

Inc.

n

136,140

40,919

Turning

Point

Brands,

Inc.

1,141,640

1,065

Vector

Group,

Ltd.

10,320

46,033

Wal-Mart

Stores,

Inc.

6,440,477

Total

24,144,208

Energy

(0.3%)

23,163

Abraxas

Petroleum

Corporation

n

3,382

19,376

Antero

Midstream

Corporation

104,049

17,006

Apache

Corporation

161,047

50,719

Archrock,

Inc.

272,868

72,218

BP

plc

ADR

1,260,926

26,258

Centennial

Resource

Development,

Inc.

n

15,818

6,887

ChampionX

Corporation

n

55,027

26,306

Chevron

Corporation

1,894,032

23,371

Cimarex

Energy

Company

568,616

16,189

CNX

Resources

Corporation

n

152,824

11,460

Concho

Resources,

Inc.

505,615

19,590

ConocoPhillips

643,336

12,758

Continental

Resources,

Inc.

j

156,668

15,565

Core

Laboratories

NV

237,522

5,400

Delek

US

Holdings,

Inc.

60,102

60,560

Devon

Energy

Corporation

572,898

24,433

Diamondback

Energy,

Inc.

735,922

41,231

EnLink

Midstream,

LLC

96,893

50,414

Enterprise

Products

Partners,

LP

796,037

9,672

EOG

Resources,

Inc.

347,612

31,912

EQT

Corporation

412,622

25,793

Equitrans

Midstream

Corporation

218,209

1,994

Evolution

Petroleum

Corporation

4,467

16,406

Exterran

Corporation

n

68,249

26,255

Exxon

Mobil

Corporation

901,334

24,277

Frank's

International

NV

n

37,387

26,268

Gran

Tierra

Energy,

Inc.

n

6,102

40,960

Halliburton

Company

493,568

61,968

Helmerich

&

Payne,

Inc.

907,831

10,686

Liberty

Oilfield

Services,

Inc.

85,381

87,464

Marathon

Oil

Corporation

357,728

39,687

Marathon

Petroleum

Corporation

1,164,417

109,538

McDermott

International,

Inc.

n

262,891

1,403

Nabors

Industries,

Ltd.

34,289

13,044

NexTier

Oilfield

Solutions,

Inc.

n

24,131

43,685

Nine

Energy

Service,

Inc.

n

49,364

25,704

Oceaneering

International,

Inc.

n

90,478

52,330

Patterson-UTI

Energy,

Inc.

149,140

6,210

PBF

Energy,

Inc.

35,335

2,983

PDC

Energy,

Inc.

n

36,974

7,930

Peabody

Energy

Corporation

18,239

16,272

Pioneer

Natural

Resources

Company

1,399,229

14,209

Plains

GP

Holdings,

LP

86,533

7,193

ProPetro

Holding

Corporation

n

29,204

26,364

QEP

Resources,

Inc.

23,801

13,647

Range

Resources

Corporation

90,343

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

276

Shares

Common

Stock

(17.6%)

Value

Energy

(0.3%)

-

continued

9,359

RPC,

Inc.

n

$

24,708

11,262

Schlumberger,

Ltd.

175,237

19,294

SEACOR

Holdings,

Inc.

n

561,070

27,846

SM

Energy

Company

44,275

48,789

Southwestern

Energy

Company

n

114,654

10,110

Talos

Energy,

Inc.

n

65,209

13,359

Targa

Resources

Corporation

187,427

44,525

TechnipFMC

plc

280,953

3,677

Valero

Energy

Corporation

159,288

76,829

WPX

Energy,

Inc.

n

376,462

Total

17,617,723

Financials

(2.0%)

397

1st

Source

Corporation

12,243

39,870

Aflac,

Inc.

1,449,274

12,334

AG

Mortgage

Investment

Trust,

Inc.

34,042

21,568

Air

Lease

Corporation

634,531

1,830

Alleghany

Corporation

952,423

14,011

Ally

Financial,

Inc.

351,256

2,736

American

Equity

Investment

Life

Holding

Company

60,165

39,647

American

Express

Company

3,974,612

36,646

American

Financial

Group,

Inc.

2,454,549

29,829

American

International

Group,

Inc.

821,192

3,143

Ameriprise

Financial,

Inc.

484,368

8,343

Ameris

Bancorp

190,054

2,960

Aon

plc

610,648

22,586

Apollo

Commercial

Real

Estate

Finance,

Inc.

203,500

2,790

Argo

Group

International

Holdings,

Ltd.

96,060

22,160

Arthur

J.

Gallagher

&

Company

2,339,653

4,514

Artisan

Partners

Asset

Management,

Inc.

176,001

51,161

Associated

Banc-Corp

645,652

47,910

Assured

Guaranty,

Ltd.

1,029,107

9,705

Bancorp,

Inc.

n

83,851

130,930

Bank

of

America

Corporation

3,154,104

2,434

Bank

of

Marin

Bancorp

70,489

15,863

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

353,428

10,331

BankFinancial

Corporation

74,590

13,271

Banner

Corporation

428,122

4,952

Berkshire

Hathaway,

Inc.

n

1,054,479

53,907

Berkshire

Hills

Bancorp,

Inc.

545,000

3,091

BlackRock,

Inc.

1,741,933

4,491

Blackstone

Mortgage

Trust,

Inc.

98,667

75,750

Boston

Private

Financial

Holdings,

Inc.

418,140

1,587

Bridge

Bancorp,

Inc.

27,661

40,219

Bridgewater

Bancshares,

Inc.

n

381,678

6,989

Brighthouse

Financial,

Inc.

n

188,074

26,982

BrightSphere

Investment

Group

348,068

16,267

Brookline

Bancorp,

Inc.

140,628

3,779

Brown

&

Brown,

Inc.

171,075

4,242

Byline

Bancorp,

Inc.

47,850

36,969

Capital

One

Financial

Corporation

2,656,592

12,950

Central

Pacific

Financial

Corporation

175,732

89,391

Charles

Schwab

Corporation

3,238,636

18,252

Chubb,

Ltd.

2,119,422

2,794

Cincinnati

Financial

Corporation

217,848

16,144

CIT

Group,

Inc.

285,910

75,348

Citigroup,

Inc.

3,248,252

6,797

Citizens

Financial

Group,

Inc.

171,828

3,424

Cohen

&

Steers,

Inc.

190,854

Shares

Common

Stock

(17.6%)

Value

Financials

(2.0%)

-

continued

22,202

Columbia

Banking

System,

Inc.

$

529,518

14,232

Comerica,

Inc.

544,374

16,626

Community

Trust

Bancorp,

Inc.

469,851

2,542

Cullen/Frost

Bankers,

Inc.

162,561

726

Customers

Bancorp,

Inc.

n

8,131

453

Diamond

Hill

Investment

Group,

Inc.

57,223

32,205

Discover

Financial

Services

1,860,805

5,895

East

West

Bancorp,

Inc.

193,002

7,138

Ellington

Residential

Mortgage

REIT

79,232

2,074

Encore

Capital

Group,

Inc.

n

80,036

4,556

Enterprise

Financial

Services

Corporation

124,242

10,535

Essent

Group,

Ltd.

389,900

8,369

Evercore,

Inc.

547,835

108,219

Everi

Holdings,

Inc.

n

892,807

18,572

F.N.B.

Corporation

125,918

3,112

FactSet

Research

Systems,

Inc.

1,042,147

3,574

FBL

Financial

Group,

Inc.

172,267

1,322

Federal

Agricultural

Mortgage

Corporation

84,159

11,701

Financial

Institutions,

Inc.

180,195

4,573

First

American

Financial

Corporation

232,811

4,801

First

Bancorp

100,485

38,045

First

BanCorp

198,595

58

First

Bancshares,

Inc.

1,216

23,141

First

Busey

Corporation

367,710

1,057

First

Citizens

BancShares,

Inc.

336,950

5,104

First

Commonwealth

Financial

Corporation

39,505

28,786

First

Financial

Bancorp

345,576

7,828

First

Financial

Corporation

245,799

22,693

First

Interstate

BancSystem,

Inc.

722,772

2,631

First

Merchants

Corporation

60,934

838

First

Mid-Illinois

Bancshares,

Inc.

20,908

16,331

First

Midwest

Bancorp,

Inc.

176,048

1,411

First

of

Long

Island

Corporation

20,897

7,222

First

Republic

Bank

787,631

2,577

Flagstar

Bancorp,

Inc.

76,357

1,949

Flushing

Financial

Corporation

20,503

85,009

Fulton

Financial

Corporation

793,134

7,404

Glacier

Bancorp,

Inc.

237,298

3,866

Goldman

Sachs

Group,

Inc.

776,950

19,122

Granite

Point

Mortgage

Trust,

Inc.

135,575

17,760

Great

Southern

Bancorp,

Inc.

643,267

20,393

Great

Western

Bancorp,

Inc.

253,893

5,734

Hamilton

Lane,

Inc.

370,359

50,035

Hancock

Whitney

Corporation

941,158

6,126

Hanmi

Financial

Corporation

50,294

11,347

Hanover

Insurance

Group,

Inc.

1,057,313

37,467

Hartford

Financial

Services

Group,

Inc.

1,381,034

25,515

Heartland

Financial

USA,

Inc.

765,322

71,814

Heritage

Commerce

Corporation

477,922

14,718

Hometrust

Bancshares,

Inc.

199,870

34,659

Hope

Bancorp,

Inc.

262,889

17,517

Horizon

Bancorp,

Inc.

176,747

4,624

Houlihan

Lokey,

Inc.

273,047

16,982

Independent

Bank

Corporation

213,464

19,288

Interactive

Brokers

Group,

Inc.

932,189

1,704

International

Bancshares

Corporation

44,406

54,399

J.P.

Morgan

Chase

&

Company

5,236,992

18,310

Julius

Baer

Group,

Ltd.

777,670

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

277

Shares

Common

Stock

(17.6%)

Value

Financials

(2.0%)

-

continued

11,500

Kemper

Corporation

$

768,545

23,384

KeyCorp

278,971

13,469

Ladder

Capital

Corporation

95,899

6,724

Lakeland

Bancorp,

Inc.

66,904

2,197

Lincoln

National

Corporation

68,832

4,875

Loews

Corporation

169,406

364

Markel

Corporation

n

354,427

408

MarketAxess

Holdings,

Inc.

196,489

3,061

Marsh

&

McLennan

Companies,

Inc.

351,097

3,933

Mercantile

Bank

Corporation

70,873

27,728

Meridian

Bancorp,

Inc.

286,985

1,191

Meta

Financial

Group,

Inc.

22,891

34,695

MetLife,

Inc.

1,289,613

5,150

Midland

States

Bancorp,

Inc.

66,178

23,939

MidWestOne

Financial

Group,

Inc.

427,790

970

Moody's

Corporation

281,155

55,369

Morgan

Stanley

2,677,091

378

Morningstar,

Inc.

60,711

8,967

Mr.

Cooper

Group,

Inc.

n

200,143

4,501

MSCI,

Inc.

1,605,867

206

National

Western

Life

Group,

Inc.

37,651

6,347

Northern

Trust

Corporation

494,876

8,140

OFG

Bancorp

101,424

3,272

Old

Republic

International

Corporation

48,229

8,515

Old

Second

Bancorp,

Inc.

63,820

18,419

PacWest

Bancorp

314,597

934

Peapack-Gladstone

Financial

Corporation

14,150

2,816

Peoples

Bancorp,

Inc.

53,757

47,864

Popular,

Inc.

1,736,027

21,951

Premier

Financial

Corporation

341,887

6,869

Primerica,

Inc.

777,159

8,210

Prosight

Global,

Inc.

n

93,101

12,514

QCR

Holdings,

Inc.

343,009

27,176

Radian

Group,

Inc.

397,041

26,183

Raymond

James

Financial,

Inc.

1,905,075

18,520

Redwood

Trust,

Inc.

139,270

13,801

Reinsurance

Group

of

America,

Inc.

1,313,717

13,547

S&P

Global,

Inc.

4,885,048

1,816

Safety

Insurance

Group,

Inc.

125,467

19,997

Santander

Consumer

USA

Holdings,

Inc.

363,745

33,833

Seacoast

Banking

Corporation

of

Florida

n

610,009

20,742

SEI

Investments

Company

1,052,034

5,901

Selective

Insurance

Group,

Inc.

303,842

197

Signature

Bank

16,349

14,803

Simmons

First

National

Corporation

234,702

1,942

Southside

Bancshares,

Inc.

47,443

13,768

Starwood

Property

Trust,

Inc.

207,759

4,138

State

Auto

Financial

Corporation

56,939

6,603

Sterling

Bancorp

69,464

4,356

SVB

Financial

Group

n

1,048,141

71,429

Synovus

Financial

Corporation

1,512,152

12,270

T.

Rowe

Price

Group,

Inc.

1,573,259

1,911

TCF

Financial

Corporation

44,641

3,627

Territorial

Bancorp,

Inc.

73,374

3,034

Texas

Capital

Bancshares,

Inc.

n

94,448

4,353

TMX

Group,

Ltd.

447,674

191

Torchmark

Corporation

15,261

3,252

Towne

Bank

53,333

18,847

TPG

RE

Finance

Trust,

Inc.

159,446

Shares

Common

Stock

(17.6%)

Value

Financials

(2.0%)

-

continued

7,272

TriCo

Bancshares

$

178,091

23,440

Triumph

Bancorp,

Inc.

n

729,922

44,290

Truist

Financial

Corporation

1,685,235

23,127

TrustCo

Bank

Corporation

120,723

16,549

Two

Harbors

Investment

Corporation

84,234

9,392

United

Bankshares,

Inc.

201,646

1,178

Univest

Financial

Corporation

16,928

25,374

Valley

National

Bancorp

173,812

1,456

Walker

&

Dunlop,

Inc.

77,168

1,407

Washington

Federal,

Inc.

29,350

5,107

Washington

Trust

Bancorp,

Inc.

156,581

24,977

Webster

Financial

Corporation

659,643

115,559

Wells

Fargo

&

Company

2,716,792

5,851

WesBanco,

Inc.

124,977

29,061

Western

Alliance

Bancorp

918,909

28,940

Western

Asset

Mortgage

Capital

Corporation

59,038

494

Westwood

Holdings

Group,

Inc.

5,503

21,468

Wintrust

Financial

Corporation

859,793

47,891

Zions

Bancorporations

NA

1,399,375

Total

106,158,841

Health

Care

(2.8%)

17,179

Abbott

Laboratories

1,869,591

4,622

AbbVie,

Inc.

404,841

2,218

Acadia

Healthcare

Company,

Inc.

n

65,387

46,794

ACADIA

Pharmaceuticals,

Inc.

n

1,930,252

1,053

Acceleron

Pharma,

Inc.

n

118,494

16,198

ADMA

Biologics,

Inc.

n

38,713

7,351

Adverum

Biotechnologies,

Inc.

n

75,715

6,846

Agile

Therapeutics,

Inc.

j,n

20,812

10,656

Agilent

Technologies,

Inc.

1,075,617

15,809

Agios

Pharmaceuticals,

Inc.

n

553,315

9,487

Akebia

Therapeutics,

Inc.

n

23,812

2,280

Alexion

Pharmaceuticals,

Inc.

n

260,900

1,516

Align

Technology,

Inc.

n

496,278

3,484

Alkermes

plc

n

57,730

4,068

AmerisourceBergen

Corporation

394,271

17,519

Amgen,

Inc.

4,452,629

11,947

AMN

Healthcare

Services,

Inc.

n

698,422

6,653

AnaptysBio,

Inc.

n

98,132

3,866

Anavex

Life

Sciences

Corporation

n

17,590

7,380

Anthem,

Inc.

1,982,194

2,380

Arena

Pharmaceuticals,

Inc.

n

178,000

5,167

Argenx

SE

ADR

n

1,356,441

2,074

Assembly

Biosciences,

Inc.

n

34,097

4,432

Atara

Biotherapeutics,

Inc.

n

57,439

189

Atrion

Corporation

118,314

1,193

AVROBIO,

Inc.

n

15,533

10,320

Axonics

Modulation

Technologies,

Inc.

j,n

526,733

1,001

Axsome

Therapeutics,

Inc.

n

71,321

7,003

Baxter

International,

Inc.

563,181

6,120

Becton,

Dickinson

and

Company

1,424,002

6,180

Biogen,

Inc.

n

1,753,142

18,913

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

n

1,229,534

1,584

Bio-Rad

Laboratories,

Inc.

n

816,489

8,643

Bio-Techne

Corporation

2,141,130

2,467

Bluebird

Bio,

Inc.

n

133,095

1,662

Bruker

Corporation

66,064

3,620

Cantel

Medical

Corporation

159,063

35,269

Catalent,

Inc.

n

3,021,143

38,650

Centene

Corporation

n

2,254,454

32,396

Cerner

Corporation

2,341,907

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

278

Shares

Common

Stock

(17.6%)

Value

Health

Care

(2.8%)

-

continued

4,515

Charles

River

Laboratories

International,

Inc.

n

$

1,022,422

1,622

Chemed

Corporation

779,128

13,842

Cigna

Holding

Company

2,344,973

5,199

Clovis

Oncology,

Inc.

j,n

30,310

11,266

CryoLife,

Inc.

n

208,083

24,593

CVS

Health

Corporation

1,436,231

7,418

CytomX

Therapeutics,

Inc.

n

49,330

3,741

Danaher

Corporation

805,549

1,110

Deciphera

Pharmaceuticals,

Inc.

n

56,943

6,036

Dexcom,

Inc.

n

2,488,220

11,842

Dynavax

Technologies

Corporation

n

51,157

3,159

Editas

Medicine,

Inc.

n

88,642

47,090

Edwards

Lifesciences

Corporation

n

3,758,724

6,604

Eli

Lilly

and

Company

977,524

562

Encompass

Health

Corporation

36,519

13,562

Gilead

Sciences,

Inc.

856,983

35,728

GlaxoSmithKline

plc

ADR

1,344,802

5,565

Global

Blood

Therapeutics,

Inc.

n

306,854

24,629

Guardant

Health,

Inc.

n

2,753,030

5,916

Haemonetics

Corporation

n

516,171

30,660

Halozyme

Therapeutics,

Inc.

n

805,745

13,370

HCA

Healthcare,

Inc.

1,666,972

1,323

HealthStream,

Inc.

n

26,553

9,718

Hill-Rom

Holdings,

Inc.

811,550

7,071

Humana,

Inc.

2,926,616

52

ICU

Medical,

Inc.

n

9,503

515

IDEXX

Laboratories,

Inc.

n

202,452

12,632

ImmunoGen,

Inc.

n

45,475

1,865

Incyte

Corporation

n

167,365

3,007

Insmed,

Inc.

n

96,645

5,919

Inspire

Medical

Systems,

Inc.

n

763,847

8,143

Insulet

Corporation

n

1,926,552

8,698

Intuitive

Surgical,

Inc.

n

6,171,579

6,546

Invitae

Corporation

n

283,769

3,887

Iovance

Biotherapeutics,

Inc.

n

127,960

7,811

IQVIA

Holding,

Inc.

n

1,231,248

3,048

Jazz

Pharmaceuticals,

Inc.

n

434,614

55,390

Johnson

&

Johnson

8,246,463

2,732

Laboratory

Corporation

of

America

Holdings

n

514,354

24,048

LHC

Group,

Inc.

n

5,111,643

1,986

Ligand

Pharmaceuticals,

Inc.

j,n

189,305

4,106

MacroGenics,

Inc.

n

103,430

533

Masimo

Corporation

n

125,820

56,805

Medtronic

plc

5,903,176

67,101

Merck

&

Company,

Inc.

5,566,028

2,720

Mersana

Therapeutics,

Inc.

n

50,646

988

Mesa

Laboratories,

Inc.

251,703

1,257

Mettler-Toledo

International,

Inc.

n

1,213,948

429

Mirati

Therapeutics,

Inc.

n

71,235

5,523

Molina

Healthcare,

Inc.

n

1,010,930

7,028

MyoKardia,

Inc.

n

958,127

3,798

Myovant

Sciences,

Ltd.

n

53,362

13,465

Natera,

Inc.

n

972,712

7,957

National

Healthcare

Corporation

495,801

1,883

Nektar

Therapeutics

n

31,239

1,673

Neogen

Corporation

n

130,912

1,308

Neurocrine

Biosciences,

Inc.

n

125,777

15,161

Nevro

Corporation

n

2,111,927

28,695

Novo

Nordisk

AS

ADR

1,992,294

46,461

Optinose,

Inc.

n

181,198

2,926

Orthifix

Medical,

Inc.

n

91,116

2,028

PerkinElmer,

Inc.

254,534

1,554

Pfizer,

Inc.

57,032

Shares

Common

Stock

(17.6%)

Value

Health

Care

(2.8%)

-

continued

16,891

PRA

Health

Sciences,

Inc.

n

$

1,713,423

1,743

Precision

BioSciences,

Inc.

n

10,737

3,648

Quest

Diagnostics,

Inc.

417,659

1,018

Quidel

Corporation

n

223,329

1,135

Reata

Pharmaceuticals,

Inc.

n

110,572

3,685

Repligen

Corporation

n

543,685

388

Replimune

Group,

Inc.

n

8,932

2,134

Retrophin,

Inc.

n

39,394

2,612

Sage

Therapeutics,

Inc.

n

159,645

3,644

Sarepta

Therapeutics,

Inc.

n

511,727

12,799

Silk

Road

Medical,

Inc.

n

860,221

9,259

Spectrum

Pharmaceuticals,

Inc.

n

37,777

715

STERIS

plc

125,976

18,998

Stryker

Corporation

3,958,613

733

Surmodics,

Inc.

n

28,521

15,103

Syneos

Health,

Inc.

n

802,875

26,654

Tactile

Systems

Technology,

Inc.

n

975,270

7,785

Teladoc

Health,

Inc.

j,n

1,706,783

6,481

Teleflex,

Inc.

2,206,262

6,423

Tenet

Healthcare

Corporation

n

157,428

14,772

Thermo

Fisher

Scientific,

Inc.

6,522,133

4,148

Tilray,

Inc.

j,n

20,118

1,797

U.S.

Physical

Therapy,

Inc.

156,123

997

uniQure

B.V.

n

36,719

1,537

United

Therapeutics

Corporation

n

155,237

9,546

UnitedHealth

Group,

Inc.

2,976,156

2,104

Universal

Health

Services,

Inc.

225,170

41,866

VBI

Vaccines,

Inc.

j,n

119,737

22,657

Veeva

Systems,

Inc.

n

6,370,922

13,221

Vertex

Pharmaceuticals,

Inc.

n

3,597,698

1,306

Viking

Therapeutics,

Inc.

n

7,601

1,875

Waters

Corporation

n

366,900

419

West

Pharmaceutical

Services,

Inc.

115,183

6,170

Zimmer

Biomet

Holdings,

Inc.

839,984

40,861

Zoetis,

Inc.

6,757,184

5,597

Zymeworks,

Inc.

n

260,708

Total

149,446,931

Industrials

(2.1%)

1,964

3M

Company

314,594

22,632

A.O.

Smith

Corporation

1,194,970

749

Acuity

Brands,

Inc.

76,660

4,508

AECOM

n

188,615

4,393

Aegion

Corporation

n

62,073

11,526

Aerojet

Rocketdyne

Holdings,

Inc.

n

459,772

6,902

AGCO

Corporation

512,612

10,204

Allegion

plc

1,009,278

40,171

Altra

Industrial

Motion

Corporation

1,485,122

7,420

American

Airlines

Group,

Inc.

j

91,192

28,266

AMETEK,

Inc.

2,809,640

19,410

Arconic,

Inc.

324,535

32,637

ASGN,

Inc.

n

2,074,408

2,575

Avis

Budget

Group,

Inc.

n

67,774

21,107

AZZ,

Inc.

720,171

2,291

Bloom

Energy

Corporation

n

41,169

7,714

Boeing

Company

1,274,816

13,104

BWX

Technologies,

Inc.

737,886

11,495

Carlisle

Companies,

Inc.

1,406,643

71,450

Carrier

Global

Corporation

2,182,083

30,704

CBIZ,

Inc.

n

702,200

7,991

Chart

Industries,

Inc.

n

561,528

2,393

Cintas

Corporation

796,462

10,074

Copart,

Inc.

n

1,059,382

3,367

CRA

International,

Inc.

126,161

21,824

Crane

Company

1,094,037

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

279

Shares

Common

Stock

(17.6%)

Value

Industrials

(2.1%)

-

continued

12,993

CSW

Industrials,

Inc.

$

1,003,709

16,767

CSX

Corporation

1,302,293

26,361

Curtiss-Wright

Corporation

2,458,427

47,530

Delta

Air

Lines,

Inc.

1,453,467

3,051

Douglas

Dynamics,

Inc.

104,344

4,550

Eaton

Corporation

plc

464,236

17,911

EMCOR

Group,

Inc.

1,212,754

22,241

Emerson

Electric

Company

1,458,342

4,996

Encore

Wire

Corporation

231,914

8,761

Expeditors

International

of

Washington,

Inc.

793,046

18,424

Fluor

Corporation

162,315

16,205

Forrester

Research,

Inc.

n

531,362

15,354

Forward

Air

Corporation

881,013

12,249

FuelCell

Energy,

Inc.

j,n

26,213

5,288

Generac

Holdings,

Inc.

n

1,023,968

23,760

General

Dynamics

Corporation

3,289,097

7,545

Gorman-Rupp

Company

222,276

2,572

Heico

Corporation

269,186

13,072

Helios

Technologies,

Inc.

475,821

30,052

Honeywell

International,

Inc.

4,946,860

9,249

Hubbell,

Inc.

1,265,633

2,689

ICF

International,

Inc.

165,454

21,662

IDEX

Corporation

3,951,365

5,348

Illinois

Tool

Works,

Inc.

1,033,287

2,431

JB

Hunt

Transport

Services,

Inc.

307,230

68,788

Johnson

Controls

International

plc

2,809,990

9,760

Kansas

City

Southern

1,764,901

2,499

L3Harris

Technologies,

Inc.

424,430

14,130

Landstar

System,

Inc.

1,773,174

7,125

Lennox

International,

Inc.

1,942,346

29,859

Lincoln

Electric

Holdings,

Inc.

2,748,222

5,953

Linde

Public

Limited

Company

1,417,588

10,307

Lockheed

Martin

Corporation

3,950,467

17,937

Manpower,

Inc.

1,315,320

2,424

Masonite

International

Corporation

n

238,522

13,128

Mercury

Systems,

Inc.

n

1,016,895

68,084

Meritor,

Inc.

n

1,425,679

15,245

Middleby

Corporation

n

1,367,629

4,806

MSC

Industrial

Direct

Company,

Inc.

304,124

7,624

NAPCO

Security

Technologies,

Inc.

n

179,164

5,612

Nordson

Corporation

1,076,494

11,604

Norfolk

Southern

Corporation

2,483,140

6,948

Nutrien,

Ltd.

272,570

11,490

Old

Dominion

Freight

Line,

Inc.

2,078,771

16,275

Otis

Worldwide

Corporation

1,015,885

16,104

Parker-Hannifin

Corporation

3,258,483

6,747

Quad/Graphics,

Inc.

20,443

30,217

Raven

Industries,

Inc.

650,270

32,550

Raytheon

Technologies

Corporation

1,872,927

9,925

Regal-Beloit

Corporation

931,660

1,139

Republic

Services,

Inc.

106,326

23,174

Ritchie

Brothers

Auctioneers,

Inc.

1,373,059

6,958

Rockwell

Automation,

Inc.

1,535,491

4,069

Roper

Industries,

Inc.

1,607,703

3,292

Ryder

System,

Inc.

139,054

8,985

Saia,

Inc.

n

1,133,368

2,197

Simpson

Manufacturing

Company,

Inc.

213,461

2,736

SiteOne

Landscape

Supply,

Inc.

n

333,655

2,566

Snap-On,

Inc.

377,536

44,639

Southwest

Airlines

Company

1,673,962

Shares

Common

Stock

(17.6%)

Value

Industrials

(2.1%)

-

continued

708

SP

Plus

Corporation

n

$

12,709

1,719

Spirit

Aerosystems

Holdings,

Inc.

32,506

3,023

Spirit

Airlines,

Inc.

n

48,670

1,846

SPX

FLOW,

Inc.

n

79,046

19,637

Standex

International

Corporation

1,162,510

23,081

Summit

Materials,

Inc.

n

381,760

2,907

Teledyne

Technologies,

Inc.

n

901,780

2,933

Thermon

Group

Holdings,

Inc.

n

32,938

5,932

Timken

Company

321,633

11,570

Toro

Company

971,301

20,330

Trex

Company,

Inc.

n

1,455,628

27,911

TriMas

Corporation

n

636,371

2,844

UniFirst

Corporation

538,568

7,390

Union

Pacific

Corporation

1,454,869

7,613

United

Airlines

Holdings,

Inc.

n

264,552

244

United

Parcel

Service,

Inc.

40,658

24,692

United

Rentals,

Inc.

n

4,308,754

12,627

Valmont

Industries,

Inc.

1,568,021

9,549

Verisk

Analytics,

Inc.

1,769,525

5,675

Waste

Connections,

Inc.

589,065

4,168

Watsco,

Inc.

970,686

17,269

Willdan

Group,

Inc.

n

440,532

5,950

XPO

Logistics,

Inc.

n

503,727

Total

113,725,913

Information

Technology

(4.6%)

10,561

Accenture

plc

2,386,680

17,509

Adobe,

Inc.

n

8,586,939

4,468

ADTRAN,

Inc.

45,819

5,701

Advanced

Energy

Industries,

Inc.

n

358,821

5,550

Advanced

Micro

Devices,

Inc.

n

455,044

23,085

Agilysys,

Inc.

n

557,734

4,123

Akamai

Technologies,

Inc.

n

455,756

12,342

Alliance

Data

Systems

Corporation

518,117

2,388

American

Software,

Inc.

33,528

37,308

Amphenol

Corporation

4,039,337

1,523

Analog

Devices,

Inc.

177,795

27,020

Anaplan,

Inc.

n

1,690,912

4,156

ANSYS,

Inc.

n

1,359,968

313,353

Apple,

Inc.

36,289,411

2,475

Aspen

Technology,

Inc.

n

313,310

6,764

Atlassian

Corporation

plc

n

1,229,628

2,026

Automatic

Data

Processing,

Inc.

282,607

6,850

Avalara,

Inc.

n

872,279

4,708

Avnet,

Inc.

121,655

5,028

Bandwidth,

Inc.

j,n

877,738

14,891

Benchmark

Electronics,

Inc.

300,054

12,620

Blackline,

Inc.

n

1,131,131

71

Broadcom,

Ltd.

25,867

6,262

Broadridge

Financial

Solutions,

Inc.

826,584

1,163

CACI

International,

Inc.

n

247,905

983

Cadence

Design

Systems,

Inc.

n

104,817

21,803

CDK

Global,

Inc.

950,393

25,160

CDW

Corporation

3,007,375

1,417

Ceridian

HCM

Holding,

Inc.

n

117,115

42,246

Change

Healthcare,

Inc.

n

612,989

15,616

Ciena

Corporation

n

619,799

148,838

Cisco

Systems,

Inc.

5,862,729

5,070

Cognex

Corporation

330,057

12,082

Computer

Services,

Inc.

749,084

8,474

Coupa

Software,

Inc.

n

2,323,910

7,077

Cree,

Inc.

n

451,088

9,158

CTS

Corporation

201,751

7,999

Descartes

Systems

Group,

Inc.

n

455,783

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

280

Shares

Common

Stock

(17.6%)

Value

Information

Technology

(4.6%)

-

continued

12,402

DocuSign,

Inc.

n

$

2,669,406

36,630

Dolby

Laboratories,

Inc.

2,427,836

1,781

Domo,

Inc.

n

68,266

11,836

Dropbox,

Inc.

n

227,961

2,575

DSP

Group,

Inc.

n

33,938

27,334

Elastic

NV

n

2,949,065

6,940

Endava

plc

ADR

n

438,261

2,282

EPAM

Systems,

Inc.

n

737,725

5,662

ePlus,

Inc.

n

414,458

16,316

Euronet

Worldwide,

Inc.

n

1,486,388

18,132

Eventbrite,

Inc.

n

196,732

8,492

ExlService

Holdings,

Inc.

n

560,217

1,851

eXp

World

Holdings,

Inc.

n

74,669

3,358

F5

Networks,

Inc.

n

412,262

2,425

Fair

Isaac

Corporation

n

1,031,547

7,016

Five9,

Inc.

n

909,835

1,104

FLIR

Systems,

Inc.

39,578

1,965

Gartner,

Inc.

n

245,527

13,668

Global

Payments,

Inc.

2,427,163

10,430

Guidewire

Software,

Inc.

n

1,087,536

8,462

Health

Catalyst,

Inc.

j,n

309,709

6,230

II-VI,

Inc.

n

252,689

3,839

Inphi

Corporation

n

430,928

3,408

Intel

Corporation

176,466

3,131

InterDigital,

Inc.

178,655

707

International

Business

Machines

Corporation

86,021

4,192

Intuit,

Inc.

1,367,472

2,931

Jack

Henry

&

Associates,

Inc.

476,551

10,536

Juniper

Networks,

Inc.

226,524

79

KLA-Tencor

Corporation

15,305

6,602

Lam

Research

Corporation

2,190,214

29,295

Lattice

Semiconductor

Corporation

n

848,383

3,732

Littelfuse,

Inc.

661,833

19,021

Lumentum

Holdings,

Inc.

n

1,429,048

1,937

Manhattan

Associates,

Inc.

n

184,964

3,434

ManTech

International

Corporation

236,534

42,500

MasterCard,

Inc.

14,372,225

2,200

MaxLinear,

Inc.

n

51,128

21,124

Medallia,

Inc.

j,n

579,220

943

Methode

Electronics,

Inc.

26,876

525

Microchip

Technology,

Inc.

53,949

172,383

Microsoft

Corporation

36,257,316

3,887

MicroStrategy,

Inc.

n

585,227

15,511

MKS

Instruments,

Inc.

1,694,267

15,760

Monolithic

Power

Systems,

Inc.

4,406,654

2,180

Motorola

Solutions,

Inc.

341,846

11,291

MTS

Systems

Corporation

215,771

19,239

National

Instruments

Corporation

686,832

349

NetApp,

Inc.

15,300

7,132

Nice,

Ltd.

ADR

j,n

1,619,178

5,229

Nova

Measuring

Instruments,

Ltd.

n

272,640

2,762

Novanta,

Inc.

n

290,949

36,691

Nuance

Communications,

Inc.

n

1,217,774

19,468

NVIDIA

Corporation

10,536,471

49,581

Oracle

Corporation

2,959,986

7,070

Palo

Alto

Networks,

Inc.

n

1,730,383

4,410

Paychex,

Inc.

351,786

58

Paylocity

Holding

Corporation

n

9,362

38,661

PayPal

Holdings,

Inc.

n

7,617,377

6,943

Plexus

Corporation

n

490,384

3,276

Progress

Software

Corporation

120,164

2,821

Proofpoint,

Inc.

n

297,757

5,377

Q2

Holdings,

Inc.

n

490,705

5,685

QAD,

Inc.

239,907

Shares

Common

Stock

(17.6%)

Value

Information

Technology

(4.6%)

-

continued

4,482

Qorvo,

Inc.

n

$

578,223

21,251

QUALCOMM,

Inc.

2,500,818

932

Qualys,

Inc.

n

91,345

2,790

Rogers

Corporation

n

273,587

14,579

SailPoint

Technologies

Holdings,

Inc.

n

576,891

10,454

Salesforce.com,

Inc.

n

2,627,299

1,917

Samsung

Electronics

Company,

Ltd.

GDR

2,430,610

6,646

ScanSource,

Inc.

n

131,790

3,286

Semtech

Corporation

n

174,027

19,492

ServiceNow,

Inc.

n

9,453,620

2,992

Silicon

Laboratories,

Inc.

n

292,767

315

Skyworks

Solutions,

Inc.

45,833

389

Solaredge

Technology,

Ltd.

n

92,718

34,617

Square,

Inc.

n

5,626,993

52,205

STMicroelectronics

NV

ADR

j

1,602,171

14,033

Synopsys,

Inc.

n

3,002,781

5,238

TE

Connectivity,

Ltd.

511,962

38,165

Texas

Instruments,

Inc.

5,449,580

238

Tyler

Technologies,

Inc.

n

82,957

5,715

VeriSign,

Inc.

n

1,170,718

73,304

Visa,

Inc.

14,658,601

6,038

VMware,

Inc.

j,n

867,479

5,882

WEX,

Inc.

n

817,422

15,775

Workiva,

Inc.

n

879,614

1,286

Zendesk,

Inc.

n

132,355

10,339

Zscaler,

Inc.

n

1,454,594

Total

249,539,364

Materials

(0.5%)

4,169

AdvanSix,

Inc.

n

53,697

976

Air

Products

and

Chemicals,

Inc.

290,711

6,866

AptarGroup,

Inc.

777,231

3,098

Avery

Dennison

Corporation

396,048

53,320

Axalta

Coating

Systems,

Ltd.

n

1,182,104

382

Balchem

Corporation

37,295

4,823

Ball

Corporation

400,888

4,985

Cabot

Corporation

179,610

1,919

Carpenter

Technology

Corporation

34,849

2,073

Celanese

Corporation

222,744

51,976

CF

Industries

Holdings,

Inc.

1,596,183

18,422

Chemours

Company

385,204

46,669

Eastman

Chemical

Company

3,645,782

21,519

Ecolab,

Inc.

4,300,357

51,532

Element

Solutions,

Inc.

n

541,601

19,660

Ferroglobe

Representation

&

Warranty

Insurance

Trust

c,n

2

1,711

FMC

Corporation

181,212

3,755

Ingevity

Corporation

n

185,647

11,133

Innospec,

Inc.

704,942

146,706

Ivanhoe

Mines,

Ltd.

n

533,256

13,578

Kaiser

Aluminum

Corporation

727,645

1,863

Kraton

Performance

Polymers,

Inc.

n

33,199

47,368

Louisiana-Pacific

Corporation

1,397,830

11,118

Martin

Marietta

Materials,

Inc.

2,616,733

6,935

Materion

Corporation

360,828

6,482

Minerals

Technologies,

Inc.

331,230

17,466

Myers

Industries,

Inc.

231,075

10,908

Neenah,

Inc.

408,723

31,161

Nucor

Corporation

1,397,882

2,143

Olympic

Steel,

Inc.

24,344

5,179

PPG

Industries,

Inc.

632,252

6,414

Quaker

Chemical

Corporation

1,152,660

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

281

Shares

Common

Stock

(17.6%)

Value

Materials

(0.5%)

-

continued

1,427

Reliance

Steel

&

Aluminum

Company

$

145,611

2,233

RPM

International,

Inc.

184,982

8,725

Ryerson

Holding

Corporation

n

49,994

1,905

Scotts

Miracle-Gro

Company

291,294

5,004

Sensient

Technologies

Corporation

288,931

1,654

Sherwin-Williams

Company

1,152,408

13,603

Steel

Dynamics,

Inc.

389,454

9,122

UFP

Technologies,

Inc.

n

377,833

6,792

United

States

Lime

&

Minerals,

Inc.

611,959

8,018

United

States

Steel

Corporation

58,852

12,717

W.

R.

Grace

&

Company

512,368

1,902

Worthington

Industries,

Inc.

77,564

Total

29,105,014

Real

Estate

(0.8%)

37,221

Agree

Realty

Corporation

2,368,744

1,351

Alexandria

Real

Estate

Equities,

Inc.

216,160

51,223

American

Campus

Communities,

Inc.

1,788,707

14,922

American

Tower

Corporation

3,607,095

11,467

Apartment

Investment

&

Management

Company

386,667

9,900

Armada

Hoffler

Properties,

Inc.

91,674

2,976

Ashford

Hospitality

Trust,

Inc.

4,910

7,072

AvalonBay

Communities,

Inc.

1,056,132

530

BBX

Capital

Corporation

7,097

197

Bluerock

Residential

Growth

REIT,

Inc.

1,493

17,583

Camden

Property

Trust

1,564,535

10,754

CareTrust

REIT,

Inc.

191,367

29,533

CBL

&

Associates

Properties,

Inc.

n

4,758

50,965

CBRE

Group,

Inc.

n

2,393,826

32,867

Cedar

Realty

Trust,

Inc.

26,622

8,823

Colliers

International

Group,

Inc.

588,406

6,047

Colony

Credit

Real

Estate,

Inc.

29,691

4,902

Columbia

Property

Trust,

Inc.

53,481

5,328

Community

Healthcare

Trust,

Inc.

249,137

4,177

Corepoint

Lodging,

Inc.

22,765

1,482

CoreSite

Realty

Corporation

176,180

3,158

CoStar

Group,

Inc.

n

2,679,595

20,801

Cushman

and

Wakefield

plc

n

218,619

43

CyrusOne,

Inc.

3,011

1,511

Digital

Realty

Trust,

Inc.

221,754

10,048

Diversified

Healthcare

Trust

35,369

7,010

Douglas

Emmett,

Inc.

175,951

6,863

Duke

Realty

Corporation

253,245

4,916

EastGroup

Properties,

Inc.

635,786

6,260

EPR

Properties

172,150

6,130

Equity

Lifestyle

Properties,

Inc.

375,769

55,006

Essential

Properties

Realty

Trust,

Inc.

1,007,710

2,795

Essex

Property

Trust,

Inc.

561,208

5,526

Farmland

Partners,

Inc.

36,803

47,419

First

Industrial

Realty

Trust,

Inc.

1,887,276

3,948

FirstService

Corporation

520,702

37,729

Four

Corners

Property

Trust,

Inc.

965,485

9,371

Gaming

and

Leisure

Properties,

Inc.

346,071

10,202

Getty

Realty

Corporation

265,354

4,967

Gladstone

Commercial

Corporation

83,694

543

Gladstone

Land

Corporation

8,156

3,651

Global

Medical

REIT,

Inc.

49,289

19,702

Healthcare

Realty

Trust,

Inc.

593,424

Shares

Common

Stock

(17.6%)

Value

Real

Estate

(0.8%)

-

continued

88,297

Host

Hotels

&

Resorts,

Inc.

$

952,725

15,062

Industrial

Logistics

Properties

Trust

329,406

3,090

Innovative

Industrial

Properties,

Inc.

383,500

2,757

Investors

Real

Estate

Trust

179,674

3,812

Jones

Lang

LaSalle,

Inc.

364,656

33,665

Kilroy

Realty

Corporation

1,749,233

1,588

Lamar

Advertising

Company

105,078

8,756

Lexington

Realty

Trust

91,500

50,887

Medical

Properties

Trust,

Inc.

897,138

1,731

MGM

Growth

Properties

LLC

48,433

1,221

National

Health

Investors,

Inc.

73,590

17,940

National

Retail

Properties,

Inc.

619,109

67,725

National

Storage

Affiliates

Trust

2,215,285

30,023

New

Residential

Investment

Corporation

238,683

9,553

New

Senior

Investment

Group,

Inc.

38,212

5,780

NexPoint

Residential

Trust,

Inc.

256,343

7,606

Omega

Healthcare

Investors,

Inc.

227,724

4,262

One

Liberty

Properties,

Inc.

69,726

4,897

Physicians

Realty

Trust

87,705

2,348

Plymouth

Industrial

REIT,

Inc.

28,974

3,804

PotlatchDeltic

Corporation

160,148

10,563

Preferred

Apartment

Communities,

Inc.

57,040

10,148

Rayonier,

Inc.

REIT

268,313

15,769

Realty

Income

Corporation

957,967

1,023

Retail

Properties

of

America,

Inc.

5,944

7,975

Rexford

Industrial

Realty,

Inc.

364,936

714

RMR

Group,

Inc.

19,614

29,723

Sabra

Health

Care

REIT,

Inc.

409,732

4,363

SBA

Communications

Corporation

1,389,528

62,068

Service

Properties

Trust

493,441

16,335

Spirit

Realty

Capital,

Inc.

551,306

11,741

STAG

Industrial,

Inc.

357,983

13,185

Store

Capital

Corporation

361,665

68,353

Sunstone

Hotel

Investors,

Inc.

542,723

4,325

Terreno

Realty

Corporation

236,837

7,991

UDR,

Inc.

260,587

5,019

UMH

Properties,

Inc.

67,957

16,850

Uniti

Group,

Inc.

177,515

293

Universal

Health

Realty

Income

Trust

16,698

7,811

WP

Carey,

Inc.

508,965

Total

42,091,461

Utilities

(0.2%)

1,836

ALLETE,

Inc.

94,995

4,044

Alliant

Energy

Corporation

208,873

6,151

Artesian

Resources

Corporation

212,025

3,381

Black

Hills

Corporation

180,850

11,176

CenterPoint

Energy,

Inc.

216,256

840

Chesapeake

Utilities

Corporation

70,812

3,386

CMS

Energy

Corporation

207,934

5,228

Consolidated

Water

Company,

Ltd.

54,423

2,200

DTE

Energy

Company

253,088

21,580

Duke

Energy

Corporation

1,911,125

14,310

Entergy

Corporation

1,409,964

1,781

Essential

Utilities,

Inc.

71,685

27,616

Exelon

Corporation

987,549

27,937

FirstEnergy

Corporation

802,071

4,099

Hawaiian

Electric

Industries,

Inc.

136,251

3,941

IDACORP,

Inc.

314,886

939

Middlesex

Water

Company

58,359

1,809

National

Fuel

Gas

Company

73,427

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

282

Shares

Common

Stock

(17.6%)

Value

Utilities

(0.2%)

-

continued

7,877

New

Jersey

Resources

Corporation

$

212,836

2,851

NextEra

Energy,

Inc.

791,324

1,016

Northwest

Natural

Holding

Company

46,116

4,976

NorthWestern

Corporation

242,033

6,865

OGE

Energy

Corporation

205,881

3,117

Otter

Tail

Corporation

112,742

8,241

PNM

Resources,

Inc.

340,600

6,510

Portland

General

Electric

Company

231,105

1,365

South

Jersey

Industries,

Inc.

26,304

2,799

Southwest

Gas

Holdings,

Inc.

176,617

6,320

Spire,

Inc.

336,224

9,813

UGI

Corporation

323,633

3,236

Unitil

Corporation

125,039

Total

10,435,027

Total

Common

Stock

(cost

$679,578,010)

948,366,332

Shares

Collateral

Held

for

Securities

Loaned

(

0.6%

)

Value

29,452,376

Thrivent

Cash

Management

Trust

29,452,376

Total

Collateral

Held

for

Securities

Loaned

(cost

$29,452,376)

29,452,376

Shares

or

Principal

Amount

Short-Term

Investments

(

15.5%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

3,600,000

0.074%,

10/14/2020

o,p

3,599,922

3,400,000

0.080%,

10/28/2020

o,p

3,399,847

4,400,000

0.090%,

11/6/2020

o,p

4,399,692

1,900,000

0.060%,

11/10/2020

o,p

1,899,852

200,000

0.080%,

11/12/2020

o,p

199,984

2,900,000

0.070%,

11/18/2020

o,p

2,899,729

9,200,000

0.070%,

11/19/2020

o,p

9,199,123

7,800,000

0.055%,

12/8/2020

o,p

7,798,674

6,900,000

0.075%,

12/22/2020

o,p

6,898,585

Thrivent

Core

Short-Term

Reserve

Fund

79,272,170

0.310%

792,721,703

U.S.

Treasury

Bills

100,000

0.101%,

10/15/2020

o

99,997

1,200,000

0.093%,

11/19/2020

o,q

1,199,853

100,000

0.085%,

12/3/2020

o,q

99,982

1,400,000

0.081%,

12/10/2020

m,o,r

1,399,728

Total

Short-Term

Investments

(cost

$835,932,385)

835,816,671

Total

Investments

(cost

$5,457,945,792)

110.5%

$5,956,741,260

Other

Assets

and

Liabilities,

Net

(10.5%)

(563,960,341)

Total

Net

Assets

100.0%

$5,392,780,919

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

f

In

bankruptcy.  Interest

is

not

being

accrued.

g

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

h

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$290,804,614

or

5.4%

of

total

net

assets.

i

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

September

30,

2020.

j

All

or

a

portion

of

the

security

is

on

loan.

k

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.

l

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

m

All

or

a

portion

of

the

security

was

earmarked

to

cover

written

options.

n

Non-income

producing

security.

o

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

p

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.

q

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.

r

At

September

30,

2020,

$819,841

of

investments

were

segregated

to

cover

exposure

to

a

counterparty

for

margin

on

open

mortgage-backed

security

transactions.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Moderately

Conservative

Allocation

Portfolio

as

of

September

30,

2020

was

$336,000

or

0.0%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2020.

Security

Acquisition

Date

Cost

Windstream

Services,

LLC,

10/31/2025

11/6/2017

$

549,832

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

283

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

September

30,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

3,214,810

Common

Stock

25,691,067

Total

lending

$28,905,877

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$29,452,376

Net

amounts

due

to

counterparty

$546,499

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

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

FNMA

-

Federal

National

Mortgage

Association

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.

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

1W

-

ICE

Libor

USD

Rate

1

Week

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

284

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

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

4,671,467

–

4,080,437

591,030

Capital

Goods

12,559,613

–

12,559,613

–

Communications

Services

27,265,143

–

25,880,606

1,384,537

Consumer

Cyclical

18,081,278

–

17,267,153

814,125

Consumer

Non-Cyclical

20,712,118

–

20,712,118

–

Energy

3,531,474

–

3,531,474

–

Financials

9,184,019

–

9,184,019

–

Technology

12,066,010

–

12,066,010

–

Transportation

3,559,532

–

3,559,532

–

Utilities

3,798,837

–

3,798,837

–

Long-Term

Fixed

Income

Asset-Backed

Securities

94,141,450

–

94,141,450

–

Basic

Materials

22,641,192

–

22,641,192

–

Capital

Goods

32,880,383

–

32,880,383

–

Collateralized

Mortgage

Obligations

72,792,969

–

72,792,969

–

Commercial

Mortgage-Backed

Securities

16,645,497

–

16,645,497

–

Communications

Services

75,924,141

–

75,924,141

–

Consumer

Cyclical

54,840,708

–

54,840,708

–

Consumer

Non-Cyclical

89,101,668

–

89,101,668

–

Energy

59,856,061

–

59,856,061

–

Financials

130,893,112

–

130,893,112

–

Mortgage-Backed

Securities

703,157,790

–

703,157,790

–

Technology

52,180,329

–

52,180,329

–

Transportation

11,472,774

–

11,472,774

–

U.S.

Government

&

Agencies

729,466,849

–

729,466,849

–

Utilities

50,438,740

–

50,438,740

–

Registered

Investment

Companies

Unaffiliated

27,903,047

27,903,047

–

–

Affiliated

1,381,824,233

1,381,824,233

–

–

Common

Stock

Communications

Services

66,231,225

66,193,730

–

37,495

Consumer

Discretionary

139,870,625

139,870,625

–

–

Consumer

Staples

24,144,208

24,144,208

–

–

Energy

17,617,723

17,617,723

–

–

Financials

106,158,841

104,933,497

1,225,344

–

Health

Care

149,446,931

149,446,931

–

–

Industrials

113,725,913

113,725,913

–

–

Information

Technology

249,539,364

247,108,754

2,430,610

–

Materials

29,105,014

28,571,756

533,256

2

Real

Estate

42,091,461

42,091,461

–

–

Utilities

10,435,027

10,435,027

–

–

Short-Term

Investments

43,094,968

–

43,094,968

–

Subtotal

Investments

in

Securities

$4,713,051,734

$2,353,866,905

$2,356,357,640

$2,827,189

Other

Investments  *

Total

Affiliated

Short-Term

Investments

792,721,703

Affiliated

Registered

Investment

Companies

421,515,447

Collateral

Held

for

Securities

Loaned

29,452,376

Subtotal

Other

Investments

$1,243,689,526

Total

Investments

at

Value

$5,956,741,260

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

285

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

EAFE

-

Europe,

Australasia

and

Far

East

ICE

-

Intercontinental

Exchange

MSCI

-

Morgan

Stanley

Capital

International

S&P

-

Standard

&

Poor's

Other

Financial

Instruments

Total

Level

1

Level

2

Level

3

Asset

Derivatives

Futures

Contracts

601,709

601,709

–

–

Total

Asset

Derivatives

$601,709

$601,709

$–

$–

Liability

Derivatives

Futures

Contracts

5,538,711

5,538,711

–

–

Call

Options

Written

96,545

–

–

96,545

Credit

Default

Swaps

10,794

–

10,794

–

Total

Liability

Derivatives

$5,646,050

$5,538,711

$10,794

$96,545

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$40,295,408

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

208

December

2020

$

45,949,138

$

10,737

CBOT

5-Yr.

U.S.

Treasury

Note

971

December

2020

122,265,582

110,762

CBOT

U.S.

Long

Bond

839

December

2020

148,900,902

(

1,000,933)

CME

E-mini

Russell

2000

Index

8

December

2020

595,817

5,943

CME

E-mini

S&P

500

Index

1,378

December

2020

230,890,606

62,194

CME

E-mini

S&P

Mid-Cap

400

Index

3

December

2020

554,793

1,977

CME

Euro

Foreign

Exchange

Currency

175

December

2020

25,849,735

(

178,328)

Eurex

Euro

STOXX

50

Index

703

December

2020

27,299,976

(

1,089,238)

ICE

US

mini

MSCI

Emerging

Markets

Index

2,099

December

2020

116,231,452

(

1,993,377)

Ultra

10-Yr.

U.S.

Treasury

Note

89

December

2020

14,261,146

(

28,099)

Total

Futures

Long

Contracts

$

732,799,147

(

$

4,098,362)

CBOT

10-Yr.

U.S.

Treasury

Note

(648)

December

2020

(

$

90,313,237)

(

$

103,013)

CME

E-mini

Russell

2000

Index

(3,298)

December

2020

(

247,019,108)

(

1,056,452)

CME

E-mini

S&P

Mid-Cap

400

Index

(458)

December

2020

(

84,910,950)

(

89,271)

ICE

mini

MSCI

EAFE

Index

(234)

December

2020

(

22,092,536)

410,096

Total

Futures

Short

Contracts

(

$

444,335,831)

($838,640)

Total

Futures

Contracts

$

288,463,316

($4,937,002)

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

options

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$519,899

were

pledged

as

collateral

for

these

contracts.

Option

_

Description                              

(Underlying

Security

Description)

Counter-

party

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Principal

Amount

Value

Unrealized

Appreciation/

(Depreciation)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(26.25)

$

104.88

October

2020

(27,531,738)

(

$

38,094)

$

68,547

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

FNMA

Conventional

30-Yr.

Pass

Through

Call

Option

(*)

MSC

(8.38)

102.78

November

2020

(8,636,963)

(

58,451)

(

8,724)

(Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through)

Total

Options

Written

Contracts

($96,545)

$59,822

(*)  Security

is

valued

using

significant

unobservable

inputs.

Market

quotations

or

prices

were

not

readily

available

or

were

determined

to

be

unreliable.

Value

was

determined

in

good

faith

pursuant

to

procedures

adopted

by

the

Board.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

286

Counterparty:

MSC

-

Morgan

Stanley

&

Company

The

following

table

presents

Moderately

Conservative

Allocation

Portfolio's

swaps

contracts

held

as

of

September

30,

2020.

Investments

totaling

$1,299,836

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

35,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2025

$

16,200,000

$

–

(

$

10,794)

(

$

10,794)

Total

Credit

Default

Swaps

$–

($10,794)

($10,794)

1

As

the

buyer

of

protection,

Moderately

Conservative

Allocation

Portfolio

pays

periodic

fees

in

return

for

payment

by

the

seller

which

is

contingent

upon

an

adverse

credit

event

occurring

in

the

underlying

issuer

or

reference

entity.

As

the

seller

of

protection,

Moderately

Conservative

Allocation

Portfolio

collects

periodic

fees

from

the

buyer

and

profits

if

the

credit

of

the

underlying

issuer

or

reference

entity

remains

stable

or

improves

while

the

swap

is

outstanding,

but

the

seller

in

a

credit

default

swap

contract

would

be

required

to

pay

the

amount

of

credit

loss,

determined

as

specified

in

the

agreement,

to

the

buyer

in

the

event

of

an

adverse

credit

event

in

the

reference

entity.

2

The

maximum

potential

amount

of

future

payments

Moderately

Conservative

Allocation

Portfolio

could

be

required

to

make

as

the

seller

or

receive

as

the

buyer

of

protection.

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.

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

287

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Moderately

Conservative

Allocation

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$154,966

$28,590

$–

$183,717

18,708

3.4%

Core

Emerging

Markets

Equity*

–

27,500

–

28,785

2,822

0.5

Core

International

Equity

53,554

–

–

48,721

5,493

0.9

Core

Low

Volatility

Equity

116,663

43,001

–

160,294

13,347

3.0

Global

Stock

42,724

4,902

–

42,980

3,478

0.8

High

Yield

139,303

5,423

–

135,286

30,314

2.5

Income

420,340

11,877

–

452,015

40,748

8.4

International

Allocation

194,588

7,757

15,000

160,502

17,979

3.0

International

Index*

–

15,000

–

17,278

1,549

0.3

Large

Cap

Value

198,399

7,306

–

174,672

10,803

3.2

Limited

Maturity

Bond

246,521

4,127

–

253,625

25,262

4.7

Mid

Cap

Stock

100,286

3,838

–

99,205

5,379

1.8

Small

Cap

Stock

51,227

5,474

–

46,262

3,003

0.9

Total

Affiliated

Registered

Investment

Companies

1,718,571

1,803,342

33.4

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

614,264

889,380

710,568

792,722

79,272

14.7

Total

Affiliated

Short-Term

Investments

614,264

792,722

14.7

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

11,361

478,246

460,155

29,452

29,452

0.6

Total

Collateral

Held

for

Securities

Loaned

11,361

29,452

0.6

Total

Value

$2,344,196

$2,625,516

*  

Non-income

producing

security.

Moderately

Conservative

Allocation

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

288

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$161

–

$5,875

Core

Emerging

Markets

Equity*

–

1,285

–

–

Core

International

Equity

–

(4,833)

–

–

Core

Low

Volatility

Equity

–

630

–

–

Global

Stock

–

(4,646)

4,195

708

High

Yield

–

(9,440)

–

5,420

Income

–

19,798

2,093

9,788

International

Allocation

(11,322)

(15,521)

2,646

5,110

International

Index*

–

2,278

–

–

Large

Cap

Value

–

(31,033)

3,873

3,433

Limited

Maturity

Bond

–

2,977

–

4,125

Mid

Cap

Stock

–

(4,919)

3,359

479

Small

Cap

Stock

–

(10,439)

5,151

323

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

(239)

(115)

–

5,120

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$40,381

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

135

Total

Affiliated

Income

from

Securities

Loaned,

Net

$135

Total

Value

$(11,561)

$(53,817)

$21,317

*  

Non-income

producing

security.

Money

Market

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

289

Principal

Amount

U.S.

Government

Agency

Debt

(

82.6%

)

a

Value

Federal

Agricultural

Mortgage

Corporation

$

1,920,000

0.232%

(LIBOR

1M

+

0.080%),

10/23/2020

b

$

1,920,000

1,700,000

0.140%

(SOFRRATE

+

0.070%),

11/10/2020

b

1,700,000

1,160,000

0.217%

(LIBOR

1M

+

0.060%),

2/2/2021

b

1,160,000

3,030,000

0.166%

(LIBOR

1M

+

0.010%),

5/20/2021

b

3,030,000

2,830,000

0.145%

(LIBOR

1M

FLAT),

7/28/2021

b

2,830,000

2,800,000

0.210%

(LIBOR

1M

+

0.060%),

10/18/2021

b

2,800,000

950,000

0.000%

(LIBOR

1M

FLAT),

11/22/2021

b,c

950,000

1,000,000

0.231%

(LIBOR

3M

+

-0.010%),

12/2/2021

b

1,000,000

1,350,000

0.379%

(LIBOR

3M

+

0.080%),

1/3/2022

b

1,352,387

Federal

Farm

Credit

Bank

3,355,000

0.190%

(FEDL

1M

+

0.100%),

12/16/2020

b

3,354,963

2,560,000

0.210%

(USBMMY

3M

+

0.110%),

12/28/2020

b

2,558,999

2,800,000

0.308%

(LIBOR

1M

+

0.160%),

1/25/2021

b

2,802,266

1,400,000

0.185%

(LIBOR

1M

+

0.040%),

1/28/2021

b

1,400,708

950,000

0.210%

(FEDL

1M

+

0.120%),

2/9/2021

b

949,914

2,265,000

0.151%

(LIBOR

1M

FLAT),

3/17/2021

b

2,265,000

705,000

0.166%

(LIBOR

1M

+

0.015%),

3/17/2021

b

705,023

1,140,000

0.233%

(LIBOR

3M

+

-0.035%),

4/30/2021

b

1,140,000

3,400,000

0.120%

(LIBOR

1M

+

-0.025%),

5/28/2021

b

3,398,752

2,880,000

0.160%

(SOFRRATE

+

0.090%),

7/15/2021

b

2,880,000

2,750,000

0.129%

(LIBOR

3M

+

-0.120%),

8/6/2021

b

2,749,875

1,275,000

0.156%

(LIBOR

1M

FLAT),

8/9/2021

b

1,273,423

900,000

0.256%

(LIBOR

1M

+

0.100%),

9/9/2021

b

900,000

1,100,000

0.171%

(LIBOR

1M

+

0.020%),

9/17/2021

b

1,100,552

1,000,000

0.150%

(LIBOR

1M

FLAT),

10/18/2021

b

1,000,021

1,350,000

0.166%

(LIBOR

1M

+

0.010%),

10/20/2021

b

1,350,000

750,000

0.187%

(LIBOR

1M

+

0.030%),

11/2/2021

b

749,843

1,000,000

0.289%

(LIBOR

1M

+

0.130%),

11/5/2021

b

1,001,508

715,000

0.123%

(LIBOR

3M

+

-0.120%),

11/10/2021

b

714,821

1,000,000

0.240%

(LIBOR

1M

+

0.090%),

11/18/2021

b

1,001,543

800,000

0.241%

(LIBOR

1M

+

0.090%),

12/13/2021

b

800,393

2,225,000

0.156%

(LIBOR

1M

FLAT),

12/22/2021

b

2,224,565

Principal

Amount

U.S.

Government

Agency

Debt

(82.6%)

a

Value

$

1,120,000

0.252%

(LIBOR

1M

+

0.100%),

12/23/2021

b

$

1,121,409

2,500,000

0.390%

(LIBOR

1M

+

0.240%),

1/18/2022

b

2,500,959

2,300,000

0.260%

(SOFRRATE

+

0.190%),

7/14/2022

b

2,300,000

Federal

Home

Loan

Bank

1,420,000

0.185%

(SOFRRATE

+

0.105%),

10/1/2020

b

1,420,000

1,030,000

2.625% ,

10/1/2020

1,030,000

5,440,000

0.085% ,

10/7/2020

5,439,923

1,350,000

0.090% ,

10/9/2020

1,349,973

2,125,000

0.116% ,

10/14/2020

2,124,911

800,000

0.110% ,

10/23/2020

799,946

10,340,000

0.150%

(SOFRRATE

+

0.080%),

10/23/2020

b

10,340,367

1,560,000

0.145%

(LIBOR

1M

FLAT),

10/26/2020

b

1,560,000

1,500,000

0.290% ,

10/26/2020

1,499,688

100,000

0.090% ,

11/6/2020

99,991

1,000,000

0.110%

(SOFRRATE

+

0.040%),

11/20/2020

b

1,000,000

5,000,000

0.090%

(SOFRRATE

+

0.020%),

12/9/2020

b

5,000,000

2,900,000

0.090%

(SOFRRATE

+

0.020%),

12/11/2020

b

2,899,971

3,920,000

0.098%

(LIBOR

3M

+

-0.135%),

12/18/2020

b

3,918,806

2,830,000

0.110%

(LIBOR

1M

+

-0.040%),

12/18/2020

b

2,830,059

3,370,000

0.170%

(SOFRRATE

+

0.100%),

12/23/2020

b

3,369,731

2,810,000

0.100%

(SOFRRATE

+

0.030%),

12/30/2020

b

2,810,000

3,540,000

0.100%

(SOFRRATE

+

0.030%),

1/4/2021

b

3,540,000

830,000

0.164%

(LIBOR

3M

+

-0.135%),

1/4/2021

b

829,971

4,200,000

0.100%

(SOFRRATE

+

0.030%),

1/15/2021

b

4,200,000

3,000,000

0.100%

(SOFRRATE

+

0.030%),

1/21/2021

b

3,000,000

2,650,000

0.170%

(SOFRRATE

+

0.100%),

1/25/2021

b

2,650,000

485,000

0.120%

(SOFRRATE

+

0.050%),

1/28/2021

b

484,793

4,135,000

0.102%

(LIBOR

1M

+

-0.050%),

2/16/2021

b

4,135,012

2,830,000

0.106%

(LIBOR

1M

+

-0.050%),

2/22/2021

b

2,830,020

2,000,000

0.105%

(SOFRRATE

+

0.035%),

2/25/2021

b

1,999,229

1,430,000

0.105%

(SOFRRATE

+

0.035%),

3/10/2021

b

1,430,000

3,000,000

0.135%

(LIBOR

1M

+

-0.010%),

3/26/2021

b

3,000,312

2,830,000

0.143%

(LIBOR

3M

+

-0.125%),

4/14/2021

b

2,829,668

700,000

0.126%

(LIBOR

1M

+

-0.030%),

4/20/2021

b

699,891

1,100,000

0.125%

(LIBOR

1M

+

-0.020%),

4/27/2021

b

1,100,009

1,650,000

0.136%

(LIBOR

1M

+

-0.020%),

5/3/2021

b

1,650,000

1,000,000

0.146%

(LIBOR

1M

+

-0.010%),

5/3/2021

b

999,951

Money

Market

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

290

Principal

Amount

U.S.

Government

Agency

Debt

(82.6%)

a

Value

$

2,820,000

0.146%

(LIBOR

1M

+

-0.010%),

6/2/2021

b

$

2,820,000

1,135,000

0.205%

(SOFRRATE

+

0.135%),

6/4/2021

b

1,134,999

725,000

0.145%

(SOFRRATE

+

0.075%),

7/23/2021

b

724,485

2,500,000

0.220%

(SOFRRATE

+

0.150%),

9/3/2021

b

2,500,000

1,000,000

0.380%

(SOFRRATE

+

0.310%),

9/24/2021

b

1,000,000

1,320,000

0.210%

(SOFRRATE

+

0.140%),

9/29/2021

b

1,320,000

Federal

Home

Loan

Mortgage

Corporation

1,470,000

0.470%

(SOFRRATE

+

0.400%),

10/21/2021

b

1,471,141

500,000

0.215%

(SOFRRATE

+

0.145%),

12/9/2021

b

500,000

Federal

National

Mortgage

Association

2,800,000

0.200%

(SOFRRATE

+

0.130%),

6/11/2021

b

2,800,197

2,000,000

0.220%

(SOFRRATE

+

0.150%),

12/9/2021

b

2,000,000

900,000

0.300%

(SOFRRATE

+

0.230%),

5/6/2022

b

900,437

Jordan

Government

International

Bond

2,710,000

2.503% ,

10/30/2020

2,714,994

Resolution

Funding

Corporation

Principal

Strip

2,050,000

1.560% ,

10/15/2020

2,048,693

U.S.

International

Development

Finance

Corporation

1,009,615

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,009,615

3,590,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

3,590,000

1,410,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,410,000

1,233,754

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,233,754

1,154,846

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,154,846

2,000,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

2,000,000

1,760,000

0.130%

(T-BILL

3M

+

0.070%),

10/7/2020

b

1,760,000

2,375,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

2,375,000

3,700,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

3,700,000

1,511,250

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,511,250

1,284,790

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,284,790

1,105,263

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,105,263

675,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

675,000

2,850,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

2,850,000

1,145,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,145,000

554,715

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

554,715

Principal

Amount

U.S.

Government

Agency

Debt

(82.6%)

a

Value

$

3,600,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

$

3,600,000

1,226,211

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,226,211

2,250,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

2,250,000

1,314,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,314,000

1,630,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,630,000

1,580,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,580,000

1,300,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,300,000

2,043,396

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

2,043,396

835,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

835,000

2,000,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

2,000,000

1,362,264

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,362,264

2,470,000

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

2,470,000

2,540,368

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

2,540,368

1,326,923

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

1,326,923

957,895

0.130%

(T-BILL

3M

FLAT),

10/7/2020

b

957,895

964,342

0.150%

(T-BILL

3M

FLAT),

10/7/2020

b

964,342

1,828,800

0.150%

(T-BILL

3M

FLAT),

10/7/2020

b

1,828,800

1,764,792

0.150%

(T-BILL

3M

FLAT),

10/7/2020

b

1,764,792

2,468,880

0.150%

(T-BILL

3M

FLAT),

10/7/2020

b

2,468,880

400,080

0.150%

(T-BILL

3M

FLAT),

10/7/2020

b

400,080

2,656,800

0.150%

(T-BILL

3M

FLAT),

10/7/2020

b

2,656,800

1,420,000

1.900% ,

11/11/2020

1,444,673

552,000

1.940% ,

11/15/2020

561,415

1,130,000

1.900% ,

11/17/2020

1,148,696

1,000,000

1.016% ,

1/26/2021

1,072,565

750,000

1.016% ,

1/26/2021

804,424

3,565,000

1.016% ,

1/26/2021

3,835,237

775,000

1.680% ,

2/11/2021

783,273

1,235,000

1.000% ,

4/9/2021

1,240,905

Total

238,564,264

Principal

Amount

U.S.

Treasury

Debt

(

14.2%

)

a

Value

U.S.

Treasury

Bills

11,120,000

0.027% ,

10/1/2020

11,120,000

2,750,000

0.051% ,

10/6/2020

2,749,981

2,860,000

0.096% ,

10/13/2020

2,859,908

4,050,000

0.070% ,

10/20/2020

4,049,850

5,680,000

0.080% ,

10/27/2020

5,679,672

2,500,000

0.081% ,

11/3/2020

c

2,499,844

2,850,000

0.097% ,

11/5/2020

2,849,731

2,500,000

0.088% ,

11/12/2020

2,499,745

U.S.

Treasury

Notes

2,550,000

0.145%

(USBMMY

3M

+

0.045%),

10/31/2020

b

2,547,561

Money

Market

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

291

Principal

Amount

U.S.

Treasury

Debt

(14.2%)

a

Value

$

1,790,000

0.215%

(USBMMY

3M

+

0.115%),

1/31/2021

b

$

1,789,267

890,000

0.239%

(USBMMY

3M

+

0.139%),

4/30/2021

b

889,975

1,100,000

0.320%

(USBMMY

3M

+

0.220%),

7/31/2021

b

1,100,641

Total

40,636,175

Principal

Amount

U.S.

Treasury

Repurchase

Agreement,

if

collateralized

only

by

U.S.

Treasuries

(including

Strips)

and

cash

(

6.9%

)

a

Value

RBC

Dominion

Securities,

Inc.

20,000,000

0.040% ,

10/1/2020

d

20,000,000

Total

20,000,000

Total

Investments

(cost

$299,200,439)

103.7%

$299,200,439

Other

Assets

and

Liabilities,

Net

(3.7)%

(10,726,208)

Total

Net

Assets

100.0%

$288,474,231

a

The

interest

rate

shown

reflects

the

yield,

coupon

rate

or

the

discount

rate

at

the

date

of

purchase.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

d

Repurchase

agreement

dated

September

30,

2020,

$20,000,022

maturing

October

1,

2020,

collateralized

by

$20,356,451

United

States

Department

of

The

Treasury,

0.04%

due

October

1,

2020.

Reference

Rate

Index:

FEDL

1M

-

Federal

Funds

1

Month

Rate

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

SOFRRATE

-

Secured

Overnight

Financing

Rate

T-BILL

3M

-

U.

S.

Treasury

Bill

Rate

3

Month

USBMMY

3M

-

U.

S.

Treasury

Bill

Rate

3

Month

Money    

Market

Yield

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

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

U.S.

Government

Agency

Debt

238,564,264

–

238,564,264

–

U.S.

Treasury

Debt

40,636,175

–

40,636,175

–

U.S.

Treasury

Repurchase

Agreement,

if

collateralized

only

by

U.S.

Treasuries

(including

Strips)

and

cash

20,000,000

–

20,000,000

–

Total

Investments

at

Amortized

Cost

$299,200,439

$–

$299,200,439

$–

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

292

Principal

Amount

Long-Term

Fixed

Income

(

52.8%

)

Value

Basic

Materials

(1.7%)

Alcoa

Nederland

Holding

BV

$

30,000

5.500%, 

12/15/2027

a

$

31,266

BWAY

Holding

Company

30,000

5.500%, 

4/15/2024

a

30,106

Cleveland-Cliffs,

Inc.

15,000

5.750%, 

3/1/2025

13,950

20,000

9.875%, 

10/17/2025

a

22,325

First

Quantum

Minerals,

Ltd.

65,000

7.250%, 

4/1/2023

a

64,919

Freeport-McMoRan,

Inc.

30,000

4.125%, 

3/1/2028

30,375

30,000

4.250%, 

3/1/2030

30,750

Krayton

Polymers,

LLC

40,000

7.000%, 

4/15/2025

a

40,800

Methanex

Corporation

40,000

5.250%, 

12/15/2029

39,550

Novelis

Corporation

20,000

4.750%, 

1/30/2030

a

19,519

Olin

Corporation

45,000

5.125%, 

9/15/2027

44,550

Peabody

Securities

Finance

Corporation

35,000

6.375%, 

3/31/2025

a

14,000

Tronox

Finance

plc

65,000

5.750%, 

10/1/2025

a

64,025

Total

446,135

Capital

Goods

(2.8%)

AECOM

55,000

5.125%, 

3/15/2027

59,407

Amsted

Industries,

Inc.

50,000

5.625%, 

7/1/2027

a

53,191

Ardagh

Packaging

Finance

plc

35,000

6.000%, 

2/15/2025

a

36,340

20,000

5.250%, 

8/15/2027

a

20,380

Chart

Industries,

Inc.,

Convertible

8,000

1.000%, 

11/15/2024

a

11,088

Covanta

Holding

Corporation

50,000

6.000%, 

1/1/2027

52,000

5,000

5.000%, 

9/1/2030

5,047

Crown

Cork

&

Seal

Company,

Inc.

50,000

7.375%, 

12/15/2026

59,444

Fortive

Corporation,

Convertible

10,000

0.875%, 

2/15/2022

10,019

General

Electric

Company

100,000

5.000%, 

1/21/2021

b,c

79,676

Greenbrier

Companies,

Inc.,

Convertible

3,000

2.875%, 

2/1/2024

2,744

H&E

Equipment

Services,

Inc.

45,000

5.625%, 

9/1/2025

46,913

Jeld-Wen,

Inc.

30,000

4.625%, 

12/15/2025

a

30,150

KBR,

Inc.,

Convertible

18,000

2.500%, 

11/1/2023

20,295

Patrick

Industries,

Inc.,

Convertible

4,000

1.000%, 

2/1/2023

3,935

Standard

Industries,

Inc.

50,000

4.375%, 

7/15/2030

a

51,263

TransDigm,

Inc.

20,000

6.250%, 

3/15/2026

a

20,971

55,000

5.500%, 

11/15/2027

52,858

TTM

Technologies,

Inc.,

Convertible

7,000

1.750%, 

12/15/2020

8,273

Principal

Amount

Long-Term

Fixed

Income

(52.8%)

Value

Capital

Goods

(2.8%)

-

continued

United

Rentals

North

America,

Inc.

$

15,000

5.500%, 

5/15/2027

$

15,956

60,000

4.000%, 

7/15/2030

61,350

WESCO

Distribution,

Inc.

30,000

7.250%, 

6/15/2028

a

32,870

Total

734,170

Collateralized

Mortgage

Obligations

(0.4%)

GMACM

Mortgage

Loan

Trust

32,817

3.991%, 

11/19/2035,

Ser.

2005-AR6,

Class

1A1

b

31,007

Residential

Accredit

Loans,

Inc.

Trust

68,055

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

66,129

Total

97,136

Communications

Services

(6.7%)

Altice

France

SA

20,000

5.500%, 

1/15/2028

a

20,250

CCO

Holdings,

LLC

55,000

5.500%, 

5/1/2026

a

57,337

120,000

4.500%, 

8/15/2030

a

126,005

20,000

4.250%, 

2/1/2031

a

20,718

CSC

Holdings,

LLC

50,000

4.125%, 

12/1/2030

a

50,962

70,000

4.625%, 

12/1/2030

a

70,331

DISH

Network

Corporation,

Convertible

32,000

3.375%, 

8/15/2026

29,376

Embarq

Corporation

30,000

7.995%, 

6/1/2036

35,522

Entercom

Media

Corporation

20,000

6.500%, 

5/1/2027

a

17,400

Front

Range

BidCo,

Inc.

50,000

4.000%, 

3/1/2027

a

49,211

GCI

Liberty,

Inc.,

Convertible

50,000

1.750%, 

9/30/2046

a

85,675

GCI,

LLC

20,000

4.750%, 

10/15/2028

a,d

20,250

Gray

Television,

Inc.

45,000

5.875%, 

7/15/2026

a

46,687

iHeartCommunications,

Inc.

25,000

4.750%, 

1/15/2028

a

23,561

Level

3

Financing,

Inc.

85,000

4.625%, 

9/15/2027

a

87,338

40,000

4.250%, 

7/1/2028

a

40,613

Liberty

Media

Corporation,

Convertible

4,000

1.000%, 

1/30/2023

4,745

Meredith

Corporation

20,000

6.500%, 

7/1/2025

a

20,600

Netflix,

Inc.

65,000

4.875%, 

4/15/2028

72,638

Nexstar

Escrow

Corporation

40,000

5.625%, 

7/15/2027

a

41,958

Nielsen

Finance,

LLC

20,000

5.625%, 

10/1/2028

a

20,550

SFR

Group

SA

50,000

7.375%, 

5/1/2026

a

52,395

Sirius

XM

Radio,

Inc.

50,000

5.000%, 

8/1/2027

a

52,229

40,000

4.125%, 

7/1/2030

a

40,992

Sprint

Capital

Corporation

20,000

6.875%, 

11/15/2028

24,907

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

293

Principal

Amount

Long-Term

Fixed

Income

(52.8%)

Value

Communications

Services

(6.7%)

-

continued

$

10,000

8.750%, 

3/15/2032

$

14,638

Sprint

Corporation

60,000

7.250%, 

9/15/2021

62,775

75,000

7.625%, 

2/15/2025

87,750

Telesat

Canada

/

Telesat,

LLC

35,000

4.875%, 

6/1/2027

a

35,142

T-Mobile

USA,

Inc.

65,000

4.500%, 

2/1/2026

66,976

Univision

Communications,

Inc.

40,000

6.625%, 

6/1/2027

a

39,050

VeriSign,

Inc.

125,000

4.750%, 

7/15/2027

132,500

Viacom,

Inc.

44,000

5.875%, 

2/28/2057

b

44,774

Virgin

Media

Secured

Finance

plc

60,000

5.500%, 

8/15/2026

a

62,550

VTR

Finance

BV

10,000

6.375%, 

N/A

a

10,500

Windstream

Services,

LLC

30,000

8.625%, 

10/31/2025

*,e

18,000

Ziggo

BV

40,000

5.500%, 

1/15/2027

a

41,900

Total

1,728,805

Consumer

Cyclical

(6.0%)

1011778

B.C.,

ULC

65,000

4.375%, 

1/15/2028

a

66,287

Allied

Universal

Holdco,

LLC

30,000

6.625%, 

7/15/2026

a

31,950

Allison

Transmission,

Inc.

65,000

4.750%, 

10/1/2027

a

66,869

Booking

Holdings,

Inc.,

Convertible

2,000

0.900%, 

9/15/2021

2,128

Brookfield

Property

REIT,

Inc.

20,000

5.750%, 

5/15/2026

a

15,761

Brookfield

Residential

Properties,

Inc.

50,000

6.250%, 

9/15/2027

a

50,421

Burlington

Stores,

Inc.,

Convertible

20,000

2.250%, 

4/15/2025

a

23,830

Carnival

Corporation

20,000

11.500%, 

4/1/2023

a

22,420

20,000

10.500%, 

2/1/2026

a

22,150

Cedar

Fair,

LP

25,000

5.250%, 

7/15/2029

23,734

Colt

Merger

Sub,

Inc.

45,000

6.250%, 

7/1/2025

a

46,912

Dana,

Inc.

40,000

5.625%, 

6/15/2028

41,300

Dick's

Sporting

Goods,

Inc.,

Convertible

14,000

3.250%, 

4/15/2025

a

25,635

Ford

Motor

Company

10,000

9.000%, 

4/22/2025

11,465

10,000

9.625%, 

4/22/2030

12,912

20,000

7.450%, 

7/16/2031

22,936

Ford

Motor

Credit

Company,

LLC

70,000

4.063%, 

11/1/2024

69,913

40,000

4.134%, 

8/4/2025

39,617

General

Motors

Financial

Company,

Inc.

40,000

5.700%, 

9/30/2030

b,c

40,150

Hanesbrands,

Inc.

70,000

4.875%, 

5/15/2026

a

74,725

Principal

Amount

Long-Term

Fixed

Income

(52.8%)

Value

Consumer

Cyclical

(6.0%)

-

continued

Herc

Holdings,

Inc.

$

30,000

5.500%, 

7/15/2027

a

$

31,040

Hilton

Domestic

Operating

Company,

Inc.

20,000

5.125%, 

5/1/2026

20,525

Hilton

Worldwide

Finance,

LLC

50,000

4.875%, 

4/1/2027

50,796

International

Game

Technology

plc

30,000

5.250%, 

1/15/2029

a

30,338

KB

Home

30,000

4.800%, 

11/15/2029

33,075

L

Brands,

Inc.

20,000

6.625%, 

10/1/2030

a

20,350

Landry's,

Inc.

30,000

6.750%, 

10/15/2024

a

25,050

Lennar

Corporation

65,000

4.750%, 

5/30/2025

70,940

Marriott

Vacations

Worldwide

Corporation,

Convertible

4,000

1.500%, 

9/15/2022

3,932

Mattamy

Group

Corporation

50,000

5.250%, 

12/15/2027

a

51,375

MGM

Resorts

International

55,000

5.500%, 

4/15/2027

57,475

Norwegian

Cruise

Line

Holdings,

Ltd.

20,000

10.250%, 

2/1/2026

a

20,838

Penn

National

Gaming,

Inc.,

Convertible

3,000

2.750%, 

5/15/2026

9,628

Prime

Security

Services

Borrower,

LLC

65,000

5.750%, 

4/15/2026

a

69,510

20,000

3.375%, 

8/31/2027

a

19,225

Royal

Caribbean

Cruises,

Ltd.

20,000

9.125%, 

6/15/2023

a

21,200

10,000

11.500%, 

6/1/2025

a

11,622

Scientific

Games

International,

Inc.

65,000

5.000%, 

10/15/2025

a

65,406

ServiceMaster

Company,

LLC

55,000

5.125%, 

11/15/2024

a

56,238

Six

Flags

Entertainment

Corporation

20,000

5.500%, 

4/15/2027

a,f

18,966

Six

Flags

Theme

Parks,

Inc.

10,000

7.000%, 

7/1/2025

a

10,638

Staples,

Inc.

50,000

7.500%, 

4/15/2026

a

46,073

Under

Armour,

Inc.,

Convertible

3,000

1.500%, 

6/1/2024

a

3,749

Wyndham

Destinations,

Inc.

20,000

6.625%, 

7/31/2026

a

20,952

Wyndham

Hotels

&

Resorts,

Inc.

10,000

4.375%, 

8/15/2028

a

9,700

Yum!

Brands,

Inc.

60,000

4.750%, 

1/15/2030

a

64,650

Total

1,554,406

Consumer

Non-Cyclical

(5.2%)

Albertson's

Companies,

Inc.

60,000

3.500%, 

3/15/2029

a

58,237

Aramark

Services,

Inc.

20,000

6.375%, 

5/1/2025

a

20,833

Bausch

Health

Companies,

Inc.

30,000

7.000%, 

1/15/2028

a

31,725

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

294

Principal

Amount

Long-Term

Fixed

Income

(52.8%)

Value

Consumer

Non-Cyclical

(5.2%)

-

continued

$

10,000

5.000%, 

1/30/2028

a

$

9,712

Centene

Corporation

50,000

5.375%, 

6/1/2026

a

52,774

10,000

4.250%, 

12/15/2027

10,464

20,000

4.625%, 

12/15/2029

21,573

20,000

3.000%, 

10/15/2030

d

20,375

DaVita,

Inc.

40,000

4.625%, 

6/1/2030

a

41,056

Edgewell

Personal

Care

Company

20,000

5.500%, 

6/1/2028

a

21,045

Encompass

Health

Corporation

50,000

4.500%, 

2/1/2028

50,250

Energizer

Holdings,

Inc.

75,000

6.375%, 

7/15/2026

a

80,640

40,000

4.375%, 

3/31/2029

a

40,400

HCA,

Inc.

100,000

5.375%, 

2/1/2025

109,500

Illumina,

Inc.,

Convertible

2,000

0.500%, 

6/15/2021

2,566

Ionis

Pharmaceuticals,

Inc.,

Convertible

4,000

0.125%, 

12/15/2024

a

3,683

JBS

USA,

LLC

75,000

6.500%, 

4/15/2029

a

83,248

Kraft

Foods

Group,

Inc.

30,000

5.000%, 

6/4/2042

32,813

Kraft

Heinz

Foods

Company

40,000

4.625%, 

1/30/2029

44,508

60,000

3.750%, 

4/1/2030

a

63,338

20,000

4.250%, 

3/1/2031

a

21,928

Molina

Healthcare,

Inc.

30,000

4.375%, 

6/15/2028

a

30,615

Par

Pharmaceutical,

Inc.

40,000

7.500%, 

4/1/2027

a

41,907

Post

Holdings,

Inc.

30,000

5.750%, 

3/1/2027

a

31,538

QBE

Insurance

Group,

Ltd.

40,000

5.875%, 

5/12/2025

a,b,c

42,450

Scotts

Miracle-Gro

Company

40,000

4.500%, 

10/15/2029

42,375

Simmons

Foods,

Inc.

20,000

5.750%, 

11/1/2024

a

20,021

Spectrum

Brands,

Inc.

15,000

5.750%, 

7/15/2025

15,465

10,000

5.000%, 

10/1/2029

a

10,375

10,000

5.500%, 

7/15/2030

a

10,550

Teleflex,

Inc.

30,000

4.250%, 

6/1/2028

a

31,050

Tenet

Healthcare

Corporation

25,000

4.625%, 

7/15/2024

25,063

50,000

5.125%, 

11/1/2027

a

51,430

Teva

Pharmaceutical

Finance

Netherlands

III

BV

40,000

2.800%, 

7/21/2023

38,250

TreeHouse

Foods,

Inc.

20,000

4.000%, 

9/1/2028

20,228

VRX

Escrow

Corporation

95,000

6.125%, 

4/15/2025

a

97,256

Total

1,329,241

Energy

(5.3%)

Antero

Resources

Corporation

25,000

5.000%, 

3/1/2025

15,625

Apache

Corporation

40,000

4.875%, 

11/15/2027

37,800

Principal

Amount

Long-Term

Fixed

Income

(52.8%)

Value

Energy

(5.3%)

-

continued

$

10,000

4.375%, 

10/15/2028

$

9,150

Archrock

Partners,

LP

35,000

6.250%, 

4/1/2028

a

32,987

BP

Capital

Markets

plc

40,000

4.875%, 

3/22/2030

b,c

42,800

Buckeye

Partners,

LP

30,000

3.950%, 

12/1/2026

28,001

10,000

4.125%, 

12/1/2027

9,475

Cheniere

Energy

Partners,

LP

70,000

5.625%, 

10/1/2026

72,800

Comstock

Resources,

Inc.

20,000

9.750%, 

8/15/2026

20,504

Continental

Resources,

Inc.

20,000

5.000%, 

9/15/2022

19,863

DCP

Midstream

Operating,

LP

20,000

5.625%, 

7/15/2027

20,460

Enagas

SA

45,000

5.500%, 

1/15/2028

a

40,500

Enbridge,

Inc.

87,000

6.250%, 

3/1/2078

b

88,305

48,000

5.750%, 

7/15/2080

b

49,670

Endeavor

Energy

Resources,

LP

10,000

5.500%, 

1/30/2026

a

9,925

30,000

5.750%, 

1/30/2028

a

30,150

Energy

Transfer

Operating,

LP

25,000

6.625%, 

2/15/2028

b,c

16,992

EnLink

Midstream

Partners,

LP

40,000

5.600%, 

4/1/2044

25,700

Enterprise

Products

Operating,

LLC

75,000

4.875%, 

8/16/2077

b

65,326

EQM

Midstream

Partners,

LP

30,000

6.500%, 

7/1/2027

a

31,801

10,000

5.500%, 

7/15/2028

10,070

EQT

Corporation

40,000

3.900%, 

10/1/2027

36,450

EQT

Corporation,

Convertible

7,000

1.750%, 

5/1/2026

a

7,978

Harvest

Midstream,

LP

20,000

7.500%, 

9/1/2028

a

19,900

Murphy

Oil

Corporation

25,000

5.875%, 

12/1/2027

21,351

Nabors

Industries,

Ltd.

35,000

7.250%, 

1/15/2026

a

17,238

NuStar

Logistics,

LP

30,000

5.750%, 

10/1/2025

30,984

Occidental

Petroleum

Corporation

19,000

2.700%, 

8/15/2022

17,753

50,000

2.900%, 

8/15/2024

42,422

20,000

3.400%, 

4/15/2026

15,950

30,000

3.500%, 

8/15/2029

23,004

20,000

6.450%, 

9/15/2036

17,000

40,000

4.400%, 

4/15/2046

28,539

Parsley

Energy,

LLC

45,000

5.625%, 

10/15/2027

a

44,775

PDC

Energy,

Inc.,

Convertible

1,000

1.125%, 

9/15/2021

948

Pioneer

Natural

Resources

Company,

Convertible

6,000

0.250%, 

5/15/2025

a

6,606

Plains

All

American

Pipeline,

LP

60,000

6.125%, 

11/15/2022

b,c

38,064

QEP

Resources,

Inc.

20,000

5.625%, 

3/1/2026

11,350

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

295

Principal

Amount

Long-Term

Fixed

Income

(52.8%)

Value

Energy

(5.3%)

-

continued

Sunoco,

LP

$

40,000

5.500%, 

2/15/2026

$

39,950

Targa

Resources

Partners,

LP

50,000

5.375%, 

2/1/2027

50,281

TransCanada

Trust

100,000

5.300%, 

3/15/2077

b

100,175

Transocean

Guardian,

Ltd.

23,401

5.875%, 

1/15/2024

a

15,093

Western

Midstream

Operating,

LP

10,000

6.250%, 

2/1/2050

9,263

20,000

3.950%, 

6/1/2025

18,796

WPX

Energy,

Inc.

65,000

5.250%, 

10/15/2027

65,975

Total

1,357,749

Financials

(15.4%)

Ally

Financial,

Inc.

45,000

5.750%, 

11/20/2025

50,516

Ares

Capital

Corporation,

Convertible

5,000

4.625%, 

3/1/2024

5,184

BAC

Capital

Trust

XIV

34,000

4.000%, 

(LIBOR

3M

+

0.400%),

10/19/2020

b,c

33,600

Bank

of

America

Corporation

242,000

6.250%, 

9/5/2024

b,c

259,242

84,000

5.875%, 

3/15/2028

b,c

90,573

Bank

of

New

York

Mellon

Corporation

20,000

4.700%, 

9/20/2025

b,c

21,220

Bank

of

Nova

Scotia

60,000

4.900%, 

6/4/2025

b,c

62,100

Barclays

plc

100,000

8.000%, 

6/15/2024

b,c

106,500

BNP

Paribas

SA

40,000

7.625%, 

3/30/2021

a,b,c

40,700

Cascades

USA,

Inc.

40,000

5.125%, 

1/15/2026

a

41,908

Charles

Schwab

Corporation

176,000

5.375%, 

6/1/2025

b,c

190,705

CIT

Group,

Inc.

55,000

4.750%, 

2/16/2024

56,615

Citigroup,

Inc.

124,000

6.125%, 

11/15/2020

b,c

122,211

68,000

5.000%, 

9/12/2024

b,c

67,660

34,000

5.950%, 

5/15/2025

b,c

35,615

Comerica,

Inc.

20,000

5.625%, 

7/1/2025

b,c

21,000

Credit

Acceptance

Corporation

25,000

5.125%, 

12/31/2024

a

24,826

Credit

Agricole

SA

40,000

8.125%, 

12/23/2025

a,b,c

47,000

Credit

Suisse

Group

AG

51,000

7.500%, 

12/11/2023

a,b,c

55,590

ESH

Hospitality,

Inc.

30,000

5.250%, 

5/1/2025

a

30,300

10,000

4.625%, 

10/1/2027

a

9,813

Euronet

Worldwide,

Inc.,

Convertible

8,000

0.750%, 

3/15/2049

7,655

Fifth

Third

Bancorp

46,000

4.500%, 

9/30/2025

b,c

46,287

FTI

Consulting,

Inc.,

Convertible

16,000

2.000%, 

8/15/2023

19,601

Principal

Amount

Long-Term

Fixed

Income

(52.8%)

Value

Financials

(15.4%)

-

continued

Goldman

Sachs

Group,

Inc.

$

46,000

4.165%, 

(LIBOR

3M

+

3.922%),

11/2/2020

b,c

$

45,209

50,000

5.500%, 

8/10/2024

b,c

52,750

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Convertible

9,000

4.125%, 

9/1/2022

14,471

Hartford

Financial

Services

Group,

Inc.

100,000

2.405%, 

(LIBOR

3M

+

2.125%),

2/12/2047

a,b

86,021

HSBC

Holdings

plc

55,000

6.375%, 

3/30/2025

b,c

57,568

36,000

6.500%, 

3/23/2028

b,c

38,227

Huntington

Bancshares,

Inc.

64,000

4.450%, 

10/15/2027

b,c

63,360

Icahn

Enterprises,

LP

70,000

6.375%, 

12/15/2025

71,958

Iron

Mountain,

Inc.

65,000

4.875%, 

9/15/2027

a

66,285

iStar,

Inc.,

Convertible

2,000

3.125%, 

9/15/2022

2,127

J.P.

Morgan

Chase

&

Company

140,000

3.616%, 

(LIBOR

3M

+

3.320%),

1/1/2021

b,c

129,528

105,000

5.150%, 

5/1/2023

b,c

105,525

40,000

6.750%, 

2/1/2024

b,c

43,300

168,000

5.000%, 

8/1/2024

b,c

167,710

J.P.

Morgan

Chase

Capital

XXIII

100,000

1.280%, 

(LIBOR

3M

+

1.000%),

5/15/2047

b

77,831

Lincoln

National

Corporation

100,000

2.638%, 

(LIBOR

3M

+

2.358%),

5/17/2066

b

72,151

Lloyds

Banking

Group

plc

40,000

7.500%, 

6/27/2024

b,c

41,950

100,000

6.657%, 

5/21/2037

a,b,c

118,500

MetLife,

Inc.

40,000

3.850%, 

9/15/2025

b,c

39,850

92,000

5.875%, 

3/15/2028

b,c

100,050

MGIC

Investment

Corporation,

Convertible

21,000

9.000%, 

4/1/2063

a

26,827

MGM

Growth

Properties

Operating

Partnership,

LP

35,000

4.500%, 

9/1/2026

35,508

MPT

Operating

Partnership,

LP

50,000

4.625%, 

8/1/2029

52,023

Nippon

Life

Insurance

Company

72,000

3.400%, 

1/23/2050

a,b

76,680

Outfront

Media

Cap,

LLC

60,000

4.625%, 

3/15/2030

a

57,600

Provident

Financing

Trust

I

25,000

7.405%, 

3/15/2038

28,676

Prudential

Financial,

Inc.

138,000

5.625%, 

6/15/2043

b

146,563

86,000

5.200%, 

3/15/2044

b

91,083

20,000

3.700%, 

10/1/2050

b

20,406

Quicken

Loans,

LLC

20,000

3.625%, 

3/1/2029

a

19,825

20,000

3.875%, 

3/1/2031

a

19,750

Regions

Financial

Corporation

40,000

5.750%, 

6/15/2025

b,c

42,700

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

296

Principal

Amount

Long-Term

Fixed

Income

(52.8%)

Value

Financials

(15.4%)

-

continued

Royal

Bank

of

Scotland

Group

plc

$

40,000

8.625%, 

8/15/2021

b,c

$

41,000

Service

Properties

Trust

40,000

4.750%, 

10/1/2026

35,646

Societe

Generale

SA

40,000

8.000%, 

9/29/2025

a,b,c

44,650

Springleaf

Finance

Corporation

20,000

6.875%, 

3/15/2025

22,194

35,000

7.125%, 

3/15/2026

39,102

Standard

Chartered

plc

100,000

7.500%, 

4/2/2022

a,b,c

102,266

Starwood

Property

Trust,

Inc.,

Convertible

3,000

4.375%, 

4/1/2023

2,876

Truist

Financial

Corporation

90,000

4.950%, 

9/1/2025

b,c

94,725

USB

Realty

Corporation

68,000

1.422%, 

(LIBOR

3M

+

1.147%),

1/15/2022

a,b,c

55,080

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

10,000

4.250%, 

12/1/2026

a

10,047

10,000

3.750%, 

2/15/2027

a

9,833

10,000

4.625%, 

12/1/2029

a

10,214

10,000

4.125%, 

8/15/2030

a

9,850

Wachovia

Capital

Trust

II

30,000

0.775%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

27,311

Total

3,963,227

Technology

(2.6%)

Akamai

Technologies,

Inc.,

Convertible

10,000

0.125%, 

5/1/2025

12,859

33,000

0.375%, 

9/1/2027

38,178

Black

Knight

InfoServ,

LLC

5,000

3.625%, 

9/1/2028

a

5,053

CommScope

Technologies

Finance,

LLC

65,000

6.000%, 

6/15/2025

a

65,881

Diamond

Sports

Group,

LLC

15,000

5.375%, 

8/15/2026

a

10,612

45,000

6.625%, 

8/15/2027

a

23,400

Gartner,

Inc.

20,000

3.750%, 

10/1/2030

a

20,231

J2

Global,

Inc.,

Convertible

9,000

1.750%, 

11/1/2026

a

7,958

11,000

3.250%, 

6/15/2029

12,586

Lumentum

Holdings,

Inc.,

Convertible

10,000

0.250%, 

3/15/2024

13,981

Microchip

Technology,

Inc.,

Convertible

13,000

1.625%, 

2/15/2027

20,029

NCR

Corporation

60,000

6.125%, 

9/1/2029

a

63,397

Nuance

Communications,

Inc.,

Convertible

65,000

1.250%, 

4/1/2025

115,134

ON

Semiconductor

Corporation,

Convertible

29,000

1.625%, 

10/15/2023

38,298

Open

Text

Corporation

30,000

4.125%, 

2/15/2030

a

30,853

Principal

Amount

Long-Term

Fixed

Income

(52.8%)

Value

Technology

(2.6%)

-

continued

PTC,

Inc.

$

10,000

3.625%, 

2/15/2025

a

$

10,150

Qorvo,

Inc.

20,000

3.375%, 

4/1/2031

a

20,343

Sensata

Technologies,

Inc.

40,000

3.750%, 

2/15/2031

a

39,750

SS&C

Technologies,

Inc.

30,000

5.500%, 

9/30/2027

a

31,882

Switch,

Ltd.

20,000

3.750%, 

9/15/2028

a

20,200

Teradyne,

Inc.,

Convertible

7,000

1.250%, 

12/15/2023

17,861

Verint

Systems,

Inc.,

Convertible

11,000

1.500%, 

6/1/2021

11,110

Vishay

Intertechnology,

Inc.,

Convertible

11,000

2.250%, 

6/15/2025

10,645

Xerox

Holdings

Corporation

20,000

5.000%, 

8/15/2025

a

19,765

Total

660,156

Transportation

(0.6%)

Air

Transport

Services

Group,

Inc.,

Convertible

4,000

1.125%, 

10/15/2024

4,215

American

Airlines,

Inc.

10,000

11.750%, 

7/15/2025

a

9,650

Delta

Air

Lines,

Inc.

30,000

7.000%, 

5/1/2025

a

32,935

Meritor,

Inc.,

Convertible

21,000

3.250%, 

10/15/2037

21,787

Mileage

Plus

Holdings,

LLC

20,000

6.500%, 

6/20/2027

a

20,825

Southwest

Airlines

Company,

Convertible

14,000

1.250%, 

5/1/2025

18,270

XPO

Logistics,

Inc.

50,000

6.750%, 

8/15/2024

a

52,960

Total

160,642

U.S.

Government

&

Agencies

(3.5%)

U.S.

Treasury

Notes

890,000

0.125%, 

6/30/2022

889,791

Total

889,791

Utilities

(2.6%)

AES

Corporation

30,000

5.125%, 

9/1/2027

31,953

Calpine

Corporation

40,000

4.500%, 

2/15/2028

a

40,966

Dominion

Energy,

Inc.

56,000

4.650%, 

12/15/2024

b,c

56,749

Duke

Energy

Corporation

51,000

4.875%, 

9/16/2024

b,c

53,948

GFL

Environmental,

Inc.

30,000

3.750%, 

8/1/2025

a

29,925

NextEra

Energy

Operating

Partners,

LP

65,000

3.875%, 

10/15/2026

a

67,275

NiSource,

Inc.

77,000

5.650%, 

6/15/2023

b,c

76,422

PG&E

Corporation

30,000

5.250%, 

7/1/2030

29,025

Sempra

Energy

40,000

4.875%, 

10/15/2025

b,c

41,100

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

297

Principal

Amount

Long-Term

Fixed

Income

(52.8%)

Value

Utilities

(2.6%)

-

continued

Southern

Company

$

40,000

4.000%, 

1/15/2051

b

$

40,111

Talen

Energy

Supply,

LLC

30,000

7.625%, 

6/1/2028

a

30,000

TerraForm

Power

Operating,

LLC

35,000

5.000%, 

1/31/2028

a

38,314

TransCanada

Trust

85,000

5.875%, 

8/15/2076

b

90,525

Vistra

Operations

Company,

LLC

50,000

5.000%, 

7/31/2027

a

52,513

Total

678,826

Total

Long-Term

Fixed

Income

(cost

$13,466,356)

13,600,284

Shares

Registered

Investment

Companies

(

31.5%

)

Value

Unaffiliated  (21.7%)

15,000

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

59,850

8,356

AllianceBernstein

Global

High

Income

Fund,

Inc.

87,822

9,650

AllianzGI

NFJ

Dividend

Interest

&

Premium

Strategy

Fund

113,870

6,123

BlackRock

Core

Bond

Trust

95,886

13,660

BlackRock

Corporate

High

Yield

Fund,

Inc.

145,889

7,868

BlackRock

Credit

Allocation

Income

Trust

111,883

15,650

BlackRock

Enhanced

Equity

Dividend

Trust

114,401

8,880

BlackRock

Enhanced

Global

Dividend

Trust

84,982

7,750

BlackRock

Multi-Sector

Income

Trust

122,295

13,376

BlackRock

Resources

&

Commodities

Strategy

Trust

79,587

35,320

BNY

Mellon

High

Yield

Strategies

Fund

95,717

4,218

Brookfield

Real

Assets

Income

Fund,

Inc.

69,681

5,778

Clough

Global

Opportunities

Fund

53,966

8,435

Cohen

&

Steers

Quality

Income

Realty

Fund,

Inc.

93,713

7,410

Eaton

Vance

Limited

Duration

Income

Fund

83,807

8,100

Eaton

Vance

Senior

Floating-Rate

Trust

94,203

6,528

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

48,046

3,495

GSO

Senior

Floating

Rate

Term

Fund

48,091

8,884

Invesco

Dynamic

Credit

Opportunities

Fund

81,822

26,839

Invesco

Senior

Income

Trust

98,231

3,500

Invesco

Variable

Rate

Preferred

ETF

f

86,170

1,200

iShares

International

Select

f

29,916

2,650

iShares

Mortgage

Real

Estate

Capped

ETF

68,264

840

iShares

Residential

Real

Estate

ETF

51,215

29,100

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

1,060,695

Shares

Registered

Investment

Companies

(31.5%)

Value

Unaffiliated  (21.7%)-

continued

7,749

Ivy

High

Income

Opportunities

Fund

$

92,213

500

John

Hancock

Preferred

Income

Fund

III

7,990

22,774

Liberty

All-Star

Equity

Fund

136,872

14,955

Madison

Covered

Call

&

Equity

Strategy

Fund

89,431

9,905

New

America

High

Income

Fund,

Inc.

81,023

14,762

Nuveen

Credit

Strategies

Income

Fund

87,243

6,900

Nuveen

Floating

Rate

Income

Fund

57,339

7,520

Nuveen

Global

High

Income

Fund

101,746

1,000

Nuveen

Quality

Preferred

Income

Fund

II

8,810

10,608

Nuveen

Senior

Income

Fund

51,237

2,633

Nuveen

Short

Duration

Credit

Opportunities

Fund

32,596

8,024

PGIM

Global

High

Yield

Fund,

Inc.

106,318

9,524

PGIM

High

Yield

Bond

Fund,

Inc.

131,526

4,850

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

97,388

4,428

Pioneer

High

Income

Trust

35,247

6,060

Royce

Micro-Cap

Trust,

Inc.

46,480

5,069

Royce

Value

Trust,

Inc.

64,072

5,184

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

540,536

8,030

Templeton

Global

Income

Fund

42,960

3,831

Tri-Continental

Corporation

99,338

4,881

Voya

Asia

Pacific

High

Dividend

Equity

Income

Fund

38,658

15,329

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

75,879

8,850

Voya

Infrastructure

Industrials

and

Materials

Fund

84,163

24,666

Wells

Fargo

Global

Dividend

Opportunity

Fund

104,337

13,864

Wells

Fargo

Income

Opportunities

Fund

101,207

16,867

Western

Asset

High

Income

Fund

II,

Inc.

107,949

14,923

Western

Asset

High

Income

Opportunity

Fund,

Inc.

73,123

Total

5,575,683

Affiliated  (9.8%)

257,148

Thrivent

Core

Emerging

Markets

Debt

Fund

2,525,193

Total

2,525,193

Total

Registered

Investment

Companies

(cost

$8,512,858)

8,100,876

Shares

Common

Stock

(

5.7%

)

Value

Communications

Services

(0.1%)

4

Charter

Communications,

Inc.

g

2,497

467

Twitter,

Inc.

g

20,782

Total

23,279

Consumer

Discretionary

(0.2%)

7

Booking

Holdings,

Inc.

g

11,975

21

Burlington

Stores,

Inc.

g

4,328

497

Callaway

Golf

Company

9,513

213

Dick's

Sporting

Goods,

Inc.

12,328

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

298

Shares

Common

Stock

(5.7%)

Value

Consumer

Discretionary

(0.2%)

-

continued

30

Penn

National

Gaming,

Inc.

g

$

2,181

Total

40,325

Consumer

Staples

(0.1%)

325

Bunge,

Ltd.

14,852

Total

14,852

Energy

(1.1%)

37

Cheniere

Energy,

Inc.

g

1,712

2,070

Enbridge,

Inc.

60,444

3,300

Enterprise

Products

Partners,

LP

52,107

671

EQT

Corporation

8,676

4,100

Kinder

Morgan,

Inc.

50,553

3,700

MPLX,

LP

58,238

111

PDC

Energy,

Inc.

g

1,376

28

Pioneer

Natural

Resources

Company

2,408

3,000

Williams

Companies,

Inc.

58,950

Total

294,464

Financials

(2.2%)

5,636

AG

Mortgage

Investment

Trust,

Inc.

15,555

9,358

Annaly

Capital

Management,

Inc.

66,629

1

Ares

Capital

Corporation

14

105

Blackstone

Mortgage

Trust,

Inc.

2,307

6,100

FS

KKR

Capital

Corporation

96,746

6,600

FS

KKR

Capital

Corporation

II

97,086

8,100

Golub

Capital

BDC,

Inc.

107,244

5,511

Granite

Point

Mortgage

Trust,

Inc.

39,073

234

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

9,891

5,700

Sixth

Street

Specialty

Lending,

Inc.

98,097

7,047

Two

Harbors

Investment

Corporation

35,869

Total

568,511

Health

Care

(0.3%)

22

Anthem,

Inc.

5,909

371

Danaher

Corporation

79,887

8

Illumina,

Inc.

g

2,473

Total

88,269

Industrials

(0.2%)

28

Aerojet

Rocketdyne

Holdings,

Inc.

g

1,117

146

Fortive

Corporation

11,127

287

Greenbrier

Companies,

Inc.

8,438

200

Meritor,

Inc.

g

4,188

349

Patrick

Industries,

Inc.

20,074

144

Southwest

Airlines

Company

5,400

73

Stanley

Black

&

Decker,

Inc.

11,840

60

Tutor

Perini

Corporation

g

668

Total

62,852

Information

Technology

(1.0%)

1,073

Advanced

Micro

Devices,

Inc.

g

87,975

34

Akamai

Technologies,

Inc.

g

3,758

130

Broadcom,

Ltd.

47,362

249

II-VI,

Inc.

g

10,099

104

Lumentum

Holdings,

Inc.

g

7,814

158

Microchip

Technology,

Inc.

16,236

830

Micron

Technology,

Inc.

g

38,977

30

Motorola

Solutions,

Inc.

4,704

265

Nuance

Communications,

Inc.

g

8,795

230

ON

Semiconductor

Corporation

g

4,989

1,025

Sabre

Corporation

6,673

Shares

Common

Stock

(5.7%)

Value

Information

Technology

(1.0%)

-

continued

27

ServiceNow,

Inc.

g

$

13,095

87

Teradyne,

Inc.

6,913

Total

257,390

Real

Estate

(0.5%)

5,144

AGNC

Investment

Corporation

71,553

70

iSTAR

Financial,

Inc.

827

246

Lexington

Realty

Trust

2,571

5,694

New

Residential

Investment

Corporation

45,267

Total

120,218

Total

Common

Stock

(cost

$1,715,618)

1,470,160

Shares

Preferred

Stock

(

5.2%

)

Value

Communications

Services

(0.7%)

5,050

AT&T,

Inc.,

4.750%

c,f

128,775

1,450

AT&T,

Inc.,

5.000%

c

38,729

Total

167,504

Consumer

Discretionary

(<0.1%)

32

International

Flavors

&

Fragrances,

Inc.,

Convertible,

6.000%

1,418

Total

1,418

Consumer

Staples

(0.2%)

2,000

CHS,

Inc.,

6.750%

b,c

52,500

Total

52,500

Energy

(0.4%)

10,535

Crestwood

Equity

Partners,

LP,

9.250%

c

62,051

525

Energy

Transfer

Operating,

LP,

7.600%

b,c

9,141

1,415

Nustar

Logistics,

LP,

7.009%

b

27,083

Total

98,275

Financials

(2.8%)

1,050

Aegon

Funding

Corporation

II,

5.100%

26,743

1,500

Allstate

Corporation,

5.100%

c

40,170

1,000

Bank

of

America

Corporation,

5.000%

c

26,240

1,089

Bank

of

America

Corporation,

5.375%

c

29,261

11

Bank

of

America

Corporation,

Convertible,

7.250%

c

16,368

2,050

Capital

One

Financial

Corporation,

5.000%

c

51,414

2,000

Citigroup

Capital

XIII,

6.638%

b

53,960

2,400

Equitable

Holdings,

Inc.,

5.250%

c

61,272

65

First

Horizon

Bank,

3.750%

a,b,c

48,750

1,300

GMAC

Capital

Trust

I,

6.065%

b

32,461

1,450

J.P.

Morgan

Chase

&

Company,

4.750%

c

38,367

1,700

J.P.

Morgan

Chase

&

Company,

5.750%

c

46,427

1,700

Legg

Mason,

Inc.,

5.450%

43,350

2,000

Morgan

Stanley,

5.850%

b,c

54,720

250

Synovus

Financial

Corporation,

5.875%

b,c

6,433

2,500

Truist

Financial

Corporation,

4.750%

c,g

64,875

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

299

Shares

Preferred

Stock

(5.2%)

Value

Financials

(2.8%)

-

continued

52

Wells

Fargo

&

Company,

Convertible,

7.500%

c

$

69,787

Total

710,598

Health

Care

(<0.1%)

8

Danaher

Corporation,

Convertible,

5.000%

10,220

Total

10,220

Industrials

(0.1%)

11

Fortive

Corporation,

Convertible,

5.000%

10,300

230

Stanley

Black

&

Decker,

Inc.,

Convertible,

5.250%

23,207

Total

33,507

Real

Estate

(0.5%)

3,775

Public

Storage,

4.125%

c,g

97,886

800

Public

Storage,

4.625%

c

21,536

200

Public

Storage,

4.700%

c

5,426

325

Public

Storage,

4.875%

c

8,788

Total

133,636

Utilities

(0.5%)

266

NextEra

Energy,

Inc.,

Convertible,

4.872%

14,406

3,200

Southern

Company,

4.950%

84,352

355

Southern

Company,

Convertible,

6.750%

16,522

Total

115,280

Total

Preferred

Stock

(cost

$1,359,495)

1,322,938

Shares

Collateral

Held

for

Securities

Loaned

(

0.9%

)

Value

237,810

Thrivent

Cash

Management

Trust

237,810

Total

Collateral

Held

for

Securities

Loaned

(cost

$237,810)

237,810

Shares

Short-Term

Investments

(

4.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

108,217

0.310%

1,082,171

Total

Short-Term

Investments

(cost

$1,082,362)

1,082,171

Total

Investments

(cost

$26,374,499)

100.3%

$25,814,239

Other

Assets

and

Liabilities,

Net

(0.3%)

(66,858)

Total

Net

Assets

100.0%

$25,747,381

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$5,631,214

or

21.9%

of

total

net

assets.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

date.

d

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

e

In

bankruptcy.  Interest

is

not

being

accrued.

f

All

or

a

portion

of

the

security

is

on

loan.

g

Non-income

producing

security.

*

Denotes

restricted

securities.

Restricted

securities

are

investment

securities

which

cannot

be

offered

for

public

sale

without

first

being

registered

under

the

Securities

Act

of

1933.

The

value

of

all

restricted

securities

held

in

Multidimensional

Income

Portfolio

as

of

September

30,

2020

was

$18,000

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

September

30,

2020.

Security

Acquisition

Date

Cost

Windstream

Services,

LLC,

10/31/2025

2/3/2020

$

29,317

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

Multidimensional

Income

Portfolio

as

of

September

30,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

18,018

Common

Stock

213,219

Total

lending

$231,237

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$237,810

Net

amounts

due

to

counterparty

$6,573

Definitions:

ETF

-

Exchange

Traded

Fund

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

300

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Multidimensional

Income

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Long-Term

Fixed

Income

Basic

Materials

446,135

–

446,135

–

Capital

Goods

734,170

–

734,170

–

Collateralized

Mortgage

Obligations

97,136

–

97,136

–

Communications

Services

1,728,805

–

1,728,805

–

Consumer

Cyclical

1,554,406

–

1,554,406

–

Consumer

Non-Cyclical

1,329,241

–

1,329,241

–

Energy

1,357,749

–

1,357,749

–

Financials

3,963,227

–

3,963,227

–

Technology

660,156

–

660,156

–

Transportation

160,642

–

160,642

–

U.S.

Government

&

Agencies

889,791

–

889,791

–

Utilities

678,826

–

678,826

–

Registered

Investment

Companies

Unaffiliated

5,575,683

5,575,683

–

–

Common

Stock

Communications

Services

23,279

23,279

–

–

Consumer

Discretionary

40,325

40,325

–

–

Consumer

Staples

14,852

14,852

–

–

Energy

294,464

294,464

–

–

Financials

568,511

568,511

–

–

Health

Care

88,269

88,269

–

–

Industrials

62,852

62,852

–

–

Information

Technology

257,390

257,390

–

–

Real

Estate

120,218

120,218

–

–

Preferred

Stock

Communications

Services

167,504

167,504

–

–

Consumer

Discretionary

1,418

1,418

–

–

Consumer

Staples

52,500

52,500

–

–

Energy

98,275

98,275

–

–

Financials

710,598

661,848

48,750

–

Health

Care

10,220

10,220

–

–

Industrials

33,507

33,507

–

–

Real

Estate

133,636

133,636

–

–

Utilities

115,280

115,280

–

–

Subtotal

Investments

in

Securities

$21,969,065

$8,320,031

$13,649,034

$–

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

2,525,193

Affiliated

Short-Term

Investments

1,082,171

Collateral

Held

for

Securities

Loaned

237,810

Subtotal

Other

Investments

$3,845,174

Total

Investments

at

Value

$25,814,239

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

Multidimensional

Income

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

301

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Multidimensional

Income

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$2,616

$290

$300

$2,525

257

9.8%

Total

Affiliated

Registered

Investment

Companies

2,616

2,525

9.8

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

1,088

13,289

13,294

1,082

108

4.2

Total

Affiliated

Short-Term

Investments

1,088

1,082

4.2

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

160

6,129

6,051

238

238

0.9

Total

Collateral

Held

for

Securities

Loaned

160

238

0.9

Total

Value

$3,864

$3,845

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$(52)

$(29)

–

$84

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

(1)

0

–

5

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$89

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

2

Total

Affiliated

Income

from

Securities

Loaned,

Net

$2

Total

Value

$(53)

$(29)

$–

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

302

Principal

Amount

Bank

Loans

(

27.2%

)

a

Value

Basic

Materials

(1.3%)

Ball

Metalpack

Finco,

LLC,

Term

Loan

$

83,087

4.756%, 

(LIBOR

3M

+

4.500%),

7/31/2025

b

$

79,681

Chemours

Company,

Term

Loan

366,460

1.900%, 

(LIBOR

1M

+

1.750%),

4/3/2025

b

352,718

Hexion,

Inc.,

Term

Loan

308,438

3.800%, 

(LIBOR

3M

+

3.500%),

7/1/2026

b

303,041

Innophos

Holdings,

Inc.,

Term

Loan

308,450

3.897%, 

(LIBOR

1M

+

3.750%),

2/7/2027

b,c

305,365

Momentive

Performance

Materials

USA,

LLC,

Term

Loan

289,338

3.410%, 

(LIBOR

1M

+

3.250%),

5/15/2024

b

276,500

Nouryon

USA,

LLC,

Term

Loan

615,682

3.151%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

595,235

Peabody

Energy

Corporation,

Term

Loan

385,125

2.897%, 

(LIBOR

1M

+

2.750%),

3/31/2025

b

149,236

Pixelle

Specialty

Solutions,

LLC,

Term

Loan

604,579

7.500%, 

(LIBOR

1M

+

6.500%),

10/31/2024

b

601,556

PQ

Corporation,

Term

Loan

334,163

4.000%, 

(LIBOR

3M

+

3.000%),

2/7/2027

b

332,157

Total

2,995,489

Capital

Goods

(3.1%)

Advanced

Disposal

Services,

Inc.,

Term

Loan

550,775

3.000%, 

(LIBOR

1W

+

2.250%),

11/10/2023

b

549,398

Asplundh

Tree

Expert,

LLC,

Term

Loan

210,000

0.000%, 

(LIBOR

1M

+

2.500%),

9/4/2027

b,d,e

209,607

Flex

Acquisition

Company,

Inc.

Term

Loan

613,770

3.546%, 

(LIBOR

3M

+

3.250%),

6/29/2025

b

594,590

GFL

Environmental,

Inc.,

Term

Loan

955,710

4.000%, 

(LIBOR

3M

+

3.000%),

5/31/2025

b

950,454

Graham

Packaging

Company,

Inc.,

Term

Loan

300,000

4.500%, 

(LIBOR

1M

+

3.750%),

8/4/2027

b

297,876

Mauser

Packaging

Solutions

Holding

Company,

Term

Loan

434,552

3.523%, 

(LIBOR

3M

+

3.250%),

4/3/2024

b

407,123

Natgasoline,

LLC,

Term

Loan

368,438

3.813%, 

(LIBOR

3M

+

3.500%),

11/14/2025

b,c

350,016

Navistar,

Inc.,

Term

Loan

624,000

3.660%, 

(LIBOR

1M

+

3.500%),

11/6/2024

b

617,760

Principal

Amount

Bank

Loans

(27.2%)

a

Value

Capital

Goods

(3.1%)

-

continued

Reynolds

Group

Holdings,

Inc.,

Term

Loan

$

886,519

3.979%, 

(LIBOR

1M

+

2.750%),

2/5/2023

b

$

874,666

210,000

0.000%, 

(LIBOR

1M

+

3.250%),

2/16/2026

b,d,e

206,010

TransDigm,

Inc.,

Term

Loan

1,091,750

2.397%, 

(LIBOR

1M

+

2.250%),

12/9/2025

b

1,030,339

Vertiv

Group

Corporation,

Term

Loan

1,034,800

3.157%, 

(LIBOR

1M

+

3.000%),

3/2/2027

b

1,017,208

Total

7,105,047

Communications

Services

(7.4%)

Altice

France

SA,

Term

Loan

256,388

2.897%, 

(LIBOR

1M

+

2.750%),

7/31/2025

b

244,194

CenturyLink,

Inc.,

Term

Loan

1,104,293

2.397%, 

(LIBOR

1M

+

2.250%),

3/15/2027

b

1,059,139

Charter

Communications

Operating,

LLC,

Term

Loan

1,374,401

1.900%, 

(LIBOR

1M

+

1.750%),

4/30/2025

b

1,348,466

CommScope,

Inc.,

Term

Loan

782,100

3.397%, 

(LIBOR

1M

+

3.250%),

4/4/2026

b

760,733

Coral-US

Co-Borrower,

LLC,

Term

Loan

1,280,000

2.397%, 

(LIBOR

1M

+

2.250%),

1/31/2028

b

1,236,506

CSC

Holdings,

LLC,

Term

Loan

469,237

2.402%, 

(LIBOR

1M

+

2.250%),

7/17/2025

b

453,147

1,149,225

2.652%, 

(LIBOR

1M

+

2.500%),

4/15/2027

b

1,112,116

Diamond

Sports

Group,

LLC,

Term

Loan

921,471

3.400%, 

(LIBOR

1M

+

3.250%),

8/24/2026

b

711,072

Entercom

Media

Corporation,

Term

Loan

462,291

2.645%, 

(LIBOR

1M

+

2.500%),

11/17/2024

b

433,976

GCI,

LLC,

Term

Loan

760,000

0.000%, 

(LIBOR

1M

+

2.750%),

9/24/2025

b,c,d,e

754,300

Gray

Television,

Inc.,

Term

Loan

280,000

2.405%, 

(LIBOR

1M

+

2.250%),

2/7/2024

b

273,650

HCP

Acquisition,

LLC,

Term

Loan

612,321

4.000%, 

(LIBOR

1M

+

3.000%),

5/16/2024

b

607,857

iHeartCommunications,

Inc.,

Term

Loan

358,195

3.147%, 

(LIBOR

1M

+

3.000%),

5/1/2026

b

339,111

Mediacom

Illinois,

LLC,

Term

Loan

129,022

1.860%, 

(LIBOR

1W

+

1.750%),

2/15/2024

b

127,731

NEP

Group,

Inc.,

Term

Loan

614,125

3.397%, 

(LIBOR

1M

+

3.250%),

10/20/2025

b

526,458

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

303

Principal

Amount

Bank

Loans

(27.2%)

a

Value

Communications

Services

(7.4%)

-

continued

Nexstar

Broadcasting,

Inc.,

Term

Loan

$

770,000

2.905%, 

(LIBOR

1M

+

2.750%),

9/19/2026

b

$

752,036

Nielsen

Finance,

LLC,

Term

Loan

249,375

4.750%, 

(LIBOR

1M

+

3.750%),

6/4/2025

b

248,876

Radiate

Holdco,

LLC,

Term

Loan

1,140,000

0.000%, 

(LIBOR

1M

+

3.500%),

9/11/2026

b,d,e

1,118,625

SBA

Senior

Finance

II,

LLC,

Term

Loan

549,731

1.900%, 

(LIBOR

1M

+

1.750%),

4/11/2025

b

534,801

Terrier

Media

Buyer,

Inc.,

Term

Loan

372,188

4.397%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

362,484

199,500

4.397%, 

(LIBOR

1M

+

4.250%),

12/17/2026

b

193,764

T-Mobile

USA,

Inc.,

Term

Loan

768,075

3.147%, 

(LIBOR

1M

+

3.000%),

4/1/2027

b

766,907

TNS,

Inc.,

Term

Loan

464,656

4.150%, 

(LIBOR

1M

+

4.000%),

8/14/2022

b

460,591

Virgin

Media

Bristol,

LLC,

Term

Loan

1,010,000

2.652%, 

(LIBOR

1M

+

2.500%),

1/31/2028

b

978,862

WideOpenWest

Finance,

LLC,

Term

Loan

589,623

4.250%, 

(LIBOR

1M

+

3.250%),

8/19/2023

b

579,764

Windstream

Services,

LLC,

Term

Loan

183,591

0.000%, 

(PRIME

+

5.000%),

3/30/2021

b,f

110,522

Xplornet

Communications,

Inc.,

Term

Loan

394,013

4.897%, 

(LIBOR

1M

+

4.750%),

6/11/2027

b

385,888

Ziggo

Financing

Partnership,

Term

Loan

680,000

2.652%, 

(LIBOR

1M

+

2.500%),

4/30/2028

b

653,269

Total

17,134,845

Consumer

Cyclical

(3.5%)

1011778

B.C.,

LLC,

Term

Loan

1,086,788

1.897%, 

(LIBOR

1M

+

1.750%),

11/19/2026

b

1,040,143

Caesars

Resort

Collection,

LLC,

Term

Loan

640,000

0.000%, 

(LIBOR

1M

+

4.500%),

7/20/2025

b,d,e

618,490

Cengage

Learning,

Inc.,

Term

Loan

316,932

5.250%, 

(LIBOR

3M

+

4.250%),

6/7/2023

b

264,185

Four

Seasons

Hotels,

Ltd.,

Term

Loan

481,250

2.147%, 

(LIBOR

1M

+

2.000%),

11/30/2023

b

467,414

Principal

Amount

Bank

Loans

(27.2%)

a

Value

Consumer

Cyclical

(3.5%)

-

continued

Golden

Entertainment,

Inc.,

Term

Loan

$

825,075

3.750%, 

(LIBOR

1M

+

3.000%),

10/20/2024

b

$

788,978

Golden

Nugget,

LLC,

Term

Loan

472,867

3.250%, 

(LIBOR

2M

+

2.500%),

10/4/2023

b

420,350

LCPR

Loan

Financing,

LLC,

Term

Loan

965,000

5.152%, 

(LIBOR

1M

+

5.000%),

10/15/2026

b

962,993

Michaels

Stores,

Inc.,

Term

Loan

460,000

0.000%, 

(LIBOR

1M

+

3.500%),

9/17/2027

b,c,d,e

448,500

Scientific

Games

International,

Inc.,

Term

Loan

1,556,267

3.471%, 

(LIBOR

1M

+

2.750%),

8/14/2024

b

1,460,728

Staples,

Inc.,

Term

Loan

169,421

4.751%, 

(LIBOR

3M

+

4.500%),

9/12/2024

b

158,973

383,585

5.251%, 

(LIBOR

3M

+

5.000%),

4/12/2026

b

355,894

Stars

Group

Holdings

BV,

Term

Loan

453,531

3.720%, 

(LIBOR

3M

+

3.500%),

7/10/2025

b

451,989

Tenneco,

Inc.,

Term

Loan

289,837

3.147%, 

(LIBOR

1M

+

3.000%),

10/1/2025

b

260,674

Wyndham

Hotels

&

Resorts,

Inc.,

Term

Loan

333,200

1.897%, 

(LIBOR

1M

+

1.750%),

5/30/2025

b

320,808

Total

8,020,119

Consumer

Non-Cyclical

(4.9%)

Aramark

Services,

Inc.,

Term

Loan

255,000

1.897%, 

(LIBOR

1M

+

1.750%),

3/11/2025

b

243,334

Bausch

Health

Americas,

Inc.,

Term

Loan

952,632

3.151%, 

(LIBOR

1M

+

3.000%),

6/1/2025

b

932,589

Bellring

Brands,

LLC,

Term

Loan

180,316

6.000%, 

(LIBOR

1M

+

5.000%),

10/21/2024

b

180,392

Change

Healthcare

Holdings,

LLC,

Term

Loan

365,142

3.500%, 

(LIBOR

1M

+

2.500%),

3/1/2024

b

356,985

Chobani,

LLC,

Term

Loan

457,870

4.500%, 

(LIBOR

1M

+

3.500%),

10/10/2023

b

452,147

Dole

Food

Company,

Inc.,

Term

Loan

613,344

3.750%, 

(LIBOR

1M

+

2.750%),

4/6/2024

b,d,e

603,506

Elanco

Animal

Health,

Inc.,

Term

Loan

249,035

1.905%, 

(LIBOR

1M

+

1.750%),

8/1/2027

b

241,771

Endo

International

plc,

Term

Loan

489,003

5.000%, 

(LIBOR

3M

+

4.250%),

4/27/2024

b

464,552

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

304

Principal

Amount

Bank

Loans

(27.2%)

a

Value

Consumer

Non-Cyclical

(4.9%)

-

continued

Energizer

Holdings,

Inc.,

Term

Loan

$

90,915

2.438%, 

(LIBOR

1M

+

2.250%),

12/17/2025

b

$

89,324

Froneri

U.S.,

Inc.,

Term

Loan

220,000

0.000%, 

(LIBOR

1M

+

2.250%),

1/31/2027

b,d,e

210,965

Global

Medical

Response,

Inc.,

Term

Loan

1,360,125

4.250%, 

(LIBOR

3M

+

3.250%),

4/28/2022

b

1,355,242

165,325

5.250%, 

(LIBOR

3M

+

4.250%),

3/14/2025

b

159,815

1,450,000

0.000%, 

(LIBOR

1M

+

4.750%),

9/24/2025

b,d,e

1,416,012

Grifols

Worldwide

Operations

USA,

Inc.,

Term

Loan

421,813

2.100%, 

(LIBOR

1W

+

2.000%),

11/15/2027

b

412,587

IQVIA,

Inc.,

Term

Loan

174,103

1.897%, 

(LIBOR

1M

+

1.750%),

1/1/2025

b

171,528

JBS

USA

LUX

SA,

Term

Loan

747,412

2.147%, 

(LIBOR

1M

+

2.000%),

5/1/2026

b

726,111

MPH

Acquisition

Holdings,

LLC,

Term

Loan

1,241,682

3.750%, 

(LIBOR

3M

+

2.750%),

6/7/2023

b

1,220,400

Ortho-Clinical

Diagnostics

SA,

Term

Loan

1,143,402

3.406%, 

(LIBOR

1M

+

3.250%),

6/30/2025

b

1,092,520

Plantronics,

Inc.,

Term

Loan

366,185

2.647%, 

(LIBOR

1M

+

2.500%),

7/2/2025

b

343,144

R.R.

Donnelley

&

Sons

Company,

Term

Loan

78,995

5.147%, 

(LIBOR

1M

+

5.000%),

1/15/2024

b

75,243

Sotera

Health

Holdings,

LLC,

Term

Loan

398,000

5.500%, 

(LIBOR

3M

+

4.500%),

12/13/2026

b

396,010

US

Foods,

Inc.,

Term

Loan

248,701

1.897%, 

(LIBOR

1M

+

1.750%),

6/27/2023

b

238,753

Total

11,382,930

Energy

(0.8%)

BCP

Raptor

II,

LLC,

Term

Loan

153,062

4.897%, 

(LIBOR

1M

+

4.750%),

11/3/2025

b

106,634

Buckeye

Partners,

LP,

Term

Loan

522,375

2.897%, 

(LIBOR

1M

+

2.750%),

11/1/2026

b,d,e

511,928

Calpine

Corporation,

Term

Loan

479,808

2.400%, 

(LIBOR

1M

+

2.250%),

1/15/2024

b

466,273

CONSOL

Energy,

Inc.,

Term

Loan

369,375

4.650%, 

(LIBOR

1M

+

4.500%),

9/28/2024

b

294,577

Illuminate

Buyer,

LLC,

Term

Loan

345,000

4.147%, 

(LIBOR

1M

+

4.000%),

6/30/2027

b

341,767

Principal

Amount

Bank

Loans

(27.2%)

a

Value

Energy

(0.8%)

-

continued

Lealand

Finance

Company

BV,

Term

Loan

$

129,876

0.000%, 

(LIBOR

1M

+

4.000%),

6/30/2025

b

$

96,974

Total

1,818,153

Financials

(2.3%)

Avolon

TLB

Borrower

1

US,

LLC,

Term

Loan

347,238

2.500%, 

(LIBOR

1M

+

1.750%),

1/15/2025

b

337,060

Blackstone

CQP

Holdco,

LP,

Term

Loan

306,125

3.725%, 

(LIBOR

3M

+

3.500%),

9/30/2024

b

299,161

BPR

Nimbus,

LLC,

Term

Loan

578,623

2.647%, 

(LIBOR

1M

+

2.500%),

8/24/2025

b

467,446

Delos

Finance

SARL,

Term

Loan

310,000

1.970%, 

(LIBOR

3M

+

1.750%),

10/6/2023

b

302,405

INEOS

U.S.

Finance,

LLC,

Term

Loan

248,721

2.147%, 

(LIBOR

1M

+

2.000%),

3/31/2024

b

241,190

Level

3

Financing,

Inc.,

Term

Loan

635,000

1.897%, 

(LIBOR

1M

+

1.750%),

3/1/2027

b

614,559

MoneyGram

International,

Inc.,

Term

Loan

344,459

7.000%, 

(LIBOR

3M

+

6.000%),

6/30/2023

b

335,417

NCR

Corporation,

Term

Loan

524,700

2.650%, 

(LIBOR

1M

+

2.500%),

8/28/2026

b

510,706

Newco

Financing

Partnership,

Term

Loan

517,500

0.000%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

501,457

Northriver

Midstream

Finance,

LP,

Term

Loan

509,798

3.546%, 

(LIBOR

3M

+

3.250%),

10/1/2025

b

491,873

Tronox

Finance,

LLC,

Term

Loan

649,276

3.177%, 

(LIBOR

3M

+

3.000%),

9/22/2024

b

638,148

UPC

Financing

Partnership,

Term

Loan

517,500

0.000%, 

(LIBOR

1M

+

3.500%),

1/31/2029

b,d,e

501,458

Vericast

Corporation,

Term

Loan

157,380

5.750%, 

(LIBOR

3M

+

4.750%),

11/3/2023

b,d,e

128,246

Total

5,369,126

Technology

(2.4%)

Clear

Channel

Outdoor

Holdings,

Inc.,

Term

Loan

1,104,195

3.761%, 

(LIBOR

3M

+

3.500%),

8/21/2026

b,d,e

1,002,333

Prime

Security

Services

Borrower,

LLC,

Term

Loan

1,445,400

4.250%, 

(LIBOR

1M

+

3.250%),

9/23/2026

b

1,430,686

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

305

Principal

Amount

Bank

Loans

(27.2%)

a

Value

Technology

(2.4%)

-

continued

Rackspace

Technology

Global,

Inc.,

Term

Loan

$

1,280,313

4.000%, 

(LIBOR

3M

+

3.000%),

11/3/2023

b

$

1,254,554

SS&C

Technologies,

Inc.,

Term

Loan

567,238

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

548,332

399,683

1.897%, 

(LIBOR

1M

+

1.750%),

4/16/2025

b

386,361

Zayo

Group

Holdings,

Inc.,

Term

Loan

980,075

3.147%, 

(LIBOR

1M

+

3.000%),

3/9/2027

b

949,800

Total

5,572,066

Transportation

(0.8%)

Delta

Air

Lines,

Inc.,

Term

Loan

219,450

5.750%, 

(LIBOR

3M

+

4.750%),

4/29/2023

b

218,901

Genesee

&

Wyoming,

Inc.,

Term

Loan

616,900

2.220%, 

(LIBOR

3M

+

2.000%),

12/30/2026

b

606,203

Mileage

Plus

Holdings,

LLC,

Term

Loan

335,000

6.250%, 

(LIBOR

3M

+

5.250%),

6/20/2027

b

340,213

SkyMiles

IP,

Ltd.,

Term

Loan

250,000

0.000%, 

(LIBOR

1M

+

3.750%),

10/20/2027

b,d,e

251,652

United

Airlines,

Inc.,

Term

Loan

461,414

1.895%, 

(LIBOR

1M

+

1.750%),

4/1/2024

b

434,112

Total

1,851,081

Utilities

(0.7%)

Advanced

Drainage

Systems,

Inc.,

Term

Loan

130,605

2.438%, 

(LIBOR

1M

+

2.250%),

9/24/2026

b

130,170

Core

and

Main,

LP,

Term

Loan

408,450

3.750%, 

(LIBOR

3M

+

2.750%),

8/1/2024

b

399,387

EnergySolutions,

LLC,

Term

Loan

288,363

4.750%, 

(LIBOR

3M

+

3.750%),

5/11/2025

b

274,665

Pacific

Gas

&

Electric

Company,

Term

Loan

768,075

5.500%, 

(LIBOR

1M

+

4.500%),

1/1/2022

b

751,431

Total

1,555,653

Total

Bank

Loans

(cost

$64,545,195)

62,804,509

Principal

Amount

Long-Term

Fixed

Income

(

52.2%

)

Value

Asset-Backed

Securities

(4.6%)

522

Funding

CLO,

Ltd.

350,000

4.098%, 

(LIBOR

3M

+

3.850%),

10/23/2033,

Ser.

2020-6A,

Class

D

b,e,g

350,000

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Asset-Backed

Securities

(4.6%)

-

continued

Apidos

CLO

XXIV

$

460,000

1.722%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2016-24A,

Class

A1BR

b,g

$

453,372

Assurant

CLO

III,

Ltd.

450,000

1.502%, 

(LIBOR

3M

+

1.230%),

10/20/2031,

Ser.

2018-3A,

Class

A

b,g

443,176

Babson

CLO,

Ltd.

300,000

3.172%, 

(LIBOR

3M

+

2.900%),

7/20/2029,

Ser.

2018-3A,

Class

D

b,g

267,924

Benefit

Street

Partners

CLO

IV,

Ltd.

250,000

2.022%, 

(LIBOR

3M

+

1.750%),

1/20/2029,

Ser.

2014-IVA,

Class

A2RR

b,g

248,836

Business

Jet

Securities,

LLC

251,597

4.447%, 

6/15/2033,

Ser.

2018-2,

Class

A

g

251,551

Cent

CLO,

LP

875,000

2.545%, 

(LIBOR

3M

+

2.300%),

10/25/2028,

Ser.

2018-27A,

Class

B

b,g

855,473

College

Ave

Student

Loans,

LLC

161,804

1.798%, 

(LIBOR

1M

+

1.650%),

11/26/2046,

Ser.

2017-A,

Class

A1

b,g

162,299

Education

Funding

Trust

597,015

2.790%, 

7/25/2041,

Ser.

2020-A,

Class

A

g

603,333

Foundation

Finance

Trust

103,959

3.300%, 

7/15/2033,

Ser.

2017-1A,

Class

A

g

105,710

Freedom

ABS

Trust

309,065

2.520%, 

3/18/2027,

Ser.

2020-FP1,

Class

A

g

309,184

Harley

Marine

Financing,

LLC

254,230

5.682%, 

5/15/2043,

Ser.

2018-1A,

Class

A2

g

227,908

Madison

Park

Funding

XIV,

Ltd.

425,000

1.658%, 

(LIBOR

3M

+

1.400%),

10/22/2030,

Ser.

2014-14A,

Class

A2RR

b,g

416,075

Myers

Park

CLO,

Ltd.

425,000

1.672%, 

(LIBOR

3M

+

1.400%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,g

421,207

OHA

Credit

Funding

1,

Ltd.

360,000

1.722%, 

(LIBOR

3M

+

1.450%),

10/20/2030,

Ser.

2018-1A,

Class

A2

b,g

356,379

OZLM

Funding

II,

Ltd.

710,000

1.768%, 

(LIBOR

3M

+

1.500%),

7/30/2031,

Ser.

2012-2A,

Class

A1BR

b,g

698,239

OZLM

IX,

Ltd.

550,000

1.822%, 

(LIBOR

3M

+

1.550%),

10/20/2031,

Ser.

2014-9A,

Class

A1BR

b,g

545,216

Palmer

Square

Loan

Funding,

Ltd.

250,000

2.522%, 

(LIBOR

3M

+

2.250%),

4/20/2027,

Ser.

2019-1A,

Class

B

b,g

250,011

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

306

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Asset-Backed

Securities

(4.6%)

-

continued

Park

Avenue

Institutional

Advisers

CLO,

Ltd.

$

700,000

1.772%, 

(LIBOR

3M

+

1.500%),

10/20/2031,

Ser.

2018-1A,

Class

A1B

b,g

$

693,398

Pretium

Mortgage

Credit

Partners,

LLC

726,604

3.721%, 

1/25/2059,

Ser.

2019-CFL1,

Class

A1

g,h

725,148

Riserva

CLO,

Ltd.

375,000

1.972%, 

(LIBOR

3M

+

1.700%),

10/18/2028,

Ser.

2016-3A,

Class

BR

b,g

371,762

Saxon

Asset

Securities

Trust

51,602

3.639%, 

8/25/2035,

Ser.

2004-2,

Class

MF2

b

52,119

Sound

Point

CLO

X,

Ltd.

375,000

2.972%, 

(LIBOR

3M

+

2.700%),

1/20/2028,

Ser.

2015-3A,

Class

DR

b,g

358,612

Sound

Point

CLO

XXI,

Ltd.

700,000

1.695%, 

(LIBOR

3M

+

1.450%),

10/26/2031,

Ser.

2018-3A,

Class

A1B

b,g

673,233

THL

Credit

Wind

River

CLO,

Ltd.

325,000

3.125%, 

(LIBOR

3M

+

2.850%),

7/15/2028,

Ser.

2016-1A,

Class

DR

b,g

306,178

Vericrest

Opportunity

Loan

Transferee

530,609

3.352%, 

9/25/2049,

Ser.

2019-NPL5,

Class

A1A

g,h

531,213

Total

10,677,556

Basic

Materials

(0.8%)

Air

Products

and

Chemicals,

Inc.

23,000

1.500%, 

10/15/2025

23,854

Alcoa

Nederland

Holding

BV

110,000

5.500%, 

12/15/2027

g

114,642

BWAY

Holding

Company

100,000

5.500%, 

4/15/2024

g

100,354

Cleveland-Cliffs,

Inc.

70,000

5.750%, 

3/1/2025

65,100

60,000

9.875%, 

10/17/2025

g

66,975

EI

du

Pont

de

Nemours

&

Company

41,000

1.700%, 

7/15/2025

42,516

First

Quantum

Minerals,

Ltd.

120,000

7.500%, 

4/1/2025

g

118,693

Freeport-McMoRan,

Inc.

95,000

4.125%, 

3/1/2028

96,187

100,000

4.250%, 

3/1/2030

102,500

Kinross

Gold

Corporation

38,000

5.125%, 

9/1/2021

39,100

Krayton

Polymers,

LLC

110,000

7.000%, 

4/15/2025

g

112,200

Methanex

Corporation

140,000

5.250%, 

12/15/2029

138,425

Mosaic

Company

19,000

3.250%, 

11/15/2022

19,856

Norbord,

Inc.

165,000

5.750%, 

7/15/2027

g

174,289

Novelis

Corporation

170,000

5.875%, 

9/30/2026

g

174,675

40,000

4.750%, 

1/30/2030

g

39,039

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Basic

Materials

(0.8%)

-

continued

Nucor

Corporation

$

20,000

2.000%, 

6/1/2025

$

20,885

Olin

Corporation

150,000

5.125%, 

9/15/2027

148,500

Peabody

Securities

Finance

Corporation

130,000

6.375%, 

3/31/2025

g

52,000

Steel

Dynamics,

Inc.

25,000

2.400%, 

6/15/2025

26,079

Syngenta

Finance

NV

75,000

3.933%, 

4/23/2021

g

75,967

Tronox

Finance

plc

130,000

5.750%, 

10/1/2025

g

128,050

Xstrata

Finance

Canada,

Ltd.

57,000

4.950%, 

11/15/2021

g

59,502

Total

1,939,388

Capital

Goods

(1.6%)

AECOM

260,000

5.125%, 

3/15/2027

280,831

Amsted

Industries,

Inc.

150,000

5.625%, 

7/1/2027

g

159,573

Ardagh

Packaging

Finance

plc

60,000

6.000%, 

2/15/2025

g

62,298

110,000

5.250%, 

8/15/2027

g

112,090

Berry

Global,

Inc.

90,000

4.875%, 

7/15/2026

g

94,387

Caterpillar

Financial

Services

Corporation

55,000

1.900%, 

9/6/2022

56,550

60,000

1.950%, 

11/18/2022

61,966

41,000

1.450%, 

5/15/2025

42,345

Cintas

Corporation

No.

2

57,000

2.900%, 

4/1/2022

58,959

CNH

Industrial

Capital,

LLC

60,000

4.875%, 

4/1/2021

61,158

25,000

1.950%, 

7/2/2023

25,406

Covanta

Holding

Corporation

120,000

6.000%, 

1/1/2027

124,800

25,000

5.000%, 

9/1/2030

25,233

Crown

Americas

Capital

Corporation

IV

70,000

4.500%, 

1/15/2023

72,625

Crown

Cork

&

Seal

Company,

Inc.

170,000

7.375%, 

12/15/2026

202,110

General

Electric

Company

133,000

5.000%, 

1/21/2021

b,i

105,970

H&E

Equipment

Services,

Inc.

150,000

5.625%, 

9/1/2025

156,375

Honeywell

International,

Inc.

41,000

1.350%, 

6/1/2025

42,251

Huntington

Ingalls

Industries,

Inc.

44,000

3.844%, 

5/1/2025

g

48,337

Jeld-Wen,

Inc.

90,000

4.625%, 

12/15/2025

g

90,450

John

Deere

Capital

Corporation

64,000

1.200%, 

4/6/2023

65,251

60,000

2.050%, 

1/9/2025

63,576

L3Harris

Technologies,

Inc.

75,000

4.950%, 

2/15/2021

75,409

Otis

Worldwide

Corporation

61,000

2.056%, 

4/5/2025

64,072

PACCAR

Financial

Corporation

44,000

2.650%, 

4/6/2023

46,381

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

307

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Capital

Goods

(1.6%)

-

continued

Parker-Hannifin

Corporation

$

71,000

2.700%, 

6/14/2024

$

76,002

Raytheon

Technologies

Corporation

42,000

2.800%, 

3/15/2022

g

43,301

Republic

Services,

Inc.

34,000

2.500%, 

8/15/2024

36,184

Reynolds

Group

Issuer,

Inc.

240,000

5.125%, 

7/15/2023

g

243,000

Roper

Technologies,

Inc.

39,000

2.350%, 

9/15/2024

41,242

41,000

1.000%, 

9/15/2025

41,103

Standard

Industries,

Inc.

190,000

4.375%, 

7/15/2030

g

194,800

TransDigm,

Inc.

70,000

6.250%, 

3/15/2026

g

73,399

200,000

5.500%, 

11/15/2027

192,210

United

Rentals

North

America,

Inc.

270,000

4.000%, 

7/15/2030

276,075

United

Technologies

Corporation

80,000

3.950%, 

8/16/2025

90,945

WESCO

Distribution,

Inc.

90,000

7.250%, 

6/15/2028

g

98,611

WW

Grainger,

Inc.

41,000

1.850%, 

2/15/2025

42,937

Total

3,648,212

Collateralized

Mortgage

Obligations

(9.5%)

Antler

Mortgage

Trust

332,354

4.458%, 

6/27/2022,

Ser.

2019-RTL1,

Class

A1

g

333,256

623,145

4.335%, 

7/25/2022,

Ser.

2018-RTL1,

Class

A1

g

624,464

Banc

of

America

Alternative

Loan

Trust

175,228

6.000%, 

11/25/2035,

Ser.

2005-10,

Class

3CB1

167,414

Banc

of

America

Funding

Trust

271,781

5.500%, 

1/25/2036,

Ser.

2005-8,

Class

1A1

262,105

Banc

of

America

Mortgage

Securities

Trust

237,709

3.373%, 

9/25/2035,

Ser.

2005-H,

Class

3A1

b

222,533

Bear

Stearns

Adjustable

Rate

Mortgage

Trust

136,554

3.564%, 

1/25/2034,

Ser.

2003-8,

Class

5A

b

131,379

46,702

2.410%, 

(CMT

1Y

+

2.300%),

10/25/2035,

Ser.

2005-9,

Class

A1

b

46,875

Bellemeade

Re,

Ltd.

317,360

1.748%, 

(LIBOR

1M

+

1.600%),

4/25/2028,

Ser.

2018-1A,

Class

M1B

b,g

314,237

225,000

2.798%, 

(LIBOR

1M

+

2.650%),

6/25/2030,

Ser.

2020-1A,

Class

M1A

b,g

225,463

300,000

3.548%, 

(LIBOR

1M

+

3.400%),

6/25/2030,

Ser.

2020-1A,

Class

M1B

b,g

304,090

300,000

2.448%, 

(LIBOR

1M

+

2.300%),

8/26/2030,

Ser.

2020-2A,

Class

M1A

b,g

300,350

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Collateralized

Mortgage

Obligations

(9.5%)

-

continued

Cascade

Funding

Mortgage

Trust

$

150,811

4.580%, 

6/25/2048,

Ser.

2018-RM1,

Class

A1

g

$

151,318

ChaseFlex

Trust

216,912

6.500%, 

2/25/2035,

Ser.

2005-1,

Class

1A5

208,361

CHL

Mortgage

Pass-Through

Trust

213,663

3.400%, 

11/20/2035,

Ser.

2005-HYB7,

Class

6A1

b

181,327

126,623

3.454%, 

12/20/2035,

Ser.

2005-HYB8,

Class

3A1

b

125,369

100,004

6.000%, 

4/25/2037,

Ser.

2007-3,

Class

A18

76,089

CIM

Trust

192,527

5.000%, 

12/25/2057,

Ser.

2018-R3,

Class

A1

b,g

202,934

Citigroup

Mortgage

Loan

Trust,

Inc.

412,191

3.958%, 

4/25/2037,

Ser.

2007-AR5,

Class

1A1A

b

399,222

Countrywide

Alternative

Loan

Trust

130,233

5.000%, 

3/25/2035,

Ser.

2005-3CB,

Class

1A1

129,315

181,382

5.500%, 

5/25/2035,

Ser.

2005-J3,

Class

1A5

168,045

74,611

5.500%, 

10/25/2035,

Ser.

2005-46CB,

Class

A8

70,440

26,574

5.500%, 

2/25/2036,

Ser.

2005-85CB,

Class

2A2

25,770

Countrywide

Home

Loan

Mortgage

Pass

Through

Trust

118,806

3.457%, 

11/25/2035,

Ser.

2005-22,

Class

2A1

b

110,039

Credit

Suisse

Mortgage

Capital

Certificates

164,467

3.393%, 

2/25/2024,

Ser.

2020-BPL1,

Class

A1

g,h

164,537

Deutsche

Alt-A

Securities,

Inc.,

Mortgage

Loan

Trust

170,011

5.250%, 

6/25/2035,

Ser.

2005-3,

Class

4A6

174,504

Eagle

Re,

Ltd.

451,174

1.948%, 

(LIBOR

1M

+

1.800%),

4/25/2029,

Ser.

2019-1,

Class

M1B

b,g

448,200

Federal

Home

Loan

Mortgage

Corporation

719,789

3.500%, 

8/15/2035,

Ser.

345,

Class

C8

j

77,777

Federal

Home

Loan

Mortgage

Corporation

-

REMIC

647,337

3.000%, 

5/15/2027,

Ser.

4046,

Class

GI

j

36,732

519,259

3.000%, 

7/15/2027,

Ser.

4084,

Class

NI

j

33,265

715,340

3.500%, 

10/15/2032,

Ser.

4119,

Class

KI

j

87,077

800,745

3.000%, 

4/15/2033,

Ser.

4203,

Class

DI

j

59,897

Federal

National

Mortgage

Association

-

REMIC

468,227

3.000%, 

7/25/2027,

Ser.

2012-73,

Class

DI

j

26,149

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

308

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Collateralized

Mortgage

Obligations

(9.5%)

-

continued

$

739,197

3.000%, 

7/25/2027,

Ser.

2012-74,

Class

AI

j

$

37,127

1,108,996

3.000%, 

8/25/2027,

Ser.

2012-95,

Class

HI

j

54,881

1,619,495

3.000%, 

11/25/2027,

Ser.

2012-121,

Class

BI

j

102,733

959,243

3.000%, 

12/25/2027,

Ser.

2012-139,

Class

DI

j

51,573

415,757

2.500%, 

1/25/2028,

Ser.

2012-152,

Class

AI

j

22,543

1,249,796

3.000%, 

1/25/2028,

Ser.

2012-147,

Class

EI

j

68,782

1,917,268

3.000%, 

3/25/2028,

Ser.

2013-18,

Class

IL

j

106,677

756,069

2.500%, 

6/25/2028,

Ser.

2013-87,

Class

IW

j

43,414

898,192

3.000%, 

11/25/2031,

Ser.

2013-69,

Class

IO

j

44,194

507,683

3.000%, 

2/25/2033,

Ser.

2013-1,

Class

YI

j

55,032

First

Horizon

Alternative

Mortgage

Securities

Trust

71,497

3.202%, 

7/25/2035,

Ser.

2005-AA5,

Class

2A1

b

69,987

FWD

Securitization

Trust

380,044

2.810%, 

6/25/2049,

Ser.

2019-INV1,

Class

A1

b,g

388,853

Genworth

Mortgage

Insurance

Corporation

250,000

2.048%, 

(LIBOR

1M

+

1.900%),

11/26/2029,

Ser.

2019-1,

Class

M1

b,g

244,848

GMAC

Mortgage

Corporation

Loan

Trust

77,228

3.668%, 

5/25/2035,

Ser.

2005-AR2,

Class

4A

b

73,804

26,543

0.648%, 

(LIBOR

1M

+

0.500%),

8/25/2035,

Ser.

2005-HE1,

Class

A2

b,k

29,580

11,738

3.524%, 

9/19/2035,

Ser.

2005-AR5,

Class

5A1

b

10,539

GSAA

Home

Equity

Trust

76,740

4.539%, 

8/25/2034,

Ser.

2004-10,

Class

M2

h

82,066

Home

Equity

Asset

Trust

372,266

1.468%, 

(LIBOR

1M

+

1.320%),

8/25/2033,

Ser.

2003-2,

Class

M1

b

370,144

IndyMac

INDA

Mortgage

Loan

Trust

794,238

3.127%, 

8/25/2036,

Ser.

2006-AR1,

Class

A1

b

740,466

IndyMac

INDX

Mortgage

Loan

Trust

702,303

0.358%, 

(LIBOR

1M

+

0.210%),

4/25/2046,

Ser.

2006-AR2,

Class

1A1B

b

636,089

J.P.

Morgan

Alternative

Loan

Trust

82,217

6.500%, 

3/25/2036,

Ser.

2006-S1,

Class

1A19

66,741

J.P.

Morgan

Mortgage

Trust

63,411

6.500%, 

1/25/2035,

Ser.

2005-S1,

Class

1A2

72,202

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Collateralized

Mortgage

Obligations

(9.5%)

-

continued

$

77,535

3.499%, 

7/25/2035,

Ser.

2007-A1,

Class

2A1

b

$

76,665

82,744

3.447%, 

6/25/2036,

Ser.

2006-A4,

Class

2A2

b

70,115

Legacy

Mortgage

Asset

Trust

427,246

4.000%, 

1/25/2059,

Ser.

2019-GS1,

Class

A1

g

434,649

484,094

3.250%, 

2/25/2060,

Ser.

2020-GS4,

Class

A1

g,h

491,044

Long

Beach

Mortgage

Loan

Trust

303,964

1.648%, 

(LIBOR

1M

+

1.500%),

9/25/2034,

Ser.

2004-5,

Class

M3

b

300,605

Master

Asset

Securitization

Trust

389,732

0.648%, 

(LIBOR

1M

+

0.500%),

6/25/2036,

Ser.

2006-2,

Class

2A2

b

97,237

MASTR

Alternative

Loans

Trust

60,191

5.000%, 

3/25/2055,

Ser.

2004-10,

Class

3A1

61,666

Merrill

Lynch

Alternative

Note

Asset

Trust

96,866

6.000%, 

3/25/2037,

Ser.

2007-F1,

Class

2A1

64,378

Merrill

Lynch

Mortgage

Investors

Trust

200,361

3.536%, 

6/25/2035,

Ser.

2005-A5,

Class

M1

b

109,066

MFA

NQM1

Trust

290,618

2.300%, 

8/25/2049,

Ser.

2020-NQM1,

Class

A3

b,g

292,061

New

Residential

Mortgage

Loan

Trust

169,670

4.335%, 

7/25/2060,

Ser.

2020-NPL1,

Class

A1

g,h

169,873

Oaktown

Re

II,

Ltd.

51,638

1.698%, 

(LIBOR

1M

+

1.550%),

7/25/2028,

Ser.

2018-1A,

Class

M1

b,g

51,485

Oaktown

Re

III,

Ltd.

35,286

1.548%, 

(LIBOR

1M

+

1.400%),

7/25/2029,

Ser.

2019-1A,

Class

M1A

b,g

35,271

Preston

Ridge

Partners

Mortgage

Trust,

LLC

99,507

4.500%, 

1/25/2024,

Ser.

2019-1A,

Class

A1

g,h

100,270

346,599

3.967%, 

4/25/2024,

Ser.

2019-2A,

Class

A1

g,h

349,490

519,766

3.500%, 

10/25/2024,

Ser.

2019-GS1,

Class

A1

b,g

520,439

368,167

4.750%, 

10/25/2024,

Ser.

2019-GS1,

Class

A2

b,g

366,700

179,309

3.351%, 

11/25/2024,

Ser.

2019-4A,

Class

A1

g,h

179,749

245,959

3.671%, 

8/25/2025,

Ser.

2020-2,

Class

A1

g,h

245,978

Pretium

Mortgage

Credit

Partners,

LLC

349,402

2.858%, 

5/27/2059,

Ser.

2020-NPL1,

Class

A1

g,h

346,724

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

309

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Collateralized

Mortgage

Obligations

(9.5%)

-

continued

Radnor

RE,

Ltd.

$

37,290

1.548%, 

(LIBOR

1M

+

1.400%),

3/25/2028,

Ser.

2018-1,

Class

M1

b,g

$

37,221

RCO

Mortgage,

LLC

279,621

3.475%, 

11/25/2024,

Ser.

2019-2,

Class

A1

g,h

278,976

198,911

3.197%, 

11/25/2052,

Ser.

2017-INV1,

Class

A

b,g

201,634

Renaissance

Home

Equity

Loan

Trust

222,910

5.797%, 

8/25/2036,

Ser.

2006-2,

Class

AF3

h

129,081

Residential

Accredit

Loans,

Inc.

Trust

235,191

6.000%, 

8/25/2035,

Ser.

2005-QS10,

Class

2A

235,409

87,813

6.000%, 

1/25/2037,

Ser.

2007-QS1,

Class

1A1

85,328

169,996

5.750%, 

4/25/2037,

Ser.

2007-QS6,

Class

A28

162,004

Residential

Asset

Securitization

Trust

440,515

5.500%, 

4/25/2035,

Ser.

2005-A1,

Class

A3

460,526

Silver

Hill

Trust

352,605

3.102%, 

11/25/2049,

Ser.

2019-SBC1,

Class

A1

b,g

358,351

Stanwich

Mortgage

Loan

Trust

208,886

3.475%, 

11/16/2024,

Ser.

2019-NPB2,

Class

A1

g,h

207,233

Starwood

Mortgage

Residential

Trust

234,747

4.121%, 

10/25/2048,

Ser.

2018-IMC2,

Class

A1

b,g

242,811

400,000

3.970%, 

4/25/2060,

Ser.

2020-2,

Class

A2

b,g

413,924

Structured

Asset

Mortgage

Investments,

Inc.

149,230

0.458%, 

(LIBOR

1M

+

0.310%),

12/25/2035,

Ser.

2005-AR4,

Class

A1

b

138,611

Toorak

Mortgage

Corporation

502,322

4.336%, 

8/25/2021,

Ser.

2018-1,

Class

A1

g,h

505,143

450,000

4.458%, 

3/25/2022,

Ser.

2019-1,

Class

A1

g,h

460,421

450,000

2.734%, 

3/25/2023,

Ser.

2020-1,

Class

A1

g,h

451,582

Vericrest

Opportunity

Loan

Transferee

231,393

2.981%, 

3/25/2050,

Ser.

2020-NPL4,

Class

A1

g,h

230,906

400,000

3.475%, 

3/25/2050,

Ser.

2020-NPL5,

Class

A1B

g,h

389,384

225,356

3.352%, 

8/25/2049,

Ser.

2019-NPL4,

Class

A1A

g,h

225,580

1,200,000

4.090%, 

11/25/2049,

Ser.

2019-NPL8,

Class

A1B

g,h

1,182,659

700,000

4.090%, 

11/26/2049,

Ser.

2019-NPL9,

Class

A1B

g,h

693,190

93,673

3.426%, 

12/27/2049,

Ser.

2019-NP10,

Class

A1A

g,h

93,708

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Collateralized

Mortgage

Obligations

(9.5%)

-

continued

Verus

Securitization

Trust

$

338,936

3.345%, 

5/25/2059,

Ser.

2019-2,

Class

A2

b,g

$

345,522

Wachovia

Asset

Securitization,

Inc.

149,295

0.312%, 

(LIBOR

1M

+

0.140%),

7/25/2037,

Ser.

2007-HE1,

Class

A

b,g,k

129,434

WaMu

Mortgage

Pass

Through

Certificates

122,431

3.671%, 

10/25/2036,

Ser.

2006-AR12,

Class

1A1

b

118,248

295,421

2.051%, 

(12

MTA

+

0.880%),

10/25/2046,

Ser.

2006-AR13,

Class

1A

b

265,365

Washington

Mutual

Mortgage

Pass-Through

Certificates

110,637

6.000%, 

3/25/2035,

Ser.

2005-1,

Class

2A

110,488

Wells

Fargo

Home

Equity

Trust

109,266

0.648%, 

(LIBOR

1M

+

0.500%),

4/25/2034,

Ser.

2004-1,

Class

M1

b

105,768

Total

21,882,780

Commercial

Mortgage-Backed

Securities

(0.5%)

BFLD

Trust

325,000

1.800%, 

(LIBOR

1M

+

1.700%),

10/15/2022,

Ser.

2020-EYP,

Class

B

b,e,g

325,000

Federal

National

Mortgage

Association

-

ACES

6,962,329

1.466%, 

2/25/2031,

Ser.

2019-M21,

Class

X2

b,j

739,629

Total

1,064,629

Communications

Services

(2.8%)

Altice

France

SA

80,000

5.500%, 

1/15/2028

g

81,000

American

Tower

Corporation

60,000

3.375%, 

5/15/2024

64,954

42,000

2.950%, 

1/15/2025

45,365

AT&T,

Inc.

144,000

4.450%, 

4/1/2024

161,012

CCO

Holdings,

LLC

155,000

5.500%, 

5/1/2026

g

161,587

110,000

5.125%, 

5/1/2027

g

115,744

170,000

4.500%, 

8/15/2030

g

178,508

80,000

4.250%, 

2/1/2031

g

82,872

CCOH

Safari,

LLC

185,000

5.750%, 

2/15/2026

g

192,400

Charter

Communications

Operating,

LLC

60,000

4.500%, 

2/1/2024

66,519

34,000

4.908%, 

7/23/2025

39,300

Comcast

Corporation

39,000

3.700%, 

4/15/2024

43,065

39,000

3.950%, 

10/15/2025

44,724

Cox

Communications,

Inc.

54,000

2.950%, 

6/30/2023

g

56,838

Crown

Castle

International

Corporation

40,000

4.450%, 

2/15/2026

45,818

CSC

Holdings,

LLC

170,000

5.500%, 

5/15/2026

g

176,800

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

310

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Communications

Services

(2.8%)

-

continued

$

80,000

4.125%, 

12/1/2030

g

$

81,540

200,000

4.625%, 

12/1/2030

g

200,946

Deutsche

Telekom

International

Finance

BV

34,000

2.485%, 

9/19/2023

g

35,549

Discovery

Communications,

LLC

40,000

2.950%, 

3/20/2023

42,136

Embarq

Corporation

120,000

7.995%, 

6/1/2036

142,087

Entercom

Media

Corporation

70,000

6.500%, 

5/1/2027

g

60,900

Fox

Corporation

73,000

4.030%, 

1/25/2024

80,356

Front

Range

BidCo,

Inc.

170,000

4.000%, 

3/1/2027

g

167,318

GCI,

LLC

80,000

4.750%, 

10/15/2028

e,g

81,001

Gray

Escrow,

Inc.

125,000

7.000%, 

5/15/2027

g

135,517

iHeartCommunications,

Inc.

80,000

4.750%, 

1/15/2028

g

75,396

Level

3

Financing,

Inc.

140,000

5.250%, 

3/15/2026

145,033

95,000

4.625%, 

9/15/2027

g

97,612

140,000

4.250%, 

7/1/2028

g

142,145

Netflix,

Inc.

275,000

4.875%, 

4/15/2028

307,312

Nexstar

Escrow

Corporation

140,000

5.625%, 

7/15/2027

g

146,853

Nielsen

Finance,

LLC

30,000

5.625%, 

10/1/2028

g

30,825

SBA

Communications

Corporation

80,000

3.875%, 

2/15/2027

g

81,200

SFR

Group

SA

180,000

7.375%, 

5/1/2026

g

188,622

Sirius

XM

Radio,

Inc.

220,000

5.000%, 

8/1/2027

g

229,805

140,000

4.125%, 

7/1/2030

g

143,471

Sprint

Capital

Corporation

110,000

6.875%, 

11/15/2028

136,987

60,000

8.750%, 

3/15/2032

87,829

Sprint

Corporation

160,000

7.250%, 

9/15/2021

167,400

255,000

7.625%, 

2/15/2025

298,350

Telesat

Canada

/

Telesat,

LLC

100,000

4.875%, 

6/1/2027

g

100,405

T-Mobile

USA,

Inc.

72,000

3.500%, 

4/15/2025

g

79,000

280,000

4.500%, 

2/1/2026

288,512

Univision

Communications,

Inc.

150,000

6.625%, 

6/1/2027

g

146,438

VeriSign,

Inc.

150,000

4.750%, 

7/15/2027

159,000

Verizon

Communications,

Inc.

86,000

2.946%, 

3/15/2022

89,155

84,000

1.380%, 

(LIBOR

3M

+

1.100%),

5/15/2025

b

85,811

Viacom,

Inc.

58,000

4.250%, 

9/1/2023

63,180

38,000

5.875%, 

2/28/2057

b

38,668

Virgin

Media

Secured

Finance

plc

200,000

5.500%, 

8/15/2026

g

208,500

Vodafone

Group

plc

51,000

3.750%, 

1/16/2024

55,698

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Communications

Services

(2.8%)

-

continued

VTR

Finance

BV

$

50,000

6.375%, 

N/A

g

$

52,500

Walt

Disney

Company

41,000

1.750%, 

1/13/2026

42,595

Windstream

Services,

LLC

110,000

8.625%, 

10/31/2025

*,f

66,000

Ziggo

BV

150,000

5.500%, 

1/15/2027

g

157,125

Total

6,495,283

Consumer

Cyclical

(2.9%)

1011778

B.C.,

ULC

230,000

4.375%, 

1/15/2028

g

234,554

Allied

Universal

Holdco,

LLC

90,000

6.625%, 

7/15/2026

g

95,850

Allison

Transmission,

Inc.

185,000

5.000%, 

10/1/2024

g

186,861

Amazon.com,

Inc.

41,000

0.800%, 

6/3/2025

41,365

American

Honda

Finance

Corporation

55,000

2.050%, 

1/10/2023

56,850

41,000

0.650%, 

9/8/2023

40,986

41,000

1.200%, 

7/8/2025

41,298

BMW

Finance

NV

40,000

2.250%, 

8/12/2022

g

41,291

Brookfield

Property

REIT,

Inc.

50,000

5.750%, 

5/15/2026

g

39,403

Brookfield

Residential

Properties,

Inc.

235,000

6.250%, 

9/15/2027

g

236,980

Carnival

Corporation

60,000

11.500%, 

4/1/2023

g

67,259

60,000

10.500%, 

2/1/2026

g

66,450

Cedar

Fair,

LP

90,000

5.250%, 

7/15/2029

85,444

Colt

Merger

Sub,

Inc.

170,000

6.250%, 

7/1/2025

g

177,225

D.R.

Horton,

Inc.

62,000

2.550%, 

12/1/2020

62,210

21,000

2.600%, 

10/15/2025

22,516

Daimler

Finance

North

America,

LLC

39,000

2.550%, 

8/15/2022

g

40,285

Dana,

Inc.

100,000

5.625%, 

6/15/2028

103,250

Ford

Motor

Company

50,000

9.000%, 

4/22/2025

57,325

30,000

9.625%, 

4/22/2030

38,737

120,000

7.450%, 

7/16/2031

137,617

Ford

Motor

Credit

Company,

LLC

270,000

4.063%, 

11/1/2024

269,662

140,000

4.134%, 

8/4/2025

138,658

General

Motors

Company

68,000

5.400%, 

10/2/2023

74,957

General

Motors

Financial

Company,

Inc.

57,000

4.375%, 

9/25/2021

58,804

37,000

4.200%, 

11/6/2021

38,203

38,000

3.150%, 

6/30/2022

39,033

80,000

3.950%, 

4/13/2024

84,632

60,000

2.900%, 

2/26/2025

61,815

41,000

2.750%, 

6/20/2025

41,997

44,000

5.700%, 

9/30/2030

b,i

44,165

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

311

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Consumer

Cyclical

(2.9%)

-

continued

Hanesbrands,

Inc.

$

170,000

4.875%, 

5/15/2026

g

$

181,475

Harley-Davidson

Financial

Services,

Inc.

64,000

4.050%, 

2/4/2022

g

66,138

Herc

Holdings,

Inc.

60,000

5.500%, 

7/15/2027

g

62,079

Hilton

Domestic

Operating

Company,

Inc.

20,000

5.125%, 

5/1/2026

20,525

230,000

4.875%, 

1/15/2030

236,900

Home

Depot,

Inc.

44,000

3.750%, 

2/15/2024

48,537

Hyundai

Capital

America

51,000

3.000%, 

6/20/2022

g

52,579

41,000

1.800%, 

10/15/2025

g

40,774

International

Game

Technology

plc

110,000

5.250%, 

1/15/2029

g

111,237

KB

Home

100,000

4.800%, 

11/15/2029

110,250

Kohl's

Corporation

53,000

9.500%, 

5/15/2025

62,531

L

Brands,

Inc.

70,000

6.625%, 

10/1/2030

g

71,225

Landry's,

Inc.

90,000

6.750%, 

10/15/2024

g

75,150

Lennar

Corporation

57,000

2.950%, 

11/29/2020

57,000

22,000

4.125%, 

1/15/2022

22,495

60,000

4.875%, 

12/15/2023

64,507

270,000

4.500%, 

4/30/2024

289,575

20,000

5.875%, 

11/15/2024

22,350

Lowe's

Companies,

Inc.

44,000

4.000%, 

4/15/2025

49,867

Marriott

International,

Inc.

81,000

3.750%, 

10/1/2025

83,176

Mattamy

Group

Corporation

195,000

5.250%, 

12/15/2027

g

200,363

McDonald's

Corporation

72,000

3.350%, 

4/1/2023

76,868

MGM

Resorts

International

40,000

6.000%, 

3/15/2023

41,496

145,000

5.750%, 

6/15/2025

152,076

Nissan

Motor

Company,

Ltd.

41,000

3.043%, 

9/15/2023

g

41,559

Norwegian

Cruise

Line

Holdings,

Ltd.

60,000

10.250%, 

2/1/2026

g

62,513

Prime

Security

Services

Borrower,

LLC

240,000

5.750%, 

4/15/2026

g

256,651

40,000

3.375%, 

8/31/2027

g

38,450

Ralph

Lauren

Corporation

41,000

1.700%, 

6/15/2022

41,735

Royal

Caribbean

Cruises,

Ltd.

60,000

9.125%, 

6/15/2023

g

63,600

40,000

11.500%, 

6/1/2025

g

46,490

Scientific

Games

International,

Inc.

110,000

5.000%, 

10/15/2025

g

110,688

ServiceMaster

Company,

LLC

200,000

5.125%, 

11/15/2024

g

204,500

Six

Flags

Entertainment

Corporation

70,000

5.500%, 

4/15/2027

g,l

66,381

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Consumer

Cyclical

(2.9%)

-

continued

Six

Flags

Theme

Parks,

Inc.

$

50,000

7.000%, 

7/1/2025

g

$

53,188

Staples,

Inc.

120,000

7.500%, 

4/15/2026

g

110,575

Target

Corporation

44,000

2.250%, 

4/15/2025

46,975

TJX

Companies,

Inc.

44,000

3.500%, 

4/15/2025

49,070

VF

Corporation

46,000

2.050%, 

4/23/2022

47,156

Volkswagen

Group

of

America

Finance,

LLC

63,000

4.250%, 

11/13/2023

g

69,218

21,000

3.350%, 

5/13/2025

g

22,926

Wyndham

Destinations,

Inc.

70,000

6.625%, 

7/31/2026

g

73,333

Wyndham

Hotels

&

Resorts,

Inc.

40,000

4.375%, 

8/15/2028

g

38,800

Yum!

Brands,

Inc.

200,000

4.750%, 

1/15/2030

g

215,500

Total

6,584,163

Consumer

Non-Cyclical

(3.4%)

Abbott

Laboratories

76,000

2.550%, 

3/15/2022

78,463

40,000

3.400%, 

11/30/2023

43,458

AbbVie,

Inc.

38,000

2.900%, 

11/6/2022

39,843

81,000

2.300%, 

11/21/2022

g

83,818

34,000

2.800%, 

3/15/2023

g

35,539

168,000

3.600%, 

5/14/2025

186,169

Albertson's

Companies,

Inc.

170,000

3.500%, 

3/15/2029

g

165,006

50,000

4.875%, 

2/15/2030

g

52,125

Altria

Group,

Inc.

62,000

3.800%, 

2/14/2024

67,758

36,000

4.400%, 

2/14/2026

41,447

Amgen,

Inc.

61,000

1.900%, 

2/21/2025

63,783

Anheuser-Busch

Companies,

LLC

36,000

3.650%, 

2/1/2026

40,234

Anheuser-Busch

InBev

Worldwide,

Inc.

59,000

4.150%, 

1/23/2025

66,612

Anthem,

Inc.

64,000

2.375%, 

1/15/2025

67,988

Aramark

Services,

Inc.

50,000

6.375%, 

5/1/2025

g

52,084

AstraZeneca

plc

40,000

0.700%, 

4/8/2026

39,222

BAT

Capital

Corporation

41,000

2.764%, 

8/15/2022

42,488

59,000

3.222%, 

8/15/2024

63,132

BAT

International

Finance

plc

41,000

1.668%, 

3/25/2026

41,129

Bausch

Health

Companies,

Inc.

100,000

7.000%, 

1/15/2028

g

105,750

30,000

5.000%, 

1/30/2028

g

29,138

Bayer

U.S.

Finance

II,

LLC

38,000

3.500%, 

6/25/2021

g

38,762

Boston

Scientific

Corporation

85,000

3.450%, 

3/1/2024

92,076

Bristol-Myers

Squibb

Company

59,000

3.625%, 

5/15/2024

65,008

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

312

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Consumer

Non-Cyclical

(3.4%)

-

continued

Bunge,

Ltd.

Finance

Corporation

$

35,000

3.500%, 

11/24/2020

$

35,153

49,000

1.630%, 

8/17/2025

49,204

Cargill,

Inc.

43,000

1.375%, 

7/23/2023

g

43,981

Centene

Corporation

85,000

4.750%, 

1/15/2025

87,363

61,000

5.375%, 

8/15/2026

g

64,610

40,000

4.250%, 

12/15/2027

41,857

90,000

4.625%, 

12/15/2029

97,079

170,000

3.000%, 

10/15/2030

e

173,188

Cigna

Corporation

76,000

4.125%, 

11/15/2025

87,143

Conagra

Brands,

Inc.

38,000

3.800%, 

10/22/2021

39,293

38,000

4.300%, 

5/1/2024

42,391

Constellation

Brands,

Inc.

69,000

4.250%, 

5/1/2023

75,251

CVS

Health

Corporation

38,000

2.750%, 

12/1/2022

39,625

56,000

3.700%, 

3/9/2023

59,985

69,000

4.100%, 

3/25/2025

77,960

DaVita,

Inc.

130,000

4.625%, 

6/1/2030

g

133,432

Diageo

Capital

plc

50,000

1.375%, 

9/29/2025

51,231

Edgewell

Personal

Care

Company

50,000

5.500%, 

6/1/2028

g

52,612

Encompass

Health

Corporation

170,000

4.500%, 

2/1/2028

170,850

Energizer

Holdings,

Inc.

240,000

6.375%, 

7/15/2026

g

258,048

120,000

4.375%, 

3/31/2029

g

121,200

General

Mills,

Inc.

34,000

3.700%, 

10/17/2023

37,066

34,000

3.650%, 

2/15/2024

37,064

HCA,

Inc.

410,000

5.375%, 

2/1/2025

448,950

HLF

Financing

SARL,

LLC

80,000

7.250%, 

8/15/2026

g

82,200

Imperial

Brands

Finance

plc

34,000

3.125%, 

7/26/2024

g

35,948

JBS

Investments

II

GmbH

70,000

5.750%, 

1/15/2028

g

72,800

JBS

USA,

LLC

60,000

5.750%, 

6/15/2025

g

61,848

60,000

5.500%, 

1/15/2030

g

65,400

Kellogg

Company

90,000

3.125%, 

5/17/2022

93,658

Kraft

Foods

Group,

Inc.

140,000

5.000%, 

6/4/2042

153,127

Kraft

Heinz

Foods

Company

210,000

4.625%, 

1/30/2029

233,670

200,000

3.750%, 

4/1/2030

g

211,126

20,000

4.250%, 

3/1/2031

g

21,928

Kroger

Company

38,000

2.800%, 

8/1/2022

39,479

Medtronic,

Inc.

21,000

3.500%, 

3/15/2025

23,654

Molina

Healthcare,

Inc.

90,000

4.375%, 

6/15/2028

g

91,845

Mondelez

International

Holdings

Netherlands

BV

58,000

2.000%, 

10/28/2021

g

58,909

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Consumer

Non-Cyclical

(3.4%)

-

continued

Mondelez

International,

Inc.

$

24,000

2.125%, 

4/13/2023

$

24,909

Mylan

NV

53,000

3.150%, 

6/15/2021

53,853

Mylan,

Inc.

34,000

4.200%, 

11/29/2023

37,269

Novartis

Capital

Corporation

40,000

1.750%, 

2/14/2025

41,875

Par

Pharmaceutical,

Inc.

110,000

7.500%, 

4/1/2027

g

115,245

PepsiCo,

Inc.

64,000

2.250%, 

3/19/2025

68,520

Pernod

Ricard

SA

50,000

5.750%, 

4/7/2021

g

51,355

Philip

Morris

International,

Inc.

65,000

1.500%, 

5/1/2025

67,069

Pilgrim's

Pride

Corporation

150,000

5.875%, 

9/30/2027

g

154,875

Post

Holdings,

Inc.

80,000

5.750%, 

3/1/2027

g

84,100

QBE

Insurance

Group,

Ltd.

44,000

5.875%, 

5/12/2025

b,g,i

46,695

Reynolds

American,

Inc.

34,000

4.850%, 

9/15/2023

37,932

Royalty

Pharma

plc

41,000

1.200%, 

9/2/2025

g

40,870

Scotts

Miracle-Gro

Company

130,000

4.500%, 

10/15/2029

137,719

Shire

Acquisitions

Investments

Ireland

Designated

Activity

Company

20,000

2.400%, 

9/23/2021

20,361

Simmons

Foods,

Inc.

90,000

5.750%, 

11/1/2024

g

90,094

Spectrum

Brands,

Inc.

60,000

5.750%, 

7/15/2025

61,860

50,000

5.000%, 

10/1/2029

g

51,875

40,000

5.500%, 

7/15/2030

g

42,200

Sysco

Corporation

85,000

5.650%, 

4/1/2025

100,502

Teleflex,

Inc.

200,000

4.875%, 

6/1/2026

206,500

Tenet

Healthcare

Corporation

90,000

4.625%, 

7/15/2024

90,225

170,000

5.125%, 

11/1/2027

g

174,862

Teva

Pharmaceutical

Finance

Netherlands

III

BV

12,000

2.200%, 

7/21/2021

11,898

140,000

2.800%, 

7/21/2023

133,875

Thermo

Fisher

Scientific,

Inc.

43,000

4.133%, 

3/25/2025

48,991

TreeHouse

Foods,

Inc.

60,000

4.000%, 

9/1/2028

60,683

UnitedHealth

Group,

Inc.

35,000

3.350%, 

7/15/2022

36,879

Upjohn,

Inc.

41,000

1.650%, 

6/22/2025

g

41,961

VRX

Escrow

Corporation

455,000

6.125%, 

4/15/2025

g

465,806

Zoetis,

Inc.

52,000

3.250%, 

2/1/2023

54,863

Total

7,826,881

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

313

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Energy

(2.6%)

Antero

Resources

Corporation

$

75,000

5.000%, 

3/1/2025

$

46,875

Apache

Corporation

50,000

4.875%, 

11/15/2027

47,250

90,000

4.375%, 

10/15/2028

82,350

70,000

5.100%, 

9/1/2040

62,923

Archrock

Partners,

LP

120,000

6.250%, 

4/1/2028

g

113,100

BP

Capital

Markets

America,

Inc.

162,000

2.520%, 

9/19/2022

167,551

44,000

2.937%, 

4/6/2023

46,536

BP

Capital

Markets

plc

44,000

4.875%, 

3/22/2030

b,i

47,080

Buckeye

Partners,

LP

165,000

3.950%, 

12/1/2026

154,008

60,000

4.125%, 

12/1/2027

56,850

Canadian

Natural

Resources,

Ltd.

40,000

2.950%, 

1/15/2023

41,596

41,000

2.050%, 

7/15/2025

41,827

Canadian

Oil

Sands,

Ltd.

40,000

9.400%, 

9/1/2021

g

42,282

Cheniere

Energy

Partners,

LP

270,000

5.625%, 

10/1/2026

280,800

Chevron

Corporation

21,000

1.141%, 

5/11/2023

21,405

41,000

1.554%, 

5/11/2025

42,477

Comstock

Resources,

Inc.

60,000

9.750%, 

8/15/2026

61,512

Continental

Resources,

Inc.

91,000

5.000%, 

9/15/2022

90,375

60,000

4.500%, 

4/15/2023

57,205

DCP

Midstream

Operating,

LP

80,000

5.625%, 

7/15/2027

81,840

Devon

Energy

Corporation

41,000

5.850%, 

12/15/2025

45,939

Diamondback

Energy,

Inc.

40,000

2.875%, 

12/1/2024

40,493

Enagas

SA

225,000

5.500%, 

1/15/2028

g

202,500

Enbridge,

Inc.

39,000

2.900%, 

7/15/2022

40,478

139,000

6.250%, 

3/1/2078

b

141,085

Endeavor

Energy

Resources,

LP

30,000

5.500%, 

1/30/2026

g

29,775

100,000

5.750%, 

1/30/2028

g

100,500

Energy

Transfer

Operating,

LP

42,000

4.200%, 

9/15/2023

44,256

69,000

5.875%, 

1/15/2024

75,888

43,000

6.625%, 

2/15/2028

b,i

29,227

EnLink

Midstream

Partners,

LP

90,000

4.850%, 

7/15/2026

77,860

120,000

5.600%, 

4/1/2044

77,100

Enterprise

Products

Operating,

LLC

105,000

4.875%, 

8/16/2077

b

91,456

EOG

Resources,

Inc.

45,000

2.625%, 

3/15/2023

46,875

EQM

Midstream

Partners,

LP

100,000

6.500%, 

7/1/2027

g

106,002

40,000

5.500%, 

7/15/2028

40,282

EQT

Corporation

140,000

3.900%, 

10/1/2027

127,575

Equinor

ASA

43,000

2.875%, 

4/6/2025

46,734

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Energy

(2.6%)

-

continued

Exxon

Mobil

Corporation

$

69,000

1.571%, 

4/15/2023

$

70,967

42,000

2.992%, 

3/19/2025

45,997

Harvest

Midstream,

LP

70,000

7.500%, 

9/1/2028

g

69,650

Hess

Corporation

42,000

3.500%, 

7/15/2024

42,959

Kinder

Morgan

Energy

Partners,

LP

76,000

3.450%, 

2/15/2023

79,834

Marathon

Petroleum

Corporation

34,000

4.750%, 

12/15/2023

37,262

MPLX,

LP

58,000

4.500%, 

7/15/2023

62,852

49,000

1.750%, 

3/1/2026

48,889

Murphy

Oil

Corporation

80,000

5.875%, 

12/1/2027

68,323

Nabors

Industries,

Ltd.

120,000

7.250%, 

1/15/2026

g

59,100

National

Fuel

Gas

Company

41,000

5.500%, 

1/15/2026

44,747

Newfield

Exploration

Company

61,000

5.625%, 

7/1/2024

59,330

Noble

Energy,

Inc.

65,000

3.900%, 

11/15/2024

71,108

NuStar

Logistics,

LP

100,000

5.750%, 

10/1/2025

103,280

Occidental

Petroleum

Corporation

83,000

2.700%, 

8/15/2022

77,553

160,000

2.900%, 

8/15/2024

135,749

60,000

3.400%, 

4/15/2026

47,850

60,000

8.500%, 

7/15/2027

60,463

100,000

3.500%, 

8/15/2029

76,680

50,000

6.450%, 

9/15/2036

42,501

140,000

4.400%, 

4/15/2046

99,885

ONEOK,

Inc.

21,000

2.200%, 

9/15/2025

20,692

Parsley

Energy,

LLC

120,000

5.625%, 

10/15/2027

g

119,400

Plains

All

American

Pipeline,

LP

87,000

6.125%, 

11/15/2022

b,i

55,193

21,000

2.850%, 

1/31/2023

21,375

20,000

3.600%, 

11/1/2024

20,630

41,000

4.650%, 

10/15/2025

44,044

QEP

Resources,

Inc.

60,000

5.625%, 

3/1/2026

34,050

Sabine

Pass

Liquefaction,

LLC

37,000

6.250%, 

3/15/2022

39,263

37,000

5.625%, 

4/15/2023

40,526

Schlumberger

Finance

Canada,

Ltd.

41,000

1.400%, 

9/17/2025

41,214

Shell

International

Finance

BV

43,000

2.375%, 

4/6/2025

45,860

Southwestern

Energy

Company

145,000

7.500%, 

4/1/2026

141,737

Suncor

Energy,

Inc.

41,000

3.100%, 

5/15/2025

44,036

Sunoco

Logistics

Partners

Operations,

LP

35,000

4.400%, 

4/1/2021

35,513

Sunoco,

LP

95,000

5.875%, 

3/15/2028

97,137

Targa

Resources

Partners,

LP

190,000

5.375%, 

2/1/2027

191,068

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

314

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Energy

(2.6%)

-

continued

Transocean

Guardian,

Ltd.

$

62,401

5.875%, 

1/15/2024

g

$

40,249

W&T

Offshore,

Inc.

90,000

9.750%, 

11/1/2023

g

61,979

Western

Gas

Partners,

LP

39,000

4.000%, 

7/1/2022

39,231

Western

Midstream

Operating,

LP

40,000

6.250%, 

2/1/2050

37,050

80,000

4.100%, 

2/1/2025

76,200

80,000

3.950%, 

6/1/2025

75,184

Williams

Partners,

LP

54,000

4.000%, 

11/15/2021

55,609

60,000

4.500%, 

11/15/2023

65,694

WPX

Energy,

Inc.

45,000

5.750%, 

6/1/2026

46,575

60,000

5.250%, 

10/15/2027

60,900

50,000

4.500%, 

1/15/2030

49,375

Total

5,954,630

Financials

(6.6%)

ACE

INA

Holdings,

Inc.

35,000

2.875%, 

11/3/2022

36,608

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

70,000

3.150%, 

2/15/2024

69,411

41,000

3.500%, 

1/15/2025

39,932

Air

Lease

Corporation

78,000

2.500%, 

3/1/2021

78,469

Aircastle,

Ltd.

62,000

5.000%, 

4/1/2023

62,136

Ally

Financial,

Inc.

62,000

1.450%, 

10/2/2023

61,845

150,000

5.750%, 

11/20/2025

168,387

American

Express

Company

34,000

3.700%, 

8/3/2023

36,828

36,000

3.400%, 

2/22/2024

39,108

American

International

Group,

Inc.

21,000

2.500%, 

6/30/2025

22,443

Athene

Global

Funding

63,000

4.000%, 

1/25/2022

g

65,402

Australia

and

New

Zealand

Banking

Group,

Ltd.

71,000

2.950%, 

7/22/2030

b,g

73,572

Aviation

Capital

Group,

LLC

37,000

5.500%, 

12/15/2024

g

38,168

Avolon

Holdings

Funding,

Ltd.

18,000

5.250%, 

5/15/2024

g

18,080

BAC

Capital

Trust

XIV

42,000

4.000%, 

(LIBOR

3M

+

0.400%),

10/19/2020

b,i

41,506

Banco

Santander

Mexico

SA

26,000

5.375%, 

4/17/2025

g

28,912

Bank

of

America

Corporation

82,000

2.738%, 

1/23/2022

b

82,578

84,000

3.499%, 

5/17/2022

b

85,565

73,000

3.004%, 

12/20/2023

b

76,645

117,000

3.550%, 

3/5/2024

b

124,622

87,000

5.125%, 

6/20/2024

b,i

89,213

183,000

3.864%, 

7/23/2024

b

198,172

87,000

4.200%, 

8/26/2024

96,871

169,000

6.250%, 

9/5/2024

b,i

181,041

36,000

3.458%, 

3/15/2025

b

39,016

102,000

1.319%, 

6/19/2026

b

102,615

86,000

5.875%, 

3/15/2028

b,i

92,730

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Financials

(6.6%)

-

continued

Bank

of

Montreal

$

103,000

3.300%, 

2/5/2024

$

111,568

Bank

of

New

York

Mellon

Corporation

76,000

2.600%, 

2/7/2022

78,196

43,000

1.600%, 

4/24/2025

44,640

22,000

4.700%, 

9/20/2025

b,i

23,342

Bank

of

Nova

Scotia

71,000

2.375%, 

1/18/2023

73,947

40,000

1.950%, 

2/1/2023

41,339

29,000

1.625%, 

5/1/2023

29,744

66,000

4.900%, 

6/4/2025

b,i

68,310

Barclays

plc

76,000

4.610%, 

2/15/2023

b

79,548

99,000

4.338%, 

5/16/2024

b

106,274

46,000

8.000%, 

6/15/2024

b,i

48,990

49,000

2.852%, 

5/7/2026

b

50,872

BB&T

Corporation

34,000

2.500%, 

8/1/2024

36,186

BNP

Paribas

SA

44,000

7.625%, 

3/30/2021

b,g,i

44,770

49,000

2.819%, 

11/19/2025

b,g

51,690

BPCE

SA

34,000

3.000%, 

5/22/2022

g

35,172

40,000

2.375%, 

1/14/2025

g

41,587

Camden

Property

Trust

34,000

4.875%, 

6/15/2023

37,309

Canadian

Imperial

Bank

of

Commerce

40,000

2.250%, 

1/28/2025

42,179

Capital

One

Bank

USA

NA

51,000

3.375%, 

2/15/2023

53,896

60,000

2.280%, 

1/28/2026

b

62,087

Capital

One

Financial

Corporation

115,000

3.050%, 

3/9/2022

118,791

Cascades

USA,

Inc.

120,000

5.125%, 

1/15/2026

g

125,724

Central

Fidelity

Capital

Trust

I

175,000

1.275%, 

(LIBOR

3M

+

1.000%),

4/15/2027

b

163,362

Charles

Schwab

Corporation

171,000

5.375%, 

6/1/2025

b,i

185,287

CIT

Group,

Inc.

180,000

4.750%, 

2/16/2024

185,287

Citigroup,

Inc.

37,000

2.750%, 

4/25/2022

38,235

40,000

0.935%, 

(LIBOR

3M

+

0.690%),

10/27/2022

b

40,198

160,000

2.312%, 

11/4/2022

b

163,122

81,000

3.142%, 

1/24/2023

b

83,567

84,000

5.000%, 

9/12/2024

b,i

83,580

126,000

4.700%, 

1/30/2025

b,i

121,747

105,000

3.352%, 

4/24/2025

b

113,584

42,000

5.950%, 

5/15/2025

b,i

43,995

100,000

5.500%, 

9/13/2025

118,262

CNA

Financial

Corporation

36,000

3.950%, 

5/15/2024

39,884

Comerica,

Inc.

22,000

5.625%, 

7/1/2025

b,i

23,100

Cooperatieve

Centrale

Raiffeisen-

Boerenleenbank

BA

74,000

3.950%, 

11/9/2022

78,625

Cooperatieve

Rabobank

UA

41,000

1.339%, 

6/24/2026

b,g

41,497

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

315

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Financials

(6.6%)

-

continued

Corporate

Office

Properties,

LP

$

41,000

2.250%, 

3/15/2026

$

41,460

Credit

Acceptance

Corporation

80,000

5.125%, 

12/31/2024

g

79,442

Credit

Agricole

SA

37,000

3.375%, 

1/10/2022

g

38,212

44,000

8.125%, 

12/23/2025

b,g,i

51,700

41,000

1.907%, 

6/16/2026

b,g

41,922

Credit

Suisse

Group

AG

63,000

7.500%, 

12/11/2023

b,g,i

68,670

39,000

2.593%, 

9/11/2025

b,g

40,696

Credit

Suisse

Group

Funding

(Guernsey),

Ltd.

114,000

3.800%, 

9/15/2022

120,494

Danske

Bank

AS

56,000

5.000%, 

1/12/2023

b,g

58,694

Deutsche

Bank

AG

82,000

2.222%, 

9/18/2024

b

82,538

Deutsche

Bank

AG

of

New

York

40,000

3.950%, 

2/27/2023

42,012

Digital

Realty

Trust,

LP

60,000

2.750%, 

2/1/2023

62,755

Discover

Bank

34,000

4.200%, 

8/8/2023

37,202

59,000

2.450%, 

9/12/2024

62,235

ESH

Hospitality,

Inc.

80,000

5.250%, 

5/1/2025

g

80,800

40,000

4.625%, 

10/1/2027

g

39,251

Fidelity

National

Financial,

Inc.

62,000

5.500%, 

9/1/2022

67,287

Fifth

Third

Bancorp

57,000

2.600%, 

6/15/2022

58,927

36,000

3.650%, 

1/25/2024

39,237

40,000

4.500%, 

9/30/2025

b,i

40,250

First

Horizon

National

Corporation

49,000

3.550%, 

5/26/2023

51,559

Five

Corners

Funding

Trust

100,000

4.419%, 

11/15/2023

g

111,109

FNB

Corporation

81,000

2.200%, 

2/24/2023

81,718

General

Electric

Capital

Corporation

81,000

3.100%, 

1/9/2023

84,996

Goldman

Sachs

Group,

Inc.

127,000

4.165%, 

(LIBOR

3M

+

3.922%),

11/2/2020

b,i

124,816

76,000

3.000%, 

4/26/2022

77,096

63,000

2.876%, 

10/31/2022

b

64,506

39,000

1.298%, 

(LIBOR

3M

+

1.050%),

6/5/2023

b

39,254

72,000

3.625%, 

2/20/2024

78,182

86,000

5.500%, 

8/10/2024

b,i

90,730

44,000

3.500%, 

4/1/2025

48,547

61,000

3.272%, 

9/29/2025

b

66,030

61,000

4.250%, 

10/21/2025

69,301

Guardian

Life

Global

Funding

40,000

2.000%, 

4/26/2021

g

40,395

Hartford

Financial

Services

Group,

Inc.

34,000

2.405%, 

(LIBOR

3M

+

2.125%),

2/12/2047

b,g

29,247

HCP,

Inc.

40,000

4.250%, 

11/15/2023

43,772

Hospitality

Properties

Trust

40,000

4.250%, 

2/15/2021

39,800

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Financials

(6.6%)

-

continued

HSBC

Holdings

plc

$

76,000

6.875%, 

6/1/2021

b,i

$

77,520

76,000

3.803%, 

3/11/2025

b

82,101

63,000

6.375%, 

3/30/2025

b,i

65,941

49,000

2.633%, 

11/7/2025

b

51,040

49,000

1.645%, 

4/18/2026

b

48,862

42,000

6.500%, 

3/23/2028

b,i

44,599

Huntington

Bancshares,

Inc.

55,000

3.150%, 

3/14/2021

55,589

66,000

4.450%, 

10/15/2027

b,i

65,340

Icahn

Enterprises,

LP

75,000

6.750%, 

2/1/2024

76,933

175,000

6.375%, 

12/15/2025

179,894

ILFC

E-Capital

Trust

II

63,000

3.230%, 

(H15T30Y

+

1.800%),

12/21/2065

b,g

34,178

ING

Groep

NV

66,000

4.100%, 

10/2/2023

72,370

Intercontinental

Exchange,

Inc.

41,000

0.700%, 

6/15/2023

41,108

Iron

Mountain,

Inc.

165,000

4.875%, 

9/15/2027

g

168,261

J.P.

Morgan

Chase

&

Company

91,000

2.776%, 

4/25/2023

b

94,103

96,000

3.375%, 

5/1/2023

102,465

110,000

5.150%, 

5/1/2023

b,i

110,550

71,000

1.494%, 

(LIBOR

3M

+

1.230%),

10/24/2023

b

72,096

44,000

6.750%, 

2/1/2024

b,i

47,630

49,000

1.514%, 

6/1/2024

b

50,060

144,000

5.000%, 

8/1/2024

b,i

143,752

87,000

3.875%, 

9/10/2024

96,230

176,000

4.023%, 

12/5/2024

b

193,550

126,000

4.600%, 

2/1/2025

b,i

123,480

44,000

2.083%, 

4/22/2026

b

45,955

Kilroy

Realty,

LP

46,000

4.375%, 

10/1/2025

50,776

Liberty

Mutual

Group,

Inc.

10,000

5.000%, 

6/1/2021

g

10,305

Lincoln

National

Corporation

40,000

2.638%, 

(LIBOR

3M

+

2.358%),

5/17/2066

b

28,860

Lloyds

Banking

Group

plc

81,000

3.000%, 

1/11/2022

83,338

59,000

2.858%, 

3/17/2023

b

60,649

75,000

3.900%, 

3/12/2024

81,629

46,000

7.500%, 

6/27/2024

b,i

48,243

80,000

6.657%, 

5/21/2037

b,g,i

94,800

MetLife,

Inc.

44,000

3.850%, 

9/15/2025

b,i

43,835

84,000

5.875%, 

3/15/2028

b,i

91,350

MGM

Growth

Properties

Operating

Partnership,

LP

110,000

4.625%, 

6/15/2025

g

112,200

Mitsubishi

UFJ

Financial

Group,

Inc.

38,000

2.998%, 

2/22/2022

39,268

52,000

2.623%, 

7/18/2022

53,894

82,000

3.455%, 

3/2/2023

87,294

36,000

3.407%, 

3/7/2024

39,111

49,000

1.412%, 

7/17/2025

49,604

Mizuho

Financial

Group,

Inc.

52,000

2.721%, 

7/16/2023

b

53,852

Morgan

Stanley

75,000

5.500%, 

7/28/2021

78,152

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

316

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Financials

(6.6%)

-

continued

$

37,000

2.750%, 

5/19/2022

$

38,343

26,000

4.875%, 

11/1/2022

28,108

82,000

3.125%, 

1/23/2023

86,711

81,000

4.100%, 

5/22/2023

87,549

36,000

2.720%, 

7/22/2025

b

38,241

89,000

2.188%, 

4/28/2026

b

93,163

MPT

Operating

Partnership,

LP

110,000

5.250%, 

8/1/2026

113,300

120,000

4.625%, 

8/1/2029

124,856

National

Australia

Bank,

Ltd.

60,000

1.875%, 

12/13/2022

61,966

National

Bank

of

Canada

60,000

2.100%, 

2/1/2023

62,026

National

Securities

Clearing

Corporation

42,000

1.200%, 

4/23/2023

g

42,739

Natwest

Group

plc

34,000

6.125%, 

12/15/2022

37,190

34,000

6.100%, 

6/10/2023

37,614

Nippon

Life

Insurance

Company

63,000

3.400%, 

1/23/2050

b,g

67,095

Nomura

Holdings,

Inc.

48,000

2.648%, 

1/16/2025

50,537

Outfront

Media

Cap,

LLC

205,000

4.625%, 

3/15/2030

g

196,800

Park

Aerospace

Holdings,

Ltd.

18,000

4.500%, 

3/15/2023

g

17,857

PayPal

Holdings,

Inc.

41,000

1.650%, 

6/1/2025

42,456

PNC

Financial

Services

Group,

Inc.

34,000

3.500%, 

1/23/2024

37,048

Provident

Financing

Trust

I

22,000

7.405%, 

3/15/2038

25,235

Prudential

Financial,

Inc.

125,000

5.625%, 

6/15/2043

b

132,756

129,000

5.200%, 

3/15/2044

b

136,625

22,000

3.700%, 

10/1/2050

b

22,447

Quicken

Loans,

LLC

70,000

3.625%, 

3/1/2029

g

69,388

70,000

3.875%, 

3/1/2031

g

69,125

Regions

Financial

Corporation

42,000

3.800%, 

8/14/2023

45,534

44,000

5.750%, 

6/15/2025

b,i

46,970

Reinsurance

Group

of

America,

Inc.

57,000

4.700%, 

9/15/2023

62,933

Royal

Bank

of

Canada

44,000

1.600%, 

4/17/2023

45,152

41,000

2.250%, 

11/1/2024

43,450

Royal

Bank

of

Scotland

Group

plc

44,000

8.625%, 

8/15/2021

b,i

45,100

81,000

4.269%, 

3/22/2025

b

88,038

33,000

3.754%, 

11/1/2029

b

34,166

Santander

Holdings

USA,

Inc.

42,000

3.450%, 

6/2/2025

44,821

Santander

UK

Group

Holdings

plc

85,000

2.875%, 

8/5/2021

86,708

Santander

UK

plc

60,000

2.100%, 

1/13/2023

61,915

Service

Properties

Trust

70,000

4.500%, 

6/15/2023

68,674

80,000

4.750%, 

10/1/2026

71,292

Simon

Property

Group,

LP

60,000

2.500%, 

7/15/2021

60,649

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Financials

(6.6%)

-

continued

$

35,000

2.000%, 

9/13/2024

$

36,076

Societe

Generale

SA

48,000

2.625%, 

10/16/2024

g

49,718

44,000

8.000%, 

9/29/2025

b,g,i

49,115

Springleaf

Finance

Corporation

30,000

6.875%, 

3/15/2025

33,290

110,000

7.125%, 

3/15/2026

122,892

70,000

6.625%, 

1/15/2028

77,686

Standard

Chartered

plc

60,000

2.744%, 

9/10/2022

b,g

60,949

State

Street

Corporation

44,000

2.825%, 

3/30/2023

b,g

45,525

41,000

2.354%, 

11/1/2025

b

43,391

Sumitomo

Mitsui

Financial

Group,

Inc.

37,000

2.784%, 

7/12/2022

38,449

144,000

2.778%, 

10/18/2022

150,385

48,000

2.448%, 

9/27/2024

50,722

Sumitomo

Mitsui

Trust

Bank,

Ltd.

41,000

1.050%, 

9/12/2025

g

41,148

Synchrony

Financial

34,000

2.850%, 

7/25/2022

35,020

42,000

4.250%, 

8/15/2024

45,632

Toronto-Dominion

Bank

36,000

3.250%, 

3/11/2024

39,009

Truist

Bank

67,000

1.500%, 

3/10/2025

69,070

Truist

Financial

Corporation

99,000

4.950%, 

9/1/2025

b,i

104,198

UBS

Group

AG

49,000

1.364%, 

1/30/2027

b,g

48,962

USB

Realty

Corporation

84,000

1.422%, 

(LIBOR

3M

+

1.147%),

1/15/2022

b,g,i

68,040

Ventas

Realty,

LP

42,000

3.100%, 

1/15/2023

43,668

34,000

3.750%, 

5/1/2024

36,424

VEREIT

Operating

Partnership,

LP

41,000

4.625%, 

11/1/2025

45,292

VICI

Properties,

LP

/

VICI

Note

Company,

Inc.

40,000

4.250%, 

12/1/2026

g

40,186

30,000

3.750%, 

2/15/2027

g

29,498

40,000

4.625%, 

12/1/2029

g

40,857

30,000

4.125%, 

8/15/2030

g

29,550

Wachovia

Capital

Trust

II

50,000

0.775%, 

(LIBOR

3M

+

0.500%),

1/15/2027

b

45,519

Wells

Fargo

&

Company

35,000

2.100%, 

7/26/2021

35,489

38,000

2.625%, 

7/22/2022

39,419

69,000

4.125%, 

8/15/2023

75,163

80,000

1.491%, 

(LIBOR

3M

+

1.230%),

10/31/2023

b

80,997

36,000

3.750%, 

1/24/2024

39,109

61,000

1.654%, 

6/2/2024

b

62,121

80,000

2.406%, 

10/30/2025

b

83,815

68,000

2.188%, 

4/30/2026

b

70,622

Westpac

Banking

Corporation

40,000

2.000%, 

1/13/2023

41,463

40,000

2.894%, 

2/4/2030

b

41,446

Total

15,139,469

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

317

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Foreign

Government

(<0.1%)

Sinopec

Group

Overseas

Development

2018,

Ltd.

$

49,000

2.150%, 

5/13/2025

g

$

50,601

Total

50,601

Mortgage-Backed

Securities

(13.8%)

Federal

Home

Loan

Mortgage

Corporation

Conventional

30-Yr.

Pass

Through

2,050,945

3.000%, 

3/25/2050

2,150,593

1,288,438

3.000%, 

4/1/2050

1,351,041

738,032

3.500%, 

7/1/2047

780,920

Federal

National

Mortgage

Association

423,743

4.500%, 

5/1/2048

458,916

811,405

3.500%, 

10/1/2048

857,326

517,093

3.500%, 

6/1/2049

546,983

946,667

3.500%, 

8/1/2049

1,002,412

Federal

National

Mortgage

Association

Conventional

15-Yr.

Pass

Through

1,400,000

1.500%, 

10/1/2035

e

1,432,047

2,950,000

2.000%, 

10/1/2035

e

3,065,234

3,000,000

2.500%, 

10/1/2035

e

3,132,187

1,650,000

2.000%, 

11/1/2035

e

1,713,799

Federal

National

Mortgage

Association

Conventional

30-Yr.

Pass

Through

2,650,000

2.000%, 

10/1/2050

e

2,739,437

4,777,000

2.500%, 

10/1/2050

e

5,010,252

3,000,000

2.000%, 

11/1/2050

e

3,093,837

1,875,000

2.500%, 

11/1/2050

e

1,962,506

1,243,838

4.000%, 

7/1/2048

1,326,653

1,100,000

3.000%, 

10/1/2049

e

1,152,293

Total

31,776,436

Technology

(1.4%)

Apple,

Inc.

120,000

3.450%, 

5/6/2024

132,250

41,000

1.125%, 

5/11/2025

41,949

Baidu,

Inc.

52,000

3.075%, 

4/7/2025

55,261

Black

Knight

InfoServ,

LLC

20,000

3.625%, 

9/1/2028

g

20,212

Broadcom

Corporation

155,000

2.650%, 

1/15/2023

161,006

60,000

3.125%, 

1/15/2025

63,994

Broadcom,

Inc.

22,000

2.250%, 

11/15/2023

22,870

CDW,

LLC

100,000

4.250%, 

4/1/2028

103,500

CommScope

Technologies

Finance,

LLC

229,000

6.000%, 

6/15/2025

g

232,103

Dell

International,

LLC/

EMC

Corporation

54,000

4.000%, 

7/15/2024

g

58,343

22,000

5.850%, 

7/15/2025

g

25,670

Diamond

1

Finance

Corporation

112,000

5.450%, 

6/15/2023

g

122,790

Diamond

Sports

Group,

LLC

70,000

5.375%, 

8/15/2026

g

49,525

140,000

6.625%, 

8/15/2027

g

72,800

Fiserv,

Inc.

73,000

2.750%, 

7/1/2024

78,039

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Technology

(1.4%)

-

continued

Gartner,

Inc.

$

80,000

4.500%, 

7/1/2028

g

$

83,816

60,000

3.750%, 

10/1/2030

g

60,693

Global

Payments,

Inc.

17,000

2.650%, 

2/15/2025

18,038

Hewlett

Packard

Enterprise

Company

35,000

2.250%, 

4/1/2023

36,120

34,000

4.450%, 

10/2/2023

37,387

Intuit,

Inc.

41,000

0.950%, 

7/15/2025

41,384

Iron

Mountain,

Inc.

100,000

5.000%, 

7/15/2028

g

102,498

Marvell

Technology

Group,

Ltd.

42,000

4.200%, 

6/22/2023

45,342

Micron

Technology,

Inc.

64,000

2.497%, 

4/24/2023

66,457

NCR

Corporation

220,000

6.125%, 

9/1/2029

g

232,456

NXP

BV/NXP

Funding,

LLC

51,000

4.875%, 

3/1/2024

g

57,342

NXP

Funding,

LLC

21,000

2.700%, 

5/1/2025

g

22,228

Open

Text

Corporation

160,000

4.125%, 

2/15/2030

g

164,550

Oracle

Corporation

30,000

2.500%, 

5/15/2022

30,938

66,000

2.500%, 

4/1/2025

70,722

Panasonic

Corporation

52,000

2.536%, 

7/19/2022

g

53,658

Plantronics,

Inc.

140,000

5.500%, 

5/31/2023

g

124,600

PTC,

Inc.

40,000

3.625%, 

2/15/2025

g

40,600

40,000

4.000%, 

2/15/2028

g

41,113

Qorvo,

Inc.

70,000

3.375%, 

4/1/2031

g

71,199

Seagate

HDD

Cayman

41,000

4.250%, 

3/1/2022

42,787

41,000

4.750%, 

1/1/2025

45,004

Sensata

Technologies,

Inc.

150,000

3.750%, 

2/15/2031

g

149,063

SS&C

Technologies,

Inc.

160,000

5.500%, 

9/30/2027

g

170,035

Switch,

Ltd.

30,000

3.750%, 

9/15/2028

g

30,300

Tencent

Holdings,

Ltd.

49,000

1.810%, 

1/26/2026

g

49,957

Texas

Instruments,

Inc.

66,000

1.375%, 

3/12/2025

68,285

Total

System

Services,

Inc.

41,000

3.750%, 

6/1/2023

43,956

Xerox

Holdings

Corporation

80,000

5.000%, 

8/15/2025

g

79,062

Total

3,319,902

Transportation

(0.4%)

Air

Canada

Pass

Through

Trust

9,362

3.875%, 

3/15/2023

g

8,053

Air

Lease

Corporation

40,000

2.300%, 

2/1/2025

39,277

41,000

3.375%, 

7/1/2025

41,858

American

Airlines,

Inc.

30,000

11.750%, 

7/15/2025

g

28,950

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

318

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Transportation

(0.4%)

-

continued

CSX

Corporation

$

34,000

3.700%, 

11/1/2023

$

36,891

Delta

Air

Lines,

Inc.

120,000

7.000%, 

5/1/2025

g

131,738

82,073

4.500%, 

10/20/2025

g

84,227

J.B.

Hunt

Transport

Services,

Inc.

35,000

3.300%, 

8/15/2022

36,434

Mileage

Plus

Holdings,

LLC

80,000

6.500%, 

6/20/2027

g

83,300

Penske

Truck

Leasing

Company,

LP

36,000

3.375%, 

2/1/2022

g

37,171

Ryder

System,

Inc.

78,000

3.500%, 

6/1/2021

79,596

Southwest

Airlines

Company

20,000

4.750%, 

5/4/2023

21,357

65,000

5.250%, 

5/4/2025

71,575

Union

Pacific

Corporation

63,000

3.750%, 

7/15/2025

71,724

United

Airlines

Pass

Through

Trust

35,000

3.700%, 

12/1/2022

32,783

XPO

Logistics,

Inc.

80,000

6.125%, 

9/1/2023

g

81,654

150,000

6.750%, 

8/15/2024

g

158,880

Total

1,045,468

Utilities

(1.3%)

AES

Corporation

110,000

5.125%, 

9/1/2027

117,161

Alabama

Power

Company

38,000

2.450%, 

3/30/2022

39,049

Ameren

Corporation

40,000

2.500%, 

9/15/2024

42,361

Berkshire

Hathaway

Energy

Company

42,000

4.050%, 

4/15/2025

g

47,910

Calpine

Corporation

130,000

4.500%, 

2/15/2028

g

133,138

CenterPoint

Energy,

Inc.

40,000

2.500%, 

9/1/2022

41,335

34,000

2.500%, 

9/1/2024

36,167

Dominion

Energy,

Inc.

34,000

2.715%, 

8/15/2021

34,622

34,000

3.071%, 

8/15/2024

36,554

64,000

4.650%, 

12/15/2024

b,i

64,856

DTE

Energy

Company

54,000

3.300%, 

6/15/2022

56,192

53,000

2.529%, 

10/1/2024

56,332

Duke

Energy

Corporation

80,000

2.400%, 

8/15/2022

82,687

63,000

4.875%, 

9/16/2024

b,i

66,642

Edison

International

42,000

4.950%, 

4/15/2025

45,964

Entergy

Corporation

41,000

0.900%, 

9/15/2025

40,943

Evergy,

Inc.

35,000

2.450%, 

9/15/2024

37,045

Eversource

Energy

43,000

2.500%, 

3/15/2021

43,352

Exelon

Generation

Company,

LLC

41,000

3.250%, 

6/1/2025

44,814

FirstEnergy

Corporation

59,000

2.850%, 

7/15/2022

60,472

41,000

2.050%, 

3/1/2025

41,471

Principal

Amount

Long-Term

Fixed

Income

(52.2%)

Value

Utilities

(1.3%)

-

continued

Florida

Power

&

Light

Company

$

44,000

2.850%, 

4/1/2025

$

48,249

Georgia

Power

Company

40,000

2.100%, 

7/30/2023

41,753

35,000

2.200%, 

9/15/2024

36,916

GFL

Environmental,

Inc.

100,000

3.750%, 

8/1/2025

g

99,750

NextEra

Energy

Operating

Partners,

LP

220,000

3.875%, 

10/15/2026

g

227,700

NiSource,

Inc.

95,000

5.650%, 

6/15/2023

b,i

94,287

41,000

0.950%, 

8/15/2025

40,949

PG&E

Corporation

60,000

5.000%, 

7/1/2028

58,200

40,000

5.250%, 

7/1/2030

38,700

PPL

Capital

Funding,

Inc.

69,000

3.950%, 

3/15/2024

75,757

PSEG

Power,

LLC

75,000

3.000%, 

6/15/2021

76,217

Public

Service

Enterprise

Group,

Inc.

34,000

2.875%, 

6/15/2024

36,375

Sempra

Energy

80,000

3.550%, 

6/15/2024

86,603

44,000

4.875%, 

10/15/2025

b,i

45,210

Southern

Company

85,000

4.000%, 

1/15/2051

b

85,236

Suburban

Propane

Partners,

LP

100,000

5.875%, 

3/1/2027

102,375

Talen

Energy

Supply,

LLC

110,000

7.625%, 

6/1/2028

g

110,000

TerraForm

Power

Operating,

LLC

115,000

5.000%, 

1/31/2028

g

125,888

TransCanada

Trust

165,000

5.875%, 

8/15/2076

b

175,725

Vistra

Operations

Company,

LLC

180,000

5.000%, 

7/31/2027

g

189,045

Total

2,964,002

Total

Long-Term

Fixed

Income

(cost

$119,470,948)

120,369,400

Shares

Registered

Investment

Companies

(

18.9%

)

Value

Unaffiliated  (3.6%)

4,284

Aberdeen

Asia-Pacific

Income

Fund,

Inc.

17,093

2,175

AllianceBernstein

Global

High

Income

Fund,

Inc.

22,859

6,450

AllianzGI

NFJ

Dividend

Interest

&

Premium

Strategy

Fund

76,110

1,046

BlackRock

Core

Bond

Trust

16,380

1,615

BlackRock

Corporate

High

Yield

Fund,

Inc.

17,248

1,164

BlackRock

Credit

Allocation

Income

Trust

16,552

3,300

BlackRock

Enhanced

Equity

Dividend

Trust

24,123

2,562

BlackRock

Enhanced

Global

Dividend

Trust

24,518

2,843

BlackRock

Multi-Sector

Income

Trust

44,862

9,264

BlackRock

Resources

&

Commodities

Strategy

Trust

55,121

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

319

Shares

Registered

Investment

Companies

(18.9%)

Value

Unaffiliated  (3.6%)-

continued

1,900

Brookfield

Real

Assets

Income

Fund,

Inc.

$

31,388

1,608

Cohen

&

Steers

Quality

Income

Realty

Fund,

Inc.

17,865

1,414

Eaton

Vance

Limited

Duration

Income

Fund

15,992

2,259

Eaton

Vance

Tax-Managed

Global

Diversified

Equity

Income

Fund

16,626

1,901

Invesco

Dynamic

Credit

Opportunities

Fund

17,508

120,511

Invesco

Senior

Loan

ETF

2,619,909

28,775

iShares

S&P

U.S.

Preferred

Stock

Index

Fund

1,048,849

4,311

Liberty

All-Star

Equity

Fund

25,909

3,825

Nuveen

Credit

Strategies

Income

Fund

22,606

1,315

PGIM

Global

High

Yield

Fund,

Inc.

17,424

1,281

PGIM

High

Yield

Bond

Fund,

Inc.

17,691

872

Pimco

Dynamic

Credit

And

Mortgage

Income

Fund

17,510

3,158

Royce

Micro-Cap

Trust,

Inc.

24,222

3,203

Royce

Value

Trust,

Inc.

40,486

7,054

SPDR

Bloomberg

Barclays

High

Yield

Bond

ETF

735,521

10,600

Templeton

Global

Income

Fund

56,710

651

Tri-Continental

Corporation

16,880

34,300

Vanguard

Short-Term

Corporate

Bond

ETF

l

2,841,755

6,550

Voya

Global

Equity

Dividend

&

Premium

Opportunity

Fund

32,423

4,400

Wells

Fargo

Income

Opportunities

Fund

32,120

19,373

Western

Asset

High

Income

Opportunity

Fund,

Inc.

94,928

Total

8,059,188

Affiliated  (15.3%)

3,596,743

Thrivent

Core

Emerging

Markets

Debt

Fund

35,320,015

Total

35,320,015

Total

Registered

Investment

Companies

(cost

$42,958,011)

43,379,203

Shares

Collateral

Held

for

Securities

Loaned

(

1.2%

)

Value

2,811,590

Thrivent

Cash

Management

Trust

2,811,590

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,811,590)

2,811,590

Shares

Preferred

Stock

(

0.9%

)

Value

Communications

Services

(0.1%)

4,325

AT&T,

Inc.,

4.750%

i

110,288

1,250

AT&T,

Inc.,

5.000%

i

33,387

Total

143,675

Consumer

Staples

(0.1%)

5,280

CHS,

Inc.,

7.100%

b,i

140,712

Total

140,712

Energy

(<0.1%)

9,435

Crestwood

Equity

Partners,

LP,

9.250%

i

55,572

Shares

Preferred

Stock

(0.9%)

Value

Energy

(<0.1%)

-

continued

825

Energy

Transfer

Operating,

LP,

7.600%

b,i

$

14,363

1,736

Nustar

Logistics,

LP,

7.009%

b

33,227

Total

103,162

Financials

(0.7%)

1,250

Aegon

Funding

Corporation

II,

5.100%

31,837

1,870

Agribank

FCB,

6.875%

b,i

199,155

2,400

Allstate

Corporation,

5.100%

i

64,272

2,200

Bank

of

America

Corporation,

5.000%

i

57,728

1,000

Bank

of

America

Corporation,

5.375%

i

26,870

2,500

Capital

One

Financial

Corporation,

5.000%

i

62,700

1,445

Cobank

ACB,

6.250%

b,i

150,280

2,775

Equitable

Holdings,

Inc.,

5.250%

i

70,846

70

First

Horizon

Bank,

3.750%

b,g,i

52,500

5,000

GMAC

Capital

Trust

I,

6.065%

b

124,850

1,950

Hartford

Financial

Services

Group,

Inc.,

7.875%

b

53,956

1,750

J.P.

Morgan

Chase

&

Company,

4.750%

i

46,305

1,750

J.P.

Morgan

Chase

&

Company,

5.750%

i

47,793

1,750

Legg

Mason,

Inc.,

5.450%

44,625

3,700

Morgan

Stanley,

7.125%

b,i

102,120

425

Synovus

Financial

Corporation,

5.875%

b,i

10,935

2,650

Truist

Financial

Corporation,

4.750%

i,m

68,768

213

Wells

Fargo

&

Company,

Convertible,

7.500%

i

285,857

Total

1,501,397

Real

Estate

(<0.1%)

3,200

Public

Storage,

4.125%

i,m

82,976

668

Public

Storage,

4.625%

i

17,982

175

Public

Storage,

4.700%

i

4,748

275

Public

Storage,

4.875%

i

7,436

Total

113,142

Utilities

(<0.1%)

3,525

Southern

Company,

4.950%

92,919

Total

92,919

Total

Preferred

Stock

(cost

$2,090,241)

2,095,007

Shares

Common

Stock

(

0.1%

)

Value

Energy

(0.1%)

600

Enbridge,

Inc.

17,520

1,300

Kinder

Morgan,

Inc.

16,029

57,427

McDermott

International,

Inc.

m

137,825

1,000

MPLX,

LP

15,740

800

Williams

Companies,

Inc.

15,720

Total

202,834

Financials

(<0.1%)

2,000

FS

KKR

Capital

Corporation

31,720

2,200

FS

KKR

Capital

Corporation

II

32,362

2,700

Golub

Capital

BDC,

Inc.

35,748

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

320

Shares

Common

Stock

(0.1%)

Value

Financials

(<0.1%)

-

continued

1,900

Sixth

Street

Specialty

Lending,

Inc.

$

32,699

Total

132,529

Total

Common

Stock

(cost

$367,513)

335,363

Shares

or

Principal

Amount

Short-Term

Investments

(

12.8%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

300,000

0.070%,

10/14/2020

n,o

299,993

Thrivent

Core

Short-Term

Reserve

Fund

2,920,206

0.310%

29,202,063

U.S.

Treasury

Bills

100,000

0.092%,

11/19/2020

n,p

99,988

Total

Short-Term

Investments

(cost

$29,607,889)

29,602,044

Total

Investments

(cost

$261,851,387)

113.3%

$261,397,116

Other

Assets

and

Liabilities,

Net

(13.3%)

(30,653,698)

Total

Net

Assets

100.0%

$230,743,418

a

The

stated

interest

rate

represents

the

weighted

average

of

all

contracts

within

the

bank

loan

facility.

b

Denotes

variable

rate

securities.

The

rate

shown

is

as

of

September

30,

2020.

The

rates

of

certain

variable

rate

securities

are

based

on

a

published

reference

rate

and

spread;

these

may

vary

by

security

and

the

reference

rate

and

spread

are

indicated

in

their

description.  The

rates

of

other

variable

rate

securities

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.  These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description.  

c

Security

is

valued

using

significant

unobservable

inputs.

Further

information

on

valuation

can

be

found

in

the

Notes

to

Financial

Statements.

d

All

or

a

portion

of

the

loan

is

unfunded.

e

Denotes

investments

purchased

on

a

when-issued

or

delayed

delivery

basis.

f

In

bankruptcy.  Interest

is

not

being

accrued.

g

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$44,969,708

or

19.5%

of

total

net

assets.

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

September

30,

2020.

i

Denotes

perpetual

securities.

Perpetual

securities

pay

an

indefinite

stream

of

income

and

have

no

contractual

maturity

date.

Date

shown,

if

applicable,

is

next

call

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

All

or

a

portion

of

the

security

is

insured

or

guaranteed.

l

All

or

a

portion

of

the

security

is

on

loan.

m

Non-income

producing

security.

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

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

September

30,

2020

was

$66,000

or

0.0%

of

total

net

assets.

The

following

table

indicates

the

acquisition

date

and

cost

of

restricted

securities

shown

in

the

schedule

as

of

September

30,

2020.

Security

Acquisition

Date

Cost

Windstream

Services,

LLC,

10/31/2025

1/14/2020

$

107,957

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

Opportunity

Income

Plus

Portfolio

as

of

September

30,

2020:

Securities

Lending

Transactions

Long-Term

Fixed

Income

$

62,588

Common

Stock

2,692,625

Total

lending

$2,755,213

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,811,590

Net

amounts

due

to

counterparty

$56,377

Definitions:

ACES

-

Alternative

Credit

Enhancement

Securities

CLO

-

Collateralized

Loan

Obligation

ETF

-

Exchange

Traded

Fund

REMIC

-

Real

Estate

Mortgage

Investment

Conduit

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Ser.

-

Series

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Reference

Rate

Index:

12

MTA

-

12

Month

Treasury

Average

CMT

1Y

-

Constant

Maturity

Treasury

Yield

1

Year

H15T30Y

-

U.

S.

Treasury

Yield

Curve

Rate

Treasury

Note

Constant

Maturity

30

Year

LIBOR

1W

-

ICE

Libor

USD

Rate

1

Week

LIBOR

1M

-

ICE

Libor

USD

Rate

1

Month

LIBOR

2M

-

ICE

Libor

USD

Rate

2

Month

LIBOR

3M

-

ICE

Libor

USD

Rate

3

Month

PRIME

-

Federal

Reserve

Prime

Loan

Rate

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

321

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

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

2,995,489

–

2,690,124

305,365

Capital

Goods

7,105,047

–

6,755,031

350,016

Communications

Services

17,134,845

–

16,380,545

754,300

Consumer

Cyclical

8,020,119

–

7,571,619

448,500

Consumer

Non-Cyclical

11,382,930

–

11,382,930

–

Energy

1,818,153

–

1,818,153

–

Financials

5,369,126

–

5,369,126

–

Technology

5,572,066

–

5,572,066

–

Transportation

1,851,081

–

1,851,081

–

Utilities

1,555,653

–

1,555,653

–

Long-Term

Fixed

Income

Asset-Backed

Securities

10,677,556

–

10,677,556

–

Basic

Materials

1,939,388

–

1,939,388

–

Capital

Goods

3,648,212

–

3,648,212

–

Collateralized

Mortgage

Obligations

21,882,780

–

21,882,780

–

Commercial

Mortgage-Backed

Securities

1,064,629

–

1,064,629

–

Communications

Services

6,495,283

–

6,495,283

–

Consumer

Cyclical

6,584,163

–

6,584,163

–

Consumer

Non-Cyclical

7,826,881

–

7,826,881

–

Energy

5,954,630

–

5,954,630

–

Financials

15,139,469

–

15,139,469

–

Foreign

Government

50,601

–

50,601

–

Mortgage-Backed

Securities

31,776,436

–

31,776,436

–

Technology

3,319,902

–

3,319,902

–

Transportation

1,045,468

–

1,045,468

–

Utilities

2,964,002

–

2,964,002

–

Registered

Investment

Companies

Unaffiliated

8,059,188

8,059,188

–

–

Preferred

Stock

Communications

Services

143,675

143,675

–

–

Consumer

Staples

140,712

140,712

–

–

Energy

103,162

103,162

–

–

Financials

1,501,397

1,099,462

401,935

–

Real

Estate

113,142

113,142

–

–

Utilities

92,919

92,919

–

–

Common

Stock

Energy

202,834

202,834

–

–

Financials

132,529

132,529

–

–

Short-Term

Investments

399,981

–

399,981

–

Subtotal

Investments

in

Securities

$194,063,448

$10,087,623

$182,117,644

$1,858,181

Other

Investments  *

Total

Affiliated

Registered

Investment

Companies

35,320,015

Affiliated

Short-Term

Investments

29,202,063

Collateral

Held

for

Securities

Loaned

2,811,590

Subtotal

Other

Investments

$67,333,668

Total

Investments

at

Value

$261,397,116

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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

52,346

52,346

–

–

Total

Asset

Derivatives

$52,346

$52,346

$–

$–

Liability

Derivatives

Futures

Contracts

54,739

54,739

–

–

Credit

Default

Swaps

740

–

740

–

Total

Liability

Derivatives

$55,479

$54,739

$740

$–

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

322

Reference

Description:

CBOT

-

Chicago

Board

of

Trade

CME

-

Chicago

Mercantile

Exchange

S&P

-

Standard

&

Poor's

The

following

table

presents

Opportunity

Income

Plus

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$299,993

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CBOT

2-Yr.

U.S.

Treasury

Note

42

December

2020

$

9,278,191

$

2,168

CBOT

5-Yr.

U.S.

Treasury

Note

33

December

2020

4,155,267

3,764

CME

Ultra

Long

Term

U.S.

Treasury

Bond

10

December

2020

2,252,685

(

34,560)

Total

Futures

Long

Contracts

$

15,686,143

(

$

28,628)

CBOT

10-Yr.

U.S.

Treasury

Note

(32)

December

2020

(

$

4,459,913)

(

$

5,087)

CBOT

U.S.

Long

Bond

(31)

December

2020

(

5,511,133)

46,414

CME

E-mini

S&P

500

Index

(8)

December

2020

(

1,330,040)

(

10,760)

Ultra

10-Yr.

U.S.

Treasury

Note

(11)

December

2020

(

1,754,808)

(

4,332)

Total

Futures

Short

Contracts

(

$

13,055,894)

$26,235

Total

Futures

Contracts

$

2,630,249

($2,393)

The

following

table

presents

Opportunity

Income

Plus

Portfolio's

swaps

contracts

held

as

of

September

30,

2020.

Investments

totaling

$99,988

were

pledged

as

collateral

under

the

agreement

between

the

counterparty,

the

custodian

and

the

fund

for

open

swap

contracts.

Credit

Default

Swaps

Buy/Sell

Protection

1

Termination

Date

Notional

Principal

Amount

2

Upfront

Payments/

(Receipts)

Value

3

Unrealized

Gain/(Loss)

CDX

HY

35,

5

Year,

at

5.00%,

Quarterly

Buy

12/20/2025

$

1,110,000

$

–

(

$

740)

(

$

740)

Total

Credit

Default

Swaps

$–

($740)

($740)

1

As

the

buyer

of

protection,

Opportunity

Income

Plus

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,

Opportunity

Income

Plus

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

Opportunity

Income

Plus

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.

Opportunity

Income

Plus

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

323

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Opportunity

Income

Plus

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$32,562

$3,189

$–

$35,320

3,597

15.3%

Total

Affiliated

Registered

Investment

Companies

32,562

35,320

15.3

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

35,398

94,337

100,509

29,202

2,920

12.6

Total

Affiliated

Short-Term

Investments

35,398

29,202

12.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

370

25,695

23,253

2,812

2,812

1.2

Total

Collateral

Held

for

Securities

Loaned

370

2,812

1.2

Total

Value

$68,330

$67,334

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Registered

Investment

Companies

Core

Emerging

Markets

Debt

$–

$(431)

–

$1,165

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

(18)

(6)

–

247

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$1,412

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

6

Total

Affiliated

Income

from

Securities

Loaned,

Net

$6

Total

Value

$(18)

$(437)

$–

Partner

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

324

Shares

Common

Stock

(

91.3%

)

Value

Bermuda

(1.0%)

196,000

China

Resources

Gas

Group,

Ltd.

$

880,027

Total

880,027

Brazil

(5.3%)

346,129

Banco

Bradesco

SA

ADR

1,187,223

220,500

Petroleo

Brasileiro

SA

773,491

158,202

Vale

SA

ADR

1,673,777

72,842

WEG

SA

848,152

Total

4,482,643

Cayman

Islands

(20.3%)

290,200

Budweiser

Brewing

Company

APAC,

Ltd.

a

848,789

100,500

China

Conch

Venture

Holdings,

Ltd.

467,535

410,000

China

Resources

Land,

Ltd.

1,869,938

15,391

Huazhu

Group,

Ltd.

ADR

665,507

79,600

Meituan

Dianping

b

2,507,504

5,955

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

b

890,272

315,200

Sands

China,

Ltd.

1,221,782

111,200

Tencent

Holdings,

Ltd.

7,510,825

53,500

Wuxi

Biologics

(Cayman),

Inc.

a,b

1,311,182

Total

17,293,334

China

(18.1%)

10,361

Autohome,

Inc.

ADR

994,656

54,900

China

International

Travel

Service

Corporation,

Ltd.

1,803,539

226,000

China

Merchants

Bank

Company,

Ltd.

1,072,464

19,800

Hangzhou

Tigermed

Consulting

Company,

Ltd.

300,524

9,900

Hangzhou

Tigermed

Consulting

Company,

Ltd.

a,b

141,026

7,595

Kweichow

Moutai

Company,

Ltd.

1,867,961

155,300

LONGi

Green

Energy

Technology

Company,

Ltd.

1,718,192

161,525

Midea

Group

Company,

Ltd.

1,731,197

187,800

NARI

Technology

Company,

Ltd.

545,994

288,000

Ping

An

Insurance

Company

of

China,

Ltd.

2,989,684

95,982

Shanghai

International

Airport

Company,

Ltd.

974,538

71,600

Shenzhou

International

Group

Holdings,

Ltd.

1,219,269

Total

15,359,044

Hong

Kong

(4.2%)

142,000

AIA

Group,

Ltd.

1,411,494

48,500

China

Mobile,

Ltd.

311,335

38,530

Hong

Kong

Exchanges

&

Clearing,

Ltd.

1,813,742

Total

3,536,571

India

(10.2%)

30,407

Hindustan

Unilever,

Ltd.

854,519

84,762

Housing

Development

Finance

Corporation

2,009,088

333,720

ITC,

Ltd.

779,627

74,078

Kotak

Mahindra

Bank,

Ltd.

b

1,279,025

87,121

SBI

Life

Insurance

Company,

Ltd.

a,b

958,731

55,730

Tata

Consultancy

Services,

Ltd.

1,885,481

16,447

Ultra

Tech

Cement,

Ltd.

905,427

Total

8,671,898

Shares

Common

Stock

(91.3%)

Value

Indonesia

(2.4%)

1,670,300

Astra

International

Tbk

PT

$

502,912

566,100

Bank

Central

Asia

Tbk

PT

1,033,362

2,379,200

Bank

Rakyat

Indonesia

Persero

Tbk

PT

488,104

Total

2,024,378

Mexico

(2.7%)

18,300

Fomento

Economico

Mexicano

SAB

de

CV

ADR

1,028,277

37,500

Grupo

Aeroportuario

del

Sureste,

SAB

de

CV

b

435,181

245,813

Grupo

Financiero

Banorte

SAB

de

CV

ADR

b

849,226

Total

2,312,684

Netherlands

(5.0%)

2,900

ASML

Holding

NV

1,071,188

20,266

Prosus

NV

b

1,870,618

20,320

Yandex

NV

b

1,325,880

Total

4,267,686

Philippines

(1.6%)

1,310,200

Ayala

Land,

Inc.

806,370

405,076

Bank

of

the

Philippine

Islands

536,351

Total

1,342,721

Russian

Federation

(2.6%)

11,799

Lukoil

ADR

681,757

57,366

NovaTek

PJSC

783,838

252,698

Sberbank

of

Russia

PJSC

b

739,219

Total

2,204,814

South

Africa

(2.2%)

10,725

Naspers,

Ltd.

b

1,894,291

Total

1,894,291

South

Korea

(3.3%)

3,330

LG

Chem,

Ltd.

1,858,706

2,630

Samsung

SDI

Company,

Ltd.

971,570

Total

2,830,276

Taiwan

(9.0%)

505,499

Taiwan

Semiconductor

Manufacturing

Company,

Ltd.

7,604,767

Total

7,604,767

United

Kingdom

(0.7%)

28,800

Mondi

plc

610,469

Total

610,469

United

States

(2.7%)

1,630

Mercadolibre,

Inc.

b

1,764,442

10,258

Yum

China

Holding,

Inc.

543,161

Total

2,307,603

Total

Common

Stock

(cost

$55,675,202)

77,623,206

Partner

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

325

Shares

Preferred

Stock

(

8.0%

)

Value

South

Korea

(8.0%)

158,446

Samsung

Electronics

Company,

Ltd.

$

6,819,676

Total

6,819,676

Total

Preferred

Stock

(cost

$2,818,372)

6,819,676

Shares

Short-Term

Investments

(

0.8%

)

Thrivent

Core

Short-Term

Reserve

Fund

70,793

0.310%

707,928

Total

Short-Term

Investments

(cost

$707,973)

707,928

Total

Investments

(cost

$59,201,547)

100.1%

$85,150,810

Other

Assets

and

Liabilities,

Net

(0.1%)

(114,918)

Total

Net

Assets

100.0%

$85,035,892

a

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$3,259,728

or

3.8%

of

total

net

assets.

b

Non-income

producing

security.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

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

Communications

Services

12,036,987

2,320,536

9,716,451

–

Consumer

Discretionary

12,849,585

3,863,382

8,986,203

–

Consumer

Staples

5,379,173

1,028,277

4,350,896

–

Energy

3,119,113

–

3,119,113

–

Financials

18,705,866

1,187,223

17,518,643

–

Health

Care

1,752,732

–

1,752,732

–

Industrials

4,127,809

–

4,127,809

–

Information

Technology

11,533,006

–

11,533,006

–

Materials

5,048,379

1,673,777

3,374,602

–

Real

Estate

806,370

–

806,370

–

Utilities

2,264,186

–

2,264,186

–

Preferred

Stock

Information

Technology

6,819,676

–

6,819,676

–

Subtotal

Investments

in

Securities

$84,442,882

$10,073,195

$74,369,687

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

707,928

Subtotal

Other

Investments

$707,928

Total

Investments

at

Value

$85,150,810

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

Partner

Emerging

Markets

Equity

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

326

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.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Partner

Emerging

Markets

Equity

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$733

$13,343

$13,368

$708

71

0.8%

Total

Affiliated

Short-Term

Investments

733

708

0.8

Total

Value

$733

$708

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$0

$0

–

$9

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$9

Total

Value

$0

$0

$–

Partner

Healthcare

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

327

Shares

Common

Stock

(

98.4%

)

Value

Biotechnology

(21.2%)

20,110

Acceleron

Pharma,

Inc.

a

$

2,262,978

13,156

Agios

Pharmaceuticals,

Inc.

a

460,460

13,869

Alexion

Pharmaceuticals,

Inc.

a

1,587,030

16,105

Allakos

,

Inc.

a

1,311,752

3,911

Allogene

Therapeutics,

Inc.

a

147,484

16,711

Alnylam

Pharmaceuticals,

Inc.

a

2,433,122

29,259

Amgen,

Inc.

7,436,467

8,875

Annexon

,

Inc.

a

268,291

5,986

Arcutis

Biotherapeutics

,

Inc.

a

175,390

10,012

Arena

Pharmaceuticals,

Inc.

a

748,797

10,449

Atreca

,

Inc.

a

145,972

5,747

Biogen,

Inc.

a

1,630,309

18,437

BioMarin

Pharmaceutical,

Inc.

a

1,402,687

5,278

Blueprint

Medicines

Corporation

a

489,271

2,707

ChemoCentryx

,

Inc.

a

148,344

7,651

Dicerna

Pharmaceuticals,

Inc.

a

137,641

4,628

Eidos

Therapeutics,

Inc.

a

233,853

3,080

FibroGen

,

Inc.

a

126,650

3,324

Galapagos

NV

ADR

a

471,709

662

Genfit

ADR

a

3,522

7,730

Genmab

AS

a

2,805,260

25,799

Genmab

AS

ADR

a

944,501

41,345

Gilead

Sciences,

Inc.

2,612,590

15,038

Halozyme

Therapeutics,

Inc.

a

395,199

10,948

Humanigen

,

Inc.

a

116,487

17,178

Immunomedics

,

Inc.

a

1,460,645

18,993

Immunovant

,

Inc.

a

668,364

12,716

Incyte

Corporation

a

1,141,134

7,225

Intellia

Therapeutics,

Inc.

a

143,633

16,200

Iovance

Biotherapeutics

,

Inc.

a

533,304

4,670

Kodiak

Sciences,

Inc.

a

276,511

2,683

Krystal

Biotech,

Inc.

a

115,503

7,787

Livongo

Health,

Inc.

a

1,090,569

30,019

Mersana

Therapeutics,

Inc.

a

558,954

2,738

Mirati

Therapeutics,

Inc.

a

454,645

11,395

Molecular

Templates,

Inc.

a

124,433

11,245

Neurocrine

Biosciences,

Inc.

a

1,081,319

4,360

Passage

Bio,

Inc.

a

57,160

41,606

PPD,

Inc.

a

1,539,006

11,100

Prothena

Corporation

plc

a

110,889

4,421

RAPT

Therapeutics,

Inc.

a

142,356

6,620

Regeneron

Pharmaceuticals,

Inc.

a

3,705,744

5,806

Relay

Therapeutics,

Inc.

a

247,277

4,632

Sarepta

Therapeutics,

Inc.

a

650,472

33,169

Seattle

Genetics,

Inc.

a

6,490,842

13,900

Seres

Therapeutics,

Inc.

a

393,509

7,235

Taysha

Gene

Therapies,

Inc.

a

162,064

5,383

TCR2

Therapeutics,

Inc.

a

109,383

22,299

Vertex

Pharmaceuticals,

Inc.

a

6,068,004

4,058

Vir

Biotechnology,

Inc.

a

139,311

Total

55,960,797

Financials

(0.4%)

6,700

ARYA

Sciences

Acquisition

Corporation

II

a

73,700

8,560

ARYA

Sciences

Acquisition

Corporation

III

a

91,763

19,371

GoHealth

,

Inc.

a

252,307

7,296

Health

Sciences

Acquisitions

Corporation

2

a

80,256

19,084

Longview

Acquisition

Corporation

a

193,703

6,440

Panacea

Acquisition

Corporation

a

77,280

5,200

Selectquote

,

Inc.

a

105,300

Shares

Common

Stock

(98.4%)

Value

Financials

(0.4%)

-

continued

14,300

Therapeutics

Acquisition

Corporation

a

$

205,634

Total

1,079,943

Health

Care

Distributors

(0.7%)

7,353

AmerisourceBergen

Corporation

712,653

13,215

Cardinal

Health,

Inc.

620,444

3,179

McKesson

Corporation

473,448

Total

1,806,545

Health

Care

Equipment

(29.7%)

123,961

Abbott

Laboratories

13,490,676

5,667

ABIOMED,

Inc.

a

1,570,099

73,568

Avantor

,

Inc.

a

1,654,544

65,730

Baxter

International,

Inc.

5,286,006

16,304

Becton,

Dickinson

and

Company

3,793,615

193,878

Boston

Scientific

Corporation

a

7,408,078

83,367

Edwards

Lifesciences

Corporation

a

6,654,354

19,666

Envista

Holdings

Corporation

a

485,357

3,110

GoodRx

Holdings,

Inc.

a

172,916

7,307

Intuitive

Surgical,

Inc.

a

5,184,609

15,822

Masimo

Corporation

a

3,734,941

76,631

Medtronic

plc

7,963,493

7,620

Nevro

Corporation

a

1,061,466

13,332

ResMed

,

Inc.

2,285,505

2,358

SI-BONE,

Inc.

a

55,932

5,081

Silk

Road

Medical,

Inc.

a

341,494

1,300

Straumann

Holding

AG

1,315,082

31,660

Stryker

Corporation

6,596,994

10,242

Teleflex,

Inc.

3,486,582

21,173

Varian

Medical

Systems,

Inc.

a

3,641,756

15,950

Zimmer

Biomet

Holdings,

Inc.

2,171,433

Total

78,354,932

Health

Care

Facilities

(0.5%)

20,731

Encompass

Health

Corporation

1,347,100

Total

1,347,100

Health

Care

Services

(4.4%)

9,708

Amedisys

,

Inc.

a

2,295,262

27,863

Cigna

Holding

Company

4,720,271

10,573

LHC

Group,

Inc.

a

2,247,397

6,684

Quest

Diagnostics,

Inc.

765,251

6,919

Teladoc

Health,

Inc.

a

1,516,922

Total

11,545,103

Health

Care

Supplies

(1.3%)

61,171

Alcon,

Inc.

a

3,483,688

Total

3,483,688

Health

Care

Technology

(0.1%)

11,207

Deerfield

Healthcare

Technology

Acquisitions

Corporation

a

119,131

2,346

Oak

Street

Health,

Inc.

a

125,370

Total

244,501

Information

Technology

(0.1%)

5,120

BCTG

Acquisition

Corporation

a

55,501

8,724

FS

Development

Corporation

a

97,709

Total

153,210

Life

Sciences

Tools

&

Services

(6.0%)

7,216

Agilent

Technologies,

Inc.

728,383

7,622

Illumina,

Inc.

a

2,355,808

13,973

IQVIA

Holding,

Inc.

a

2,202,564

19,678

Thermo

Fisher

Scientific,

Inc.

8,688,231

Partner

Healthcare

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

328

a

Shares

Common

Stock

(98.4%)

Value

Life

Sciences

Tools

&

Services

(6.0%)

-

continued

123,772

WuXi

AppTec

Company,

Ltd.

b

$

1,789,838

Total

15,764,824

Managed

Health

Care

(12.7%)

21,393

Anthem,

Inc.

5,745,946

45,097

Centene

Corporation

a

2,630,508

16,731

Humana,

Inc.

6,924,794

58,782

UnitedHealth

Group,

Inc.

18,326,464

Total

33,627,712

Pharmaceuticals

(21.3%)

12,086

Apellis

Pharmaceuticals,

Inc.

a

364,634

8,300

AstraZeneca

plc

906,899

86,569

Bristol-Myers

Squibb

Company

5,219,245

16,300

Eisai

Company,

Ltd.

1,488,717

39,285

Eli

Lilly

and

Company

5,814,966

472,505

Hansoh

Pharmaceutical

Group

Company,

Ltd.

a,b

2,309,433

182,000

Hua

Medicine

a,b

117,184

84,284

Johnson

&

Johnson

12,548,202

55,007

Merck

&

Company,

Inc.

4,562,831

13,231

Merck

KGaA

1,928,990

3,585

MyoKardia

,

Inc.

a

488,743

12,798

Nektar

Therapeutics

a

212,319

171,925

Pfizer,

Inc.

6,309,647

6,560

Roche

Holding

AG

2,247,066

8,198

Royalty

Pharma

PLC

344,890

36,364

Sanofi

3,644,124

28,875

Sanofi

ADR

1,448,659

62,500

Wuxi

Biologics

(Cayman),

Inc.

a,b

1,531,754

28,821

Zoetis,

Inc.

4,766,129

Total

56,254,432

Total

Common

Stock

(cost

$182,013,315)

259,622,787

Shares

Short-Term

Investments

(

1.6%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

425,315

0.310%

4,253,149

Total

Short-Term

Investments

(cost

$4,253,769)

4,253,149

Total

Investments

(cost

$186,267,084)

100.0%

$263,875,936

Other

Assets

and

Liabilities,

Net

<0.1%

99,275

Total

Net

Assets

100.0%

$263,975,211

a

Non-income

producing

security.

b

Denotes

securities

sold

under

Rule

144A

of

the

Securities

Act

of

1933,

which

exempts

them

from

registration.

These

securities

may

be

resold

to

other

dealers

in

the

program

or

to

other

qualified

institutional

buyers.

As

of

September

30,

2020,

the

value

of

these

investments

was

$5,748,209

or

2.2%

of

total

net

assets.

Definitions:

ADR

-

American

Depositary

Receipt,

which

are

certificates

for

an

underlying

foreign

security's

shares

held

by

an

issuing

U.S.

depository

bank.

Partner

Healthcare

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

329

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Partner

Healthcare

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Biotechnology

55,960,797

53,155,537

2,805,260

–

Financials

1,079,943

1,079,943

–

–

Health

Care

Distributors

1,806,545

1,806,545

–

–

Health

Care

Equipment

78,354,932

77,039,850

1,315,082

–

Health

Care

Facilities

1,347,100

1,347,100

–

–

Health

Care

Services

11,545,103

11,545,103

–

–

Health

Care

Supplies

3,483,688

3,483,688

–

–

Health

Care

Technology

244,501

244,501

–

–

Information

Technology

153,210

153,210

–

–

Life

Sciences

Tools

&

Services

15,764,824

13,974,986

1,789,838

–

Managed

Health

Care

33,627,712

33,627,712

–

–

Pharmaceuticals

56,254,432

42,080,265

14,174,167

–

Subtotal

Investments

in

Securities

$259,622,787

$239,538,440

$20,084,347

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

4,253,149

Subtotal

Other

Investments

$4,253,149

Total

Investments

at

Value

$263,875,936

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

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.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Partner

Healthcare

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$305

$34,801

$30,851

$4,253

425

1.6%

Total

Affiliated

Short-Term

Investments

305

4,253

1.6

Total

Value

$305

$4,253

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$(1)

$(1)

–

$22

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$22

Total

Value

$(1)

$(1)

$–

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

330

Shares

Common

Stock

(

99.5%

)

Value

Diversified

REITs

(5.1%)

12,434

American

Assets

Trust,

Inc.

$

299,535

42,667

Cousins

Properties,

Inc.

1,219,850

88,770

Duke

Realty

Corporation

3,275,613

25,274

Spirit

Realty

Capital,

Inc.

852,997

53,106

Store

Capital

Corporation

1,456,698

135,120

VEREIT,

Inc.

878,280

5,484

WP

Carey,

Inc.

357,337

Total

8,340,310

Health

Care

REITs

(8.5%)

29,462

Healthcare

Realty

Trust,

Inc.

887,395

57,925

Healthcare

Trust

of

America,

Inc.

1,506,050

130,703

Healthpeak

Properties,

Inc.

3,548,587

51,544

Medical

Properties

Trust,

Inc.

908,721

18,830

Omega

Healthcare

Investors,

Inc.

563,770

35,476

Physicians

Realty

Trust

635,375

47,498

Ventas,

Inc.

1,993,016

71,570

Welltower

,

Inc.

3,942,791

Total

13,985,705

Hotel

&

Resort

REITs

(2.5%)

127,151

Host

Hotels

&

Resorts,

Inc.

1,371,959

51,182

MGM

Growth

Properties

LLC

1,432,072

36,347

Park

Hotels

&

Resorts,

Inc.

363,107

30,634

RLJ

Lodging

Trust

265,290

5,302

Ryman

Hospitality

Properties

195,114

55,189

Sunstone

Hotel

Investors,

Inc.

438,201

Total

4,065,743

Industrial

REITs

(16.4%)

57,792

Americold

Realty

Trust

2,066,064

4,924

EastGroup

Properties,

Inc.

636,821

37,696

First

Industrial

Realty

Trust,

Inc.

1,500,301

156,250

Prologis,

Inc.

15,721,875

54,214

Rexford

Industrial

Realty,

Inc.

2,480,833

9,603

SBA

Communications

Corporation

3,058,363

25,133

STAG

Industrial,

Inc.

766,305

10,145

Terreno

Realty

Corporation

555,540

Total

26,786,102

Office

REITs

(8.8%)

32,973

Alexandria

Real

Estate

Equities,

Inc.

5,275,680

29,983

Boston

Properties,

Inc.

2,407,635

16,946

Corporate

Office

Properties

Trust

401,959

37,990

Douglas

Emmett,

Inc.

953,549

25,312

Highwoods

Properties,

Inc.

849,724

64,676

Hudson

Pacific

Properties,

Inc.

1,418,345

19,026

JBG

SMITH

Properties

508,755

29,091

Kilroy

Realty

Corporation

1,511,569

14,041

SL

Green

Realty

Corporation

651,081

14,954

Vornado

Realty

Trust

504,099

Total

14,482,396

Real

Estate

Operating

Companies

(0.2%)

20,337

Essential

Properties

Realty

Trust,

Inc.

372,574

Total

372,574

Residential

REITs

(20.1%)

21,262

American

Campus

Communities,

Inc.

742,469

99,111

American

Homes

4

Rent

2,822,681

29,976

Apartment

Investment

&

Management

Company

1,010,791

26,579

AvalonBay

Communities,

Inc.

3,969,308

Shares

Common

Stock

(99.5%)

Value

Residential

REITs

(20.1%)

-

continued

27,931

Camden

Property

Trust

$

2,485,300

58,530

Equity

Lifestyle

Properties,

Inc.

3,587,889

54,613

Equity

Residential

2,803,285

12,785

Essex

Property

Trust,

Inc.

2,567,100

174,246

Invitation

Homes,

Inc.

4,877,146

18,805

Mid-America

Apartment

Communities,

Inc.

2,180,440

26,518

Sun

Communities,

Inc.

3,728,696

63,524

UDR,

Inc.

2,071,518

Total

32,846,623

Retail

REITs

(6.6%)

17,997

Agree

Realty

Corporation

1,145,329

53,491

Brixmor

Property

Group,

Inc.

625,310

9,995

Federal

Realty

Investment

Trust

734,033

37,487

Kimco

Realty

Corporation

422,103

23,880

National

Retail

Properties,

Inc.

824,099

29,469

Realty

Income

Corporation

1,790,242

40,855

Regency

Centers

Corporation

1,553,307

42,506

Simon

Property

Group,

Inc.

2,749,288

31,190

SITE

Centers

Corporation

224,568

25,301

Urban

Edge

Properties

245,926

30,742

Weingarten

Realty

Investors

521,384

Total

10,835,589

Specialized

REITs

(31.3%)

32,365

American

Tower

Corporation

7,823,591

6,880

CoreSite

Realty

Corporation

817,894

25,843

Crown

Castle

International

Corporation

4,302,860

46,586

CubeSmart

1,505,194

32,645

CyrusOne

,

Inc.

2,286,129

33,218

Digital

Realty

Trust,

Inc.

4,875,074

19,524

Equinix

,

Inc.

14,840,778

31,082

Extra

Space

Storage,

Inc.

3,325,463

13,973

Four

Corners

Property

Trust,

Inc.

357,569

22,549

Gaming

and

Leisure

Properties,

Inc.

832,735

8,506

GDS

Holdings,

Ltd.

ADR

a

696,046

10,753

Life

Storage,

Inc.

1,131,968

9,965

National

Storage

Affiliates

Trust

325,955

15,504

Public

Storage,

Inc.

3,453,051

19,694

QTS

Realty

Trust,

Inc.

1,241,116

111,245

VICI

Properties,

Inc.

2,599,796

30,668

Weyerhaeuser

Company

874,651

Total

51,289,870

Total

Common

Stock

(cost

$130,698,103)

163,004,912

Shares

Short-Term

Investments

(

0.2%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

37,857

0.310%

378,571

Total

Short-Term

Investments

(cost

$378,571)

378,571

Total

Investments

(cost

$131,076,674)

99.7%

$163,383,483

Other

Assets

and

Liabilities,

Net

0.3%

494,814

Total

Net

Assets

100.0%

$163,878,297

a

Non-income

producing

security.

Real

Estate

Securities

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

331

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.

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Real

Estate

Securities

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Diversified

REITs

8,340,310

8,340,310

–

–

Health

Care

REITs

13,985,705

13,985,705

–

–

Hotel

&

Resort

REITs

4,065,743

4,065,743

–

–

Industrial

REITs

26,786,102

26,786,102

–

–

Office

REITs

14,482,396

14,482,396

–

–

Real

Estate

Operating

Companies

372,574

372,574

–

–

Residential

REITs

32,846,623

32,846,623

–

–

Retail

REITs

10,835,589

10,835,589

–

–

Specialized

REITs

51,289,870

51,289,870

–

–

Subtotal

Investments

in

Securities

$163,004,912

$163,004,912

$–

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

378,571

Subtotal

Other

Investments

$378,571

Total

Investments

at

Value

$163,383,483

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

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.

The

Portfolio

owns

shares

of

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Real

Estate

Securities

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$1,173

$12,434

$13,229

$379

38

0.2%

Total

Affiliated

Short-Term

Investments

1,173

379

0.2

Total

Value

$1,173

$379

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$1

$–

–

$5

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$5

Total

Value

$1

$–

$–

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

332

Shares

Common

Stock

(

97.0%

)

Value

Communications

Services

(0.1%)

13,001

ORBCOMM,

Inc.

a

$

44,203

Total

44,203

Consumer

Discretionary

(12.2%)

2,394

Bright

Horizons

Family

Solutions,

Inc.

a

363,984

15,535

Cooper-Standard

Holdings,

Inc.

a

205,218

30,500

Duluth

Holdings,

Inc.

a,b

372,710

4,840

Etsy,

Inc.

a

588,689

4,689

Five

Below,

Inc.

a

595,503

1,315

Lithia

Motors,

Inc.

299,741

6,023

Ollie's

Bargain

Outlet

Holdings,

Inc.

a

526,109

10,066

Planet

Fitness,

Inc.

a

620,267

15,101

Playa

Hotels

and

Resorts

NV

a

63,273

14,381

Red

Rock

Resorts,

Inc.

245,915

7,738

Skyline

Corporation

a

207,146

12,737

Texas

Roadhouse,

Inc.

774,282

3,677

Wingstop,

Inc.

502,462

Total

5,365,299

Consumer

Staples

(3.8%)

2,300

Casey's

General

Stores,

Inc.

408,595

13,136

Celsius

Holdings,

Inc.

a

298,319

23,523

e.l.f.

Beauty,

Inc.

a

432,117

865

Simply

Good

Foods

Company

a

19,073

18,561

Turning

Point

Brands,

Inc.

517,852

Total

1,675,956

Energy

(0.2%)

16,069

Nine

Energy

Service,

Inc.

a

18,158

9,039

Talos

Energy,

Inc.

a

58,302

Total

76,460

Financials

(5.1%)

7,831

Ameris

Bancorp

178,390

6,488

Assured

Guaranty,

Ltd.

139,362

6,569

Essent

Group,

Ltd.

243,119

49,383

Everi

Holdings,

Inc.

a

407,410

5,361

Hamilton

Lane,

Inc.

346,267

2,925

Kemper

Corporation

195,478

7,097

Prosight

Global,

Inc.

a

80,480

8,744

Seacoast

Banking

Corporation

of

Florida

a

157,654

2,369

TMX

Group,

Ltd.

243,634

8,135

Western

Alliance

Bancorp

257,229

Total

2,249,023

Health

Care

(24.7%)

12,518

ACADIA

Pharmaceuticals,

Inc.

a

516,367

4,149

Agios

Pharmaceuticals,

Inc.

a

145,215

2,187

Arena

Pharmaceuticals,

Inc.

a

163,566

1,222

Argenx

SE

ADR

a

320,799

9,809

Axonics

Modulation

Technologies,

Inc.

a,b

500,651

3,768

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

a

244,958

1,463

Bio-Techne

Corporation

362,429

8,737

Catalent,

Inc.

a

748,411

1,461

Global

Blood

Therapeutics,

Inc.

a

80,560

5,751

Guardant

Health,

Inc.

a

642,847

10,116

Halozyme

Therapeutics,

Inc.

a

265,848

5,599

Inspire

Medical

Systems,

Inc.

a

722,551

6,310

LHC

Group,

Inc.

a

1,341,254

1,863

Ligand

Pharmaceuticals,

Inc.

a,b

177,581

907

Mesa

Laboratories,

Inc.

b

231,067

Shares

Common

Stock

(97.0%)

Value

Health

Care

(24.7%)

-

continued

1,824

MyoKardia,

Inc.

a

$

248,666

9,930

Natera,

Inc.

a

717,343

1,125

Neurocrine

Biosciences,

Inc.

a

108,180

4,070

Nevro

Corporation

a

566,951

11,727

Optinose,

Inc.

a

45,735

3,377

Repligen

Corporation

a

498,243

2,046

Retrophin,

Inc.

a

37,769

909

Sage

Therapeutics,

Inc.

a

55,558

12,066

Silk

Road

Medical,

Inc.

a

810,956

11,691

Tactile

Systems

Technology,

Inc.

a

427,774

841

Teleflex,

Inc.

286,293

1,588

Veeva

Systems,

Inc.

a

446,530

2,475

Zymeworks,

Inc.

a

115,286

Total

10,829,388

Industrials

(17.5%)

11,318

Aerojet

Rocketdyne

Holdings,

Inc.

a

451,475

15,252

Altra

Industrial

Motion

Corporation

563,867

7,783

ASGN,

Inc.

a

494,688

7,565

Chart

Industries,

Inc.

a

531,593

6,392

Forward

Air

Corporation

366,773

4,211

Lincoln

Electric

Holdings,

Inc.

387,580

5,680

Mercury

Systems,

Inc.

a

439,973

31,627

Meritor,

Inc.

a

662,269

7,900

Middleby

Corporation

a,b

708,709

14,180

Ritchie

Brothers

Auctioneers,

Inc.

840,165

4,196

Saia,

Inc.

a

529,283

1,999

Simpson

Manufacturing

Company,

Inc.

194,223

2,614

SiteOne

Landscape

Supply,

Inc.

a

318,777

21,979

Summit

Materials,

Inc.

a

363,533

6,039

Trex

Company,

Inc.

a

432,392

16,038

Willdan

Group,

Inc.

a

409,129

Total

7,694,429

Information

Technology

(28.4%)

7,268

Anaplan,

Inc.

a

454,831

6,515

Avalara,

Inc.

a

829,620

4,816

Bandwidth,

Inc.

a,b

840,729

5,938

Blackline,

Inc.

a

532,223

4,939

Cognex

Corporation

321,529

2,057

Coupa

Software,

Inc.

a

564,112

7,475

Descartes

Systems

Group,

Inc.

a

425,926

7,251

Dolby

Laboratories,

Inc.

480,596

6,700

Endava

plc

ADR

a

423,105

4,394

Euronet

Worldwide,

Inc.

a

400,293

17,034

Eventbrite,

Inc.

a

184,819

6,577

Five9,

Inc.

a

852,905

2,032

Guidewire

Software,

Inc.

a

211,877

7,945

Health

Catalyst,

Inc.

a,b

290,787

3,666

Inphi

Corporation

a

411,509

13,656

Lattice

Semiconductor

Corporation

a

395,478

4,949

Lumentum

Holdings,

Inc.

a

371,818

20,776

Medallia,

Inc.

a,b

569,678

4,684

MKS

Instruments,

Inc.

511,633

3,347

Monolithic

Power

Systems,

Inc.

935,855

5,038

Nova

Measuring

Instruments,

Ltd.

a

262,681

2,619

Novanta,

Inc.

a

275,886

3,180

Proofpoint,

Inc.

a

335,649

5,050

Q2

Holdings,

Inc.

a

460,863

2,642

Rogers

Corporation

a

259,075

13,683

SailPoint

Technologies

Holdings,

Inc.

a

541,436

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

333

Shares

Common

Stock

(97.0%)

Value

Information

Technology

(28.4%)

-

continued

5,411

Workiva,

Inc.

a

$

301,717

Total

12,446,630

Materials

(1.7%)

14,128

Louisiana-Pacific

Corporation

416,917

1,763

Quaker

Chemical

Corporation

316,829

Total

733,746

Real

Estate

(3.3%)

1,389

CoreSite

Realty

Corporation

165,124

20,342

Cushman

and

Wakefield

plc

a

213,794

3,681

FirstService

Corporation

485,487

5,439

NexPoint

Residential

Trust,

Inc.

241,220

7,443

Rexford

Industrial

Realty,

Inc.

340,592

Total

1,446,217

Total

Common

Stock

(cost

$34,103,476)

42,561,351

Shares

Collateral

Held

for

Securities

Loaned

(

6.3%

)

Value

2,761,981

Thrivent

Cash

Management

Trust

2,761,981

Total

Collateral

Held

for

Securities

Loaned

(cost

$2,761,981)

2,761,981

Shares

Registered

Investment

Companies

(

0.5%

)

Value

Unaffiliated  (0.5%)

5,694

SPDR

S&P

Regional

Banking

ETF

203,162

Total

203,162

Total

Registered

Investment

Companies

(cost

$209,342)

203,162

Shares

Short-Term

Investments

(

2.6%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

116,482

0.310%

1,164,823

Total

Short-Term

Investments

(cost

$1,164,631)

1,164,823

Total

Investments

(cost

$38,239,430)

106.4%

$46,691,317

Other

Assets

and

Liabilities,

Net

(6.4%)

(2,818,392)

Total

Net

Assets

100.0%

$43,872,925

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

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

Growth

Portfolio

as

of

September

30,

2020:

Securities

Lending

Transactions

Common

Stock

$

2,700,982

Total

lending

$2,700,982

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$2,761,981

Net

amounts

due

to

counterparty

$60,999

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

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Small

Cap

Growth

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

334

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Small

Cap

Growth

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

44,203

44,203

–

–

Consumer

Discretionary

5,365,299

5,365,299

–

–

Consumer

Staples

1,675,956

1,675,956

–

–

Energy

76,460

76,460

–

–

Financials

2,249,023

2,005,389

243,634

–

Health

Care

10,829,388

10,829,388

–

–

Industrials

7,694,429

7,694,429

–

–

Information

Technology

12,446,630

12,446,630

–

–

Materials

733,746

733,746

–

–

Real

Estate

1,446,217

1,446,217

–

–

Registered

Investment

Companies

Unaffiliated

203,162

203,162

–

–

Subtotal

Investments

in

Securities

$42,764,513

$42,520,879

$243,634

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,164,823

Collateral

Held

for

Securities

Loaned

2,761,981

Subtotal

Other

Investments

$3,926,804

Total

Investments

at

Value

$46,691,317

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Growth

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$1,003

$16,143

$15,981

$1,165

116

2.6%

Total

Affiliated

Short-Term

Investments

1,003

1,165

2.6

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

1,532

14,648

13,418

2,762

2,762

6.3

Total

Collateral

Held

for

Securities

Loaned

1,532

2,762

6.3

Total

Value

$2,535

$3,927

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$0

$0

–

$7

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$7

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

5

Total

Affiliated

Income

from

Securities

Loaned,

Net

$5

Total

Value

$0

$0

$–

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

335

Shares

Common

Stock

(

98.4%

)

Value

Communications

Services

(2.2%)

9,136

ATN

International,

Inc.

$

458,079

42,024

Cincinnati

Bell,

Inc.

a

630,360

34,899

Cogent

Communications

Holdings

2,095,685

60,579

Consolidated

Communications

Holdings,

Inc.

a

344,694

47,312

E.W.

Scripps

Company

541,249

107,371

Gannett

Company,

Inc.

139,582

96,703

Iridium

Communications,

Inc.

a

2,473,663

33,448

Meredith

Corporation

438,838

40,171

QuinStreet,

Inc.

a

636,309

24,812

Scholastic

Corporation

520,804

41,337

Shenandoah

Telecommunications

Company

1,836,810

14,512

Spok

Holdings,

Inc.

138,009

191,392

Vonage

Holdings

Corporation

a

1,957,940

Total

12,212,022

Consumer

Discretionary

(14.6%)

51,721

Abercrombie

&

Fitch

Company

720,474

93,924

American

Axle

&

Manufacturing

Holdings,

Inc.

a

541,941

12,269

American

Public

Education,

Inc.

a

345,863

5,276

America's

Car-Mart,

Inc.

a

447,827

15,994

Asbury

Automotive

Group,

Inc.

a

1,558,615

25,002

Barnes

&

Noble

Education,

Inc.

a

64,505

104,506

Bed

Bath

&

Beyond,

Inc.

b

1,565,500

29,601

Big

Lots,

Inc.

1,320,205

18,474

BJ's

Restaurants,

Inc.

543,875

66,059

Bloomin'

Brands,

Inc.

1,008,721

23,927

Boot

Barn

Holdings,

Inc.

a

673,306

37,367

Brinker

International,

Inc.

1,596,318

23,762

Buckle,

Inc.

484,507

32,149

Caleres,

Inc.

307,344

78,079

Callaway

Golf

Company

1,494,432

124,664

Capri

Holdings,

Ltd.

a

2,243,952

17,115

Cato

Corporation

133,839

7,079

Cavco

Industries,

Inc.

a

1,276,415

24,059

Century

Communities,

Inc.

a

1,018,417

34,681

Cheesecake

Factory,

Inc.

b

962,051

99,413

Chico's

FAS,

Inc.

96,679

12,096

Children's

Place,

Inc.

b

342,922

16,327

Chuy's

Holdings,

Inc.

a

319,683

15,987

Conn's,

Inc.

a,b

169,142

41,713

Cooper

Tire

&

Rubber

Company

1,322,302

14,010

Cooper-Standard

Holdings,

Inc.

a

185,072

37,390

Core-Mark

Holding

Company,

Inc.

1,081,693

55,938

Crocs,

Inc.

a

2,390,231

39,347

Dave

&

Buster's

Entertainment,

Inc.

b

596,501

48,738

Designer

Brands,

Inc.

264,647

13,614

Dine

Brands

Global,

Inc.

743,188

23,939

Dorman

Products,

Inc.

a

2,163,607

15,489

El

Pollo

Loco

Holdings,

Inc.

a

250,922

18,073

Ethan

Allen

Interiors,

Inc.

244,708

14,421

Fiesta

Restaurant

Group,

Inc.

a

135,125

38,708

Fossil,

Inc.

a,b

222,184

18,629

Foundation

Building

Materials,

Inc.

a

292,848

45,106

GameStop

Corporation

a,b

460,081

11,593

Genesco,

Inc.

a

249,713

27,077

Gentherm,

Inc.

a

1,107,449

35,859

G-III

Apparel

Group,

Ltd.

a

470,112

14,229

Group

1

Automotive,

Inc.

b

1,257,701

31,119

Guess

?,

Inc.

b

361,603

14,334

Haverty

Furniture

Companies,

Inc.

300,154

13,718

Hibbett

Sports,

Inc.

a,b

538,020

Shares

Common

Stock

(98.4%)

Value

Consumer

Discretionary

(14.6%)

-

continued

18,779

Installed

Building

Products,

Inc.

a

$

1,910,763

23,121

iRobot

Corporation

a,b

1,754,884

38,829

Kontoor

Brands,

Inc.

939,662

38,139

La-Z-Boy,

Inc.

1,206,337

20,857

LCI

Industries

2,216,891

18,307

LGI

Homes,

Inc.

a

2,126,724

21,737

Liquidity

Services,

Inc.

a

162,158

23,924

Lumber

Liquidators

Holdings,

Inc.

a

527,524

41,531

M.D.C.

Holdings,

Inc.

1,956,110

23,668

M/I

Homes,

Inc.

a

1,089,911

257,251

Macy's,

Inc.

b

1,466,331

19,183

Marcus

Corporation

148,285

17,981

MarineMax,

Inc.

a

461,572

31,181

Meritage

Homes

Corporation

a

3,442,071

61,127

Michaels

Companies,

Inc.

a

590,181

10,558

Monarch

Casino

&

Resort,

Inc.

a

470,887

27,600

Monro,

Inc.

1,119,732

15,772

Motorcar

Parts

of

America,

Inc.

a

245,412

13,828

Movado

Group,

Inc.

137,450

43,669

Office

Depot,

Inc.

849,362

13,862

Oxford

Industries,

Inc.

559,470

57,322

Perdoceo

Education

Corporation

a

701,621

16,809

PetMed

Express,

Inc.

b

531,501

12,886

Red

Robin

Gourmet

Burgers,

Inc.

a,b

169,580

20,259

Regis

Corporation

a

124,390

40,169

Rent-A-Center,

Inc.

1,200,651

26,333

Ruth's

Hospitality

Group,

Inc.

291,243

29,486

Shake

Shack,

Inc.

a,b

1,901,257

7,132

Shoe

Carnival,

Inc.

239,493

18,318

Shutterstock,

Inc.

953,269

43,402

Signet

Jewelers,

Ltd.

811,617

22,989

Sleep

Number

Corporation

a

1,124,392

20,034

Sonic

Automotive,

Inc.

804,565

14,574

Stamps.com,

Inc.

a

3,511,605

16,678

Standard

Motor

Products,

Inc.

744,673

64,121

Steven

Madden,

Ltd.

1,250,360

14,507

Sturm,

Ruger

&

Company,

Inc.

887,248

19,180

TechTarget,

Inc.

a

843,153

40,728

Tupperware

Brands

Corporation

a

821,076

12,390

Unifi,

Inc.

a

159,088

11,552

Universal

Electronics,

Inc.

a

435,972

18,279

Vera

Bradley,

Inc.

a

111,685

48,144

Vista

Outdoor,

Inc.

a

971,546

27,943

Winnebago

Industries,

Inc.

1,443,815

67,891

Wolverine

World

Wide,

Inc.

1,754,303

62,047

YETI

Holdings,

Inc.

a

2,811,970

17,291

Zumiez,

Inc.

a

481,036

Total

82,337,220

Consumer

Staples

(3.6%)

25,448

Andersons,

Inc.

487,838

53,205

B&G

Foods,

Inc.

1,477,503

13,731

Calavo

Growers,

Inc.

b

909,953

30,801

Cal-Maine

Foods,

Inc.

a

1,181,834

8,040

Central

Garden

&

Pet

Company

a

321,037

32,194

Central

Garden

&

Pet

Company,

Class

A

a

1,163,491

26,954

Chefs'

Warehouse,

Inc.

a

391,911

3,849

Coca-Cola

Consolidated,

Inc.

926,377

25,164

Fresh

Del

Monte

Produce,

Inc.

576,759

14,642

Inter

Parfums,

Inc.

546,879

12,377

J

&

J

Snack

Foods

Corporation

1,613,837

7,315

John

B.

Sanfilippo

&

Son,

Inc.

551,405

9,755

Medifast,

Inc.

1,604,210

10,939

MGP

Ingredients,

Inc.

434,716

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

336

Shares

Common

Stock

(98.4%)

Value

Consumer

Staples

(3.6%)

-

continued

9,666

National

Beverage

Corporation

a,b

$

657,385

19,314

PriceSmart,

Inc.

1,283,415

5,572

Seneca

Foods

Corporation

a

199,088

29,712

SpartanNash

Company

485,791

45,346

United

Natural

Foods,

Inc.

a,b

674,295

20,306

Universal

Corporation

850,415

9,932

USANA

Health

Sciences,

Inc.

a

731,492

105,500

Vector

Group,

Ltd.

1,022,295

11,331

WD-40

Company

2,145,072

Total

20,236,998

Energy

(2.8%)

106,531

Archrock,

Inc.

573,137

15,375

Bonanza

Creek

Energy,

Inc.

a

289,050

19,584

Bristow

Group,

Inc.

a

416,160

32,958

Callon

Petroleum

Company

a,b

158,858

21,707

CONSOL

Energy,

Inc.

a

96,162

36,885

Core

Laboratories

NV

562,865

27,927

Dorian

LPG,

Ltd.

a

223,695

29,072

Dril-Quip,

Inc.

a

719,823

20,613

Exterran

Corporation

a

85,750

11,424

Geospace

Technologies

Corporation

a

70,600

27,789

Green

Plains,

Inc.

a

430,174

121,804

Gulfport

Energy

Corporation

a

64,203

116,961

Helix

Energy

Solutions

Group,

Inc.

a

281,876

89,119

Helmerich

&

Payne,

Inc.

1,305,593

7,460

Laredo

Petroleum

Holdings,

Inc.

a

73,108

91,069

Matador

Resources

Company

a

752,230

21,880

Matrix

Service

Company

a

182,698

5,324

Nabors

Industries,

Ltd.

b

130,119

75,188

Newpark

Resources,

Inc.

a

78,947

244,105

Oasis

Petroleum,

Inc.

a,b,c

68,349

82,327

Oceaneering

International,

Inc.

a

289,791

50,606

Oil

States

International,

Inc.

a

138,154

33,113

Par

Pacific

Holdings,

Inc.

a

224,175

155,394

Patterson-UTI

Energy,

Inc.

442,873

79,700

PBF

Energy,

Inc.

453,493

82,587

PDC

Energy,

Inc.

a

1,023,666

12,584

Penn

Virginia

Corporation

a,b

123,952

66,930

ProPetro

Holding

Corporation

a

271,736

200,932

QEP

Resources,

Inc.

181,401

212,338

Range

Resources

Corporation

1,405,678

32,580

Renewable

Energy

Group,

Inc.

a

1,740,424

4,523

REX

American

Resources

Corporation

a

296,754

48,162

RPC,

Inc.

a,b

127,148

15,854

SEACOR

Holdings,

Inc.

a

461,034

88,264

SM

Energy

Company

140,340

502,064

Southwestern

Energy

Company

a

1,179,850

19,375

Talos

Energy,

Inc.

a

124,969

61,269

U.S.

Silica

Holdings,

Inc.

183,807

42,443

Warrior

Met

Coal,

Inc.

724,927

Total

16,097,569

Financials

(15.5%)

15,587

Allegiance

Bancshares,

Inc.

364,268

37,984

Ambac

Financial

Group,

Inc.

a

485,056

76,248

American

Equity

Investment

Life

Holding

Company

1,676,694

57,618

Ameris

Bancorp

1,312,538

16,029

AMERISAFE,

Inc.

919,423

112,643

Apollo

Commercial

Real

Estate

Finance,

Inc.

1,014,913

53,640

ARMOUR

Residential

REIT,

Inc.

510,116

42,928

Axos

Financial,

Inc.

a

1,000,652

Shares

Common

Stock

(98.4%)

Value

Financials

(15.5%)

-

continued

36,717

Banc

of

California,

Inc.

$

371,576

15,438

BancFirst

Corporation

630,488

76,618

BankUnited,

Inc.

1,678,700

29,153

Banner

Corporation

940,476

41,772

Berkshire

Hills

Bancorp,

Inc.

422,315

39,832

Blucora,

Inc.

a

375,217

68,157

Boston

Private

Financial

Holdings,

Inc.

376,227

49,823

BrightSphere

Investment

Group

642,717

65,438

Brookline

Bancorp,

Inc.

565,712

104,447

Cadence

Bancorporation

897,200

79,991

Capstead

Mortgage

Corporation

449,549

23,345

Central

Pacific

Financial

Corporation

316,792

13,292

City

Holding

Company

765,752

59,385

Columbia

Banking

System,

Inc.

1,416,332

44,386

Community

Bank

System,

Inc.

2,417,262

24,040

Customers

Bancorp,

Inc.

a

269,248

105,628

CVB

Financial

Corporation

1,756,594

23,573

Dime

Community

Bancshares,

Inc.

266,611

24,965

Donnelley

Financial

Solutions,

Inc.

a

333,532

26,724

Eagle

Bancorp,

Inc.

715,936

21,352

eHealth,

Inc.

a,b

1,686,808

24,271

Employers

Holdings,

Inc.

734,198

25,986

Encore

Capital

Group,

Inc.

a,b

1,002,800

24,967

Enova

International,

Inc.

a

409,209

43,199

EZCORP,

Inc.

a

217,291

25,476

FB

Financial

Corporation

639,957

180,893

First

BanCorp

944,262

81,370

First

Commonwealth

Financial

Corporation

629,804

81,257

First

Financial

Bancorp

975,490

107,700

First

Hawaiian,

Inc.

1,558,419

94,781

First

Midwest

Bancorp,

Inc.

1,021,739

34,941

Flagstar

Bancorp,

Inc.

1,035,302

45,775

Granite

Point

Mortgage

Trust,

Inc.

324,545

45,617

Great

Western

Bancorp,

Inc.

567,932

44,255

Green

Dot

Corporation

a

2,239,746

11,793

Greenhill

&

Company,

Inc.

133,851

25,420

Hanmi

Financial

Corporation

208,698

5,098

HCI

Group,

Inc.

251,280

29,775

Heritage

Financial

Corporation

547,562

18,828

HomeStreet,

Inc.

485,009

102,199

Hope

Bancorp,

Inc.

775,179

34,283

Horace

Mann

Educators

Corporation

1,145,052

27,322

Independent

Bank

Corporation

1,431,126

30,336

Independent

Bank

Group,

Inc.

1,340,245

150,354

Invesco

Mortgage

Capital.

Inc.

407,459

25,334

James

River

Group

Holdings,

Ltd.

1,128,123

17,594

Kinsale

Capital

Group,

Inc.

3,346,027

22,546

KKR

Real

Estate

Finance

Trust,

Inc.

372,685

28,713

Meta

Financial

Group,

Inc.

551,864

60,280

Mr.

Cooper

Group,

Inc.

a

1,345,450

25,347

National

Bank

Holdings

Corporation

665,359

36,162

NBT

Bancorp,

Inc.

969,865

313,220

New

York

Mortgage

Trust,

Inc.

798,711

70,319

NMI

Holdings,

Inc.

a

1,251,678

39,646

Northfield

Bancorp,

Inc.

361,572

105,975

Northwest

Bancshares,

Inc.

974,970

42,572

OFG

Bancorp

530,447

136,893

Old

National

Bancorp

1,719,376

78,235

Pacific

Premier

Bancorp,

Inc.

1,575,653

17,950

Palomar

Holdings,

Inc.

a

1,871,108

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

337

Shares

Common

Stock

(98.4%)

Value

Financials

(15.5%)

-

continued

11,759

Park

National

Corporation

b

$

963,768

82,317

PennyMac

Mortgage

Investment

Trust

1,322,834

11,391

Piper

Sandler

Companies

831,543

37,793

PRA

Group,

Inc.

a

1,509,830

11,244

Preferred

Bank

361,157

44,684

ProAssurance

Corporation

698,858

60,669

Provident

Financial

Services,

Inc.

740,162

34,125

Ready

Capital

Corporation

382,200

95,311

Redwood

Trust,

Inc.

716,739

32,547

S&T

Bancorp,

Inc.

575,756

11,874

Safety

Insurance

Group,

Inc.

820,375

43,939

Seacoast

Banking

Corporation

of

Florida

a

792,220

38,870

ServisFirst

Bancshares,

Inc.

1,322,746

90,394

Simmons

First

National

Corporation

1,433,197

26,021

Southside

Bancshares,

Inc.

635,693

22,162

Stewart

Information

Services

Corporation

969,144

13,490

StoneX

Group,

Inc.

a

690,148

67,687

Third

Point

Reinsurance,

Ltd.

a

470,425

10,019

Tompkins

Financial

Corporation

569,179

18,752

Triumph

Bancorp,

Inc.

a

583,937

26,905

Trupanion,

Inc.

a,b

2,122,805

79,961

TrustCo

Bank

Corporation

417,396

71,701

United

Community

Banks,

Inc.

1,213,898

17,798

United

Fire

Group,

Inc.

361,655

17,269

United

Insurance

Holdings

Corporation

104,650

24,035

Universal

Insurance

Holdings,

Inc.

332,644

41,167

Veritex

Holdings,

Inc.

701,074

5,974

Virtus

Investment

Partners,

Inc.

828,295

54,033

Waddell

&

Reed

Financial,

Inc.

b

802,390

23,986

Walker

&

Dunlop,

Inc.

1,271,258

22,332

Westamerica

Bancorporation

1,213,744

93,206

WisdomTree

Investments,

Inc.

298,259

3,753

World

Acceptance

Corporation

a,b

396,129

Total

87,521,855

Health

Care

(13.1%)

12,340

Addus

HomeCare

Corporation

a

1,166,253

135,131

Allscripts

Healthcare

Solutions,

Inc.

a

1,099,966

25,159

AMAG

Pharmaceuticals,

Inc.

a

236,495

38,962

AMN

Healthcare

Services,

Inc.

a

2,277,719

30,319

Amphastar

Pharmaceuticals,

Inc.

a

568,481

31,404

AngioDynamics,

Inc.

a

378,732

7,947

ANI

Pharmaceuticals,

Inc.

a

224,185

11,780

Anika

Therapeutics,

Inc.

a

416,894

28,346

Biotelemetry,

Inc.

a

1,292,011

32,893

Cardiovascular

Systems,

Inc.

a

1,294,340

52,150

Coherus

Biosciences,

Inc.

a,b

956,431

93,235

Community

Health

Systems,

Inc.

a

393,452

10,469

Computer

Programs

and

Systems,

Inc.

289,049

23,691

CONMED

Corporation

1,863,771

86,237

Corcept

Therapeutics,

Inc.

a

1,500,955

7,583

CorVel

Corporation

a

647,816

81,392

Covetrus,

Inc.

a

1,985,965

28,969

Cross

Country

Healthcare,

Inc.

a

188,009

31,391

CryoLife,

Inc.

a

579,792

14,617

Cutera,

Inc.

a

277,285

58,462

Cytokinetics,

Inc.

a

1,265,702

10,042

Eagle

Pharmaceuticals,

Inc.

a

426,584

14,813

Enanta

Pharmaceuticals,

Inc.

a

678,139

Shares

Common

Stock

(98.4%)

Value

Health

Care

(13.1%)

-

continued

190,560

Endo

International

plc

a

$

628,848

41,911

Ensign

Group,

Inc.

2,391,442

9,778

Fulgent

Genetics,

Inc.

a,b

391,511

37,044

Glaukos

Corporation

a,b

1,834,419

31,633

Hanger,

Inc.

a

500,434

21,226

HealthStream,

Inc.

a

426,006

7,361

Heska

Corporation

a

727,193

73,398

HMS

Holdings

Corporation

a

1,757,882

52,125

Innoviva,

Inc.

a

544,706

15,186

Inogen,

Inc.

a

440,394

27,238

Integer

Holdings

Corporation

a

1,607,314

28,535

Invacare

Corporation

214,583

28,348

Lannett

Company,

Inc.

a

173,206

55,400

Lantheus

Holdings,

Inc.

a

701,918

13,921

LeMaitre

Vascular,

Inc.

452,850

35,752

Luminex

Corporation

938,490

18,678

Magellan

Health

Services,

Inc.

a

1,415,419

35,541

Meridian

Bioscience,

Inc.

a

603,486

40,486

Merit

Medical

Systems,

Inc.

a

1,761,141

4,020

Mesa

Laboratories,

Inc.

b

1,024,135

98,644

Momenta

Pharmaceuticals,

Inc.

a

5,176,837

61,948

Myriad

Genetics,

Inc.

a

807,802

28,085

Natus

Medical,

Inc.

a

481,096

43,973

Neogen

Corporation

a

3,440,887

91,568

NeoGenomics,

Inc.

a

3,377,944

45,883

NextGen

Healthcare,

Inc.

a

584,550

35,458

Omnicell,

Inc.

a

2,647,294

59,335

OraSure

Technologies,

Inc.

a

722,107

16,026

Orthifix

Medical,

Inc.

a

499,050

52,886

Owens

&

Minor,

Inc.

1,327,968

35,441

Pacira

Pharmaceuticals,

Inc.

a

2,130,713

20,881

Pennant

Group,

Inc.

a

805,171

16,823

Phibro

Animal

Health

Corporation

292,720

10,136

Providence

Service

Corporation

a

941,736

95,836

R1

RCM,

Inc.

a

1,643,587

35,495

RadNet,

Inc.

a

544,848

24,765

REGENXBIO,

Inc.

a

681,533

88,873

Select

Medical

Holdings

Corporation

a

1,850,336

120,840

Spectrum

Pharmaceuticals,

Inc.

a

493,027

43,668

Supernus

Pharmaceuticals,

Inc.

a

910,041

11,314

Surmodics,

Inc.

a

440,228

17,325

Tabula

Rasa

HealthCare,

Inc.

a,b

706,340

16,098

Tactile

Systems

Technology,

Inc.

a

589,026

31,004

Tivity

Health,

Inc.

a

434,676

10,649

U.S.

Physical

Therapy,

Inc.

925,185

45,402

Vanda

Pharmaceuticals,

Inc.

a

438,583

32,385

Varex

Imaging

Corporation

a

411,937

47,465

Xencor,

Inc.

a

1,841,167

16,116

Zynex,

Inc.

a,b

281,224

Total

73,971,016

Industrials

(18.2%)

33,801

AAON,

Inc.

2,036,510

27,516

AAR

Corporation

517,301

55,278

ABM

Industries,

Inc.

2,026,491

25,515

Aegion

Corporation

a

360,527

60,628

Aerojet

Rocketdyne

Holdings,

Inc.

a

2,418,451

18,189

Aerovironment,

Inc.

a

1,091,522

8,165

Alamo

Group,

Inc.

882,065

25,472

Albany

International

Corporation

1,261,119

10,774

Allegiant

Travel

Company

1,290,725

14,090

American

Woodmark

Corporation

a

1,106,629

21,855

Apogee

Enterprises,

Inc.

467,041

32,099

Applied

Industrial

Technologies,

Inc.

1,768,655

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

338

Shares

Common

Stock

(98.4%)

Value

Industrials

(18.2%)

-

continued

21,099

ArcBest

Corporation

$

655,335

80,490

Arconic

Corporation

a

1,533,335

40,083

Arcosa,

Inc.

1,767,259

18,742

Astec

Industries,

Inc.

1,016,754

21,672

Atlas

Air

Worldwide

Holdings,

Inc.

a

1,319,825

21,721

AZZ,

Inc.

741,121

38,547

Barnes

Group,

Inc.

1,377,670

40,151

Brady

Corporation

1,606,843

29,216

Chart

Industries,

Inc.

a

2,053,008

16,581

CIRCOR

International,

Inc.

a

453,490

30,248

Comfort

Systems

USA,

Inc.

1,558,074

25,978

Cubic

Corporation

1,511,140

34,708

Deluxe

Corporation

893,037

13,499

DXP

Enterprises,

Inc.

a

217,739

22,065

Echo

Global

Logistics,

Inc.

a

568,615

17,108

Encore

Wire

Corporation

794,153

49,560

Enerpac

Tool

Group

Corporation

a

932,224

17,011

EnPro

Industries,

Inc.

959,591

21,590

ESCO

Technologies,

Inc.

1,739,290

42,804

Exponent,

Inc.

3,083,172

50,102

Federal

Signal

Corporation

1,465,484

9,086

Forrester

Research,

Inc.

a

297,930

23,201

Forward

Air

Corporation

1,331,273

31,790

Franklin

Electric

Company,

Inc.

1,870,206

26,885

Gibraltar

Industries,

Inc.

a

1,751,289

35,423

GMS,

Inc.

a

853,694

38,757

Granite

Construction,

Inc.

682,511

27,115

Greenbrier

Companies,

Inc.

797,181

37,234

Griffon

Corporation

727,552

65,426

Harsco

Corporation

a

910,076

38,140

Hawaiian

Holdings,

Inc.

491,625

41,158

Heartland

Express,

Inc.

765,539

16,038

Heidrick

&

Struggles

International,

Inc.

315,147

61,966

Hillenbrand,

Inc.

1,757,356

27,791

Hub

Group,

Inc.

a

1,394,969

15,971

Insteel

Industries,

Inc.

298,658

48,547

Interface,

Inc.

297,108

26,308

John

Bean

Technologies

Corporation

2,417,442

22,939

Kaman

Corporation

893,933

27,892

Kelly

Services,

Inc.

475,280

46,652

Korn

Ferry

1,352,908

8,984

Lindsay

Corporation

868,573

13,991

Lydall,

Inc.

a

231,411

48,665

Marten

Transport,

Ltd.

794,213

35,718

Matson,

Inc.

1,431,935

25,924

Matthews

International

Corporation

579,661

59,950

Meritor,

Inc.

a

1,255,353

24,878

Moog,

Inc.

1,580,499

47,091

Mueller

Industries,

Inc.

1,274,282

13,855

MYR

Group,

Inc.

a

515,129

4,308

National

Presto

Industries,

Inc.

352,653

90,696

NOW,

Inc.

a

411,760

18,277

Patrick

Industries,

Inc.

1,051,293

48,891

PGT

Innovations,

Inc.

a

856,570

143,517

Pitney

Bowes,

Inc.

762,075

7,319

Powell

Industries,

Inc.

176,607

22,145

Proto

Labs,

Inc.

a

2,867,778

27,201

Quanex

Building

Products

Corporation

501,586

59,420

R.R.

Donnelley

&

Sons

Company

86,753

29,722

Raven

Industries,

Inc.

639,617

102,348

Resideo

Technologies,

Inc.

a

1,125,828

25,054

Resources

Connection,

Inc.

289,374

21,682

Saia,

Inc.

a

2,734,967

Shares

Common

Stock

(98.4%)

Value

Industrials

(18.2%)

-

continued

36,049

Simpson

Manufacturing

Company,

Inc.

$

3,502,521

41,609

SkyWest,

Inc.

1,242,445

37,056

SPX

Corporation

a

1,718,657

35,179

SPX

FLOW,

Inc.

a

1,506,365

10,266

Standex

International

Corporation

607,747

25,396

Team,

Inc.

a

139,678

15,308

Tennant

Company

923,991

41,424

Titan

International,

Inc.

119,715

43,178

Triumph

Group,

Inc.

281,089

29,901

TrueBlue,

Inc.

a

463,166

50,720

UFP

Industries,

Inc.

2,866,187

12,644

UniFirst

Corporation

2,394,394

26,128

US

Ecology,

Inc.

853,602

10,280

Veritiv

Corporation

a

130,145

16,916

Viad

Corporation

352,360

17,392

Vicor

Corporation

a

1,351,880

43,875

Wabash

National

Corporation

524,745

22,759

Watts

Water

Technologies,

Inc.

2,279,314

Total

102,801,790

Information

Technology

(13.7%)

100,443

3D

Systems

Corporation

a,b

493,175

86,429

8x8,

Inc.

a

1,343,971

39,766

ADTRAN,

Inc.

407,800

31,783

Advanced

Energy

Industries,

Inc.

a

2,000,422

16,845

Agilysys,

Inc.

a

406,975

36,948

Alarm.com

Holdings,

Inc.

a

2,041,377

17,373

Applied

Optoelectronics,

Inc.

a,b

195,446

64,790

Arlo

Technologies,

Inc.

a

340,795

27,749

Axcelis

Technologies,

Inc.

a

610,478

24,144

Badger

Meter,

Inc.

1,578,293

8,489

Bel

Fuse,

Inc.

90,663

30,233

Benchmark

Electronics,

Inc.

609,195

32,094

Bottomline

Technologies

(de),

Inc.

a

1,353,083

61,161

Brooks

Automation,

Inc.

2,829,308

28,495

CalAmp

Corporation

a

204,879

29,504

Cardtronics,

Inc.

a

584,179

18,374

CEVA,

Inc.

a

723,384

34,712

Cohu,

Inc.

596,352

20,507

Comtech

Telecommunications

Corporation

287,098

27,433

CSG

Systems

International,

Inc.

1,123,381

26,756

CTS

Corporation

589,435

30,335

Daktronics,

Inc.

120,127

64,407

Diebold

Nixdorf,

Inc.

a

492,069

24,076

Digi

International,

Inc.

a

376,308

34,812

Diodes,

Inc.

a

1,965,137

18,134

DSP

Group,

Inc.

a

239,006

19,481

Ebix,

Inc.

401,309

11,238

ePlus,

Inc.

a

822,622

49,458

EVERTEC,

Inc.

1,716,687

28,338

ExlService

Holdings,

Inc.

a

1,869,458

101,612

Extreme

Networks,

Inc.

a

408,480

30,468

Fabrinet

a

1,920,398

14,745

FARO

Technologies,

Inc.

a

899,150

63,896

FormFactor,

Inc.

a

1,592,927

121,835

Glu

Mobile,

Inc.

a

935,084

80,839

Harmonic,

Inc.

a

451,082

19,030

Ichor

Holdings,

Ltd.

a

410,477

29,080

Insight

Enterprises,

Inc.

a

1,645,346

33,443

Itron,

Inc.

a

2,031,328

75,987

Knowles

Corporation

a

1,132,206

51,277

Kulicke

and

Soffa

Industries,

Inc.

1,148,605

51,030

LivePerson,

Inc.

a

2,653,050

22,509

ManTech

International

Corporation

1,550,420

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

339

Shares

Common

Stock

(98.4%)

Value

Information

Technology

(13.7%)

-

continued

55,170

MaxLinear,

Inc.

a

$

1,282,151

31,119

Methode

Electronics,

Inc.

886,892

6,003

MicroStrategy,

Inc.

a

903,812

15,984

MTS

Systems

Corporation

305,454

24,796

NETGEAR,

Inc.

a

764,213

55,573

NIC,

Inc.

1,094,788

28,101

OneSpan,

Inc.

a

588,997

40,477

Onto

Innovation,

Inc.

a

1,205,405

13,942

OSI

Systems,

Inc.

a

1,082,039

15,548

Park

Aerospace

Corporation

169,784

9,099

PC

Connection,

Inc.

373,605

24,226

PDF

Solutions,

Inc.

a

453,268

27,570

Perficient,

Inc.

a

1,178,342

54,507

Photronics,

Inc.

a

542,890

30,744

Plantronics,

Inc.

b

364,009

24,250

Plexus

Corporation

a

1,712,778

49,564

Power

Integrations,

Inc.

2,745,846

37,343

Progress

Software

Corporation

1,369,741

94,315

Rambus,

Inc.

a

1,291,172

15,485

Rogers

Corporation

a

1,518,459

56,189

Sanmina

Corporation

a

1,519,912

21,029

ScanSource,

Inc.

a

417,005

12,548

Simulations

Plus,

Inc.

945,617

11,447

SMART

Global

Holdings,

Inc.

a

312,961

29,128

SPS

Commerce,

Inc.

a

2,268,197

33,213

Sykes

Enterprises,

Inc.

a

1,136,217

15,113

TTEC

Holdings,

Inc.

824,414

82,300

TTM

Technologies,

Inc.

a

939,043

33,084

Ultra

Clean

Holdings,

Inc.

a

709,983

52,253

Unisys

Corporation

a

557,540

41,143

Veeco

Instruments,

Inc.

a

480,139

189,318

Viavi

Solutions,

Inc.

a

2,220,700

23,576

Virtusa

Corporation

a

1,158,996

89,943

Xperi

Holding

Corporation

1,033,445

Total

77,548,779

Materials

(4.8%)

23,242

AdvanSix,

Inc.

a

299,357

105,000

Allegheny

Technologies,

Inc.

a

915,600

22,021

American

Vanguard

Corporation

289,356

26,822

Balchem

Corporation

2,618,632

32,502

Boise

Cascade

Company

1,297,480

39,757

Carpenter

Technology

Corporation

721,987

41,552

Century

Aluminum

Company

a

295,850

13,741

Clearwater

Paper

Corporation

a

521,334

331,009

Cleveland-Cliffs,

Inc.

b

2,125,078

12,246

DMC

Global,

Inc.

403,383

68,201

Ferro

Corporation

a

845,692

21,400

FutureFuel

Corporation

243,318

39,936

GCP

Applied

Technologies,

Inc.

a

836,659

42,759

H.B.

Fuller

Company

1,957,507

7,891

Hawkins,

Inc.

363,775

10,412

Haynes

International,

Inc.

177,941

20,366

Innospec,

Inc.

1,289,575

13,111

Kaiser

Aluminum

Corporation

702,619

17,451

Koppers

Holdings,

Inc.

a

364,900

26,420

Kraton

Performance

Polymers,

Inc.

a

470,804

121,270

Livent

Corporation

a,b

1,087,792

16,851

Materion

Corporation

876,758

32,770

Mercer

International,

Inc.

216,282

29,681

Myers

Industries,

Inc.

392,680

13,932

Neenah,

Inc.

522,032

7,530

Olympic

Steel,

Inc.

85,541

36,789

PH

Glatfelter

Company

506,585

Shares

Common

Stock

(98.4%)

Value

Materials

(4.8%)

-

continued

10,922

Quaker

Chemical

Corporation

$

1,962,793

52,530

Rayonier

Advanced

Materials,

Inc.

a

168,096

25,991

Schweitzer-Mauduit

International,

Inc.

789,866

17,656

Stepan

Company

1,924,504

68,630

SunCoke

Energy,

Inc.

234,715

31,368

TimkenSteel

Corporation

a

111,356

21,400

Tredegar

Corporation

318,218

31,732

Trinseo

SA

813,608

13,133

US

Concrete,

Inc.

a

381,382

Total

27,133,055

Real

Estate

(8.1%)

71,530

Acadia

Realty

Trust

751,065

44,652

Agree

Realty

Corporation

2,841,653

59,990

Alexander

&

Baldwin,

Inc.

672,488

41,344

American

Assets

Trust,

Inc.

995,977

48,038

Armada

Hoffler

Properties,

Inc.

444,832

141,437

Brandywine

Realty

Trust

1,462,459

79,384

CareTrust

REIT,

Inc.

1,412,638

38,941

Chatham

Lodging

Trust

296,730

17,713

Community

Healthcare

Trust,

Inc.

828,260

99,196

CoreCivic,

Inc.

793,568

165,436

DiamondRock

Hospitality

Company

838,760

197,305

Diversified

Healthcare

Trust

694,514

66,075

Easterly

Government

Properties,

Inc.

1,480,741

84,422

Essential

Properties

Realty

Trust,

Inc.

1,546,611

58,322

Four

Corners

Property

Trust,

Inc.

1,492,460

80,095

Franklin

Street

Properties

Corporation

293,148

29,193

Getty

Realty

Corporation

759,310

74,198

Global

Net

Lease,

Inc.

1,179,748

30,094

Hersha

Hospitality

Trust

166,721

78,561

Independence

Realty

Trust,

Inc.

910,522

54,071

Industrial

Logistics

Properties

Trust

1,182,533

17,993

Innovative

Industrial

Properties,

Inc.

2,233,111

10,636

Investors

Real

Estate

Trust

693,148

62,307

iSTAR

Financial,

Inc.

735,846

69,831

Kite

Realty

Group

Trust

808,643

229,502

Lexington

Realty

Trust

2,398,296

32,540

LTC

Properties,

Inc.

1,134,344

71,456

Mack-Cali

Realty

Corporation

901,775

19,892

Marcus

and

Millichap,

Inc.

a

547,428

51,336

National

Storage

Affiliates

Trust

1,679,201

18,134

NexPoint

Residential

Trust,

Inc.

804,243

39,990

Office

Properties

Income

Trust

828,593

15,028

RE/MAX

Holdings,

Inc.

491,866

95,718

Realogy

Holdings

Corporation

a

903,578

97,785

Retail

Opportunity

Investments

Corporation

1,018,431

177,655

Retail

Properties

of

America,

Inc.

1,032,176

67,119

RPT

Realty

365,127

11,443

Safehold,

Inc.

710,610

10,580

Saul

Centers,

Inc.

281,216

124,949

SITE

Centers

Corporation

899,633

25,877

St.

Joe

Company

a

533,842

87,642

Summit

Hotel

Properties,

Inc.

453,986

77,506

Tanger

Factory

Outlet

Centers,

Inc.

467,361

160,986

Uniti

Group,

Inc.

1,695,987

10,619

Universal

Health

Realty

Income

Trust

605,177

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

340

/

Shares

Common

Stock

(98.4%)

Value

Real

Estate

(8.1%)

-

continued

24,871

Urstadt

Biddle

Properties,

Inc.

$

228,813

156,387

Washington

Prime

Group,

Inc.

101,245

68,281

Washington

REIT

1,374,496

33,005

Whitestone

REIT

198,030

94,304

Xenia

Hotels

&

Resorts,

Inc.

827,989

Total

45,998,929

Utilities

(1.8%)

30,584

American

States

Water

Company

2,292,271

56,325

Avista

Corporation

1,921,809

40,960

California

Water

Service

Group

1,779,712

13,677

Chesapeake

Utilities

Corporation

1,152,971

25,329

Northwest

Natural

Holding

Company

1,149,683

83,406

South

Jersey

Industries,

Inc.

1,607,234

Total

9,903,680

Total

Common

Stock

(cost

$545,579,452)

555,762,913

Shares

Collateral

Held

for

Securities

Loaned

(

4.5%

)

Value

25,629,943

Thrivent

Cash

Management

Trust

25,629,943

Total

Collateral

Held

for

Securities

Loaned

(cost

$25,629,943)

25,629,943

Shares

Registered

Investment

Companies

(

1.5%

)

Value

Unaffiliated  (1.5%)

118,324

iShares

Core

S&P

Small-Cap

ETF

8,309,895

Total

8,309,895

Total

Registered

Investment

Companies

(cost

$6,577,175)

8,309,895

Shares

or

Principal

Amount

Short-Term

Investments

(

0.3%

)

Value

Federal

Home

Loan

Bank

Discount

Notes

100,000

0.070%,

10/14/2020

d,e

99,998

Thrivent

Core

Short-Term

Reserve

Fund

142,012

0.310%

1,420,123

Total

Short-Term

Investments

(cost

$1,520,121)

1,520,121

Total

Investments

(cost

$579,306,691)

104.7%

$591,222,872

Other

Assets

and

Liabilities,

Net

(4.7%)

(26,713,559)

Total

Net

Assets

100.0%

$564,509,313

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

c

In

bankruptcy.  Interest

is

being

accrued

per

the

bankruptcy

agreement

terms.  

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

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

September

30,

2020:

Securities

Lending

Transactions

Common

Stock

$

24,707,211

Total

lending

$24,707,211

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$25,629,943

Net

amounts

due

to

counterparty

$922,732

Definitions:

ETF

-

Exchange

Traded

Fund

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

341

Reference

Description:

CME

-

Chicago

Mercantile

Exchange

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Small

Cap

Index

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

12,212,022

12,212,022

–

–

Consumer

Discretionary

82,337,220

82,337,220

–

–

Consumer

Staples

20,236,998

20,236,998

–

–

Energy

16,097,569

16,097,569

–

–

Financials

87,521,855

87,521,855

–

–

Health

Care

73,971,016

73,971,016

–

–

Industrials

102,801,790

102,801,790

–

–

Information

Technology

77,548,779

77,548,779

–

–

Materials

27,133,055

27,133,055

–

–

Real

Estate

45,998,929

45,998,929

–

–

Utilities

9,903,680

9,903,680

–

–

Registered

Investment

Companies

Unaffiliated

8,309,895

8,309,895

–

–

Short-Term

Investments

99,998

–

99,998

–

Subtotal

Investments

in

Securities

$564,172,806

$564,072,808

$99,998

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

1,420,123

Collateral

Held

for

Securities

Loaned

25,629,943

Subtotal

Other

Investments

$27,050,066

Total

Investments

at

Value

$591,222,872

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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

7,428

7,428

–

–

Total

Asset

Derivatives

$7,428

$7,428

$–

$–

The

following

table

presents

Small

Cap

Index

Portfolio's

futures

contracts

held

as

of

September

30,

2020.

Investments

and/or

cash

totaling

$99,998

were

pledged

as

the

initial

margin

deposit

for

these

contracts.

Futures

Contracts

Description

Number

of

Contracts

Long/(Short)

Expiration

Date

Notional

Principal

Amount

Value

and

Unrealized

CME

E-mini

Russell

2000

Index

10

December

2020

$

744,772

$

7,428

Total

Futures

Long

Contracts

$

744,772

$

7,428

Total

Futures

Contracts

$

744,772

$7,428

Small

Cap

Index

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

342

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Index

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$628

$57,180

$56,389

$1,420

142

0.3%

Total

Affiliated

Short-Term

Investments

628

1,420

0.3

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

31,813

148,110

154,293

25,630

25,630

4.5

Total

Collateral

Held

for

Securities

Loaned

31,813

25,630

4.5

Total

Value

$32,441

$27,050

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$1

$–

–

$6

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$6

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

218

Total

Affiliated

Income

from

Securities

Loaned,

Net

$218

Total

Value

$1

$–

$–

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

343

Shares

Common

Stock

(

97.3%

)

Value

Communications

Services

(1.7%)

615,854

QuinStreet,

Inc.

a

$

9,755,127

Total

9,755,127

Consumer

Discretionary

(9.8%)

206,319

Cedar

Fair,

LP

5,791,374

328,022

Cooper-Standard

Holdings,

Inc.

a

4,333,171

175,409

Crocs,

Inc.

a

7,495,227

26,730

Five

Below,

Inc.

a

3,394,710

186,662

Leggett

&

Platt,

Inc.

7,684,875

69,848

Miller

Industries,

Inc.

2,135,253

70,386

Sleep

Number

Corporation

a

3,442,579

267,255

Stoneridge,

Inc.

a

4,909,474

169,046

Texas

Roadhouse,

Inc.

10,276,306

191,535

Zumiez,

Inc.

a

5,328,504

Total

54,791,473

Consumer

Staples

(4.0%)

799,796

Cott

Corporation

b

11,357,103

53,576

John

B.

Sanfilippo

&

Son,

Inc.

4,038,559

252,042

Turning

Point

Brands,

Inc.

7,031,972

Total

22,427,634

Energy

(2.8%)

442,165

Helmerich

&

Payne,

Inc.

6,477,717

297,616

Nine

Energy

Service,

Inc.

a

336,306

227,316

SEACOR

Holdings,

Inc.

a

6,610,349

445,356

WPX

Energy,

Inc.

a

2,182,245

Total

15,606,617

Financials

(20.9%)

254,099

Air

Lease

Corporation

7,475,593

345,973

Assured

Guaranty,

Ltd.

7,431,500

186,909

Bank

of

N.T.

Butterfield

&

Son,

Ltd.

4,164,333

473,849

Bridgewater

Bancshares,

Inc.

a

4,496,827

40,360

Cohen

&

Steers,

Inc.

2,249,666

259,473

Columbia

Banking

System,

Inc.

6,188,431

98,623

Evercore,

Inc.

6,455,862

643,054

Everi

Holdings,

Inc.

a

5,305,195

267,380

First

Interstate

BancSystem,

Inc.

8,516,053

87,226

Glacier

Bancorp,

Inc.

2,795,593

298,183

Heartland

Financial

USA,

Inc.

8,943,999

601,487

Heritage

Commerce

Corporation

4,002,896

40,919

Houlihan

Lokey,

Inc.

2,416,267

58,324

Kemper

Corporation

3,897,793

80,925

Primerica,

Inc.

9,155,855

235,613

Santander

Consumer

USA

Holdings,

Inc.

4,285,800

289,936

Seacoast

Banking

Corporation

of

Florida

a

5,227,546

52,118

Selective

Insurance

Group,

Inc.

2,683,556

48,635

State

Auto

Financial

Corporation

669,218

372,700

Synovus

Financial

Corporation

7,890,059

276,160

Triumph

Bancorp,

Inc.

a

8,599,622

149,516

Western

Alliance

Bancorp

4,727,696

Total

117,579,360

Health

Care

(9.3%)

140,763

AMN

Healthcare

Services,

Inc.

a

8,229,005

73,769

Biohaven

Pharmaceutical

Holding

Company,

Ltd.

a

4,795,723

234,393

Halozyme

Therapeutics,

Inc.

a

6,159,848

61,867

LHC

Group,

Inc.

a

13,150,449

291,612

Optinose,

Inc.

a

1,137,287

23,919

PerkinElmer,

Inc.

3,002,074

177,946

Syneos

Health,

Inc.

a

9,459,609

Shares

Common

Stock

(97.3%)

Value

Health

Care

(9.3%)

-

continued

170,169

Tactile

Systems

Technology,

Inc.

a

$

6,226,484

Total

52,160,479

Industrials

(18.4%)

81,347

AGCO

Corporation

6,041,642

173,303

Altra

Industrial

Motion

Corporation

6,407,012

106,865

ASGN,

Inc.

a

6,792,339

101,094

Curtiss-Wright

Corporation

9,428,026

58,856

Encore

Wire

Corporation

2,732,096

101,515

Forward

Air

Corporation

5,824,931

154,011

Helios

Technologies,

Inc.

5,606,000

90,281

Lincoln

Electric

Holdings,

Inc.

8,309,463

150,378

Manpower,

Inc.

11,027,219

422,685

Meritor,

Inc.

a

8,851,024

72,026

Middleby

Corporation

a,b

6,461,452

89,392

NAPCO

Security

Technologies,

Inc.

a

2,100,712

353,646

Raven

Industries,

Inc.

7,610,462

95,179

Ritchie

Brothers

Auctioneers,

Inc.

5,639,356

53,594

Saia,

Inc.

a

6,760,347

31,756

Valmont

Industries,

Inc.

3,943,460

Total

103,535,541

Information

Technology

(14.4%)

67,174

Advanced

Energy

Industries,

Inc.

a

4,227,931

271,372

Agilysys,

Inc.

a

6,556,347

72,766

Blackline,

Inc.

a

6,522,017

497,719

Change

Healthcare,

Inc.

a

7,221,903

125,397

Ciena

Corporation

a

4,977,007

142,359

Computer

Services,

Inc.

8,826,258

84,445

Dolby

Laboratories,

Inc.

5,597,015

178,856

Lattice

Semiconductor

Corporation

a

5,179,670

32,221

Littelfuse,

Inc.

5,714,072

226,662

National

Instruments

Corporation

8,091,833

196,842

Nuance

Communications,

Inc.

a

6,533,186

81,789

Plexus

Corporation

a

5,776,757

100,931

Workiva,

Inc.

a

5,627,913

Total

80,851,909

Materials

(7.0%)

607,115

Element

Solutions,

Inc.

a

6,380,779

1,350,928

Ivanhoe

Mines,

Ltd.

a

4,910,436

373,155

Louisiana-Pacific

Corporation

11,011,804

107,524

UFP

Technologies,

Inc.

a

4,453,644

80,015

United

States

Lime

&

Minerals,

Inc.

7,209,351

129,741

W.

R.

Grace

&

Company

5,227,265

Total

39,193,279

Real

Estate

(6.9%)

52,162

Agree

Realty

Corporation

3,319,590

257,603

American

Campus

Communities,

Inc.

8,995,497

103,931

Colliers

International

Group,

Inc.

6,931,158

98,405

Healthcare

Realty

Trust,

Inc.

2,963,959

119,846

National

Storage

Affiliates

Trust

3,920,163

119,555

Rayonier,

Inc.

REIT

3,161,034

805,313

Sunstone

Hotel

Investors,

Inc.

6,394,185

51,008

Terreno

Realty

Corporation

2,793,198

Total

38,478,784

Utilities

(2.1%)

58,613

NorthWestern

Corporation

2,850,936

97,088

PNM

Resources,

Inc.

4,012,647

76,692

Portland

General

Electric

Company

2,722,566

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

344

Shares

Common

Stock

(97.3%)

Value

Utilities

(2.1%)

-

continued

46,953

Spire,

Inc.

$

2,497,900

Total

12,084,049

Total

Common

Stock

(cost

$511,570,448)

546,464,252

Shares

Collateral

Held

for

Securities

Loaned

(

2.1%

)

Value

11,898,375

Thrivent

Cash

Management

Trust

11,898,375

Total

Collateral

Held

for

Securities

Loaned

(cost

$11,898,375)

11,898,375

Shares

Registered

Investment

Companies

(

1.8%

)

Value

Unaffiliated  (1.8%)

57,579

Health

Care

Select

Sector

SPDR

Fund

6,073,433

70,653

iShares

Dow

Jones

US

Home

Construction

Index

Fund

4,002,493

Total

10,075,926

Total

Registered

Investment

Companies

(cost

$7,765,857)

10,075,926

Shares

Short-Term

Investments

(

0.8%

)

Value

Thrivent

Core

Short-Term

Reserve

Fund

458,926

0.310%

4,589,260

Total

Short-Term

Investments

(cost

$4,589,263)

4,589,260

Total

Investments

(cost

$535,823,943)

102.0%

$573,027,813

Other

Assets

and

Liabilities,

Net

(2.0%)

(11,475,962)

Total

Net

Assets

100.0%

$561,551,851

a

Non-income

producing

security.

b

All

or

a

portion

of

the

security

is

on

loan.

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

September

30,

2020:

Securities

Lending

Transactions

Common

Stock

$

11,825,019

Total

lending

$11,825,019

Gross

amount

payable

upon

return

of              

collateral

for

securities

loaned

$11,898,375

Net

amounts

due

to

counterparty

$73,356

Definitions:

REIT

-

Real

Estate

Investment

Trust

is

a

company

that

buys,

develops,

manages

and/or

sells

real

estate

assets.

SPDR

-

S&P

Depository

Receipts,

which

are

exchange-traded

funds

traded

in

the

U.S.,

Europe,

and

Asia-Pacific

and

managed

by

State

Street

Global

Advisors.

Small

Cap

Stock

Portfolio

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

The

accompanying

Notes

to

Schedule

of

Investments

are

an

integral

part

of

this

schedule.

345

Fair

Valuation

Measurements

The

following

table

is

a

summary

of

the

inputs

used,

as

of

September

30,

2020,

in

valuing

Small

Cap

Stock

Portfolio's

assets

carried

at

fair

value.

Investments

in

Securities

Total

Level

1

Level

2

Level

3

Common

Stock

Communications

Services

9,755,127

9,755,127

–

–

Consumer

Discretionary

54,791,473

54,791,473

–

–

Consumer

Staples

22,427,634

22,427,634

–

–

Energy

15,606,617

15,606,617

–

–

Financials

117,579,360

117,579,360

–

–

Health

Care

52,160,479

52,160,479

–

–

Industrials

103,535,541

103,535,541

–

–

Information

Technology

80,851,909

80,851,909

–

–

Materials

39,193,279

34,282,843

4,910,436

–

Real

Estate

38,478,784

38,478,784

–

–

Utilities

12,084,049

12,084,049

–

–

Registered

Investment

Companies

Unaffiliated

10,075,926

10,075,926

–

–

Subtotal

Investments

in

Securities

$556,540,178

$551,629,742

$4,910,436

$–

Other

Investments  *

Total

Affiliated

Short-Term

Investments

4,589,260

Collateral

Held

for

Securities

Loaned

11,898,375

Subtotal

Other

Investments

$16,487,635

Total

Investments

at

Value

$573,027,813

*

Certain

investments

are

measured

at

fair

value

using

a

net

asset

value

per

share

that

is

not

publicly

available

(practical

expedient).  According

to

disclosure

requirements

of

Accounting

Standards

Codification

(ASC)

820,

Fair

Value

Measurement,

securities

valued

using

the

practical

expedient

are

not

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.  

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.

The

Portfolio

owns

shares

of

Thrivent

Cash

Management

Trust

for

the

purpose

of

securities

lending

and

Thrivent

Core

Short-Term

Reserve

Fund,

a

series

of

Thrivent

Core

Funds,

primarily

to

serve

as

a

cash

sweep

vehicle

for

the

Portfolio.

Thrivent

Cash

Management

Trust

and

Thrivent

Core

Funds

are

established

solely

for

investment

by

Thrivent

entities.

A

summary

of

transactions

(in

thousands;

values

shown

as

zero

are

less

than

$500)

for

the

fiscal

year

to

date,

in

Small

Cap

Stock

Portfolio,

is

as

follows:

Portfolio

Value

12/31/2019

Gross

Purchases

Gross

Sales

Value

9/30/2020

Shares

Held

at

9/30/2020

%

of

Net

Assets

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$18,699

$98,089

$112,195

$4,589

459

0.8%

Total

Affiliated

Short-Term

Investments

18,699

4,589

0.8

Collateral

held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

18,293

147,955

154,350

11,898

11,898

2.1

Total

Collateral

Held

for

Securities

Loaned

18,293

11,898

2.1

Total

Value

$36,992

$16,487

Portfolio

Net

Realized

Gain/(Loss)

Change

in

Unrealized

Appreciation/

(Depreciation)

Distributions

of

Realized

Capital

Gains

Income

Earned

1/1/2020

-

9/30/2020

Affiliated

Short-Term

Investments

Core

Short-Term

Reserve,

0.310%

$(4)

$0

–

$92

Total

Income/Non

Income

Cash

from

Affiliated

Investments

$92

Collateral

Held

for

Securities

Loaned

Cash

Management

Trust-

Collateral

Investment

–

–

–

25

Total

Affiliated

Income

from

Securities

Loaned,

Net

$25

Total

Value

$(4)

$0

$–

Notes

to

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

346

SIGNIFICANT

ACCOUNTING

POLICIES

Valuation

of

Investments

—

Securities

traded

on

U.S.

or

foreign

securities

exchanges

or

included

in

a

national

market

system

are

valued

at

the last

sale price

on

the

principal exchange as

of the

close

of

regular

trading

on

such

exchange

or

the

official

closing

price

of

the

national

market

system. 

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

Fund's

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

valuations

from dealers

that

make

markets

in

the

securities.

Exchange-listed

options and

futures

contracts

are

valued

at

the

primary

exchange

settle

price. 

Exchange

cleared

swap

agreements

are

valued at the

clearinghouse

end

of

day

price. Swap

agreements

not

cleared

on

exchanges

will

be

valued

using

the

mid-price

from

the

primary

approved

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.

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

Portfolios'

Investment

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.

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 

—

The

Portfolios

value

certain

foreign

securities

traded

on

foreign

exchanges

that

close

prior

to

the

close

of

the

New

York

Stock

Exchange

using

a

fair

value

pricing

service. 

The

fair

value

pricing

service

uses

a

multi-factor

model

that

may

take

into

account

the

local

close,

relevant

general

and

sector

indices,

currency

fluctuation,

prices

of

other

securities

(including

ADRs,

New

York

registered

shares,

and

ETFs),

and

futures,

as

applicable,

to

determine

price

adjustments

for

each

security

in

order

to

reflect

the

effects

of

post-closing

events. 

The

Board

has

authorized

the

Adviser

to

make

fair

valuation

determinations

pursuant

to

policies

approved

by

the

Board.

Foreign

Currency

Translation

—

The

accounting

records

of

each

Portfolio

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

that

are

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

daily

closing

rates

of

exchange.

Foreign

currency

amounts

related

to

the

purchase

or

sale

of

securities

and

income

and

expenses

are

translated

at

the

exchange

rate

on

the

transaction

date.

Net

realized

and

unrealized

currency

gains

and

losses

are

recorded

from

closed currency

contracts,

disposition

of foreign

currencies,

exchange

gains

or

losses

between

the

trade

date

and

settlement

date

on

securities

transactions,

and

other

translation

gains

or

losses

on

dividends,

interest

income

and

foreign

withholding

taxes.

The

Portfolios

do

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement

of

Operations.

For

federal

income

tax

purposes,

the

Portfolios

treat

the

effect

of

changes

in

foreign

exchange

rates

arising

from

actual

foreign

currency

transactions

and

the

changes

in

foreign

exchange

rates

between

the

trade

date

and

settlement

date

as

ordinary

income.

Notes

to

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

347

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.

Derivative

Financial

Instruments

—

Each

of

the

Portfolios,

with

the

exception

of

the Money

Market

Portfolio,

may

invest

in

derivatives,

a

category

that

includes

options,

futures,

swaps,

foreign

currency

forward

contracts and

hybrid

instruments.

Derivatives

are

financial

instruments

whose

value

is

derived

from

another

security,

an

index

or

a

currency.

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

of 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 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

clearinghouse

for

exchange

traded

and

centrally

cleared

derivatives

(futures,

options,

and

centrally

cleared

swaps).

Brokers

can

ask

for

margining

in

excess

of

the

minimum requirements

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 a

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

Notes

to

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

348

to

the

premium

paid.

There

is

no

significant

counterparty

risk

on

exchange-traded

options

as

the

exchange

guarantees

the

contract

against

default.

Writing

put

options

tends

to

increase

a

Portfolio’s

exposure

to

the

underlying

security

while

writing

call

options

tends

to

decrease

a

Portfolio’s

exposure

to

the

underlying

security.

The

writer

of

an

option

has

no

control

over

whether

the

underlying

security

may

be

bought

or

sold,

and

therefore

bears

the

market

risk

of

an

unfavorable

change

in

the

price

of

the

underlying

security.

The

counterparty

risk

for

purchased

options

arises

when

the

Portfolio

has

purchased

an

option,

exercises

that

option,

and

the

counterparty

doesn’t

buy

from

the

Portfolio

or

sell

to

the

Portfolio

the

underlying

asset

as

required.

In

the

case

where

the

Portfolio

has

written

an

option,

the

Portfolio

doesn’t

have

counterparty

risk.

Counterparty

risk

on

purchased

over-the-

counter

options

is

partially

mitigated

by

the

Portfolio’s

collateral

posting

requirements.

As

the

option

increases

in

value

to

the

Portfolio,

the

Portfolio

receives

collateral

from

the

counterparty.

Risks

of

loss

may

exceed

amounts

recognized

on

the

Statement

of

Assets

and

Liabilities.

During

the period

ended

September

30,

2020,

Aggressive

Allocation,

Government

Bond,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation

used

options

on

mortgage

backed

securities

to

generate

income

and/or

manage

the

duration

of

the

Portfolio. 

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. A

futures

contract’s

daily

change

in

value

(“variation

margin”)

is

either

paid

to

or

received

from

the

broker,

and

is

recorded

as

an

unrealized

gain

or

loss.

When

the

contract

is

closed,

realized

gain

or

loss

is

recorded

equal

to

the

difference

between

the

value

of

the

contract

when

opened

and

the

value

of

the

contract

when

closed.

Futures

contracts

involve,

to

varying

degrees,

risk

of

loss

in

excess

of

the

variation

margin

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Exchange-traded

futures

have

no

significant

counterparty

risk

as

the

exchange

guarantees

the

contracts

against

default.

During

the period

ended

September

30,

2020,

Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus, Government

Bond, Income, Limited

Maturity

Bond,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation, and Opportunity

Income

Plus used

treasury

futures

to

manage

the

duration

and

yield

curve

exposure

of

the

respective

Portfolio

versus its

benchmark.

During

the period

ended

September

30,

2020,

Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus,

ESG

Index,

Global

Stock, International

Allocation,

International

Index,

Large

Cap Index,

Low

Volatility

Equity,

Mid

Cap

Index,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

Moderately

Conservative

Allocation,

Opportunity

Income

Plus,

and

Small

Cap

Index used

equity

futures

to

manage

exposure

to

the

equities

market.

During

the period

ended

September

30,

2020,

Aggressive

Allocation,

Balanced

Income

Plus,

Diversified

Income

Plus,

Global

Stock,

International

Allocation,

Moderate

Allocation,

Moderately

Aggressive

Allocation,

and

Moderately

Conservative

Allocation used foreign

exchange futures

to

hedge

currency

risk.

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 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 a

Portfolio

is

exposed

to

counterparty

risk

equal

to

the

discounted

net

amount

of

payments

to

the

Portfolio.

During

the period ended September

30,

2020,

Partner

Healthcare used

foreign

currency

forward

contracts

in

order

to

hedge

unwanted

currency

exposure.

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

the

clearinghouse

end

of

day

prices

as

furnished

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

Notes

to

Schedule

of

Investments

as

of

September

30,

2020

(unaudited)

349

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. In

these

types

of transactions,

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

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 increase

or

decrease 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.

Portfolios

buy

default

protection

in

order

to reduce

their

overall

credit

exposure

to

the

corporate

bond

and/or

loan

markets

in

a

cost-efficient

and

diversified

structure. 

If

a

default

event

as

specified

in

the

CDS

reference

entity

agreement

occurs,

the

Portfolio

has

the

option

to

receive

a

cash

payment

in

exchange

for

the

credit

loss

of

the

reference

entity

obligation

as

of

the

date

of

the

credit

event. A

realized

gain

or

loss

is

recorded

upon

a

default

event

or

the

maturity

or

termination

of

the

CDS

agreement.   

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

could

include

a

reduction

in

interest

or

principal,

maturity

extension and

subordination

to

other

obligations.

During

the period

ended

September

30,

2020,

Balanced

Income

Plus,

Diversified

Income

Plus,

High

Yield,

Income,

Limited

Maturity

Bond,

Moderate

Allocation,

Moderately

Aggressive

Allocation, Moderately

Conservative

Allocation,

and

Opportunity

Income

Plus used

CDX

indices

(comprised

of

credit

default

swaps)

to

help

manage

credit

risk

exposure

within

the

Portfolio.

Total

Return

Swaps

—

A

total

return

swap

is

a

swap

agreement

between

two

parties

to

exchange

the

total

return of

a

particular reference

asset. A

total

return

swap

involves

commitments

to

pay

interest

in

exchange

for

a

market

linked

return

based

on

a

notional

amount. 

To

the

extent

that

the

total

return

of

the

security,

group

of

securities,

or

index

underlying

the

transactions

exceeds

or

falls

short

of

the

offsetting

interest

obligation,

the

Portfolios

will

receive

a

payment

from

or

make

a

payment

to

the

counterparty.  The

Portfolios

may

take

a

"long"

or

"short"

position

with

respect

to

the

underlying

referenced

asset.cr

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.

    Additional

information

for

the

Portfolio's

policy

regarding

valuation

of

investments

and

other

significant

accounting

policies

can

be

obtained

by

referring

to

the

Portfolio's

most

recent

annual

or

semiannual

shareholder

report.